Company registyation Durnber.. N1623538 Charity registraiion number.. 102428 Ornieau Road Boxing Club Ltd (A company limited by share capiral) Annual Report and Financial StatemenL% for the Year Ended 31 March 2021 COMPNNleS'douse BELFhST 13 DEC IQII RECEpmoNDESK "JA)LASCR* 2311212021 COMPANIES HOUSE JNI
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McKeague Morgan & Company 27 College Gardens Belfast BT9 6BS
Ormeau Road Boxing Club Ltd CoDteDts R¢f¢rence and Administrative Dethils Trust¢e5' Report 2to3 Statement of Trustees. Responsibililies Independent Examin¢S Report Siatemeni of Financial Activities Balance Sheei Notes to th¢ Firtancial Statements 81014
Ormegu Road Boxing Club Ltd Ref¢renc¢ and Administrative Detai Tru5t¢¢s Mr John Toland Ms Teresa fknherty Mr Charle5 Toland Principal Office 469 Ornieau Road BELFAST BT7 3GR The charity is incorporJt¢d in Northern Ireland. N1623538 Company Registration Number Charily Registration Number 102428 Bankers First TrLLSt Bank (Nl) Omieau Road Branch 425 - 427 Ornieau Road Belfasi County Antrim BT7 3GQ Nicholas McKeagu¢ McKeague Morgan & Cmipany 27 College Gardens Belf&si BT9 6BS Independent Examiner Page I
Ormeau Road Boxing Club Ltd Trustees, Report The trustees, who are directOTS for the PU1$e5 of company law, presenr ihe annual report together with the financial staiemenis of the charirable company for the year ended 31 Mar¢h 2021. Trust Mr John Toland Ms Ter¢sa Dohetty Mr Charles Toland S¢rutture> governanfe and man¥J8emeDt Nolur¢ ofzovernl•Jg dwumenl The company is governed by the Memorandum and Articles of Ass(Kiatiort. Or¥aniTsolionalslru¢lur¢ The charity was incorpcrted on 20 March 2014 under the Companies Act 2006. being a private Company limit¢d by guarantee noi having a share capital. Trnsiees are family and friend$ who have the ne¢¢ssary skills need¢d to rther advance the.needs of the chaTity. on¢ of ihe Tnjstees has any beneficial interest in the company. All of th¢ TTusiee5 are members of the company and guarantee to contribute £1 in the eveni of a winding up. Obj¢ctives and ACtiviti¢s Objecis t7nd olms The charity's objKtiv¢s are specifilty r¢stricted to th¢ following:_ (i} to provide opportuniiies for the young people from the Ornieau Road and surrounding areas of South Belfast io panicipate in sport and physical aciivity namely boxing- (li) to provide OPPOrnLniti¢s for participation in spon and physical activities to all regardless of sex, religion, ethnicity, age or ability. (iii) to provide opportunities for lo] people to volunteer within the club as administraiors. Coaches and event $tewards- (iv) io provide facilities appropriate for l)oxing and other physi fitness a¢tivites which meet all relevant health and safety regularions- (v) ro deliver personal development and training pro8Ammes for young people from the Onn¢au Road and Surrounding areas of Sount Belfastthat we based upon their needs and interests Publtc bellefil The charity is Continuing to progress and provide mor¢ opporttmities to a wider range of members in the SUond]ng South Belfast Area. There are currenily 4 members who are County Antrim champion5 and 3 Ulsler champions. The tnjstees confjrrn that they have complied with the requirements olthe Charities Act to have due regard to Ihe public benefil guidance issued by the Charity Commission. Pag¢ 2
Ormeau Road Boxing Club Ltd Trustees. Report Financial review. li is the policy of the charity that unrestricted fijnds which hav¢ not been d¢5ignated for a specific vse should be maintained at a level equivalent to between three and six month'5 expenditure. The Trustees considers that reserves at this level will ensure that. in the event of a significant drop in fvnding. they will be able to continue the charitys Current activities while consideration is given to ways in which additional fund5 may be raised. The Trust¢¢s ar¢ working io achieve fuDd5 of this level. The Trustees have assessed the major risks to which the charity is ¢xpos¢d. and ar¢ satisfied that 5y5tems are in place to mitigat¢ exposure io ihe major risks. Small companies provision statement This report ha5 been prepared in accordance with the small companies regime under th¢ C()mpani¢s Act 2006. The annual s approved by the trusie¢5 of the Charity on 9 December 2021 and signed on its behalf by". Mr Charles Toland TTUSte¢ Page 3
