ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
BETHNAL GREEN WEIGHTLIFTING CLUB
(CHARITABLE INCORPORATED ORGANISATION) CHARITY REGISTRATION NUMBER 1163424
Independent Examiners Ltd The Grain Store Hills Barns Appledram Lane South Chichester, West Sussex PO20 7EG
BETHNAL GREEN WEIGHTLIFTING CLUB (CHARITABLE INCORPORATED ORGANISATION) CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
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Page
Legal and Administrative Information 3
Trustees' Report 4 to 5
Independent Examiner's Report on the Accounts 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 9 to 13
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BETHNAL GREEN WEIGHTLIFTING CLUB (CHARITABLE INCORPORATED ORGANISATION) LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 1163424 WORKING NAMES BGWLC START OF FINANCIAL YEAR 01 January 2023 END OF FINANCIAL YEAR 31 December 2023 TRUSTEES AT 31 DECEMBER 2022 Mr A.D. Docker Mr M.R. Bass Mr M.J. Roach Mrs O.M. De Kaye Mr T. Adair Mr E.H. Parkes Mr M.S. Bass Mr N. Harvey
The existing trustees appoint any new trustees following the provisions laid out in the CIO's governing instrument.
LEGAL STATUS Charitable Incorporated Organisation GOVERNING INSTRUMENT CIO - Association Registered 4th September 2015 REGISTRATION DATE 4th September 2015
OBJECTS
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I. TO ADVANCE AMATEUR SPORT FOR THE PUBLIC BENEFIT IN PARTICULAR BUT NOT EXCLUSIVELY BY PROVIDING FACILITIES AND COACHING FOR STRENGTH SPORTS.
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II. TO RELIEVE THOSE IN NEED BY REASON OF OLD AGE BY PROVIDING FACILITIES AND INSTRUCTION IN MOVEMENT AND STRENGTH RETENTION.
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III. TO RELIEVE THOSE IN NEED BY REASON OF ILL HEALTH BY PROVIDING FACILITIES AND INSTRUCTION IN MOVEMENT AND STRENGTH REHABILITATION.
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IV. TO PROMOTE HEALTH BY PROVIDING PRACTICAL INSTRUCTION TO THE HEALTH COMMUNITY IN STRENGTH DEVELOPMENT PRACTICES.
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V. TO PROMOTE THE PHYSICAL EDUCATION AND DEVELOPMENT OF YOUNG PEOPLE BY PROVIDING FACILITIES AND INSTRUCTION IN STRENGTH TRAINING.
CORRESPONDENCE ADDRESS 35 Redcliffe Ilford London IG1 3HG PRIMARY BANKERS HSBC Bank Plc 465 Bethnal E2 9QW INDEPENDENT EXAMINER Zita Derbak Independent Examiners Ltd The Grain Store Hills Barns Appledram Lane South Chichester, West Sussex PO20 7EG
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BETHNAL GREEN WEIGHTLIFTING CLUB (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023
Objectives and Activities
To advance amateur sport for the public benefit in particular but not exclusively by providing facilities and coaching for strength sports. To relieve those in need by reason of Old Age by providing facilities and instruction in movement and strength retention.
To relieve those in need by reason of ill health by providing facilities and instruction in movement and strength rehabilitation. To promote health by providing practical instruction to the health community in strength development practices.
To promote the physical education and development of young people by providing facilities and instruction in strength training. The majority of the CIO’s activities are concerned with providing training and maintaining the facility in which we provide the training.
The trustees have had regard to the guidance issued by the Charity Commission on public benefit. The CIO does not make grants. Some travel expenses are reimbursed for coaches who accompany club members to competitions. The CIO does not make social investments.
Numerous members of the CIO volunteer to help with our activities. We have several well-qualified volunteer coaches who act in a supporting capacity to our professional coaches. We have members who have qualified as referees in the primary strength sports and who supervise competitions to national standard. We also rely on volunteers for all management and administration functions.
