Financial Statements

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1 COMPANY REGISTRATION NUMBER: English Lacrosse Association Limited Financial Statements For the Year Ended 31 March 2017 BEEVER AND STRUTHERS Chartered accountant & statutory auditor St. George's House Chester Road Manchester M15 4JE

2 Financial Statements Contents Pages Officers and Professional Advisers 1 Directors' Report 2 to 4 Independent Auditor's Report to the Members 5 to 6 Statement of Income and Retained Earnings 7 Statement of Financial Position 8 Notes to the Financial Statements 9 to 15

3 Officers and Professional Advisers The Board of Directors Mr H A McInnes Mr R Balls (Resigned 5 February 2017) Ms S A Barker Ms M Steel Mr A Dyer (Resigned 6 September 2016) Mrs C E Stoot (Resigned 5 February 2017) Ms S M Redfern (Resigned 21 May 2016) Mr J D Marsden (Resigned 5 February 2017) Ms P C McGivern (Resigned 2 October 2016) Mr M J Coups Mr B Jessup (Appointed 5 February 2017) Ms H E Bowe (Appointed 5 February 2017) Mr J R Neal (Appointed 2 October 2016) Mr J M Stainer (Appointed 5 February 2017) Mr P Jobanputra (Appointed 5 February 2017) Auditor Beever and Struthers Chartered accountant & statutory auditor St. George's House Chester Road Manchester M15 4JE - 1 -

4 Directors' Report The directors present their report and the financial statements of the company for the year ended 31 March Principal Activities The principal activity of the company during the year was to promote and encourage the game of lacrosse, to further its growth and development, and to act as the controller and governing body of the game of lacrosse in England. To assist the achievement of the principle activity, the company has produced an updated business plan for the period The achievements of the business plan are set out in the company's annual report for The English Lacrosse Association Limited has received grants from Sport England during the financial year, totalling 856,000 to support the company with growing and developing the sport. These grants have been apportioned, and spent, as agreed with Sport England, against the following activities: = Programmes 575,000 Staff Infrastructure 145,000 Core Infrastructure 130,000 Recruitment - New Chair 6, Total 856,000 The 2017 FIL Rathbones Women's Lacrosse World Cup has now been successfully held and provided excellent opportunities to develop the profile of our sport, attract new investment and increase the number of people participating. The event is being managed by Lacrosse 2017 a subsidiary company which is in the process of producing a financial and post event report. Enterprise Lacrosse, a subsidiary company, announced in April 2017 the withdrawal from hosting the 2018 Men's World Championships. This was a very difficult decision for the sport to make and was taken with the utmost consideration for the successful hosting of the event and the financial sustainability of lacrosse in England

5 Directors' Report (continued) Directors The directors who served the company during the year were as follows: Mr H A McInnes Ms S A Barker Ms M Steel Mr M J Coups Mr B Jessup (Appointed 5 February 2017) Ms H E Bowe (Appointed 5 February 2017) Mr J R Neal (Appointed 2 October 2016) Mr J M Stainer (Appointed 5 February 2017) Mr P Jobanputra (Appointed 5 February 2017) Mr R Balls (Resigned 5 February 2017) Mr A Dyer (Resigned 6 September 2016) Mrs C E Stoot (Resigned 5 February 2017) Ms S M Redfern (Resigned 21 May 2016) Mr J D Marsden (Resigned 5 February 2017) Ms P C McGivern (Resigned 2 October 2016) Directors' Responsibilities Statement The directors are responsible for preparing the directors' 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: select suitable accounting policies and then apply them consistently; make judgments and accounting estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. 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 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

6 Directors' Report (continued) Auditor Each of the persons who is a director at the date of approval of this report confirms that: so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act Small Company Provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. This report was approved by the board of directors on... and signed on behalf of the board by: Director - 4 -

7 Independent Auditor's Report to the Members of English Lacrosse Association Limited We have audited the financial statements of English Lacrosse Association Limited for the year ended 31 March 2017 which comprise the statement of income and retained earnings, statement of financial position and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland''. This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. Respective Responsibilities of Directors and Auditor As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. Scope of the Audit of the Financial Statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the directors' report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on Financial Statements In our opinion the financial statements: give a true and fair view of the state of the company's affairs as at 31 March 2017 and of its deficit for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act

