Registered number:
(A Company Limited by Guarantee)
FOR THE YEAR ENDED 31 MARCH 2021
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
COMPANY INFORMATION
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
CONTENTS
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2021
The Directors present their Strategic Report on the Company for the year ended 31 March 2021. The narrative and associated numbers relate to activities that took place in that financial year only.
As reported in last year’s Strategic Report, the independent review commissioned by UK Sport and undertaken by Dame Sue Street published its findings in May 2020, and recommended areas of change and organisational development to ensure that the leadership, governance and management of Athletics at the UK level is ‘fit for the future’. Since publication, UKA has, in parallel with the four Home Country Athletic Federations (HCAF’s), been working to implement a change plan and has progressed this through a new framework agreement between the five national governing bodies. The Directors are pleased to report that during the year a number of key milestones were achieved including:
• Agreed roles and responsibilities between the five organisations on the basis that each has equal status (except as required for UKA being the World Athletics member) but operating at different levels/with different geographical scope, under an agreed strategy for athletics in the UK. • CEO Forum created and leading on the implementation of the framework agreement and new strategy. • Athletics Unified published – a strategy for athletics in the UK through to 2032. • Cross sport Working Groups responsible for developing detailed thematic strategies and measures of success in important areas of work such as development, coaching, competition, officiating and performance have been set up and delivery commenced. • Changes made to the Company’s Articles of Association in December 2020 allowing for HCAF nominated Directors on the UKA Board. Those changes were implemented immediately. • In support of the focus on greater diversity and inclusion, the UKA Board now has improved gender and ethnic representation • Standards Ethics and Rules Committee was formally constituted to address and advise on key regulatory issues for the sport. During the implementation of these changes, UK Sport and the four home nation sports councils were kept informed of and remain supportive of the direction of travel. Since the year end, the Company published its new operational plan that sets out the key objectives and aspirations through to 2032 and set out how our work will be implemented under four key strategic priorities of: • Athlete First • Superstructure • Commercial Edge; and • Organisational Health
The athletics world and the Company itself has, along with many other sports, been severely impacted by Covid-19. In a year where our Athletes should have competed at the Tokyo Olympics and Paralympics, where large numbers of Athletes were expecting to compete in various on and off-track international events, where the Company should have hosted Diamond League meetings and an indoor Grand Prix and British Championships and where Athletes should have trained and prepared in environments that were familiar to them, the pandemic prevented this from happening.
As an organisation, we were delighted to deliver the British Outdoor Championships in Manchester in September 2020, which saw a number of high-quality performances from established and emerging talent. February 2021 saw us deliver a number of Covid secure indoor events as trials ahead of the March 2021 European Indoor Championships in Poland. These Championships were a very successful event, and the team equalled our best ever medal tally for this event. March also saw the trials for the Olympic Marathon and Paralympic Wheelchair Marathon held at Kew Gardens and Thruxton race circuit respectively, new venues for both of these events.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Congratulations are due to all athletes, along with their coaches and support teams, for their performances in the most difficult of circumstances. As we look forward and deliver against our objective of Athlete First, an important part of this work is focussed on improving effective communications with our Athletes at all stages of their involvement with UK Athletics. Ensuring that there is regular engagement with our senior management team, providing an opportunity for athletes to provide feedback on what is going well and where there are areas for improvement as well as allowing the company to provide clear guidance and updates for athletes.
As a result of the pandemic, the Company has had to react and adapt to the ever-changing circumstances caused by Covid-19 and the impact on athletes, staff and the wider athletic community has been significant, no part of our organisation has been untouched.
Throughout the year, we have had to react to emerging and unexpected changes to public health policies and guidance, whilst endeavouring to protect our stakeholders and ensure financial security for the organisation. As a Company, we have implemented a number of specific actions during the year these have included: • Cancellation of major events • Cancellation of overseas training camps for both Olympic and Paralympic athletes • Furloughing a number of staff (up to 14 in total) during the first lockdown • Staff re-organisation (including redundancies) • Temporary closure of our main office at the Alexander Stadium and the implementation of home working. • All meetings moved to on-line • Implementation of appropriate Covid safe practices at our training and coaching facilities including the Loughborough University performance centre. • Secured funding through the UK Sport Winter Survival fund for specific activities to support athlete preparation for the Tokyo Olympics
Covid-19 has had a significant impact on the levels of income and expenditure compared to 2019-20 with both showing significant reductions as a result of cancelled events and reduced levels of activity. Total income of £12,923,456 (2020: £21,574,417) is 40% lower than in the prior year. Commercial income from Athletics events totalled £1,440,462 (2020: £7,930,514) and is 82% lower than the prior year and total expenditure of £13,054,393 (2020: £22,264,786) is 41% lower than in the prior year.
