2022-03-31-accounts

Blackbird Leys Amateur Boxing Club

Charity registration number: 1193638 Company registration number: CE024989

Financial Statements for the period ended 31st March 2022

Wenn Townsend

Chartered Accountants

Oxford

Blackbird Leys Amateur Boxing Club

Contents

	Page
Charity Reference and Administrative Details	1
Trustees’ Annual Report (including Directors’ Report)	2 – 5
Independent Examiner’s Report	6
Statement of Financial Activities	7
Balance Sheet	8
Notes to the Financial Statements	9 – 15

Blackbird Leys Amateur Boxing Club

Charity Reference and Administrative Details for the period ended 31st March 2022

Charity registration number: 1193638 Company registration number: CE024989 Trustees: R Hart (Chair) L Buck (Treasurer) H Walsh K Perisi Registered office: 4 Mallard Close Oxford OX4 6EN Independent Examiner: Wenn Townsend 30 St Giles Oxford OX1 3LE

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Blackbird Leys Amateur Boxing Club

Trustees’ Annual Report (including Directors Report) for the period ended 31st March 2022

The Trustees present their report and the audited financial statements of the charity for the period ended 31st March 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2022 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 published in October 2019.

Trustees of the charity

The directors of the charitable company are its trustees for the purposes of charity law. The trustees who have served during the year and since the year end were as follows:

R Hart (appointed 15/9/20) H Walsh (appointed 15/9/20) K Perisi (appointed 15/9/20) L Buck (appointed 15/9/20)

Objectives and activities

The objectives and activities of the charity are set out in its governing document and relate to the promotion of community participation in healthy recreation for the benefit of people living in Oxford and the surrounding areas in particular by the provision of facilities for participation in amateur boxing.

The main activities in relation to those purposes for the public benefit, in particular, are to advance in life and relieve the needs of young people through:

• The provision of recreational and leisure time activities provided in the interest of social welfare, designed to improve their conditions of life.

• Providing support and activities which develop their skills. Capacities and capabilities to enable them to participate in society as mature and responsible individuals.

Public benefit statement

The trustees understand the guidance on public benefit as issued by the Charity Commission.

Achievements and performance

This year the club has guaranteed its future by securing a new home shared with the Frank Bruno Foundation. This has secured the provision of services, enabling the addition of a Beginners session with a view to increasing session time in future for all.

Our achievements in 2021 - we had one lad reach the final of the junior ABA development finals, losing unfortunately but a great achievement in his first entry in the competition. In 2022 we had two reach the semifinals in the youth development ABA’s, and one youth losing in the final in his first year at the club, one senior getting to semis of the same competition, who had to retire with a cut eye, so all in all a very good season so far.

Since we started our collaboration with the Frank Bruno foundation, which is fantastic for the club, we are full up with boxers and we have waiting lists for all classes. In total we have 43 on the list despite starting two new classes for beginners, we are also in the process of starting a girls class from 10 to 17 years of age, which by the sound of thing will be full as well. The club now has a quality gym fit for purpose with separate showers and changing rooms for both sexes. We continue to have a great relationship with Brandon the CEO of the Frank Bruno foundation.

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Blackbird Leys Amateur Boxing Club

Trustees’ Annual Report (including Directors Report) for the period ended 31st March 2022

Achievements and performance (continued)

The main objective of this year was to obtain funding to support the construction of a purpose built home. However, the ultimate objective of securing a home for the club following the notification of the removal of the existing premises was attained through our collaboration with the Frank Bruno Foundation instead.

The target for fundraising at the start of the year was to secure c£750k in funding towards the purpose built facility. A skipathon was organised which brought in c£2k to the club.

The sports lottery was set up – however uptake has been poor and additional impetus is required to increase the income from this avenue.

The club engaged a professional bid writer who secured £5k of grant income, whilst the club worked with the council to obtain planning for the new build, before which we could start applying for larger sums towards the project. Although a new home is now secured, the club intends to continue to engage the services of a bid writer and apply for grants.

In addition to the grants the club also received c£3k in Donations.

Financial review

The club achieved a net income of £18.1k in the financial year to 31st March 2022, the highest performance in the clubs history to date - mainly driven by the new fundraising streams made possible by achieving charity status.

The balance sheet carries a total of charity funds of £85.1k with £84.3k in the current account as at 31st March 2022.

The policy for reserves is to hold at least £20k for the purposes of maintaining the provision of services for at least 2 years.

Having secured a new home for the club and the balance sheet being 4x the reserves value, the trustees are confident in the continued going concern status of the club

Principal sources of funding

The principal funding source is membership fees paid per session as and when in attendance (Pay as you Go).

