Reglstered number: 00429169 Charity number: 521947 LINDUM SPORTS ASSOCIATION LIMITED UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 *AE6RP95M* 1410712025 COMPANIES HOUSE A08 #264 LINDUM SPORTS ASSOCIATION LIMITED CONTENTS Page Reference and admlnistrative details of the charity, Ils trustees and advisers Tru8tees' report Independent exarninerfs report 9-10 Statoment of flnanclal •ctivltles 11 Balance sheet 12-13 Notes to the finan¢ial slatemantg 14-25 LINDUM SPORTS ASSOCIATION LIMITED REFERENCE AND ADMINISTRATIVE OETAILS OF THE CHARITA8LE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Truslees R J Bamford E Wells-cole A J M Maltby J P Newlove A F Perrin B M Smiih D E Taylor T Eves J Marshall (appointed 17 April 2024) L M Stocks (appointed 10 July 2024. resigned 26 November 2024) Company reglstered number 00429169 Charity registered number 521947 Roglst¢r•d offlc• St Glles Avenue Lincoln Llncolnshire LN2 4PE Company #ecretary C P Hoskins Accountants Streets LLP Chartered Accountsnts Tower House Lucy Tower Street Lincoln Lincolnshire LN1 1XW Bankers National Weslminster 8ank PLC 225 High Street Lincoln LN2 1A2 Page I LINDUM SPORTS ASSOCIATION LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Directorsrrrustees present their annual report together with the financlal statements ol the charitable company Lindum Sports Association Limited for the penod 1 April 2024 to 31 March 2025. The Trustees confirm that the Annual Report and financial statements of the company comply wth the current ststutory requirements, the requirements of Ihe Gornpany's governing docurnent and the provisions of the Statement of Recommended Practice (SORP), applicable to charllies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland {FRS 102). Since the Gharitable company 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 15 not required. Obje¢llves and Activltl•8 . POLICIES AND OBJECTIVES In setting objectives and planning for activities. the Directors￿ rustees have given due consideration lo general guidance published by the Charity Commission relating to public benefil. The principal object ol the Company is lo,. Provide or assist in providing facilities for the public benefit for recreation or other leisure time occupation in or in conn8Ction with the City of Lincoln and elsewhere within the County of Lincolnshire. The facilities are made available to all regardless of rank, gender, religlon or politlcs, Usually by means of membership of associated clubs. Subsidiary objectives include.. Ensure that the facilities provided are of the highest possible quality. Ensure that the facilities are kept upto date and in good order with a rolling programme for renewals. replacements, repair and maintenance and when appropriate the introduction of new facilities. Ensure thal the Company operates on a sound financial footing and that financial viabilitylsustainability is maintained. Ensure that the Company evolves to meet thè changing needs and aspirations of m8mbers 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 effeclively. Ensure efficient use of resources. Facilities include.. Outdoor - Hockey, Cricket and general outdoor sporting facilities. Indoor- Squash, Fitness Studio and social activits'es. Affiliated clubs are.. Lindum Cricket Club, Lindum Squash Club and Lindum Hockey Club. Page 2 LINDUM SPORTS ASSOCIATION LIMITED TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2025 The Lindum Squash Club operates as a division of the Lindum Sports Association. The Lindum Cricket Club and the Lindum Hockey Club both operate as stand alone clubs. Achievements and porfomian¢e a. KEY FINANCIAL PERFORMANCE INDICATORS The key financial perfomiance indlcator for the Directorsrrrus188s is generating sufficienl income to malntain its charitable aims and objectives. b. REVIEW OF ACTIVITIES The relationship wlth stakeholders is key lo the future of the Llndum Sports Assoclation. The Lindum Sports Association is keen lo develop and enhance those relationships. With that objects've in mind annual meetings are now held wlth Lin¢oln Minster School, Lindum Cricket Club an(1 Llndum Hockey Club. The Squash Club continues lo operate under the auspices of the Company and during the year under review has made satisfactory progress. The Studio Room continues to be a valuable source of revenue. During the year under review the Affiliated Clubs organised on8 beer festival on Lindum 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 Club5. The economic sltuatlon (including increasing energy costs) continue to have both a direcl and Indlrect impact on the operation of the Lindum Sports Association. The Treasurer supported by the Finance Committee is alert to the importance of keeping costs under control and this aspect features front and cenlral in FinanGe Committee Meetings. ¢. INVESTMENT POLICY AND PERFORMANCE The stated aim of the Charitable Company is to invest any surplus income in the continued maintenance of and improvements lo ils property. Flnanclal revlew a. GOING CONCERN After making appropriate