Company registration number: NP000442 Charity registration number NICI 07431 Ballymacash Sports Academy Limited Annual Report and Financial Statements for the Year Ended 31 March 2024 Ballymacash Sports Academy Limited Contents Reference and Administrative Detali s strategic Report Trustees, Report 3to7 Independent Examinerfs Report 8t09 statement of Financiol Activities ioto 11 Balance Sheet 12to13 Notes to the Finoncial Statements 14to25 Ballymaca5h Sports Academy Limited Reference and Administrative Detalls Chairman Mr Philip Trimble Secretary Mrs Anita Waite Charfty Registrallon Number NIC10743J Company Reglstr(rtlon Number NPCf0442 The charity is inccyporoled in Northem Ireland. The Bluebell Spcxtts Village l Oa Rushmore Drive Li5bum Co. Antrim BT28 2HN Registered Office Accountants Roberts & Co Chartered Accountants Suite 721 Lisbum Enterprise Centre 6 Enterprise Crescent Lisbu Co. Antrtm BT28 2BP Page I Ballymacash Sports Academy Limited Strategic Report for the Year Ended 31 March 2024 The trustees. who are rfirectors for the purposes of company law, present their strategic report for the year ended 31 March 2024. in compliance wth $414C 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 finonciol reserves to provlde 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 wthout a negative impact. As the charity is in its initid stages of existence. the level of unrestricted reserves do not meet thi5 target. However, the trustees are confident that. with the anticipated growth and completion of Ihe 3G Artifical Surface and the associated works. cnupled with the continued construction of the Community Spoi15 Hub. the level of reseNes will ultimately ensure that this objective is ochieved. Principal fvnding sources The principal funding source for rental income is the various organisations that utifise the charity's facilities. Furthermore. thc charity h05 received revenue gront fun¢Jing trom the following sources: l. The National Lottery Community Fund." 2. Lisbum & Castlereagh City Council: 3. Department for Communities: and 4. Aviva Community Fund. The principal funders for the capital works are: l. Department of Communitie5." 2. Deportment for Levelling Up- 3. Whitemountain Fund: 4. Lisburn & Costlereagh Cty Council; and 5. Northem Ireland Housing Executive. The strategic report was approved by the trustees of the charity on 7 November 2024 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 2024. Objecllves and aclivitles Objects and aims The charity exists to offer affordoble sporting facilities to all. regardless of age, gender or disabilify, 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 facifities 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 sociol welfare," such facililles being provided to the public at large. save Ihat special facilities moy be provided for persons, who by reoson of their youth, age. infirmity or disability. poverty or social or economic circumslances may have need of special facilities and services", and Ibl advance amateur sport by maintaining focilities for the home ground of Ballymacash Rangers Football Club as the ￿e-eMinent enterprise in the amateur football community of Lisbvm. Page 3 Ballymacash Sports Academy Limited Trustees, Report Objeclives. strategies and ac*ivilies The charity has received income from private and social enterprises during the year arising from the hire of the chority's facifities. Furthermore. it has received revenue grant funding from the following sources: l. The National Lottery Community Fund: 2. Lisburn & Casflereagh City Council". 3. Department for Communities; and 4. Aviva Community Fund. In adclition, duting the year. the charity has received capital fiJnding. to assist with the construction of the Community Sports Hub. from the following sources: l. Department of Communities", 2. Department for Levelling Up: 3. Whitcmountain Fund; 4. Lisburn & Castlereagh Cty Council: and 5. Northem Ireland Housing Executive. The financial statements disclo.qp a disappointing year, wtth a modest dcficit being returned: this has been charged to reserves. While o modest deficit has been returned, this is converted into a cash surplus, once depreciation and deferred income release have been factored in. However, while Ihe financial statements may show small levels of activity. these dn not demonstrate the tremeridous advances made by the Academy during the year. in particular the continued construction of the Community Sports Hub and its associated works. Additionolly. the financial results demonstrate the increased levels of activity undertaken during the year. It is anticipated that these