Company registration number: NP000442 Charity registration number: NIC107431
Ballymacash Sports Academy Limited
Annual Report and Financial Statements for the Year Ended 31 March 2023
Ballymacash Sports Academy Limited
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Strategic Report | 2 |
| Trustees' Report | 3 to 7 |
| Independent Examiner's Report | 8 to 9 |
| Statement of Financial Activities | 10 to 11 |
| Balance Sheet | 12 to 13 |
| Notes to the Financial Statements | 14 to 25 |
Ballymacash Sports Academy Limited
Reference and Administrative Details
Chairman Mr Philip Trimble Secretary Mrs Anita Waite Charity Registration Number NIC107431 Company Registration Number NP000442
The charity is incorporated in Northern Ireland.
Registered Office The Bluebell Sports Village 10a Rushmore Drive Lisburn Co. Antrim BT28 2HN Accountants Roberts & Co Chartered Accountants Suite 721 Lisburn Enterprise Centre 6 Enterprise Crescent Lisburn Co. Antrim BT28 2BP
Page 1
Ballymacash Sports Academy Limited
Strategic Report for the Year Ended 31 March 2023
The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 March 2023, in compliance with s414C of the Companies Act 2006.
Financial review
Policy on reserves
The trustees have developed a reserves policy in order to protect the charity against unforeseen circumstances. This policy states that the charity will seek to build sufficient financial reserves to provide for six months costs in order that the charity's ability to continue operations and develop the charity in the manner planned can be achieved without a negative impact. As the charity is in its initial stages of existence, the level of unrestricted reserves is relatively modest. However, the trustees are confident that, with the anticipated growth and completion of the 3G Artifical Surface and the associated works, coupled with the anticipated construction of the premises, the level of reserves will ultimately ensure that this objective is achieved.
Principal funding sources
The principal funding source for rental income is the various organisations that utilise the charity's facilities. Furthermore, the charity has received revenue grant funding from the following sources:
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Northern Ireland Housing Executive;and
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Lisburn & Castlereagh City Council.
The principal funders for the capital works are:
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Department of Communities;
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Co-Op Foundation;
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Army Covenant Fund;
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Halifax Foundation;
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National Lottery Community Fund;
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Groundworks NI;
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Lisburn & Castlereagh City Council;
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Northern Ireland Housing Executive; and
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Community Ownership Fund.
The strategic report was approved by the trustees of the charity on 30 November 2023 and signed on its behalf by:
Mrs Anita Waite Company secretary and trustee
Page 2
Ballymacash Sports Academy Limited
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2023.
Objectives and activities
Objects and aims
The charity exists to offer affordable sporting facilities to all, regardless of age, gender or disability, while providing a home for sports clubs, youth groups, community groups and the wider community.
The charity aims to:
(a) provide or assist in the provision of facilities and services primarily for the benefit of the community and visitors to and residents of Ballymacash and surrounding areas for recrectional, sporting or other leisure time occupation in the interests of social welfare; such facilities being provided to the public at large, save that special facilities may be provided for persons, who by reason of their youth, age, infirmity or disability, poverty or social or economic circumstances may have need of special facilities and services; and
(b) advance amateur sport by maintaining facilities for the home ground of Ballymacash Rangers Football Club as the pre-eminent enterprise in the amateur football community of Lisburn.
Page 3
Ballymacash Sports Academy Limited
Trustees' Report
Objectives, strategies and activities
The charity has received income from private and social enterprises during the year arising from the hire of the charity's facilities. Furthermore, it has received revenue grant funding from the following sources:
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Northern Ireland Housing Executive; and
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Lisburn & Castlereagh City Council.
In addition, the charity has received capital funding, to assist with the installation of a new 3G Artifical Surface and the Community Sports Hub, from the following sources:
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Department of Communities;
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Co-Op Foundation;
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Army Covenant Fund;
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Halifax Foundation;
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National Lottery Community Fund;
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Groundworks NI;
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Lisburn & Castlereagh City Council;
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Northern Ireland Housing Executive; and
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Community Ownership Fund.
The financial statements disclose a disappointing year, with a significant deficit being returned; this has been charged to reserves. While a significant deficit has been returned, this is greatly reduced, once depreciation and deferred income release have been factored in.
