ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2022
LONDON YOUNG STARS ELITE
(Charitable Incorporated Organisation)
CHARITY REGISTRATION No: 1185139
Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
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LONDON YOUNG STARS ELITE
(Charitable Incorporated Organisation)
CONTENTS
| Page 3 | Legal and Administrative Information |
|---|---|
| Pages 4 | Trustees' Report |
| Page 5 | Statement of Financial Activities |
| Page 6 | Balance Sheet |
| Pages 7 to 13 | Notes to the Financial Statements |
| Page 14 | Independent Examiner's Report |
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LONDON YOUNG STARS ELITE
(Charitable Incorporated Organisation)
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER
1185139
DATE OF REGISTRATION 2nd September 2019 START OF FINANCIAL PERIOD 12th February 2021 END OF FINANCIAL PERIOD 31st March 2022 TRUSTEES AT 31ST MARCH 2022 Victor Salako Yddalaz Addy Dean Kirrage Dayo Martins Nathan Manning-Joseph Jonathan Clarke
LEGAL STATUS Charitable Incorporated Organisation
GOVERNING INSTRUMENT CIO - Foundation Registered 2nd September 2019 and Amended 16th April 2020
OBJECTS
1 . To advance the amateur sport of Association Football for the public by providing or assisting in the provision of facilities for children and young people to play Association Football ("Facilities" means Land, Buildings, Equipment and Organising Sporting Activities) 2 . To provide and assist in providing facilities for sport, recreation and other leisure time occupation of people who have need for such facilities because of their youth, age, infirmity or disablement, poverty or social and economic circumstances for the public at large in the interest of social welfare and with the object of improving their conditions of life.
CORRESPONDENCE ADDRESS Kemp House 124 City Road London EC1V 2NX PRIMARY BANKERS Metro Bank Plc 1 Southampton Row London WC1B 5HA INDEPENDENT EXAMINERS Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
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LONDON YOUNG STARS ELITE
(Charitable Incorporated Organisation)
TRUSTEES' REPORT
FOR THE PERIOD ENDED 31ST MARCH 2022
Since February 2021 we have continued to grow the charity in regards to members by continuing with our successful football league teams, soccer school and girls wildcats programmes. On top of this we have managed to run some successful tournaments which have engaged many teams and kids from around London and has given opportunities for many kids and young people to continue playing football.
We have managed to grow to around 150 members across all programmes and have gained new members from different boroughs across London. On top of this we have increased our bookings at the local school we hire and are looking at additional venues in the borough to increase our presence and offer more opportunities.
This financial year has seen us receive some grants from National Lottery and Tower Hamlets Council in conjunction with East End Community Foundation. The grants have allowed us to continue offering projects such as free community football on Fridays as well as girls mini tournaments and Yoga classes for adults. Funding has become a main source of our yearly income and without it we would not be able to offer as many free local projects as we currently offer.
We ran another successful summer holiday programme (hunger for kids) run in conjunction with Tower Hamlets Council and again attracted over 50 kids and young people for the whole month of August 2021. This programme was funded by Tower Hamlets Council and was targeted, but not solely at kids and young people who are on school free meals. We also ran a separate holiday programme with Tower Hamlets Council which was specifically targeted at kids and young people in the Isle of Dogs due to the increased crime in the area. This was another successful project with over 30 kids between the ages of 11-16 in attendance.
Trustees' Responsibilities
The Charities Act 2011 requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the CIO and of the surplus of the CIO for that period. In preparing those financial statements the trustees are required to:
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Select suitable accounting policies and apply them consistently
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Make judgements and estimates that are reasonable and prudent
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Prepare financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in existence.
