LONDON IHUNDER BASKETBALI Report of the Board and Financial Statements for the year ended 31 July 2023 A Charltable Incorporated Organlsation Registered Charity No. 1183865
LONDON THUNDER BASKETBALL CLUB CONTENTS Page Legal and administrative detsils Trustees, annual report Independent examiner's report statement of financial activities Balance sheet Notes lo the financial statements 10-14
LONDON THUNDER BASKETBALL CLUB LEGAL AND ADMINISTRATIVE DETAILS Trustees Peter Mark Bishai (Chairman) Steven Bucknall IDireclor of Coaching) Adelaine Nielzold Nikki Sealy Peter Lang Dejan Paunovic Chief Executive Officer Peter Mark Bishai Charity number 1183865 (England and Wales) Registered office The Thunderdome Unit 2 Stockholm Road London SE16 3LP Indgpgndent Examin9r Gilbert Holbourn FCA, FCCA, DChA 1 Upper Bridge Street Wye, Kent TN25 SAF Bankers Santander UK PIC 2 Trilon Square Regent's Park London NW1 3AN Lawyers Matrix Chambers Griffin Building Gray s Inn London WC1R 5LN
LONDON THUNDER BASKETBALL CLUB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023 The Trustees present their Annual Report together with the Financial Statements for the year ended 31 July 2023. Organlsatlon, Structure and Governance Governing document London Thunder Basketball Club was constituted as a Charitable Incorporated Organisalion on 13 June 2019, when it was registered with the Charity Commissioners for England and Wales as Charity No. 1183865. Oryanisation The board of trustees (the °Trustees"l administers the Charity. They meet termly lo make strategic decisions. The day-to-day running of the Charity is dealt with by Steven Bucknall, Peter Bishai, Nikki Sealy and Dejan Paunovic. The operational structure consists of a full-lime Chairman and a director of Coaching, as well as the following part-time staff. a Finance Officer, a Covid Officer, Club Secretary Executive, a Welfare Officer and a Non-execulive Member. A steering committee of service users actively participates in decision- making and setting strategy, alongside the CEO. Trustges The following have held office since 1 August 2022, unless otherwise stated.. Peter Mark Bishai Steven Bucknall Adelaine Nietzold Nikki Sealy Peter Lang Dejan Paunovic Appointment of trustees Trustee recruilmenl is an open process conducted by existing Charity Iruslees through public advertising and the East London Business Alliance board match. Apart from the first Charity trustees, every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the Trustees. In selecting individuals for appointment as charity trustees, the Trustees must have regard to the skills, knowledge and experien needed for the effective administration of the Charity. Objectives and Activities Objectivgs The objects of the Charity are.. To promote community participation in healthy recreation bythe provision of facilities for playing basketball.. and to advance the education of children and young people in particular by the provision of a study club and work experience. Activities The club exists for the benefit of those who wish to develop their skills in the sport of basketball. We ulilise basketball to offer participants the opportunity lo be healthy, enjoy, achieve and have fun in a safe and supportive environment. We provide players with technical training in addition lo teaching the values of teamwork, responsibility. and self-discipline.
