Trustees. Annual Report for the period
I Period start dale
IDay01 Month 04
Period end date
28
rilh 02 Ye8r 23
From
Section A
Reference and administration details
Charity name
Barrow Island Community Sports Trust Ltd
Othor nam88 charity Is known by
BICST Ltd
Registored charlty number {rf any)
1159561
Charity's principal address
C8V8ndish Park, Island Road
Barrow Island
Barrow-in-Fumess. Cumbria
Postcodo
LA14 2SB
Names of the charity trusts88 who manage the charity
Trust•e name
Offlce Ilf any)
Dates act•d ff not forwhol
ar
Nam¢ of person lor body) entitl•d
toap
Int tru8tee
Itan
Robert Huitson
Robert McAlt)one
Stephen Bailey
Laura Morgan
Deborah Morgan
Chaiman
Tr8asurer
(Football Rep)
Secretary
Director
Who18 Year
Whole Year
BICST Ltd
BICST Ltd
BICST Ltd
BICST Ltd
BICST Ltd
Whole Year
Whole Y8ar
Whol8 Year
Names of the trustees for the charlty, If any. (for example, any custodlan trustees}
Name
Dates actod rf not for whole
ar
Nam•s and addresses of advisers (Optional Information)
Type of Namg
Address
adviser
Name of chlaf executive or names of senior staff members {Optlonal inforniation
TAR
March 2023
Section B
Structure,
overnance and mana
ement
Descriptlon of the charity's trusts
Constitution adopted 19 May 2014
Type of goveming document
(eg l usl dee(i. constilulioii
How the charity is constituted
leg Irusi.
lion, Lorr)par
Incorporated Charitable Trust
Trustee selection methods
leg appointed by. plecip.rt b I I
Volunteers elected from membership.
Addltional govèrnance Issues (Optional Infomiatlon)
Business Plan 2022
Health and Safety Policy
Lease with Barrow Borough Coundl {Landlord)
You may choose to indude
addition81 infomation. where
relevant, about..
pollcles and procedures
adopted for the induction and
training of trustees;
the charity's organisational
structure and any wider
neork wth which the drity
relationship with any rèlated
trustees, consideration of
major risks and the system
and procedures to manage
them.
Section C
Objectives and activities
Tho promotion of Community parti¢ipatron in healthy recreation for the
benefit of the inhabitants of Barrow Island and surrounding areas, by Ihe
provision of facilities for the playing of sports and other leisure activities.
Summary of tho objects of tho
charity set out in its
governlng document
The provision of a safe wami, w81coming environment for community
groups and individuals requiring assistan and advice.
TAR
March 2023
The Trustees have instigated a programme of building and ground
maintenance to enablè sporling activities to take place on the playing
fields. Proposed improveménts to the drainage on the pitches will
alleviate fixture problems with the local leagues for both Rugby and
Football, allowing more g8m8S to be arrarvJed throughout the s6asons.
The Trustees have invited th8 local Junior School to use the facllitSes for
their Sports Day. We have extended this invitstion lo TS Sovereign, the
Local Barrow Island S88 Cadet Unit to use for their outdoor aclivities.
The building of Cumbria University Campus on Barrow Island may
provide the opportunity to work with the University Trustees to provid8
sports and recreatlonal delivery classes as part of the curriculum.
Summary of the main
actlvities undertaken for the
publlc benoflt in relation to
those objocls (include wfthln
thls sectlon the statutory
doclaration that trustees have
had rngard to the guldance
issued by the Charlty
Commission on publi
benefrtl
During th8 2023 football season we are taking on an additional 7 Junior
Football teams to incorporate a wder take up of sport and social activities
associated with the increase in numbers involved.
I can declare that the Trustees have had due regard to the guidance
issued by the Charity Commission on Public Benefit.
Addltlonal detsils of objectlves and actlvltles {Optional irfomiation)
The project is run by Trustees and volunteers, with guidance from 8 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, foolball, all at various age groups. Communlty
Hub hire to local organisations and individuals.
You may choose to include
further statem8nts. where
relevant, about..
policy on grantmaking.,
policy programme r8lat8d
investrnent.
contribution made by
volunteers.
TAR
March 2023
Section D
Achievements and performance
Summary of the maln
achlevements of the charity
during the year
On 2nd 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 regularfy and continues lo lake note of the
requirements and wishes of the lor21 communlty through its liaison with
the partner group Barrow Island Comrnunity 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 events held throughout the year the
Barrow Island Community Sports Trust Ltd IBICST Ltd) ¢ontinues to
6UPPOrt and facilitate events for the local area. The Hub is now fully
functionlng and making income to be seK-suffi¢ient.
