Company registration number SC682574 (Scotland)
SCOTTISH POLICE RECREATION ASSOCIATION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SCOTTISH POLICE RECREATION ASSOCIATION
CONTENTS
Page
Chief Executive's Report
1 - 2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 13
SCOTTISH POLICE RECREATION ASSOCIATION
CHIEF EXECUTIVE'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
Change is, of course, very much the norm for the Association and 2023/24 was no exception in this regard.The Board continued to deliver Association benefits and services in line with the Association’s Strategy and Business Plans. These ensure our approach reflects and responds to member priorities, while enabling us to operate in an agile fashion, focussing our efforts and energy in what remains a challenging operational and economic environment for the company.
During this financial year the Association experienced a slight increase in its overall membership in terms of year-on-year comparison. Ordinary membership has decreased slightly, however both categories of Retired membership increased in the same period. It remains to be seen whether this directly correlates with the very public and significant increase in retirals across the Scottish Police Service, but such a scale of change was always expected to impact on the Association. It is of course heartening to see that we are retaining so many members on retiral from the Service, however such a change is, of course, being monitored closely by the Board. Our prudent budgeting approach meant that, despite the above shift, subscription income remained within budget over this period and the Association remains well-positioned to plan for current and future business plans.
This year also marked the first year of no restrictions since FY 2019/2020, as Police Scotland allowed us to re-open our office doors in summer 2022, following the lifting of restrictions imposed during the COVID pandemic. It also witnessed the Association embark on several member-engagement exercises, as we start preparing our future Strategy and Business plans for the years to come.
Our Pathways to Sport and Divisional Social Committee (DSC) members engagement programme which started in the previous year was continued throughout this financial year. This involved direct consultation with our Association’s Sports and Recreation Sections including local divisional committee ‘volunteers’. This afforded us, amongst other matters, an insight into their experience, aspirations and vision for the future. The findings of these engagement exercises joined wider commentary sourced through our most recent Membership Survey on what our members value and expect from the Association.
Responding to earlier member feedback, we refined the SPRActive programme, embracing a greater focus on charity-fundraising events and introducing the ‘be active, feel good, do good’ concept. This co-incided with our partnership approach with members in Police Scotland to promote the ‘National Team Challenge Championship (NTCC) – Move in May’, recognising the broader benefits it brings to our membership. The latest event (held in May 2024) has attracted a larger participation from members than previous years (circa 3000) and encourages participants to “move” more, positively impacting both physical and mental health. Surveys of participants revealed huge support for the initiative and, additionally, the positive contribution participants felt it made to their overall sense of wellbeing and belonging.
Following a detailed examination of our fleet in previous years and as reflected in the accounts, this year has seen a continuation of our fleet upgrade programme which is a significant investment for the Association. Driven, amongst other factors, by the introduction of LEZ zones at key locations across the United Kingdom and the need to remove non-compliant vehicles, it also reflected the requirement to refresh an ageing fleet. The review reflected the importance this benefit is considered by our membership and extent of use made by them.
More ‘routine’ work, also channelled via the Association business plan, included the introduction as part of our ongoing review and development of exercise facilities across the police estate several new and/or upgraded gym facilities at Stonehaven, Annan, Cumnock, Saltcoats and Inverness police stations amongst others.
The Association Lottery continues to play an important part in the ability of the Association to promote, support and fund Section activity. These monies were, during the period under examination, further supplemented through continuation of the Benefit Boost fund. This allowed the targeted allocation of ‘surplus’ funds accrued throughout lockdown. In addition to enabling our Sections and Divisional Social Committees to convert this surplus into opportunities for increased participation in sport and physical activity and also wider member wellbeing opportunities, the Benefit Boost fund allowed Sections and DSCs to mitigate a broader increase in costs, while still maintaining a contributory approach.
SCOTTISH POLICE RECREATION ASSOCIATION
CHIEF EXECUTIVE'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
We have previously acknowledged the assignation of Lochinch Sports Pavilion to a third party as part of the 2021/2022 accounts.
Our direct ticket sales were consistent in this period, although notably this is down on years prior to 2022/2023 following the introduction of our agency agreement with the Cinema Society. The Association continues to subsidise this benefit. We have also secured new ticket offerings with various providers, including Historic Houses.
Members also enjoyed our Festive regional days, hosted in December 2023, proving the most popular to date. These events included a mixture of pantos across the country and other experiences including the Christmas Festive Forrest in Linlithgow, Drive-in movies at Falkirk Football Club stadium, Ice Skating in Paisley, Santa’s Magical Circus at M&Ds Theme Park in Hamilton. Large volumes of members entered the ballot for Christmas events and thousands of tickets were allocated to SPRA members and their families.