The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the CIO. They are also responsible for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on ……………………………………………………………………………………………………………………
Signed on their behalf by Trustee ………………………………………………………………………………………………………………
Printed Name:
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LONDON YOUNG STARS ELITE
(Charitable Incorporated Organisation)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31ST MARCH 2022
| Notes INCOMING RESOURCES Incoming Resources from Generated Funds Donations, Grants & Legacies 3a Charitable Activities 3b Investment Income 3c Other Incoming Resources 3d TOTAL INCOMING RESOURCES RESOURCES EXPENDED Costs of Generating Funds Cost of Charitable Activities 4a Governance Costs 4b TOTAL RESOURCES EXPENDED NET INCOMING (OUTGOING) RESOURCES Funds Brought Forward Transfer Between Funds TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2021/22 2020/21 £ £ £ £ 15,013 7,200 22,213 46,510 45,607 - 45,607 46,827 7 - 7 10 - - - 1,234 60,627 7,200 67,827 94,581 46,033 23,039 69,072 56,630 700 - 700 650 46,733 23,039 69,772 57,280 13,894 (15,839) (1,945) 37,301 21,117 16,184 37,301 - (80) 80 - - 34,931 425 35,356 37,301 |
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 7 to 13 form part of these financial statements.
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LONDON YOUNG STARS ELITE
(Charitable Incorporated Organisation)
BALANCE SHEET AS AT 31ST MARCH 2022
| Note Fixed Assets Tangible Assets 2 Investments 6 Total Fixed Assets Current Assets Debtors & Prepayments 8 Cash at Bank and in Hand 7 Total Current Assets 9 NET CURRENT ASSETS TOTAL ASSETSless current liabilities 10 NET ASSETS Funds of the Charity General Funds Restricted Funds 5 Total Funds Creditors: Amounts falling due within one year Creditors: Amounts falling due in more than one year |
Unrestricted Restricted Total Total Funds Funds 31-Mar-22 11-Feb-21 £ £ £ £ - - - - - - - - - - - - - - - - 35,631 425 36,056 37,951 35,631 425 36,056 37,951 700 - 700 650 34,931 425 35,356 37,301 34,931 425 35,356 37,301 - - - - 34,931 425 35,356 37,301 34,931 - 34,931 21,117 - 425 425 16,184 34,931 425 35,356 37,301 |
|---|---|
Approved by the Trustees on …………………………………………………………………………………………………………………… Signed on their behalf by Trustee ……………………………………………………………………………………………………………… Printed Name:
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LONDON YOUNG STARS ELITE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2022
1. ACCOUNTING POLICIES
Basis of Preparation & Assessment of Going Concern
Basis of Preparation
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 notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
Incoming Resources
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
▪ the charity becomes entitled to the resources;
▪ the trustees are virtually certain they will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
Incoming Resources with Related Expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Tax Reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
Contractual Income and Performance Related Grants
This is only included in the SOFA once the related goods or services have been delivered.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer Help
The value of any voluntary help received is not included in the accounts.
Investment Income
This is included in the accounts when receivable.
Investment Gains and Losses
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
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LONDON YOUNG STARS ELITE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD ENDED 31ST MARCH 2022
1. ACCOUNTING POLICIES (continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advice to trustees on governance or constitutional matters.
Grants with Performance Conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.
Unrestricted funds
These funds can be used for the general objectives of the charity as set out in the trustees report. The movements of the unrestricted funds are given in the Statement of Financial Activities.
Restricted funds
These funds are where the donor has specified a purpose for the donation made. These restrictions often arise as a result of appeals for special offerings for specific purposes.
Designated funds
These funds are funds set aside by the trustees out of unrestricted general funds for particular purposes or projects.
Fixed Assets
Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied are as follows:
Fixtures, Fittings and Equipment
25% - Reducing Balance Basis
2. TANGIBLE FIXED ASSETS
The CIO held no fixed assets during this or the previous financial period.