The Cumbria Masterfs Rugby League Festival was hosted by BICST Ltd;
this event involved 12 visiting teams from Cumbria, Lancashire and
Yorkshlre and was very successful. The Community Hub provided and
hosted Chrislmas Parties for both local Senior Citizens and children and
is also a well-used venue for dance troupes, Amateur Dramatic groups
and other organi8ations offering Yoga, Pilates and Craft Fairs.
BICST Ltd is very proud of the achievements made in such a short period
of time. The Board int8nd to bulld on these successes in 2023 and aim
to identfy and resolve any issues that may impact on the local and wder
Barrow communFty before they affect individuals or groups.
We also are justifiably proud of the work canied out by local volunteers to
continuously improve the sports pilches to enable various teams to enjoy
c18an and playable pitches for a small proportion of the year.
Partnerships have gone from strength to strength over Ihe last year. We
established a Wami Hub throughout the winter to support residents from
the Barrow Area in general by the provision of a space for them to meet
others and have a meal rather than remain isolated in their homes.
We have established a dialog with the Suicide Safer Cumbria group and
have s8veral volunleers booked on to training events through th8 coming
year. The aim of this is to deliver a meeting p18ce and safe refuge for
those affected by suicide or self-harm and to provide advice and contact
infomialion.
After coming out of the pandemic lockdown both hall and sports pitch use
is increasing steadily. Groups now using the hall include. Age Concern,
ANA, Multi-cultural So¢iety, Waln8y Theatre Group and Cast Theatre
Group. which run alongside private group hire.
The curr8nl economic climate is causing concem within the local
community. It is the trusts aim to help support residents by providing an
affordable venue whilst carefully balancing our own increasing costs to
overcome these challenging tim8s. Our uiility bills are causing great
conrn for the trustees and volunteers involved, to Ihis end we have
made several chang8S to the premises (removal of auto lights.
adjuslment of heating etc) and have organised a review of 8nergy
provision with local green energy providers. W8 aim to look al the
possibility of fttting solar panels to the roof and other available energy
saving devices through this consultation.
TAR
March 2023
Section E
Financial review
No Reserves Policy
Briof 8tat•ment of the
Charlty's policy on reurves
Detslls of any funds materlally
in deficit
None
Furthor financial review detsils {Optlonal Infomiation)
Our Main source of funding for this perfod is The Big Local Trust.
additional funds donated by BAE System. Barrow Borough Council and
the Asda community foundation.
The BICST Board has ensured that all advice has been provided by
sultably qualified and experienced persons, and funding has enabled this
essential ProS5 to take place.
You may choose to includ8
additional infomiation. where
relevant about:
the charity's principal
sour$ of funds (including
any fundraising);
how expenditure has
supported the key objectives
of the charity.,
Inv8stment policy and
objectives including any
ethical investment policy
adopted.
Section F
Other optional information
Section G
Declaration
The trustsos declare that they have approved the trustees, report above.
Slgned on bohalf of the charity's trustses
Signaturo{8)
R P Mcaloone
Full name(s)
Robert Peter Mcaloone
P08111on leg Secretary, Chair,
etc)
Tr8asurer
Date
05-03-23
TAR
March 2023
**Charity registration number 1178142**
**Company registration number 10598525 (England and Wales)**
**BARROW ISLAND COMMUNITY SPORTS TRUST LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023**
## **BARROW ISLAND COMMUNITY SPORTS TRUST LTD**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
Mr S Bailey Mr R McAloone Ms L J Morgan Mrs D Morgan
**Secretary** Mr R McAloone **Charity number** 1178142 **Company number** 10598525 **Registered office** Cavendish Park Island Road Barrow-in-Furness Cumbria LA14 2SB **Independent examiner** Redhead Accountancy 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 2023**_
The trustees present their annual report and financial statements for the year ended 28 February 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the 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 objectives are the 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 provision of a safe warm, welcoming environment for community groups and individuals requiring assistance and advice.
The Trustees have instigated a programme of building and ground maintenance to enable sporting activities to take place on the playing fields. Proposed improvements to the drainage on the pitches will alleviate fixture problems with the local leagues for both Rugby and Football, allowing more games to be arranged throughout the seasons.
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.
The building of Cumbria University Campus on Barrow Island may provide the opportunity to work with the University Trustees to provide sports and recreational delivery classes as part of the curriculum.
During the 2023 football season we are taking on an additional 7 Junior Football teams to incorporate a wider uptake of sport and social activities associated with the increase in numbers involved.
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.