Ormeau Road Boxing Club Ltd Stslement of Trnslees, Responsibilitie5 The tn]5tees (who are a150 the directors of Ormeau Road Boxing Club Ltd for the purposes of company law) are responsible for preparing the trusttts, report and the financial statements in accordanv with the United Kingdom Accounting Standards (United Kingdorn Generally Accepd Accounting PractLce} and applicable law and regulations. Company law rtquires the tmStees to prepare financial sraments for each financial year. Under company law th¢ trusie¢s must not approve the financial stat¢ments unless they are satisfied that they give a true and fair view of the state of affatrs of the charitable cotnpany and of its incorning resources and applicarion of resouT¢es, including irs income and expenditure. for that period. In preparing these financial sthtement5, the trustees are required io.. Select suitable accouniing policies and apply them consislently." observe the methods and principles in the Chariiies SORP- tnake judgements and estimates that are reawnabl¢ and prudent: stsle whether appli¢abl¢ UK Accounting sndards have be¢n follow¢d. subjtri to any matetial departures disclosed and explained in th¢ financial statem¢nts: and prepare the financial $teMents on the going concern basis un]ess it is inappropria1¢ io presume lh* the charitable company will coTriinue in busintss. The truste¢5 are responsible for keeping adequatr accounting records that are sutricieni to show and explain the charitable company'5 transaction5 and disclose with r¢&50nable acrurdcy at any time the financial position of th¢ charitable company and enable theTn to ensure that the financial statements comply wi¢h the Companies Act 2006. They are also responsible for safrguarding the assets of ihe ¢hariuble company and hence for taking. reasonable Steps for the preveniion and detection of fraud and other irregularities. Approv y th¢ trnst the charity on 9 December 2021 artd signed on its behalf by.. Trustee Pag¢ 4
Ornieau Road Boxing Club Ltd Independent Examiner's Report to the trusttts of Ornieau Road Boxing Club Ltd I report io the charity trusiees on my examination of the accounts of th¢ charity for the y¢ar ended 31 March 2021 whi¢h are set out on pages 6 10 14. Respective responsibilities of trnsiees and examintr As the charity's tnJsiees of Omieau Road Boxing Club tAd (and also its direciors for th¢ purrA>ses of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('th¢ 2006 Act.). Having satisfied myself thai the accounts of Orn)eau Road Boxing Club Ltd are noi requir¢d to be audited under the 2006 Aci and are eligible ft>r independent eX]natiOn, it 15 my reponsibility to= examine rhe accounts under Section 65 of the Charicies Aci (Northern Ireland) 2008 ('the Charities Act,). follow the procedures laid down in the general Directions given by the Charity Comrnission for Northem. Ireland under Section 65{9Xb) of ihe Charities Act. and ' stale whether particular matters have come io my attention. Basis of independtnt examioer's report I h8ve examined your charity accounts as required under Seciion 65 of the Charities Act and my examination was Caled out in accordance with the general Directions given by th¢ Charity Commissbon for Northern Ireland under Sect5on 65(9Xb) of the Charities Act. The examination included a review Of the accounting records kept by the charity and a comparison of any unusual items or disclosures in the xcounts. and seeking explanations from you &5 charity trustees ¢on¢¢ming any suth matters. My role is io state whether any mat¢rial njatters have come th my attention giving me cause to b¢li¢ve- l. accounting records were noi k¢pt in r¢sp¢¢t of Omi¢w Road Boxing Club Ltd as required by section 386 of rhe 2006 Aci,. or 2. the accounts do not aCCOTd with those records" or