Ballymacash Sports Academy Limited Statement of financial Activitles for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unreslricted funds Total 2024 Note Income and Endowments from: Donotions and legacies Charitable activities 3.912 166.488 3,912 166,488 Totol income 170.4C() 170.400 Expendtture on: Raising fund5 Charrtable activities (8.293) 172.836 {8,2931 1172.836) 181,129 Total expenditure 181.129 Net expenditure 10,729 Net movement in funds (10.7291 {10.7291 Reconcilialion of funds Total funds brought forward Total funds carried forword 95.956 95.956 14 85.227 85,227 The notes on pages 14 to 25 form on integral port of these financial statements. Page 10
Ballymacash Sports Academy Limited statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted lunds Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities 2.864 92,715 2,864 92.715 Total income 95.579 95.579 Expendilure on: Raising funds Charitable activities {459) (131,888 1459) 131,8881 Total expenditure Goins/losses on investment assets Net expenditure {132,347) 19,2 1132.347) 19,2 17.518 17,518 Net movement in funds Reconciliation of funds 117.518) {17,5181 Total funds brought forward Total funds carried forward 113.474 113.474 14 95,956 95,956 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 14. The notes on pages 14 to 25 fom an integral part of these financial statements. Pagell
Ballymacash Sports Academy Limited (Registration number: NP000442) Balance Sheet as af 31 March 2024 2024 2023 Note Fed assets Tangible assets Current assets Debtors Cash at bank and in hand 1.017.430 499.158 10 22.870 209,912 12,570 36.531 232.782 49,101 Creditors: Amounts folling due wilhin one year Net current assets/(Ilobifrties) Total assets less cuThent liabilities 12 92.941 95.154 139.841 46.053 1.157.271 453.105 Credllors: Amounts falling due alter more than one year 13 Net assets 1,072.044 357.149) 95,956 85.227 Funds of the chafltr. Unreslricted Income fund5 Unrestricted funds Other reserves 146,5631 131,790 {35.8341 131.790 Total unrestricted funds 85.227 95.956 Total funds 14 85,227 95.956 The noles on pages 14 to 25 form an integral part of *hese financial stofements. Page 12
Ballymacash Sports Academy Limited (Registration number. NP000442) Balance Sheet as al 31 March 2024 For the financial year ending 31 March 2024 fhe charity was entitled to exemption trom audit under section 477 of the Companies Act 2L¥)6 relating to small companies. Directors. responsibilities". The members have not required the charity to obtain an audit of its accounts for the year in question in occordonce with section 476: and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preF)oration of accounts. The financial statements on pages 10 to 25 were approved by the trustees. and authorised for issue on 7 November 2024 and signed on their behalf by: Mr Philip Trimble Direc Mr Ben Thompson Director The notes on pages 14 to 25 form on integral part of these financial stalements. Poge 13
Ballymacash Sports Academy Limited Notes to the Financial Statements for the Year Ended 31 March 2024 I Charity stalus The charity is limited by guarantee. incorporated in Northem Ireland, and consequently doe5 nol have share capital. Each of the Irustees is liable to contribute on amount not exceeding £Nil towards Ihe assets of the chority in the event of liquidafion. The address of its registered office is". The Bluebell Sports Village l Oa Rushmore Drive Lisburn Co. Antrim BT28 2HN These financial statements were authorised for issue by the trustees on 7 November 2024. 2 Accounting pollcies Summary of signiffcant accounting policies and key accounfing eslirnates The principal accounting policies applied in the preparofion of these financial statements are set out below. These poficies have been consislently applied to all the years presented, unless otherwise stated. stalemenl of compliance The financial statements havFb been prepored in accordance wrth Accounting and Reporting by Charities: Statement of Recommended Practice lapplicable to challties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)) (issued in October 20191 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act XQ6. Basis of preporalion Ballymacash Sports Academy Limifed meets the definilion of a public benefit entity under FRS 102. A5sels and liabilities are initiolly recognised at historical cost or transaction value unless otherwise stated in the relevanl accounting policy notes. Going concem The financial statements have been prepared on a going concem basis. The twstees assess whether the use of going concein 15 appropriate i.e. whether there are any material uncertainties related to events or conditions that may cost significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year trom the date of approval of the financial statements. Page 14