LONDON THUNDER BASKETBALL CLUB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023 Public benefit statement The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 10 have due regard lo the Charity Commission's general guidance on public benefit, 'Charilies and Public Benefit,. A¢hievgmont$ and porforman We're thrilled lo share our latest progress and ongoing growth within our organization. Amidst the challenges of Covid, we've not only recovered but flourished. Face-to-face coaching has resumed, and the return of spectators has injected newFound energy into our facility, enhancing the experience for our members during open game days. Our focus on expanding our girls, program has yielded remarkable results. Weekly coaching sessions al Sydenham Girls, School continue to allracl participants, while our monthly girfs-only Central Venue League remains a highlight. We're proud lo report a steady increase in female representation across all age groups in the National League. Facility enhancements, made possible through suptx)rt from Sport England and the London Marathon Charitable Trust, have significantly bolstered our capacity. The addition of four new fixed basketball goals has facilitated greater participation and improved player experience. Moreover, our investment in player development, including sending 15 players lo a residential camp in Spain, underscores our commitment lo nurturing talent al all levels. Our partnership with Lewisham Council continues lo bear fruit, allowing us to provide essential school holiday provision to disadvantaged youth. This collaborative effort, complete with hol meals at lunchtime, remains a comerstone of our community outreach. We're thrilled lo note the increasing involvement of volunteers within our organizalion. Their dedication and support have been instrumental in driving our continued growth and expanding our reach within the community. Partners and Supporters: We extend our heartfelt gratitude lo our valued partners and supporters, whose unwavering commitment has been integral lo our success. Among them, Basketball England stands as a pillar of support, providing guidance and resources that empower our programs lo thrive. Kings College London's academic expertise has enriched our ini118tives, contributing valuable insights and research- backed strategies. We also express our appreciation to Depfford Green School and Sydenham Girls for their steadfast collaboration in advancing basketball development within their respective communities. Their dedication to nurturing young talent aligns seamlessly with our mission, fostering a generation of skilled and passionate players. Furthermore, we extend our thanks lo Sedgehill School for their partnership in establishing a dynamic 6th form academy provision, providing a pathway for aspiring athletes lo pursue their academic and alhlelic ambitions concurrently. The London Basketball Association's advocacy and networking opportunities have been invaluable in expanding our reach and forging connections within the baskelball community. Additionally, the Co-op Community Fund's generous support has enabled us lo implement innovative programs and initiatives that address the needs of our participants and foster inclusivity. Last but not least, we extend our gratitude lo Lewisham Council for their continued collaboration and support, which has been instrumental in delivering impaclful community initiatives and providing vital resources for our programs.
LONDON THUNDER BASKETBALL CLUB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023 Together, with the collective efforts of these esteemed partners and supporters, we are making a tangible difference in the lives of those we serve. As we look ahead, we are commilled to building on this momentum, striving towards even greater impact and empowemienl in the months and years lo come. Donations Our donations over the period included membership income, gym hire, London Borough of Lewisham £35,900 12022.. £45,874), Wellinglon Foundation £50,000 12022.. £20,000), Apcoa Parking £20,000, Sported £10,000, Crowdfunder £20,000, London Community Fund £10,000. Plans for the Future As we chart our course for the future, our focus remains steadfast on growth, inclusivity. and community engagement. One key objective is the expansion of our membership base. with a partiCLJlar emphasis on developing our girls, program and increasing female participation in basketball. By nurturing lalenl and fostering a supportive environment, we aim lo empower more young women lo embrace the sport and realize their full potential on and off the court. In tandem with this, we are committed to resuming and expanding our outreach efforts, particularly with local schools. Strengthening these partnerships allows us lo introduce basketball to a broader audience and provide invaluable opportunities for skill development and personal growth. Furthermore, we recognize the importance of supporting young people's mental health and well-being. Our commitment to providing a safe and welcoming environment, where individuals can connect with others and engage in healthy activities, remains unwavering. By promoting both mental and physical health, we strive to positively impact the lives of those we serve. Expanding our outreach programs within the community is a priority for the future. We aim lo establish open community sessions in additional local venues, broadening access lo basketball and fostering a sense of belonging among diverse populations. Our commitment to providing comprehensive summer programs for players of all levels will continue. These programs serve as a platform for skill development, camaraderie, and personal growth, ensuring that every participant has the opportunity to thrive. Additionally, we will focus on supporting our lop players by providing access lo domestic and overseas opportunities, further fuelling their development and aspirations within the sport. Recognizing the increased workload in adminislralive tasks, we will explore avenues lo enhance our administrative support, ensuring efficient operations and seamless delivery of our programs and initiatives. In summary, our vision for the future is one of growth, inclusivity, and empowerment. Through strategic initiatives and steadfast commitment, we are poised to make an even greater impact within our community and beyond.