8 Independent Auditor's Report to the Members of English Lacrosse Association Limited (continued) Opinion on Other Matter Prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the strategic report and the directors' report have been prepared in accordance with applicable legal requirements. Matters on Which We are Required to Report by Exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and the returns; or certain disclosures of directors remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; and the directors were not entitled to prepare the financial statements and directors report in accordance with the small companies regime and take advantage of the small companies exemption from the requirement to prepare a strategic report. Maria Hallows (Senior Statutory Auditor) St. George's House Chester Road Manchester M15 4JE For and on behalf of Beever and Struthers Chartered accountant & statutory auditor Date - 6 -

9 Statement of Income and Retained Earnings Note Turnover 1,984,613 1,915,109 Cost of sales 959,405 1,009, Gross surplus 1,025, ,430 Administrative expenses 1,234, ,299 Other operating income 15,000 30, Operating (deficit)/surplus (194,058) 3, (Deficit)/surplus before taxation 7 (194,058) 3,131 Tax on (deficit)/surplus (Deficit)/surplus for the financial year and total comprehensive income (194,058) 3,131 = = Retained earnings at the start of the year 341, , Retained earnings at the end of the year 147, ,234 = = All the activities of the company are from continuing operations. The notes on pages 9 to 15 form part of these financial statements

10 Statement of Financial Position 31 March Note Fixed assets Tangible assets 8 8,421 24,925 Investments ,621 25,125 Current assets Stocks 10 23,936 20,632 Debtors , ,604 Cash at bank and in hand 482, , , ,323 Creditors: amounts falling due within one year , , Net current assets 138, , Total assets less current liabilities 147, , Net assets 147, ,234 Capital and reserves Profit and loss account 147, , Members funds 147, ,234 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. These financial statements were approved by the board of directors and authorised for issue on..., and are signed on behalf of the board by: Director Company registration number: The notes on pages 9 to 15 form part of these financial statements

11 Notes to the Financial Statements 1. General Information The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is National Squash Centre, Rowsley Street, Manchester, M11 3FF, United Kingdom. 2. Statement of Compliance These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'. 3. Accounting Policies Basis of Preparation The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Transition to FRS 102 The entity transitioned from previous UK GAAP to FRS 102 as at 1 April Details of how FRS 102 has affected the reported financial position and financial performance is given in note 15. Consolidation The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group. Judgements and Key Sources of Estimation Uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances

12 Notes to the Financial Statements (continued) 3. Accounting Policies (continued) Judgements and Key Sources of Estimation Uncertainty (continued) Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Determination of recoverability of trade debtors. A specific provision is made against certain debts where in the opinion of the directors the debt is not fully recoverable. Determination of whether there are indicators of impairment of the company's stock. Factors considered include estimated sales value and and deterioration in the stock condition. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: An estimate of future expected cash flows is made in respect of trade debtors which have been identified as potentially unrecoverable. This estimate is based on managements' knowledge of the customer. An estimate is made in respect of stock impairment based on the condition of the stock and known market values for equivalent items. Revenue Recognition Income comprises revenues from a number of sources, including subscriptions, grants, event receipts, coaching and promotional events. Income is credited to the statement of income and retained earnings for the period to which it relates. Income received in connection with events taking place in subsequent periods is deferred. Subscription income is apportioned on a time basis over the subscription period from September to August. Registration fees recorded as income when received. Revenue grants are credited to income in the period to which they relate. All income is shown net of Value Added Tax. Income Tax The income of the company is not subject to corporation tax

13 Notes to the Financial Statements (continued) 3. Accounting Policies (continued) Operating Leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Tangible Assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Website - 25% straight line Playing equipment - 25% straight line Office furniture - 20% straight line Events equipment - 20% straight line Computer equipment - 20% straight line Investments Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition

