CHARITY REGISTRATION NUMBER: 1111325
Tamworth Amateur Boxing Club Unaudited Financial Statements
31 March 2022
FORTUNA ACCOUNTANTS LIMITED
Hilton Hall Hilton Lane Essington South Staffordshire WV11 2BQ
Tamworth Amateur Boxing Club
Financial Statements
Year ended 31 March 2022
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 |
Tamworth Amateur Boxing Club
Trustees' Annual Report
Year ended 31 March 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2022.
Reference and administrative details
Registered charity name Tamworth Amateur Boxing Club Charity registration number 1111325
The trustees
Mrs P Nicholson Mr Boyle Mr A P Nicholls Mr I R S Seagrave Mr L W White Independent examiner Fortuna Accountants Limited Hilton Hall Hilton Lane Essington South Staffordshire WV11 2BQ
Structure, governance and management
Governing document
The charity is controlled by its governing document, a deed of trust originally dated 1 May 1991 and subsequently amended on 22 August 2005 and 22 June 2009 and constitutes an incorporated charity.
Recruitment and appointment of new trustees
The trustees throughout the year are original trustees as appointed by the trust deed.
Original structure
The general management, control and administration of the organisation and responsibility for the running of the 'CornerPost' gym, the home of Tamworth Amateur Boxing Club, is carried out by a manager and there team who have been appointed by the trustees.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls in place to provide reasonable assutrance against fraud and error.
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Tamworth Amateur Boxing Club
Trustees' Annual Report (continued)
Year ended 31 March 2022
Objectives and activities
Objectives and aims
The advancement of education and the provision of recreational and leisure time activities in particular boxing facilities for young people and the local community in the interest of social welfare with the objective of improving the conditions of life for the said young people and local community.
Significant activities
The clubs principle activities are the provision of fitness facilities and classes for the benefit of the public and also the provision of an alternative education facility, 'ThinkFit' school support places for those youngsters who have difficulty in adapting or have been excluded from mainstream schooling.
Volunteers
The trustees acknowledge the continued and significant contribution made by the volunteers and are grateful for their dedication, skills and time given.
Public benefit
The trustees have had due regard to guidance published by the Charity Commission on public benefit. During the year all activities described in this report were undertaken for the public benefit.
Achievements and performance
Charitable and Educational Activities
Our membership as bounced back better than per covid numbers, in fact the squad (carded Boxers) has never been so big with 30 Boxers. We have lost our main sponsor as Drayton Manor have been sold and the new owners do not wish to continue to support the Organisation. As well as the sponsorship Drayton Manor Park have stopped subsidising the meals when we stage Dinner Events, this means that dinner events now are simply too expensive to promote.
In August Tamworth Boxing tendered for the Midlands DiSE programme. A government backed initiative to provide talented athletes 16-18 years with the opportunity to access top quality coaching and further their education. We are extremely proud to announce that we were successful, and The CornerPost Education Centre is now the home for Midlands DiSE.
On the DiSE programme students need to be registered with an education provider that can offer full time education. We have developed a partnership with Landau Forte Sixth Form, who provide the education and the Maths and English resits. As a result we now put events on at Landau Forte, these events enable us to seat 350 plus spectators providing the opportunity to stage bigger more spectacular events.
The primary project continues to develop as an Alternative Provision, and we have secured funding for the programme from Staffordshire County Council for the next 2 years + 1. We are planning massive investment in the coming year to ensure our classrooms provide the best possible learning environment for the 5 - 11-year-old that need our service.
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Tamworth Amateur Boxing Club
Trustees' Annual Report (continued)
Year ended 31 March 2022
Financial review
Financial review Reserves Policy
the trustees have established a policy wherby unrestricted funds not committed or invested in fixed assets, which are te free reserves of the charity, should cover between three to six months operational costs.
Principle funding resources
The trustees are gratful to all businesses, organisations and individual donors for their continued support.
