Reglstered number: 00429169 Charity number.. 521947 LINDUM SPORTS ASSOCIATION LIMITED UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
LINDUPII SPORTS ASSOCIATION LIMITED CONTENTS Page Roference and admlnlstratlve details of the charlty, Its trustees and adviserg Trustees. report Ind•pendent oxaminorfs roport Statemont of flnanclal actlvltles 10 Balance Sheet Notes to thg flnanclal statom•nts 13-24
LINDUM SPORTS ASSOCIATION LIMITED REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trusttts R J Bamford E Wells-cole S Grocott (resigned 24 July 2023) A J M Maltby J P Newlove A F Perrin C P Hoskins (resigned 17 April 2024) B M Smith D E Taylor I C Jubbs (resigned 1 November 2023) T Eaves (appointed 18 October 2023) J Marshall (appointed 17 April 2024) Company registered number 00429169 Charity reglstered number 521947 Registered office St Giles Avenue Lincoln Lincolnshire LN2 4PE Company sretary C P Hoskins Accountants streets LLP Chartered Accountants Tower House Lucy Tower Street Lincoln Lincolnshire LN1 1XW Banker8 National Westminster Bank PLC 225 High Street Lincoln LN2 1NZ Page 1
LINDUM SPORTS ASSOCIATION LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the financial statements of the charitable company Lindum Sports Association Limited for the period 1 April 2023 to 31 March 2024. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requiremenls, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102). Since the charitable compariy qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required. ObJectiv•s and Activities . POLICIES AND OBJECTIVES In setting objective5 and planning for activities, the Trustees have given due consideratlon to general guidance published by the Charity Commission relating to public benefit. The principal object of the charitable company is to provide or assist in providing facilities for the public benefit for recreation or other leisure time occupation in or in connection with the City of Lincoln and elsewhere within the County of Lincolnshire. The facilities are made available to all regardless of rank, gender, religion or politics, usually by means of membership of associated clubs. Facilities include- Outdoor - Hockey, Cricket and general outdoor sporting facilities Indoor- Squash, Community Fitness Studio and social activities Affiliated clubs are.. Lindum Cricket Club, Lindum Squash Club and Lindum Hockey Club. Subsidiary objectives include: Ensure that the facilities provided are of the highest possible quality. Ensure that the facilities are kept up to date and in good order with a rolling programme for renewals, replacements, repair and maintenance and when appropriate the introduction of new facilitie5, Ensure that the Company operates on a sound flnancial footing and that financial viabilitylsustainability is maintained. Ensure that the Company evolves to meet the changing needs and aspirations of members and stakeholders. Ensure that risk where possible is eliminated and where it is not it is properly managed. Ensure that the Company is well led and is recognised as a leading provider in Lincoln and Lincolnshire. Ensure that the Company is managed properly and effectively. Ensure efficient use of resources. Page 2
LINDUM SPORTS ASSOCIATION LIMITED TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance a. KEY FINANCIAL PERFORMANCE INDICATORS The key financial performance indicator for the Trustees is generating sufficient income to maintain its charitable aims and objectives. b. REVIEW OF ACTIVITIES During the year under review a new Licence to occupy was completed with Lincoln Minster School for a term of twenty years (with either party having an option to break after ten years). This is a significant development. The relationship with Lincoln Minster School is already mutually beneficial. Nevertheless the Directors rustees aim to reinforce and further strengthen that relationship over the months and years to come. The Studio Roorn continues to be a valuable source of revenue. The Squash Club continues to operate under the auspices of the Cornpany and during the year under revlew has made satisfactory progress. During the year under review the Affiliated Clubs organised two beer festival on Llndum Sports Association premises and of course the fireworks. The profit was shared between Lindum Sports Association and the Affiliated Clubs. The funds received were welcome and thanks go the Affiliated Clubs. The cost of living situation and in particular energy costs continue to present significant challenges for the financial operation of the Company. The new changing room boilers installed last year have had a beneficial impact on costs and furthermore during the year under review LED lights have been