Despite the impact on both our revenues and expenditure the resultant loss after tax has reduced from the prior year the retained loss after tax is £103,300 (2020: loss £438,332). There was no other comprehensive income or expenditure in this year or prior year. The retained loss includes unrealised foreign exchange losses of £148,017 incurred on our US Dollar holdings which we maintain as part of our natural hedge to cover costs incurred in that currency. Trading operations actually generated a small surplus. In the prior year exchange gains of £51,138 were reported. The result for the year was also impacted by a reduction in the level of interest that could be generated from our cash balances, compared to levels achieved in prior years. In accordance with the Company’s Articles of Association, no dividend can be paid.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
The worldwide outbreak of the Covid 19 presented a number of significant challenges to the Company during the year. The going concern review that has been undertaken has built upon the financial results as presented. In light of the impact of the Covid 19 virus, the Company has reviewed its financial and cash flow forecasts and considered the impact on going concern. The Directors have considered the financial forecasts over a period of 12 months from the date of approval of these accounts and have reviewed projections beyond this year over a further period to March 2025, in alignment with the funding cycle.
The review has considered the funding settlement from UK Sport, the ongoing delivery of major events in the UK, the current and expected commercial revenues and the ongoing costs of delivering the world class performance programme and operating as the national governing body. In preparing these forecasts, we have considered and identified any one-off items that need to be included or excluded, known or expected cost changes over the period under review and any non-cash items that need to be considered as part of our projections. The forecasts that have been prepared demonstrate that delivery of these plans will allow us to maintain and/or grow our reserves over the period under review. At the same time, the Company recognises that any forecasts prepared for such purposes included uncertainties, both as a result of Covid-19 and the recovery from the pandemic as well as new or changed business assumptions. We have built these sensitivities into our analysis and have demonstrated that should they arise, there would be a business impact and would require the Company to implement appropriate corrective action. Any such action, if required, would be considered by the Company and the Directors on timely basis to ensure that there was not a fundamental impact on the business and to protect our reserve position. Based on the outcome of these reviews, the Directors have concluded that the Company can continue as a going concern and have therefore adopted the going concern basis of accounting in preparing these financial statements.
Key performance indicators are measured and reviewed on a regular basis to enable the business to set its performance targets and monitor its performance against these targets.
Income from grants and sponsorship dedicated to the World Class Performance Programme was £8.1m (2020 £10.0m), a decrease of 19%, principally due to a reduction in funding drawn down from the UK Sport grant as a result of the reduced levels of activity arising from the pandemic. Expenditure on this programme matched the income. The bulk of this income (£6.9m) is provided by UK Sport whose contribution is strictly ring fenced to support the World Class Performance Programme and we are delighted with the results of our partnership with UK Sport.
Income for Major Events has decreased to £1.4m (2020 £7.9m) a decrease of 82% principally due to the cancellation of various events including the Diamond League meetings and the indoor Grand Prix, the only major event delivered was the British Outdoor Championships which was held behind closed doors. Other Sponsorship grants and income has decreased to £3.4m (2020 £3.7m) a decrease of 8%, due to lower levels of sponsorship and business activity. Costs for development, governance and operations for the year, are £3.5m (2020 £4.4m) a decrease of 20% due to a management focus on operational costs to reflect the impact of the reduction in income.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
The decrease in employee costs of £0.3m (down 4%) compared to the prior year is due in the main to the reduction in average headcount of 6 in the development, governance and operations areas. At the end of the financial year, the Company held an Income and Expenditure Reserve of £2.26m (2020: £2.36m), which is in excess of the minimum reserves stipulated in the reserves policy recently approved by the Audit Committee of £2.1m. The Company's focus during the year was to manage the impact of the pandemic on its overall finances and minimise any reductions in reserves. The Net Current Assets are £2.2m (2020: £2.3m) and Tangible Fixed Assets are £0.05m (2020: £0.06m). Included within the current assets is cash at bank of £5.2m which is a £0.8m reduction in comparison to the previous year and is caused by the operating loss and timing differences in cash receipts between the 2 years. During the year the Company spent £0.02m on capital expenditure (2020: £0.003m) and did not dispose of any fixed assets (2020: Nil).
In parallel with our new operational plan, we are beginning to develop an organisational wide dashboard that we will publish on a regular basis that will provide the sport with an overview of our performance against this plan. This will provide information across a range of key performance areas that will demonstrate success as well as areas for improvement.
As our two major public funding bodies, we are grateful for the continuing support that has been provided by both UK Sport and Sport England during the last year and the flexibility shown by both organisations as a result of the disruption caused by the pandemic.
UK Sport – Following the submission of our application in October 2020 we received confirmation of the funding to be provided by UK Sport for the Paris Olympic and Paralympic cycles. This was augmented by the approval to roll forward funds from the Tokyo cycle to support our athletes’ preparations for the rearranged Tokyo Games in the summer of 2021. Sport England – Sport England as with UK Sport have approved the roll forward of funds into the 2021-22 year and have maintained funding for the forthcoming year at the same levels as 2020-21. We will be submitting an application for funding for future years later in 2021. During the year we have sought to maintain delivery of the talent system in conjunction with the Home Country Athletic Federations (HCAF’s) as effectively as possible given Covid constraints. Two Talent Hubs are operational in England, at the Universities of Birmingham and Leeds, with a focus on endurance events and national academies are operational in Scotland, Wales and Northern Ireland.
