2021-03-31-accounts - The Racing Centre Ltd

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Contents
Page:
			Report ofthe trustees
			Independent examiner's report
			Consolidated statement offinancial		activities
10			Charity balance sheets
			Charity statement ofcash flows
12			Notes forming part ofthe financial		statements
Trustees and		members
			The Honourable Peter Stanley
			George McGrath (Chairman)
			Andrew Braithwaite (Treasurer)
			Rebecca Dunlop (Resigned 7 July 2020)
			Ed Dunlop
			Nigel Elwes CBE(Resigned 7 July		2020)
			Reverend Simon Bailey
			Nik Chapman
			Simone Sear
			Sharon Lamb
Company	Secretary		John Gilbert
and registered		office	Fred Archer Way, Newmarket,	Suffolk, CB88NT
Operations	Manager		John Gilbert
Centre Manager			John Gilbert
Charity number			1107833
Company	number		05283686
Independent		examiner	Leigh Thurston FCCA, Lovewell Blake LLP Chartered				Accountants,
			First Floor Suite, 2 Hillside Business Park, Bury			St Edmunds,		IP32 7EA
Bankers			Barclays Bank Pic, 58 High Street,		Newmarket,	Suffolk,	CB8	8NH
Legal advisers			Edmondson Hall Solicitors, 25	Exeter Road, Newmarket,			Suffolk, CB88AR

			Unrestricted	Restricted	Total	2020
			Funds	Funds	charity	Total funds
		Notes
Income from:
Donations			223,266	197,778	421,044	190,873
C/iari/a/s/e activities:
Operation ofCentre			36,135		36,135	136,231
Government Grants			41,268		41,268
Investments			12,262		12,262	14,132
Total income			312,931	197,778	510,709	341,236
Expenditure on:
C/iari/a/r/e aciiviiiesr
Operation ofCentre			271,351	59,560	330,911	331,025
Total expenditure			271,351	59,560	330,911	331,025
Nei gains / (losses) on investments		13	58,405		58,405	(32,714)
Net income / (expenditure)			99,985	138,218	238,203	(22,503)
Transfers between	funds
Net movement in funds			99,985	138,218	238,203	(22,503)
Reconciliation offunds
Total funds brought	forward		626,366	484,285	1,110,651	1,133,154
Total funds carried	forward		726,351	622,503	1,348,854	1,110,651


Unaudited charity balance sheet at 31March 2021			Registered Nuniber:	05283686
			Charity	Charity
		Note	2021f	2020
Fixed assets
Tangible assets		12	780,840	662.979
investments		13	399,644	341.239
Total fixed assets			1.180,484	1.004.218
Current assets
Debtors		15	102,376	79,444
Cash at beni' and in	hand		76,896	41.499
Total current assets			179.272	120,943
Creditors: amounts	falling due
within one year		16	(10.902)	(14,511)
Net current assets			168.370	106.433
Total net assets		17	1,348,854	1.110.651
The funds ofthe charitv
Unrestricted funds		18
General fund			326,707	285,127
Designated funds			399,64-1	341,239
Restricted funds		19	622,503	484.285
Total funds			1,348,854	1.110.651

							Charity	Charity
							2021	2020
Net movement in funds							238,203	(22,503)
Depreciation charges							29,452	34,671
(Gains)/losses on investments							(58,405)	32,714
Investment income							(12,262)	(14,132)
(Increase)/decrease in debtors							(22,932)	(41,700)
Increase/(decrease) in creditors							(3,605)	(4,970)
Net cash provided by /(used		in)	operating		activities		170,451	(15,920)
Cash flows from investing	activities:
Investment income							12,200	14,132
Interest receivable							62	I
Purchase offixed assets							(147,316)	(5,621)
Cash provided by/(used in) investing				activities			(135,054)	8,512
Increase (Decrease) in cash	and		cash	equivalents		in the year	35,397	(7,407)
Cash and cash equivalents	at	the beginning			ofthe	year	41,499	48,906
Total cash and cash equivalents			at the end		ofthe	year	76,896	41,499
Analysis ofcash and cash equivalents
Cash in hand							76,896	41,499

ations
	2021	2020
Donations	421,044	190,873
	421,044	190,873

income was	primarily derived from the operation	ofthe Centre
		2021	2020
		g
Pool and snooker			200
Keep fit courses		2,569	1,708
Room hire		3,917	28,996
Hall hire		451	26,271
Racefit		940	4,937
Event Ticket	sales		8,651
NARS income		10,806	10,056
Gym Membership		16,381	41,837
Personal Training			13,575
Misc sales		1,071
Government	Grants	41,268
		77,403	136,231

					2021	2020
Interest receivable -		deposits			62	I
Dividends	receivable	from Common	Investment	Funds	12,200	14,131
					12,262	14,132

