2022-03-31-accounts - The Racing Centre Ltd

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Contents
Page:
				Report ofthe trustees
				Independent	examiner's	report
				Consolidated	statement	offinancial			activities
				Charity balance sheet
10				Charity statement ofcash flows
				Notes forming part ofthe financial					statements
Trustees and	members
The Honourable		Peter Stanley
George McGrath		(Chairman)
Andrew Braithwaite			(Treasurer)						(Resigned		30/09/2022)
Ed Dunlop									(Resigned		19/10/2021)
Reverend Simon		Bailey
Nik Chapman
Simone Sear
Sharon Lamb
Company Secretary				John Gilbert	(resigned	29/10/2021)			(reappointed	17/12/2022)
and registered		office		Fred Archer	Way, Newmarket,			Suffolk, CB88NT
Operations Manager				James Connolly (appointed			10/11/2021) (resigned 20/01/2022)
				John Gilbert	(resigned	30/08/2022)			(reappointed	01/02/2022)
Centre Manager				James Connolly (appointed			10/11/2021) (resigned 20/01/2022)
				John Gilbert	(resigned	30/08/2022)			(reappointed	01/02/2022)
Charity number				1107833
Company number				05283686
Independent	examiner			Loveivell Blake LLP, First			Floor Suite, First Floor Suite				2 Hillside Business Park Bury
				St Edmunds	IP32 7EA
Bankers				Barclays Bank Plc, 58		High Street,			Newmarket.	Suffolk,	CB8 8NH
Legal advisers				Edmondson	Hall Solicitors, 25			Exeter Road, Nevvmarket,			Suffolk, CB88AR

			Unrestricted	Restricted	Total	2021
			Funds	Funds	charity	Total
						funds
		Notes
Income from:
Donations			85.705	37.978	123,683	421,044
Charitable activities:
Operation ofCentre			109.713		109,713	36.135
Government Grants			38,942		38.942	41.268
Investments			10.693		10,693	12.262
Total income			245,053	37,978	283,031	510,709
Expenditure on:
Charitable activities:
Operation ofCentre			444,194	69.028	513.222	330,911
Total expenditure			293,357	69.028	513,222	330,911
Net gains / (losses) on investments			29 048		29,048»8.,40»
Net income / (expenditure)			(170,093)	(31,050)	(201.143)	238,203
Transfers between	funds
Net movement in funds		9	(170,093)	(31,050)	(201,143)	238,203
Reconciliation offunds
Total funds brought	forward		726.351	622.503	1,348,854	1, 110,65 1
Total funds carried	forward		556,258	591.454	1,147,710	1.348.854

							Charity	Charity
							2022	2021
Net movement in funds							(201.143)	238.203
Depreciation charges							29,178	29,452
(Gains)/losses on investments							(29.048)	(58,405)
Investment income							(10,693)	(12,262)
(Increase)/decrease in debtors							92,557	(22,932)
Increase/(decrease) in creditors							1,175	(3,605)
Net cash provided by /	(used in)		operating		activities		(117,974)	170,451
Cash flows from investing		activities:
Investment income							10,689	12,200
Interest receivable								62
Purchase offiacd assets							(3.871)	(147,316)
Cash receipts from the sale ofinvestments							112,953
Cash provided by/(used	in) investing			activities
							119,775	(135,054)
Increase (Decrease) in	cash and		cash	equivalents		in
the year							1,801	35,397
Cash and cash equivalents		at the beginning			ofthe
year							76,896	41,499
Total cash and cash equivalents			at the end		ofthe	year
							78,697	76,896
Analysis ofcash and cash equivalents
Cash in hand							78,697	76.896

income ive	s primarily	derived from t	he operation	ofthe Centre
					2022	2021
					g
Keep fit courses					4,242	2,569
Room hire					2,458	3,917
Hall hire					36,647	451
Racefit					4,773	940
Event Ticket sales					2,019
NARS income					10,900	10,806
Gym Membership					46.135	16,381
Govemmcnt	Grants				38,942	41,268
Misc sales					2,537	1,071
					148,655	36,135
me from investments
					2022	2021
Interest receivable - deposits					4	62
Dividends	receivable	from Common	Investment	Funds	10.689	12,200
					10,693	12,262