Achievements and Performance
Throughout the year we were able to continue to deliver the services which we have established. The training facility was open all year round and we ran an average of 10 training sessions per week. We supported more than 200 individuals in regular training throughout the year and accommodated several hundred more in hosted competitions.
Financial Review
Position at End of Financial Year
The results for the year and financial position are set out in the Profit and Loss Account on page 7 and the Balance Sheet on page 8 of the accounts provided.
Total incoming resources were £39,944 (2022: £46,141).
Resources expended were £41,423 (2022: £42,716).
The deficit for this year was £1,479 (2022: Surplus of £3,424).
Funds Carried Forward were £13,346 (2022: £14,825).
Reserves
The Trustees review the policy on reserves and set targets at least once per annum with reference to the guidance and terminology published by the Charity Commission. The policy is also reviewed, when warranted by changes in risk assessment or business plans. The review includes unrestricted funds, designated funds and tangible fixed assets. Transfers to and from funds are authorised by the Trustees acting as a whole.
Such reserves as we hold are principally concerned with the CIO's ability to maintain properly equipped Gym premises in
which to conduct our activities.
A general reserve equal to at least 6 months of operating expenditure is appropriate to bridge short term effects and/or negotiate alternative sources of resourcing. The General Reserve is that part of unrestricted funds that are freely available to spend, i.e. excluding designated funds and tangible fixed assets.
As the lease is till subject to negotiation, our current assumptions are based on the nominal commercial rent of the premises. We will adjust once a concrete lease is established.
Principal Risk
The CIO maintains a gym (229 Bethnal Green Road, London, E2 6AB) where our activities are principally conducted. As a result of a change in the way that Tower Hamlets Borough Council manages their property portfolio, the lease for the premises is under negotiation. While there is every reason to expect that the final agreement will reflect the non-commercial nature of the CIO, the worst-case scenario is that a full commercial lease will be required. This would pose a serious financial threat to the CIO’s ongoing viability.
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BETHNAL GREEN WEIGHTLIFTING CLUB (CHARITABLE INCORPORATED ORGANISATION) TRusfEES' REPORT (continued) FOR THE YEAR ENDED 31sr DECEMBER 2023 Responslbllitles of Trustee The Charities Att 2022 requires the eoard of Trustee5 to prepare financial statents for each flnandal year whlth give a true an# fair view cf the state of affairs of the tharity and of its incoming resource5 and resources èxpended for the penod. In preparing thosè finantial statw)ents, the Board of Trustees should follow btst prattice antj a required to; selett suitae èccountlng policie5 and apply them con%st•)tly make JudgntS and estimates that are reasonat4e and prudent comply with applicable accounting standards subject to any material Oepartures disclosed anta explained In the financial statements prepare the financial statements on the g)ing concern bags unless it is inappropriate to presume charity will condnue In operation The Board of Trustees is responsible for maintaining proFer atcounting record5 which disclose witm reasonable accuraey at any time the financial sItIOn of the charfty and to enable them to ensure that the financlal statements CoMY with the Charities Act 2022. They are also rwngbte for safeguardin9 the assets of the charity and hence for taking reasonable stÈps for the prevention ant1 detection of fraud and other irregularitiOS and to provide reasonable assurance that:_ the charity is Qperating efficien¥ and effectively all 35sets are saftguarded againsr unauthorised use or d15Ption and are propedy appyied proper records are maintained and finanoal infom)abon used Mthln the charity or for publicatson is rellae the charity complie5 With relevant 13ws and rwulations The systems of int•mal control are designed to Prnde reaSonat bJt nor absolute assurance agalnst materSal rnisstatemwt or loss. Approved by th• Trustees on... Signe¢Y on thelr behalf by Trusteè ... Printed Name.. KkiL HWLJ¢
BETHNAL GREEN WEIGHTLIFTING CLUB (CHARITABLE INCORPORATED ORGANISATION) INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023
Report to the trustees/ members of Bethnal Green Weightlifting Club on the accounts for the year ended 31st December 2023 set out on pages 7 to 13.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2022 and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the 2022 Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s statement
My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention
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which gives me reasonable cause to believe that in, any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts
to be reached.