8 Expenditure	on charitable	on charitable	activities
			Basis of	Centre	Support	2021	2020
			Allocation	Activities	costs	Total	Total
Costs directly allocated to activities:
Advertising &marketing			Direct	4,815		4,815	4,031
Independent examination accountancy fees		&	Direct		15,120	15,120	24,287
Direct Costs			Direct	3,131		3,131
StaffTraining				1,495		1,495
Bank fees			Direct	1,529		1,529	2,259
Cleaning &refuse			Direct	6,579		6,579	12,842
Consulting			Direct				10,265
Cost ofgoods sold			Direct	377		377	7,427
Depreciation expense			Direct	12,128		12,128	20,652
Depreciation expense	- restricted		Direct	17,324		17,324	14,019
Direct wages			Direct	6,904		6,904	9,386
Employers National	Insurance		Direct	5,366		5,366	12,024
Entertainment			Direct	356		356	680
Equipment expense			Direct	10,223		10,223	4,450
General expenses			Direct	2,016		2,016	6,071
Insurance			Direct	8,212		8,212	3,224
IT software and consumables			Direct	3,016		3,016	1,566
Licenses			Direct	155		155	672
Light, power, heating			Direct	16,791		16,791	16,215
Non-Recoverable VAT			Direct				185
Pensions costs			Direct	4,377		4,377	3,992
Postage, freight &courier			Direct	147		147	243
Printing &stationery			Direct	1,561		1,561	1,858
Professional fees			Direct	883		883	4,845
Rates &water			Direct	3,912		3,912	5,235
Rent			Direct	624		624	624
Repairs &maintenance			Direct	22,826		22,826	6,265
Salaries			Stafftime	141,345	13,021	154,366	127,210
Sky / BTTV			Direct	275		275	8,707
Staff training welfare			Direct	1,383		1,383	890
Subscriptions			Direct	2,798		2,798	2,192
Telephone &internet			Usage	13,139		13,139	13,152
Travel - national			Direct	62		62	610
Trips / events			Direct	370		370
Vending machine costs			Direct	3,766		3,766	3,400
Grants Paid			Overhead	4,885		4,885
				302,772	28,141	330,911	331,025

Employment	costs
					2021	2020
Wages and salaries					161,270	127,210
Social security	costs				5,366	12,024
Other pension	costs				4,377	3,992
					171,013	143,226
					2021	2020
The average monthly		head count ofall employees,	excluding	trustees,
was:
Charitable activities		and governance			16	15

Movements in	total funds	for the year
				2021	2020
This is stated after charging:
Depreciation				29,452	34,671
Accountant's	remuneration	for independent	examination	1,800	1,800
Accountant's	remuneration	for other financial services		11,520

12	Tangible assets
				Long
				leasehold
				land and		Fixtures	Plant &	Computer	Charity
				buildings		and	Machinery	Equipment	Total
						equipment
	Cost
	At I April 2020			797,913		318,406			1,116,319
	Additions			126,527		10,298	I0,075	416	147,316
	Disposals
	At 31March	2021		924,440		328,704	10,075	416	1,263,635
	Depreciation
	At I April 2020			189,208		264,135			453,343
	Provided for	the year		7,128		21,093	1,144	87	29,452
	Disposals
	At 31March	2021		196,336		285,228	1,144	87	482,795
	Net book value
	At 31March	2021		728,104		43,476	8,931-	329	780,840
	At 31 March	2020		608,705		54,271			662,976
13	Investments
								2021	2020
	Market value
	At I April 2020							341,239	373,953
	Disposals
	Net investment	gains/(losses)						58,405	(32,714)
	At 31March 2021							399,644	341,239
	Cost at31March 2021							141,146	141,146
	Net unrealised gains/(losses)			included	in net
	investment gains/(losses)		in	year				58&405	(32

14	Debtors
							2021	2020
	Trade Debtors						6,841	10,064
	Amount	due from subsidiary		company			95,367	69,220
	Other debtors						168	160
							102,376	79,444
15	Creditors: amounts falling due within				one year
							2021	2020
	Trade creditors						4,791	4,989
	Other taxes and		social security	costs			(370)	7,721
	Accruals	and deferred income					1,800	1,800
	Other Creditors						4,681
							10,902	14,510
16	Deferred	income
	Deferred	income	comprises income received in advance.
							2021	2020
	Balance	as at 1 April 2020					2,235	880
	Amount	released	to income earned from		charitable	activities	2,235	880
	Amount	deferred	in year					2,235
	Balance	as at 31	March 2021					2,235

Charity Fun	ds —current year
				Total
		Unrestricted	Restricted	Funds
		Funds	Funds	2021
Tangible	assets	179,337	601,503	780,840
Investments		399,644		399,644
Net current assets		147,370	21,000	168,370
		726,351	622,503	1,348,854
Charity Funds —prior year				Total
		Unrestricted	Restricted	Funds
		Funds	Funds	2020
Tangible	assets	178,694	484,285	662,979
Investments		341,239		341,239
Net current assets		106,434		106,434
		626,367	484,285	1,110,652

