The Lion Strength and Fitness Academy
Charity number 1170725
A company limited by guarantee number 09437429
Annual Report and Financial Statements
for the year ended 28 February 2023
The Lion Strength and Fitness Academy
Annual Report and Financial Statements
for the year ended 28 February 2023
| Contents | Page |
|---|---|
| Trustees' report | 2 to 4 |
| Examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the accounts | 8 to 9 |
Prepared by West Yorkshire Community Accountancy Service CIO
1
The Lion Strength and Fitness Academy
Trustees' report for the year ended 28 February 2023
Reference and administrative details of the charity, its trustees and advisors
The trustees during the financial year and up to and including the date the report was approved were: Name Position Dates
Mohammed Khalil Alam Nazaim Hussain Barktali Rajabali Walji
Charity number
Company number
1170725 Registered in England and Wales 09437429 Registered in England and Wales
Registered and principal address
Bankers
Robin Mills National Westminster Bank PLC Leeds Road 1 Market Street Bradford Bradford West Yorkshire BD1 1EG BD10 9TE HSBC Bank Plc 47 Market St Bradford BD1 1LW
Independent examiner
Simon Bostrom FCIE
West Yorkshire Community Accountancy Service CIO
Stringer House 34 Lupton Street Leeds LS10 2QW
Structure, governance and management
The charity is a company limited by guarantee and was formed on 12th February 2015. It is governed by a memorandum and articles of association as amended by special resolution on 7 December 2016. The liability of the members in the event of the company being wound up is limited to a sum not exceeding £1.
Method of recruitment and appointment of trustees
The trustees of the charity are also the directors for the purposes of company law and are appointed by the members at the AGM.
2
The Lion Strength and Fitness Academy
Trustees' report (continued) for the year ended 28 February 2023
Objectives and activities
The charity's objects
The promotion of community participation in healthy recreation for the benefit of the inhabitants of Thackley, Eccleshill and the surrounding areas of East Bradford by the provision of a community gym and opportunities to participate in boxing.
The charity's main activities
Provision of gym and boxing facilities and coaching.
Public benefit statement
In setting our objectives and planning our activities our Trustees have given serious consideration to the Charity Commission’s general guidance on public benefit.
Achievements and performance
The Lion Gym and Amateur Boxing Club has continued to grow in numbers over the past 12months. With the end of the Covid 19 restrictions however we have been able to advertise and run more classes. We have also started membership for the gym facilities that has helped the club to grow financially. We have worked closely with Bradford Council and delivered session to their young people and those at risk groups using boxing as a diversionary activity. We have also done some fund raising through the boxing shows that we had at least 3 of them a season where our boxers have participated, it has been a good community event and assisted with the generating some revenue even though the costs in relation to these events can be considerable. I can confirm that none of the trustees have been paid and main cost to the charity is the rent rates and ongoing fixtures and fittings costs.
Financial review
The net income for the year was £4,934.
Reserves policy
The charity currently doesn't have a reserves policy.
The charity's free reserves, excluding fixed assets, at the year end were £83,504.
3
The Lion Strength and Fitness Academy
Trustees' report (continued) for the year ended 28 February 2023
Statement of trustees' responsibilities
The trustees (who are also the directors for the purposes of company law) are responsible for preparing the Trustees report and the financial statements in accordance with the applicable law and UK Accounting Standards.
Company law requires the trustees to prepare financial accounts for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the trustees are required to:
select suitable accounting policies and apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the accounts on a going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (Charities SORP (FRS102)), and in accordance with the special provisions of the Companies Act 2006 relating to small companies.
Approved by the board of trustees on 8/03/2024
Mohammed Khalil Alam (Trustee)
4
The Lion Strength and Fitness Academy
Independent examiner's report to the trustees of The Lion Strength and Fitness Academy
I report to the charity trustees on my examination of the accounts of the charitable company for the year ended 28 February 2023, which are set out on pages 6 to 9.
