Charity registratiffl nurnber.. 107952 ST MONICA'S BOXING CLUB Annual Report and Financial Siaiements for the Year Ended 2 May 20?3 Qi P Bojle & Cotnpany Ltd Old Fire Station Cecil Streei Newry Co Down BT3) 6AU
ST MONICA'S BOXING CLUB Contents Reference and Administrative Details S Iralegic Report Trustees, Report 3 104 Indendent Exarninerfs Report Slatement of FIna]la] Activilies BalanLe Sheet Nbtes lo the Financial Statenrnts 8 10 15
ST MONICA'S BOXING CLUB Reference and Administrative Details Trllsteesl Directors Owen Murphy Alan McGreevy Anthony Jennings Principal Offjcel Register1 Otric¢ 7 Daisy Hill Newry Co Down BT35 8PN The charity is incorporafrd in Northem Ireland. Charity Registration Number 10795? Independent Examiner G P Boyle & Company Lid Old Fire Staiion Cecil Sireet Newry Co. Down BT35 6AU Page I
ST MONICA'S BOXING CLUB Strategic Report for the Year Ended 2 May 2023 The tsteeS, who are dir¢ctors for the purposes of company law, present their streiC report for the year ended 2 Ma). 2023, in compliaT)ce with s414C ofthe Companies Act 2006. inancial review In line with recommended practice from the Chariry Commisson for Northern Ireland, the boxing club has established a reserves policy to ensure the stability of the mission, prog7ramme, employment and ongoing operaiions of the organisation. A proportion of these reserves have lo be maintained in a readily realisable torm. Fundraising will continue on a year to year basis. The strategic report was approved by the tnjstees otthe charity on........................ and sibmed on ils behalfby: (hven Truslee Alan MIGreev)' Trusiee Page 2
ST MONICA'S BOXING CLUB Trustees, Report The trustees, who are directors for the purposes of company law, present the annual report together with the tinancial statements of the charitable company for the year ended ? May ?0?3. Objectives and activities The main benetits that flow from the purposes ot" St Monica's Boxing Club is to help to broaden. as t-ar as possibl¢, access to boxing facililies in New and surrounding area in order to enhance participation and develop physical and mental boKing skills. Such participation enhances the physical benefits to participants by way of healthy active participation i n boxing. Participation also encoura&yes sportsmanship, discipline and personal development at all levels. It also provides enjoyment to those spectating. The benefits are demonstrated through teedback from individual members. There is no hami arising from any of the purposes. The beneficiaries are people with an inleresi in boxing, sport and physical development and indeed anyone in the communitv who wishes to participate. There is no hami flowing I'rom ihe purposes and any private benefit is incidental. They provide fully qualified boxing coaches to leach local members ot Ihe community to box. This can be I'or gF¢neral titn¢ss or in competition such as IoLal club events or national events. We also provide a safe and neutral environment t-or people from al I communities lo come together boih lo train. learn and break down barriers. We aim to build people lo help them gain contidenLe to rcach their tul I potential in lile and raise the level ot achievement of the local area with parlicular em phasis on providi a Sportin outlet and sportinby opportunities tor the local comm unity. Going concern Management have considered a period of at least 12 months trorn the date of approval of these tinancial stalements as part ot. their assessment ot. the appropriateness of- the going Loncern assLimpiion, and have ¢onLILided thal the gFoingi LonLem basis is appropriate. Tlie et"teLt of Covid-19 in ?0?01? I has nol created any doubt on ihe ability ot the company lo continue. Pa¥e 3
ST MONICA'S BOXING CLUB Trustees, Report StructurG governance and management Organisalicjnal slructure St. Monica's Boxing Club is a regislered charity with The Charity Commission for Northern Irel8nd under charity number 107952. Recruitment and trustees There were no changes to the charity trustees during the financial year. Organisation Structure The Board consists of three Trustees who administer the club and meet monthly. The Board has appointed a club Leader to manage the day-to-day operalions of the club. The leader has delegyated authority, within lenns of delegFated approval, for oExrational matters including Slaty supervision, delivery ot activities and budgyetary management. Slal'f also undertake regular training. The annual report was approved by the trustees of the charity on . . and signed on ifs behalf by.. Owen lUrphY Trustee Alan fvlcGreevy Trustee Page 4