				Basis of	Centre	Governance	2022	2021
				Allocation	Activities		Total	Total
Costs directly allocated to activities:
Advertising &marketing				Direct	8.026		8.026	4,815
Independent examination accountancy fees			&	Direct		14.640	14,640	15,120
Direct Costs				Direct	374		374	3,131
StaffTraining					703		703	1,495
Bank fees				Direct	2,861		2,861	1,529
Cleaning &refuse				Direct	8.959		8.959	6.579
Consulting				Direct	25,000		25.000
Cost ofgoods sold				Direct	1,909		1,909	377
Depreciation expense				Direct	11,424		11,424	12,128
Depreciation expense		- restricted		Direct	17,754		17,754	17,324
Direct svages				Direct	6.702		6,702	6,904
Employers National		Insurance		Direct	13,095		13,095	5,366
Entertainment				Direct	1,324		1,324	356
Equipment expense				Direct	8.910		8,910	10,223
General expenses				Direct	2,694		2,694	2,016
Insurance				Direct	8,631		8,631	8,212
Interest Paid				Direct	78		78
ITsoffivarc and consumables				Direct	3,866		3,866	3,016
Licenses				Direct	2,069		2,069	155
Light, posver, heating				Direct	14.166		14.166	16,791
Pensions costs				Direct	5,907		5,907	4,377
Postage, freight &	courier			Direct	226		226	147
Printing &stationery				Direct	714		714	1,561
Professional fees				Direct	241		241	883
Rates &svater				Direct	1,958		1,958	3,912
Rent				Direct	468		468	624
Repairs &maintenance				Stafftime	10.386		10.386	22.826
Salaries				Direct	150,325	15,000	165.325	154.366
Sky/BTTV				Direct				275
Staffcxpcnses				Ovcrhcad	17		17
Staffsvclfarc				Direct	2,008		2,008	1,383
Subscriptions				Direct	4,906		4,906	2,798
Telephone &internet				Usage	14.079		14,079	13,139
Travel - national				Direct				64
Trips / events				Direct				370
Vending machine	costs			Direct	2.830		2,830	3,766
Inter-company loan provision				Direct	150,837		150,837
Grants Paid				Overhead	135		135
					483.382	29.640	513.222	330.913

mployment	costs
					2022	2021
Wages and	salaries				165,325	154,366
Social secunty costs					13,095	5,366
Other pension costs					5.907	4,377
					184,327	164.109
					2022	2021
The average monthly		head count ofall employees,	excluding	trustees,
tvas:
Charitable	activities	and governance			21	16

ovements in tot	al funds for t	he year
					2022	2021
This is stated after charging:
Depreciation					29,179	29,452
Accountant's	remuneration	for independent	exatntnation		1,800	1,800
Accountant's	remuneration	for other financial		services	12.840	15.120

					Long
					leasehold
					land and	Fixtures and	Plant	4k	Computer	Charity
					buildings	equipment	Machtnet3		Equipment	Total
	Cost
		At 1 April 2021			924,439	328,704	10,075		416	1,263,634
		Additions				930	1,500		1,441	3,871
		Disposals
		At 31March	2022		924,438	329,634	11,575		1,857	1,267/05
	Depreciation
		At 1 April 2021			196,336	285,229	1.144		87	482.796
		Provided for	the year		7,559	19,008	2.290		322	29,179
		Disposals
		At 31 March	2022		203,895	304,237	3,434		409	511,975
	h/et	hook value
		At 31March	2022		720,543	25,397	8,141		1,449	755,530
		At 31March	2021		728,103	43,475	8,931		329	780.838
11	Investments
									2022	2021
	Market value
	At	1 Apnl 2021							399,644	341,239
	Disposals								112,954
	Net investment		gains/(losses)						29,048	58.405
	At	31March 2022							315,739	399.644
	Cost at 31March 2022								31,146	141,146
	Net unrealised gains/(losses)				included in net
	investment gains/(losses)			in	year				29,048	58,405