Ballymacash Sports Academy Limited Notes to the Flnanclal Statements for the Year Ended 31 March 2024 Income and endowments Income predominately represents income received for the use of the charity's facilities. Don(th"ons and legacies Donalions are recogntsed when the charity has been notified in writing of both the amount and settlement date. In the event thot a donation is subject to conditions that require a level of performance by the charity before the chority is entitled to the funds, the income is deferred and not recognised until either those conditions ore 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 thot aggregate similar costs to that category. Where costs cannot be directly attributed to particular heacfings they have been allocated on o basis consistent with the use of resources. wfh central staff costs allocated on the basis of time spent. and deF*eciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff c05tS. All resources expended are incKJsive of irrecoveroble VAT. Raising funds These are costs incurred in otlracling voluntary income. the management of investments and those incurred in trading activities that raise funds. Chariftable aclivifies Charitable expenditure comprtses fhose costs IncUed by the charity in the delivery of its octivilies and services for its beneficiaries. 11 includes both costs that can be allocated directly to 5vch activities and those costs of an indirect nalure necessary to support them. Support costs Support costs include centrol functions and hove been ollocated to activity cost categories on a basts consistent with the use of resources, example. allocating property costs by floor areas, or per capita, staff cosls by the time spent and other costs by their usage. Govemance costs These include the costs attributable to the charity's compliance with constitutional and stotulory requirements. including accountancy. 5trafegic management and trustees's meetings and reimbursed expenses. lffecoveroble VAT Irrecoverable VAT is charged against the category of resrceS expended for which it was incurred. Poge 15
Ballymacash Sports Academy Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Taxalion The chcrity is considered to pass the tests set (Lrf in Paragraph I Schedule 6 of the nance Acl 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 cafegories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or goins are appfied exclusively to charitable purposes. Tangli )le fixed assets Individual fixed assets costing £5(K).CK) or more are initially recorded at cost. Depreciaffon and amortisalion 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 Iheir estimated use1 economic life as follows: Asset class Fixtures & fittings Plant & machinery Depreclalion method and raFe IO% straight line l 0% straight line Trade debtors Trade debtors are amounts due from cuslomers 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 impowment of trade debtors is established when ttiere is objective evidence that the charify will not be able to collect all amounts due according lo the original terms of the receivables. Cash and co5h equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-tem highly liquid investments thal are readily convertible to o known amount of cash and are subject to an insignificant risk of change in vdue. Page 16
