**Registered in England Company No 02953096 Charity No 1062217**
## **TAVERHAM RECREATIONAL FACILITIES LIMITED**
**TRUSTEES’ REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 JUNE 2021**
## **TAVERHAM RECREATIONAL FACILITIES LIMITED**
## **CONTENTS**
||**Page**|
|---|---|
|Reference and administrative details|1|
|Trustees' report|2 - 5|
|Independent examiners report|6|
|Statement of financial activities|7|
|Balance sheet|8|
|Statement of cash flows|9|
|Notes to the financial statements|10 - 19|
## **TAVERHAM RECREATIONAL FACILITIES LIMITED**
## **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2021**
## **TRUSTEES**
P Wright - Chairman J Glenn M C Brine N A Colman (resigned 13 May 2021) M Egleton J Castlo-Hall L Cousins
**SECRETARY** Mrs J Glenn **COMPANY NUMBER** 02953096 **CHARITY NUMBER** 1062217 **REGISTERED OFFICE** Willow Farmhouse The Green Old Buckenham Attleborough NR17 1RG **KEY MANAGEMENT PERSONNEL** A Marr (to 31 August 2020) J Marr (from 1 September 2020) **INDEPENDENT EXAMINERS** Price Bailey LLP Chartered Accountants Anglia House 6 Central Avenue St Andrews Business Park Thorpe St Andrew Norwich NR7 0HR
**BANKERS**
Lloyds Bank Gentleman’s Walk Norwich
Page 1
## **TAVERHAM RECREATIONAL FACILITIES LIMITED**
## **TRUSTEES’ REPORT (incorporating the directors’ report) FOR THE YEAR ENDED 30 JUNE 2021**
The Board of Trustees present their annual report together with the financial statements for the year ended 30 June 2021.
## **Structure, Governance and Management**
## **Governing document**
Taverham Recreational Facilities Limited is a charitable company limited by guarantee, incorporated on 27 July 1994 and registered as a charity on 6 May 1997. The charitable company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed by its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1. At 30 June 2021 there were 11 such members (2020: 11), drawn from Broadland Hockey Club, Norwich City Hockey Club, Taverham High School and Taverham Parish Council.
## **Trustees**
The trustees are, for the purposes of the Companies Acts, directors of the charitable company.
The trustees who served throughout the year were as follows:
P Wright – Chairman J Glenn M C Brine N A Colman (resigned 13 May 2021) M Egleton J Castlo-Hall L Cousins
## **Recruitment and appointment**
The total number of Board Members shall not be less than 3 and not more than 11. The charitable company may from time to time increase or decrease the number of Board Members by appointment at General Meetings by the Members. At each Annual General Meeting of the company one third of the Elected Members of the Board being those who have been longest in office since their last election shall retire from office. An elected member shall be eligible for re-election unless he has served on the Board for a continuous period of nine year or more (or in the case of an Elected Member who at the expiry of that continuous period of nine years holds the office of Chairman or Vice-Chairman a continuous period of twelve years or more) and unless her has reached the age of 70 years.
The trustees who will retire by rotation are L Cousins and J Castlo-Hall who, being eligible, offer themselves for reelection.
## **Risk management**
The trustees have during the year reviewed the major risks to which the charitable company is exposed and have established systems to mitigate those risks identified not already covered by the charitable company’s existing Risk Management Strategies and Controls.
A complete review of insurance cover is carried out periodically. A detailed assessment of the risks from fire, food safety and operational risk is regularly carried out and management of the risks identified implemented.
## **Related parties**
The charitable company has a close relationship with Broadland Hockey Club, Norwich City Hockey Club and Taverham High School, all of which nominate trustees. A summary of transactions with those parties is set out in note 15 to the financial statements.
Page 2
## **TAVERHAM RECREATIONAL FACILITIES LIMITED**
## **TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021**
## **Objectives and activities**
The charitable company’s objective, and principal activity, is the provision of facilities for recreational or other leisure-time occupations for persons of Taverham, Norfolk, which is achieved by the provision of sports facilities, in particular the running of artificial hockey pitches and sports pavilion.
The sports ground is leased from Taverham Parish Council at a peppercorn rent per annum if demanded by the council.
