-Ii*i'J Houghton Boxing Club ANNUAL REPORT 2023-24
INTRODUCTION
Houghton Boxing Club has witnessed remarkable achievements and significant progress. We are delighted to share our annual report, highlighting the exceptional talent and dedication of our members and the positive impact we've had on the community.
Situated to the Southwest of the City of Sunderland, Houghton le Spring grapples with limited offerings for its youth. The absence of substantial opportunities has hindered the town's access to vital financial support for its young residents. Houghton Boxing Club emerges as a beacon of change in response.
Once a thriving mining community until the 1980s, the area's prosperity waned with the closure of the pit, leading to declining employment. Subsequently, the town faced challenges of deprivation, unemployment, restricted prospects, youth unrest, and health issues. Recognising the imperative for local engagement, concerned citizens rallied to provide essential outlets, redirecting both young individuals and adults from negative behaviours toward constructive pursuits.
At the heart of this effort lies the empowerment of our youth, fostering camaraderie, healthy habits, self-esteem, and under the guidance of dedicated volunteer coaches, instilling optimistic perspectives and wise lifestyle choices. Houghton Boxing Club have had a dream to one day have our own premises where we can offer a safe, friendly and welcoming environment to the community of Houghton Le Spring and the surrounding area. After renting numerous locations and constantly trying to raise funds we have secured, bought and moved into our new home, situated in the heart of the Town Centre in a building that was formally an old cinema and more recently a snooker Club. The hard work continues to develop the facilities and make it one of the best facilities in the area, we are excited and determined. We would like to thank everyone who has contributed since our inception to helping us find our home.
Mission and vision
Building on the success of the past year, Houghton Boxing Club remains steadfast in our commitment to growth and excellence. Since our foundation in 2009, our vision
has been to become one of the premier boxing clubs in the region.
As we move forward, we remain dedicated to fostering a positive and inclusive environment, where every member feels encouraged and motivated to reach their full potential. Our aim is to create a club that not only excels in boxing but also makes a meaningful impact on the lives of our boxers and the wider community.
With the continuous support of our coaches, volunteers, parents, and the community, we are confident in our ability to realise these goals and make a lasting difference. Together, we will strive to achieve new heights and set a shining example for the sport of boxing in our region.
Achievements
This past year we have held two very successful home shows at the Rainton Meadow Arena, where our boxers were able to showcase their skills to their friends and family.
During the year, we proudly celebrated the outstanding success of all our boxers who have represented Houghton Boxing Club. Special mention goes to the following boxers for their achievements throughout the Year;
Kevin Richardson became the TTW regional champion and represented England where he won on his international debut against the Republic of Ireland.
Zoe McDonald won the gold medal at the Winter Bos Cup and went on to win the TTW development belt which she won on the home show.
Daniel Dodds was also a TTW development belt winner and Jackson Laverick was a beaten finalist in the Youth Development finals
Congratulations to all our dedicated boxers who have represented Houghton Boxing Club with incredible enthusiasm and determination. Throughout the year, they have travelled far and wide, showcasing their talent and passion for the sport.
Their victories are testament to their hard work and the support they receive from our club and their coaches, families and supporters. We remain committed to nurturing and supporting our boxers, providing them with the best opportunities to excel in their boxing journey.
Finances
Our accounts are available to view on the Charity Commission website
Acknowledgments
We extend our heartfelt gratitude to all the coaches, volunteers, parents, and the entire community for their unwavering support towards Houghton Boxing Club. Your dedication and involvement have been instrumental in shaping the success and positive impact of our club.
Our coaches, with their expertise and passion, have played a crucial role in nurturing the talent and potential of our boxers, guiding them to achieve their best. Your selfless commitment to our athletes is truly commendable.
To our volunteers, we are immensely grateful for your time, effort, and willingness to contribute to our various initiatives and events. Your invaluable assistance helps us create a vibrant and supportive boxing community.
The support of parents has been a driving force behind the growth of our young athletes. Your encouragement, love, and belief in their abilities motivate them to excel both inside and outside the ring.
Lastly, we want to thank the wider community for embracing and supporting Houghton Boxing Club. Your backing and involvement strengthen our mission to promote boxing as a sport that fosters discipline, camaraderie, and personal growth.
