British Taekwondo Control Board - Limited company accounts 17.3

REGISTERED NUMBER: 07501788 (England and Wales)

BRITISH TAEKWONDO CONTROL BOARD

(WTF) LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2017

Page

Company Information

1

Report of the Directors

2

to

4

Report of the Independent Auditors

5

to

6

Income Statement

7

Balance Sheet

8

Notes to the Financial Statements

9

to

10

DIRECTORS:

J A Smith

P J McKenzie

J Cowan

M P McKenzie

Mrs S D Jennings

Dr S A Khelwatty

REGISTERED OFFICE:

Office 6

Park Road

Mansfield

NG19 8ER

REGISTERED NUMBER:

07501788 (England and Wales)

INDEPENDENT AUDITORS:

Thomas Coombs

Statutory Auditor

Chartered Accountants

Century House

29 Clarendon Road

Leeds

West Yorkshire

LS2 9PG

ACCOUNTANTS:

Barnett & Turner Accountants Limited

Cromwell House

68 West Gate

Mansfield

Nottinghamshire

NG18 1RR

The directors present their report with the financial statements of the company for the year ended 31st March 2017.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of promoting the advancement of Taekwondo as

practiced by the World Taekwondo Federation (WTF) including the Olympic discipline, for which it is the recognised

national governing body of the WTF Taekwondo.

The constitution of the Board is governed by the Articles of Association updated on 22nd November 2015.

REVIEW OF BUSINESS

The financial performance and position of the company are detailed in the attached financial statements.

The directors are pleased to report a healthy financial position with an annual surplus of £34,617 (2016: £136,925) and

reserves of £416,049 (2016: £381,432) as at 31st March 2017.

The financial performance of the company has also improved following a restructuring of the internal administration and

processing functions leading to improved financial efficiencies.

FUTURE DEVELOPMENTS

Forward Investment Plans

The secure financial position that the organisation has achieved following a challenging period of consolidation over the

last two years offers the exciting opportunity to reinvest in key areas of the sport and to develop what we can offer and

deliver to our members.

To achieve this and to understand our priorities, we are pleased to announce that we will conduct a survey early in 2018

to allow members to drive the next phase of our investments, broadly though the survey will address:

Further investment into Competitions

We recognise that competition across both codes is important for our members, we want to invest in competition

infrastructure and opportunities to provide a great experience for our competing members and clubs. There are

opportunities to invest in technical equipment, competition presentation and venue overlay to ensure we are constantly

improving and offering the best competition experience we can to our players and athletes.

Supporting our Teams and Talent

We have been able to support our Kyorugi Cadet Team to the European Championships, our Poomsae Team to the

European Championships and our Para Poomsae Team to the upcoming World Championships. We would like to do

more of this in the future, to continue and develop our investment into the Cadet Development Programme, our Poomsae

Training and Development Programme and our Para Taekwondo work.

Directly Supporting Development Work

Whist we receive government funding for a range of development work we increasingly see exciting projects that do not

sit within these programmes but would benefit from more direct support and investment from British Taekwondo. We

would like to start identifying development, community and educational projects that will a real difference and

investigate how we can support and sustain them.

Developing our Officials and Coaches

Our officials, coaches and instructors are key to our delivery. We intend to invest more in the education and

development of these members, creating new courses, on line learning and continuous personal development

opportunities. We also recognise the opportunity that exists for individuals to represent British Taekwondo on an

International basis and want to support this opportunity frequently for more members.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st April 2016 to the date of this report.

J A Smith

P J McKenzie

M Abberley

J Cowan

Other changes in directors holding office are as follows:

Mrs I G Yell - resigned 30th June 2016

T Stammer - resigned 26th November 2016

M P McKenzie - appointed 21st October 2016

I Leafe - appointed 21st October 2016 - resigned 26th November 2016

Mrs S D Jennings - appointed 26th November 2016

Dr S A Khelwatty was appointed as a director after 31st March 2017 but prior to the date of this report.