The Executive Management Team maintains a strategic risk register which is reviewed by the Audit Committee, which in turn reports to the Board. Risks are managed actively, and mitigation strategies implemented to reduce the Company’s levels of risk. During the year the risk register was reviewed and updated. The strategic risks are considered with reference to the impact of the risk should it arise, the controls that are in place to manage the risk, the residual impact of the risk and the monitoring that is undertaken to prevent the risk from arising.
The review of the risk register has resulted in the strategic risks being aligned against at least one of our new strategic priorities of Athlete First, Superstructure, Commercial Edge or Organisational Health, this replaces our previous risk segmentation within Market Risk, Organisational Risk and Environmental & Political Risk. A member of the executive team has specific responsibility for managing each of the risks. The ongoing risks to
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
the organisation associated with Covid 19 are discussed as part of our assessment of going concern.
Athlete First The Company recognises that our ability to offer the best opportunity of success to our athletes on the World Class Programme is dependent on the continuation of funding from UK Sport and Sport England. We recognise that this funding could be at risk should there be any performance or governance concerns raised by either organisation, or Government decisions which have an impact. The Company pays careful attention to its governance and control processes, as recorded in various reporting to both UK Sport and Sport England. The Company also seeks to have a strong transparent day to day relationship with both bodies to help further underpin strong processes and strong corporate governance. The Company is pleased to report that it operates in full compliance with the Code for Sports Governance which is required as a prerequisite of funding from these bodies for the 2017 to 2021 funding cycle as well as the award of our funding for the Paris cycle through to 2025. In 2020 UK Sport commissioned an independent review of the leadership, governance and management of Athletics at the UK level. The key findings and actions taken are summarised in the section on Change in Governance Arrangements Superstructure In 2020 the Company, along with our HCAF partners, launched a new UK wide strategy for the sport of Athletics through until 2032. This strategy has three key goals which all five organisations believe are critical for the long-term success of the sport. Managing the responsibilities that the Company has within this strategy and that are set out in our recently launched operational plan will be vital to ensure that risk of failure is avoided. To ensure that we have the very best athletes the Company recognises that it must have the correct underlying support network. This is therefore dependent on our ability to attract, retain, and develop coaches and officials capable of working with our world class athletes and at events at the appropriate level. To manage the risk of non-delivery in this area we have established coaching and officials working groups which will be responsible for developing the pathways and best practices in these areas to identify, train and retain the best possible individuals to fill these roles. Commercial Edge The Company’s ability to develop and invest in the sport is dependent on us having sustainable and long-term commercial and media relationships that support our strategic plans. Failing to achieve this is a risk to the organisation. We therefore take a proactive approach in managing current relationships and seeking to develop new opportunities in a highly competitive landscape. The Company recognises that it has the responsibility to deliver high quality and relevant events for our Athletes that ensures high quality competition that allows them to develop and provide the opportunity for them to win medals at major international events. Commercially successful events also allow us to promote the sport of Athletics to a wider public audience to encourage participation and provide further financial resources to invest in the sport. Failure to achieve these goals from our events is a recognised risk that we manage through the careful planning, effective delivery and post event review combined with the on-going development of a long-term event strategy. Organisational Health The Board is conscious of the risks that arise from the ever-changing socio, political, security and economic environment within which the Company operates. The impact of the pandemic demonstrates the effect when those risks arise. To date the organisation has successfully responded to the challenges which have been faced and through the Executive Management Team the Company will manage, monitor and react to those emerging risks through effective business continuity planning.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
The Company recognises that the long-term success of the sport is dependent on the continued support of a wide range of stakeholders across the athletic community, and failure to achieve this support is a risk to the sport. The Company believes that effective engagement and communication is key to manage this potential risk and we seek to achieve this through a range of media channels. The final strategic risk is ensuring that we have sufficient financial reserves to respond to specific issues should they arise. We have a reserve policy which provides a suggested minimum level, and the Board has a clear ambition that as we emerge from the pandemic that we rebuild our reserve levels so that we are able to continue to support and grow the sport.
This report was approved by the Board, and duly signed on its behalf on 29 October 2021.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2021
The Directors present their annual report and the audited financial statements for the year ended 31 March 2021.
The Company stages and promotes a number of televised athletics events, most notably World Athletics Diamond League meetings, which showcase the sport, gives further opportunity for British athletes to perform on a global stage and generates revenues to fund the operational costs of the National Governing Body and the services it provides. The Company continues to provide strategic leadership in the development of the sport of athletics across the UK in the areas for which we are responsible and through working in partnership with HCAF’s, UK Sport, Sport England, Central and Local Government, Clubs and Schools for the betterment of the sport as a whole.
The deficit after taxation for the year is £103,300 (2020: Deficit £438,322) and the total comprehensive income for the year is a deficit of £103,300 (2020: Deficit £438,322).
The Company’s Income and Expenditure Reserve as at 31 March 2021 stood at £2,256,542 (2020: £2,359,842).