Zita Derbak MAAT AATQB Independent Examiners Ltd Sign: The Grain Store Hills Barns Appledram Lane South Chichester, West Sussex Date: 11.02.2026 PO20 7EG
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BETHNAL GREEN WEIGHTLIFTING CLUB (CHARITABLE INCORPORATED ORGANISATION) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023
| Notes INCOMING RESOURCES Donations & Legacies 3a Charitable Activities 3b TOTAL INCOMING RESOURCES EXPENDITURE Costs of Charitable Activities 4a Costs of Generating Funds 4b NET INCOMING/(OUTGOING) RESOURCES Balances Brought Forward BALANCES CARRIED FORWARD NET MOVEMENT IN FUNDS RESOURCES EXPENDED TRANSFERS BETWEEN FUNDS |
Unrestricted Restricted Total Total Funds Funds 2023 2022 £ £ £ £ - - - - 39,944 - 39,944 46,141 39,944 - 39,944 46,141 39,630 - 39,630 41,566 1,793 - 1,793 1,151 41,423 - 41,423 42,716 (1,479) - (1,479) 3,424 - - - - (1,479) - (1,479) 3,424 14,825 - 14,825 11,401 13,346 - 13,346 14,825 |
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All of the Charity's operations are classed as continuing operations.
The notes form part of these financial statements, found on pages:9 to 13
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BETHNAL GREEN WEIGHTLIFTING CLUB (CHARITABLE INCORPORATED ORGANISATION) BALANCE SHEET AS AT 31 DECEMBER 2023 UnTestrttted Restrirted Fund Fund Total Total 31-Dec-23 31-Dec-22 Asget5 Tangiblè Assets Note5 Current Asets Debtors & Prepayments Cash at bank and in hand 14,428 14,428 15,875 Total Current Ats CrlI10r¥. amounts falling due within one year 1.032 1.032 1,050 NET CURRENT ASSETS 13.396 13.396 14,825 TOTAL ASSEfs less current liabilities 13,396 13,396 14,825 Credltor*: amounts falling due in one year io NEf ASSETS FVP4DS OF ThE CHARrrY General Funds Restritted funds 13,346 13.346 14,823 TOTAL FUNDS Thè financial statements on pages 7 and B wwe apKwove41, auth0ri5ed and 51gned on their behalf by.. Approved by the Trustees on ... ID 51gned on ttteir behalf by Twstee .. Print Name:
BETHNAL GREEN WEIGHTLIFTING CLUB (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023
1. ACCOUNTING POLICIES
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.
Basis of preparation:
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP - FRS 102) 2nd addition effective 1 January 2019 and with the Charities Act 2022.
The CIO meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the CIO's ability to continue as a going concern.
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
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the charity becomes entitled to the resources;
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the trustees are virtually certain they will receive the resources; and
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the monetary value can be measured with sufficient reliability.
Incoming Resources with Related expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Tax Reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
Contractual Income and Performance Related Grants
This is only included in the SOFA once the related goods or services has been delivered.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the CIO or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the CIO. Gifts in kind for use by the CIO are included in the SOFA as income receivable.
Volunteer Help
The value of any voluntary help received is not included in the accounts and is described in the Report of the Trustees.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the CIO is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the CIO of the service or facility received.
Investment Income
This is included in the accounts when receivable.
Investment Gains and Losses
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
This page does not form part of the statutory financial statements
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BETHNAL GREEN WEIGHTLIFTING CLUB (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023
1. ACCOUNTING POLICIES (continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the CIO to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advice to trustees on governance or constitutional matters.
Grants with Performance Conditions
Where the CIO gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the CIO.
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.
Pensions
Pension contributions are charged to the Statement of Financial Activities as they become payable.
Fund Accounting
Funds held by the charity are either:
1. Unrestricted funds
These are funds which can be used in accordance with the charity's objectives, at the discretion of the trustees.