installed around the perimeter of the AGP resulting in cost savings. The Treasurer supported by the Finance Committee is alert to the Importance of keeping costs under control and this aspect features front and central in Finance Committee Meetings, c. INVESTMENT POLICY AND PERFORMANCE The stated 8im of the Charitable Company is to invest any surplus income in the continued maintenance of and improvements to its property. The CoMpanS Articles do not allow investment in any other areas. Financial review a. GOING CONCERN After making appropriate enquiries, the DirectorslTrustees have a reasonable expectation thal the charitable company has adequate resources to conlinue in operational existence for the foreseeable future. For this reason the Directorsrrrustees continue to adopt the going concern basis in preparing the financial statements. Page 3
LINDUM SPORTS ASSOCIATION LIMITED TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 b. RESERVES POLICY The Board is aware that the condition of the Clubhouse can only deteriorate over time. The Board has set aside a sinking fund for future development of the clubhouse and other facilities. With the help of Lottery Funding Agreement with Sport England and the Grant Agreement with England Hockey, the Directorsrrrustees are aware of their obligations under this agreement to replace the AGP at the appropriate time and continue to set aside such funds as are necessary to achieve this aim. The further aim of the board is to build up a fund of £30,000 being about six months costs (less sinking funds and dedicated funds) as a reserve. At 31st March 2024 the Charitable Company had total funds of £944,626, of which £694,414 related to fixed assets. c. PRINCIPAL FUNDING Income during the year was some £317,811 from bar and catering recelpts, rental income, donations 8nd other small Items. Expenditure was £288,647 giving rise to a surplus of £29,184. Structure, governanco and management a. CONSTITUTION The charitable cornpany is registered as a members limited liability company. The charitable company is constituted under a Memorandum of Association and is a registered company number 429169. The charity number is 521947. The charitable company was incorporated and commenced operations on 6 February 1947. There have been no changes in the objectives since the last AGM. There are 32.651 Ordinary Shares in issue of which 429 shares are Treasury Shares. b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The Charitable Company is governed and managed by a Board of Trustees (Directors), elected andlor nominated annually. The Articles of Association allows for 8 (eight) elected DirectorslTrustees to be appointed (elected) by shareholders at the Annual Meeting. The Charitable Company under its Articles is able to offer a Board position to the constituent clubs to appoint a member of their committeelboard as a Nominee DirectorlTrustee and this will be enshrined in their licen to occupy. These DirectorslTrustees are appointed by the affiliated clubs on an annual basis in accordance with licences to occupy. A further 2 (two) DirectorslTrustees can be co-opted. The key management personnel are the Directorsrrrustees who are not remunerated. The Governance Com mittee is presently working on a formal Policy for the Recruitment of Elected Directors. Page 4
LINDUM SPORTS ASSOCIATION LIMITED TRUSTEES, REPORT {contlnued) FOR THE YEAR ENDED 31 MARCH 2024 c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES New Drectorsrrrustees are m8de aware of their responsibilities for the affairs of the charity- All DirectOrsrUsteeS are kept aware of the updates sent out by the Charity Commission which is now made easier by the introduction of electronically transmitted information. The IDirectorsTrustees place great emphasis on the DirectOtsrUsteeS fulfilling their duties, in particular: .the duty to promote the success of the Company .the duty to exercise independent judgement The importance of induction for, training for and compliance by Directorsrrrustees will be underpinned by a Code of Conduct for Directors which is being developed by the Governance Committee. All Directorsff rustees will be required to sign up to this Code of Conduct. d. SUCCESSION During the year under review we welcomed Julia Marshall to the Board. Julia is Head of the Eastg8te School in Lincoln and brlngs considerable experience and expertise from her professional life which will undoubtedly benefit the Lindum Sports Association. Phillip Hoskins stepped down as a director during the year. but remains the Company Secretary. The continuing Elected Directors rustees are all long serving. The Board is satisfied that all the continuing Elected DirectOrsrUsteeS have a contribution