Charity registration number 1111561
INVICTA EAST KENT ATHLETIC CLUB ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022
INVICTA EAST KENT ATHLETIC CLUB
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr R A P Stickland |
|---|---|
| Mr M Gallyer-Barnett | |
| Mr R Noel | |
| Charity number | 1111561 |
| Independent examiner | Claire Dean FCCA |
| MMP Limited | |
| Chartered Certified Accountants | |
| 18/20 Canterbury Road | |
| Whitstable | |
| Kent | |
| England | |
| CT5 4EY |
INVICTA EAST KENT ATHLETIC CLUB
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
INVICTA EAST KENT ATHLETIC CLUB
TRUSTEES' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2022
The trustees present their annual report and financial statements for the year ended 28 February 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities Act 2011 and "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).
Objectives and activities
The objectives of the club are: To assist and encourage all members of the Club in their athletic aspirations. To promote the sport of athletics in the East Kent area.
To promote community participation in healthy recreation by the provision and assistance in the provision of facilities for athletics in the East Kent area.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The activities of the club are consistent with its objectives in that it offers facilities and encouragement to athletes of all ages, athletic disciplines and standards of ability.
Small grants are considered on an ad hoc basis by the Management Committee. Larger grants are considered by the trustees at Management Committee Meetings. These grants are then incorporated within the budget proposals for the following year and voted on by members at the AGM.
Achievements and performance
As with a lot of organisation the COVID-19 pandemic has had a significant impact on the performance of the Trust. Despite managing to put on two major events, one being postponed from 2021 our income has not quite recovered to that of pre COVID levels.
Financial review
The results for the year and financial position of the Trust are as shown in the annexed Financial Statements. Generally the finances of the Trust are sound.
The Reserve Fund represents the unrestricted funds arising from past operating results, excluding fixed assets, representing in excess of six months total expenditure. The Trustees are satisfied that the level of reserves is sufficient to deal with contractual obligations and any foreseeable expenditure.
The Trust invests the balance of funds not needed in the short term in varying length bonds. The Trust is aware of the need to continue building its reserve in case of default by other partners in the facility. Within what is likely to be the next 2 or 3 years the track at the facility will need a complete refurbishment at an approximate cost of over £200,000. The original business plan for the facility contained a sinking fund to which the management company of the facility would contribute so that funds would be in place when refurbishment was needed. The Trustees understand that this sinking fund is currently considerably less than envisaged in the original business plan. Over the past 12 months, the Trustees have had various meetings with the parties concerned, including the Canterbury Academy (the ultimate budget holders) and Sport England to try and clarify the situation. The Trustees have received legal advice which indicates that the original legal documentation in our possession which governs our use of the facility is still valid despite changes to the original signatories. The Trustees have initiated a proposal to set up an umbrella organisation - The Canterbury Athletic Partnership - which would involve more organisations being involved in the facility to provide a greater vested interest in the maintenance of the facility and the possibility of tapping a wider range of funding. The Trustees are aware of their duty of care to the Trust and fully understand the implications of a failure to ensure adequate finance for this sinking fund. They will continue to make the most strenuous efforts to resolve this matter in the near future.
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INVICTA EAST KENT ATHLETIC CLUB
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
Plans for future periods
Future development is to some extent governed by the number and quality of volunteers available particularly coaches and officials and the Trustees intend to address this in the next 12 months. To increase income the Trustees plan to hold additional road races and to increase income from training fees by making greater use of the less popular training days.
Structure, governance and management
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr R A P Stickland
Mr M Gallyer-Barnett Mr R Noel
Trustees are elected or re-elected at the annual general meeting.
Where there is a requirement for new trustees in the interim these would be identified and appointed by the remaining trustees.
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The management of the club is vested in a Management Committee (made up solely of the Trustees plus Treasurer) which meets 5 times a year to primarily consider strategic management issues and 5 times a year primarily as a General Committee to consider wider operational issues. Other club officers and members may attend General Committee meetings. Because of COVID-19 restrictions fewer meetings were held and those that were were done on-line.
Four additional officers have been asked to attend all meetings to assist the Trustees with their work. These are the Club Administrator, Membership Secretary, Child Welfare Officer and Minutes Secretary.
In addition to the Management Committee there are 4 sub committees with designated responsibilities which meet on an ad hoc basis although this has been very infrequent over the past year.
The chair of trustees is responsible for the induction of any new trustee which involves awareness of a trustee's responsibilities, the governing document, administrative procedures, the history and philosophical approach of the charity. A new trustee would receive copies of the previous year's annual report and accounts and a copy of the Charity Commission leaflet 'The Essential Trustee: What You Need to Know'.