2. Restricted funds
These are funds that can only be used for particular restricted purposes within the objects of the CIO.
3. Designated funds
These funds are funds set aside by the trustees out of unrestricted general funds for specific purposes or projects.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Fixed Assets
Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied are as follows:
Fixtures, fittings & Equipment
25% Reducing Balance Basis
There has been no change to the accounting polices (Variation rules and methods of accounting) since last year.
2. TANGIBLE FIXED ASSETS
The CIO held no fixed assets investments during this or the previous financial period.
This page does not form part of the statutory financial statements
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BETHNAL GREEN WEIGHTLIFTING CLUB (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023
3. INCOMING RESOURCES
| Note b) Incoming from Charitable Activities 4. RESOURCES EXPENDED Note b) Cost of Generating Funds Merchandising Costs Independent examination Fee Repairs & Maintenance Sub Contactor Costs Sundry Expenses Telephone & Internet Training Costs Travel & Subsistence Governance costs:- Accountancy Fee a) Charitable Activities Competition costs Equipment Costs Hosting Costs Insurance Costs Licenses & Subscriptions Membership & Training Fees Refunds Membership & Training Fees Hosting Fees Accountancy Fees refunds a) Donations & Legacies Grants received |
Unrestricted Restricted Total Total Funds Funds 2023 2022 £ £ £ £ - - - - - - - - 35,573 - 35,573 40,302 4,371 - 4,371 5,779 - - - 59 39,944 - 39,944 46,141 Unrestricted Restricted Total Total Funds Funds 2023 2022 £ £ £ £ 3,755 - 3,755 2,259 3,054 - 3,054 4,071 - - - 2,157 908 - 908 840 70 - 70 10 - - - 253 485 - 485 492 29,940 - 29,940 30,100 123 - 123 165 31 - 31 26 - - - - 150 - 150 - 142 - 142 368 972 - 972 825 39,630 - 39,630 41,566 1,793 - 1,793 1,151 1,793 - 1,793 1,151 |
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This page does not form part of the statutory financial statements
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BETHNAL GREEN WEIGHTLIFTING CLUB (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023
5. RESTRICTED FUNDS
The CIO held no Restricted Funds during this or the previous financial period.
6. INVESTMENTS
The CIO held no investment assets during this or the previous financial period.
7. CASH AT BANK AND IN HAND
| Current Account-HSBC Paypal |
Unrestricted Restricted Total Total Funds Funds 31-Dec-23 31-Dec-22 £ £ £ £ 13,056 - 13,056 14,503 1,372 - 1,372 1,372 14,428 - 14,428 15,875 |
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8. DEBTORS AND PREPAYMENTS
The CIO held no Debtors during this or the previous financial period.
9. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE WITHIN ONE YEAR
| Independent Examiner's Fee | Unrestricted Restricted Total Total Funds Funds 31-Dec-23 31-Dec-22 £ £ £ £ 1,032 - 1,032 1,050 1,032 - 1,032 1,050 |
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This page does not form part of the statutory financial statements
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BETHNAL GREEN WEIGHTLIFTING CLUB (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023
10. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The CIO held no long term liabilities during this or the previous financial period.
11. STAFF COSTS AND NUMBERS
The CIO employed no members of staff during this or the previous financial period.
12. TRUSTEES AND OTHER RELATED PARTIES
Trustees Mr M Bass received £26,000 and Mr M Roach received £300 for their coaching services in the financial period. No other payments were made to trustees or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them (2022: Nil.)
13. RISK ASSESSMENT
The Trustees actively review the major risks which the CIO faces on a regular basis and believe that maintaining the free reserves stated combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
14. RESERVES POLICY
The Trustees have considered the level of reserves they wish to retain, appropriate to the CIO's needs. This is based on the CIO's size and the level of financial commitments held. The Trustees aim to ensure the CIO will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The trustees will endeavour not to set aside funds unnecessarily.
15. PUBLIC BENEFIT
The CIO acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the CIO has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the CIO should undertake.
This page does not form part of the statutory financial statements
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