The trustees' annual report was approved on 5 December 2022 and signed on behalf of the board of trustees by:
Mr A P Nicholls Trustee
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Tamworth Amateur Boxing Club
Independent Examiner's Report to the Trustees of Tamworth Amateur Boxing Club
Year ended 31 March 2022
I report to the trustees on my examination of the financial statements of Tamworth Amateur Boxing Club ('the charity') for the year ended 31 March 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Accounting Technicians, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Independent Examiner
Fortuna Accountants Ltd
Hilton Hall Hilton Lane Essington South Staffordshire WV11 2BQ
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Tamworth Amateur Boxing Club
Statement of Financial Activities
Year ended 31 March 2022
| 2022 | 2022 | 2021 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 294,895 | 294,895 | 277,811 |
| Charitable activities | 5 | 163,125 | 163,125 | 174,886 |
| Other trading activities | 6 | – | – | 630 |
| Investment income | 7 | 6,310 | 6,310 | 8,480 |
| Other income | 8 | – | – | 3,543 |
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| Total income | 464,330 | 464,330 | 465,350 | |
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| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Costs of raising donations and legacies | 9 | 433,296 | 433,296 | 451,665 |
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| Total expenditure | 433,296 | 433,296 | 451,665 | |
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| Net income and net movement in funds | 31,034 | 31,034 | 13,685 | |
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| Reconciliation of funds | ||||
| Total funds brought forward | 496,296 | 496,296 | 482,611 | |
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| Total funds carried forward | 527,330 | 527,330 | 496,296 | |
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 13 form part of these financial statements.
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Tamworth Amateur Boxing Club
Statement of Financial Position
31 March 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 14 | 274,700 | 288,979 | |
| Current assets | ||||
| Debtors | 15 | 51,520 | 24,272 | |
| Cash at bank and in hand | 218,522 | 228,624 | ||
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| 270,042 | 252,896 | |||
| Creditors: amounts falling due within one year | 16 | 17,412 | 45,579 | |
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| Net current assets | 252,630 | 207,317 | ||
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| Total assets less current liabilities | 527,330 | 496,296 | ||
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| Net assets | 527,330 | 496,296 | ||
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| Funds of the charity | ||||
| Restricted funds | – | 70,370 | ||
| Unrestricted funds | 527,330 | 425,926 | ||
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| Total charity funds | 18 | 527,330 | 496,296 | |
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These financial statements were approved by the board of trustees and authorised for issue on 5 December 2022, and are signed on behalf of the board by:
Mr A P Nicholls Trustee
The notes on pages 7 to 13 form part of these financial statements.
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Tamworth Amateur Boxing Club
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is The Corner Post Education Centre, Orchard Street, Tamworth, Staffordshire, B79 7RH.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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Tamworth Amateur Boxing Club
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
All fixed assets are initially recorded at cost.
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Tamworth Amateur Boxing Club
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Written off over 25 years Fixtures & Fittings - 25% straight line Motor Vehicles - 25% straight line Equipment - 25% straight line Equipment - 25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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Tamworth Amateur Boxing Club
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Financial instruments (continued)
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Other donations and legacies | ||||
| Donations | 410 | 410 | 13,299 | 13,299 |
| Education Grants | 239,330 | 239,330 | 237,389 | 237,389 |
| Boxing Grants | 55,155 | 55,155 | 27,123 | 27,123 |
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| 294,895 | 294,895 | 277,811 | 277,811 | |
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5. Charitable activities
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Gym Subscriptions | 18,031 | – | 18,031 |
| Restricted Funds - Grants Received | 47,016 | – | 47,016 |
| Schools | 74,811 | – | 74,811 |
| Schools and College Transport | 20,238 | – | 20,238 |
| Boxing Income | 3,029 | – | 3,029 |
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| 163,125 | – | 163,125 | |
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Tamworth Amateur Boxing Club
Notes to the Financial Statements (continued)
Year ended 31 March 2022