Together, we have achieved great milestones, and we look forward to continuing this journey, making a positive difference in the lives of our boxers and the community as a whole. Thank you all for being an integral part of the Houghton Boxing Club family. Your support is truly cherished and appreciated.
Conclusion
Houghton Boxing Club continue to improve and after a difficult few years due to Covid 19 we are all focussed on improving the facilities to increase membership and community involvement. The Gym is on its way to being the venue the Town deserve, soon to be complemented by adding the facilities to support local businesses.
Charity registialion number 1177929 HOUGHTON BOXING CLUB ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 18 JUNE 2024
HOUGHTON BOXING CLUB LEGAL AND ADMINISTRATIVE INFORMATION Twstees J Lynn K Allen J Emmerson Charity number 1177929 Principal address Houghton Boxing Club 5 Mount Pleasant Houghlon le Spring DH5 8AQ Independent examiner Clover Accounting 4 The Pastures Coulby Newham TS8 OUJ
HOUGHTON BOXING CLUB CONTENTS Page Independent examlner's reporl Statement of financial activities Balance sheet Notes lo the financial slalernents 5-10
HOUGHTON BOXING CLUB INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HOUGHTON BOXING CLUB I report to the trustees on my examination of the financial s12tement5 of Houghton Boxing Club Ilhe charilyl for the year ended 18 June 2024. Responsibilities and basis of report As the truslees of the charity you are responsible for the pleparation ol the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I repDrt in respect ol my examination of the Gharity's linan¢i81 statements carried out under section 145 01 the 2011 Act. In carrying out my examination I have followed all Ihe applicable Directions given by the Charity Gommission under section 14515llbl ol the 2011 Act. Independent ex8rniller'8 statemenl Your attention is drawn to the fact that the charity has prepared financial staternents in aOrdanCe with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK Republic of Ireland IFRS 1021 in preference lo the AccoLJnting and Reporting by Charities". Slatemeni ol ReGotnmended Practice issued on l April 2005 which Is referred to in the extsnt regulations but has now been withdrawn. l understand that this has been done in order for Iin8ncial statements to provide 8 true and fair view in accordance with Generally Accepted Accounting Practice effedive lor reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matleis have come to my attention in connedion with the examination giving me cause to believe that In any material respect.. accounting records were not kept In respect ol the Gharily as required by section 130 of the 2011 Act., or the financial statements do not accord with those records., or the financial statements do not comply with the applicable ieqLJiremenls ¢oncerning the form and content ol ccounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requiremerit that the accounts give a true and fair view which is not a matter considered as part of an Independent exatnination. I have no con¢erns and have come across no other matters in connection with the exarnination to which attefFts"on should be drawn in this report In order to enable g proper understanding of the financial stat8mènts to be reached. Kathryn Haffield FCCA Clover AccoLSnling 4 The Pastures Coulby Newham TS8 OUJ
HOUGHTON BOXING CLUB STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 18 JUNE 2024 Current financial year Unrestricted Restricted fvnds funds 2024 2024 Total Total 2024 2023 Notes In me and endowrnenl from.. Donations and g3cleS Charitable activities Other income 24,391 17,409 90.800 115,191 17.409 57,296 28.600 Total income 41,800 90,800 132,600 95.896 enditure on.. Charitabk activities 46,724 1,870 48,594 46,642 Net movement in funds 14.9241 88.930 81,356 49,254 Fund baLgnces at 19 Jun8 2023 8,615 100,201 108.816 59.562 Fund bapances at 18 June 2024 3,691 189,131 192,822 108.816 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
HOUGHTON BOXING CLUB STATEMENT OF FINANCIAL ACTIVITIES ICONTINUEDI INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 18 JUNE 2024 Prior financial year Unrestiicted Restricted funds funds 2023 2023 Totrl 2023 Notes Inc and endowment Ir DOallOnS and legaGie5 Charilable 8Llivities Other income 17,296 26,600 50,000 2.000 57.296 28.600 Total 43,896 52,000 95.896 enditure on.. chatable activities 46,642 46,642 Net movement In fijnds 12.7461 52,000 49.254 Fund balances at 19 Jun8 2022 11,361 48,201 59,562 Fund balances at 18 June 2023 8.615 100,201 108,816
HOUGHTON BOXING CLUB BALANCE SHEET AS AT 18 JUNE 2024 2024 2023 Notes Fixèd assets Tangible èssets 220,024 141,801 220.024 f41.801 Current ass81s Stocks Debtois Cash al bank and in hand 10 3,750 18,799 23,029 22,$49 23.029 Credilo¥s.' amounts falling due within one year 16,2331 15.1331 Net current assels 16.316 17,896 Creditors.. amounts falling due more than one year 12 143,5181 150,8811 Total assets less current liabilities 192,822 108,816 Income funds Restricted funds Unrestricted funds Designated funds General unrestricted funds 13 189,131 100,201 eneral 3,691 11,361 3,691 11,361 192,822 108,816 The fin8ncJo1 statemenis were approved by the Truslees on /G /,./££r J EmerS Chèlr