The facilities are available for hire by any individual or organisation in accordance with the standard hiring agreement and scale of charges adopted for the year. It is intended that the scale of charges be sufficient to generate enough income to meet all expenditure incurred in providing the facilities.
The trustees confirm they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commissions’ guidance on public benefit, “Charities and Public Benefit”. Taverham Recreational Facilities Limited’s charitable purpose is enshrined in its objectives and activities.
## **Summary of Achievements**
The facilities owned by Taverham Recreation Facilities (TRF) continue to be very well used by both the Hockey Clubs and two adjoining schools.
Whist the national lockdowns have meant that the facilities have been closed for periods in line with government guidelines once restrictions were lifted normal use of the outdoor facilities has resumed. TRF has followed guidance from England Hockey during this period and indoor facilities have remained closed.
Restrictions permitting, staff from the adjoining school take advantage of the large meeting space in the pavilion and the PE department use the changing rooms and hockey pitches. A second local school also uses the H2O hockey pitch. During the evenings and at weekends, throughout the year, full use is made of the indoor and outdoor facilities. Thus TRF fulfils its aims of supporting education and leisure within the Taverham area
The TRF board of Directors have met regularly via Zoom to ensure that communication between all users is maintained particularly in light of the changing regulations regarding use of the facilities. The Directors have considered carefully how the government guidelines should be followed and how the facilities can be opened in a way that keeps users safe. This has been communicated to all of the users on a regular basis. The usual issues to do with facility maintenance and arrangements for facility use and hire, have also been quickly and effectively dealt with.
The Committee is continuing to assess the future needs for improved facilities and plan for future costs. A major and long overdue improvement to the car park has been planned for the summer of 2021.
Directors will continue to review the finances and hire charges to ensure that sufficient funds will be available for future developments.
The board of Directors has remained the same during the year. The addition of two new Directors in the previous year has been very successful in terms of buildings and maintenance and promotion. A number of improvements to the facilities including redecoration and re-carpeting of the Pavilion and new furniture and lighting ensure that the standard of the facilities is maintained at the highest level possible to address the needs of current and future users.
We are once again indebted to our Site Manager, Ady Marr, and to the bar and catering staff who work with him. Finally our thanks to the Directors, for their time and commitment to TRF.
## **Financial review**
The financial statements are set out on pages 7 to 19. Total income for the year amounted to £84,868 (2020: £110,986) and total expenditure amounted to £96,187 (2020: £100,043).
Income from the hire of the pitch amounted to £32,913 (2020: £47,984) with costs of £32,565 (2020: £29,588) giving a surplus of £348 (2020: £18,396).
Page 3
## **TAVERHAM RECREATIONAL FACILITIES LIMITED**
## **TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021**
## **Financial review (continued)**
Income of £21,475 (2020: £25,201) was received for the year in respect of rent of the pavilion and catering income, with associated costs of £51,635 (2020: £54,487), giving a deficit of £30,160 (2020: £29,286). The main reason for the deficits arising on these activities is deprecation on fixed assets.
Bar income amounted to £2,705 (2020: £12,770) with costs of £11,987 (2020: £15,968) giving a deficit of £9,282 (2020: £586) for the year.
Government grants of £27,757 (2020: £25,000) were received in the year, in response to the COVID-19 pandemic.
## **Reserves policy**
The trustees have decided to hold sufficient unrestricted reserves to meet one year’s charitable revenue expenditure and to build reserves to meet the increasing costs of the maintenance and repair of the hockey pitch.
In addition, given their plans for future years the trustees have ring fenced £25,000 of unrestricted funds to support the future development of facilities.
The unrestricted general fund balance at the year end was £261,908 (2020: £255,115) and included within this are liquid funds of £115,773 (2020: £102,716) (defined as unrestricted funds excluding tangible fixed assets and long term debt). The trustees believe this level of reserves is reasonable given the policy outlined above.
The restricted fund balance was £523,148 (2020: £541,260) representing grants and donations raised towards the cost of the pitches and pavilion. This will be written off over the life of the assets.
## **Future Developments**
TRF Ltd will approach the future with a sound financial base with a proven business model but also needs to review the direction and management for the future particularly in terms of the future renewal of the pitches.
