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2024-07-31-accounts

Report of the Board and Financial Statements

for the year ended 31 July 2024

A Charitable Incorporated Organisation

Registered Charity No. 1183865

LONDON THUNDER BASKETBALL CLUB CONTENTS

Page
Legal and administrative details 1
Trustees’ annual report 2 – 6
Independent examiner’s report 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 14

LONDON THUNDER BASKETBALL CLUB LEGAL AND ADMINISTRATIVE DETAILS

Trustees Peter Mark Bishai (Chairman)
Steven Bucknall (Director of Coaching)
Adelaine Nietzold
Nikki Sealy
Peter Lang
Dejan Paunovic
Charity number 1183865 (England and Wales)
Registered office The Thunderdome
Unit 2 Stockholm Road
London
SE16 3LP
Independent Examiner Gilbert Holbourn FCA, FCCA, DChA
1 Upper Bridge Street
Wye, Kent
TN25 5AF
Bankers Santander UK Plc
2 Triton Square
Regent’s Park
London
NW1 3AN
Lawyers Matrix Chambers
Griffin Building
Gray’s Inn
London
WC1R 5LN

1

LONDON THUNDER BASKETBALL CLUB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

_______________ The Trustees present their Annual Report together with the Financial Statements for the year ended 31 July 2024.

Organisation, Structure and Governance

Governing document

London Thunder Basketball Club was constituted as a Charitable Incorporated Organisation on 13 June 2019, when it was registered with the Charity Commissioners for England and Wales as Charity No. 1183865.

Organisation

The board of trustees (the “Trustees”) administers the Charity. They meet termly to make strategic decisions. The day-to-day running of the Charity is dealt with by Peter Bishai, Steven Bucknall, Nikki Sealy and Dejan Paunovic.

The operational structure consists of a 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-executive Member. A steering committee of service users actively participates in decision-making and setting strategy, alongside the Chairman.

Trustees

The following have held office since 1 August 2023, unless otherwise stated:

Appointment of trustees

Trustee recruitment is an open process conducted by existing charity trustees 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 experience needed for the effective administration of the Charity.

Objectives and Activities

Objectives

The objects of the Charity are: To promote community participation in healthy recreation by the 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 utilise basketball to offer participants the opportunity to be healthy, enjoy, achieve and have fun in a safe and supportive environment. We provide players with technical training in addition to teaching the values of teamwork, responsibility, and self-discipline.

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LONDON THUNDER BASKETBALL CLUB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

Public benefit statement

The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit, 'Charities and Public Benefit'.

Achievements and performance

As we look to the future, our basketball club remains steadfast in its commitment to growth, inclusivity, and impactful community engagement.

Over the past year, we have achieved significant progress across several key areas. Central to our operations has been the continued dedication of our volunteers, whose efforts have greatly enhanced our administrative infrastructure. Their support has ensured the smooth delivery of a wide range of programmes, contributing to our club’s overall efficiency and success.

Our girls’ programme has seen exceptional growth, with multiple age-group teams now competing in Basketball England’s National League. This expansion is reflective of our ongoing commitment to gender inclusion and athletic development. Additionally, we have successfully introduced an arts and crafts initiative that has been especially popular among our female members, encouraging creativity and balance alongside sporting activity.

We have also prioritised inspiration through exposure to elite-level basketball. Group attendance at London Lions league games has become a regular feature, offering our young players a tangible link to the professional game.

Mental health and well-being remain at the core of our player development strategy. We commissioned a sports psychologist to work with our players on key topics such as motivation, resilience, and team cohesion—reinforcing the importance of mental strength in performance and everyday life.

Furthermore, our Slam Jam outreach initiative in local primary schools has been highly successful in introducing basketball to younger children in a fun, structured, and developmental environment.

Our strategic focus going forward will continue to build upon these foundations, with an emphasis on creating inclusive spaces that support both physical and mental development and ensure meaningful community impact.

Partners and Supporters

We express our sincere gratitude to all partners and supporters who have contributed to the success and growth of our club.

A special thank you goes to the New Bermondsey Foundation, whose generous backing has directly supported the delivery and expansion of our basketball programmes. We also highlight our ongoing partnership with Ark Global Academy, where our involvement plays a key role in delivering a highquality performance basketball programme that offers students elite coaching and competition.

The Wellington Foundation has also played a major part in supporting us over the last few years and we would like to thank them for their continued support and generosity.

Tom Norton, a former youth player from the Club, now works for BP and has been instrumental in organising donations from BP’s social inclusion funds.

