sport-england-2016-17-annual-report-and-accounts

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Statement of changes in equity for the year ended 31 March 2017 Pension General Reserve Reserve Total £’000 £’000 £’000 Balance at 1 April 2015 (31,398) (231,528) (262,926) Net income for the year - 95,509 95,509 Re-measurement of defined benefit liability 5,157 - 5,157 Transfer between reserves (531) 531 - Balance at 31 March 2016 (26,772) (135,488) (162,260) Net expenditure for the year - (32,765) (32,765) Re-measurement of defined benefit liability (4,490) - (4,490) Transfer between reserves (478) 478 - Balance at 31 March 2017 (31,740) (167,775) (199,515) The notes on pages 101 to 115 form part of these accounts. The English Sports Council National Lottery Distribution Fund Accounts for the year ended 31 March 2017 100
Notes to the accounts 1 Statement of accounting policies These accounts have been prepared in accordance with the National Lottery etc. Act 1993 (as amended), the Lottery Accounts Direction issued thereunder by the Secretary of State for Culture, Media and Sport with the consent of HM Treasury in December 2014 and the 2016-17 Government Financial Reporting Manual (FReM) issued by HM Treasury. A copy of the Lottery Accounts Direction can be obtained from Sport England at 21 Bloomsbury Street, London, WC1B 3HF. The accounting policies contained in the FReM apply the requirements of the Companies Act 2006, and International Financial Reporting Standards (IFRS) as adopted by the European Union, and as adapted or interpreted for the public sector. Where the FReM permits a choice of accounting policy, the accounting policy which is judged to be the most appropriate and which gives a true and fair view has been selected. The particular policies adopted by the Sport England National Lottery Distribution Fund (NLDF) as set out and described below have been applied consistently to all periods presented in the accounts. 1.1 Accounting convention The accounts have been prepared on a going concern basis under the historical cost convention and only reflects the activities associated with the Sport England NLDF. Without limiting the information given, the accounts of the Sport England NLDF meet the requirements of the Companies Act 2006, the Accounting Standards issued or adopted by the International Accounting Standards Board, the HM Treasury guidance on the accounts of Non-Departmental Public Bodies as set out in the FReM, and the National Lottery etc. Act 1993 (as amended) in so far as those requirements are appropriate to the Sport England NLDF. In compliance with Section 35 of the National Lottery etc. Act 1993 (as amended), the accounts cover the year to 31 March 2017. Comparative figures are shown for the year ended 31 March 2016. A separate set of accounts has been prepared for Sport England activities funded from Grant-in-Aid, in accordance with the instructions issued by the Secretary of State for Culture, Media and Sport. 1.2 Going concern Sport England continues to adopt the going concern concept in the preparation of the Sport England NLDF accounts. Grant commitments for future years (note 11) have been entered into after consideration of the cash requirements of grant recipients (these can extend over a number of years) and after taking account of income projections provided by the Department for Culture, Media and Sport (DCMS). In taking this view of future income the Board assumes as a matter of public policy the continued operation of the Lottery. There is expected to be no change to the continued provision of services by Sport England. Future financial provision has been made for Sport England’s Lottery distribution activities through section 23 of the National Lottery etc. Act 1993. 1.3 National Lottery Distribution Fund Funds with the NLDF are held through a combination of investments in government gilts and call notice deposits. The NLDF funds are classified by the NLDF as available for sale assets and are valued at market value. Gains or losses associated with the gilts held are accordingly accounted for in the NLDF accounts. Sport England’s share of proceeds is recognised on a receivable basis. 1.4 Income recognition The recovery of grants is recognised as income on an accruals basis. The conditions associated with grants permit the recovery and repayment of grants from the grant recipient. A recovery of an element or the entire grant paid can arise when the recipient of the grant fails to comply with the terms and conditions of the grant, or actual expenditure incurred by the recipient falls below the value of the grant that has been paid. Government grants, including Lottery funding, in respect of capital and revenue expenditure are credited to the Statement of comprehensive net expenditure in the year in which the entitlement to the monies arise in accordance with the application of IAS 20 recommended by the FReM. The English Sports Council National Lottery Distribution Fund Accounts for the year ended 31 March 2017 101
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ANNUAL REPORT & ACCOUNTS HC88 THE E
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© Sport England Copyright 2017 The
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MOVING FORWARD CHAIR’S FOREWORD P
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performance report MOVING MATTERS E
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MOVING MONEY WISELY OUR INVESTMENT
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FINANCIAL OVERVIEW Our income Durin
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MOVING WITH NEW FOCUS IT’S BEEN A
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Safeguarding sports provision One o
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performance analysis MOVING INTO CH
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Children and young people A person
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MOVING TO SUPPORT THOSE ALREADY ACT
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TAKING PART Over the last 12 months
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Local delivery The central principl
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Volunteering - a dual benefit Witho
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Making it easy for people to find o
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WORKING EFFICIENTLY There are a num
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OTHER FINANCIAL INFORMATION EQUITY
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Board Members’ remuneration Board
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Subject to audit Salary Bonus payme
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STAFF COSTS, NUMBERS AND COMPOSITIO
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THE PEOPLE THAT MOVE SPORT ENGLAND
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GOVERNANCE STATEMENT 2016-17 OVERVI
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SUBSIDIARIES The Sports Council Tru
Page 51 and 52: Sport England Strategy Ensuring del
Page 53 and 54: OTHER GROUPS Sport England has an E
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Page 57 and 58: BOARD AND COMMITTEE ATTENDANCE Name
Page 59 and 60: Statement of the Council and Chief
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Page 63 and 64: Statement of comprehensive net expe
Page 65 and 66: Statement of cash flows for the yea
Page 67 and 68: Statement of changes in taxpayers e
Page 69 and 70: Financial asset income is recognise
Page 71 and 72: 1.19 Pensions Defined contribution
Page 73 and 74: 4 Grants Group Council 2017 £’00
Page 75 and 76: 7 Sports development costs Group C
Page 77 and 78: 9 Net costs apportioned from Excheq
Page 79 and 80: During 2016-17 and 2015-16, the val
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Page 83 and 84: 17 Grants outstanding Group Counci
Page 85 and 86: 20 Contingent liabilities Contribut
Page 87 and 88: 22 Pension liabilities (continued)
Page 91 and 92: 25 Related party transactions Sport
Page 93 and 94: 26 Derivatives and other financial
Page 95 and 96: Statement of the Council’s and Ch
Page 97 and 98: • the information given in the Pe
Page 99 and 100: Statement of comprehensive net expe
Page 101: Statement of cash flows for the yea
Page 105 and 106: Defined benefit scheme A defined be
Page 107 and 108: 4 Grants made 2017 2016 £’000 £
Page 109 and 110: 8 Operating costs 2017 2016 £’00
Page 115 and 116: 14 Related party transactions Sport
Page 117: Awards made in Awards unpaid Suppli
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