The Board and its representatives continued to engage with colleagues, Police Clubs and Sport Associations across the United Kingdom. As members of the Police Sport UK Council and Management Committee alongside participation in the Police Club’s Forum has ensured continued representation and promotion of the interests of our membership.
In addition to individual members and our various volunteer committees, the Association is supported by a small but dedicated compliment of staff. FY 2023/24 witnessed several changes in this regard, which has proven to be successful as the team continue to work within the current Association Strategy. There has been a change in the senior management team with Calum Murray retiring from the role of Chief Executive Officer. The post is now served by John Shaw, appointed by the Board as Interim Chief Executive Officer (previously Operations Manager) as of 1st April 2024.
As ever, the promotion and support of sports towards physical activity remains at the heart of who we are and what we deliver. This year marked the expansion of our established Section offering, including establishment of a Whisky and Gin Appreciation Society which is the first non-sporting Section we have introduced for our members.
Our expanded range of funded regional events also continued despite being unable to host the Association Annual Family Day at the Scottish Police College during the year under review due to operational restrictions and availability at the venue coupled with the reality that many of the attractions who would have attended were still recovering following the pandemic. However, the Annual Family Day was held in June 2024 which marked the first since 2019 and was deemed a great success by those who attended attracting over 2500 members of the police family on the day.
The Board remains grateful to our network of volunteer DSCs and Sports and Recreation Sections who, alongside our dedicated and professional staff, play a vital part in our operations and ensure our success as an Association.
The Association Board considers these accounts reflect the foregoing and its continuing commitment to invest in the Association’s vision, mission and aims for member wellbeing.
John Shaw
Chief Executive
21 August 2024
SCOTTISH POLICE RECREATION ASSOCIATION
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Negative goodwill
6
(58,262)
(114,722)
Other intangible assets
6
79,733
Total intangible assets
21,471
(114,722)
Tangible assets
7
434,423
307,590
Investments
8
291
265
456,185
193,133
Current assets
Stocks
9
116,229
77,204
Debtors
10
543,471
816,535
Cash at bank and in hand
3,644,301
3,469,695
4,304,001
4,363,434
Creditors: amounts falling due within one year
11
(116,679)
(188,226)
Net current assets
4,187,322
4,175,208
Net assets
4,643,507
4,368,341
Reserves
Income and expenditure account
4,643,507
4,368,341
Members' funds
4,643,507
4,368,341
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
J S Stewart
Director
Company Registration No. SC682574
The notes on pages 5 to 13 form an integral part of these financial statements.
SCOTTISH POLICE RECREATION ASSOCIATION
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Income and expenditure
£
Balance at 1 April 2022
3,543,413
Year ended 31 March 2023:
Surplus and total comprehensive income
824,928
Balance at 31 March 2023
4,368,341
Year ended 31 March 2024:
Surplus and total comprehensive income
275,166
Balance at 31 March 2024
4,643,507
SCOTTISH POLICE RECREATION ASSOCIATION
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Judgements and key sources of estimation uncertainty
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.
Key sources of estimation have been applied to the fair value of the acquisition of previously unincorporated Association, which are depreciation rates. The fair value of the tangible fixed assets were estimated at net book value (depreciated cost) of assets held which were acquired from the previously unincorporated Association. The depreciation rates are deemed to be appropriate based on the expected useful lives for each class of asset.
2
Accounting policies
Company information
Scottish Police Recreation Association is a not for profit company limited by guarantee incorporated in Scotland. The registered office is 6 Baird Street, Glasgow, G4 0EZ.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
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 £.
2.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
SCOTTISH POLICE RECREATION ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 6 -
2.4
Negative goodwill
Negative goodwill is created through acquisition and is written off to the Statement of Income and Retained Earnings as the non-cash assets acquired are depreciated or sold.
2.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Website Development
0% - under construction
2.6
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.
At 1 April 2021 assets have been brought in at fair value at the date of acquisition from the previously unincorporated Association. Fair value has been deemed to be net book value (based on depreciated cost) in the previous entity.
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
33% reducing balance
Motor vehicles
25% reducing balance
Office equipment
20% straight line
Fixtures Fittings & Equipment
25% reducing balance/1% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
2.7
Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market value. The Statement of Income includes the net gains and losses (realised and unrealised) arising on revaluation and disposals throughout the year.