to make to the future of the Company. There are three vacancies for Elected Directors rustees and the Directors rustees are anxious to fill these vacancies. Both from the point of view of Governance and operations fresh blood, fresh ideas and innovation are Important, e. ORGANISATIONAL STRUCTURE AND DECISION MAKING The Charltable Company owns and maintains property at the address shown on page one. It has no other nterests. The Board is responsible for the day to day running of the Associations property, playing field and club house. Responsibilities for leadership and management are divided as follows.. .Facilities .FinancelAudit .Governance Facilltles: Responsibility for Facilities is deployed to one Directorrrrustee (the Facilities Director). The Facilities Director is responsible for all aspects of facilities including overall strategy and forward planning, development, administration of the Lindum Sports Club ensuring that clubhouse, changing rooms. bar and meeling rooms are properly maintained and where possible improved and ensuring that the playing surfaces are fit for the sports played and other uses as required. The Facilities Director provides a written report to each Board Meeting for the purpose of providing colleagues with accountability and assurance. FinancelAudit and Governance are led and managed by subcommittees each of which is chaired by an Elected DirectorlTrustee. FinancelAudit: Made up from three elected directors, Chairman, Vice Chairman and Treasurer. The committee is responsible for ensuring that income and expenditure are maintained in sufficient balance to ensure the continued viability of the Association. Quarterly management accounts are produced at each board meeting and compared as variances from a full Income and Expenditure budget determined at the beginning of each year. Page 5
LINDUM SPORTS ASSOCIATION LIMITED TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Governance: This committee is made up of Elected Directors and the Com pany Secretary who acts as Chair. The committee is responsible for reviewing the overall govemance of the company, constitutional matters, compliance and the creation and operation of licences to OCLUPY With affiliated clubs. The Minutes of the FinancelAudit Subcommittee and the Governance Subcommittee are circulated to all Directors rustees for the purpose of providing accountability and assurance. f. RISK MANAGEMENT All significant actlvlties undertaken are subject to a risk review by use of a management matrix (rlsk register) on an ongoing basis. Major rlsks are those which may have an effect on the operational performance of staff and volunteers, and those affecting the members of the Associated Clubs. The major risks have been identlfied as: .Economic uncertaintyfflnanclal sustalnability .The need for expenditure on the estate .Loss of key people .Changing habits and aspirations of members and stakeholder5 of affiliated clubs .Decisions outside the control of the Company The completion of the Licence to Occupy with Lincoln Minster School substantially reduces the risks for Lindum Sports Association around economic uncertaintylfinancial sustainability. For a significant number of years an important source of income has been from the provision of car parking for visitors to the Lincoln Christmas Market. The Lincoln Christmas Market will again not take place in 2024. Risk Management Is all important and as stated the management rnatrlx (rlsk regSster) is revSewed on an ongoing basis as a matter of routine at each Board Meeting. . CHARITY GOVERNANCE CODE Please see: www.charitygovernancecode.org Sound governance enables the Lindum Sports Association to achieve its objectlv8s in a lawFul and compliant manner. As one commentator said: °With good governance there is an increased chance that you will be able to deliver what you say., The Code is a tool for continuous improvement. The Governance Committee are working through the Code with a view to making recommendations to enable Lindum Sports Association to further improve efficiency and effectiveness. The aim is to integrate relevant recommendations into the management matrix to provide a robust management and risk regime for the future. Furthermore LSA has received advice that funderslgrant making bodies are more and more looking at compliance with the Charity Governance Code before making decisions on financial support. Page 6