LONDON THUNDER BASKETBALL CLUB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023 Financial review Financial position Al the end of 2023, the Club had net assets of £169,303 12023.. £99,349) made up of fixed assets £79,831 12022.. £37,274), cash al bank and in hand of £90,72212022'. £63,025) and less accruals of £1,25012022'. £9501. During the 2023 financial year, the charity received income of £252,54512022= £200,873). This came from several different sources as detailed in note 2. The Club incurred expenditure of £182,59112022.. £178,587), resulting in a net surplus of £69,95412022.. £22,2861- Al the end of the financial year, the reserves stood at £169,30312022.. £99,349). Investment and reserves policy The Trustees aim to maintain free reserves in unrestricted funds of six months of unrestricted expenditure. The Trustees consider that this level of reserves will provide sufficient funds to continue delivering the core work of the charity in the case of declining income or increasing expenditure, while alternative funds are sought. The level of reserves held throughout the year will be monitored lermly. and the level of free reserves to be held will be reviewed on an annual basis. Risk management The Trustees regulady review the key financial, operational, slralegic, reputational, and safeguarding risks facing the Charity. A risk register is maintained and updated annually. Over the course of the reporting year, the Trustees considered the key risks to be those relating to insecurity of funds, overcrowding of play sessions, and staff capacity. and put in place plans lo address these risks.
LONDON THUNDER BASKETBALL CLUB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023 Trustees, responsibilities in relation to the financial statements The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position al the end of the period. In preparing these financial statements, the Trustees are required lo= select suitable accounting policies and then apply them consistently., observe the method and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial stslemenls., prepare the financial slalements on the going concern basis unless il is inappropriate lo presume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Charity's Irans8Ctions and disclose with reasonable accuracy al any lime the financial position of the Charity and lo enable them lo ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees meet lermly and review management accounts, fundraising forecasts, and cash flow analyses. The Trustees believe that the Charity is a going concern and for this reason, the going concern basis for the preparation of the financial statements is considered valid. Approved by the Trustees and signed on their behalf by.. Nikki Sealy Pgtgr Mark Bi$hai 7th AuAus1 .2024 7th August 2024
LONDON THUNDER BASKETBALL CLUB INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 JULY 2023 Respective responsibilities of trustees and examiner I report on the accounts of the company for the year ended 31 July 2023, which are sel out on pages 8 to 14. The Trustees are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under section 144121 of the Charities Act 2011 Ilhe 2011 Act) and that an independent examination is needed. l am qualified to undertake the examination by being a qualified member of The Institute of Chartered Accountants in England and Wales. Having satisfied myself that the Charity is not subject lo audit and is eligible for independent examination, it is my responsibility to.. examine the accounts under section 145 of the 2011 Act., lo follow the procedures laid down in the general Directions given by the Charity Commission under section 1451Sllbl of the 2011 Act-, and to state whether partiCLJlar mallers have come to my attention. Basss of Independent examlner's report My examination was carried out in accordance wi(h the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records.118lso includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such mallers. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'lrue and fair view. and the report is limited lo those mallers sel out in the slalement below. Independent oxamin8rfs statemgnt I have completed my examination. I confirm that no material matters have come lo my attention in connection with the examination which gives me cause to believe that in, any material respect= the accounting records were not kept in accordance with section 130 of the Charities Act., or the accounts did not accord with the accounting records., or the accounts did not comply with the applicable reqLJirements concerning the form and content of accounts sel 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 lo enable a proper understanding of the accounts lo be reached. bert Htslbourn FCA. FCCA. DChA l Upper erlLlge sireet. Wye. Kent TN25 SAF oe.