J. the accounts do not comply with the accounting requirements of sxtion 396 of th¢ 2006 Act other than any requiremeni thai ¢h¢ Ounts give a 'm]e and fair view which is noi 8 matter considered as part of an independent examination- or 4. the accounts have not been prepared in aG¢ordane¢ with th¢ methods and principles of the Sthtement of Recommended Prdctice for accounting and Teporting by Chariiies applicable io charitie5 preparing their account5 ITr accordance with the Financial Reporting. Standard applicable in the UK and Republic of Ireland (FRS 102). Independent examiner's $tstem¢nt I have no ¢oncerns and hav¢ ¢orn¢ across no oth¢r matters in connection with the examsnaiion to which artention should be drawn in this report in order to enable a proper utthtstanding of th¢ accounts to b¢ reached. Nicholas McKeague IDStitut¢ (Trf Chartered Accountants in Ireland M¢Keague MoTgan & Company 27 College Garden5 Belfast BT9 6BS 9 December 2021 Pag¢ 5
Ornieau Road Boxing Club Ltd Statement of Fin2nei41 A¢livilies for the Year Ended 31 March 2021 (Including Income and Expenditure AccouDt and Sl¥temeDt of Totsl Recognised Gains aud L053es) Total 2021 Unres¢ric¢ed Restricted J¥t)te Income from: Donations and legacie5 12.936 17,936 Total income 12,936 5,000 17.936 Expenditure on: Charitsble adivili¢s (2.661) 12.661 Total exp¢nditu*e {2,661) {2,661) Nd income 10275 5,000 15.275 movernent in fvnds 10275 5,000 .15,275 Rttonciliation of funds Totsl funds brought fonvard (6.5151 6.515 Total fvnd5 carried forward 3.760 5,000 Unrestricte fund5 8.760 Total 2020 Noie Income and Endowment5 from: Donation5 and legacies 9,108 9,108 Total income 9.108 9.108 Expenditure on: Charitable activiiies (13.457) (13,457) Total expenditure (13.457) (13,457) Nei exp¢nditure (4.349) 4.349) Net movemenr in fijnds {4.349) (4,349) Reconciliation of funds Total ffijnds broughi fomrd Total fund5 carried forward (2.166) {2.166 (6.515 {6,515 All of the charity's activities deriv¢ from continuing operations durkng the al¥¢ two periods. The note5 on pages 8 10 14 fonn an integTal part of these financial statements. Page 6
Ormeau Road Boxing Club Ltd (Regi$tT2tion number: N1623538) Balance Sheet as at 31 March 2021 2021 2020 Note Current assets Cash at bank and in hand 10,110 2.612 Creditors: Amounts f•lling due within one ye4r N¢¢ a5%1[lIsb1IlQleS) 10 (1,350) 9,127 6,515 Funds of the charity: R¢5tricted income funds Restricted funds 5.000 Unrestricted incom¢ fynds Unrestricted funds 3,760 (6.515) (6.515) Total fund$ 8,760 For the financial year ending 31 March 2021 the charity w&s entitled to exemption from audit under sec¢ion 477 of the Companies Act 2)6 relating io small companies. Directors. responsibilities: The members have not required th¢ charty to.IA>tain an audit of its accounts for the year in question in accordance with section 476. and The dire¢tors acknowledge iheir responsibilities for complying with the requirements of the Aci wilh resp¢¢t ¢0 accounting records and the pr¢paration of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. Thefi Dece ial statements on pages 6 14 were approved by the trustees. and authorised for issue on 9 2021 and sign their behalf by". Mr Charles Toland Trusi¢¢ The notes on pages 8 to 14 fonn an integral part of financial statements. Page 7
Orme*u Road Boxing Club Ltd Notes to the Financial Statements for the Year Ended 31 March 2021 I Charity status The charity is limited by Share capital. incorpornted in Northern Ireland. The address of its regisi¢red office is- 469 Om)eau Road BELFAST BT7 3GR These financial 5tatemenis were authorised for issue by the trustees on 9 December 2021. 