LINDUM SPORTS ASSOCIATION LIMITED TRUSTEES, REPORT (contlnued) FOR THE YEAR ENDED 31 MARCH 2024 Current and future period8 . CURRENT AND FUTURE DEVELOPMENTS Major CAPEX in the future include.. .Replacement of the AGP .Further works on the roof of the Clubhouse .ReplacemenVrenewal of the perimeter fence The Directorsrrrustees look to the future with cautious optimism and to reinforcing the hitheto mutually benetlcial relationships with Lincoln Minster School, Lindum Cricket Club, Lincoln Hockey Club and colleagues within Lindum Squash Club. Shareholders are assured that TrusteeslDirectors will continue to lead and manage the Company with all proper prudence and ensure that risks are identified and ellminated if at all possible, If risks cannot be eliminated the Directorsfrrustees will ensure that the risks are carefully Tnanaged. INFORMATION ON FUNDRAISING PRACTICES As stated in last year's report, th8 Board and in particular the Finance Committee continues to look into revenue Streams to give the Company long term stability for capital to be spent on keeping the infrastructure updated. This includes collaboration with the Affiliated Clubs on large events such as the beer festivals and fireworks referred to above and continuing the increase in the use of the Fitness Studio. MEMBERSISHAREHOLDERS The Directorsrrrustees are fully aware that operatlons would be Impossible without the supportlsponsorship of the Memberslshareholders. All DirectOrsrUsteeS record appreciation for the help and support of Memberslshareholders. This report was approved by the Trustees. on 10 July 2024 and signed on their behalf by: E Wells-cole Chairman Page 7
LINDUM SPORTS ASSOCIATION LIMITED INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LINDUM SPORTS ASSOCIATION LIMITED (the 'charitable company.) I report to the charity Trustees on my examination of the accounts of the charitable company for the year ended 31 March 2024. This report is made solely to the charitable company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken 50 that I might state to the charitable companws Trustees those matters l am required to state to them in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company and the charitable company's Trustees as a body. for my work or for this report. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the charitable company (and Its directors for the purposes of cornpany law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (Yhe 2006 Act,). Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the charitable company's accounts carried out under section 145 of the Charilies Act 2011 {'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT Since the charitable companvs gross income exceeded £250,000 your examiner must be a member of a body Ilsted in section 145 of the 2011 Act. I confirm that l am qualrfied to undertake the examination because l am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I can confirm that no matters have come to my attention in connection wth the examination giving me cause to believe: accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act., or the accounts do not accord with those records" or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination" or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the examination to whiGh attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Page 8
LINDUM SPORTS ASSOCIATION LIMITED INDEPENDENT EXAMINER'S REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Signed: Dated.. 11 July 2024 ROBERT ANDERSON FCA STREETS LLP Tower House Lucy Tower Street Lincoln Lincolnshire LN1 1XW Page g
LINDUM SPORTS ASSOCIATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Restrlcted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note INCOME FROM.. Voluntary income Charitable activities Investments 41,993 600 270,663 4,555 42,593 270,663 4,555 2,336 235,974 3,939 TOTAL INCOME 41,993 275,818 317,811 242,249 EXPENDITURE ON: Charitable activities 5,6,7 29,547 259,100 288,647 248,309 TOTAL EXPENDITURE 29,547 259,100 288,647 248,309 NET INCOME I {EXPENDITURE) 8EFORE TRANSFERS Transfers between Funds 12,446 (39,883) 16,718 39,883 29,164 (6,060) 18 NET INCOME I (EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND LOSSES {27.437) 56,601 29,164 (6,060) NET MOVEMENT IN FUNDS (27,437) 56,601 29,164 (6.080) RECONCILIATION OF FUNDS: Total funds brought forward 351,921 563,541 915,462 921,522 TOTAL FUNDS CARRIED FORWARD 324,484 620,142 944,626 915,462 The notes on pages 13 10 24 form part of these financial statements. Page 10