12 Debtors
					Charity	Charity
					2022	2021
Trade Debtors					9,650	6,841
Amount due from subsidiary			company		150,837	95,367
Inter-company	Loan Provision				(150.837)
Other debtors					169	168
					9,819	102.376
13Creditors: amounts		falling	due within	one year
					Charity	Charity
					2022	2021
Trade creditors					2,073	4,791
Other taxes and	social	security	costs		5 537	(370)
Accruals and deferred		income			1.800	1.800
Other Creditors					2,667	3,941
					12.077	10,902

Deferred	income comprises	income	received	in advance.
					Charity	Charity
					2022	2021
Balance	as at I April 2021					2,235
Amount	released to income	earned	from chantable	activities		2,235
Atnount	deferred in vear
Balance	as at 31 March 2022

Charity	Funds —current year			Total
				Charity
		Unrestricted	Restricted	Funds
		Funds	Funds	2022
Tangible assets		188,012	567,518	755,530
hivestments		315,741		315,741
Net	current assets	52„504	23,935	76,439
		556,257	591,453	1,147,710
Charity	Funds —prior year			Total
				Charity
		Unrestricted	Restricted	Funds
		Funds	Funds	2021
Tangible assets		179,357	601,503	780,840
Investments		399,644		399,644
Net	current assets	147,370	21,000	168,370
		726,35i	622,503	1,348,854

Current year	Current year
			General	Designated	Total
			Fund	Fund	2022
				f.	f.
Balance at	1 April 2021		326,707	399.644	726,351
Net income/(expenditure)			(199,143)		(199.143)
Net investment		gain		29,048	29,048
Transfers			112,954	(112,954)
Balance at	31	March 2022	240,518	315,739	556,257
Prior year
			General	Designated	Total
			Fund	Fund	2021
Balance at	I Apri!2019		285,127	341,239	626,367
Net income/(expenditure)			41,579		41,579
Net investment		gain		58,405	58,405
Transfers
Balance at	31	March 2021	326,707	399,644	726,351

Restricted funds
Current year	Balance	Income	Expenditure	Balance
	I April			31March
	2021			2022
Cafe Refurbishment Fund	148,250		(1,959)	146,291
Building Project Fund	411,434		(6,367)	405,087
Grou Together Fund	2,000		(2,000)
Moiler Trust Fund Peter 0 Sullevan Suite Fund	22,386 1,040		(6,246) (1,040)	16.140
Sports England Fund	1,373		(383)	990
Youth Engagement Project	15,000			15.000
Digital Training Fund	20,000		(20,000)
Teen Chill	1,000			1,000
Sports Day 2021		1,700	(628)	1,072
Staff Salary Subsidy Fund		30,000	(24,977)	5,023
Yelloxv Brick Road		6,000	(5,150)	850
Community Helpline Fund		278	(278)
Total restricted funds	622.503	37,978	(69,028)	591.453
Prior year	Balance	Income	Expenditure	Balance
	I April			31March
	2020			2021
Cafe Refurbishment Fund	24,444	150,006	(26.200)	148,250
Building Project Fund	417.735		(6,281)	411.454
Groxv Together Fund	4,000		(2,000)	2,000
Moiler Trust Fund	24,737		(2,351)	22,386
Pctcr O'Su()evan Suite Fund	7,512		(6,472)	1,040
Sports England Fund	5,857		(4,484)	1.373
Project Christmas		5,500	(5:500)
Youth Engagement Project		15,000		15,000
Dtgita( 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

					Charity	Charity
					2022	2021
Financial assets.
Debt instruments		measured		at
amortised cost						95,367
Equity	instruments	measured		at cost less impairment
Instruments measured			at fair value
through	the SOFA				319,892	399,644
					319,894	495,011
Financial	liabilities:
Measured	at amortised		cost		9,460	10,902