Peter Wright continues to take the role of Chairman and together with the directors, continues to review the structure and responsibilities of individual members to meet the future prepared for change and modification to fit the needs of the organisation.
In the coming years, TRF will need to relay the two pitches and therefore, going forwards, the focus will be around raising sufficient funds to be able to undertake this work. The directors will also continue to monitor the facilities and the environment that it operates in to ensure the Organisation is able to respond to any other challenges.
## **Funds held as a custodian on behalf of others**
No funds are held as custodian trustee on behalf of others.
Page 4
## **TAVERHAM RECREATIONAL FACILITIES LIMITED**
## **TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021**
## **Trustees’ responsibilities statement**
The trustees (who are also directors of Taverham Recreational Facilities Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2019 (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Small Companies Note**
In preparing this report, the trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the trustees and signed on their behalf.
**…………………………………..**
Peter Wright (Feb 23, 2022, 6:25pm) **Mr P J Wright** Chairman 23 Feb 2022 Date:
Page 5
## **TAVERHAM RECREATIONAL FACILITIES LIMITED**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF TAVERHAM RECREATIONAL FACILITIES LIMITED**
I report to the charity trustees on my examination of the accounts of the company for the year ended 30 June 2021 which are set out on pages 7 to 19.
## **Responsibilities and basis of report**
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## **Helena Wilkinson FCA DChA**
## **Price Bailey LLP Chartered Accountants**
Anglia House, 6 Central Avenue St Andrews Business Park Thorpe St Andrew Norwich NR7 0HR
> Date: 2 March 2022
Page 6
## **TAVERHAM RECREATIONAL FACILITIES LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2021**
|**Unrestricted Restricted**
**Notes**
**funds**
**funds**
**£**
**£**
**INCOME**
_Income from other trading activities:_
Bar income
2,705
-
_Income from charitable activities:_
Hire of facilities – pitch
32,913
-
Rental income – pavilion
19,000
-
Catering income
2,475
-
Investment income
18
-
Other Income (COVID business rates grant and CJRS)
27,757
-
_________
________
**TOTAL INCOME**
84,868
-
________
_______
**EXPENDITURE**
_Costs of raising funds:_
Bar expenditure
3
11,987
-
Expenditure on charitable activities
3
66,088
18,112
________
________
**TOTAL EXPENDITURE**
78,075
18,112
_______
_______
**NET INCOME/(EXPENDITURE) AND**
**NET MOVEMENT FOR THE YEAR**
6,793
(18,112)
**RECONCILIATION OF FUNDS**
Total funds brought forward
255,115
541,260
________
________
**TOTAL FUNDS CARRIED FORWARD**
13
261,908
523,148
|**Total**
**funds**
**2021**
**£**
2,705
32,913
19,000
2,475
18
27,757
________
84,868
_______
11,987
84,200
________
96,187
________
(11,319)
796,375
________
785,056
|**Total**
**funds**
**2020**
**£**
12,770
47,984
18,768
6,433
31
25,000
________
110,986
_______
15,968
84,075
________
100,043
________
10,943
785,432
________
796,375
|
|---|---|---|
The statement of financial activities includes all gains and losses in the year. All income and expenditure relate to continuing activities.
The notes on pages 10 to 19 form part of these financial statements.
Page 7
## **TAVERHAM RECREATIONAL FACILITIES LIMITED REGISTERED NUMBER: 02953096**
## **BALANCE SHEET AT 30 JUNE 2021**
|**Notes**
**£**
**FIXED ASSETS**
Tangible assets
7
**CURRENT ASSETS**
Stock
1,600
Debtors
8
-
Cash at bank
134,304
_______
135,904
**CREDITORS:** **AMOUNTS FALLING**
**DUE WITHIN ONE YEAR**
9
(20,131)
_______
**NET CURRENT ASSETS**
**CREDITORS:** **AMOUNTS FALLING**
**DUE AFTER ONE YEAR**
10
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**FUNDS**
Unrestricted funds
13
Restricted funds
13|**2021**
**£**
**£**
719,286
961
1,463
118,887
_______
121,311
(18,595)
_______
115,773
(50,003)
_______
785,056
261,908
523,148
_______
785,056
|**2020**
**£**
752,327
102,716
(58,668)
_______
796,375
255,115
541,260
_______
796,375
|
|---|---|---|
For the year ended 30 June 2021 the charitable company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
- the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
- the directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
In preparing this report, the trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
The financial statements on pages 7 to 19 were approved by the trustees and authorised for issue on ……………………… and are signed on their behalf by:
23 Feb 2022
~~**Mr P J Wright**~~ Peter Wright (Feb 23, 2022, 6:25pm) Chairman
The notes on pages 10 to 19 form part of these financial statements.