Additional funding sources include:

• Donations (direct or through Just Giving)

• Sports Lottery (The Weather Lottery)

• Grants

• Annual Boxing Show ticket sales

Principal risks

The principal risk for the charity currently is its continued reliance on volunteers to provide coaching. The trustees are in discussion with the management board on possible ways to incentivise or remunerate coaches in future to enable the club to grow and offer more sessions.

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Blackbird Leys Amateur Boxing Club

Trustees’ Annual Report (including Directors Report) (continued) for the period ended 31st March 2022

Structure, governance and management

The Charity is constituted as a Charitable Incorporated Organisation (CIO) and is governed by the CIO Foundation Constitution.

Eligibility for trusteeship

Every charity trustee must be a natural person.

No individual may be appointed as a charity trustee of the CIO:

• if he or she is under the age of 16 years; or

• if he or she would automatically cease to hold office under the provisions of clause 12.1.5.

• No one is entitled to act as a charity trustee whether on appointment or on any re-appointment until he or she has expressly acknowledged, in whatever way the charity trustees decide, his or her acceptance of the office of charity trustee.

• At least one of the trustees of the CIO must be 18 years of age or over. If there is no trustee aged at least 18 years, the remaining trustees may only act to call a meeting of the charity trustees, or appoint a new charity trustee.

Number of charity trustees

There must be at least three charity trustees. If the number falls below this minimum, the remaining trustee or trustees may act only to call a meeting of the charity trustees, or appoint a new charity trustee. The maximum number of charity trustees is ten (10). The charity trustees may not appoint any charity trustee if as a result the number of charity trustees would exceed the maximum.

First charity trustees

The first charity trustees are as follows:

Keith Perisi Richard Hart Hazel Walsh Laura Buck

APPOINTMENT OF CHARITY TRUSTEES

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 charity trustees.

In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.

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Blackbird Leys Amateur Boxing Club

Trustees’ Annual Report (including Directors Report) (continued)

for the period ended 31st March 2022

Trustees’ responsibilities

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The 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 state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

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

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP 2019 (FRS 102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

On behalf of the board

………………………… R Hart Chair

25[th] January 2023

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Independent Examiner’s Report to the Trustees of Blackbird Leys Amateur Boxing Club for the period ended 31st March 2022

I report to the charity trustees on my examination of the accounts of the charity for the period ended 31st March 2022 which are set out on pages 7 to 15.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2022 (“the Act”).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the 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:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or

2. 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.

Ajay Bahl BA BFP FCA

Wenn Townsend Chartered Accountants 30 St Giles Oxford OX1 3LE

25[th] January 2023

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Blackbird Leys Amateur Boxing Club

Statement of Financial Activities for the period ended 31st March 2022

		Unrestricted	Total
		Funds	2022
	Note	£	£
Income and endowments from:
Donations and legacies	2	8,020	8,020
Charitable activities	3	18,093	18,093
Other trading activities	4	408	408
		─────	─────
Total income and endowments		26,521	26,521
Expenditure on:
Raising funds		53	53
Charitable activities	5	9,155	9,155
		─────	─────
Total expenditure		9,208	9,208
		─────	─────
Net income/(expenditure)		17,313	17,313
Other recognised gains
Transfer in from previous entity		67,008	67,008
		─────	─────
Net movement in funds		84,321	84,321
Reconciliation of funds:
Total funds brought forward		-	-
		─────	─────
Total funds carried forward		84,321	84,321
		═════	═════

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised during the year.

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Blackbird Leys Amateur Boxing Club

Balance Sheet As at 31st March 2022

		2022
	Note	£
Fixed assets
Tangible assets	10	829
Current assets
Cash at bank and in hand		84,326
		─────
Creditors:amounts falling due
within one year		(834)
		─────
Net current assets		83,492
		─────
Total assets less current liabilities		84,321
		─────
Net assets		84,321
		═════
Charity Funds
Restricted funds	12	-
Unrestricted funds	12	84,321
		─────
Total charity funds		84,321
		═════

The financial statements were approved and authorised for issue by the Board on 25[th] January 2023.

Signed on behalf of the board of trustees

…………………………….. R Hart Chair

Company registration number: CE024989

The notes on pages 9 to 15 form part of these financial statements

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Blackbird Leys Amateur Boxing Club

Notes to the Financial Statements for the period ended 31st March 2022

1. Summary of significant accounting policies

(a) General information and basis of preparation

Blackbird Leys Amateur Boxing Club is a Charitable Incorporated Organisation in England. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities relate to the promotion of community participation in healthy recreation for the benefit of people living in Oxford and the surrounding areas in particular by the provision of facilities for participation in amateur boxing.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements 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 UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained the income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

No amount is included in the financial statements for volunteer time in line with the SORP. Further detail is given in the Trustees’ Annual Report.