Directors who served from the period commencing 1 April 2020 to the date of signing of the accounts, including where relevant appointment and resignation dates are detailed below.
At the date of signing all Directors are non-executive except the Chief Executive Officer.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Directors are members of and attend Board meetings and are appointed to or attend at least one of the Audit Committee, the Remuneration Committee and the Performance Oversight Committee (which was disbanded in the year and no meetings held). The overall attendance record for all Directors at these meetings in the year was 98% (2020 – 91%)
The Board wishes to express its gratitude to all the Directors who left in the year for their hard work, dedication and leadership over this period.
As a result of the restrictions imposed by the Covid-19 pandemic the vast majority of staff were working from home for most of the year. Therefore, the means of engaging with staff had to change. Regular staff meetings have continued to be held virtually throughout the year alongside specific one-off meetings for the communication of specific points. A number of electronic surveys have been run through the year to inform the Company on various aspects of employee well-being as well as employee views on the re-opening of the office. We have plans in place to hold a 2 day off site ‘All Colleagues’ strategy and operational meetings during the 2021-22 financial year as well as bringing back office based staff meetings.
The last 12 months have seen continued staff interaction and engagement with various Equality Diversity and Inclusion initiatives following the introduction of our advocate programme in the previous year.
The Directors would like to offer their appreciation for all those individuals who have given their time and expertise freely for the benefit of athletics and without whom the sport of athletics could simply not take place. The fantastic efforts of volunteers involved in clubs, coaching, officiating, advisory groups, UKA Members, our own events and other administrative roles are of invaluable worth to the sport of athletics.
The Directors continue to give thanks and appreciation to each of our volunteers for their continued and valued contribution.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
The voting members of the Company for the period commencing 1 April 2020 to the date of signing of the accounts are noted below. During the year there were five Members meetings. The overall attendance record at those meetings was 95% (2020 – 94%).
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the
audited financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare audited financial statements for each financial year
. Under that law the Directors have elected to prepare the audited financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the audited 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 profit or loss of the Company for that period.
In preparing these audited financial statements, the Directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgements and accounting estimates that are reasonable and prudent;
∙
prepare the audited 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 to enable them to ensure that the audited 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.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
As permitted by paragraph 1A of schedule 7 to the Large and Medium sized Companies and Groups (Accounts and Reports) regulations 2008, certain matters which are required to be disclosed in the Directors’ Report have been omitted as they are included in the Strategic Report. These matters relate to the business review, key performance indicators and principal risks and uncertainties.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
There were no post balance sheet events which had an impact on the Company’s Financial Statements.
This report was approved by the Board on
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
The Company seeks to adopt the highest principles of good corporate governance, and requires all Directors to act at all times in accordance with the Company’s Board Code of Conduct. This ensures that the organisation operates in accordance with two of its key values of; integrity and accountability and this also contributes to the effectiveness and efficiency of the Company’s operations. The Company operates in full compliance with the Code for Sports Governance which has been jointly issued by UK Sport and Sport England.
The Board ensures that appropriate policies and procedures are adopted and communicated to Directors, staff and volunteers. All policies are subject to a rolling 2-to-4-year review and approval cycle through the Board, sub committees and Senior Leadership meetings as deemed relevant. The Company proactively addresses and manages any conflicts of interest that may arise with individual Directors. Where these result in a related party transaction, this is disclosed under the Related Party note of the Financial Statements as seen in note 22. The Board has a number of sub committees as detailed below. Audit Committee The Board has appointed an Audit Committee comprising of a Chair and at least 2 other non-executive members of the Board. Other individuals may be asked to attend as appropriate. The Committee meets at least three times a year. The Chair, Chief Executive Officer, Chief Financial Officer and Head of Finance are invited to be present at each meeting. Part of at least one meeting a year is set aside for the Committee to meet with the external auditors without the presence of the Company’s executive team. The Company’s external statutory auditor for the year ended 31 March 2021 is Haysmacintyre LLP. The ‘Terms of Reference’ document outlines the functions and responsibilities of the Committee. This document is reviewed every four years by the Audit Committee and presented to the Board thereafter for approval. This was last reviewed by the Audit Committee and approved by the Board in January 2018. The key tasks and responsibilities of the Committee are to: • Make recommendations to the Board on the (re) appointment of the Company’s external auditors and their remuneration. • Monitor the integrity of the financial statements, challenging where necessary management actions regarding significant financial reporting issues and any judgements therein. With particular focus on compliance with legislation and standards, critical accounting policies, decisions requiring significant areas of judgement, unusual transactions and the possible impairment of assets. • Make recommendations to the Board as a result of the Annual Audit. • Perform a review of financial reports provided to the Committee in order to highlight any material issues that should be brought to the attention of the Board. • Review the effectiveness of the Company financial reporting and internal control policies and procedures. • Review the reports of audits and financial and or governance reviews conducted on behalf of UK Sport and Sport England. • Review the effectiveness of the Company’s risk management strategy and underlying procedures for the identification, assessment, control and reporting of risks. • Review the Business Continuity Plan and Crisis Simulation Test Reports. • Review the Company’s whistleblowing policy on an annual basis to ensure appropriateness. • Review Insurance Policies and cover annually
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
The members of this Committee during the 2020/21 financial year were Penny Avis (Chair), Stuart Cain and David Abrahams.