2 Aecountine policies Surnrnlry of significant accounting policies kty a0tIng estimates Th¢ principal a¢¢ounting policies applied in the preparation of these financial statements are sei out below. These policies have been ¢onsi$tently appli¢d to all the y¢ar5 presented. unless otherwise stated. Statement of eomplian¢t The financial siatemenrs have be¢n prepared in a¢wrdan¢e with Aecountbng and Reporting by Chariiies: Siaiement of Recommended Prnctice applicable to charities preparing their accounrs in accordan¢e with the Financial Reporting Sthndard applicable in ihe UK and Republic of Ireland (FRS 102) {effective l January 20151 {Charities SORP IFRS 102)), the FIrl¢la1 Reponing Standard applicable in ihe UK and Republic of Ireland (FRS 102). They also Qomply with th¢ Companies Act 2006 and Charities Aci 2011. Basis of preparation Omieau Road Boxing Club Lid rn¢¢ts the definition of a publit benefit ¢ntity under FRS 102. Assets and liabilities are initially recognised at hislorical cost or tr3nsaction value unless oiheNise stated in th¢ relevanl accounring policy notes. Going Concern The finan¢ial statements hav¢ b¢¢n prepared.on a going rs)ncern basis. Th¢ trustees assess whether the u5¢ of going ¢oncern 1$ appropriate i.e. whether there are any mat¢rial uncertainties related to events or condilions that may c&%t significant doubt on th¢ abiliry of th¢ charity to continue as a gotng concern. The trustees make this assessment in respeci of a period of one y¢ar from the dale of approval of the financial 5tatetnents. Exemption Crom preparing a cash flow $lat¢m¢nt The charity Opted to early adopt Bulletin I published on 2 Febnwy 2016 and have therefore not included a cash flow statemenr in these financial statements. Income and endowrnents All income is recognised once the chariry has enlitlement to th¢ income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Page 8
Omeau Road Boxing Club Ltd Not¢8 to the Financial Statements for the Year Ended 31 MArch 2021 Don&lions legacies Donations are recognised when the charity has been noiifled in writing of both the amount and 5¢tt1ement date. In the eveni that a donation is subjeci to conditions thai require a level of perfomance by th¢ ¢hariry b¢fore the charity is entiiled to rhe nds. the income is deftThed and noi recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and li is probable that these conditions will be fulfilled in the reporting period. Expenditure All expendilur¢ 15 re£ognised OTKe th¢r¢ is a legal or constn]ctive obliwion to thai expendilure, ir is probable settlement is required and the amount can be measured Teliably. All costs are allated to the applicable expendirure heading tha( aggregaie similar costs to that caiegory_ Wher¢ costs c8nnor be directly attributed ro particular headings they have been allocated on a basis conSLSttnt wtth the use of resource5. Wlth cenrrdl staff costs allocated on the basis of time spent, and"depreciation charges allocated on th¢ portion of the a55et's use. Orher support costs are all31¢d based on the spread of Maff costs. Ch4ril4ble 4Ctiv¥lies Charitable expenditure comprises th05¢ Costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly such aciiviiies and those costs of an indirect nature necessary to suppon them. Support costs Support costs in¢lud¢ central n¢t10n5 and have been allat¢d to activtty cost categories on a basis consistent wi(h the use of resources, for example, all(1ng property costs by floor arw. or per Capi stsff cosis by th¢ time spent and oiher costs by iheir usage. Governanct costs These include the costs allributable to the charity's compliance with conslimtional and statutory requir¢ments, including audit. straiegic managerneni and js[ceS'S meetings and reimburs¢d expen5¢S. TAx4lion The charity 15 considered to pass tht tests set tyjt in Pard8raph I Schedule 6 of the Financ¢ Aci 201 O and therefore it meets the definirion of a charitsble company for UK corpordtion lax purpose5. Accordingly, the ¢harity is poteniially exempt from iaxaiion in respect of income or capital 8ain5 received within categories covered by Ch8pt¢r 3 Part I l of th¢ Corporation T&x Act 2010 or Section 256 of ihe Taxation of Chargeable Gains Aci 1992, to the extent thai such income or gains are applied exclusively io charitsble purpose5. C85h tash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other 5hort-terni highly liquid invesrments that are readily convertible to a kno) amounr of ush and are subject to an insignificant risk of hang¢ in value. Page 9