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Blackbird Leys Amateur Boxing Club

Notes to the Financial Statements (continued) for the period ended 31st March 2022

(c) Income recognition (continued)

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity, however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

• Costs of raising funds includes costs of advertising and promotion.

• Expenditure on charitable activities includes costs to support activities and premises letting costs

• Other expenditure represents those items not falling into the categories above.

(e) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

The analysis of these costs is included in note 6.

(f) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Costs includes costs directly attributable to making the asset capable of operating as intended.

Deprecation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Fixtures, fittings and equipment

• Straight line over expected life of the asset (3-5years)

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Blackbird Leys Amateur Boxing Club

Notes to the Financial Statements (continued)

for the period ended 31st March 2022

(g) Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method.

Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.

(h) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

(i) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

(j) Judgements and key sources of estimation uncertainty

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Useful life of assets

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Blackbird Leys Amateur Boxing Club

Notes to the Financial Statements (continued) for the period ended 31st March 2022

2.	Income from donations and legacies
		2022
		£
	Donations	2,999
	Grants	5,021
		─────
		8,020
		═════
3.	Income from donations and legacies
		2022
		£
	Show income	8,587
	Sponsorships	2,226
	Subscriptions	7,171
	Lottery income	109
		─────
		18,093
		═════
4.	Income from donations and legacies
		2022
		£
	Sales of products	408
		─────
		408
		═════

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Blackbird Leys Amateur Boxing Club

Notes to the Financial Statements (continued) for the period ended 31st March 2022

5. Analysis of expenditure on charitable activities

Charitable activities

Charitable activities
	2022
	£
Show costs	2,338
Training	1,626
Premises	2,381
Support costs (note 6)	2,810
	─────
	9,155
	═════

6. Allocation of support costs

	Charitable	Total
	Activities	2022
	£	£
Staff costs	510	510
Administration	218	218
Legal and professional	454	454
Travel costs	511	511
Depreciation	226	226
Covid related costs	57	57
Governance costs (note 7)	834	834
	─────	─────
	2,810	2,810
	═════	═════

7. Governance costs

	2022
	£
Trustee expenses	-
Independent examiner’s remuneration	834
	─────
	834
	═════

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Blackbird Leys Amateur Boxing Club

Notes to the Financial Statements (continued) for the period ended 31st March 2022

8. Independent examiner’s remuneration

The independent examiner’s remuneration amounts to £834.

9. Trustees’ and key management personnel remuneration and expenses

The trustees neither received nor waived any remuneration during the year.

The total amount of employee benefits received by key management personnel is £nil.

The trustees were not reimbursed for any expenses relating to their roles as trustees, but were refunded £238 for operational travel expenses and their Membership to England Boxing was covered by the CIO.

10. Tangible fixed assets

Tangible fixed assets
	Fixtures, fittings	Total
	and equipment	2022
	£	£
Cost or valuation:
At 23rd February 2021	-	-
Transfers in	610	610
Additions	445	445
	─────	─────
At 31st March 2022	1,055	1,055
	─────	─────
Depreciation:
At 23rd February 2021	-	-
Charge for the year	226	226
	─────	─────
At 31st March 2022	226	226
	─────	─────
Net book value:
At 31st March 2022	829	829
	═════	═════

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Blackbird Leys Amateur Boxing Club

Notes to the Financial Statements (continued) for the period ended 31st March 2022

11. Creditors: amounts falling due within one year

Accruals and deferred income

2022 £ 834 ═════

12. Fund reconciliation

Unrestricted funds

	Balance at			Gains/	Balance at
	23/2/21	Income	Expenditure	(losses)	31/3/22
	£	£	£	£	£
Unrestricted	-	26,521	(9,208)	67,008	84,321
	─────	─────	─────	─────	─────
	-	26,521	(9,208)	67,008	84,321
	═════	═════	═════	═════	═════

The charity was incorporated on 23rd February 2021. At this date opening equity of £67,008 was transferred to the charity from the previous unregistered entity.

13. Analysis of net assets between funds

	Unrestricted	Total
	Funds	2022
	£	£
Fixed assets	829	829
Current assets	84,326	84,326
Current liabilities	(834)	(834)
	─────	─────
	84,321	84,321
	═════	═════

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