LONDON THUNDER BASKETBALL CLUB STATEMENT OF FINANCIAL ACTIVITIES (INCOME AND EXPENDITURE) FOR THE YEAR ENDED 31 JULY 2023 2023 Total Funds 2022 Total Funds Note Income from= Donations Charitable adivitigs Other charitable activities Total income 168.365 68,779 15,401 252,545 106,438 77,525 16,910 200.873 Expendlture on: Raising funds Charitable activibes Total expendlture 5,833 176,758 540 178,047 182,591 178,587 Net surplus of funds for year 69,954 22,286 Total funds brought forward at 1 August 2022 99,349 77,063 Total funds earriad forward at 31 July 2023 169,303 99,349 All recognised gains and losses are included in the statement of financial activities. The results for the year all relate to continuing operations. The notes on pages 10t0 14form part of these financial statements.
LONDON THUNDER BASKETBALL CLUB BALANCE SHEET AS AT 31 JULY 2023 2023 2022 Notes Fixed assets 79,831 37,274 Current assets Cash at bank and in hand 90,722 170,553 63,025 100,299 Creditors: amounts falling due within one year {1,2501 19501 Net current assets 169,303 99,349 Not assets 169,303 99,349 Reserves Unrestricted funds 169,303 99,349 Total funds of the Charity 169,303 99,349 The notes on pages 10 to 14 form part of these financial statements. The financial ststemenls were approved by the Trustees and signed on their behalf by.. Nikki Sealy Peter Mark Blshal 7th August .2024 7th Au9USt .2024
LONDON THUNDER BASKETBALL CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accounting policies A summary of the principal accounting policies adopted, judgements and key sources of estimation uncertainly in the preparation of the accounts are laid out below. Basis of preparation The financial statements are prepared for the year ended 31 July 2023. The financial stslemenls have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise staled in the relevant accounting policies below or the notes lo these accounts. The accounts have been prepared in accordance with 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 United Kingdom and Republic of Ireland IFRS 1021 (Charities SORP FRS 1021, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Charity conslitules a public benefit entity as defined by FRS 102. The accounts are presented in sterling and are rounded to the nearest pound. Critical accounting estimates and areas of judgement Preparation of the accounts requires the trustees and management to make significant judgements and eslimales. The items in the accounts where these judgements and eslimales have been made include.. Eslimaling the useful economic life of tangible fixed assets Allocation of support costs Assessment of going concern The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect to a period of one year from the date of approval of these accounts. The Trustees of the Charity have concluded that there are no material uncertainties related lo events or conditions that may cast significant doubt on the ability of the Charity lo continue as a going concern. The Trustees are of the opinion that the Charity will have sufficient resources to meet ils liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above. Income All income is included in the Statement of Financial Activities when the Charity is enlilled lo the income, receipt is probable and the amount can be quantified with reasonable accuracy. The following specific policies apply lo categories of income.. Donations are recognised as income when receivable, except insofar as they are incapable of financial measurement. Investment income is accounted for in the period in which the Charity is enlilled lo receipt. Donated services and facilities are included al the value lo the Charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts. 10
LONDON THUNDER BASKETBALL CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accounting policies Icontinuedl Expgnditura Expenditure is recognised on an accruals basis as a liability is incurred. All costs are allocated between the expenditure categories in the statement of financial activities based on the use of the resource. Grants payable are charged in the year when the offer is conveyed lo the recipient. Govemance costs are included within charitsble activities and reflect the costs of an independent examination in order to meet the constitutional and statutory requirements of the Charity. The costs of raising funds include relevant proportions of the salaries of those responsible for fundraising and the costs of items used solely for fundraising Ileaflets, etc.). The Charity exists in order to deliver a front-line service and only fundraises to facilitate that activity- other support costs therefore have been allocated lo charitable aclivilies. Related party transactions There have been no related party transactions in the reporting period that require disclosure