LINDUM SPORTS ASSOCIATION LIMITED REGISTERED NUMBER: 00429169 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note FIXED ASSETS Tangible assets CURRENT ASSETS Stocks Debtors Cash at bank and in hand 12 694,414 693,634 13 4,084 12,947 316,041 4,240 22, 635 285,472 14 333,072 312.347 CREDITORS: amounts falling due within one year 15 (62,860) (70,519) NET CURRENT ASSETS 270,212 241,828 TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: amounts falling due after more than one year 964,626 935,462 16 (20,000) (20,000) NET ASSETS 944,626 915,462 CHARITY FUNDS Restricted funds Unrestrided funds: Share capital Unrestricted funds 18 324,484 351,921 17 18 32,651 587,491 32,651 530, 890 Total unrestricted funds 620,142 563,541 SHAREHOLDERS. AND CHARITY'S FUNDS 944,626 915,462 The charitable companls financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The Trustees consider that the charitable company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the charitable company to obtain an audit for the year in question in accordance with section 476 of the Act. The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 wtth respect to accounting records and the preparation of financial statements. Page11
LINDUM SPORTS ASSOCIATION LIMITED BALANCE SHEET (contlnued) AS AT 31 MARCH 2024 The financial statements vftre approved and authorised for issue by the Trustees on 10 July 2024 and signed on their behalf, by: Ne ve The es on pages 13 to 24 form part of these financial statements. Page 12
LINDUM SPORTS ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES 1.1 Basis of preparatlon of financlal statements The financial statements have been prepared in accordance with AGcounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Charities SORP (FRS 102) and the Companies Act 2006. Llndum Sports Association Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 1,2 Company status The charitable company is limited by share capital. The charitable companVs functional and presentational currency is pounds sterling. 1.3 Golng concern The trustees assess whether the use of going concern is appropriate i.e. whether there are any 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 make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements. The Trustees, Report sets out the actlons taken post year end in order to balance the charitys finances and monitor their financial position. The trustees have concluded that the charity has adequate resources to continue in operational existence for the forseeable future and there are no material uncertainties about the charivs ability to continue as a going concern. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. 1.4 Income All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. other incorne is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Page 13
LINDUM SPORTS ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES {contlnued) 1.5 Expendlture Expenditure is recognised once there is a legal or constructive ob5igation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classrfied by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not altributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Support costs are those costs incurred directly in support of expenditure on the objects of the charitable company, Governance costs are those incurred in Connection with administratlon of the ¢harltable company and compliance with constitutional and statutory requirements Charitable activities and Governance costs are costs incurred on the charitable companls operations, including support costs and costs relating to the governance of the charitable company apportion8d to charitable activltles. 1.6 Tangible flxad assets and depreclatlon All fixed assets are initially recorded at cost. All assets costing more than £500 are capitalised. A review for impairment of a fixed asset is carried out if events or chang8s in circumstances indicate that the carrying value of Sny fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities Incorporating income and expenditure account. Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to write off the cost of fixed assets. less their estimated residual value, over their expected useful lives on the following bases.. Buildings Plant & machinery AGP and special projects 2 % straight line 25 % straight line straight line belMeen 3 and 25 years 1.7 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable Gompany,. this is normally upon notification of the interest paid or payable by the Bank. 1.8 Stocks stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Page 14
LINDUM SPORTS ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continued) 1.9 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.10 Cash at Bank and In hand Cash at bank and in hand includes cash and short term highly liquid investments with a Short maturlty of three months or less from the date of acquisltion or opening of the deposit or similar account. 1.11 Llabilltles and provlsion8 Liabilities are recognised when there is an obligatlon 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. Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or seNiS it must provide. Provisions are measured at the best estimate of the amounts required to settle Ihe obligation. 1.12 Flnancial instruments The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 1.13 Govemment grants Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. 1.14 Fund accounting General funds are unrestricted funds which are avallable for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purpose5. The aim and use of each designated fund 15 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 charitable company for particular purposes. The costs 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. Page 15