Ormeydu Road BoxiDg Clnb Ltd Notes to the Finan¢ial Statements for the Year Ended 31 March 2021 Trade creditors Trade creditors are obligaiions io pay for goods or services have been acquir¢41 in the ordinary course of bu5in¢s5 from Suppliers. Accounts payable are classified as current liabiliries if the chariry does not have an unconditional ri8hi, at th¢ end of the reponing period. lo defer settlement of (he crediior for at least 1¥¢ months after the reporting dale. If there is an unconditional righr to deftr seErlement for at least twelve months after ihe reporting dale. they are pr¢sent¢d as non-CUTrent liabiliti. Trade creditors are recognised tniiially at the transaction price and subsequenily me&sured at amortised cost using the effective interesi method. Borrowinv Inieresi-bearing borrowings are initially recorded at fair value, net of transaction costs. Intere%t-bearing borrowings are subsequently at amortised cos4 with the diff¢r¢nce between the proceeds. ner of transaction costs. and the amouni due on redemption being recognised as a charge to the Staiemeni of Financial Activitie5 over the period of the relevant borrowirtg. Interest expense is r¢cogni5ed on the basis of the effective interesi method and is included in interest payabl¢ and similar charge5. Boryowing5 are Classified as curyent liabilities unless rhe charity has an unconditional right to d¢f¢r settlemeni of the liability for at least rwelve months after the reportsng dwe. Fund Structure Unrestricted income funds are gener31 fvnds that are available for use at the trustee5's discreti¢)n in furtherance of the objectiyes of the charity. Restricled income funds are those donaied for use in a particular area or for specifie purposes. the use of which is r¢5tricted to thar area or purpose. Financial instruments Clqssificolion Financial assets and financial liabilities are recogDised when the chwrity becomes a pany to the contracwal provisions of the instrument. Financial liabilities and equity insmjments are classified according fo the Substance of the contractual arrangements entered into. An equity inStmen1 is any contra¢t that eviden¢e5 a residual interest in ihe assers of the charity after deducting all of its liabilities. Pag¢ 10
Ormeau Road Boxing Club Ltd Notes to the Financial Statements for the Year Ended 31 Mar¢h 2021 Recogllilion andmeas4femei All financial Sets and liabiliiies are initially measured ai tyaDsa¢tion price (including transaction costs). ¢x¢¢pt for those financial assets cl&ssifi¢d a5 at fair value through profit or los& which are initially measur¢d at fair value (which is nornially the trdnsaction price excluding transaction Costs). unles5 the angement constitutes # financing trdnsaction. If an arrangement constitutes a fjnancing transaction, the financial asset or financial liability is rneasured at the pr¢5¢nt value of the futt]re payments discounted at a market rate of inter¢st for a similar debt instrument. Financial as5¢ts and liabilities are only off5¢t in the skmen¢ of financial position when, and only when th¢re exists a legally enforceable right to set off the recognised amounts aNd the charity intends either s¢ttl¢ on a nei basis, or ro realis¢ the as5ei and sellle the liability simultsneously. Financial assets are derecognised when and only when a) Ihe contracDJal rights io the cash flows from the financial assd expire or are settled, b) the charity transfers to anoiher patry substsniially all of th¢ risks and rewards of ownership of the financial asseL or cl the charity. despiie having retained some, bui not all, Sl8nificant risks and rewards of ownership. ha5 traTh5ferred contyol orth¢ &55et to another party. Financial liabiliiies are derecognised only when the obligation specified ID th¢ contya¢¢ is d]harged, cancelled or expires. Iv¢ents Inv¢stments in non-¢onvertible preferen shares and non-puttabl¢ ordinary or preference shares (where Shares are publicly traded or their fair value is reliably measurdble) are measured ar fair value ihrough profit or 1055. Where