Dundee Mixed Martial Arts Youth and Community Sports Association (A company limited by guarantee) Annual Report & Financial Statements.

Transcription

1 Dundee Mixed Martial Arts Youth and Community Sports Association (A company limited by guarantee) Scottish Charity No: SC Company No: SC Annual Report & Financial Statements For the Period 1 April 2016 to 31 March 2017 Chris Smith BSc (Hons) FCIE Independent Examiner and Charity Advisor Glascairn Cottage, Aytounhill, Cupar, Fife KY14 6JH Tel: chris@glascairn.org.uk

2 Annual Report & Statement of Account Contents Page Trustees Annual Report 3-5 Independent Examiner s Report 6 Statement of Financial Activities 7 Balance Sheet 8 Notes to the Accounts

3 Trustees Annual Report The trustees (who are also the directors of the company for the purposes of company law) present their report together with the financial statements and the independent examiner's report for the year ended 31 March 2017 Objectives & Activities The Association was established to promote the community participation in healthy sport (and recreation) for the health, benefit and community development of the inhabitants of Dundee City (and its surrounding communities) by the provision of premises and facilities for playing and participating in Mixed Martial Arts and associated health promoting activities. The Association s principal activity is the provision of a range of weekly fitness and mixed martial arts classes that meet at the Wishart Church, Dundee. Achievements & Performance Craig Robertson and Paul Hughes coach voluntarily all year at Saint Andrews University. Billy Beckers provides free personal training to interested members every Saturday afternoon. Saturday open mat sessions are free to youth members. In April 2017 the Association hosted a free seminar by world famous self-protection author Rory Miller for Saint Andrews University. In July 2017 the Association hosted a yoga taster session free for members to promote healthy living. Two of our members opened satellite BJJ clubs in Dundee and Blairgowrie, at which Billy regularly coaches for free to promote our club ethos. The Association continues to run a youth mixed martial arts class at half the price of other classes. 3

4 Trustees Annual Report Financial Review Income for the year was 31,546 (2016: 29,240) and expenditure was 21,457 (2016: 27,387), this resulted in a surplus for the year of 10,089 (2016: a surplus of 1,853) which was added to the total funds of the Association. At the 31 March 2017, the total funds held by the Association were 40,076 (2016: 29,987). The free reserves available to the trustees are the total unrestricted funds less the value of tangible assets. At the 31 March 2017, the free reserves held by the Association were 36,598 (2016: 25,351). This reserve is held to ensure the Association has sufficient funds available to meet its commitments as they fall due and, should income fall significantly, provide time to seek alternative sources of income. Structure, Governance & Management Dundee Mixed Martial Arts Youth and Community Sports Association (the Association) is a charitable company incorporated on the 31 March Membership of the Association is open to all the inhabitants of Dundee and its surrounding communities. The Association is managed by a voluntary committee of charity trustees (who are also the company directors) who are elected by the membership at the annual general meeting. 4

5 Trustees Annual Report Reference & Administrative Information Charity and Company Name: Charity Number: Company Number: Registered Office & Principal Address: Dundee Mixed Martial Arts Youth and Community Sports Association SC SC Crescent Lane Dundee DD4 6DP Trustees: Craig Robertson (Chairman) from Feb 2017 Janet Maclean (Secretary) from Feb 2017 Catriona Maclean (Treasurer) from Feb 2017 Long Hong Nguyen from March 2017 Stewart Rae Squire from Feb 2017 Others who served during the period: William Beckers - until Feb 2017 Paul Hughes - until Feb 2017 Derek Anderson - until Feb 2017 Margaret Julia Cramb - until Feb 2017 Independent Examiner: Bankers: Chris Smith BSc (Hons) FCIE Santander This report, which has been prepared in accordance with the provisions for small companies under part 15 of the Companies Act 2006, was approved by the trustees on. and signed on their behalf by:... Craig Robertson - Chairperson 5

6 Independent Examiner s Report I report on the financial statements of Dundee Mixed Martial Arts Youth and Community Sports Association for the year ended 31 March 2017 which are set out on pages 7 to 11. Respective responsibilities of trustees and examiner The charity s trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 ( the 2005 Act ) and the Charities Accounts (Scotland) Regulations 2006 ( the 2006 Regulations ) and the Companies Act I have satisfied myself that the charity is not subject to audit under Regulation (10)(1)(a)-(c) of the 2006 Regulations or company law and is eligible for independent examination. I have therefore examined your charity s accounts as required under section (44)(1)(c) of the 2005 Act and Regulation 11 of the 2006 Regulations. In carrying out my examination I have followed the guidance issued to independent examiners by the Office of the Scottish Charity Regulator (OSCR). My role is to state whether any material matters have come to my attention giving me cause to believe: 1. that accounting records were not kept as required by section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Regulations; or 2. that the accounts do not accord with those records; or 3. that the accounts do not comply with the accounting requirements of Regulation 8 of the 2006 Regulations; or 4. that there is further information needed for a proper understanding of the accounts. Independent examiner s statement I have completed my examination and I have no concerns in respect of any of the areas listed above and I have found no other matters that require drawing to your attention. Chris Smith BSc (Hons) FCIE Glascairn Cottage Aytounhill Cupar Fife KY14 6JH Date: 6