5. Charitable activities (continued)
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Gym Subscriptions | 2,582 | – | 2,582 |
| Restricted Funds - Grants Received | – | 70,370 | 70,370 |
| Schools | 83,460 | – | 83,460 |
| Schools and College Transport | 18,474 | – | 18,474 |
| Boxing Income | – | – | – |
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| 104,516 | 70,370 | 174,886 | |
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| 6. | Other trading activities | ||||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Other Fundraising | – | – | 630 | 630 | |
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| 7. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Income from investment properties | 6,300 | 6,300 | 8,400 | 8,400 | |
| Bank interest receivable | 10 | 10 | 80 | 80 | |
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| 6,310 | 6,310 | 8,480 | 8,480 | ||
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| 8. | Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Other Income Resources | – | – | 3,543 | 3,543 | |
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| 9. | Costs of raising donations and legacies | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Costs of raising donations and legacies | |||||
| - Subscriptions | 183,112 | 183,112 | 33,011 | 33,011 | |
| Costs of raising donations and legacies | |||||
| - Other type 1 | 11,136 | 11,136 | 4,733 | 4,733 | |
| Costs of raising donations and legacies | |||||
| - Other type 2 | 239,048 | 239,048 | 413,921 | 413,921 | |
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| 433,296 | 433,296 | 451,665 | 451,665 | ||
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Tamworth Amateur Boxing Club
Notes to the Financial Statements (continued)
Year ended 31 March 2022
10. Net income
Net income is stated after charging/(crediting):
| Net income is stated after charging/(crediting): | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Depreciation of tangible fixed assets | 33,693 | 30,524 |
| Operating lease rentals | 2,584 | 5,508 |
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| Independent examination fees | ||
| 2022 | 2021 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 1,500 |
– |
11. Independent examination fees
12. Staff costs
The average head count of employees during the year was 8 (2021: 8).
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
13. Trustee remuneration and expenses
There were no trustee's remuneration or benefit for the year ended 31 March 2022 nor for the year ended 31 March 2021.
The trustee's expenses for the year ended 31 March 2022 totalled £19, and for the year ended 31 March 2021 totalled £646.
14. Tangible fixed assets
| Land and | Fixtures and | Motor | User defined | |||
|---|---|---|---|---|---|---|
| buildings | fittings | vehicles | Equipment | asset | Total | |
| £ | £ | £ | £ | £ | £ | |
| Cost | ||||||
| At 1 Apr 2021 | 341,383 | 37,656 | 7,867 | 92,459 | 36,602 | 515,967 |
| Additions | – | 11,147 | – | 6,945 | 1,322 | 19,414 |
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| At 31 Mar 2022 | 341,383 | 48,803 | 7,867 | 99,404 | 37,924 | 535,381 |
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| Depreciation | ||||||
| At 1 Apr 2021 | 88,712 | 33,774 | 7,867 | 76,315 | 20,320 | 226,988 |
| Charge for the | ||||||
| year | 13,473 | 1,708 | – | 10,133 | 8,379 | 33,693 |
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| At 31 Mar 2022 | 102,185 | 35,482 | 7,867 | 86,448 | 28,699 | 260,681 |
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| Carrying amount | ||||||
| At 31 Mar 2022 | 239,198 | 13,321 | – | 12,956 | 9,225 | 274,700 |
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| At 31 Mar 2021 | 252,671 | 3,882 | – | 16,144 | 16,282 | 288,979 |
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Tamworth Amateur Boxing Club
Notes to the Financial Statements (continued)
Year ended 31 March 2022
15. Debtors
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Trade debtors | 14,176 | 22,654 | |
| Amounts owed by group undertakings | – | 695 | |
| Prepayments and accrued income | 37,344 | 923 | |
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| 51,520 | 24,272 | ||
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| 16. | Creditors: amounts falling due within one year | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Trade creditors | 1,972 | 2,082 | |
| Accruals and deferred income | 5,550 | 29,408 | |
| Social security and other taxes | 10,941 | 16,791 | |
| Other creditors | (1,051) | (2,702) | |
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| 17,412 | 45,579 | ||
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17. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £5,074 (2021: £1,860).
18. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | |||||
| At | 31 | March 202 | |||
| 1 | April 2021 | Income | Expenditure | 2 | |
| £ | £ | £ | £ | ||
| General funds | 496,296 | 464,330 | (433,296) | 527,330 | |
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| At | |||||
| At | 31 | March 202 | |||
| 1 | April 2020 | Income | Expenditure | 1 | |
| £ | £ | £ | £ | ||
| General funds | 482,611 | 394,980 | (451,665) | 425,926 | |
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