REGISTERED CHARITY NUMBER: 1178198
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
FOR
CRICKLEWOOD BOXING CLUB
KBSP Partners LLP Chartered Accountants Harben House Harben Parade Finchley Road LONDON NW3 6LH
CRICKLEWOOD BOXING CLUB
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Independent Examiner's Report | 2 | ||
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | ||
| Notes to the Financial Statements | 5 | to | 10 |
| Detailed Statement of Financial Activities | 11 | to | 12 |
CRICKLEWOOD BOXING CLUB
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2024
The trustees present their report with the financial statements of the charity for the year ended 31 May 2024. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Cricklewood boxing club is focused in providing fitness camps for children in the local area from underprivileged homes.
ACHIEVEMENT AND PERFORMANCE
During the year our total funds raised was £141,408 (2023: £102,515). The net surplus movement in total funds during the year was £18,251 (2023: £6,499).
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1178198
Principal address
Units 1 & 2 Gladstone Park Edgware Road NW2 6JT
Trustees
N D Salmon J Fay (resigned 30.11.2023) R Buick T Smith (resigned 30.11.2023) Ms S Abbasi (appointed 20.11.2023)
Independent Examiner
KBSP Partners LLP Chartered Accountants Harben House Harben Parade Finchley Road LONDON NW3 6LH
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................. R Buick - Trustee
Page 1
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CRICKLEWOOD BOXING CLUB
Independent examiner's report to the trustees of Cricklewood Boxing Club
I report to the charity trustees on my examination of the accounts of Cricklewood Boxing Club (the Trust) for the year ended 31 May 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
David Myerson FCA
KBSP Partners LLP Chartered Accountants Harben House Harben Parade Finchley Road LONDON NW3 6LH
Date: .............................................
Page 2
CRICKLEWOOD BOXING CLUB
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2024
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2024 2023
Unrestricted Restricted Total Total
fund fund funds funds
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM
-
Donations and legacies 112,004 112,004 85,749
Other trading activities 2 29,404 - 29,404 16,766
Total 141,408 - 141,408 102,515
EXPENDITURE ON
-
Raising funds 10,715 10,715 6,443
Other 105,123 7,319 112,442 89,573
Total 115,838 7,319 123,157 96,016
NET INCOME/(EXPENDITURE) 25,570 (7,319) 18,251 6,499
Transfers between funds 10 16,839 (16,839) - -
Net movement in funds 42,409 (24,158) 18,251 6,499
RECONCILIATION OF FUNDS
Total funds brought forward 27,442 33,477 60,919 54,420
TOTAL FUNDS CARRIED FORWARD 69,851 9,319 79,170 60,919
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The notes form part of these financial statements
Page 3
CRICKLEWOOD BOXING CLUB
BALANCE SHEET 31 MAY 2024
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2024 2023
Unrestricted Restricted Total Total
fund fund funds funds
Notes £ £ £ £
FIXED ASSETS
Tangible assets 5 85,777 9,319 95,096 66,898
CURRENT ASSETS
Cash at bank and in hand 8,589 - 8,589 20,786
CREDITORS
Amounts falling due within one year 6 (11,181) - (11,181) (6,867)
NET CURRENT ASSETS (2,592) - (2,592) 13,919
TOTAL ASSETS LESS CURRENT LIABILITIES 83,185 9,319 92,504 80,817
CREDITORS
Amounts falling due after more than one year 7 (13,334) - (13,334) (19,898)
NET ASSETS 69,851 9,319 79,170 60,919
FUNDS 10
Unrestricted funds 69,851 27,442
Restricted funds 9,319 33,477
TOTAL FUNDS 79,170 60,919
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The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. R Buick - Trustee
The notes form part of these financial statements
Page 4
CRICKLEWOOD BOXING CLUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on reducing balance Fixtures and fittings - 20% on reducing balance Motor vehicles - Straight line over 4 years Computer equipment - 20% on reducing balance
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
The interest element of these obligations is charged to the Statement of Financial Activities over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Prior year adjustment
The prior year financial statements have been restated to reflect £27,000 which was previously treated as income as being a bounceback loan taken by the Charity.
continued...
Page 5
CRICKLEWOOD BOXING CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024
2. OTHER TRADING ACTIVITIES
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||||
|---|---|---|
|2024|2023|
|£|£|
|Admissions|29,404|16,766|
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3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2024 nor for the year ended 31 May 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2024 nor for the year ended 31 May 2023.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
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|||||
|---|---|---|---|
|Unrestricted|Restricted|Total|
|fund|fund|funds|
|£|£|£|
|INCOME AND ENDOWMENTS FROM|
|Donations and legacies|85,750|(1)|85,749|
|-|
|Other trading activities|16,766|16,766|
|Total|102,516|(1)|102,515|
|EXPENDITURE ON|
|-|
|Raising funds|6,443|6,443|
|Other|78,603|10,970|89,573|
|Total|85,046|10,970|96,016|
|NET INCOME/(EXPENDITURE)|17,470|(10,971)|6,499|
|Transfers between funds|(12,669)|12,669|-|
|Net movement in funds|4,801|1,698|6,499|
|RECONCILIATION OF FUNDS|
|Total funds brought forward|22,642|31,778|54,420|
|TOTAL FUNDS CARRIED FORWARD|27,443|33,476|60,919|
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continued...