The annual commitments under non-cancelling operating leases and capital commitments are as follows: 31st March 2022 : None
11th February 2021 : None
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LONDON YOUNG STARS ELITE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD ENDED 31ST MARCH 2022
3. INCOMING RESOURCES
| a) Donations, Grants & Legacies Grants Received b) Charitable Activities Registrations Fees Soccer School Tournament Income c) Investment Income Interest d) Other Incoming Resources Refunds Sundry Income |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2021/22 2020/21 £ £ £ £ 15,013 7,200 22,213 46,510 15,013 7,200 22,213 46,510 22,658 - 22,658 10,912 3,756 - 3,756 9,441 19,193 - 19,193 26,474 45,607 - 45,607 46,827 7 - 7 10 7 - 7 10 - - - 1,187 - - - 47 - - - 1,234 |
|---|---|
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LONDON YOUNG STARS ELITE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD ENDED 31ST MARCH 2022
4. RESOURCES EXPENDED
| a) Cost of Charitable Activities Advertising & Publicity Bank Charges Coaching Fees Equipment Costs Holiday Club Kit Costs Office Costs Pitch Hire Tournament Costs Referee Match Fees Registration Fees Staff Costs Sundry Expenses Telephone Costs Travel & Subsistence b) Governance Costs Independent Examiners Fees 9 |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2021/22 2020/21 £ £ £ £ 1,165 - 1,165 2,250 91 - 91 291 9,871 3,775 13,646 2,835 4,239 - 4,239 5,004 3,564 - 3,564 5,081 2,991 3,213 6,204 5,499 937 - 937 602 7,023 - 7,023 3,435 5,881 16,051 21,932 24,082 1,469 - 1,469 2,133 2,092 - 2,092 515 2,604 - 2,604 2,125 612 - 612 253 429 - 429 723 3,064 - 3,064 1,803 46,033 23,039 69,072 56,630 700 - 700 650 700 - 700 650 |
|---|---|
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LONDON YOUNG STARS ELITE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD ENDED 31ST MARCH 2022
5. RESTRICTED FUNDS
CURRENT FINANCIAL PERIOD
| East End Community Fund Groundwork Fund London City Airport Fund National Lottery Fund Sports England Fund |
Balance Balance 12-Feb-21 Income Expenditure Transfers 31-Mar-22 £ £ £ £ £ 2,565 - 2,475 - 90 24 - - - 24 99 - - - 99 6,745 7,200 13,812 79 212 6,751 - 6,752 1 - 16,184 7,200 23,039 80 425 |
|---|---|
PREVIOUS FINANCIAL PERIOD
| East End Community Fund Groundwork Fund London City Airport Fund National Lottery Fund Sports England Fund |
Balance Balance 02-Sep-19 Income Expenditure Transfers 11-Feb-21 £ £ £ £ £ - 4,160 1,595 - 2,565 - 500 476 - 24 - 3,000 2,901 - 99 - 18,850 12,105 - 6,745 - 10,000 3,249 - 6,751 - 36,510 20,326 - 16,184 |
|---|---|
The Restricted funds are wholly represented by the charity's cash reserves and are to be expended as specified above.
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LONDON YOUNG STARS ELITE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD ENDED 31ST MARCH 2022
6. INVESTMENTS
The CIO held no fixed asset investments during this or the previous financial period.
7. CASH AT BANK AND IN HAND
| Cash at Bank & in Hand 8. DEBTORS AND PREPAYMENTS Sundry Debtors |
Unrestricted Restricted Total Total Fund Fund 31-Mar-22 11-Feb-21 £ £ £ £ 35,631 425 36,056 37,951 35,631 425 36,056 37,951 Unrestricted Restricted Total Total Fund Fund 31-Mar-22 11-Feb-21 £ £ £ £ - - - - - - - - |
|---|---|
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Independent Examiners Fees | Unrestricted Restricted Total Total Fund Fund 31-Mar-22 11-Feb-21 £ £ £ £ 700 - 700 650 700 - 700 650 |
|---|---|
10. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The CIO held no long term liabilities during this or the previous financial period.
