Charity Registration No. 1178142
Company Registration No. 10598525 (England and Wales)
BARROW ISLAND COMMUNITY SPORTS TRUST LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
PAGES FOR FILING WITH REGISTRAR
BARROW ISLAND COMMUNITY SPORTS TRUST LTD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr M Clark Mr S Bailey Mr R McAloone Ms L J Morgan Mrs D Morgan (Appointed 24 September 2020)
Secretary Mr R McAloone Charity number 1178142 Company number 10598525 Registered office Cavendish Park Island Road Barrow-in-Furness Cumbria LA14 2SB
Independent examiner
Bryan Redhead & Co. Ltd. Market Street Broughton-in-Furness Cumbria LA20 6HP
BARROW ISLAND COMMUNITY SPORTS TRUST LTD
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 13 |
BARROW ISLAND COMMUNITY SPORTS TRUST LTD
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 28 FEBRUARY 2021
The trustees present their report and financial statements for the year ended 28 February 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's constitution , the Companies Act 2006 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 trust's objects are t he promotion of Community participation in healthy recreation for the benefit of the inhabitants of Barrow Island and surrounding areas, by the provision of facilities for the playing of sports and other leisure activities .
The Trustees have instigated a programme of building and ground maintenance to enable sporting activities to take place on the playing fields. The Trustees have invited the local Junior School to use the facilities for their Sports Day. We have extended this invitation to TS Sovereign, the Local Barrow Island Sea Cadet Unit to use for their outdoor activities.
I can declare that the Trustees have had due regard to the guidance issued by the Charity Commission on Public Benefit.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
The project is run by Trustees and volunteers, with guidance from a Big Local Rep employed by Big local trust .The volunteers’ tasks include ground and building maintenance, pitch hire to local sports teams (football, rugby and ladies football, all at various age groups, Community Hub hire to local organisations and individuals.
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BARROW ISLAND COMMUNITY SPORTS TRUST LTD
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021
Achievements and performance
The Trustees, having taken advice from Big Local Trust, approached a local Chartered Accountant for advice on how to proceed with the action of incorporation. Bryan Redhead & Co Ltd progressed this matter and on 2 nd February 2017 we became an Incorporated Charity, Barrow Island Community Sports Trust Ltd, Company No 10598525. All Trustees are now Directors registered with Companies House.
The Board meets regularly and continues to take note of the requirements and wishes of the local community through its liaison with the partner group Barrow Island Community Trust who hold surgeries with residents on Barrow Island issues. This enables good channels of communication to ensure meaningful dialogue is maintained.
Following the hugely successful opening event in March, the Barrow Island Community Sports Trust Ltd (BICST Ltd) continues to support and facilitate events for the local area. The Hub is now operating and making income in its own right. This has included the very first annual Fudfest, a pop festival in memory of a popular local resident who passed away in the previous year. This event raised several thousand pounds for the local St Mary’s Hospice and is scheduled to repeat next year.
The Cumbria Masters Rugby League Festival was hosted by BICST Ltd; this event involved 12 visiting teams from Cumbria, Lancashire and Yorkshire and was very successful. The Community Hub provided and hosted Christmas Parties for both local Senior Citizens and children, and is also a well-used venue for dance troupes, Amateur Dramatic groups and other organisations offering yoga, Pilates and craft fairs.
BICST Ltd is very proud of the achievements made in such a short period of time. However, the Board intend to build on these successes by starting on the second phase of the improvements to the Sports Changing Facilities. We intend to use a local constructor to ensure the area benefits from the grants provided, rather than the funds going out of the area to national conglomerates. To this effect we have put the work out to tender and have appointed Ocean Construction to carry out the work to bring the remainder of the facility up to Sports England standards.
This has been very hard year due to Covid; we have many to The work has been completed on phase 3 bring the building up to sport England standard also gives us further opportunity with office/meeting area this was achieved with funding from ffc community foundation.
We also are justifiably proud of the work carried out by local volunteers to continuously improve the sports pitches to enable various teams to enjoy clean and playable pitches for a small proportion of the year, when the C ovid restrictions had been lifted.
Financial review
No Reserves Policy .
Our main source of funding for this period is The Big Local Trust, with additional funds donated by The CoOperative Society, Cumbria CVS,
Sir John fisher foundation, Local Businesses,FFC Community foundation
The Board has ensured that all advice has been provided by suitably qualified and experienced persons, and funding has enabled this essential process to take place.
The trustees has assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The trust is a company limited by guarantee.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
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BARROW ISLAND COMMUNITY SPORTS TRUST LTD
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021
Mr M Clark Mr A Wood (Resigned 24 September 2020) Mr S Bailey Mr R McAloone Ms L J Morgan Mrs D Morgan (Appointed 24 September 2020)
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
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.
The trustees r eport was approved by the Board of Trustees.
Mr R McAloone
Trustee Dated: 27 August 2021
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BARROW ISLAND COMMUNITY SPORTS TRUST LTD
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF BARROW ISLAND COMMUNITY SPORTS TRUST LTD
I report to the trustees on my examination of the financial statements of Barrow Island Community Sports Trust Ltd ( the trust) for the year ended 28 February 2021.
Responsibilities and basis of report
As the trustees of the trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the trust 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 the trust’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable 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 matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the trust as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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
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4 the financial statements 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 financial statements to be reached.