Page 8
## **TAVERHAM RECREATIONAL FACILITIES LIMITED**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2021**
|**Cash flows from operating activities:**
Net income/(expenditure)
Depreciation charge
Interest income
(Increase)/ decrease in stock
Decrease/ (increase) in debtors
(Decrease)/ increase in creditors
**Cash provided by operating activities**
**Cash flows from investing activities:**
Interest income
Purchase of fixed assets
**Cash used in investing activities**
**Increase in cash and cash equivalents in the year**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**||**2021**
**£**
(11,319)
36,314
(18)
(639)
1,463
(7,129)
_______
18,672
**_______**
18
(3,273)
_______
(3,255)
_______
15,417
118,887
**_______**
134,304
|
|**2020**
**£**
10,943
37,228
(31)
(2)
162
(7,144)
**_______**
41,156
**_______**
31
(1,833)
_______
(1,802)
_______
39,354
79,533
**_______**
118,887
|
|---|---|---|---|---|
||
||||
||
||
||
The notes on pages 10 to 19 form part of these financial statements.
Page 9
## **TAVERHAM RECREATIONAL FACILITIES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021**
## **1 ACCOUNTING POLICIES**
## **1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), Charities SORP (FRS 102) and the Companies Act 2006.
Taverham Recreational Facilities Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
## **GOING CONCERN**
During the financial year 2020-21TRF has once again been subject to closures due to the Covid 19 restrictions, the facilities were closed between November 2020 and January 2021 with the resulting loss of income from pitch hire. A number of business rates grants have helped negate the effect of this. With Covid measures lifting for sport from March 2021 TRF was able to re-open its doors albeit with some restrictions still in place for the end of the season and some summer events. The charity has also been supported by the Coronavirus Job Retention Scheme and a further grant from the council. The trustees believe that the organisation has sufficient reserves to support the organisation for at least 12 months from the date of approval of these financial statements and therefore the accounts have been prepared on a going concern basis.
## **1.2 GENERAL INFORMATION**
The charity is a company limited by guarantee in England and Wales under the Companies Act (2006). It has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity and the charity has 11 members (2020: 11).
The address of the registered office of the charity is Willow Farmhouse, The Green, Old Buckenham, and Attleborough, NR17 1RG. The financial statements are prepared in pounds sterling and rounded to the nearest pound.
## **1.3 FUND ACCOUNTING**
Unrestricted funds represent the accumulated surpluses and deficits in the general fund which are available for use at the discretion of the trustees in the furtherance of the charitable company’s objectives.
Restricted funds are created when grants and donations are received for specific purposes and the use is restricted to that purpose. Expenditure which meets these criteria is charged to the fund. The aim and use of each restricted fund is set out in note 13 to the financial statements.
## **1.4 INCOME**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Where income has related expenditure, the income and related expenditure are reported gross in the Statement of Financial Activities.
Donations, grants and gifts are recognised when receivable. In the event that a donation is subject to fulfilling performance conditions before the charity is entitled to the funds, the income is deferred and not recognised until it is probable that those conditions will be fulfilled in the reporting period. Income from Gift Aid tax reclaims is recognised for any donations with relevant Gift Aid certificates recognised in income for the year. Any amounts of Gift Aid not received by the year end are accounted for in income and accrued income in debtors.
Hire of the pitch, rental, catering and bar income received is recognised for the period that it relates to. Any income received in advanced is shown in deferred income included in creditors. Any income earnt but not received is included in shown in accrued income in debtors.
Page 10
## **TAVERHAM RECREATIONAL FACILITIES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021**
## **1 ACCOUNTING POLICIES (CONTINUED)**
Income from government grants are recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably.