advances will begin to bear financial benefits in the current financial year ond beyond. Public benefrt The charity has engaged with the community via numerous public meetings to ensure that the public are aware of the charity's oims 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 charify is undertaking activities which provide public benefit to those who avail of its Services. Use of volunteers The charity utilises the senrfices of volunteers. The I￿SteeS acknowledge that all volunt*rs conhibute to the success of the chority's octivities. Page 4 Ballymacash Sports Academy Limited Trustees, Report Golng concem The financial statements have been prepared under the assumption that the charity will continue to operate as a going concern. The Iwstees are confident that the chority retains sufficient reserves to enoble its continued operation for the foreseeable future. On this basis. the trustees believe it is appropriate to prepare the financtal 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 (resigned X) November 20231 Mr Kenneth McAleenon Mr Christopher ￿nIaY Mrs Laura Tumer Mr Ryan Brown Miss Jodie Murphy (resigned 30 November 2023) Mrs Anita Waite Mr Philip Adair Mr Ben Thompson loppointed ￿ November 2023) Mrs Alison Betryman (appointed ￿ November 2023) Chaiman: Mr Philip Trimble Secretary: Mrs Anila Waite Structure. govemance and management Noture of governing document The charity is registered as a Northem Irelar)d IrKJustrial/Provident Company. governed by its constitution. It has been granted charitable stolus by The Charity Commission for Northein Ireland Under registrotion number NIC107431. Recruifrmenl and appolntment of Irustees If appropriate. new trustees are invited onto the Board at the annual generol meeting. There are no specific requirements regarding skills or experience. However. the current ttustees recognise the importance of a diverse and competent Board and this will impact upon any nomination. Those who are invited wli I be involved with Bollymacash Sport5 Academy and will be held in high regard for thetr work. Page 5 Ballymacash Sports Academy Limited Trustees. Report Induch"on and Iraining of trvslees New trustees receive appropriate induclion procedures ar)d training upon appointment. Arrangements for $elh"ng key monagement personnel remunerafv'on No tnjstees receive any remuneration for their services. Organlsolional slructure The Board are currenlly responsibte for the day to day running of the charity. The truslees meet between eight and ten limes annual￿ to discuss financial and strategic issues. policy and procedure5 decisions, and to ratify significant legally binding decisions. Rnanclal inslruments Objecliyes and poficies The charity'5 activitie5 expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is govemed by the chority's policies approved by fhe board of tnJstees, which provide written prtnciples on the use of financial derivatives to manage these risks. The charity does not use derivative financial instnJments for speculative purposes. Cash Ilow risk The charity's activities expose it ￿lMarily to fhe financial risks of changes in foreign currency exchange rates and interest rotes. The charity uses foreign exchange fO￿ard contracts ond interest rate swap contracts to hedge these exposures. Interest bearing ossets and liabilities are held ot fred rate to ensure certainty of cash flows. Credlfr risk The charity's principal financial assets are bank balances and cash. trade and other receivables. and investments. The charity's credit risk is pximarily atttibutoble to its trade receivobles. The amounts presented in the bolance sheet are net of allowances for doubtful receivables. An allowance for impairment 15 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 ore banks with high credit-ratings assigned by inlemalional credit-rating agencies. The charity has no significant concentrotion of credit risk. with exposLre sprea(J over o large number of counterparties and customers. Liquidity risk In order to maintain liquidrty to ensure thcrt sufficient funds are available for ongoing operations and future developments. the charily uses a mixture of long-term and short-term debt finance. Further details regarding liquidity risk con be found in the Slatement of accounting policies in the financial stotements. Page 6 Ballymacash Sports Academy Limited Truslees, Report statement of trustees, responsibllities The Irustees Iwho are also the director5 of Ballymacosh Sports Academy Limited for the purposes of company law} are responsible for preparing the trustees. report and the financial statement5 in occordance with applicable l