LINDUM SPORTS ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 VOLUNTARY INCOME Restrfcted Unrestricted funds funds 2024 2024 Total funds 2024 Tot81 funds 2023 Donations 41,993 600 42,593 2,336 Total 2023 2,336 2,336 INCOME FROM CHARITABLE ACTIVITIES Restrlcted Unrestrlctgd funds funds 2024 2024 Total funds 2024 Tot81 funds 2023 Sports facilities and club house 270,663 270,663 235.974 Tot812023 235.974 235.974 INVESTMENT INCOME Restricted Unr•strlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Bank Interest R8ceivable 4,555 4,555 3,939 4,555 4,555 3,939 Total 2023 3,939 3.939 Page 16
LINDUM SPORTS ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PAARCH 2024 DIRECT COSTS Sports Facilities Club House Total 2024 Total 2023 Groundsman fees Repairs and Maintenance Turf, Grass Seed & Fertiliser Bar & Catering Purchases Insurances & Licences Bank Charges Squash Club Costs Wages and salaries Depreciation 9,000 9,752 954 9.000 9.752 954 43,808 9,496 2,338 17,445 47,055 63,131 9,000 10.246 1,113 45, 646 7,692 3,183 43,808 9,496 2,338 17.445 47,055 23,173 43,870 57,836 39,958 77,109 125,870 202,979 q78,586 Total 2023 60,012 118,574 178,586 SUPPORT COSTS Sports Facilities Club House Total 2024 Total 2023 Repairs and Maintenance Water rate5 Bookkeeping Subscriptions Sundry Expenses Statlonery & Postage Telephone Cleaning Interest on loans Rates Light & heat Wages and salaries 12,814 12,814 2,088 933 4,278 1,704 761 754 5,812 8,488 3,449 582 2,964 3,972 649 701 4,092 600 1,459 25.856 14,781 2,088 280 4,278 1,704 761 754 5,812 600 653 37.073 14,602 653 37.073 14,602 8.350 73,722 82,072 67,573 Total 2023 10,560 57,013 67,5T3 Page17
LINDUM SPORTS ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 GOVERNANCE COSTS Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total fvnds 2023 Independent ExaminerlAudit Fees Legal fees 2,022 1,574 2,022 1,574 2.073 77 3,596 3,596 2.150 ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE Staff costs Dopreciation Other costs 2024 2024 2024 Total 2024 Total 2023 Sports Facilities Club House 39,958 23,173 45,501 114,762 85,459 199,592 70,572 175.587 81,657 Charitable activities 61,657 63,131 160,263 285,051 246.159 Expendlture on governance 3,S96 3,596 2,150 61,657 63,131 163,859 288.647 248,309 Total 2023 58,651 57,836 131,822 248,309 NET INCOMEI(EXPENDITURE) This is stated after charging.. 2024 2023 Depreciation of tangible fixed assets: owned by the charitable company Auditors, remuneration - audit 63,131 57,836 2,073 The Trustees have not received or obtained any remuneration or other financial benefits for the year directly or indirectly frotn the charitable Gompanvs funds. 10. AUDITORS. REMUNERATION The Independent Examiner's remuneration amounts to an Independent Examination fee of £2,015 (2023- Page 18
LINDUM SPORTS ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. STAFF COSTS staff cosls were as follows. 2024 2023 Wages and salaries 61,657 58,651 The average number of persons employed by the charitable company during the year was as follows: 2024 2023 Total employees No employee received rernuneration amounting to more than £60,000 In either year. 12. TANGIBLE FIXED ASSETS AGP and special projects Freehold property Plant & machinery Total Cost At 1 April 2023 Additions Transfer between classes 295,708 237,314 1,600 11,030 830,035 62,311 (11,030) 1.363,057 63.911 At 31 March 2024 295,708 249,944 881,316 1,426,968 Depreciation At 1 April 2023 Charge for the year 134,970 6,380 198,096 10,411 336,357 46,340 669,423 63,131 At 31 March 2024 141,350 208,507 382,697 732.554 Net book value Al 31 March 2024 154,358 41,437 498,619 694,414 At 31 March 2023 160, 738 39,218 493,678 693.634 Included in freehold property is land at cost of £3,434 which is not depreciated. Charges exist against the property in relation to the potential clawback of monies received from England Hockey and English Sports CounGII. At 31 March 2024 the charitable company had capital commitments to complete the new cricket nets of £35,447. Page19