Interest on deposit funds held is included when receivable and the amount can be measured reliably and by the charity which is normally upon notification of the interest paid or payable by the bank.
Sponsorship from events, fundraising and events registration fees are recognised in income when the event takes place.
Trading income is recognised at the point of sale for both donated and purchased goods.
## **1.5 EXPENDITURE AND IRRECOVERABLE VAT**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis under the following headings:
Costs of raising funds comprise costs incurred to run the bar.
Expenditure on charitable activities comprises of the costs incurred by the charity in the delivery of its activities and services for its beneficiaries. Activities are undertaken to further the purpose of the charity and their associated support costs.
Support costs comprise those costs which are incurred directly in support of expenditure on the objects of the charity and include governance cost, finance, and office costs. Governance costs are those costs incurred in connection with the compliance with constitutional and statutory requirements of the charity. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Support costs are allocated on the basis of the full time equivalent of staff allocated to the resource.
## **1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION**
Expenditure on tangible fixed assets costing more than £500 is capitalised at cost. Depreciation of tangible fixed assets is calculated to write off the cost less estimated residual value of each asset on a straight-line basis over its expected useful life, as follows:
Asset category Annual Rate Freehold property 2% Foundations 2% Surface and fittings 10% Equipment 10%
## **1.7 STOCK**
Stocks are stated at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis.
## **1.8 DEBTORS**
Trade and other debtors are recognised at the settlement amount due and prepayments are valued at the amount prepaid net of any trade discounts due.
## **1.9 CASH AT BANK AND IN HAND**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 11
## **TAVERHAM RECREATIONAL FACILITIES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021**
## **1 ACCOUNTING POLICIES (CONTINUED)**
## **1.10 CREDITORS**
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.
## **1.11 FINANCIAL INSTRUMENTS**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, which is at cost, with the exception of fixed assets which are recorded at depreciated historical cost.
## **1.12 TAXATION**
The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **2 JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINITY**
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. No judgements (apart from those involving estimates) have been made when preparing the financial statements.
The key assumption, concerning the future and other key sources of estimation uncertainty at the reporting date that has a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year is the useful economic life of fixed assets.
Management has calculated the depreciation charge in the accounts based on the estimated useful economic life of the assets less any residual value.
Page 12
## **TAVERHAM RECREATIONAL FACILITIES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021**
## **3 EXPENDITURE**
|**Cost of -- Charitable activities --**
**Raising**
**Funds**
**Bar**
**Pavilion**
**Hire of**
**facilities**
**2021**
**£**
**£**
**£**
**Direct Costs**
Bar supplies
1,499
-
-
Catering supplies
-
1,514
-
Repairs and renewals
-
-
6,221
Wages
9,877
4,939
4,939
Pavilion costs
-
10,560
-
Light and heat
-
2,703
5,020
Insurance
-
3,065
-
Rent and rates
-
3,820
-
Sundry
611
305
305
Depreciation
-
23,604
12,710
_______
_______
_______
11,987
50,510
29,195
**Support Costs**
Accountancy
-
723
2,167
Bank charges
-
33
97
Legal and professional
-
369
1,106
_______
_______
_______
-
1,125
3,370
_______
_______
_______
11,987
51,635
32,565
**2020**
**£**
**£**
**£**
**Direct Costs**
Bar supplies
7,574
-
-
Catering supplies
-
5,342
-
Repairs and renewals
-
-
3,453
Wages
7,923
3,961
3,961
Pavilion costs
-
10,406
-
Light and heat
-
3,164
5,876
Insurance
-
2,928
-
Rent and rates
-
3,242
-
Sundry
471
235
235
Depreciation
-
24,198
13,030
_______
_______
_______
15,968
53,476
26,555
**Support Costs**
Accountancy
-
781
2,344
Bank charges
-
20
59
Legal and professional
-
210
630
_______
_______
_______
-
1,011
3,033
_______
_______
_______
15,968
54,487
29,588
|
|**Total**
**£**
1,499
1,514
6,221
19,755
10,560
7,723
3,065
3,820
1,221
36,314
_______
91,692
2,890
130
1,475
_______
4,495
_______
96,187
**£**
7,574
5,342
3,453
15,845
10,406
9,040
2,928
3,242
941
37,228
_______
95,999
3,125
79
840
_______
4,044
_______
100,043
|
|---|---|---|
||
||
||||
Page 13
## **TAVERHAM RECREATIONAL FACILITIES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021**
## **3 EXPENDITURE (continued)**
Expenditure has been allocated directly to the expenditure category on the basis reflecting the use of the resource.