ST MONICA'S BOXING CLUB Independent Examiner's Report to the trustees of SL m(1¢9,5 )xIng flub I report to tIE charity trnslees on my examination of the &COun ofthe charity tor the year ended 2 May 2023 which are set out on pages 6 to 17. Respeetive responsibilities of trustees and examiner As th¢ charity's tnteeS of ST MONICA'S BOXING CLUB you are responsible for the preparation of the accounts In accordance with the requirements ot.the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of ST MONICA'S BOXING CLUB are not required to audited under Part 16 of the 2006 Act and 8re eligible for independent examination, it is my responsibi lity to: examine Ihe accounts under seciion 65 of the Charities A¢1 (Northem Ireland) ?008; - lo follow the predureS laid down in the getrral Directions given by the Charity Commission for Nonhem treland under seclion 65(9Xb) of the Chariiies Act. and to stale whether particular matlers have come 10 mv atteniion. I have examined your Lharity s accounts as required under section 65 of the Charities Aci and my examinaiion 'as Caled out in accordance wilh the gFeneral Directions given b! the Chariry Commission for Nonhern Ireland under seciion 6i(91(bl ol. the Chariiies Aci. The exam inaiion included a review ol- the accouniingl records kepi bN' the charity. and a comparison ol. the accounts presenied with those records. It also includes consideration of any. unusual iiem s or disc losures in (he accounts, and seek ing exp lanations from vou as charity. trustees concerning ani such mailers. Independenl examiner's statement I have cornpleted my exarnination. I confinn th& rK) Matte have come to my attention in connection with the examinalion gyivingy me cause to lieve.. a(clnting1 reLI)r<ls ivere not kept in resFeci of ST MONICA'S BOXING CLUB as required by seciion 386 ofthe ?006 ALt; or ? the accoiinls do noi aLcord 'ith Ihose records: or 3. Ihe accounts do rK)t Lomply with accountinL7 requirements of seciion 396 ot.t1 ?Q06 Act other than any requir¢nYnt that the accounts brive a 'true and lair vie, thich is rKrt a matter considered as w ot. an independent exam ination: or 4. the accounts have not been prepared in aLcordanc¢ with the methods and principles of the Statement of Recommended Practice tor accounting7 and reporting, by charities lapplicable lo Lharilies preparin&7 their accounts in acLordanLe wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 10?11. I have no concems and have come across no other matters in connection with the examinaiion to whiLh attenlion should be drawn in this report in order to enable a proper underslandins? of Ihe accounis 10 be reached. Cerald Prf)yle FCA Old Fire Station CeL'iI Street NeN Co Dow'n BT3) 6AU I, December ?0?3 Page i
ST MONICA'S BOXING CLUB Statement of Financial Activities for the Year Ended 2 May 2023 Oncluding Income and Expenditure Account and Statement of Total Recognised Gains and Losses) 2023 Note Turnover 25,599 Cost of sales Gross profit AdmiTtistrative expenses -L19,422) Operating profit 3,415 Profit before t 3.415 Profit lor the financial year 3,415 Page 6
ST MONICA'S BOXING CLUB Balanee Sheet as at 2 May 2023 2023 Note Current assets c.ash ai bank and in hand 4,975 Creditors.. Amounts falling due within one year Net asseis 4,975 Capital and reserves Reiained earnings 4,975 Shareholders, tunds 4,975 For the fmancial year ending l May ?023 the charity was entitled 10 exemption tr()m audit under section 477 Ot. the Companies Act 2006 relating lo small companies. DirectOJ5' responsibilities: The members have not required the charity 10 obtain an audit ot" ils accounts for the year in question in accordance with section 476,. and The directo acknowledge their respKTrnsibilities tor complying with the requiremenis of the Act with respect to accouniing records Jmd the preparaiion ot accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regyime. The financial statements on pages 6 to 15 were approved by the trn51ees. and authorised tor issue on .....,....... and si¥nLd on their haIt-bY'. Owen Murphy Trustee Trustee Page 7
