Charity registration number 1116028
BRITON FERRY TOWN SPORTS ASSOCIATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
BRITON FERRY TOWN SPORTS ASSOCIATION
LEGAL AND ADMINISTRATIVE INFORMATION
Secretary
MR M BATE
Trustees
Mr John Jones
Mr M Bate
Mr P D Jones
Mr D R Jones
Charity number
1116028
Company number
04754621
Registered office
THE CLUB HOUSE
YNYSMAERDY ROAD
BRITON FERRY
NEATH
SA11 2TL
Accountants
SUMMERS ACCOUNTANCY & BOOKKEEPING SERVICES
70 NEW ROAD
SKEWEN
NEATH
WEST GLAMORGAN
SA10 6HA
BRITON FERRY TOWN SPORTS ASSOCIATION
CONTENTS
Page
TRUSTEES report
1 - 2
Accountants' report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 12
BRITON FERRY TOWN SPORTS ASSOCIATION
TRUSTEES REPORT  
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

The TRUSTEES present their annual report and financial statements for the year ended 31 May 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the CHARITY's [governing document], the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities
Public benefit

The objectives of the charity are to 'provide community participation in healthy recreaction by providing for and playing particular sports and exercise opportunities.

The trustees are aware of their responsibilities in ensuring that the charity delivers identifiable benefits to the public in accordance with the established objectives. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

The TRUSTEES have paid due regard to guidance issued by the Charity Commission in deciding what activities the CHARITY should undertake.

Achievements and performance
Significant activities and achievements against objectives
Financial review
Reserves policy

It is the policy of the CHARITY that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The TRUSTEES consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the CHARITY’s current activities while consideration is given to ways in which additional funds may be raised.

Reserves are held to enable the charity to make grants to various organisations in its locality. At present the reserves held are minimal.

The general fund is in deficit due to management and administration costs incurred. The trustees are confident that income will be generated by the general fund in the near future which will repay the loan from the restricted funds.

 

During the year the charity generated income of £3,541 (2023 £1,538) and incurred charitable activity costs of £3,900 (2023 £2,923).

Unrestricted Income Fund:-

£

Net Movement in funds (359)

Balance b/f     (13,183)

Balance c/f (13,542)

=====

Principal funding sources - these are by way of donations.
Structure, governance and management

The CHARITY is a company limited by guarantee and was incorporated on 6 May 2003. It is governed by a memorandum and articles of association. In the even of the company being wound up members are required to contribute an amount not exceeding £1.

The TRUSTEES who served during the year and up to the date of signature of the financial statements were:

 

MR J JONES

MR P D JONES

MR D R JONES

MR M BATE
BRITON FERRY TOWN SPORTS ASSOCIATION
TRUSTEES REPORT  (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
Recruitment and appointment of trustees

[Details of method of recruitment and appointment of trustees.]

 

None of the TRUSTEES has any beneficial interest in the company. Trustees are appointed following election by members at general meetings. Under the Memorandum & Articles of Association, the charity can have up to a maximum of 15 trustees.

 

 

The TRUSTEES report was approved by the Board of TRUSTEES.

MR M BATE
MR M BATE - TRUSTEE
21 February 2025
BRITON FERRY TOWN SPORTS ASSOCIATION
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BRITON FERRY TOWN SPORTS ASSOCIATION FOR THE YEAR ENDED 31 MAY 2024
- 3 -

In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the financial statements of BRITON FERRY TOWN SPORTS ASSOCIATION for the year ended 31 May 2024, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made to the charity's TRUSTEES, as a body, in accordance with the terms of our engagement letter dated 1 February 2025. Our work has been undertaken solely to prepare for your approval the financial statements of BRITON FERRY TOWN SPORTS ASSOCIATION and state those matters that we have agreed to state to the charity's TRUSTEES, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BRITON FERRY TOWN SPORTS ASSOCIATION and the charity's TRUSTEES as a body, for our work or for this report.

It is your duty to ensure that BRITON FERRY TOWN SPORTS ASSOCIATION has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of BRITON FERRY TOWN SPORTS ASSOCIATION. You consider that BRITON FERRY TOWN SPORTS ASSOCIATION is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of BRITON FERRY TOWN SPORTS ASSOCIATION. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

SUMMERS ACCOUNTANCY & BOOKKEEPING SERVICES
21st February 2025
Chartered Accountants
70 NEW ROAD
SKEWEN
NEATH
WEST GLAMORGAN
SA10 6HA
BRITON FERRY TOWN SPORTS ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
Notes
£
£
£
Income from:
Donations and legacies
2
3,541
-
3,541
Total income
3,541
-
3,541
Expenditure on:
Charitable activities
3
3,900
-
3,900
Total expenditure
3,900
-
3,900
Net income/(expenditure) and movement in funds
(359)
-
(359)
Reconciliation of funds:
Fund balances at 1 June 2023
(13,183)
346,393
333,210
Fund balances at 31 May 2024
(13,542)
346,393
332,851

