NIC 108275 LISBURN RECREATION & COMMUNITY HUB REPORT OF THE TRUSTEES & UNAUDITED FINANCIAL STATEMENT FOR THE YEAR ENDED 31st MARCH 2024 LISBURN RECREATION & COMMUNITY HUB Accounts for the year ended 31st March 2024 Contents Page Information Trustees Report Independent Examiners Report Income and Expenditure Account Balance Sheet 9-10 Notes to the Financial Statements 11-15 LISBURN RECREATION & COMMUNITY HUB for the year ended 31st March 2024 Information Charity Number: NIC 108275 Date of Registration: ioth December 2021 Charity Address: Stanley Park Lisburn Leisure Park Governors Road Lisburn BT28 ILP Board of Trustees: Mr Nigel Farr (Chairl Mrs Linsey Gibson (Secretary) Mr Raymond Holmes ITreasurer) Mr Paul Traynor Mr Kyle Paterson Mr Alan Coulter Mr Paul Macaulay Accountants.. D W McKillen & Co 32 Enterprise House Enterprise Crescent Lisburn BT28 2BP Bankers: Barclay's Bank 61 Bow Street Lisburn BT28 IDR Insurance Brokers: Alan Brown & Company Insurance 74 Bachelors Walk Lisburn BT28 IBD lof15 Lisburn Recreation & Community Hub Trustees, Report for the year ended 31 March 2024 The Trustees present their annual report and financial statements for the year ending 31" March 2024. Strdteglc Report Objectives and activities as set out in the Lisburn Recreation & Community Hub Constitution. Objects and alms 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.. (al Offer affordable recreation and community facilities to all, regardless of age, gender or disability, while providing a home for sports clubs, youth groups, community groups and wider community across Lisburn City and wider area. Lisburn Recreation and Community Hub provides and maintains community facilities with minimal charges that are used to Sustain the facility for community benefit. Activities will include sport, health and well-being, community development, social activities and recreational interests. Lisburn Recreation and Community Hub is based in the city of Lisburn serving the surrounding areas including across Lisburn City and the wider Council area. We work in partnership with other local organisations and pursue better facilities for sporting, recreational and community participation. The hub will improve social cohesion to develop stronger and healthier communities. We aim to.. • deliver improved facilities to address sports, health, and community facility deficit • create safe access to facilities for the wider community improve both physical and mental health for local people • contribute to the community development in Lisburn • create hybrid community and recreational hub in the heart of Lisburn. • improve basic community services for local population to improve health and well-being services and activities. • provide shared space for recreationa l and community services for local people includ ing young people, socially disadvantaged, older people and those with disability. generate wider community benefrt through sport and non-sport activities, parttcularly in the areas of health and well-being, education skills and employment, social inclusion and volunteering by creating a sustainable model for delivery of new sporting and community facilities at Lisburn Community & Recreation Hub; and {b) Advance amateur sport by maintaining facilities for the home ground of Lisburn Rangers Football Club as the pre-eminent enterprise in the amateur football community of Lisburn. Objectives, strategies and activities The charity has received income from some private enterprises during the year arising from the hire of the charity's facilities, also the Irish Football Association have used the facility for their Lagan Small Sided Games Program. We have also been successful with some small community support fundin through Lisburn and Castlereagh City Council. Full planning permission has been granted for the new facilities which will include a new community hub building with associated rooms to accommodate various local groups, a community gym, improved changing facilities to support a new 3G full size football pitch which will be available for m uitiple sports with IFA approved lux floodlighting. The planning permission was unanimously approved at the Council's th Planning Meeting on Monday 5 November 2023. 2of15 The Charity has received no major revenue for any capital grant funding to date, as we have now just completed the final stages of our full planning application, but with the approval of the planning permission the Committee have now the impetus to press ahead with some major fundraising ventures in the coming months. Lisburn Rangers Football Club hope to submit future funding applications for The Northern Ireland Football Fund and DCMS Funding! Lisburn Recreation and Community will be submitting applications to the Lisburn and Castlereagh City Council- Community Investment Fund and also Peace Plus Funding. The financial statements disclose a small end of year deficit having been generated. this ha5 been debited to reserves. The financial statements for the 12 months period may show small levels of activity, these do not demonstrate the advances made by the Hub Committee during the year with the Full Planning Application th which had been submitted on the 4 of October 2022 (this application is considered a Major Application). The Hub Development Plans from Final Year Students from Ulster University have been agreed and accepted for our planned capital project and develop Business Plans as part of their Advanced Sports Development Module. Many thanks have been expressed to the students for their hard work. It is a nticipated that these advances will begin to bear financial benefits in the future. Public benefit The charity has continued to engage with the local community and an invite extended to the local th community and Elected Representatives to attend the AGM which was held on Thursday 4 April 2024. A number of new committee members have been prosed onto the committee for the forthcoming year. We endeavour 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 acknowIedge that all volunteers contribute to the success of the charity's actlVLties. 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 trustee5 believe it is appropriate to prepare the financial statements on a going concern basis. 3of15 Structure, governance and management Nature of governing document The charity is governed by its constitution. It has been granted charitable status by The Charity Commission for Northern Ireland under registration number NIC108275 in December 2021. 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/ nominations. Those who are invited will be involved with Lisburn Recreation & Community Hub 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. Arrangements for setknng key management personnel remuneration No trustees receive any remuneration for their services. Organisational structure The trustees are currently responsible for the day to day running of the charity- The trustees meet between eight and ten time5 annually to discuss financial and strategic issues, policy and procedures decisions, and to ratify signifi'cant 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 fi nancia I 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. 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 cha rity 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 growih and construction of a 4G artificial Surface and associated works, the level of reserves will ultimately ensure that this objective is achieved. Principal funding sources for future facility development. 4of15 Principal funding sources for future facility development. The principal funding source for rental income is the various organisations that utilise the Charity's facilities. Furthermore, the charity has highlighted potential revenue grant funding from the following sources: l. Northern Ireland Housing Executive; 2. Lisburn & Castlereagh City Council; 3. Tesco Communities Fund; 4. National Lottery Awards For All; 5. Co-operation Ireland. The principal funders for the capital works are: l. Department of Communities,. 2. Department for Levelling Up, Housing and Communities 3. Co-operation Ireland; 4. British Army Fund,. 5. Halifax Foundation; 6. National Lottery Community Fund,. 7. EU Peace Plus Funding. 8. Groundworks Nl. 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 a mounts 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 fi'nancial 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. 5of15 Liquidlty 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 accourting policies in the financial statements. Approved by the trustees of the charity and signed on its behalf by: Mr Nig Trustee Far