NOTES TO THE FINANCIAL STATEMENTS

For The Year Ended 31 December 2022

1. GENERAL INFORMATION

Jersey Sport Limited is a private company limited by shares, incorporated in Jersey. The Company’s principal place of business, and also its registered office, is Main Pavilion, FB Fields, La Grande Route de St Clement, St Clement, Jersey.

The principal activity of the Company is to operate as a public benefit entity, in the promotion of sport and physical activity within Jersey.

2. ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all of the periods presented, unless otherwise stated.

2.1 Statement of compliance

The financial statements have been prepared in compliance with FRS102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, adopting the presentation and disclosure requirements of the Charities SORP (FRS 102) "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102" and the Companies (Jersey) Law, 1991, as amended.

2.2 Basis of accounting

The financial statements have been prepared under the historical cost convention and in accordance with FRS102.

2.3 Functional and Presentation Currency

The financial statements are prepared and presented in Pounds Sterling, being the main currency of the economic environment in which the company operates, rounded to the nearest whole number.

2.4 Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the ability of the Company to continue conducting business within its jurisdiction. The Directors are of the opinion that the Company will be in operation over the next twelve months and the foreseeable future. They believe that no material uncertainties to the going concern assumption exist, and therefore that it is appropriate for the financial statements to be prepared on the going concern basis.

2.5 Income

Income represents amounts invoiced in respect of services provided during the period. It also includes grant payments received from the Government of Jersey.

2.6 Other income

Bank deposit interest is credited to the statement of comprehensive income when it is due to the Company.

2.7 Legacy Income

Receipt of income from legacies, in whole or in part, is only considered probable when the amount can be reliably measured and the Company has sufficient evidence that the executor intends to make the distribution. If the legacy is in the form of an asset, other than cash, recognition is subject to the value of the asset being able to be reliably measured. Where the criteria for income recognition have not been met, then the legacy is treated as a contingent asset. Material legacy income is disclosed within the notes to the financial statements.

2.8 Expenses

Expenses are recognised on an accruals basis