Expenditure on charitable activities was £84,200 (2020: £84,075) of which £66,088 (2020: £69,015) was unrestricted and £18,112 (2020: £18,112) was restricted.
Expenditure in relation to costs of raising funds was £11,987 (2020: £15,968), all of which was unrestricted.
|**4**
**NET EXPENDITURE**
**2021**
**£**
This is stated after charging:
Depreciation
36,314
Independent examiners fee
2,700
**5**
**STAFF COSTS AND NUMBERS**
**2021**
**£**
Wages and salaries:
19,755
The charitable company had an average of 2 employees during the year (2020: 2).|**2020**
**£**
37,228
2,550
|
|---|---|
||**2020**
**£**
15,845
|
|||
No employees received employee benefits over £60,000 (2020: £Nil).
The charity considers that the key management personnel comprise the trustees and senior management. The total employee benefits of key management personnel of the charity were £11,019 (2020: £9,672).
## **6 TRUSTEE REMUNERATION**
No remuneration was paid or expenses reimbursed to trustees during the year (2020: £Nil).
Page 14
## **TAVERHAM RECREATIONAL FACILITIES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021**
|**7**
**TANGIBLE ASSETS**
**Freehold**
**property**
**£**
**COST**
At 1 July 2020
457,777
Additions
-
_______
At 30 June 2021
457,777
**DEPRECIATION**
At 1 July 2020
128,181
Provided for the year
9,155
_______
At 30 June 2021
137,336
**NET BOOK VALUE**
At 30 June 2021
320,441
At 30 June 2020
329,596
All fixed assets are held for charitable purposes.
**8**
**DEBTORS**
Debtor control account
VAT debtor|**Artificial**
**pitch Equipment**
**Total**
**£**
**£**
**£**
628,009
49,936
1,135,722
-
3,273
3,273
_______
_______
_______
628,009
53,209
1,138,995
210,104
45,110
383,395
25,377
1,782
36,314
_______
_______
_______
235,481
46,892
419,709
392,528
6,317
719,286
417,905
4,827
752,327
**2021**
**2020**
**£**
**£**
-
800
-
663
_______
_______
-
1,463
|**Artificial**
**pitch Equipment**
**Total**
**£**
**£**
**£**
628,009
49,936
1,135,722
-
3,273
3,273
_______
_______
_______
628,009
53,209
1,138,995
210,104
45,110
383,395
25,377
1,782
36,314
_______
_______
_______
235,481
46,892
419,709
392,528
6,317
719,286
417,905
4,827
752,327
**2021**
**2020**
**£**
**£**
-
800
-
663
_______
_______
-
1,463
|
|---|---|---|
|||383,395
36,314
_______
419,709
|
|||719,286
|
|||752,327
|
|||**2020**
**£**
800
663
_______
1,463
|
Page 15
## **TAVERHAM RECREATIONAL FACILITIES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021**
|**9**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Other taxes and social security
Accruals and deferred income
**10**
**CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR**
Deferred income
**11**
**DEFERRED INCOME**
Deferred income comprises income received in advance relating to rental
Opening balance at 1 July
Amounts released to income from charitable activities
Amounts deferred in year
Balance carried forwards as at 30 June
Included in amounts falling due within one year
Included in amounts falling due after one year
Total deferred income as at 30 June|**2021**
**2020**
**£**
**£**
289
2,329
4,315
159
15,527
16,107
_______
_______
20,131
18,595
**2021**
**2020**
**£**
**£**
50,003
58,668
of the hockey pitch and pavilion.