Page 6
CRICKLEWOOD BOXING CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024
5. TANGIBLE FIXED ASSETS
| Improvements Fixtures to and Motor property fittings vehicles £ £ £ COST At 1 June 2023 12,432 97,687 5,700 Additions 22,101 29,326 - Disposals (12,432) - - At 31 May 2024 22,101 127,013 5,700 DEPRECIATION At 1 June 2023 7,543 42,106 713 Charge for year 3,415 14,446 1,425 Eliminated on disposal (7,543) - - At 31 May 2024 3,415 56,552 2,138 NET BOOK VALUE At 31 May 2024 18,686 70,461 3,562 At 31 May 2023 4,889 55,581 4,987 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 8) Hire purchase (see note 9) Other creditors 7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 8) Hire purchase (see note 9) 8. LOANS |
Computer equipment Totals £ £ 2,690 118,509 1,408 52,835 - (12,432) 4,098 158,912 1,249 51,611 462 19,748 - (7,543) 1,711 63,816 2,387 95,096 1,441 66,898 2024 2023 £ £ 5,400 3,359 1,532 2,311 4,249 1,197 11,181 6,867 2024 2023 £ £ 13,334 18,366 - 1,532 13,334 19,898 |
|---|---|
An analysis of the maturity of loans is given below:
| Amounts falling due within one year on demand: Bank loans Amounts falling due between two and five years: Bank loans - 2-5 years |
2024 £ 5,400 13,334 |
2023 £ 3,359 18,366 |
|---|---|---|
continued...
Page 7
CRICKLEWOOD BOXING CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024
9. LEASING AGREEMENTS
Minimum lease payments under hire purchase fall due as follows:
| Gross obligations repayable: Within one year Between one and five years Finance charges repayable: Within one year Between one and five years Net obligations repayable: Within one year Between one and five years 10. MOVEMENT IN FUNDS At 1.6.23 £ Unrestricted funds General fund 27,442 Restricted funds Council Gym Funding 33,477 TOTAL FUNDS 60,919 Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Council Gym Funding TOTAL FUNDS |
Net movement in funds £ 25,570 (7,319) 18,251 Incoming resources £ 141,408 - 141,408 |
2024 £ 1,618 - 1,618 86 - 86 1,532 - 1,532 Transfers between funds £ 16,839 (16,839) - Resources expended £ (115,838) (7,319) (123,157) |
2023 £ 2,773 1,618 4,391 462 86 548 2,311 1,532 3,843 At 31.5.24 £ 69,851 9,319 79,170 Movement in funds £ 25,570 (7,319) 18,251 |
|---|---|---|---|
continued...
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CRICKLEWOOD BOXING CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.6.22 £ Unrestricted funds General fund 22,642 Restricted funds Council Gym Funding 31,778 |
Net Transfers movement between in funds funds £ £ 17,469 (12,669) (10,970) 12,669 |
At 31.5.23 £ 27,442 33,477 |
|---|---|---|
| TOTAL FUNDS 54,420 |
6,499 - |
60,919 |
| Comparative net movement in funds, included in the above are as follows: |
| Unrestricted funds General fund Restricted funds Council Gym Funding TOTAL FUNDS |
Incoming resources £ 102,516 (1) 102,515 |
Resources Movement expended in funds £ £ (85,047) 17,469 (10,969) (10,970 (96,016) 6,499 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| At 1.6.22 £ Unrestricted funds General fund 22,642 Restricted funds Council Gym Funding 31,778 |
Net Transfers movement between At in funds funds 31.5.24 £ £ £ 43,039 4,170 69,851 (18,289) (4,170) 9,319 |
|---|---|
| TOTAL FUNDS 54,420 |
24,750 - 79,170 |
continued...
Page 9
CRICKLEWOOD BOXING CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Council Gym Funding TOTAL FUNDS |
Incoming resources £ 243,924 (1) 243,923 |
Resources Movement expended in funds £ £ (200,885) 43,039 (18,288) (18,289) (219,173) 24,750 |
|---|---|---|
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 May 2024.
Page 10
CRICKLEWOOD BOXING CLUB
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2024
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2024 2023
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 42,604 19,710
Grants 69,400 66,039
112,004 85,749
Other trading activities
Admissions 29,404 16,766
Total incoming resources 141,408 102,515
EXPENDITURE
Other trading activities
Purchases 10,715 6,443
Support costs
Management
Wages 100 950
Other operating leases 27,534 18,440
-
Light and heat 3,010
Postage and stationery 148 251
Advertising 2,793 20,803
Refreshments 4,131 4,209
Travel 5,376 4,711
43,092 49,364
Finance
Telephone 2,369 1,584
Bank charges 266 534
Bank loan interest 509 836
Hire purchase 462 298
3,606 3,252
Information technology
Repairs and renewals 23,083 8,941
Travel and Entertainment 5,078 5,194
28,161 14,135
Other
Computer expenses 816 1,596
Improvements to property 3,415 1,222
Fixtures and fittings 14,446 13,183
Motor vehicles 1,425 713
Computer equipment 463 338
20,565 17,052
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This page does not form part of the statutory financial statements
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CRICKLEWOOD BOXING CLUB
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2024
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2024 2023
£ £
Other
Governance costs
Sundries 2,717 1,365
Accountancy and legal fees 1,800 1,200
Legal and professional 12,501 3,205
17,018 5,770
Total resources expended 123,157 96,016
Net income 18,251 6,499
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This page does not form part of the statutory financial statements
Page 12