7 Statement of Financial Activities (incorporating Income & Expenditure Account) Income from: 2017 Total 2016 Total Donations 4,082 1,365 Fees 27,464 27,875 Total income 31,546 29,240 Expenditure on: Rent and insurance 12,220 12,620 Utilities 2,727 2,717 Travel expenses 2,158 2,946 Telephone and computer 1,458 1,429 Depreciation 1,159 1,546 General expenses 333 2,202 Purchase of goods 652 2,845 Independent examination Professional fees Total expenditure 21,457 27,387 Net income/(expenditure) 10,089 1,853 Reconciliation of Funds Funds brought forward 29,987 28,134 Net income/(expenditure) 10,089 1,853 Funds carried forward 40,076 29,987 All funds are unrestricted. The statement of financial activities includes all gains and losses recognised in the period. All incoming resources and resources expended derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act The notes on pages 9 to 11 form an integral part of these accounts. 7

8 Balance Sheet At 31 March 2017 Fixed Assets Note 2017 Total 2016 Total Tangible assets 4 3,478 4,636 Current Assets Prepayments Cash at bank & in hand 36,034 25,312 Total current assets 36,948 26,226 Current Liabilities Creditors Accruals Total current liabilities Net current assets 36,598 25,351 Net assets 40,076 29,987 Funds of the Charity Unrestricted funds 40,076 29,987 Restricted funds - - Total Funds 40,076 29,987 All funds are unrestricted The directors confirm that for the financial period ended 31 March 2017: - the company was entitled to exemption under section 477 of the Companies Act 2006, and no members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act. The directors acknowledge their responsibilities for complying with the requirements of the 2006 Companies Act with respect to accounting records and the preparation of accounts. The accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime of the 2006 Companies Act. The notes on pages 9 to 11 form an integral part of these accounts. Approved by the trustees on...and signed on their behalf by:. Craig Robertson - Chairperson 8

9 Notes to the Financial Statements 1 Basis of Preparation 1.1 Basis of accounting These accounts have been prepared on the basis of historic cost in accordance with: - (a) The Charities & Trustee Investment Act (Scotland) Act 2005, and (b) The Charities Accounts (Scotland) Regulations 2006 as amended (c) The Company s Act 2006 (d) Financial Reporting Standard 102 (FRS102) (Effective January 2015), (e) Charities SORP (FRS 102) (Effective January 2015) 1.2 Changes to Basis of Preparation (a) The Charities SORP (FRS 102), previously The Charities SORP (FRSSE) (b) The FRS 102, previously The FRSSE Changes to previous years accounts (a) The presentation of the financial statements has been amended to meet the requirements of the Charities SORP (FRS 102). No material changes to the accounts have been made. 1.4 The charity meets the definition of a public benefit entity as defined by FRS The charity is dependent on the continuing support of donors. However, the trustees have no reason to consider that this will not continue or that there are any material uncertainties about the charity s ability to continue as a going concern. 2 Accounting Polices 2.1 Form of Financial Statements The charity maintains two types of funds for accounting purposes: - (a) A general unrestricted fund that can be expended at the discretion of the trustees on furthering the objects of the charity, and (b) Restricted funds that may only be used for specific purposes. Restrictions arise when specified by the donor or when funds are raised for specific purposes. 2.2 Income (a) Income is recognised and included in the Statement of Financial Activities (SOFA) when the charity becomes entitled to the resources; their receipt is probable; and the monetary value can be measured with sufficient reliability. (b) Where income has related expenditure the income and related expenditure are reported gross in the SOFA. 9

10 Notes to the Financial Statements Year ended 31 March 2016 c) Funds received in advance and which specifically relate to a future accounting period are treated as deferred income. 2.3 Expenditure & Liabilities (a) Expenditure is accounted for on an accruals basis. (b) Liabilities are recognised as soon as there is a legal or constructive obligation to pay out resources; it is probable they will be paid and the monetary value can be measured with sufficient reliability. 2.4 Assets (a) Tangible fixed assets are capitalised if they have a value greater than 300 and can be used for more than one year. They are valued at cost or, if gifted, at their value on receipt. (b) Depreciation is calculated on a reducing balance as follows: Fixtures, fittings and equipment - 25% reducing balance. 2.5 Debtors (a) Debtors are recognised at the settlement amount due (b) Prepayments are valued at the amount prepaid 2.6 Cash Cash at bank and in hand includes cash and bank deposits repayable on demand 2.7 Creditors (a) Creditors are recognised where the charity has an obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due can be measured or estimated reliably. Creditors are normally recognised at their settlement amount, usually the invoice amount. (b) Accrued charges are normally valued at their settlement amount. 2.8 Taxation The charity is not liable to income or capital gains tax on its charitable activities. Irrecoverable VAT is included in the asset cost or expense to which it relates. 3 Trustee Remuneration & Expenses (a) No remuneration was paid to any trustees or connected persons (b) Out of pocket expenses totaling 334 were paid to one trustee during the year 10

11 Notes to the Financial Statements Year ended 31 March Tangible assets Equipment Cost At 1 April ,361 Additions - Total at 31 March ,361 Depreciation At 1 April ,724 Charge for the year 1,159 Total at 31 March ,883 Net book value At 31 March ,637 At 31 March ,478 11