ST MONICA'S BOXING CLUB Notes to the Financial Statements for the Year Ended 2 May 2023 I Charity stalus The charity is JEgislered in Northern bEland. The address of ils registered office is.. 7 Daisy Hill Newry Co Down BT35 8PN These financial statements were authorised for issue by d)e tsustees on .................... 2 Accounting policies Summarv of significant accounting policies and kev #ceounling estimates The principal accoiwiing p)licies applied in the preparation of these Iinancial statements are sel out below. These wlicies have been consistently applied lo all the years presented, unless oiherwise staled. Stalement of compliance These tinancial 51atemenlS have been prepared in accordance FRS102, The Financial Reportinby Siandard applicable in the U]i and the Republic ot Ireland,, the Sraiemeni of Recomniend¢d Pnctice applicable lo charities preparin&J their accounts in a¢Lordance with the Financial Reporting Standard applic1¢ ble in the UK and Republic of Ireland l FRS I O?) (Charities SORP (FRS I O?)), the Charities Aci (Northem Ireland) ?008 and Companies Act ?006. Basis of preparation ST MONICA'S BOXtNG CLUB m¢els the definition of a public benefii entity under FRS 102. Assets and liabilities are initiall>' recognised ai historical cost or transaction value unless othernise slated in the relevant accounting policy notes. Going eoneern The tThstees consider that there are no material uncertainties about the charity s abil ity to continue a5 a going concern nor any signilicant areas of uncertainty thai affect the canying value ot assets held b), the charity. Income and endowments All income is recognised once the Lharit! has enliilement to the income, il is probable that the income will be rec¢ived and the amouni of the income receivable can be measured reliably. Page 8
ST MONICA'S BOXING CLUB Notes to the Financial Statements for the Year Ended 2 May 2023 Donations and legaeies Donations are recognised when the charity has been notified in wrilingF of both Ihe amouni and settlement date. In the event thai a donation is subject to conditions that require a level of perforniance by th¢ chari before Ihe charity is entitled 10 the funds, the income is deterred and not recognised until either those conditions are tully met, or the fulfillmeni of those conditions is wholly within the control of the charity and it is probable that these condilions will b¢ tulfilled in the reporting period. Legacy gifts are recognised on a case by case basis following the grant of probate when the administratorlexecutor for the estate has communicated in writing both Ihe amount and settlement date. tn the event that the gjift is in the fonn of an asset other than cash or a t-mancial asset traded on a recognised stock exchange, recogniiion is subject lo the value of the gJift being reliably measurable w iih a degree of reasonable accuracy and Ihe title to the asset having been transfeed lo the charity. Grants receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked 10 ihe grants have been met. Where perfomiance conditions are aitached 10 the gyrant and are yel 10 be mel. the income is recognised as a liability and included on the balance sheet as deferred income to be released. Investment income Dividends are recognised once the dividend has been declared and nolifi¢alion has been received of the dividend due. Expenditure All Lxpenditure is recogynised once there is a legal or constructive obligation lo that expenditure. it is probable selllemeni is required and the amouni can be measured reliably. All Costs Jre allocated lo the applicable expenditure heading thai aggregate similar costs io ihai categ70ry. Where COSIS cannot be directly attributed lo particular headings, they have been allocaied on a basis consistent with the use of resources, with c¢nlral staty costs allocated on the basis ot'time spent, and depreciation charg?es allocated on the portion of the asset's use. Oth¢r suppon cosis are allocated based on the spread ot. slal'l'costs. Charilable activities Charitable expendiiure comprises those costs incurred by the chariiy in the delivery ot" its activities and services tor its beneticiaries. It includes boih C0S15 that can be allocaled directly lo such aclivili¢s and those costs of an indirect nature necessary lo support them. Governaneecosts These include the costs attributable to the charity's cornpliance with constitutional and statutory requirements, including audit, strategic management and truslees's meetings and reimbursed expenses. Government grants Government gran15 are recognised based on the accrual model and are measured ai the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relaiing lo revenue are recogFnised in income over the period in which the related costs are recognised. Grants tElaiingJ lo assets are recognised over the expected useful life of the asset. Where part of a grant relaiingF to an asset is detetTed, il is recognised as deferred income. Page 11