Remuneration Committee The Board has appointed a Remunerations Committee (previously Human Resources and Remuneration Committee) comprising of a Chair and at least two other non-executive Board members. The Committee meets at least once a year. The Chair, Chief Executive Officer, Chief Financial Officer and Head of Human Resources are invited to be present at each meeting. The ‘Terms of Reference’ document outlines the functions and responsibilities of the Committee. This document was reviewed in February 2021 and approved by the Board in March 2021. These terms of reference are scheduled to be reviewed every four years. The key tasks and responsibilities of the Committee are to: • Prepare a framework for remuneration of all staff, including the Executive Management Team. • Review and approve increases in remuneration of all staff with salaries in excess of £100,000 per annum. • Ensure that a process is in place for annual review of pay for all employees. • On the basis of recommendations made by the Chair of the Company in respect of changes to the salary of the Chief Executive Officer discuss and decide on the salary recommendation that should be put forward to the Board for approval. • Make recommendations to the Board on the remuneration of the Executive Management Team. The members of this Committee during the 2020/21 financial year were Gordon Arthur (Chair), Peter Crawshaw and Anne Wafula-Strike. Athletics Appointments Panel The Board has an Athletics Appointment Panel to oversee senior Board and UKA Member appointments. This Panel is established from time to time as required during the course of business. The panel will usually consist of three members, being; Chair of the Board and two other independent non-executive Directors. Where five members are needed it will also consist of one other independent non-executive Director plus one other member selected on the basis of their skill and expertise in relation to the nature of the individual appointment to be considered by the Panel. For appointments to Chair of the Board, a panel of five members shall be established. The ‘Terms of Reference’ document outlines the functions and responsibilities of the Panel. This was last reviewed and approved by the Board in June 2018. The key tasks and responsibilities of the Panel are to: • Make recommendations to the Board on the appointment and removal of the Chair of the Board, The Chief Executive and other Board appointed Directors. • Make recommendations to the UKMC (now UKA Members) on the appointment and removal of the President and Vice President.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
During the financial year 2020/21, the Athletics Appointments Panel convened to consider the appointment of Jennifer Thomas – Panel members were appointed in line with the terms of reference.
Standards Ethics and Rules Committee In the year the Board has appointed a Standards Ethics and Rules Committee comprising a Chair who is a member of the Board and other independent individuals. The Committee carries out its role through meetings in such manner and frequency as determined by the Chair. The Committee is comprised of individuals with such skills and experience as the Board considers appropriate. The Home Country Athletics Federations shall propose members with appropriate skills and experiences, whether independent or not. Any member of the Committee who has a connection within the sport will, whatever their roles or involvements, act independently on the Committee of any organisation with which they are connected. The Board will appoint further “independent” members, on the recommendation of the Committee chair and Chief Executive. The ‘Terms of Reference’ document outlines the functions and responsibilities of the Committee. This document will be reviewed regularly by the SERC Committee and presented to the Board thereafter for approval. The key tasks and responsibilities of the Committee are to • advise the Board on how best to establish and promote high standards of behaviour for all participants in athletics in the United Kingdom, including, general conduct, anti-doping, ethical behaviour generally, safeguarding, anti-discrimination, anti-corruption, health and safety, any other matter assigned to it by the Board from time to time; and to make recommendations to the Board in relation to rules, regulations, directives, policies, codes or otherwise as it considers appropriate for the Board to adopt • advise the Board on regulatory best practice, including compliance with relevant obligations as the Member Federation of World Athletics responsible for athletics in the United Kingdom • to ensure that the “Rules of Competition” (the “Rules”) and all other provisions (“Codes”) are consistent as a whole, that they are relevant, clear and easily accessible and understandable for all participants, and that there are appropriate and effective education and awareness programmes in place. • provide non-executive oversight and support for the executive having responsibility for matters covered by the Rules and Codes. • to consider any medical/legal ethical issue arising out of Performance or Talent activities referred to it by the Chief Executive, to enable a recommendation to be made to the Board. • to ensure that all matters requiring independent decision making, such as disciplinary cases, licensing decisions and safeguarding cases under the Rules and Codes are dealt with to the highest standards of regulatory practice. The Chair of the Committee is Penny Avis. The independent members of the Committee, none of whom are Directors of the Company are listed on the Company website. Performance Oversight Committee The Performance Oversight Committee has been disbanded as a result of the changes in governance arrangements as set out in the Strategic Report. The Committee did not meet during the year prior to it being discontinued.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
The Company continues to strive to be the leading sport in Equality, Diversity and Inclusion, by taking positive action to embed ED&I at all levels of the sport. The Company has over the last year continued to work with England Athletics to achieve the Equality Standard in Sport Advanced Level, by reviewing and amending process, policies and practices, celebrating the successes and growing an inclusive sport.