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LONDON THUNDER BASKETBALL CLUB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

Partners and Supporters ( continued) :

One of our most impactful projects this year was the European tour to Spain, funded through the Turing Scheme. This provided 45 young athletes with international training, cultural exchange, and invaluable personal development—particularly benefiting those from underprivileged backgrounds.

Looking ahead, we will continue to foster these partnerships and seek new collaborations that further our mission of inclusive, high-quality basketball delivery for all.

Donations

Our donations over the period included The London Borough of Lewisham £41,760 (2023: £35,900), The Wellington Foundation £40,000 (2023: £50,000) and Sports England £41,000 (2023: £Nil).

Plans for the Future

Our forward-looking strategy outlines ten key priorities:

1. Enhancing Volunteer Support

Expand and formalise volunteer roles to strengthen administration and operations.

  1. Strengthening the Girls’ Programme Further develop age-group teams, enhance coaching, and broaden access for young women.

  2. Promoting Creative Expression Continue incorporating arts and crafts sessions to support emotional well-being and engagement.

  3. Expanding Professional Game Exposure

Increase attendance at London Lions and other elite basketball events for player inspiration.

  1. Supporting Mental Wellbeing Maintain targeted interventions with sports psychologists on resilience and team culture.

  2. Primary School Engagement – Slam Jam Expand Slam Jam to reach more primary schools with fun, skill-based basketball sessions.

  3. Increasing Community Access

Launch more open-access sessions at new venues to foster inclusion and reach.

  1. Summer Development & Elite Pathways Deliver summer programmes and expand access to elite competition both domestically and internationally.

  2. Operational Efficiency

Strengthen internal systems and add staffing/volunteer capacity to meet growing demands.

10. Developing Wheelchair Basketball

Launch a wheelchair basketball programme to provide inclusive playing opportunities and reflect our community’s full diversity.

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LONDON THUNDER BASKETBALL CLUB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

_______________

Conclusion

Our vision is to deliver an inclusive, high-quality basketball experience that empowers individuals, strengthens community connections, and fosters excellence both on and off the court. Through strategic planning, strong partnerships, and an unwavering focus on development, we are building a future where basketball is truly for everyone.

Financial review

Financial position

At the end of 2024, the Club had net assets of £174,937 (2023: £169,303) made up of fixed assets £120,467 (2023: £79,831), cash at bank and in hand of £57,070 (2023: £90,722) and less accruals of £2,600 (2023: £1,250).

During the 2024 financial year, the charity received income of £229,778 (2023: £252,545). This came from several different sources as detailed in note 2. The Club incurred expenditure of £224,144 (2023: £182,591), resulting in a net surplus of £5,634 (2023: £69,954).

At the end of the financial year, the reserves stood at £174,937 (2023: £169,303).

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 termly, and the level of free reserves to be held will be reviewed on an annual basis.

Risk management

The Trustees regularly review the key financial, operational, strategic, 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 to address these risks.

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LONDON THUNDER BASKETBALL CLUB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

_______________

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 at the end of the period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to 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 termly 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

Peter Mark Bishai

……………..2025 27th April

…………….2025 27th April

6

LONDON THUNDER BASKETBALL CLUB INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 JULY 2024

Respective responsibilities of trustees and examiner

I report on the accounts of the company for the year ended 31 July 2024, which are set 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 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. I 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 to audit and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with 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. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. 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 'true and fair view' and the report is limited to those matters set out in the statement below.

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 which gives me cause to believe that in, any material respect:

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.

………………………….

Gilbert Holbourn FCA, FCCA, DChA 1 Upper Bridge Street, Wye, Kent TN25 5AF

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LONDON THUNDER BASKETBALL CLUB STATEMENT OF FINANCIAL ACTIVITIES (INCOME AND EXPENDITURE) FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Note Total Total
Funds Funds
£ £
Income from:
Donations 146,760 168,365
Charitable activities 65,928 68,779
Other charitable activities 17,090 15,401
Total income 2 229,778 252,545
Expenditure on:
Raising funds 5,038 5,833
Charitable activities 219,106 176,758
Total expenditure 3 224,144 182,591
Net surplus of funds for year 5,634 69,954
Total funds brought forward at 1 August 2023 169,303 99,349
Total funds carried forward at 31 July 2024 174,937 169,303

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 10 to 14 form part of these financial statements.

8

LONDON THUNDER BASKETBALL CLUB BALANCE SHEET AS AT 31 JULY 2024

Notes
Fixed assets
4
Current assets
Cash at bank and in hand
Creditors: amounts falling due within
one year
5
Net current assets
Net assets
Reserves
Unrestricted funds
Total funds of the Charity		 2024
£
120,467
57,070
177,537
(2,600)
174,937
174,937
174,937
174,937		 2023
£
79,831
90,722
170,553
(1,250)
169,303
169,303
169,303
169,303

The notes on pages 10 to 14 form part of these financial statements.