Ballymacash Sports Academy Limited Notes to the Financlal Statements for the Year Ended 31 March 2024 Trade credilors Trade creditors are obligations lo pay for goods or services that have been ocquired in the ordinory course of business from suppfiers. Accounts payable are classified as current liabilities it the chartty does not have on unconditional right. af the end of the reporting period, to defer Settlement of the creditor for at least twelve month5 after the reporting date. If lhere is an uncondilional righl to defer setmement for at least bNelve months after the reporting date, they are presenled as non-CUen* liabilitie5. Trade creditors ore recognised initially al the fronsaction price and subsequently measured at amorti5ed cost using the effective interest method. Borrowlngs Interest-bearing borrowings are inttially recorded af 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 fo the Statement of nancIal Activifies over the period of the relevant borrowtng. 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 unconditionol right to defer settlement of the Irobility for at least twelve months after the reporting dote. Fund slrvclure Unrestricted income funds are general funds that ore avaliable 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 Ihe conftibutions made by members of the general public towards the creation of the fufure infrastructure of the chority. The people concemed have been given the generic title of Shareholders. but fhe5e tunds do not hold any rights normally associated wth a shareholcting in a traditional sense. This money has been provided on an interest free bosis and will be repaid once the charity has reoched a sufficienttry sustainable financial posilion to justify this. However. should the charity fail to meet this criteria. there is no contraclural right to repay these fiJnds. financial Instruments Classificallon Financial assets and financial liabifities are recognised v4hen the charity becomes a party to the contractual provisions of the in5tTument. nancial liabilities and equity inslruments are classified according to the substance of the contractual aangeMentS entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducling all of its liabilities. Page 17
Ballymacash Sports Academy Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Recognition and measurement All financial assets and liobilities are initially measured at transaction price (including transaction costs). except for those financial assels classified 05 at fair value through profit or loss. which are initially measured at fair value {which is normally the transaction price excluding transaction cosls). unless the arrangement constitutes a financing transaction. If an aangernent constitutes a ftnancing transaction, the financial asset or financial liobility is measured at the present volue 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 stotement of financiol position when. and only when there exists a legally enforceable right to set off the recognised amounls and the charity intends either to settle on a net basis. or to realise the asset and settle the liability simultaneou51y. Financial assets are derecognised when and onty when a) the contractual rights to the cash flows from the firiuriLiol a55et 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 cl the charify, despite having retained some. but not all, Significant risks and rewords of ownership, ha5 transferred confrol of the asset to another party. nancial linbilities are derecognised only when the obligation Specified in the coiilwuLt 15 dischorged, cancelled or expires. Investments Investments in non-convertible preference shares and non-puttable ordinary or preference sharps Iwhpre shares are publicly troded or thcir fair valve is reliably meusuiublel are measured ot fair value through profit or loss. Where fair value connot be measured reliably, investments are measured at cost less impairment. Investments in subsidiaries and associates are measured at cost less impairment. For invesfments in subsidiaries acqured for consideration including the issue of shores qualifying for merger relief. cost 15 measured by reference to the nominal valve of the shares issued plus fair value of other consideration. Any premium is ignored. Derivative financlal inslruments The charity uses derivative financial instrument5 lo reduce exposure to foreign exchonge risk ond 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 immediatety unless the derivative is designated and effective as a hedging instrument. in vthich event the timing of the recognition in statement of financial activities depends on the nature of Ihe hedge relationship. Page 18