- 1 -
## **BARROW ISLAND COMMUNITY SPORTS TRUST LTD**
## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2023**_
## **Achievements and performance**
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 events held throughout the year the Barrow Island Community Sports Trust Ltd (BICST Ltd) continues to support and facilitate events for the local area. The Hub is now fully functioning and making income to be self-sufficient.
The Cumbria Master’s 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. The Board intend to build on these successes in 2023 and aim to identify and resolve any issues that may impact on the local and wider Barrow community before they affect individuals or groups.
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.
Partnerships have gone from strength to strength over the last year. We established a Warm Hub throughout the winter to support residents from the Barrow Area in general by the provision of a space for them to meet others and have a meal rather than remain isolated in their homes.
We have established a dialog with the Suicide Safer Cumbria group and have several volunteers booked on to training events through the coming year. The aim of this is to deliver a meeting place and safe refuge for those affected by suicide or self-harm and to provide advice and contact information.
After coming out of the pandemic lockdown both hall and sports pitch use is increasing steadily. Groups now using the hall include, Age Concern, ANA, Multi-Cultural Society, Walney Theatre Group and Cast Theatre Group, which run alongside private group hire.
The current economic climate is causing concern within the local community. It is the trusts aim to help support residents by providing an affordable venue whilst carefully balancing our own increasing costs to overcome these challenging times. Our utility bills are causing great concern for the trustees and volunteers involved, to this end we have made several changes to the premises (removal of auto lights, adjustment of heating etc) and have organised a review of energy provision with local green energy providers. We aim to look at the possibility of fitting solar panels to the roof and other available energy saving devices through this consultation.
## **Financial review**
No Reserves Policy.
Our main source of funding for this period is The Big Local Trust, with additional funds donated by BAE Systems, Barrow Borough Council and the Asda community foundation.
The BICST 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 have 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.
- 2 -
## **BARROW ISLAND COMMUNITY SPORTS TRUST LTD**
## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2023**_
## **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:
Mr S Bailey
Mr R McAloone
Ms L J Morgan
Mrs D Morgan
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:
- settle the terms of payment with suppliers when agreeing the terms of each transaction;
- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
- pay in accordance with the company's contractual and other legal obligations.
The trustees report was approved by the Board of Trustees.
## **Mr R McAloone**
Trustee Dated: 11 August 2023
- 3 -
## **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 2023.
## **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:
- 1 accounting records were not kept in respect of the trust as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 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
- 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.
## **Redhead Accountancy Ltd**
Market Street Broughton-in-Furness Cumbria LA20 6HP
Dated: 18 July 2023
- 4 -
## **BARROW ISLAND COMMUNITY SPORTS TRUST LTD**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 28 FEBRUARY 2023**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**Notes**
**£**
**£**
**Income from:**
Donations and
legacies
**3**
11,892
34,472
Charitable activities
**4**
29,453
-
Investments
**5**
287
-
**Total income**
41,632
34,472
**Expenditure on:**
Charitable activities
**6**
44,553
24,301
**Net (expenditure)/income**
**for the year/**
**Net movement in funds**
(2,921)
10,171
Fund balances at 1 March
2022
65,968
1,390
**Fund balances at 28**
**February 2023**
63,047
11,561|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
46,364
21,524
-
29,453
18,870
-
287
51
-
76,104
40,445
-
68,854
39,371
-
7,250
1,074
-
67,358
64,894
1,390
74,608
65,968
1,390|**Total**
**2022**
**£**
21,524
18,870
51|
|---|---|---|
|||40,445|
|||39,371|
|||1,074
66,284|
|||67,358|
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.
- 5 -
## **BARROW ISLAND COMMUNITY SPORTS TRUST LTD**
## **BALANCE SHEET**
## _**AS AT 28 FEBRUARY 2023**_
|**Notes**
**Fixed assets**
Tangible assets
**10**
**Current assets**
Debtors
**11**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**12**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
Unrestricted funds|**2023**
**£**
5,375
61,539
66,914
(546)|**£**
8,240
66,368
74,608
11,561
63,047
74,608|**2022**
**£**
5,376
39,918
45,294
(546)|**£**
22,610
44,748|
|---|---|---|---|---|
|||||67,358|
|||||1,390
65,968|
|||||67,358|
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 2023.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 11 August 2023
Mr R McAloone **Trustee**
## **Company registration number 10598525**
- 6 -
**BARROW ISLAND COMMUNITY SPORTS TRUST LTD**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 28 FEBRUARY 2023**_
## **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, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the £1. Monetary amounts 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.
- 7 -
## **BARROW ISLAND COMMUNITY SPORTS TRUST LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2023**_
## **1 Accounting policies**
**(Continued)**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs 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 which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **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 the statement of financial activities.