The financial statements were approved by the Trustees and signed on their behalf by:

Nikki Sealy

……………….27th April 2025

Peter Mark Bishai ……………27th April 2025

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LONDON THUNDER BASKETBALL CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

A summary of the principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

1.1

Basis of preparation

The financial statements are prepared for the year ended 31 July 2024. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to 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 (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

1.2 Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees and management to make significant judgements and estimates.

1.3

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 to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees are of the opinion that the Charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above.

1.4 Income

All income is included in the Statement of Financial Activities when the Charity is entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy. The following specific policies apply to categories of income:

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LONDON THUNDER BASKETBALL CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies (continued)

1.5 Expenditure

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 to the recipient.

Governance costs are included within charitable 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 (leaflets, 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 to charitable activities.

1.6 Related party transactions

There have been no related party transactions in the reporting period that require disclosure except for those disclosed in note 8.

1.7 Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

1.8 Cash at bank and in hand

Cash at 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 acquisition. 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.

1.9 Creditors and provisions

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 settlement can be estimated reliably. Creditors and provisions are recognised at the amount the Charity anticipates it will pay to settle 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 receivable for the objects of the Charity without further specific conditions and are available as general funds. Restricted funds which have been donated for a specific purpose, are restricted in use to 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 tax or corporation tax on income derived from its charitable activities, as it 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 4 years

11

LONDON THUNDER BASKETBALL CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

2 Total Income

Income from donations

Donations and grants
Income from charitable activities
Community coaching
Registrations and subscriptions
Gym hire
Income from other charitable activities
Fund raising income
Total
3
Total Expenditure
Charitable activities
Activities
undertaken
directly
£
Operation of Basketball Club
185,272		 2024
2023
£
£
146,760
168,365
2024
2023
£
£
496
-
55,597
59,659
9,835
9,120
65,928
68,779
2024
2023
£
£
17,090
15,401
17,090
15,401
229,778
252,545
Support
costs
£
Total
2024
£
Total
2023
£
33,834
219,106
176,758

12

LONDON THUNDER BASKETBALL CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

3 Total expenditure (continued)

Analysis of activities undertaken directly

Coaching costs
Utilities
Telephone
Travelling
Cleaning
Website costs
Licence fees
Club registration and subscriptions
Court hire
Equipment maintenance
Kit and equipment
Repairs and maintenance
Project management
Analysis of support costs
Insurance
Printing costs
Miscellaneous
Governance – Independent examiner’s costs
Depreciation
Total charitable activities
Total
Charitable activities
Raising funds		 2024
£
91,026
26,527
797
9,204
4,979
2,055
9,959
1,776
8,189
15,142
15,618
-
-
185,272
2023
£
237
-
5,172
1,350
27,075
33,834
219,106
£
219,106
5,038
224,144		 2023
£
72,035
19,440
816
5,981
4,223
2,225
7,769
2,896
6,038
13,820
10,908
5,352
704
152,207
2022
£
237
682
6,592
1,250
15,790
24,551
176,758
£
176,758
5,833
182,591

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LONDON THUNDER BASKETBALL CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

4 Tangible fixed assets

Cost
At 1 August 2023
Additions
At 31 July 2024
Depreciation
At 1 August 2023
Charge for the year
At 31 July 2024
Net book value
At 31 July 2024
At 31 July 2023		 Leasehold
improvements
£
110,526
67,711
178,237
30,695
27,075
57,770
120,467
79,831

Building Improvements

A substantial sum of £208,727 was spent in 2021 on the repair and improvement of the Thunderdome Building.

The Trustees estimated that 25% of that cost amounting to £52,182 should be capitalised as Improvements and written off over the remaining life of the lease.

During the year £67,711 (2023: £58,344) was spent on installing basketball courts which have been capitalised and written off over the remaining life of the lease.

5
Creditors: amounts falling due within one year
Accruals		 2024
£
2,600
2,600		 2023
£
1,250
1,250

6 Employees

Number of employees

The average monthly number of Trustees and Volunteers during the year was 7 (2023: 7).

7 Long-term commitment

The Thunderdome Building is held under a lease of fifteen years ending on 4[th] April 2028 at a rent of £1 per annum.

8 Trustees

One trustee (2023: none) was reimbursed £524 (2023: £nil) for travel expenses incurred on behalf of the charity. No trustees received (2023: £1,328) remuneration under a contract for services with the charity which was considered to be reasonable and in the best interests of the charity. A trustee also received £31,684 (2023: £18,300) for coaching services through their company, which was also considered to be reasonable and in the best interests of the charity.

14