However, while the financial statements may show small levels of activity, these do not demonstrate the tremendous advances made by the Academy during year, in particular the completion of work on the 3G Artifical Surface and associated works. It is anticipated that these advances will begin to bear financial benefits in the current financial year and beyond.
Public benefit
The charity has engaged with the community via numerous public meetings to ensure that the public are aware of the charity's aims and objectives. The charity has commenced the utilisation of its facilities to the target groups, as detailed earlier.
In line with its stated aims and objectives, as noted above, the trustees are confident that the charity is undertaking activities which provide public benefit to those who avail of its services.
Use of volunteers
The charity utilises the services of volunteers. The trustees acknowledge that all volunteers contribute to the success of the charity's activities.
Page 4
Ballymacash Sports Academy Limited
Trustees' Report
Going concern
The financial statements have been prepared under the assumption that the charity will continue to operate as a going concern. The trustees are confident that the charity retains sufficient reserves to enable its continued operation for the foreseeable future. On this basis, the trustees believe it is appropriate to prepare the financial statements on a going concern basis.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Mr Philip Trimble Mr Clarke Thompson Mrs Sandra Walsh Mr Kenneth McAleenon Mr Christopher Finlay Mrs Laura Turner Mr Ryan Brown Miss Jodie Murphy Mrs Anita Waite Mr Philip Adair (appointed 24 November 2022) Chairman: Mr Philip Trimble Secretary: Mrs Anita Waite
Structure, governance and management
Nature of governing document
The charity is registered as a Northern Ireland Industrial/Provident Company, governed by its constitution. It has been granted charitable status by The Charity Commission for Northern Ireland under registration number NIC107431.
Recruitment and appointment of trustees
If appropriate, new trustees are invited onto the Board at the annual general meeting. There are no specific requirements regarding skills or experience. However, the current trustees recognise the importance of a diverse and competent Board and this will impact upon any nomination. Those who are invited will be involved with Ballymacash Sports Academy and will be held in high regard for their work.
Induction and training of trustees
New trustees receive appropriate induction procedures and training upon appointment.
Page 5
Ballymacash Sports Academy Limited
Trustees' Report
Arrangements for setting key management personnel remuneration
No trustees receive any remuneration for their services.
Organisational structure
The Board are currently responsible for the day to day running of the charity.
The trustees meet between eight and ten times annually to discuss financial and strategic issues, policy and procedures decisions, and to ratify significant legally binding decisions.
Financial instruments
Objectives and policies
The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
Cash flow risk
The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
Credit risk
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments.
The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.
Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
Page 6
Ballymacash Sports Academy Limited
Trustees' Report
Statement of trustees' responsibilities
The trustees (who are also the directors of Ballymacash Sports Academy Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The annual report was approved by the trustees of the charity on 30 November 2023 and signed on its behalf by:
Mrs Anita Waite Company secretary and trustee
Page 7
Ballymacash Sports Academy Limited
Independent Examiner's Report to the trustees of Ballymacash Sports Academy Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity’s trustees of Ballymacash Sports Academy Limited (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of Ballymacash Sports Academy Limited 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 your charity’s accounts as carried out under section 65 of the Charities Act (Northern Ireland) 2008 (‘the 2008 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the 2008 Act.
Page 8
Ballymacash Sports Academy Limited
Independent Examiner's Report to the trustees of Ballymacash Sports Academy Limited ('the Company')
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of Ballymacash Sports Academy Limited as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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 fair view' which is not a matter considered as part of an independent examination; or
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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 which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
George T Roberts FCA Roberts & Co Chartered Accountants
Suite 721 Lisburn Enterprise Centre 6 Enterprise Crescent Lisburn Co. Antrim BT28 2BP
30 November 2023
Page 9
Ballymacash Sports Academy Limited
Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Total income Expenditure on: Raising funds Charitable activities 5 Total expenditure Gains/losses on investment assets Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 14 |
Unrestricted funds £ 2,864 92,715 95,579 (459) (131,888) (132,347) 19,250 (17,518) (17,518) 113,474 95,956 |
Total 2023 £ 2,864 92,715 |
|---|---|---|
| 95,579 | ||
| (459) (131,888) |
||
| (132,347) 19,250 |
||
| (17,518) | ||
| (17,518) 113,474 |
||
| 95,956 |
The notes on pages 14 to 25 form an integral part of these financial statements. Page 10
Ballymacash Sports Academy Limited
Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Charitable activities 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 14 |
Unrestricted funds £ 91,234 91,234 (110,658) (110,658) (19,424) (19,424) 132,898 113,474 |
Total 2022 £ 91,234 |
|---|---|---|
| 91,234 | ||
| (110,658) | ||
| (110,658) | ||
| (19,424) | ||
| (19,424) 132,898 |
||
| 113,474 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 14.