2.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
SCOTTISH POLICE RECREATION ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 7 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
2.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
2.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.11
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
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.
SCOTTISH POLICE RECREATION ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 8 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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.
2.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
SCOTTISH POLICE RECREATION ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 9 -
2.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
3
Employees
The average monthly number of persons (including employed directors) employed by the company during the year was:
2024
2023
Number
Number
Administration and support
16
17
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor:
£
£
For services
Audit services
19,900
21,600
Non-audit services
3,803
3,122
23,703
24,722
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
63,620
65,924
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
In addition to the above director's remuneration, payments of £14,000 made of honararia to office bearers (2023 - £14,000).
SCOTTISH POLICE RECREATION ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
6
Intangible fixed assets
Negative goodwill
Website Development
Total
£
£
£
Cost
At 1 April 2023
(3,386,059)
(3,386,059)
Additions
79,733
79,733
At 31 March 2024
(3,386,059)
79,733
(3,306,326)
Amortisation and impairment
At 1 April 2023
(3,271,337)
(3,271,337)
Amortisation charged for the year
(56,460)
(56,460)
At 31 March 2024
(3,327,797)
(3,327,797)
Carrying amount
At 31 March 2024
(58,262)
79,733
21,471
At 31 March 2023
(114,722)
(114,722)
The website is currently under construction, therefore, no amortisation has been charged to this intangible asset. Amortisation will commence when the website has been finalised.
7
Tangible fixed assets
Sports equipment
Motor vehicles
Office equipment
Fixtures Fittings & Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
185,304
211,197
70,850
6,653
474,004
Additions
104,468
186,577
1,892
292,937
Disposals
(4,449)
(22,676)
(432)
(27,557)
At 31 March 2024
285,323
375,098
72,310
6,653
739,384
Depreciation and impairment
At 1 April 2023
69,543
60,228
35,509
1,134
166,414
Depreciation charged in the year
57,206
80,832
13,290
1,380
152,708
Eliminated in respect of disposals
(2,999)
(10,904)
(258)
(14,161)
At 31 March 2024
123,750
130,156
48,541
2,514
304,961
Carrying amount
At 31 March 2024
161,573
244,942
23,769
4,139
434,423
At 31 March 2023
115,761
150,969
35,341
5,519
307,590
Virgin Money (previously Clydesdale Bank plc) hold a floating charge over all property and undertakings of the company.
SCOTTISH POLICE RECREATION ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
8
Fixed asset investments
2024
2023
£
£
Listed investments
291
265
Listed investments included above:
Listed investments carrying amount
291
265
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
265
Unrealised gain on investment
26
At 31 March 2024
291
Carrying amount
At 31 March 2024
291
At 31 March 2023
265
9
Stocks
2024
2023
£
£
Tickets and shop stock for sale
116,229
77,204
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,250
4,744
Other debtors
219,880
200,000
Prepayments and accrued income
216,341
311,791
443,471
516,535
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
100,000
300,000
Total debtors
543,471
816,535
SCOTTISH POLICE RECREATION ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Debtors
(Continued)
- 12 -
A total of £300,000 is receivable at 31 March 2024 in connection with the disposal of assets by the company in the previous year. Installment payments are receivable by SPRA in accordance with the asset purchase agreement. £200,000 is receivable in April 2024 (within one year), £100,000 is receivable in April 2025 (years 1-2).
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
19,571
78,270
Corporation tax
12,008
159
Other taxation and social security
21,260
Other creditors
9,045
13,965
Accruals and deferred income
76,055
74,572
116,679
188,226
12
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Allison Devine BSc CA
Statutory Auditor:
Alexander Sloan LLP
Date of audit report:
21 August 2024
14
Capital commitments
At the balance sheet date, the Company has a capital commitment in respect of the purchase of 4 new motor vehicles amounting to £116,964 and for website development amounting to £57,408.
SCOTTISH POLICE RECREATION ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
15
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
17,942
196
Between two and five years
37,380
55,322
196
The amount of non-cancellable operating lease payments recognised as an expense during the year was £14,952 (2023: £18,134).
16
Service Contract Commitment
At the balance sheet date, the Company had a service contract agreement with an outstanding amount payable of £90,695.
17
Contingent Liability
Due to a change in professional VAT advice on the treatment of ticket sales, a liability may arise in the future as a result of previous treatment under the disbursement rules. However, at this stage no communication has been received from HMRC as to ascertain the likelihood or value of any such liability, however as an organisation we have made disclosure and await further information whilst changing our approach to VAT on ticket sales to mirror new advice.
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