enquiries, the Directorsrrrustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The DirectOrs￿rUsteeS in reaching this conclusion have considered not only resources, but also profitability and cash flow. For this reason the Directors￿ rustees continue to adopt the going concern basis in preparing the financial statements. Page 3 LINDUM SPORTS ASSOCIATION LIMITEO TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 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 facilits'es. The Directorsrrrustees have an obligation to replace the Hockey AGP wh8n this is necessary and conlinue to set aside such funds as are necessary to achieve this aim. The further aim ol the Board is to build up a fund of £30,000 being about six months costs (les5 sinking funds and dedicaled lunds) as a reserve. At 31st March 2025 the Company had total funds of£945,730. c. PRINCIPAL FUNDING Income during the year was some £284,553 from bar and catering receipts. rental income, donations and other small items. Expenditure was £283,449 giving rise to a surplus of £1,104. Slructure• governance and management . CONSTITUTION The charitable company is registered as a mernbers limited liability company. The charitable company is Gonsliluted under a Memorandum of Associalion and is a registered company number 429169. The charity number is $21947. The charitable company was incorporated and commenced operalions 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 329 shares are Treasury Shares. b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The Company is govemed and managed by a Board ol Trustees (Directors). elected andlor nominated andlor c(Fopted annually. The Articles of Association allows for 8 (eight) elected Directorsrrrustees to be appointed {elected) by shareholders al the Annual Meeting. The Company under its Articles is able to offer a Board position to the constttuent clubs to appoint a member of their committeelboard as a Nominee Directorrrrustee and this will be enshrined in their licenc"e to occupy. These Directorsrrrustees are appointed by the affiliated clubs on an annual basis in accordance with licences to occupy. The Board ha5 the power to cTropt a further 2 (two) Directorstrrustees. The key management personnel are the Directors￿ rustees who are not remunerated. Page 4 LINDUM SPORTS ASSOCIATION LIMITED TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES New Directorsrrrustees are made aware of their responsibilities for the affairs of the charity. All DireCtorS￿rUsteeS are kept aware of the updates sent out by Ihe Charity Commission which is now made easier by the introduction of electronically transmitted information. The Directorsrrrustees place great emphasis on the Dir8ctOrs￿ rustees fulfilling their duties. in particular: .the duty lo promote the success of Ihe Company. .the duty to exercise independent judgement. The importance ol inouclion for, training for and compliance by Directorsrrrustees is underpinned by a Code of Conduct for Directors which has been developed by the Governance Committee. All Directorsrrfustees are required lo slgn up to this Code of Conduct. Training needs are also identified through the annual skllls audlt. d. SUCCESSION Reference was made to the Charlty Governance Code In last year's TrusteelDirector Report. The Lindum Sports Association is unusijal in that It is an Incorporated charity with shareholders.. Furthermore the charity does not have any employees at executive level and 8 number of Direclorsrrrustees fulfil roles which are effectively Executive Director roles. Against this background the Board does not consider that absolute limits on Ihe terms of office of shareholding Dir6cl0rs￿rUSleeS andlor Executive Direclorsrrrustees are appropriate. A fresh pollcy has been put together deallng wlth Directorrrruslee Successlon after carelul conslderation of the provisions of Ihe Charity Governance Code. The policy includes= An annual review of the Board and ils experience and expertise via an annual skills audit and one lo one meetings between the Chaimian and each Directorifrustee. A requirement that followng the annual review of the Board and its experience and expertise the Governance Committee put together a campaign to fill any gaps. The Board will endeavour lo ensure that there are always two Elected Directorsrrrustees who are rernoved from the day lo day and are therefore effectively Non Executive Directors-able to act as critical friends, ask th8 difficult questions and hold the Directorstrrustees to account. The Board will ensure that the recruitment process for recruitment of Elected Directorsrrruslees post the AGM 2025 is morg rigorous than in the p85t- Any candidate expressing an interest will be given an Information Pack containing a history of the Lindum Sports Association, a brief summary of its structure and operations and details of the duties and responsibilities of Directorsrrrustees Each candidate will be required to provide a CV. There V￿11 be an in depth interview. Two written references will be taken. The candidate will be required to provide proof of eligibility to work in the UK. Page 5 LINDUM SPORTS ASSOCIATION LIMITED TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 e. ORGANISATIONAL STRUCTURE AND DECISION MAKING The Company owns and maintains Property 8t St Giles Avenue, Lincoln LN2 4PE. It has no interest in any olher real estate. 