HOUGHTON BOXING CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 18 JUNE 2024 Accounting policies Charity inform3tK)n Houghton Boxing Club is an unincorporated charity, registered charity number 1177929. 1.1 Accounting convention The financial ststements have beefj prepared in accordance with the charity's governing document. t he Charities AGI 2011, FRS 102 "The Financial Reporting Stalldard applicable in the UK and Republic ol Ireland" I'FRS 102,1 and the Charities SORP 'Accounling and Reporting by Charities.. Statement of Recommended Praclice applicable lo charilies preparing their accoun15 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffeclive 1 January 20191. 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 ppare a Statement of Cash Fkiws. The financial slatements are prepared in slerfing. which is the functional currency of the charity. Monetary mounts in these financial slaternenls are rounded lo the nearest £. The financial statements have been prepared under the histoncal cost convention. modilied to include the revaluztion of freehold properties an¢J to include investment properties and certain financial instruments at lair value. The principal 8ccounling PDlicie5 adopled are Set out below. 1.2 Going concem At the time of approving the financial slalemenls, the Irustees have a reasonable expectation that the charity has adequate resources to wntinue in tsperational Èxislen¢e for the foreseeable future. Thus. the Iruslees continue lo adopt the going conTrTn basis of accounting in preparing the financial stslements. 1.3 Charitable lunds Unreslricted funds are aVailae l(Trr use at the discretion ol the trustees in ltsrtherance ol their charitable bjectives. Reslricled funds are subject to specific conditions by donor5 as to how they may be used. The purposes and uses of the restricted fund5 a set out in the notes lo the financial staternents. 1.4 Income Income is recognised when the charity Is legally entitled to it after any performance ujndilii)ns have been met, the amounts can be measured reliably, 8nd it is probable thal income will be received. Cash donations are recognised on receipt. Other donations are rewgnised On the charity has been notified of the donation. unless performance wnditions require deferral ol the amount. Income lax rtcoverable in relation to donations reiVed under GiftAid or deeds c>f covenaDI Is recognised 81 the lime ol the donab'on.
HOUGHTON BOXING CLUB NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 18 JUNE 2024 Accounting policies (Continued) 1.5 Expenditure Expendilure 15 recognised once there Is a legal or constructive obligalion to transfer economic benefit to a third paty, il is probable th81 a transfer of economic benefits will be reqLJired in settlement, and the amount of th8 obligation can be measured reliably. Expenditure Is classified by activity. The costs ol each aclivity are made up of the lolal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly lo that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistant with the use of resources. Central staff costs are allocated on the basis ol time spent. and depreciation oharges are allocated on the portion of the asset's use. 1.6 Tangible fixed assets Tangible fixed assets are initially fneasured al c05t and subsequently rneBsured at cost or valuation, nét ol depreciation and any irnpairmenl losses. Depreclalion is recognised so 8S to write off the Gost or valuation of assets less their residual values over their useful lives on the following bases.. Freehokj kand and buildings EqLJipment Motor vehicles 5.10 Straight line 25% reduGing balance 25% reducing balance The gain or loss arising on the disposal of an asset is determined as the difference beeen the sak prOedS and the carrying value of the asset, and is recognised in the stalemenl ol financial artivities. 1.7 Impaiment of fixed assets At each reporting end date, the charity reviews the tarrying amounts 01 its tangible assets to determine whether there is any indication that those assets have suffered an impairment Is. If any such indication exi51S, the recoverable amOLsnl of the asset 15 eslimaled in order to determine the extent ol the irnpairment loss lil any). 1.8 Stocks stocks are staled at tho lower of cost and estimated selltng price less costs to complete and sell. Cost comprises direct maleiials and, where applicable, direct labour costs and those overheads that have been ncurred in bnnging the stocks to their piesent location and condition. Items held lor distribution at no or nominal consideration are measured the lower ol replacernent cost and cost. 1.9 Cash and cash eqLJivalenls 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.
