REGISTERED COMPANY NUMBER: NI059838 (Northern Ireland) REGISTERED CHARITY NUMBER: XT23088
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 June 2023
for
Taekwon-Do (NI) Ltd
R Savage & Company Accountants & Taxation Consultants Old Bank House 2 Crossgar Road Saintfield Ballynahinch Co. Down BT24 7BD
Taekwon-Do (NI) Ltd
Contents of the Financial Statements for the Year Ended 30 June 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Statement of Financial Activities | 2 | ||
| Balance Sheet | 3 | ||
| Notes to the Financial Statements | 4 | to | 8 |
| Detailed Statement of Financial Activities | 9 |
Taekwon-Do (NI) Ltd
Report of the Trustees for the Year Ended 30 June 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2023. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
NI059838 (Northern Ireland)
Registered Charity number
XT23088
Registered office
20a British Road Aldergrove Crumlin Co. Antrim BT29 4DH
Trustees
L G Maguire
Company Secretary
Mrs M T A M Maguire
Approved by order of the board of trustees on 26 September 2023 and signed on its behalf by:
L G Maguire - Trustee
Page 1
Taekwon-Do (NI) Ltd
Statement of Financial Activities for the Year Ended 30 June 2023
| 30.6.23 | 30.6.22 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 42,728 | 4,346 | |
| Other trading activities | 2 | 1,682 | - |
| Total | 44,410 | 4,346 | |
| EXPENDITURE ON | |||
| Raising funds | 3 | 3,010 | 4,830 |
| Charitable activities | |||
| Competitions | 33,605 | 587 | |
| Total | 36,615 | 5,417 | |
| NET INCOME/(EXPENDITURE) | 7,795 | (1,071) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 2,070 | 3,141 | |
| TOTAL FUNDS CARRIED FORWARD | 9,865 | 2,070 | |
The notes form part of these financial statements
Page 2
Taekwon-Do (NI) Ltd
Balance Sheet
30 June 2023
| 30.6.23 | 30.6.22 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 6 | 93 | 93 |
| CURRENT ASSETS | |||
| Debtors | 7 | 668 | 668 |
| Cash at bank | 14,468 | 1,789 | |
| CREDITORS | 15,136 | 2,457 | |
| Amounts falling due within one year | 8 | (5,364) | (480) |
| NET CURRENT ASSETS | 9,772 | 1,977 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 9,865 | 2,070 | |
| NET ASSETS | 9,865 | 2,070 | |
| FUNDS | 9 | ||
| Unrestricted funds | 9,865 | 2,070 | |
| TOTAL FUNDS | 9,865 | 2,070 | |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 26 September 2023 and were signed on its behalf by:
L G Maguire - Trustee
The notes form part of these financial statements
Page 3
Taekwon-Do (NI) Ltd
Notes to the Financial Statements for the Year Ended 30 June 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 30.6.23 | 30.6.22 | |
| £ | £ | |
| Sponsorships | 1,000 | - |
| Social lotteries | 682 | - |
| 1,682 | - | |
continued...
Page 4
Taekwon-Do (NI) Ltd
Notes to the Financial Statements - continued for the Year Ended 30 June 2023
3. RAISING FUNDS
Raising donations and legacies
| Raising donations and legacies | ||
|---|---|---|
| 30.6.23 | 30.6.22 | |
| £ | £ | |
| Support costs | 700 | - |
| Investment management costs | ||
| Rent collection | 30.6.23 £ 1,716 |
30.6.22 £ 4,830 |
| Aggregate amounts | 3,010 | 4,830 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM | Unrestricted fund £ |
|---|---|
| Donations and legacies | 4,346 |
| EXPENDITURE ON | |
| Raising funds | 4,830 |
| Charitable activities | |
| Competitions | 587 |
| Total | 5,417 |
| NET INCOME/(EXPENDITURE) | (1,071) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 3,141 |
| TOTAL FUNDS CARRIED FORWARD | 2,070 |
continued...
Page 5
Taekwon-Do (NI) Ltd
Notes to the Financial Statements - continued
for the Year Ended 30 June 2023
6. TANGIBLE FIXED ASSETS
| Fixtures | |||||
|---|---|---|---|---|---|
| and | |||||
| fittings | |||||
| £ | |||||
| COST | |||||
| At 1 July 2022 and 30 June 2023 | 218 | ||||
| DEPRECIATION | |||||
| At 1 July 2022 and 30 June 2023 | 125 | ||||
| NET BOOK VALUE | |||||
| At 30 June 2023 | 93 | ||||
| At 30 June 2022 | 93 | ||||
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| Other debtors | 30.6.23 £ 668 |
30.6.22 £ 668 |
|||
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| Trade creditors | 30.6.23 £ (1) |
30.6.22 £ - |
|||
| Other creditors | 4,885 | - | |||
| Accrued expenses | 480 | 480 | |||
| 5,364 | 480 | ||||
| 9. | MOVEMENT IN FUNDS | ||||
| Unrestricted funds | At | 1.7.22 £ |
Net movement in funds £ |
At 30.6.23 £ |
|
| General fund | 2,070 | 7,795 | 9,865 | ||
| TOTAL FUNDS | 2,070 | 7,795 | 9,865 | ||
| Net movement in funds, included in the above are as follows: | |||||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
||
| General fund | 44,410 | (36,615) | 7,795 | ||
| TOTAL FUNDS | 44,410 | (36,615) | 7,795 |
continued...
Page 6
Taekwon-Do (NI) Ltd
Notes to the Financial Statements - continued for the Year Ended 30 June 2023
9. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | ||||
|---|---|---|---|---|
| movement | At | |||
| At 1.7.21 | in funds | 30.6.22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 3,141 | (1,071) | 2,070 | |
| TOTAL FUNDS | 3,141 | (1,071) | 2,070 | |
| Comparative net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| Unrestricted funds | £ | £ | £ | |
| General fund | 4,346 | (5,417) | (1,071) | |
| TOTAL FUNDS | 4,346 | (5,417) | (1,071) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds | At 1.7.21 £ |
At 1.7.21 £ |
Net movement At in funds 30.6.23 £ £ |
|---|---|---|---|
| General fund | 3,141 | 6,724 9,865 |
|
| TOTAL FUNDS | 3,141 | 6,724 9,865 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources resources expended £ £ |
Movement in funds £ |
|---|---|---|
| General fund | 48,756 (42,032) |
6,724 |
| TOTAL FUNDS | 48,756 (42,032) |
6,724 |
continued...
Page 7
Taekwon-Do (NI) Ltd
Notes to the Financial Statements - continued for the Year Ended 30 June 2023
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2023.
Page 8
Taekwon-Do (NI) Ltd
| INCOME AND ENDOWMENTS Donations and legacies Gifts Donations Subscriptions Admissions Exceptional items Other trading activities Sponsorships Social lotteries Total incoming resources EXPENDITURE Investment management costs Rent collection Charitable activities Competition expenses Grants to institutions Support costs Management Insurance Advertising Sundries Training Governance costs Accountancy and legal fees Total resources expended Net income/(expenditure) |
Detailed Statement of Financial Activities for the Year Ended 30 June 2023 30.6.23 30.6.22 £ £ 1 (1) 10,945 50 3,554 3,737 28,228 - - 560 42,728 4,346 1,000 - 682 - 1,682 - 44,410 4,346 1,716 4,830 29,225 (75) 1,500 - 30,725 (75) 280 - 450 - 624 - 2,120 - 3,474 - 700 662 36,615 5,417 7,795 (1,071) |
|---|---|
This page does not form part of the statutory financial statements
Page 9