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REGISTERED NUMBER: 01429756 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

BASKETBALL ENGLAND

BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BASKETBALL ENGLAND

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: R W Bell
G R Biggs
B Bonsu
R Levenston
S Mason
M Newby
R E Onen
B Deignan
J J Baynes





REGISTERED OFFICE: Etihad Campus
Rowsley Street
Gate 13
Manchester
M11 3FF





REGISTERED NUMBER: 01429756 (England and Wales)





AUDITORS: Sedulo Audit Limited
Statutory Auditors
605 Albert House
256-260 Old Street
London
EC1V 9DD

BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756)

BALANCE SHEET
31 MARCH 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 178,799 -
Tangible assets 5 6,098 678
184,897 678

CURRENT ASSETS
Debtors 6 289,668 226,486
Cash at bank and in hand 1,108,741 1,149,160
1,398,409 1,375,646
CREDITORS
Amounts falling due within one year 7 1,611,482 1,269,548
NET CURRENT (LIABILITIES)/ASSETS (213,073 ) 106,098
TOTAL ASSETS LESS CURRENT LIABILITIES (28,176 ) 106,776

CREDITORS
Amounts falling due after more than one year 8 (23,428 ) (32,307 )

PENSION ASSET 10 280,000 56,000
NET ASSETS 228,396 130,469

RESERVES
Income and expenditure account 228,396 130,469
228,396 130,469

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:



R W Bell - Director


BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Basketball England is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

Going concern
At the time of signing these accounts, having considered the economic climate, the Directors expectations and intentions for the next twelve months, and the availability of working capital, the Directors are of the opinion that the Company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue grants
Revenue grants are recognised in the period to which they relate except for specific project grants which are only recognised in the period received to the extent that related expenditure has been incurred.

Memberships
Memberships income is recognised on a straight line basis over the period in which the membership covers. Any membership paid for in advance is deferred and recognised in the period in which it covers.

Education courses
Courses are recognised for the period in which the course takes place. Any courses paid for in advance are deferred until that date.

BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Sports equipment - 20% on cost
Fixtures and fittings - 20% on cost
Trophies - not provided
Computer Equipment - 20% on cost

BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities

Basic financial liabilities, including creditors, bank loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Other financial liabilities
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The company also operates a Local Government Pension Scheme which is a funded scheme and the assets are held separately from those of the company in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The amounts charged to operating surplus are the current service costs and gains and losses on settlement and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the Statement of Financial Activities if the benefits have vested. If the benefits have not vested immediately, the costs are recognised over the period until vesting occurs. The expected return on assets and the interest cost are shown as a net finance amount of other finance costs or credits adjacent to interest. Actuarial gains and losses are recognised immediately in other gains and losses.

Vat
The company is partially exempt and a special method for calculating re-claimable input VAT has been agreed with H M Revenue & Customs.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2022 - 29 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 178,799
At 31 March 2023 178,799
NET BOOK VALUE
At 31 March 2023 178,799

BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Sports and Computer
equipment fittings Trophies equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 142,657 68,888 54,620 64,653 330,818
Additions - - 6,098 - 6,098
At 31 March 2023 142,657 68,888 60,718 64,653 336,916
DEPRECIATION
At 1 April 2022 142,657 68,210 54,620 64,653 330,140
Charge for year - 678 - - 678
At 31 March 2023 142,657 68,888 54,620 64,653 330,818
NET BOOK VALUE
At 31 March 2023 - - 6,098 - 6,098
At 31 March 2022 - 678 - - 678

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 196,194 183,227
Other debtors 19,538 1,336
Prepayments and accrued income 45,964 41,923
Prepayments 27,972 -
289,668 226,486

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts 9,745 9,707
Trade creditors 392,873 85,781
Social security and other taxes 43,835 25,706
VAT 49,883 20,669
Other creditors 144,539 139,613
Accruals and deferred income 970,607 988,072
1,611,482 1,269,548

BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
as restated
£    £   
Bank loans - 1-2 years 9,500 9,952
Bank loans - 2-5 years 13,928 22,355
23,428 32,307

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Diccon Thornely (Senior Statutory Auditor)
for and on behalf of Sedulo Audit Limited

10. EMPLOYEE BENEFIT OBLIGATIONS

Local Government Pension Scheme (LGPS)
The LGPS is a funded defined benefit pension scheme, with assets held in separate trustee administered funds. The total contribution made for the period ended 31 March 2023 was £33,000 (2022: £50,000) of which employer's contributions totalled £31,000 (2022: £48,000) and employees' contributions totalled £2,000 (2022: £2,000).

The amounts on which the financial statements are based are from the full actuarial valuation dated 31 March 2023.

The amounts recognised in surplus or deficit are as follows:

Defined benefit
pension plans
2023 2022
as restated
£    £   
Current service cost 12,000 13,000
Net interest from net defined benefit
asset/liability

23,000

19,000
Past service cost - -
Interest income on assets (25,000 ) (17,000 )
10,000 15,000

Actual return on plan assets - -

BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


10. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2023 2022
as restated
£    £   
Opening defined benefit obligation 872,000 938,000
Current service cost 12,000 13,000
Contributions by scheme participants 2,000 2,000
Interest cost 23,000 19,000
Actuarial losses/(gains) (244,000 ) (68,000 )
Benefits paid (8,000 ) (32,000 )
657,000 872,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2023 2022
as restated
£    £   
Opening fair value of scheme assets 928,000 812,000
Contributions by employer 31,000 48,000
Contributions by scheme participants 2,000 2,000
Interest income on assets 25,000 17,000
Benefits paid (8,000 ) (32,000 )
Asset gains/(losses) during
the period (41,000 ) 81,000
937,000 928,000

BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


10. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2023 2022
as restated
£    £   
Asset gains/(losses) during
the period (41,000 ) 81,000
Liability gains/(losses) arising during the
period

244,000

68,000
203,000 149,000

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
2023 2022
as restated
Equities 80.80% 79.80%
Government bonds 6.90% 7.40%
Corporate bonds 4.60% 4.80%
Property 3.30% 4.00%
Cash 2.30% 2.90%
Other 2.10% 1.10%
100.00% 100.00%

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2023 2022
as restated
Discount rate 4.70% 2.70%
CPI inflation 2.70% 3.00%
Pension increases 2.70% 3.00%
Pension accounts revaluation rate 2.70% 3.00%
Salary increases 3.95% 4.25%

BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


11. RELATED PARTY DISCLOSURES

The director R W Bell and S Mason, are also a directors of The British Basketball Federation. During the year, the company received grants of £47,867 (2022: £nil) and purchased goods and services totalling £13,976 (2022: £9,863) from The British Basketball Federation. All transactions were made under normal commercial terms. At the year end, the company was owed £41,389 (2022: £41,389) from The British Basketball Federation, and owed £14,549 (2022: £3,325) to the British Basketball Federation.

The director, M Newby, is also a director of City Of Leeds Basketball Foundation Limited. During the year, the company made sales of £4,867 (2022: £nil) and purchased goods and services totalling £7,281 (2022: £10,211) from City Of Leeds Basketball Foundation Limited. All transactions were made under normal commercial terms. At the year end, the company was owed £3,107 (2022: £Nil) from City Of Leeds Basketball Foundation Limited and owed £5,918 (2022: £Nil) to City of Leeds Basketball Foundation Limited.

12. LIMITED BY GUARANTEE

The company is limited by guarantee and as such has no share capital. The members of the company have a maximum liability of £1 each.

13. APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities with the preparation of the financial statements.

14. LEASING AGREEMENTS

At the 31st March 2023, Basketball England had financial commitments of £Nil (2022: £1,120).