HOUGHTON BOXING CLUB NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 18 JUNE 2024 Donations and legacies Unreslricled Restrcted funds funds general 2024 Total Unrestricted funds general 2023 Restricted funds Total 2024 2024 2023 2023 Don3tion5 and gifts Grants 14,391 10,000 14.391 100.800 15,296 15,296 52,000 90.800 52.000 24,391 90,800 115,191 15,296 52.000 57.296 Charilable ath"vilies Other trading Other trading activities 2023 2024 Subscription5 Shows 8.034 9.375 13,198 15,402 17,409 28,600 Anatysis by fund Unrestricted funds- general Restricted funds 17,409 28,600 17,409 28,600
HOUGHTON BOXING CLUB NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 18 JUNE 2024 Charitable activities 2024 2023 Boxing Club activities 3,416 7,507 3.416 7.507 Share of support costs Isee nol8 51 Share of governance costs Isee note 51 44,178 1.000 38,435 700 48,594 46,642 Analysis by fund Unrestricted funds- general Restricted fun(Ss 46,724 1,870 46,642 48.594 46.642 Support costs Support Governan costs costs 2024 Support sts Govemance costs 2023 Premises costs Rates Light & heat hholor & travel General admin costs Insurance Bank charges Depreciation Professional lees 8.403 3.595 4.517 4,564 3,321 994 391 14,543 3,850 8,403 3,595 4,517 4,564 3,321 994 391 14,543 4,850 13,762 13.762 10,036 2,675 10,036 2,675 5,047 6,915 5,047 7,615 1.000 700 44,178 1,000 45,178 38,435 700 39,135 Analysed behveen Charitable activities 44,178 1.000 45.178 38.4 7Th) 39,135 Govemance costs Includes payments for the Independent examinabon of £1,00012023.. £7001.
HOUGHTON BOXING CLUB NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 18 JUNE 2024 Trustee5 None ol the trustees lor any person5 connected with them) received any remuneration or benefits from the charity during the year. Taxation The charity is exempt from tax on income and 9ains falling within section 505 of the Taxes Act 1988 or sèction 252 01 the Taxation of Chargeable Gains Act 1992 to the extent that these are applied lo its charitable objects. Tangible fixed assets Leasehol Dd and buiklings Equiprnenl Motor vehicle Total Cost At 19 June 2023 Additions 136.650 92.766 7,327 22,109 1fj6.086 92,766 At 18 June 2024 229.416 7,327 22.109 258,852 Depreciation snd impairment At 19 June 2023 Depreciation charged in the year 7.137 11.471 5.806 380 11.342 2.692 24.285 14,543 At 18 June 2024 18.608 6,186 14,034 38,828 Carrying amount At 18 June 2024 210,808 1,141 8,075 220,024 At 18 Jun8 2023 12g,513 1.521 10.767 141,801 Stocks 2024 2023 sto¢k 10 Debt¢rs 2024 2023 Arrounts falling due within one year.. Other debtors Prepayments and accrLJed income 3,750 3,750
HOUGHTON BOXING CLUB NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 18 JUNE 2024 11 Creditors.. amounts falling due wlhin one year 2024 2023 Loan AccnJals 5.133 1,100 5,133 6,233 5,133 12 Creditors.. amount5 falling due t[ Ihan one year 2024 2023 Loan Accruals 43,518 50.881 43,518 50.881 13 Restricted funds The income funds of the chanty include restricted funds Gomprising the following unexpended balances of Dnations and grants held on trust lor specific purposes.. Movement in funds Incorrnng Resources ie50urreS exppnded Brought loNard Tran$fers I gain5 Catried fOard Community fund Property funds 8,800 82,000 11,8701 6,930 182,201 100,201 100,201 90.800 11,8701 189,131 14 Analysis ol nel asseis between funds Unrestricted Restricted funds funds Total Unrestricted Restricted funds funds Total 2024 2024 2024 2023 2023 2023 Fund balances are psented by.. TarKJible assets Current assetsllliabilitiesl Long term Iiabililies 9.216 15.5251 210.808 220.024 21.841 16.316 143,5181 143.5181 12.288 13,6731 129,513 21,569 150,8811 141.801 17,896 150,8811 3,691 189,131 192.822 8,615 1CK).201 108,816 15 R81ated party transactions There were no disclosable related party transactions during the year12023 - none). 10-