The notes on pages 14 to 25 form an integral part of these financial statements. Page 11
Ballymacash Sports Academy Limited
(Registration number: NP000442) Balance Sheet as at 31 March 2023
| Note Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand 11 Creditors: Amounts falling due within one year 12 Net current (liabilities)/assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 13 Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Other reserves Total unrestricted funds Total funds 14 |
2023 £ 499,158 12,570 36,531 49,101 (95,154) (46,053) 453,105 (357,149) 95,956 (35,834) 131,790 95,956 95,956 |
2022 £ 498,271 12,349 57,297 |
|---|---|---|
| 69,646 (43,719) |
||
| 25,927 | ||
| 524,198 (410,724) |
||
| 113,474 | ||
| 934 112,540 |
||
| 113,474 | ||
| 113,474 |
The notes on pages 14 to 25 form an integral part of these financial statements. Page 12
Ballymacash Sports Academy Limited
(Registration number: NP000442) Balance Sheet as at 31 March 2023
For the financial year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements on pages 10 to 25 were approved by the trustees, and authorised for issue on 30 November 2023 and signed on their behalf by:
Mr Philip Trimble Director
Mrs Sandra Walsh Director
The notes on pages 14 to 25 form an integral part of these financial statements. Page 13
Ballymacash Sports Academy Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
1 Charity status
The charity is limited by guarantee, incorporated in Northern Ireland, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation.
The address of its registered office is: The Bluebell Sports Village 10a Rushmore Drive Lisburn Co. Antrim BT28 2HN
These financial statements were authorised for issue by the trustees on 30 November 2023.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Ballymacash Sports Academy 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 notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Income and endowments
Income predominately represents income received for the use of the charity's facilities.
Page 14
Ballymacash Sports Academy Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure comprises those 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 to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including accountancy, strategic management and trustees’s meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Page 15
Ballymacash Sports Academy Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Tangible fixed assets
Individual fixed assets costing £500.00 or more are initially recorded at cost.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets, once they in use, so as to write off the cost or valuation, less any estimated residual value, over their estimated useful economic life as follows:
Asset class Depreciation method and rate Fixtures & fittings 10% straight line Plant & machinery 10% straight line
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 16
Ballymacash Sports Academy Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
Other funds represent the contributions made by members of the general public towards the creation of the future infrastructure of the charity. The people concerned have been given the generic title of Shareholders, but these funds do not hold any rights normally associated with a shareholding in a traditional sense. This money has been provided on an interest free basis and will be repaid once the charity has reached a sufficiently sustainable financial position to justify this. However, should the charity fail to meet this criteria, there is no contractural right to repay these funds.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Page 17
Ballymacash Sports Academy Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of nancial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Derivative financial instruments
The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.