Responsibilities and basis of report
As the charity's trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 2 the accounts do not accord with those records; or
-
3 the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or
-
4 the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Simon Bostrom FCIE
8/03/2024
West Yorkshire Community Accountancy Service CIO
Stringer House 34 Lupton Street Leeds LS10 2QW
5
The Lion Strength and Fitness Academy
Statement of Financial Activities
(including summary income and expenditure account) for the year ended 28 February 2023
| Notes Income from: Grants and donations (2) Gym income Other income Total income Expenditure on: Rent Freelance workers Advertising Licences and insurance Materials and resources Membership fees Rates Office and admin Independent examination Training Bank charges Telephone and internet Repairs and maintenance Depreciation Travel Events Total expenditure Net income / (expenditure) Fund balances brought forward Fund balances carried forward |
2023 Total funds £ 3,345 34,196 2,340 39,881 10,767 5,040 553 309 6,861 994 835 2 462 - 380 659 796 2,018 1,070 4,201 34,947 4,934 80,336 85,270 |
2022 Total funds £ 29,647 16,904 4,974 51,525 9,550 3,795 1,627 540 3,138 305 223 57 420 35 941 662 912 2,018 320 3,910 28,453 23,072 57,264 80,336 |
|---|---|---|
All incoming resources and resources expended derive from continuing activities.
6
The Lion Strength and Fitness Academy
Balance sheet
| as at 28 February 2023 Fixed assets Tangible assets (3) Total fixed assets Current assets Cash at bank and in hand (4) Total current assets Current liabilities: amounts falling due within one year Creditors and accruals (5) Total current liabilities Net current assets / (liabilities) Net assets Funds Unrestricted funds Restricted funds Total funds |
2023 Total £ 1,766 1,766 83,966 83,966 462 462 83,504 85,270 85,270 - 85,270 |
2022 Total £ 3,784 3,784 76,972 76,972 420 420 76,552 80,336 80,336 - 80,336 |
|---|---|---|
For the year ending 28 February 2023 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the charitable company to obtain an audit of its accounts for the year in question in accordance with section 476. The trustees (who are also the directors for the purposes of company law) acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime and with FRS 102 (effective January 2019).
The financial statements were approved by the board of trustees on 8/03/2024
Mohammed Khalil Alam (Trustee)
7
The Lion Strength and Fitness Academy
Notes to the accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of accounting
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. 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 (FRS 102) (effective 1 January 2019) and with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102. There has been no change to the accounting policies since last year. No changes have been made to the accounts for previous years.
Going concern
The trustees are satisfied that there are no material uncertainties about the charity's ability to continue.
Incoming resources
All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity becomes entitled to the resources, if it is more likely than not that the trustees will receive the resources and the monetary value can be measured with sufficient reliability.
Grants and donations
Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Where grants are related to performance and specific deliverables, they are accounted for as the charity earns the right to consideration by its performance.
Expenditure and liabilities
Expenditure is recognised on an accrual basis as a liability is incurred. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out the resources and the amount of the obligation can be measured with reasonable certainty.
Taxation
As a charity the organisation benefits from rates relief and is generally exempt from income tax and capital gains tax but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.
Tangible fixed assets
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight line basis over their expected useful economic lives as follows: Equipment: over 4 years
Fixtures and Fittings: over 4 years
Pensions
The charity operates a defined contribution scheme for the benefit of its employees. The costs of contributions are recognised in the year they are payable.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
Further explanation of the nature and purpose of each fund is included in the notes to the accounts.
Leases
Rents under operating leases are charged on a straight line basis over the lease term or to an earlier date if the lease can be determined without financial penalty.
8
The Lion Strength and Fitness Academy
Notes to the accounts continued
for the year ended 28 February 2023
| 2 3 4 **5 ** |
Grants and donations City of Bradford Met. Dist. Council Community Foundation Other donations Tangible assets Cost At 1 March 2022 Additions At 28 February 2023 Depreciation At 1 March 2022 Charge for year At 28 February 2023 Net book value At 28 February 2023 At 28 February 2022 Cash at bank and in hand Cash at bank Cash in hand Creditors and accruals Accruals |
2023 Unrestricted funds £ 1,500 - 1,845 3,345 |
2023 Restricted funds £ - - - - £ 12,054 - 12,054 9,670 1,318 10,988 1,066 2,384 Equipment |
2023 Total funds £ 1,500 - 1,845 3,345 £ 4,480 - 4,480 3,080 700 3,780 700 1,400 2023 £ 83,833 133 83,966 2023 £ 462 462 Fixture and fittings |
2022 Total funds £ 26,096 2,021 1,530 29,647 Total £ 16,534 - 16,534 12,750 2,018 14,768 1,766 3,784 2022 £ 76,839 133 76,972 2022 £ 420 420 |
|---|---|---|---|---|---|
6 Related party transactions
Trustee expenses
No trustee received any expenses during this year or the previous year.
Trustee remuneration and benefits
No trustee received any remuneration or benefit during this or the previous year.
9