			Unrestricted	Restricted	Total	2020
			Funds	Funds	charity	Total
						funds
		Notes
Income from:
Donations			223,266	197,778	421,044	190,873
Charitab/e activities:
Operation ofCentre			36,135		36,135	136,231
Government Grants			41.268		41,268
Investments			12,262		12,263	14,132
Total income			312,931	197.778	310.710	341,236
Expenditure on:
Chart table acnvi hei	t
Operation ofCentre		6	271,351	59,560	330.911	331,025
Total expenditure			271,351	59.560	330,911	331,025
Net gains / (losses) on investments		12	58.405		58,405	(32,714)
Net income / (expenditure)			99.985	138.218	238,203	(22,503)
Transfers between	funds
Net movement in funds		10	99.985	138.218	238,203	(22,303)
Reconciliation offunds
Total funds brought	forward		626,367	484,285	1,110,651	1.133,153
Total funds carried	forward		726,351	622.503	1,348.854	1,110,651

Turnover				2022	2021
Govenunent Cnants				38,942	41,268
Interest Income				4	62
Investment mcome				10,689	12.200
Other Revenue				2,537	1.065
Other Revenue - Donauons				77,206	213.981
Other Revenue —Restricted Donations				37,978	197,778
Other Revenue - Tramers Pledge				8300	9,285
Sales - BT				900	806
Sales - Gvm Memberslup				46.135	16,387
Sales —Hall Hire				36,647	451
Sales - Office Rental				10.000	10,000
Sales - Personal Training				4.242	2.569
Sales - Racetit				4,775	940
Sales - Room Ilire				2458	3.917
Sales —Ticket Sales				2.019
Total Turnover				283,031	510,709
Cost ofSales
Cost ofGoods Sold				1.909	377
Duect Costs —Hardship			Fund	14	102
Direct Expenses				360	2,500
Direct Wages				6.702	6,904
Total Cost ofSales				8,984	10,412
Gross Profit				274,046	500,297
Administrative Costs
Advertising &Marketing				8.026	4,815
Audit &Accountancy		fees		14,640	15,120
Bank Fees				2,861	1,529
Cleaning &.Refuse				8.959	6,579
Consulting				25.0013
Depreciation Expense				11A24	12.128
Depreciation Fxpense		- Restncted		17,754	17324
Employers National	Insurance			13,095	5.."66
Entertauiment -0%				164
Entertauuuent-100%		busuiess		1,160	356
Equipment Expense				8,910	10.223
General Expeines				2.693	2.016
Grants pmd				135	4,885
Insurance				8,631	8.212
Interest Paid				78
IT Sotbvare and Consmuables				3.866	3,016
Legal Expenses				241	53
Licenses				2,069	155
Light, Poiver, Heating				14,166	16,791
Pensions Costs				5,907	-1,377
Postage, Freight &Courier				226	147
Printing & Stationery				714	1,561
Proti:ssional fees					883
Racelit / Sporis costs
Rates &ivater Internet				1,958	3,912
Rent				468	62-1
Repmrs &.Maintmiance				10386	22,826
Salaries				165,325	154,366
Sky/BT TV					275
StalT Expellses				17
StatT Training				703	1,-195
StatT uelfare				2,008	1,383
Subscriptions				-1,906	2,798
Telephone &				14,079	13,139
Travel - National
Trips / events					370
Vending Machine costs				2,830	3.766

HE RACING CENTRE LTD.
Total Administrative Costs	353,401	330,499
Surplus / (deficit) for the year	(79,3(5)	179,798
Other income
Net Invessntent gmn / (Loss)	29,0(8	58405
Total Other Income	29,0tg	58,405
Other Expenditure
Inter-company Loan Provision	150,837
Total Other Expenditure	150,837
Net movement in funds	(201,143)	238,203