Ballymacash Sports Academy Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Fair value measurement The best evidence of fair value is a quoted ptice for an identical asset in an active market. When quoted prices are unavailable. fhe lce of o recent transaction for an identical a55et provides evidence of far value os long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took ploce. If the market ts not active and recent transactions of an idenlicol asset on their own are not a good e5timote of fair value. the fair value is estimated by using a valuation lechnique. 3 Income from donalions and legacles Unreslricted Ivnds General Total funds Donations and legacies". Donations from individuols 3.912 3.912 Total for 2024 3.912 3,912 Total for 2023 2.864 2,864 4 Income from charitable activilies Unreslricled funds General Total funds Hire of facilities SponSh1p5 Govemment grants Other grants Fundraising Total for 2024 107.091 107.091 6.271 43.857 5.739 6,271 43.857 5.739 166.488 166,488 Total for 2023 92.715 92,715 Poge 19
Ballymacash Sports Academy Llmited Notes to the Financial Statements for the Year Ended 31 March 2024 5 Expendilure on charitable aclivilles Unrestricted funds General Total funds Wages & salaries staff costs & pensions Premises costs Repairs & maintenance Bank charges Legal & professional fS Administration cosfs Loan Interest Depreciotion Release of capital grants Total for 2024 69.275 3.629 31.493 17.453 37 5.239 8.941 6,960 63.839 36,129 69,275 3.629 31.493 17.453 37 5,239 8.941 6.960 63.838 36.129 170.736 170,736 Total for 2023 130,088 130.088 Unreslrlcfed funds General Total 2023 Woge5 & salaries staff costs & pensions Premises costs Repars & maintenance Marketing Bank charges Legol & professionol fees Administrotion costs Loan Interest Depreciation Release of capitol grants Bad debts 54.070 1.296 26.196 3.452 549 18 4.472 5,197 5.832 63.495 136.1 29) 1.640 54.070 1.296 26.196 3.452 549 18 4,472 5.197 5.832 63.495 136,129) 1.640 130,088 130.088 In addition to the expenditure anolysed above. there ore also governance costs of £2.] CM) 12023 - £1 .8(K)I which relate directly to charitatje activities. See note 6 for further details. Page 20
Ballymacash Sports Academy Limited Notes to the Financlal Statements for the Year Ended 31 March 2024 6 Analysls of govemonce and 5UPPOrt costs Govemance costs Unresfricted funds Generd Total fund5 Allocated support costs Total for 2024 2.ICX) 2,100 2.IC() 2,100 Total for 2023 7 Trustees remuneralion and expenses No trustees. nor any persons connecled with them. hove received any remuneration from the chority during the year. No trustees have received any reimbursed expenses from the charity during the year. 8 Taxalion The charity is a registered charity and is therefore exempt from taxotion. 9 Tangible fixed assets Land and buildings FurnKure and equipment Plant and machinery Total Cost At l Apnl 2023 Additions 44.394 563.574 15.745 17.293 619.201 1.244 679.340 582,111 At 31 March 2024 607.968 33.038 620.445 1.261,451 DepTeclaHon At l April 2023 Charge for the year At 31 March 2024 4.649 1.795 175,533 62.044 180,182 63,839 6.444 237,577 244.021 Nel book value At 31 March 2024 607,968 26.594 382.868 1.017,430 At 31 March 2023 44.394 11.096 443,668 499.158 Page21
Ballymacash Sports Academy Limited Notes to the Flnancial Statements for the Year Ended 31 March 2024 Included within the net book volue of lond and buildings above is £Nil {2023 - £Nil) in respect of freehold land and buildings and £607,968 (2023 - £44.394) in respect of leaseholds. l O Debtors 2024 2023 Trade debtors other debtors 16,370 12.570 22.870 12.570 11 Cash and c(tsh equlvolents 2024 2023 Cash on hand Cash at bank 209.909 36,531 209.912 36.531 12 cr•dItro amounts fdllng due wFlhin one year 2024 2023 Bank loans Trade creditors Other loans other taxation and social security Olher creditors Accruals 41.608 26.170 10.126 1.784 41.6C 31.121 10,126 699 3.453 1.800 92.941 95.154 Page 22
Ballymacash Sports Academy Limited Notes lo the Financial Statements for the Year Ended 31 March 2024 Bank borrowlngs Bank of Irelond UK - Bounce Back Loan is denominated in Sterfing with a nominal interest rate of 2.5%. and the final instalment is due on 31 May 2026. The carrying amount ot year end is £41,60812023- £41.608). As this loan finance is a Bounce Bock Loan. no securify 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 borrowlngs Ulster Community Investment Trust Limited with a carrying amount of £245.OCO {2023 - £90.534) is denominated in Sterling with a nominal interes* rafe of 6%12023 - 6%). The final instalment is due on 31 March 2039. The loan has been provided on an unsecured basis. The loan is due to be rcpoid over 15 year5. 2024 2023 Deferred income at l April X)23 Resource5 deferred in the period Amounts released from previous periods Deferred income at year end (276.741) 1596..&5R) 36,129 {292,8701 {20.OW) 36,129 &37,170 276,741 13 credito amounts falling due after one year 2024 2023 Other loans Deferred income 234.874 &37,170 80,408 276,741 1.072044 357,149 Page 23