11. NET ASSETS BETWEEN FUNDS
| Fixed Asset Investments Net Current Assets Long Term Liabilities |
Unrestricted Restricted Total Total Funds Funds 31-Mar-22 11-Feb-21 £ £ £ £ - - - - 34,931 425 35,356 37,301 - - - - 34,931 425 35,356 37,301 |
|---|---|
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LONDON YOUNG STARS ELITE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD ENDED 31ST MARCH 2022
12. STAFF COSTS AND NUMBERS
| TOTAL 2021/22 £ Gross Wages, Salaries & Fees 2,604 Employer's National Insurance Costs - Pension Contributions - 2,604 Employees who were engaged in each of the following activities: TOTAL 2021/22 Charitable Activities 1 |
TOTAL 2020/21 £ 2,125 - - 2,125 TOTAL 2020/21 1 |
|---|---|
The Charity employs members of staff on a Self-employed basis and is therefore not liable for Tax and National Insurance Costs and no employees received emoluments in excess of £60,000.
13. TRUSTEES AND OTHER RELATED PARTIES
The only payments made to the Trustees consisted of reimbursements of expenses incurred in furthering the Charity's objects and no other direct benefits were received by the Trustees during the financial period.
No other payments were made to trustees or any persons connected with them during this financial period. No other material transaction took place between the organisation and a trustee or any person connected with them.
14. RISK ASSESSMENT
The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
15. RESERVES POLICY
The Trustees have considered the level of reserves they wish to retain, appropriate to the CIO's needs. This is based on the CIO's size and the level of financial commitments held. The Trustees aim to ensure the CIO will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Trustees will endeavour not to set aside funds unnecessarily.
16. PUBLIC BENEFIT
The CIO acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the CIO has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the CIO should undertake.
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LONDON YOUNG STARS ELITE (Charitable Incorpyated Organisationl INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS Report to tho trust m8ml5 of LOn(k Ywr¥J Star8 Elli8 th8 acAxJunts lor th8 etfjed 31sl Mareh 2022 out on pages S to 13. R8SP8Ctlv• rg$ponslbSlltS9• of tru•t•w and •xafflln•r The charity's trustees are $nSible for the preparalK)n of the acujunts. The chanty's trusiees consider that an audit is not required for this year uThJer Sect 144 of tho Charitias £12011 Charitw Acll and thal an indep8nd8nt examinatb)n is negd9d. ¢t Is my renltsi1fy to.. examine tho accounts under s8CtK)n 145 of the Charibes ACL follow the prc(8du laKI dovm in the g8neral Directs0 gfv•n by thè Charity Commitsh)n luTha8r s&tion 14515llbl ol the Charities Act. and stAt• whsih¢r partUl# matter3 Iwe cow to my alt Ba•li ol Ind•p•nd•nt •xamln•Vs •talorn•nt My examlnallon wa8 C8rri•d out In aecwd0r I1h general 01r"0rts given by thè Charity Commisskjn. An axamlnation In¢lude3 a revl¢w ol th¢ •¢¢ountyng recoryls kepl by the charity atKI a Gomparijon cl 4CGOUnta Prnted wlth tho records. It 81s0 includes consMYer8tion ol any unLk8ual item or dtscknsur•s in Ihe aKounts. and Seeking explana¢K)ns from the truBt& ¢on¢orning any Bu¢h m8tt•r8. Tho Pfocoduft)6 undortokon +Yo noi provido oll th¢ ovkn¢o thut would b¢ requircd in an audR, and eonsequentty no OpIn 18 9Nen 8$ to whether the accounts WsX0nt a 'lruo and lalr, vlaw and tho raport Ilmited to thoge matter8 Sot In tho 8t8t8m•rt t•kyw. Indop•nd•nt •xamlngrf• •tstgrn•rf In connection my examinatjon, Th) mailer has m io my anenik)n: which gfves mo r6a60nablo cauu lo baltho th8t in any matorwl rosm the requirem.. to kcep ooc¥)unting rocord* aecordonco with #OlOn 130 of the Charibvd Act., •nd to pr8par• accounts whteh 8¢¢tyd th ts &rnuntiThJ r?d5 and compty with the accountlng rtyulrements of the Charitss Act havo not bo•n nw,. or to In my oplnbn, attenllon Shwld be drawm In ord8r to Onable a proF48r und8rstaThJlThJ of the accounts to be r•8¢h•d. K. Collaku MAAT C2511e View Accntia Ltd New Bar udberry Lone Btssham Chichester West Sussex P018 8TS January 2023 14