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 statement5 of the charitable company for the year ended 31 March 2023. Objectlves and activitles 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: lal provide or asslst 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, infirmify or disability, poverty or Social or economic circumstances may have need of special facilities and services; and Ibl advance amateur sport by maintaining focilitie5 for the home ground of Ballymacash Rangers Football Club a5 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 Ihe following sources: l. Northern Ireland Housing Executive: and 2. Lisburn & Castlereagh City Council. In addition, the charity hos received capital funding, to assist with the installation of a new 3G Artifical Surface and the Communily Sports Hub, from the fo15owing sources: l. Department of Communities,. 2. Co-op Foundation; 3. Army Covenant Fund: 4. Halifax Foundation; 5. National Lottery Community Fund: 6. Groundworks Nl: 7. Li5bum & Castlereagh City Council; 8. Northern Iieland Housing Executive; and 9. Community Ownership Fund. The financial statements disclose a disappointing year, wlth a significant deficit being returned; this has been chorged 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 beneflt 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 charily has commenced the utilisation of its facilitie5 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 it5 Services. Use of volunteers The charity utilises the services of volunteer5. The trustees acknowledge that all volunteers contribute to the success of the charity's activities. Page 4
Ballymacash Sports Academy Limited Trustees, Report Going eoncem The financial statements have been prepared under the assumption that the charity will continue to operate a5 a going concern. The tSteeS are confident that Ihe 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 offlcers 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 Tumer Mr Ryan Brown Miss Jodle Murphy Mrs Anita Waite Mr Philip Adalr (appointed 24 November 20221 Chairman: Mr Philip Trimble Mrs Anito Waite Secretary". structure, govemance and management NatuR of governing document The charity is registered as a Northem Ireland IndustriallProvident Company. governed by its constitution. It has been granted charitable status by The Charity Commission for Northem Ireland under regislration number NIC107431. Recrultment and appolntment of Irustees 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 curTent 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. Induclion and Iralnlng of truslees New trustees receive appropriate induction procedures and training upon appointment. Poge 5
Ballymacash Sports Academy Limited Trustees. Report Arrangements for selhng key monagement personnel remunerafvon No trustees receive any remuneration for fheir services. Organisalional structure The Board are currently responsible for the day to day running of the chority. The trustees meet between eight and ten times annually to discuss financial and strategic issues, policy and procedures decisions, and to rafify significant legally binding decisions. Financial instruments Objeclives and pollcles 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 rlsk The charity'5 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. Credifr rfsk The charity's principal financial assets are bank balances and cash, trade and other receivobles, and investments. The charity's credit risk is primarily attributable to its trade receivables. The amount5 presented in the balance sheet are net of allowances for doubtful receivable5. 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 internationol credit-rating agencies. The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Liquidity rfsk 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 Iwho are also the directors of Ballymacash Sports Academy Limited for the purposes of company lawl 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 statemen*5 unless they ore 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: select suitable accounting policies and apply them consistently", observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudenl; state whether applicabl8 accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and 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 occuracy 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 Anito Waite Company secretary and trustee Poge 7