Current	year			Charitable
			General	Fixed Assets	Designated	Total
			Fund	Fund	Fund	2021
Balance	at 1 April 2020		285,128		341,239	626,367
Net income/(expenditure)			41,579			41,579
Nct investment		gain			58,405	58,405
Trans fers
Balance	at 31	March 2021	326,707		399,644	726,351
Poor year				Charitable
			General	Fixed Assets	Designated	Total
			Fund	Fund	Fund	2020
				8
Balance	at 1 April 2019		61,604	199,280	373,953	634,837
Net income/(expenditure)			24,244			24,244
Net investment		gain			(32,714)	(32,714)
Transfers			199,280	(199,280)
Balance	at 31	March 2020	285,128		341,239	626,367

19 Restricted funds
Current year			Balance			Balance
			I April	Income	Expenditure	31March
			2020			2021
			g
Cafe Refurbishment Fund			24,444	150,006	(26,200)	148,250
Building Project Fund			417,735		(6,281)	411,454
Grow Together Fund			4,000		(2,000)	2,000
Moiler Trust Fund Peter 0 Sullivan Suite	Fund		24,737 7,512		(2,351) (6,472)	22,386 1,040
Sports England Fund			5,857		(4,484)	1,373
Project Christmas				5,500	(5,500)
Youth Engagement Project				15,000		15,000
Digital Training Fund				20,000		20,000
Hardship fund				6,272	(6,272)
Teen Chill				1,000		1,000
Total restricted funds			484,285	197,778	(59,560)	622,503
Prior year			Balance			Balance
			1April	Income	Expenditure	31March
			2019			2020
Bar Refurbishment Fund			24,907		(463)	24,444
Building Project Fund			424,101		(6,366)	417,735
Grow Together Fund			6,000		(2,000)	4,000
Moiler Trust Fund Peter 0 Sullivan Suite	Fund		30,982 8,993		(6,245) (1,481)	24,737 7,512
GroundWork UK Fund			3,336		(3,336)
Digital Training fund (Alborada		Trust)		12,500	(12,500)
Godolphin / Shadwell	Trust gym	refurb		3,000	(3,000)
fund.
West Suffolk Council Community		chest		5,000	(5,000)
Sports England				6,982	(1,125)	5,857
Harris Family Fund				2,000	(2,000)
Total restricted funds			498,318	29,482	(43,516)	484,285

Turnover			2021	2020
Government Grants			41,268	I
Interest Income			62	14,131
Investment income			12,200	8,851
Other Revenue			1,065	148,842
Other Revenue - Donations			213,981	29,482
Other Revenue - Restricted Donations			197,778	12,549
Other Revenue - Trainers Pledge			9,285	716
Sales - BT			806	43,545
Sales - Gym Membership			16,387	26,271
Sales - Hall Hire			451	9,340
Sales - Office Rental			10,000	13,575
Sales - Personal Training			2,569
Sales - Racefit			940	4,937
Sales - Room Hire			3,917	28,996
Total Turnover			510,709	341,236
Cost ofSales
Cost ofGoods Sold			377	7,427
Direct Wages			6,904	9,386
Direct Costs			3,131
Total Cost ofSales			10,412	16,813
Gross Surplus			500,297	324,423
Administrative Costs
Advertising &Marketing			4,815	4,031
Audit &Accountancy		fees	15,120	24,287
Bank Fees			1,529	2,259
Cleaning &Refuse			6,579	12,842
Consulting				10,265
Depreciation Expense			12,128	20,652
Depreciation Expense		- Restricted	17,324	14,019
Employers National	Insurance		5,366	12,024
Entertainment-100%		business	356	680
Equipment Expense			10,223	4,450
General Expenses			2,016	6,071
Grants paid			4,885
Insurance			8,212	3,224
ITSoftware and Consumables			3,016	1,566
Legal Expenses				53
Licenses			155	672
Light, Power, Heating			16,791	16,215
Non Recoverable VAT				185
Pensions Costs			4,377	3,992
Postage, Freight &Courier			147	243
Printing &Stationery			1,561	1,858
Professional fees			883	4,845
Rates &water			3,912	5,235
Rent			624	624
Repairs & Maintenance			22,826	6,265
Salaries			154,366	127,210
Sky / BTTV			275	8,707
Staff welfare			1,383	890

HE RACING CEN	TRE LTD.
Staff training		1,495
Subscriptions		2,798	2,182
Telephone &Internet		13,139	13,162
Travel - National		62	610
Trips / events		370
Vending Machine costs		3,766	3,400
Total Administrative	Costs	320,499	314,212
Surplus / (deficit) for the year		179,798	10,211
Other Income
Net Investment gain	/ (Loss)	58,405	(32,714)
Total Other Income		58,405	(32,714)
Net movement in funds		238,203	(22,503)