Page 18
Ballymacash Sports Academy Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
3 Income from donations and legacies
| Donations and legacies; Donations from individuals Total for 2023 4 Income from charitable activities Hire of facilities Sponsorships Government grants Total for 2023 Total for 2022 |
Unrestricted funds General £ 2,864 2,864 Unrestricted funds General £ 84,410 1,500 6,805 92,715 91,234 |
Total funds £ 2,864 |
|---|---|---|
| 2,864 | ||
| Total funds £ 84,410 1,500 6,805 |
||
| 92,715 | ||
| 91,234 |
Page 19
Ballymacash Sports Academy Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
5 Expenditure on charitable activities
| Wages & salaries Staff costs & pensions Premises costs Repairs & maintenance Marketing Bank charges Legal & professional fees Administration costs Loan Interest Depreciation Release of capital grants Bad debts Total for 2023 Total for 2022 Wages & salaries Premises costs Repairs & maintenance Bank charges Legal & professional fees Administration costs Loan Interest Depreciation Release of capital grants |
Unrestricted funds General £ 54,070 1,296 26,196 3,452 549 18 4,472 5,197 5,832 63,495 (36,129) 1,640 130,088 109,038 Unrestricted funds General £ 49,573 20,451 1,435 51 930 4,694 6,536 61,497 (36,129) 109,038 |
Total funds £ 54,070 1,296 26,196 3,452 549 18 4,472 5,197 5,832 63,495 (36,129) 1,640 |
|---|---|---|
| 130,088 | ||
| 109,038 | ||
| Total 2022 £ 49,573 20,451 1,435 51 930 4,694 6,536 61,497 (36,129) |
||
| 109,038 |
In addition to the expenditure analysed above, there are also governance costs of £1,800 (2022 - £1,620) which relate directly to charitable activities. See note 6 for further details.
Page 20
Ballymacash Sports Academy Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
6 Analysis of governance and support costs
Governance costs
| Allocated support costs Total for 2023 Total for 2022 |
Unrestricted funds General £ 1,800 1,800 1,620 |
Total funds £ 1,800 |
|---|---|---|
| 1,800 | ||
| 1,620 |
7 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses from the charity during the year.
8 Taxation
The charity is a registered charity and is therefore exempt from taxation.
9 Tangible fixed assets
| Cost At 1 April 2022 Additions At 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 |
Land and buildings £ - 44,394 44,394 - - - 44,394 - |
Furniture and equipment £ 15,745 - 15,745 3,074 1,575 4,649 11,096 12,671 |
Plant and machinery £ 599,213 19,988 619,201 113,613 61,920 175,533 443,668 485,600 |
Total £ 614,958 64,382 |
|---|---|---|---|---|
| 679,340 | ||||
| 116,687 63,495 |
||||
| 180,182 | ||||
| 499,158 | ||||
| 498,271 |
Page 21
Ballymacash Sports Academy Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings and £44,394 (2022 - £Nil) in respect of leaseholds.
10 Debtors
| Trade debtors 11 Cash and cash equivalents Cash at bank 12 Creditors: amounts falling due within one year Bank loans Trade creditors Other loans Other taxation and social security Other creditors Accruals |
2023 £ 12,570 2023 £ 36,531 2023 £ 41,608 31,121 10,126 699 9,800 1,800 95,154 |
2022 £ 12,349 |
|---|---|---|
| 2022 £ 57,297 |
||
| 2022 £ 8,945 9,486 10,126 2,740 9,800 2,622 |
||
| 43,719 |
Page 22
Ballymacash Sports Academy Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Bank borrowings
Bank of Ireland UK - Bounce Back Loan is denominated in Sterling with a nominal interest rate of 2.5%, and the final instalment is due on 31 May 2026. The carrying amount at year end is £41,608 (2022 - £42,000).
As this loan finance is a Bounce Back Loan, no security has been provided by the charity. The loan is due to repaid over 60 months from May 2021. However, to date, repayments are not being requested by the bank.
Other borrowings
Ulster Community Investment Trust Limited with a carrying amount of £90,534 (2022 - £94,926) is denominated in Sterling with a nominal interest rate of 6% (2022 - 6%). The final instalment is due on 19 October 2034.
The loan has been provided on an unsecured basis. The loan is due to be repaid over 15 years.