M Abberley ceased to be a director after 31st March 2017 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with

applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and of the surplus or deficit of the company for that period. In preparing these financial statements, the

directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have

taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the

company's auditors are aware of that information.

AUDITORS

The auditors, Thomas Coombs, will be proposed for re-appointment at the forthcoming Annual General Meeting.

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

companies.

ON BEHALF OF THE BOARD:

P J McKenzie - Director

8th December 2017

We have audited the financial statements of British Taekwondo Control Board (WTF) Limited for the year ended

31st March 2017 on pages seven to ten. The financial reporting framework that has been applied in their preparation is

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'.

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 a Report of the Auditors 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 auditors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 Report of the Directors 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 31st March 2017 and of its surplus 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 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit, the information given in the Report of the

Directors for the financial year for which the financial statements are prepared is consistent with the financial statements,

and has been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding

of the company and its environment, we have not identified any material misstatements in the Report of the Directors.

Matters on which we are required to report by exception

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 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; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Christopher Darwin FCA (Senior Statutory Auditor)

for and on behalf of Thomas Coombs

Statutory Auditor

Chartered Accountants

Century House

29 Clarendon Road

Leeds

West Yorkshire

LS2 9PG

8th December 2017

TURNOVER

817,771

812,357

Cost of sales

375,408

333,520

GROSS SURPLUS

442,363

478,837

Administrative expenses

407,746

418,748

34,617

60,089

Other operating income

-

76,836

OPERATING SURPLUS and

SURPLUS BEFORE TAXATION

34,617

136,925

Tax on surplus

-

-

SURPLUS FOR THE FINANCIAL YEAR

34,617

136,925

FIXED ASSETS

Tangible assets

4

4,400

6,804

CURRENT ASSETS

Debtors

5

18,670

173,887

Cash at bank

493,994

305,175

512,664

479,062

CREDITORS

Amounts falling due within one year

6

101,015

104,434

NET CURRENT ASSETS

411,649

374,628

TOTAL ASSETS LESS CURRENT LIABILITIES

416,049

381,432

RESERVES

Income and expenditure account

416,049

381,432

416,049

381,432

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 8th December 2017 and were signed on its behalf by:

J A Smith - Director

P J McKenzie - Director

1.	STATUTORY INFORMATION

British Taekwondo Control Board (WTF) Limited is a private company, limited by guarantee , registered in

England and Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and other operating income

Turnover represents the total invoiced value of services provided during the year together with other income.

Income and the associated costs of non-refundable licences are recognised in full at the commencement of

relevant licence agreement.

Funding from grant programmes is recognised as income as the counterpart expenditure is incurred.

Other income is included within turnover. This income is recognised when:

- the Directors are reasonably certain of the amount to be received

- the Directors are reasonably certain they will receive the money and

- any conditions for receipt are met

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on reducing balance and 25% on cost

3.	EMPLOYEES AND DIRECTORS

The average monthly number of employees during the year was 14 (2016 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2016

and 31st March 2017

12,208

DEPRECIATION

At 1st April 2016

5,404

Charge for year

2,404

At 31st March 2017

7,808

NET BOOK VALUE

At 31st March 2017

4,400

At 31st March 2016

6,804

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

17,144

4,831

Other debtors

1,526

169,056

18,670

173,887

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

37,410

32,977

Taxation and social security

3,753

1,921

Other creditors

59,852

69,536

101,015

104,434

7.	LIMITED BY GUARANTEE

The company is limited by guarantee and does not have a share capital. The liability of the members in the event

of the company being liquidated is limited to £1 per member.

8.	FIRST YEAR ADOPTION

The company has adopted FRS 102 1A for the first time during the year ended 31st March 2017.

There have been no material transitional adjustments made to the profit and loss account or balance sheet as a

result of this first time adoption.