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

BRITON FERRY TOWN SPORTS ASSOCIATION
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 5 -
2024
Notes
£
£
Fixed assets
Tangible assets
7
332,728
Current assets
Cash at bank and in hand
423
Creditors: amounts falling due within one year
8
(300)
Net current assets
123
Total assets less current liabilities
332,851
Net assets excluding pension liability
332,851
The funds of the CHARITY
Restricted income funds
9
346,393
Unrestricted funds
(13,542)
332,851

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 May 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

 

The Members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The financial statements were approved by the TRUSTEES on 21 February 2025
MR M BATE - TRUSTEE
BRITON FERRY TOWN SPORTS ASSOCIATION
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
1
Accounting policies
Charity information

BRITON FERRY TOWN SPORTS ASSOCIATION is a private company limited by guarantee incorporated in England and Wales. The registered office is The Club House, Ynysmaerdy Road, Briton Ferry, Neath, SA11 2TL.

1.1
Accounting convention

The financial statements have been prepared in accordance with the CHARITY's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The CHARITY is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the CHARITY. 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
Going concern

At the time of approving the financial statements, the TRUSTEES have a reasonable expectation that the CHARITY has adequate resources to continue in operational existence for the foreseeable future. Thus the TRUSTEES continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the TRUSTEES in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the CHARITY.
1.4
Income
Income is recognised when the CHARITY is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the CHARITY has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the CHARITY has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
BRITON FERRY TOWN SPORTS ASSOCIATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 7 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

 

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

 

Grants payable are included in the SOFA when the trustees have agreed to commit the expenditure.

1.6
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.

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
0%

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 recognised in the statement of financial activities.

 

Property under consctruction

previously the company has undertaken work to construct a building to house changing facilities for various sporting clubs in Briton Ferry. No further work was undertaken in the year to 31 May 2024, however, the property works will be completed when funds are available. The construction expenditure incurred at 31 May 2020 has been capitalised as a fixed asset.

1.7
Impairment of fixed assets

At each reporting end date, the CHARITY reviews the carrying amounts of its tangible 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).

1.8
Cash and cash equivalents

Cash and cash equivalents 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.

 

BRITON FERRY TOWN SPORTS ASSOCIATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 8 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans 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 operations 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 CHARITY’s contractual obligations expire or are discharged or cancelled.

1.9
Employee benefits

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 CHARITY is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Income from donations and legacies
Unrestricted
funds
2024
£
Donations and gifts
3,541
3,541
BRITON FERRY TOWN SPORTS ASSOCIATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
3
Expenditure on charitable activities
2024
£
Direct costs
Utilities
2,382
Water
706
Bank Charges
62
Ground Rent
300
Accountancy
450
3,900
Analysis by fund
Unrestricted funds
3,900
4
TRUSTEES
None of the TRUSTEES (or any persons connected with them) received any remuneration or benefits from the CHARITY during the year.
5
Employees

The average monthly number of employees during the year was:

2024
Number
Total
-
0
6
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

BRITON FERRY TOWN SPORTS ASSOCIATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
7
Tangible fixed assets
Freehold land and buildings
£
Cost
At 1 June 2023
332,728
At 31 May 2024
332,728
Carrying amount
At 31 May 2024
332,728
At 31 May 2023
332,728

The above cost represents the costs incurred to 31 May 2024 on the construction of changing room facilities in Briton Ferry. The construction was completed on 31 May 2015. Two of the four dressing rooms will be competed when funds are available.

8
Creditors: amounts falling due within one year
2024
£
Other creditors
300
9
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 June 2023
At 31 May 2024
£
£
346,393
346,393
Previous year:
At 1 June 2022
At 31 May 2023
£
£
346,393
346,393
BRITON FERRY TOWN SPORTS ASSOCIATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
10
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 June 2023
Incoming resources
Resources expended
At 31 May 2024
£
£
£
£
General funds
(13,183)
3,541
(3,900)
(13,542)
Previous year:
At 1 June 2022
Incoming resources
Resources expended
At 31 May 2023
£
£
£
£
General funds
(11,798)
1,538
(2,923)
(13,183)
11
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 May 2024:
Tangible assets
(13,542)
346,393
332,851
Current assets/(liabilities)
123
-
123
(13,419)
346,393
332,974
BRITON FERRY TOWN SPORTS ASSOCIATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 12 -
Operating lease commitments
Lessee

The operating leases represent leases to third parties. The lease rentals are fixed for the next 15 years. There are no options in place for either party to extend the lease terms.

 

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

 

Within one year                 300

Between two and five years        1200

Over five years                2903    

 

     4703

====

 

 

 

 

 

 

13
Related party transactions

During the year cost contributions were received from Briton Ferry RFC and Briton Ferry Town CC amounting to £3,421 (2023 £1,520)

 

They are considered to be related parties by virtue of common control.

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