ST MONICA'S BOXING CLUB Notes to the Financial Statements for the Year Ended 2 May 2023 Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 201 O and therefore it meets the definition of a charitable company tor UK cortM)ration tax PUTposes. Accordingly, the charity is potentially exempl from taxation in respect of income or capital gains received wiihin categyories covered by Chapier 3 Part I l of the Corporaiion Tax Act ?0 l O or Section 2)6 of the Taxation of Chargeable Gains Act 1992, to the extent such income or gains are applied exclusively to charitable puOses. Tangible fixed assets Individual fixed assets costing £ 100.00 or morc are initially recorded at cosL less any subsequent accumulated depreciaiion and subsequent accumulaied impaimient losses. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cosl or valuation. less any estimated residual value, over their expected useful economic life &s follows.. Asset class Plant and machinery Depreciation method and rate 25 /0 tEducing balance basis Trade debtors Trade debtor5 are amounts due t.rom customers lor merchandise sold or services pertomied in the ordinary course ot business. Trade debtors are recogmised initially ai the transaction price. They are subsequently measured al amortised cost using the et7eclive inieresl method. less provision for impairment. A provision tor the impairnient ol. trade debtors is established when ihere is objeciive evidence that Ihe charity will not be able 10 collect all amounts due according 10 the OrigFinal tertns ot the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits. and oiher short-lerni hi&yhly liquid investments thai are readily convertible lo a known amounl ot'cash and are subjeci to an insignilicant risk of chanbie in valu¢. Borrowings Inierest-bearing borrowings are initially recorded ai fair value, nei of transaction costs. Intere5l-bearing borrowings are subsequently carried at amortised cost, with the dil'ference between the proceeds. nei ot transaction costs, and the amount due on redemption beingy recogFnised as a charge to the Statement ot. Financial Activities over the period of the relevant borrow ing. Interest expense is recognised on the basis of the ettective interest method and is included in interest payable and similar charues. BOOWings are classiti¢d as CLJrrenl liabilities unless the charitv has an unconditional right 10 defer settlement ot the liability for at least twelve months after the reporting dale. Page 10
ST MONICA'S BOXING CLUB Notes to the Financial Statements for the Year Ended 2 May 2023 Foreign exchange Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies ai the balance sheet de are reported at ihe rates of exchange prevailing al that date. The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net asseis and results of overseas operations are reported in oiher comprehensive income and accumulated in equity (artribuied to non-controlling interests as appropriate). Other exchange differences are recognised in the Ststement of Financial Activities in the peri(xl in which they arise except for.. l ) exchange ditTerences on transaclion5 eritered into lo hedge certain fiKeign currency risks (see above); 2) exchangFe differences arising on gains or losses on non-monelary iterns which are recognised in other omprehensive inLome; and 3) in the case of the consolidated financial statements, exch8mge differences on monetary items receivable Irom or payable to a foreign operation for which settlemeni is neither planned nor likely 10 oLLur ltheretore fomiing part ol- the nei investment in the toreign operaiion), which are recognistd in oiher Lomprehensiv¢ income and reported under equiry. Fund structure Unreslricled income funds are gyeneral funds that are available for use al the trustees's discretion in funheranLe ot the objectives ot'ihe charity. Restricted income timds are those donaied for use in a PtiCUlar area or for specitic purposes, the use ot which is resiricied lo that ea or purpose. Page 11
ST MONICA'S BOXING CLUB Notes to the Financial Statements for the Year Ended 2 May 2023 Trustees remuneration and expenses No trnstees, nor any persons connected with them, have received any remuneration from the charity during the year. No Iws*es have received any relmbued eXnSts or any other knetits froTn the cFwity during rhe year. Taxation The chariry is a registered charity and is therefore exempt from t&Kation. Pa¥e 13
ST MONICA'S BOXING CLUB Notes to the Financial Statements for the Year Ended 2 May 2023 Page 14