| Deferred income at 1 April 2022 Resources deferred in the period Amounts released from previous periods Deferred income at year end |
2023 £ (292,870) (20,000) 36,129 (276,741) |
2022 £ (290,599) (38,400) 36,129 |
|---|---|---|
| (292,870) |
13 Creditors: amounts falling due after one year
| Bank loans Other loans Deferred income |
2023 £ - 80,408 276,741 357,149 |
2022 £ 33,055 84,799 292,870 |
|---|---|---|
| 410,724 |
Page 23
Ballymacash Sports Academy Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
14 Funds
| Unrestricted funds General Designated Total funds Unrestricted funds General Designated Total funds |
Balance at 1 April 2022 £ 934 112,540 113,474 Balance at 1 April 2021 £ 20,358 112,540 132,898 |
Incoming resources £ 95,579 19,250 114,829 Incoming resources £ 91,234 - 91,234 |
Resources expended £ (132,347) - (132,347) Resources expended £ (110,658) - (110,658) |
Balance at 31 March 2023 £ (35,834) 131,790 |
|---|---|---|---|---|
| 95,956 | ||||
| Balance at 31 March 2022 £ 934 112,540 |
||||
| 113,474 |
The specific purposes for which the funds are to be applied are as follows:
Other (designated) funds represent the contributions made by members of the general public towards the creation of the future infrastructure of the charity. The people concerned have been given the generic title of Shareholders, but these funds do not hold any rights normally associated with a shareholding in a traditional sense. This money has been provided on an interest free basis and will be repaid once the charity has reached a sufficiently sustainable financial position to justify this. However, should the charity fail to meet this criteria, there is no contractural obligation to repay these funds.
Page 24
Ballymacash Sports Academy Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
15 Analysis of net assets between funds
| 15 Analysis of net assets between funds | |||
|---|---|---|---|
| Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets |
Unrestricted funds General £ 416,469 - (95,154) (357,149) (35,834) Unrestricted funds General £ 455,377 - (43,719) (410,724) 934 |
Other funds £ 82,689 49,101 - - 131,790 Other funds £ 42,894 69,646 - - 112,540 |
Total funds at 31 March 2023 £ 499,158 49,101 (95,154) (357,149) |
| 95,956 | |||
| Total funds at 31 March 2022 £ 498,271 69,646 (43,719) (410,724) |
|||
| 113,474 |
Page 25
Ballymacash Sports Academy Limited
Detailed Statement of Financial Activities for the Year Ended 31 March 2023
| Income and Endowments from: Donations and legacies (analysed below) Charitable activities (analysed below) Total income Expenditure on: Raising funds (analysed below) Charitable activities (analysed below) Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Total 2023 £ 2,864 92,715 95,579 (459) (131,888) (132,347) (36,768) (36,768) 934 (35,834) |
Total 2022 £ - 91,234 |
|---|---|---|
| 91,234 | ||
| - (110,658) |
||
| (110,658) | ||
| (19,424) | ||
| (19,424) 20,358 |
||
| 934 |
This page does not form part of the statutory financial statements. Page 26
Ballymacash Sports Academy Limited
Detailed Statement of Financial Activities for the Year Ended 31 March 2023
| Donations and legacies Appeals and donations Charitable activities UK Government grants Non Government Grants Sponsorship Rental income Raising funds Crowdfunding Fees Charitable activities Wages and salaries Staff NIC (Employers) Staff pensions (Defined contribution) Staff training Rent Water rates Light, heat and power Insurance Repairs and maintenance Telephone and fax IT costs Printing, postage and stationery Trade subscriptions Sundry expenses Cleaning Travel and subsistence Marketing Legal and professional fees Bad debts written off Bank charges Bank interest payable Loan interest |
Total 2023 £ 2,864 2,864 6,805 - 1,500 84,410 92,715 (459) (459) (54,070) - (1,266) (30) (2,400) (3,020) (12,840) (7,936) (3,198) (626) (1,731) (1,172) (195) (1,396) (253) (77) (550) (4,472) (1,640) (18) (97) (5,735) |
Total 2022 £ - |
|---|---|---|
| - | ||
| 5,158 4,687 6,320 75,069 |
||
| 91,234 | ||
| - | ||
| - | ||
| (44,760) (3,749) (1,064) - (3,200) (922) (10,935) (5,394) (1,171) (734) (2,118) (1,405) (145) (292) (264) - - (930) - (51) (745) (5,791) |
This page does not form part of the statutory financial statements. Page 27
Ballymacash Sports Academy Limited
Detailed Statement of Financial Activities for the Year Ended 31 March 2023
| Depreciation of plant and machinery Depreciation of fixtures and fittings Release of capital grants Accountancy fees |
Total 2023 £ (61,920) (1,575) 36,129 (1,800) (131,888) |
Total 2022 £ (59,923) (1,574) 36,129 (1,620) |
|---|---|---|
| (110,658) |
This page does not form part of the statutory financial statements. Page 28