Ballymacash Sports Academy Limited Notes to the Financial Statements for the Year Ended 31 March 2024 14 Funds Balance aF 31 March 2024 Balance at i Apiil 2023 Incoming resources Resources expended Unreslricted lund5 General {35,834J 170,4 1181,129) 146.5631 131.790 Designated 131.790 Total funds 95.956 181.129 85.227 Balance at 31 Morch 2023 Bdance ot I April 2022 Incoming resources Resources expended Unreslricled funds General 934 95.579 {132.3471 (35.834) 131.790 Designated 112,540 19.2X) Total funds 113.474 114,829 132,347 95,956 The specific purposes for which the funds are to be applied are as follows: other (designated) funds represent the conftibutions made by members of the general public towards the creation of the future infrtrUctUre of the charity. The people conceffted have been given the genertc tille of Shareholders. Jt these funds do not hold any righls normally associated wilh a shareholding in a traditional sense. This money has been provided on an interest free basi5 and will be ret)aid once the charity has reached a sufficiently sustainable financial position to juslify this. However. should the charity fail fo meet this criteiia, there is no contractural obligation to repay these funds. Page 24
Ballymacash Sports Academy Limited Notes to the financlal Statements for the Year Ended 31 March 2024 15 Analysis of net assets belween funds Unresfricted funds Generd Totol fvnds at 31 Morch 2024 other funds Tangible fixed assefs Current assets Cuffent liabilities Creditors over l year Total net assets 1.017.430 I,992 (92.941) 1 ,072,044 1,017,430 232.782 192,941) 7.072044 131,790 46.563 131.790 85,227 Unrestrfcted funds General Totol fvnds a 31 Maich 2023 other funds Tangible red o55ets Current assets Current liabilities Creditors over l year Total net assets 416.469 82,&89 49.101 499,158 49,101 195,1541 357,149 195.154) 357.149 35.834 131.790 95.956 Page 25
Ballymacash Sports Academy Limited Detailed Statement of Financial Activities for the Year Ended 31 March 2024 Total 2024 Total 2023 Income and Endowments from: Donations and legacies {anolysed below) Charitable activities lanalysed below) Totol income 3,912 166.488 2,864 92.715 170,4(X) 95.579 Expenditure on: Raising funds lanalysed below) Charitable activities (anclysed below) Total expenditure {8.293) 172.836 1459) 131.888 1181,129 132.347 Net expencfiture 10.729 (36.768 Net movement in funds (10.729) (36.768) Reconcillalion of fund5 Total funds brought forward Tofal funds carried forward 35.834 934 46,563 35,834 This page does not form port of the statutory financial statemenfs. Page 26
Ballymacash Sports Academy Limited Detailed Statement of Financial Activities for the Year Ended 31 March 2024 Total 2024 Total 2023 Donalions and legacies Appeals and donations 3.912 2.864 3,912 2,864 Chantable aclivities UK Government grants Non Govemment Grants Sponsorship Rental income Fundraising 6.271 43R57 6.eQ5 i.x)o 84.410 107.091 5.739 166.488 92,715 Rafslng funds other fundraising costs Crowdfunding Fees 18.2931 459 8,293 459 Choritable aclivilies Wages and salaries staff pensions IDefined contribution) staff training Volunteer expenses 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 169,275) 11.131) {1.767) 1731) 12.4CK)) 13.557) {14,838) (10.6981 {17.453) (54.0701 11.266) {30) 12,4001 13.0201 112.840) 17.9361 13.198) 1626) 11.731) 11.1721 (195) 11.396) 1253) {77) 1550) (4.4721 11.6401 1181 (1.567) (1.594) 1 1.838) 12,4741 (687) (273} {5.239) (371 This page does not fom part of the statutory financial statements. Poge 27
Ballymacash Sports Academy Limited Detailed Statement of Flnancial Activilies for the Year Ended 31 March 2024 Total 2024 Total 2023 Bank interest payable Loan interest Deprecialion of plant ond mochinery Depreciation of fixtures and fittings Release of capital grants Accountancy fees 1971 15.7351 161.9201 {1.575) 36.129 1.800 16,960) 162.0431 {1,795) 36,129 21CK) 172,836 131,888 This page d$ not fom part of the statutory financial statements. Page 28