LINDUM SPORTS ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. STOCKS 2024 2023 Goods for resale 4,084 4,240 14. DEBTORS 2024 2023 Trade debtors Prepayments and accrued income 3.453 9,494 8,354 14,281 12.947 22.635 15. CREDITORS: Amounts falling duo withln on• year 2024 2023 Other loans Trade creditors Other taxation and social security Accruals and deferred income 50,000 5.208 567 7,085 50, 000 10,003 5.045 5.471 62,860 70,519 Deferred income Deferred income at 1 April 2023 Resources deferred during the year Amounts released from previous years 4,438 5.280 (4.438) Deferred income at 31 March 2024 5,280 Deferred income represents invoices for the use of facilities raised in advance. 16. CREDITORS: Amounts falllng due after more than one year 2024 2023 Other loans 20.000 20,000 A Trustee made a loan to the charitable company of £30,000. During the previous years £10.000 was repaid leaving a balance of £20,000. The loan is unsecured and carries interest at 3fJ/o per annum which has been waived by the Trustee as a donation to the charity. Page 20
LINDUM SPORTS ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. SHARE CAPITAL 2024 2023 Allotted. called up and fully paid 32,651 Ordinary Shares of £1 each 32,651 32,651 18. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expendlturo Designated fund8 AGP Fund General Sinking Fund Loan Repayment Fund Cricket Club 180,000 33,447 50.000 700 (17,500) 4,750 162,500 38,197 50,000 (700) 264,147 (13,450) 250,697 General funds General funds Share capital 266,743 32,651 275,818 {259,100) 53,333 336,794 32,651 299,394 275,818 (259,100) 53,333 369,445 Total Unrestricted funds 563,541 275,818 (259,100) 39,883 620,142 Restricted funds Restricted AGP fund R Dimbleby Legacy Square Strips Fund Sight Screen Fund Three Lane Nets Fund 351,421 500 (29.547) 321,874 2,610 2,110 3,960 4,230 31,693 {3,960) (4,230) (31,693) 351,921 41,993 (29,547) (39,883) 324,484 Total of funds 915.462 317,811 (288,647) 944,626 Page 21
LINDUM SPORTS ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. STATEMENT OF FUNDS (contlnued) STATEMENT OF FUNDS- PRIOR YEAR Balance 8t 31 M8fGh 2023 Balance at l April 2022 Transfers in/out Income Expenditure Deslgnated funds AGP Fund General Sinking Fund Squash Club Loan Repayment Fund Cricket Club 160.000 34.450 2.197 34,000 700 20,000 (1,003) (2, 197) 16,000 180,000 33,447 50,000 700 231,347 32,800 264, 147 General funds General funds Share capital 276,056 32,651 242,249 (218. 762) (32,800) 266, 743 32,651 Total Unrestricted funds 540,054 242,249 (218, 762) 563,541 Restrict funds Restricted AGP fund Air conditioning 380,968 500 (29,547) 351,421 500 381.468 (29,547) 351,921 Total of funds 921,522 242,249 (248,309) 915,462 SUMMARY OF FUNDS- CURRENT YEAR Balance at 31 March 2024 Balancè at 1 April 2023 Transfers Inlout Income Expenditure Designated funds General funds 264,147 299,394 {13,450) 250.697 369.445 275.818 (259.100) 563,541 351,921 275.818 41,993 (259,100) {29,547) 39,883 (39,883) 620,142 324,484 Restricted funds 915,462 317,811 (288,647) 944.626 Page 22
LINDUM SPORTS ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. STATEMENT OF FUNDS (continued) SUMMARY OF FUNDS- PRIOR YEAR Balance at 31 March 2023 Balance 8t l April 2022 Transfers in/oul InGome Expenditure Deslgnated funds General funds 231,347 308. 707 32,80Q (32,800) 264, 147 299,394 242,249 (218, 762) 540,054 381,468 242,249 (218. 762) (29.547) 563,54q 351,921 Restricted funds 921,522 242,249 (248,309) 915,462 The designated AGP fund represents money set aside for future refurbishment and repair work per the original agreement with Sport England and England Hockey. The designated general sinking fund represents money set aside for the future development of the clubhouse and other facilities. The designated loan repayment fund represents money set aside for future loan repayments. The restricted AGP fund represents fixed assets purchased by restricted grant funding. The other restricted funds represent money received or set aside for specific future improvements. 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS R•strlcted Unrestrlcted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 321,874 2,610 372.540 330,462 (62.860) (20,000) 694,414 333,072 (62,860) (20,000) 324,484 620,142 944,626 Page 23
LINDUM SPORTS ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued) ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR Restricted Unrestricted funds fvnds 2023 2023 Total fijnds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 351,421 500 342,213 311,847 (70,519) (20,000) 893,634 312,347 (70,519) (20,000) 351,921 583,541 915,462 20. RELATED PARTY TRANSACTIONS The charitable company is controlled by its Trustees. There have been no transactions or balances that are required to be disclosed under FRS 102 other than as disclosed in notes 9 and 16. Page 24