14 Notes to the Financial Statements (continued) 3. Accounting Policies (continued) Financial Instruments The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other receivable and payable and loans to and from related parties. Stocks Stocks are valued at lower of cost and net realisable value. Net realisable value is based on selling price less any future costs expected to be incurred to completion and disposal. Where necessary, provision is made for obsolete, slow moving and defective stocks. Debtors Amounts owed by group companies due within one year are measured at the undiscounted amount of the cash or other consideration expected to be received. All other debtors are measured at transaction price, less any impairment. Cash Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Creditors Amounts owed to group companies due within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid. All other creditors are measured at transaction price. 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 entity after deducting all of its financial liabilities. Defined Contribution Plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises

15 Notes to the Financial Statements (continued) 4. English Lacrosse Association is a company limited by guarantee and therefore does not have any share capital. Each voting member undertakes to contribute a sum not exceeding 10 in the event of the company being wound up. 5. Auditor's Remuneration Fees payable for the audit of the financial statements 5,900 5,200 = = 6. Staff Costs The average number of persons employed by the company during the year, including the directors, amounted to 26 (2016: 46). 7. (Deficit)/Surplus Before Taxation (Loss)/profit before taxation is stated after charging: Depreciation of tangible assets 15,381 26,996 Write off amounts owed by group undertakings 223,083 Gain on disposal of tangible assets 2,325 Movement in bad debt provision 43,841 (10,000) Movement in stock provision 2,885 2,885 = =

16 Notes to the Financial Statements (continued) 8. Tangible Assets Website Playing equipment Office furniture Events equipment Computer equipment Total Cost At 1 Apr ,000 43,571 4,568 6,844 17, ,728 Additions 1,200 1,200 Disposals (4,568) (3,090) (7,658) At 31 Mar ,200 43,571 3,754 17, ,270 = = = = = = Depreciation At 1 Apr ,833 35,872 3,455 1,943 14,700 99,803 Charge for the year 7,367 5, ,266 1,362 15,381 Disposals (3,712) (1,623) (5,335) At 31 Mar ,200 41,001 1,586 16, ,849 = = = = = = Carrying amount At 31 Mar ,000 2,570 2,168 1,683 8,421 = = = = = = At 31 Mar ,167 7,699 1,113 4,901 3,045 24,925 = = = = = = 9. Investments Shares in group undertakings Cost At 1 Apr 2016 and 31 Mar = Impairment At 1 Apr 2016 and 31 Mar 2017 = Carrying amount At 31 March = The company owns 100% of the issued share capital of Enterprise Lacrosse Limited and Lacrosse 2017 Limited, both of which are registered in England. 10. Stocks Total stock 23,936 20,632 = =

17 Notes to the Financial Statements (continued) 11. Debtors Trade debtors 76,677 50,400 Amounts owed by group undertakings and undertakings in which the company has a participating interest 178,931 Other debtors 100, , , ,604 = = 12. Creditors: amounts falling due within one year Trade creditors 159, ,279 Amounts owed to group undertakings 135,649 Social security and other taxes 44,980 19,985 Other creditors 204, , , ,214 = = 13. Operating Leases The total future minimum lease payments under non-cancellable operating leases are as follows: Not later than 1 year 2,740 2,740 Later than 1 year and not later than 5 years 4,110 6, ,850 9,590 = = 14. Related Party Transactions During the year there were no transactions with directors requiring disclosure. The amounts owed by group undertakings include nil ( ,953) due from Enterprise Lacrosse Limited. During the year, 223,083 was written off this debt. The balance represented costs incurred by the company on behalf of its subsidiary in respect of hosting the 2018 word cup event. This event will no longer be hosted by the company and the debtor has been fully written off during the year. The amounts owed to group undertakings of 135,649 ( ,978 owed by group undertakings) relates to amounts due to Lacrosse 2017 Limited. These balances represent costs incurred and monies received by the company on behalf of its subsidiary in advance of the 2017 world cup event. 15. Transition to FRS 102 These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April No transitional adjustments were required in equity or profit or loss for the year

Pars United Community Interest Company. Financial Statements

COMPANY REGISTRATION NUMBER SC438195 Pars United Community Interest Company Financial Statements 31st May 2015 CONDIE & CO Chartered Accountants & Statutory Auditor 10 Abbey Park Place Dunfermline Fife