We are pleased to confirm that in June 2021 both organisations were awarded the Advanced Level.
The Equality Diversity & Engagement Lead, the Equality Diversity & Inclusion Advocate Group and our networks have successfully delivered the following initiatives during the year: • Published a new diversity action plan for 2021 to 2024 setting out a series of short, medium and long term goals for the organisation with regular progress updates against the plan to be provided. • Implemented the 'Let's Talk About Race' programme following the murder of George Floyd in May 2020. This involved a series of workshops where people from across the sport were invited to share experiences and discuss and propose areas of change. This led to the creation of the RACEquality network and the inclusion in the diversity action plan of a number of clear objectives and actions linked to race. • Celebrated the first anniversary of the Athletics Pride Network with more than 800 people interacting with the network through its social media channels • Continued our engagement with Hive College in Birmingham and although the pandemic prevented students from coming into the office for work experience a number of individuals spent time with students remotely giving them details of their jobs, how they got into them and what qualities are needed for various roles in the organisation or sport in general. • Continued staff engagement with cultural awareness and ED&I activities which remain popular, particularly personal stories; features included World Menopause Day, International Women’s Day, National Inclusion Week and Black History Month. • Delivered the largest number of activities by UKA ever during National Inclusion Week and Black History Month in October 2020 focussed education including our Noir Voices series which featured inspirational black individuals involved in sport. • Successfully concluded our mentoring scheme with the ECB (England & Wales Cricket Plan) and commenced planning for a scheme with England Netball starting in May 2021. • Recognised the challenges faced by employees as a result of the pandemic and introduced the ‘Connected Together’ programme which included a number of virtual meetings for staff including the “All Staff Townhall”, “Chat & Cuppa” and “Coffee Roulette” meetings. • Continued to work with Vercida to ensure that we are accessible and visible to diverse talent wanting to work at UKA. • Welcomed three Athlete ED&I Advocates who will support the ED&I Advocates in delivering ED&I initiatives through an athlete lens. • Launched the first quarterly ‘Inclusive Athletics’ newsletter – a collaborative newsletter with ED&I news from UKA and the four home countries The Company is proud to be a Disability Confident Leader, and during the year we had our status renewed. The Company endorses supplier diversity and encourages suppliers to become Disability Confident and have Equality policies in place. The Company continues to commit to the five principles under the Race at Work Charter.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF UK ATHLETICS LIMITED
We have audited the financial statements of UK Athletics Limited (the 'Company') for the year ended 31 March 2021, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF UK ATHLETICS LIMITED (CONTINUED)
misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF UK ATHLETICS LIMITED (CONTINUED)
in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud. Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for national governing bodies, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, corporation tax, payroll tax and VAT. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls),and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: • Inspecting correspondence with the tax authorities; • Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; • Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and • Challenging assumptions and judgements made by management in their critical accounting estimates
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' Report.
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 2006. 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 Auditors' 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.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2021
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
REGISTERED NUMBER:
03686940
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2021
The financial statements were approved and authorised for issue by the Board and were signed on its behalf on
The notes on pages 23 to 42 form part of these financial statements.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 MARCH 2021
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2021
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2021
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
UK Athletics Limited ('the Company') is a company limited by guarantee incorporated in the United Kingdom. The address of its registered office and principal place of business is Athletics House, Alexander Stadium, Walsall Road, Perry Barr, Birmingham, B42 2BE. The principal activities of the Company are to carry out the functions of the National Governing Body of athletics in the UK as required by World Athletics. Further information regarding the Company's responsibilities is set out in the Directors' Report.
The Company is considered to be a public benefit entity for the following principal reasons: • It undertakes activities to generate a surplus to fund its primary activities which include developing new programmes for athletics, co-ordinating United Kingdom and international athletics affairs and developing strategies for performance, development and competition • It generates revenue with the sole aim of reinvesting funds into athletics rather than to provide a return to investors • It provides services to the community by investing directly in athletics and broadening the reach of athletics to the general public and community • It promotes the popularity of athletics by investing in athletics activities The financial statements have been presented in Pounds Sterling as this is the Company’s functional currency, being the primary economic environment in which the Company operates.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
London 2017 Limited and London Championships Limited, companies limited by guarantee, were incorporated for the purpose of staging the 2017 IAAF World Championships in Athletics and World Para Athletics Championships, respectively, in London. The Company is a joint member of both these companies. Consolidated financial statements have not been prepared as the Company does not control these companies and hence these financial statements present the results of the Company and its subsidiaries only.
The Company has incorporated subsidiaries, Athletics World Cup Limited and Track and Field World Cup Limited. The Company has a 100% interest in both companies. Consolidated accounts have not been prepared for the Year Ended 31 March 2021 due to the immaterial nature of the subsidiaries.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
The worldwide outbreak of the Covid-19 virus represents a significant event during the financial period. It has impacted the day-to-day operations of the Company, including athletes training at the performance centre in Loughborough and across the country, the ability to stage major events and the need to temporarily close our main office. The Company’s response has been to move quickly to protect the health and safety of its staff, athletes, coaches, officials and volunteers and to continue to provide high quality services while operating remotely or under controlled conditions.