Charity registration nufflber 1177929 HOUGHTON BOXING CLUB ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 18 JUNE 2024
HOUGHTON BOXING CLUB LEGAL AND ADMINISTRATIVE INFORMATION Trustees J Lynn K Allen J Ernm8rson Charity nutnber 1177929 Principal address Houghlon Boxing Club S Mount Pleasant Houghton le Spring DH5 8AQ Independent examiner Clover Accounting 4 The Pastures Coulby Newham TS8 OUJ
HOUGHTON BOXING CLUB CONTENTS Page Independent examiner's report Statement ol Iinancial activities Balance sheet Notes to the linanck81 statements 5-10
HOUGHTON BOXING CLUB INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HOUGHTON BOXING CLUB I report to the trustees tsn my examination of the financial statements of Houghton 8oxing Club Ilhe charity) lor th8 year ended 18 June 2024. Responsibilities and basis of report As the trustees of the charity you are responsible for Ihe preparation of the financial Statements in accordance with the requirements ol the Charits"es Act 2011 (the 2011 Acti. I report in respect of my examination ol the charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under sèction 14515llbl ol the 2011 Act. Independent examiners statement Your attenlion is drawn to the fact that the charity has prepared financial staterllents in accordance with AoUntIng and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charilie5." Slatemenl of Recommended Practice issued on 1 April 2005 which is ieferred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for financial stslemer)ts to provide a true and fair view in accordance with Generally Accepted Accounting Practice effectwe lor reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters h8ve come to my atlenb.on in conneC1n with the examination giving me cause to believe that in any material SpeCt.. accounting records were not kept in respect of the charity as required by section 130 01 the 2011 Act,. or the financial statements do not accord with those re¢ords', or the financial statements do not comply with the applicable requirements conceming the form anct 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 a5 Part of an independent examination. I have no concems and have Gome across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be re8ched. Kathryn Haffield FCCA Clover Accounting 4 The PaslLJres Coulby Newharn TS8 OUJ Dated..
HOUGHTON BOXING CLUB STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 18 JUNE 2024 Current financial year Unrestricted Restricted funds funds 2024 2024 Total Total 2024 2023 Notes Income and endowments from.. Donations and legacies charILab activilies Other income 24,391 17,409 90.800 115,191 17,409 57.296 28,600 Total income 41,800 90,800 132,600 95,896 Ex enditure on.. Charitable activib-es 46,724 1,870 48,594 46,642 Net movement In funds 14,9241 88.930 81.356 49,254 Fund balances al 19 June 2023 8.615 100.201 108,816 59,562 Fund balances at 18 June 2024 3,691 189,131 192.822 108,816 Thè slatement ol financial activities inclixles all gains and losses recogni5od in the year. All incDme and expenditure derive from continuing activities.