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 {Ihe Facilities Director.) The Facilities Director is responsible for all aspects of facilities including overall strategy and forward planning, development, adminislration of the Lindum Sports Club ensuring Ihal clubhouse. changing rooms. bar and meeting rooms are properly maintsined and where posslble improved and ensuring that the playing surfaces are fil for the sports played and other uses as required. The Facilities Director provides a written report to each Board Meeting lor 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 Oirectorrrmstee. Finan¢elAudit: Made up from three elected Directors, Chairman, Vice Chaiman 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 variance5 from a full Income and Expenditure budget delemiined at the beginning of each year. Governance: This committee is made up solely of elected directors and chaired by the Company Secretary and is responsible for reviewing the overall governance of the company. ¢on51ilulional rn8tt8rs, compliance and creation and operation of the licences to occupy with the affiliated clubs. The Minutes of the FinancelAudit Subcommittee and the Governance Subcommittee are circulated to all Directors￿rUsteeS for the purpose ol providlng accountability and assurance. f. RISK MANAGEMENT All significant activitie5 undertaken are subject to a risk review by use of a management matrix (risk register) on an ongoing basis. Major risk5 are those which may have an effect on the operational perfomiance of staff and volunteers, and those affecting the members of the Associated Clubs. The major risks have been identified as.. .Economic uncertaintylfinanclal sustalnability. •The need for expenditure on the estate. •Loss of key people .Changing habits and aspirations of members and Stakeholders of atriliated clubs. .Decisions outside the control of the Company. The completion of the Licence lo Occupy wtth Lincoln Minster School substantially reduces the risks for Llndum Sports Association around ewnomic uncertaintylfinancial sustainability. Risk Management is all important and as stated the management matrix (risk register) is reviewed on an ongoing basis as a matter of routine at each Board Meeting. Page 6 LINDUM SPORTS ASSOCIATION LIMITED TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 g. CHARITY GOVERNANCE CODE Please see.. .charitygovernancecode.org Sound governance enables the Lindum Sports Association lo achieve its objectiV8s 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 Committe8 are working through the Code with a view to making recommendations to enable Lindum Sports Association lo further improve efficiency and effectiveness. The aim is lo integrate relevant recommendations into the management matrix to provide a robust management and risk regime for the future. Furth6rmor8 LSA has recelved advice that funderslgrant making bodles are moré and more looking al compliance with Ihe Charity Governance Code before making decisions on financial support. Current and future perlods a. CURRENT AND FUTURE DEVELOPMENTS Major CAPEX in the luture include: .Replacement of the AGP. .Access to studio room. .New toilets adjacent to the studio room. Further works on the roof of the Clubhouse. .ReplacemenUrenewal of the perimeter fence. The Direclorsrrruslees look to the future with cautious optimism and to reinforcing the hitherto mutually beneficial relationships with Lincoln Minster School, Lindum Cricket Club, Lincoln Hockey Club and colleagues within Lindum Squash Club. Shareholders are assured that TrusteeslDirectors will continue lo lead and manage the Company wlth all proper prudence and ensure that risks are identified and eliminaled if al all possible. If risks cannot be eliminated the Directorsrrrustees wll ensure that the risks are carefully managed. INFORMATION ON FUNDRAISING PRACTICES As stated in last yearfs report. the Board and in particular the Finance Cornmittee continue5 to look inlo revenue streams lo give the Company long term stability for capital lo be spent on keeping the infrastructure updated. This includes collaboration with the Affiliated Clubs on large events such as the beer festival and fireworks referred lo above and continuing the increase in the use of the Fitness Studio. Page 7 LINDUM SPORTS ASSOCIATION LIMITED TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 MEMBERSISHAREHOLDERS The Directors￿ rustees are fully aware that operations would be impossible without the supportlsponsorship of the Memberslshareholders. All Directorstrrustees record appreciation for the help and support of Memberslshareholders. This report was approved by the Trustees, on 9 July 2025 and signed on their behalf by- E Wells