In light of the impact of the Covid-19 virus, the Company has reviewed its financial and cash flow forecasts and considered the impact on going concern. The Directors have considered the financial forecasts over a period of 12 months from the date of approval of these accounts and have reviewed projections beyond this year over a further period to March 2025, in alignment with the next UK Sport funding cycle. These forecasts necessarily include uncertainties created by Covid-19 and how the sports and entertainment sector emerges from it. To understand these uncertainties part of the forecasting has included sensitivity analysis to identify potential impacts, such as changes to revenue streams. Should these arise then mitigating action would be taken to protect the Company’s reserves. Based on the outcome of these reviews, the Directors have concluded that the Company can continue as a going concern and have therefore adopted the going concern basis of accounting in preparing these financial statements.
Income
Income represents amounts derived principally from grants, event sponsorship, TV broadcasting and the sale of tickets to events, which fall within the Company's ordinary activities and arise primarily within the United Kingdom. Income is stated exclusive of value added tax. (i) Grant revenue Income arising from grants is recognised when there is reasonable assurance that any conditions attached to the grants are met and the grants are receivable. Grants are classified as relating to revenue, rather than capital, and grant income is recognised on a systematic basis over the period in which the related costs associated with the grant are recognised. Income from grants includes Sport England Whole Sport Plan Award funding of £765,576 (2020: £770,411) for activities undertaken by UK Athletics. This award is an agreement between UK Athletics and Sport England, within which UK Athletics, under a passport agreement, also commissions England Athletics to undertake some of the activities and hence passes some of the grant funding directly to England Athletics following receipt from Sport England. UK Athletics acts as agent for this Sport England Award and hence the grant funding passed to England Athletics of £602,600 (2020: £574,000) is not recognised in the financial statements of the Company. (ii) Sponsorship revenue Income arising from sponsorship is normally recognised over the period of the sponsorship term. When the sponsorship is linked to a particular event or condition, revenue is recognised when the specific event has taken place or the condition has been met.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
(iii) TV broadcasting revenue Income arising from TV broadcasting is recognised when a major televised event is aired and is apportioned according to the number of days of the televised event.
(iv) Ticket sales revenue
Income arising from event ticket sales is recognised when the event takes place. (v) Value in kind revenue Value in kind agreements, whereby sponsors provide goods or services in return for sponsorship benefits, are recognised at the relevant market value of the item received at the time of receipt. The gross value is recognised both as income and a corresponding expense. (vi) Interest Income is recognised as interest and accrues using the effective interest rate method.
Intangible assets are initially recognised at cost, being the purchase price plus any directly attributable costs, and are subsequently measured at cost less any accumulated amortisation and impairment losses.
Amortisation is charged on a straight-line basis to income and expenditure over the shorter of the useful life of the asset or the contractual or legal rights arising on acquisition. The useful lives are as follows: Computer software - 3 years Intangible assets are tested for Impairment where indication of Impairment exists at the reporting date.
Tangible fixed assets are initially recognised at cost which is the purchase price plus any directly attributable costs. Subsequently tangible fixed assets are measured at cost less accumulated depreciation and Impairment losses.
Depreciation is charged so as to allocate the asset's cost, less its estimated residual value, over its estimated useful life, using the straight-line method. Depreciation is provided on the following basis: Leasehold improvements - 10 years Equipment, fixtures and fittings - 5 years Computer equipment - 3 years Tangible fixed assets are tested for impairment where an indication of impairment exists at the reporting date.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
Investments in associates are held at cost less accumulated impairment losses.
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds basic financial instruments which comprise investments, cash and cash equivalents, trade and other receivables and trade and other payables. The Company has chosen to apply the provisions of FRS102 Section 11 Basic Financial Instruments and FRS102 Section 12 Other Financial Instruments in full.
Financial assets - classified as basic financial Instruments ( i) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. (ii) Trade and other receivables Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective Interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received net of any impairment. At the end of each reporting period the Company assesses whether there is objective evidence that any receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the effective interest rate. The amount of the provision is recognised immediately in income and expenditure. (iii) Investments The Company's equity investments are stated at cost less accumulated impairment losses. The Company's investments do not have a quoted market price in an active market. On this basis there is no reliable way to measure the fair value of the investments.