## **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.
- 8 -
## **BARROW ISLAND COMMUNITY SPORTS TRUST LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2023**_
## **1 Accounting policies**
## **(Continued)**
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## **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**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
Donations and gifts
3,084
-
Grants received
8,808
34,472
11,892
34,472
**For the year ended 28 February 2022**
21,524
-|**Total**
**2023**
**£**
3,084
43,280
46,364|Total
2022
£
218
21,306|
|---|---|---|
|||21,524|
|||21,524|
- 9 -
## **BARROW ISLAND COMMUNITY SPORTS TRUST LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2023**_
## **4 Charitable activities**
|**Hall Hire**
**Income**
**Catering**
**Income - Hub**
**2023**
**2023**
**£**
**£**
Sales within
charitable activities
14,993
12,715
Charitable rental
income
1,745
-
16,738
12,715|**Total**
**2023**
**Hall Hire**
**Income**
**Catering**
**Income - Hub**
**2022**
**2022**
**£**
**£**
**£**
27,708
6,054
9,678
1,745
3,138
-
29,453
9,192
9,678|**Total**
**2022**
**£**
15,732
3,138|
|---|---|---|
|||18,870|
## **5 Investments**
Interest receivable
|**Unrestricted **|**Unrestricted**|
|---|---|
|**funds**|**funds**|
|**2023**|**2022**|
|**£**|**£**|
|287|51|
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## **BARROW ISLAND COMMUNITY SPORTS TRUST LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2023**_
## **6 Charitable activities**
||**Running**|**Running**|
|---|---|---|
||**costs**|**costs**|
||**2023**|**2022**|
||**£**|**£**|
|Depreciation and impairment|17,444|16,676|
|Purchases|13,123|6,816|
|Rates|936|1,549|
|Insurance costs|2,265|1,862|
|Light, heat and power|13,228|5,123|
|Repairs and maintenance|18,409|4,192|
|Office expenses|1,567|1,144|
|Sundry expenses|1,336|1,463|
|Accountancy fees|546|546|
||68,854|39,371|
||68,854|39,371|
|**Analysis by fund**|||
|Unrestricted funds|44,553|39,371|
|Restricted funds|24,301|-|
||68,854|39,371|
## **7 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
## **8 Employees**
There were no employees during the year.
## **9 Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
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## **BARROW ISLAND COMMUNITY SPORTS TRUST LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2023**_
|**10**
**Tangible fixed assets**
**Cost**
At 1 March 2022
Additions
At 28 February 2023
**Depreciation and impairment**
At 1 March 2022
Depreciation charged in the year
At 28 February 2023
**Carrying amount**
At 28 February 2023
At 28 February 2022
**11**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
**12**
**Creditors: amounts falling due within one year**
Accruals and deferred income
**13**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2023**
**2023**
**£**
**£**
Fund balances at 28
February 2023 are
represented by:
Tangible assets
8,240
-
Current assets/(liabilities)
66,368
-
74,608
-|**Plant and equipment**
**£**
66,704
3,073
69,777
44,093
17,444
61,537
8,240
22,610
**2023**
**2022**
**£**
**£**
5,375
5,376
**2023**
**2022**
**£**
**£**
546
546
**Total Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**2023**
**2022**
**2022**
**2022**
**£**
**£**
**£**
**£**
8,240
22,610
-
22,610
66,368
44,748
-
44,748
74,608
67,358
-
67,358|**Plant and equipment**
**£**
66,704
3,073
69,777
44,093
17,444
61,537
8,240
22,610
**2023**
**2022**
**£**
**£**
5,375
5,376
**2023**
**2022**
**£**
**£**
546
546
**Total Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**2023**
**2022**
**2022**
**2022**
**£**
**£**
**£**
**£**
8,240
22,610
-
22,610
66,368
44,748
-
44,748
74,608
67,358
-
67,358|
|---|---|---|
|||69,777|
|||44,093
17,444|
|||61,537|
|||8,240|
|||22,610|
|||**2022**
**£**
5,376|
|||**2022**
**£**
546|
|||**Total**
**2022**
**£**
22,610
44,748|
|||67,358|
- 12 -
## **BARROW ISLAND COMMUNITY SPORTS TRUST LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2023**_
## **14 Related party transactions**
There were no disclosable related party transactions during the year .
- 13 -
## **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 2023.
## **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:
- 1 accounting records were not kept in respect of the trust as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 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
- 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.
## **Redhead Accountancy Ltd**
Market Street Broughton-in-Furness Cumbria LA20 6HP
Dated: 18 July 2023
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