**2021**
**2020**
**£**
**£**
70,501
78,334
(11,832)
(11,000)
3,167
3,167
_______
_______
61,836
70,501
11,833
11,833
50,003
58,668
_______
_______
**61,836**
70,501
|
|---|---|
Page 16
## **TAVERHAM RECREATIONAL FACILITIES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021**
## **12 ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**2021**
Tangible fixed assets
Current assets
Current liabilities
Long term liabilities
**2020**
Tangible fixed assets
Current assets
Current liabilities
Long term liabilities
**13**
**MOVEMENT IN FUNDS**
**Balance at**
**2021**
**1.7.20**
**£**
**RESTRICTED FUNDS**
Artificial pitch and equipment
32,802
Building fund
241,618
Artificial pitch (number 2)
266,840
_______
**TOTAL RESTRICTED FUNDS**
541,260
**_______**
**UNRESTRICTED FUNDS**
General fund
255,115
_______
**TOTAL FUNDS**
796,375
|**General**
**Restricted**
**fund**
**fund**
**Total**
**£**
**£**
**£**
196,138
523,148
719,286
135,904
-
135,904
(20,131)
-
(20,131)
(50,003)
-
(50,003)
_______
_______
_______
261,908
523,148
785,056
**£**
**£**
**£**
211,067
541,260
752,327
121,311
-
121,311
(18,595)
-
(18,595)
(58,668)
-
(58,668)
_______
_______
_______
255,115
541,260
796,375
**Balance at**
**Income Expenditure**
**30.6.21**
**£**
**£**
**£**
-
(1,891)
30,911
-
(6,775)
234,843
-
(9,446)
257,394
_______
_______
_______
-
(18,112)
523,148
**_______**
**_______**
**_______**
84,868
(78,075)
261,908
_______
_______
_______
84,868
(96,187)
785,056
|
|---|---|
Page 17
## **TAVERHAM RECREATIONAL FACILITIES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021**
|**13**|**MOVEMENT IN FUNDS (continued)**|||||
|---|---|---|---|---|---|
|||**Balance at**|||**Balance at**|
||**2020**|**1.7.19**|**Income**|**Expenditure**|**30.6.20**|
|||**£**|**£**|
**£**|**£**|
||**RESTRICTED FUNDS**|||||
||Artificial pitch and equipment|34,693|-|
(1,891)|32,802|
||Building fund|248,393|-|
(6,775)|241,618|
||Artificial pitch (number 2)|276,286|-|
(9,446)|266,840|
|||**_______**|**_______**|
**_______**|**_______**|
||**TOTAL RESTRICTED FUNDS**|559,372|-|
(18,112)|541,260|
|||**_______**|**_______**|
**_______**|**_______**|
||**UNRESTRICTED FUNDS**|||||
||General fund|226,060|110,986|
(81,931)|255,115|
|||_______|_______|
_______|_______|
||**TOTAL FUNDS**|785,432|110,986|
(100,043)|796,375|
## **Purposes of restricted funds**
The artificial pitch and equipment fund arose when a £200,000 grant was received in 1996 to part-finance construction of the artificial hockey pitch. The fund balance has been reduced by the annual depreciation charge.
The building fund represents funds received towards the cost of the new sports pavilion. The fund balance has been reduced by the annual depreciation charge.
The artificial pitch (number 2) represents funding received since 2010 for the construction of a second artificial hockey pitch.
## **14 CAPITAL COMMITMENTS**
At 30 June 2021 the charitable company had capital commitments as follows:
||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|Contracted for but not provided in these financial statements|31,346|-|
Page 18
## **TAVERHAM RECREATIONAL FACILITIES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021**
## **15 RELATED PARTY TRANSACTIONS**
The charitable company has a close relationship with Broadland Hockey Club, Norwich City Hockey Club and Taverham High School, all of which nominate trustees. The following is a summary of transactions with those entities, (figures exclude VAT).
|**Hire of facilities and catering income**
Broadland Hockey Club
Norwich City Hockey Club
Taverham High School
**Purchase of cleaning materials**
Taverham High School|**2021**
**£**
3,133
19,027
19,000
_______
**2021**
**£**
471
|**2020**
**£**
7,866
36,020
19,000
|
|---|---|---|
|||_______
**2020**
**£**
621
|
Included in deferred income at 30 June 2021 is £39,836 (2020: £44,834) from Taverham High School for rental income paid in advance.
No other related party transactions have occurred during the financial year.
Page 19