HOUGHTON BOXING CLUB STATEMENT OF FINANCIAL ACTIVITIES ICONTINUEDI INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 18 JUNE 2024 Prior financi81 year Unrestricted Reslrict8d funds funds 2023 2023 Total 2023 Notes Income and endowment from.. Donations and legaoies Charitable activities Other income 17,2 26,600 50,000 2.000 57,296 28.600 Total incotlle 43.896 52,000 95.896 Ex enditure on.. Charitable activities 46,642 46,642 Nel movement in funds (2,7461 52,000 49.254 Fund balances at 19 June 2022 11,361 48,201 59.562 Fund balances at 18 June 2023 8,615 100,201 108,816
HOUGHTON BOXING CLUB BALANCE SHEET AS AT 18 JUNE 2024 2024 2023 Notes Fixed assets Tangible assets 220,024 141,801 220,024 141.801 Cuirenl assets Stocks Deblors Cash at bank and in hand 10 3,750 18,799 23,029 22,549 23,029 Creditors.. amounts falling due within one year 16,2331 15.1331 Net current assets 16,316 17,896 Creditors.. amounts falling due more than one year 12 143.518 150.8811 Total assets less ¢urrent liabilities 192,822 108,816 Income funds Restricted funds Unrestricted funds De51gnaled funds General unrestricted funds 13 189,131 100,201 ener81 3,691 11,361 3,691 11,361 192.822 108,816 The finanaal statements were approved by the Trustees on IG /,./£(r J Emrner50n Ckoir
HOUGHTON BOXING CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 18 JUNE 2024 Accounting policies Charity information Houghion Boxing Club is an unin¢x>rporated charity, registered charity number 1177929. 1.1 Accounting convenb.on The financial statements have been prepared In accordan with the charity's governing document. I h e Charities Act 2011. FRS 102"The Financial Reporting Standard applicable in the UK and Republic of lTrlènd" I'FRS 102,1 and the Charities SORP "Accounting and Reporting by Charities." Statement ol Recomrnended Practice applicable to charities preparing their accounts in accordance with the Finanoal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. leffeclive 1 January 20191. The chanly is a Public Benefit Entity as defined by FRS 102. The charity has tsken advantage of the provisions sn the SORP lor chariti8s not lo prepare a Slaterwnt of Cash Flows. The financial statements are prepared in sterling. which is the functional currency of the charity. Monetary amounts in these financial statements aré rc>unded to the nearest £. The financial statements have been prepared undei the historical cost convenlion. modih'ed to include the revaluation of freehold properties and to include investment properiies and certain financial instruments at lair valLJe. The principal accounting polic5 adopted are set out below. 1.2 Going concem At the lime of approving the financial slalements, the trustees have a reasonable expectation that the charity has adequate resources to continue operational existence for the foreseeable future. Thus, the trustees continue lo adopt the going concern basis of accounting In preparing the financial statements. 1.3 Gharitable funds Unrestricted funds are available for use at the discretion ol the trustees in furtherance of their charitable objectives. Restricted funds ale subject to specific conditions by donors as lo how they may be used. The purposes and Uses tsf the restricted funds are set out in the notes to the financial slatemenls. 1.4 Income Income is r8cognised when the charity is legèlly entitled to it after any performance conditions have been met, the amount5 can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donatK)ns are re¢ognised onc@ the charity has been notified of Ihe donation, unless perfomance conditions requirè deferral of the amount. Income tax recoverable in reL4tion to donations received under Gift Aid Of deeds ol ¢ovenanl is recognised at ihe time ol the donation.
HOUGHTON BOXING CLUB NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 18 JUNE 2024 Accounting policies Iconlinuedl 1.5 ExpeTrditur8 Expendituie Is recognised On there is a legal or constructive obligalion to transfer economic benefit to a third party, il is probable that a transfer ol economic benelits will be required in settlement, arKI Ihe amount of the obligation can be tneasured reli8bly. Expenditure is classified by activity. The costs of each activity are mède up of the tot81 of direct costs and shared costs, including support GOSt5 involved in undertaking each activity. Direct Costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs whiGh are not attributable to a single activity are apportioned between those activities on a basi5 eonsistenl with the use ol resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion ol Ihe asset's use. 1.6 Tangible fixed assets Tangible fixed assets are initially measured al cost and subsequenlly measured at cost or valuation, net of depreciation and any impaimient 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.. FehOld land and bLJildings Equipment Motor vehicles 5 /0 straight line 25¢/0 reducing balance 25Vo reducing balance The gain or loss arising on the disposal of an asset is delerrnined as the difference beeen the sale proceeds and the carrying value of the asset. and is recognised in the statement of financial activities. 1.7 Impaimienl of fixed assets At gach reporting end date, the charity reviews the carrying amounts of its tangible assets lo det8rmine whether there Is any indication that those assets have SLJffered ar) impairment loss. If any such indication exists, Ihe recoverable amount ol the asset is estimated in order lo determine the extent of the Impairment loss lif any). 1.8 Stocks stocks are stated at the lower of cost 8rid estimated selling price less costs to complete and sell. Cost comprises direct materials and. where applicable. dire¢t labour costs and those overhezds that have been incurred in bnnging the stocks lo their present location and condition. Items held for distribulion al no or nominal consideialion are measured the lower of replacement cost and oost. 1.9 Cash 3nd cash equivalents Cash and cash eqLJivalents include cash in haThJ, deposits held at call with banks, other SIrt-terrn liquid investment5 With original maturities of three mDnlh5 or le&s, and bank overdrafts. Bank overdrafts are shown within borrc)wings in current liabilities.