fair value cannot be measured reliably, invesllnents are measured * c05t less impairnKnl. Investments in 5ub5idiarie$ and associates are rnured c05t less irnpairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merg¢r ielief. Cost is measured by reference to rhe nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. Derivoiivefinancidl¥nsirMments The charity uses deriva¢iv¢ financial instnlln¢nts to reduce exposure to foreign exchange risk and inierest rate mov¢m¢nts. Th¢ tharity do¢s not hold or issu¢ d¢rivative financial in5tnttnents for speculative pUoSe$. Derivaiives are initially recognised ai fair value at ihe dale a derivative Wntract is enter¢d into and ar¢ subsequently remeasured to their fair value al each r¢poning date. The resulting gain or loss is recognised in statement of financial activilies imrn¢diat¢ly unless the derivative is designa*d and effective as a hedging instrument. in which event ihe timin8 of the recogniiion in ststemeni of financial activities depends on the t]attJre of the hedge relationship. Falr vdlut meosuremen¢ The best evidence of fair value 15 a quoted price for an identi1 in an active markd. Vlhen quoted prices are unavailabl¢. the price of a r¢c¢nt transaction for an identical a55et provides evidence of fair value as long as Ihere has not be¢n tt signiflcant change in economic circumstsnces or a significant lapse of lime sinc¢ the trall5action t¢M)k place. If the mark¢1 15 not active and recent transaciions of an identical asset on iheir own are noi a good ¢$tirnat¢ of fair value. the fair v4lue ts estimated by Sing a valuation technique. Pagell
Onneau Road Boxing Club Lld Notes to the Financial Statements for the Year Ended 31 March 2021 3 Income from donations legaeies UTrr¢slricted funds Total 2021 Total 2020 Gener81 Reslrieled Donaiions and legacies- Grants received Membership fees 12.936 5,01 17,936 360 8.748 12,936 5.0 17,936 9.108 4 Exp¢nditure ¢h#ritble aetivlties Unrestricted funds Total 2021 Tot1 2020 Genernl Note Governance costs Coaching and prograrnme cos Premises expenses Sundry Equipment Motor expenses 433 433 805 .973 7.556 2,OiKI 228 2.000 228 1.395 612 2.661 2.661 13,457 S Anxly$l$ of govern*nee and sthpport eosts Gov¢rnan¢¢ costs Unrestricted funds General Total 21121 Total 2020 Independent examiner ftts Examination of the financial smements Allocat¢d 5UPPQrt Costs Joo 133 300 133 6NJ 205 433 433 805 Page 12
Ormeau Road Boxing Club Ltd Noles lo the Finanei21 Ststements for tbe Year Ended 31 M¥reb 2021 6 Trustees remuneration and expenses No m15tees. nor any persons connected with thern. have Teceived any remuneration from the ¢harity during th¢ year. No trustees have received any reimbursed expenses or any oth¢r benefits from the charity during the year. 7 Indeptnden¢ ex8mtn¢r's remuner4tion 2021 2020 Examination of th¢ finan¢ial statemen1$ 300 600 8 Taxation The charity is a registered charity aNI is ih¢r¢fore exernpi from tsxaiion. 9 Cash and ¢#$h equivaltnts 2021 21J20 Cash ai bank 10,1 10 2,612 10 Creditors: #mouts falling due wi¢hiTr one yr 2021 2021) Tradc crcditors Trustees current accounts 1,600 5,900 1,627 750 600 Accruals 1,350 9,127 I l Funds Balance #t I April 2020 Incoming resources Re50ur¢es expended Balance at 31 March 2021 Unr¢slriet¢d Genernl (6.515) 12.936 {2.661) 3.760 Resiritted 5.000 5,000 Total (und5 (6.515) 17,936 (2,661) 8,760 Page 13
Ormeau Road Boxing Club Ltd Notes to the Financial Statements for the Year Ellded 31 Marcb 2021 Balanc¢ at I April 2019 Incoming resourc Rtgources expet)ded Balance 8t 31 M•r¢h 2020 Unrestricted G¢n¢ral 12,166) 9,108 (13.457 (6,515 12 Anaty$is ofnel $sets b¢tw¢tD fund$ Unrestricted funds Gener1 Tot81 funds at 31 M*rch 21120 CutTenr assets CutTent liabilities 2,612 (9,127) 2.612 (9.127) Total net a55el$. 16,515) (6,515 13 A Tralysis of nef lunds At l April 20211 Financing cash flows At 31 Mareh 2021 Cath ai bank and in hand 2.612 7,498 10.1 10 Net debt 2.612 At l April 2019 7,498 Financing cash At31 Marth 2020 Cash at bank and in hand 7,J91 (4.779) (4,779) 2,612 Net debt 7.391 2,612 Page 14