Company registration number 03760324 (England and Wales)
LANCASHIRE FOOTBALL ASSOCIATION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
LANCASHIRE FOOTBALL ASSOCIATION LIMITED
CONTENTS
Page
Directors' report
1 - 4
Directors' responsibilities statement
5
Balance sheet
6
Notes to the financial statements
7 - 11
LANCASHIRE FOOTBALL ASSOCIATION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

 

Principal activities

The principal activity of the company continued to be that of delivering high quality education, training and skills for learners for football in Lancashire.

 

REVIEW OF BUSINESS

 

Context

The 2023-24 season, the final year in this strategy period, has been a busy season for football with participation numbers rising across the board, and all exceeding the targets set by the FA, with the women’s game reaching over 12k players and the male game reaching over 76k players. We were particularly pleased to see the increase in participants within the Pan-Disability game reflecting a return to the game following strong support from our football development team, who have worked to ensure all our community members can find their place in a safe, fun football environment.

This season we continued our focus on driving high standards of governance at Lancashire FA and were delighted to achieve compliance with v.2.1 of The FA’s Code of Governance for County FAs in March 2024, receiving recognition, as an early adopter of the upgraded standard, for our governance control. As part of this work, we considered and adopted Board targets relating to diversity and inclusion, which represent our ambitions to bring our Board to a community represented position as part of the 2032-36 strategy period. We also fulfilled our aspirations to reach the Preliminary Level of the Equality Standard for Sport during the season.

 

Having continually reinforced the importance of a safe environment for football, and visited over 98 clubs, to ensure we are visible in our community and constantly reinforcing high standards, we were delighted to pass our annual Safeguarding 365 inspection early in the season.

 

2023-24 Season

Financial Performance

This season we have generated a small surplus of £10.9k for the financial year having benefiting from the higher interest rates available and despite the challenges of a higher inflation environment and increased costs.

 

Financial Overview

LANCASHIRE FOOTBALL ASSOCIATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

Income

The following overview highlights the activities contributing to income, and supporting investment into football in Lancashire in the 2023/24 season:

 

 

Investment in Football in Lancashire

Highlights of Lancashire FA’s contribution to local football in the 2023-24 season include:

 

LANCASHIRE FOOTBALL ASSOCIATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

 

 

Financial Practices

The Finance, Audit, Risk and Investment Committee regularly meet to ensure the adequacy of the Association's financial reporting and internal controls. During the season the Committee have, amongst other matters, established a Board Assurance Programme, reviewed the financial competency within the organisation, scrutinised management accounts produced on a monthly basis and particularly focused on the Association’s debtor position and adequacy of reserves. In addition, they have checked and challenges the annual budget proposal and audited accounts, noted changes to the Pension Scheme, had oversight and approval of the Scheme of Delegation and regularly considered the major risks to the Association, reporting on their activities to the Lancashire FA Board.

 

Risk Control

The Association retains a robust risk control system, enabling the Board, Executive and all staff to view the magnitude and likelihood of risks, and the steps taken to mitigate and control their likelihood and impact. On a quarterly basis, risks are monitored at either Committee or Board level, who consider both internal organisational risks, and external risks in the football environment.

 

Directors Remuneration

The Non-Executive Director roles at Lancashire FA are voluntary and Directors do not receive remuneration for these positions.

 

Auditors

The Auditors, Sedulo, were appointed to produce the Audited Accounts for the 2023-24 season, at the November 2023 AGM, this being their third year as the Association’s Auditors.

The audit was completed with no significant issues raised by the Auditors for consideration and the Finance, Audit, Risk and Investment Committee confirms that Lancashire FA remains a going concern.

 

The Future

The 2024-25 season marks the start of a new strategic period for County FAs, and our strategy for the 4-year strategy cycle was approved by The FA with funding confirmed in June 2024.

 

As part of our strategy, this coming season will see us launch our new membership offering, which will initially be available in the 2025-26 season for our football family who are individually involved in the game: players, referees, coaches and volunteers, bringing extensive benefits that will support their passion for the game. This will be followed by a wider membership for organisations within football, which will include benefits increasing to support our aims to drive up standards in the game.