Bryan Redhead & Co. Ltd.
Market Street Broughton-in-Furness Cumbria LA20 6HP
Dated: 27 August 2021
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BARROW ISLAND COMMUNITY SPORTS TRUST LTD
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 28 FEBRUARY 2021
| Unrestricted Restricted funds funds 2021 2021 Notes £ £ Income and endowments from: Donations and legacies 3 33,840 - Investments 4 118 - Other income 5 - 1,390 Total income 33,958 1,390 Expenditure on: Raising funds 6 18,846 - Charitable activities 7 20,551 - Total resources expended 39,397 - Net (expenditure)/income for the year/ Net movement in funds (5,439) 1,390 Fund balances at 29 February 2020 70,333 - Fund balances at 28 February 2021 64,894 1,390 |
TotalUnrestricted funds 2021 2020 £ £ 33,840 98,973 118 505 1,390 - 35,348 99,478 18,846 131,689 20,551 - 39,397 131,689 (4,049) (32,211) 70,333 102,544 66,284 70,333 |
|---|---|
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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BARROW ISLAND COMMUNITY SPORTS TRUST LTD
BALANCE SHEET
AS AT 28 FEBRUARY 2021
| Notes Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Income funds Restricted funds Unrestricted funds |
2021 £ 5,373 42,427 47,800 (546) |
£ 19,030 47,254 66,284 1,390 64,894 66,284 |
2020 £ 5,374 46,575 51,949 (546) |
£ 18,930 51,403 70,333 - 70,333 70,333 |
|---|---|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 28 February 2021.
The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 27 August 2021
Mr R McAloone Trustee
Company Registration No. 10598525
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BARROW ISLAND COMMUNITY SPORTS TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021
1 Accounting policies
Charity information
Barrow Island Community Sports Trust Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Cavendish Park, Island Road, Barrow-in-Furness, Cumbria, LA14 2SB.
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust's [governing document], the Companies Act 2006 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) (effective 1 January 2019)". The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the £1 . Monetary a mounts in these financial statements are rounded to the nearest £1.
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 trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.
1.4 Incoming resources
Income is recognised when the trust 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 trust 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 trust 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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BARROW ISLAND COMMUNITY SPORTS TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021
1 Accounting policies
(Continued)
1.5 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 equipment
25% straight line
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 net income/(expenditure) for the year.
1.6 Impairment of fixed assets
At each reporting end date, the trust 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 ) .
1.7 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.
1.8 Financial instruments
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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BARROW ISLAND COMMUNITY SPORTS TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021
1 Accounting policies
(Continued)
2 Critical accounting estimates and judgements
In the application of the trust’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 Donations and legacies
| Unrestricted funds 2021 £ Donations and gifts 770 Legacies receivable 1,823 Grants received 22,733 Less: deferred income 2,889 Other 5,625 33,840 |
Total 2020 £ - 14,260 84,713 - - 98,973 |
|---|---|
4 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Interest receivable | 118 | 505 |
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BARROW ISLAND COMMUNITY SPORTS TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021
5 Other income
| 6 7 |
Restricted funds 2021 £ User definable other income heading 1 1,390 Raising funds Unrestricted funds 2021 £ Fundraising and publicity Purchases 3,845 Rates 490 Insurance 1,488 Oght and heat 3,018 Repairs and maintenance 7,603 Postage and stationery 63 Sundry expenses 2,339 Fundraising and publicity 18,846 18,846 Charitable activities Charitable Expenditure Heading 1 2021 £ Depreciation and impairment 12,361 Grant funding of activities (see note 8) 8,190 20,551 |
Total 2020 £ - Total 2020 £ 3,714 1,961 1,399 7,228 115,724 86 1,577 131,689 131,689 2020 £ - - - |
|---|---|---|
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BARROW ISLAND COMMUNITY SPORTS TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021
8 Grants payable
| Charitable | 2020 | |
|---|---|---|
| Expenditure | ||
| Heading 1 | ||
| 2021 | ||
| £ | £ | |
| Grants to institutions: | ||
| Other | 8,190 | - |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
10 Employees
There were no employees during the year.
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BARROW ISLAND COMMUNITY SPORTS TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021
11 Tangible fixed assets
| Cost At 29 February 2020 Additions Disposals At 28 February 2021 Depreciation and impairment At 29 February 2020 Depreciation charged in the year At 28 February 2021 Carrying amount At 28 February 2021 At 28 February 2020 12 Debtors Amounts falling due within one year: Trade debtors 13 Creditors: amounts falling due within one year Accruals and deferred income |
Plant and equipment £ 33,985 15,461 (3,000) 46,446 15,055 12,361 27,416 19,030 18,930 2021 2020 £ £ 5,373 5,374 2021 2020 £ £ 546 546 |
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BARROW ISLAND COMMUNITY SPORTS TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021
15 Analysis of net assets between funds
| Unrestricted funds Restricted funds 2021 2021 £ £ Fund balances at 28 February 2021 are represented by: Tangible assets 19,030 - Current assets/(liabilities) 47,254 - 66,284 - |
TotalUnrestricted funds 2021 2020 £ £ 19,030 18,930 47,254 51,403 66,284 70,333 |
|---|---|
16 Related party transactions
There were no disclosable related party transactions during the year .
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