Financial liabilities - classified as basic financial Instruments
(i) Trade and other payables Trade and other payables are initially measured at the transaction price including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts payable are classified as current liabilities where payment is due within one year. Where this is not the case, they are presented as due in more than one year. Amounts that are payable within one year are measured at the undiscounted amount of the cash expected to be paid.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
Financial Instruments - classified as complex financial Instruments
(v) Hedging arrangements The Company does not use derivative Instruments to manage exposure to risks arising from holding financial Instruments, nor does the Company hold or Issue derivative financial instruments for speculative purposes. The Company does apply hedge accounting to manage exposure to foreign currency risk arising from certain firm commitments associated with future events. The hedging relationship between the hedged item and the hedging instrument is designated as a cash flow hedge. Changes in the fair value of the hedging instrument, which is effective, are recognised in other comprehensive income and recognised within equity in a separate cash flow hedge reserve. Any ineffectiveness in the hedging relationship, being the excess of the cumulative change in fair value of the hedging instrument since inception of the hedge over the cumulative change in the fair value of the hedged item since inception of the hedge, is recognised in income and expenditure. Fair value gains or losses recognised in other comprehensive Income are reclassified to profit or loss when the hedge relationship ceases.
Functional and presentation currency
Transactions and balances
In addition, one employee is a member of The Teachers' Pension Scheme which is an unfunded
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
Tax expense for the period comprises current and deferred tax. Tax currently payable, relating to UK corporation tax, is calculated on the basis of the tax rates and laws that have been enacted or substantively enacted as at the reporting date.
Deferred tax is recognised on all timing differences that have originated but not reversed at the reporting date. Transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future give rise to a deferred tax liability or asset. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted as at the reporting date, that are expected to apply to the reversal of the timing difference. The tax expense is recognised in the same component of comprehensive Income or equity as the transaction or other event that resulted in the tax expense. Deferred income tax assets are recognised only to the extent that, on the basis of all available evidence, it is deemed probable that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Current and deferred tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and there is the intention either to settle on a net basis or to realise the asset and settle the liability simultaneously. In applying the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The Directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and
Page 28
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
3.
Judgements in applying accounting policies (continued)
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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. The critical judgements that the Directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are specified below. (i) Volunteer services The Company relies on the assistance of unpaid general volunteers in carrying out its activities. Placing a monetary value on the contribution made by volunteers poses a significant challenge. Additionally, volunteers tend to complement the work of paid staff rather than replace them. These factors, together with the lack of a market comparator price for general volunteers, make it impracticable for their contribution to be measured reliably for accounting purposes and hence volunteer services are not recognised within these financial statements. (ii) Investments in associate undertakings The investments in London 2017 Limited and London Championships Limited are accounted for as investments in associate undertakings on the basis that the Company has significant influence over these entities. The Company has a 50% interest in both of these undertakings, which have been established as companies limited by guarantee. Due to the level of Board representation, the Company has the power to participate in the financial and operating policy decisions of each entity. The Company has a 100% interest in both the Athletics World Cup Limited and Track and Field World Cup Limited which have been established as companies limited by shares. Consolidated accounts have not been prepared for the Year ended 31 March 2021 due to the immaterial nature of the subsidiaries. The key assumptions concerning the future, and other key 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 specified below: The Company's shares in Athletics G5 are in relation to a partnership with French, German, Italian and Spanish counterparts with the aim to develop programmes and marketing rights, as well as the organisation of collective events that will be implemented by Athletics G5. These shares are not freely transferrable, with certain specific requirements to be met by a prospective purchaser as set out in the shareholders' agreements, and there is no dividend income from ownership of the shares. The investments' fair values are therefore not considered to be separable from the value expected to be derived from hosting events or other activities of the entities in the future and accordingly the fair value is not able to be reliably determined. The investments in Athletics G5 are therefore measured at cost less impairment.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
3.
Judgements in applying accounting policies (continued)
At the end of each reporting period, the Company assesses whether there is objective evidence that any receivable amount may be impaired. A provision for impairment is established when management consider that there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the debts.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Aggregate remuneration for key management personnel was as follows:
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
There were no factors that may affect future tax charges.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Page 38
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Accumulated fund - income and expenditure
reserve
This reserve comprises accumulated surpluses and deficits retained in previous periods and in the current period.
The Company operates a defined contribution plan which is available to all employees of the Company.
Contributions made into this plan are paid by the Company at rates specified in the rules of the scheme. The total amount recognised in Income and Expenditure during the period was £473,877 (2020: £471,898). As at the reporting date, amounts payable of £nil (2020: £49,637) had not been paid over to the plan. In addition, one employee is a member of The Teachers’ Pension Scheme which is an unfunded defined benefit scheme operated by the UK Government on behalf of teachers in England. The Company has no claim over the assets of the scheme and has not liability to make good future shortfalls in the scheme except in so far as future service contribution rated may be revised by the Government Authority. Contributions made into this plan are paid by the Company at rates specified in the rules of the scheme. The total amount recognised in the Income and Expenditure account during the period was £15,844 (2020: £13,836). As at the reporting date all amounts had been paid over to the scheme.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
In pursuing its principal activity, the Company makes various commitments to provide future funding to support and promote athletics in the UK. The provision of this funding is recognised in the financial statements as and when incurred.
The Company has not entered into any off-balance sheet arrangements.
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UK ATHLETICS LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
There is no parent undertaking and no ultimate controlling party.
The members of the Company have agreed to contribute £1 each to the assets of the Company, if necessary in the event of it being wound up. The members of the Company are the UK Members Council members, as defined in the Company's articles of Association.
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