except for those disclosed in note 8. Debtors Debtors are recognised at their settlement amount, less any provision for non-recoverabilily. Prepayments are valued al the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. Cash at bank and in hand Cash al bank and in hand represents such amounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisi(ion. Deposits for more than three months but less than one year have been disclosed as short-term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment. Credltors and provlslons Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the selllemenl can be estimated reliably. Creditors and provisions are recognised at the amount the Charity anlicipales it will pay lo sellle the debt. They have been discounted to the present value of the future cash payment where such discounting is material. 1.10 Accumulated funds Unrestricted funds are donations and other income reTrivable for the objects of the Charity without further specific conditions and are available as general funds. Reslricled funds which have been donated for a specific purpose, are restricted in use lo that project and not available as general funds. 1.11 Taxation London Thunder Basketball Club is a registered charity and therefore is not liable to income lax or corporation tsx on income derived from its charitable activities, as il falls within the various exemptions available to registered charities. 1.12 Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. The costs of minor additions or those costing less than £1,000 are not capitalised. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows.. Leasehold Improvements- over the remaining 8 years 11
LONDON THUNDER BASKETBALL CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 2 Total Income Income from donations Total funds 2023 Total funds 2022 Donations and grants 168,365 106,438 Income from charitable activities Total Funds Total funds Registrations and subscriptions Gym hire 59,659 9,120 54,465 23,060 68,779 77,525 Income from othor Charitablg a¢tivitigS Total Funds 2023 Total Funds 2022 Fund raising income 15,401 15,401 16,910 16,910 Total 252,545 200,873 3 Total Expendlture Charitable activities Activities undertaken directly Supp)rt osts Total funds Totsl funds 2022 Operation of Baskotball Club 152,207 24,551 176,758 178,047 12
LONDON THUNDER BASKETBALL CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Total expenditure Icontinuedl Analysis of activities undertaken directly 2023 2022 Coaching costs 72,035 19,440 816 5,981 4,223 59,365 23,956 663 12,211 1,411 Telephone Travelling Cleaning L- j i Website costs LinCe fees Club registration arbd subscriptions Court hire Equipment maintenance Kit and equipment Repairs and maintenance Project management 2,225 7,769 2,896 6,038 13,820 10,908 5,352 704 2,045 7,415 1,822 6,300 21,842 18,012 3,000 152,207 158,042 Analysis of support costs 2023 2022 Insurance Printing costs Miscellaneous Governance- Independent examiner's costs Depreciation 237 682 6,592 1,250 15,790 24,551 237 447 10,917 950 7,454 20,005 Total charitable activities 176,758 178,047 Total Charitable activities Raising funds 176,758 5,833 178,047 540 182,591 178,587 13
LONDON THUNDER BASKETBALL CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 4 Tangible fixed assets Lgasohold improvgm9nts Cost Al 1 August 2022 Additions Al 31 July 2023 52,182 58,344 110,526 Dopr8ciation Al 1 August 2022 Charge for the year 14,908 15,790 At 31 July 2023 30,698 Net book value 79,831 At 31 July 2023 37,274 At 31 July 2022 Building Improvements A subslanlial sum of £208,727 was spent in 2021 on the repair and improvement of the Thunderdome Building. The Trustees estimated that 25 /0 of that cost amounting to £52,182 should be capitalised as Improvements and written off over the remaining lrfe of the lease. During the year £58,344 (2022.. £Nill was spent on installing gas heaters and a new Basketball court which has been capitalised and written off over the remaining lrfe of the lease. S Creditors.. amounts falling due within one year 2023 2022 Accruals 1,250 1,250 1,000 1,000 6 Employees Number of employees The average monthly number of employees during the year was 712022.. 71. 7 Long-term commitment The Thunderdome Building is held under a lease of fifteen years ending on 4th April 2028 al a rent of £1 per annum. 8 Trustees No Irustees12022'. none) were reimbursed £nil12022.' £nill for travel expenses incurred on behalf of the charity. One trustee received £1,32812022.. £Nill as remuneration under a contract for services with the charity which was considered to be reasonable and in the best interests of the Charity. The Iruslee also received £18,300 {2022.. £25,888) for coaching servi$ through their company, which was also considered to be reasonable and in the best interests of the charity. 14