HOUGHTON BOXING CLUB NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 18 JUNE 2024 Donations and legacies Unrestncled Reslricled funds funds general 2024 Total Unrestricted funds general 2023 Restricted runds Total 2024 2024 2023 2023 Donations and gifts Gran15 14,391 10,000 14.391 100,800 15.296 15,296 52,000 90,800 52,000 24,391 90,800 115.191 15.296 52,000 57.296 Charilable aclivilies Other trading other Irading activities 2024 2023 Subscriptions Shows 8.034 9,375 13,198 15,402 17.409 28.600 Analysis by lund Unrestricted funds- general Restricted funds 17,409 28,600 17,409 28,600
HOUGHTON BOXING CLUB NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 18 JUNE 2024 Charitable adivilies 2024 2023 Boxing Club activities 3,416 7,507 3.416 7,507 Share ol support costs Isee note 51 Share of governance costs Isee note 51 44,178 1,0 38,435 700 48,594 46,642 Analysis by fund Unrestricted funds- general Restricted funds 46.724 1.870 46,642 48,594 46,642 Support costs Support Governance costs costs 2024 Support costs Governance costs 2023 Premises costs Rates Light & heal Mcilor & trav81 General admin costs Insurance Bank charges Depreciation Professional lees 8,403 3,595 4,517 4,564 3.321 994 391 14,543 3,850 8.403 3,595 4,517 4,564 3,321 13,7e2 13,762 10,036 2,675 10,036 2,675 391 14,543 4.850 5,047 6.915 5,047 7,615 1,000 700 44,178 1,000 45,178 38.435 700 39,135 Analysed between Charitable activities 44,178 1,000 45.178 38,435 700 39,135 Govemance wsts includes payments for the independent examination of £1,00012023.' £7001.
HOUGHTON BOXING CLUB NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 18 JUNE 2024 Trustees None ol the trustees lor any persons connected with them) received any remuneration or benefits from the charity durtng the ygar. Taxation The charity is exempl from tax on income and g8ins falling within section 505 01 the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the exlenl that these are applied lo ils charitable objects. Tangible ffixed assets Leasehold iqnd and bJiUings EquipTnenl Mott vehicle Total Cost At 19 JLJne 2023 Additions 136,650 92,766 7.327 22,109 166,086 92,766 Al 18 June 2024 229,416 7,327 22.109 258,852 Depreciation and impairment At 19 June 2023 Depreciation charged in the year 7,137 11,471 5.806 380 11.342 2,692 24.285 14,543 At 18 June 2024 18,608 6,186 14,034 38,828 Carrying amount At 18 June 2024 210,808 1,141 8,075 220,024 At 18 JLJne 2023 129.513 1.521 10,767 141.801 Stocks 2024 2023 StoGk 10 Debtors 2024 2023 Amounts falling due within one year.. Other debtors Prepaytnenls and accrued income 3.750 3.750
HOUGHTON BOXING CLUB NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 18 JUNE 2024 11 Creditors.. amounts falling due within one year 2024 2023 Loan Accruals 5,133 1,100 5,133 6,233 5,133 12 Creditors.. amounts falling ttue more than one year 2024 2023 Loan Accruals 43,518 50,881 43.518 50,881 13 Reslricled funds The income funds of the charity Include reslricted funds cotllprising the following unexpended balances of donations and grants held Dn trust lor speafi'c PUlPDses'. Movement in funds Irthming ResOue$ resources expended 8roughl fDrward TT3nslersl ga$ CarrEed Community fund Property fvnds 8,800 82,000 11,8701 6,930 182,201 100,201 100,201 90,800 11,8701 189.131 14 Analysis cil net assets belween funds Unreslricled Restricted funds funds Total Unrestricted funds Restricted funds Totsl 2024 2024 2024 2023 2023 2023 Fund balances are represented by.. Tangibl£ assets Current assetsllliabililiesl Long term liabilities 9.216 15.5251 210.808 220,024 21,841 16,316 143.5181 143,5181 12,288 13,6731 129,513 21,569 150,8811 141,801 17,896 150,8811 3,691 189,131 192,822 8,615 100,201 108,816 15 Related paty transactions There were no disclosable related party transactions during the year12023 none). 10