 

Last year we spoke of the future for football in Lancashire changing, and the need for us to work in partnership being more critical. Our strategy for the coming years creates a pathway to deliver a sustainable affiliated game that is welcoming and enjoyable for all members of our community. It shares our aspirations for collaboration, joining together with organisations, minds and influencers within our local space to work effectively together, through football, to deliver on the common goals that support our active community with better health, wellbeing and social outcomes.

LANCASHIRE FOOTBALL ASSOCIATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J Carlin
D G Flory
A H Hashmi
S J Kellett
J Day-Garner
C Howard
P Kohli
R Mcqueen
(Resigned 25 March 2024)
P Newman
M S Wild
R L Brown-Finnis
(Appointed 9 September 2024)
S Daley
(Appointed 19 August 2024)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

 

On behalf of the board
D G Flory
A H Hashmi
Director
Director
21 October 2024
LANCASHIRE FOOTBALL ASSOCIATION LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LANCASHIRE FOOTBALL ASSOCIATION LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 6 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,194,190
1,247,709
Current assets
Stocks
3,177
3,726
Debtors
5
232,547
337,272
Cash at bank and in hand
1,391,866
1,336,631
1,627,590
1,677,629
Creditors: amounts falling due within one year
6
(566,583)
(680,224)
Net current assets
1,061,007
997,405
Total assets less current liabilities
2,255,197
2,245,114
Creditors: amounts falling due after more than one year
7
(424,161)
(424,161)
Net assets
1,831,036
1,820,953
Reserves
Other reserves
288,758
288,758
Income and expenditure account
1,542,278
1,532,195
Members' funds
1,831,036
1,820,953

The notes on pages 7 to 11 form part of these financial statements.

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 October 2024 and are signed on its behalf by:
D G Flory
A H Hashmi
Director
Director
Company registration number 03760324 (England and Wales)
LANCASHIRE FOOTBALL ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
1
Accounting policies
Company information

Lancashire Football Association Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The County Ground, Thurston Road, Leyland, Preston, Lancashire, PR25 2LF.

1.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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.

 

Members affiliation fees, competition entry fees and discipline income are recognised in line with the football season report.

Grant income is recognised in the period to which it relates and in which the money is expended. Coach education income is recognised in the period the course is delivered.

1.3
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:

Freehold land and buildings
2-4% Straight line
Plant and equipment
15% Straight line
Fixtures and fittings
10% Straight line
Computers
33% 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.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

LANCASHIRE FOOTBALL ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 8 -

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.

1.5
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.

1.6
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.

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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

LANCASHIRE FOOTBALL ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 9 -
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.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.10
Grants

Grants are classified as either as relating to revenue or relating to assets.

 

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

 

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

2
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.

LANCASHIRE FOOTBALL ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
47
48
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 July 2023
1,970,483
130,214
724,915
74,000
2,899,612
Additions
-
0
2,844
7,891
-
0
10,735
At 30 June 2024
1,970,483
133,058
732,806
74,000
2,910,347
Depreciation and impairment
At 1 July 2023
850,452
121,646
616,506
63,299
1,651,903
Depreciation charged in the year
38,991
2,441
18,121
4,701
64,254
At 30 June 2024
889,443
124,087
634,627
68,000
1,716,157
Carrying amount
At 30 June 2024
1,081,040
8,971
98,179
6,000
1,194,190
At 30 June 2023
1,120,031
8,568
108,409
10,701
1,247,709
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
189,474
323,001
Other debtors
43,073
14,271
232,547
337,272
LANCASHIRE FOOTBALL ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
101,490
78,947
Taxation and social security
20,374
25,737
Other creditors
444,719
575,540
566,583
680,224
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
424,161
424,161
8
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:
Katelyn Dutton
Statutory Auditor:
Diccon Thornley
Date of audit report:
22 October 2024
9
Operating lease commitments
2024
2023
£
£
Within one year
9,420
9,420
Between two and five years
18,840
28,260
28,260
37,680
10
Ultimate Controlling Party

The director's consider there to be no controlling party.

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