The trustees' report was approved by the Board of Trustees.
.............................. Mr R A P Stickland
Trustee
Date: .............................................
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INVICTA EAST KENT ATHLETIC CLUB
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF INVICTA EAST KENT ATHLETIC CLUB
I report to the trustees on my examination of the financial statements of Invicta East Kent Athletic Club (the charity) for the year ended 28 February 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 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 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 financial statements to be reached.
Claire Dean FCCA
MMP Limited Chartered Certified Accountants 18/20 Canterbury Road Whitstable Kent CT5 4EY England Dated: .........................
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INVICTA EAST KENT ATHLETIC CLUB
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2022
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | - | 8,000 |
| Charitable activities | 4 | 31,082 | 23,397 |
| Other trading activities | 5 | 42,582 | - |
| Investments | 6 | 4 | 176 |
| Total income | 73,668 | 31,573 | |
| Expenditure on: | |||
| Raising funds | 7 | 20,254 | - |
| Charitable activities | 8 | 55,078 | 30,033 |
| Total expenditure | 75,332 | 30,033 | |
| Net (expenditure)/income for the year/ | |||
| Net movement in funds | (1,664) | 1,540 | |
| Fund balances at 1 March 2021 | 126,154 | 124,614 | |
| Fund balances at 28 February 2022 | 124,490 | 126,154 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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INVICTA EAST KENT ATHLETIC CLUB
BALANCE SHEET
AS AT 28 FEBRUARY 2022
| Notes Fixed assets Tangible assets 12 Current assets Stocks 13 Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Income funds Unrestricted funds - general |
2022 £ 500 8,131 114,455 123,086 (3,300) |
£ 4,704 119,786 124,490 124,490 124,490 |
2021 £ 500 9,906 111,778 122,184 (2,302) |
£ 6,272 119,882 |
|---|---|---|---|---|
| 126,154 | ||||
| 126,154 | ||||
| 126,154 |
The financial statements were approved by the Trustees on .........................
.............................. Mr R A P Stickland Trustee
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INVICTA EAST KENT ATHLETIC CLUB
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
1 Accounting policies
Charity information
Invicta East Kent Athletic Club is a unincorporated charity based in Kent.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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INVICTA EAST KENT ATHLETIC CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
| Equipment | 25% reducung balance |
|---|---|
| Timing equipment | 25% reducing balance |
| Computer equipment | 25% reducing balance |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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INVICTA EAST KENT ATHLETIC CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
3 Donations and legacies
| Lotter fund 4 Charitable activities |
Total Unrestricted funds general 2022 2021 £ £ - 8,000 |
Total Unrestricted funds general 2022 2021 £ £ - 8,000 |
|---|---|---|
| Athletics club | Athletics club | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Membership fees | 30,752 | 23,181 | |
| Track hire | 330 | 216 | |
| 31,082 | 23,397 | ||
| 5 | Other trading activities | ||
| Unrestricted | Total | ||
| funds | |||
| general | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Races and other fundraising | 42,112 | - | |
| Kit sales | 470 | - | |
| Other trading activities | 42,582 | - | |
| 6 | Investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| general | general | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Interest receivable | 4 | 176 |
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INVICTA EAST KENT ATHLETIC CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
7 Raising funds
| Unrestricted funds general 2022 £ Fundraising and publicity Races and other fundraising 19,686 Trading costs Operating trading company undertaking non-charitable trading activity 568 20,254 |
Total 2021 £ - |
|---|---|
| - | |
| - |
8 Charitable activities
| Athletics club | Athletics club | |
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Depreciation and impairment | 1,568 | 2,091 |
| Affiliation fees | 2,288 | 2,005 |
| Competition fees | 1,712 | - |
| Trophy engraving | - | 761 |
| Facility hire | 22,335 | 11,017 |
| Development | 23,294 | 8,254 |
| Website | 432 | 1,258 |
| Donations | 250 | 1,100 |
| Equipment and maintenance | 201 | 727 |
| 52,080 | 27,213 | |
| Share of support costs (see note 9) | 1,806 | 1,708 |
| Share of governance costs (see note 9) | 1,192 | 1,112 |
| 55,078 | 30,033 |
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INVICTA EAST KENT ATHLETIC CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
9 Support costs
| Support costs | ||
|---|---|---|
| Support costs Governance costs £ £ Club administration 1,806 - Independent examiners fee - 1,140 Bank charges - 52 1,806 1,192 Analysed between Charitable activities 1,806 1,192 |
2022 Support costs Governance costs £ £ £ 1,806 1,708 - 1,140 - 1,080 52 - 32 2,998 1,708 1,112 2,998 1,708 1,112 |
2021 £ 1,708 1,080 32 |
| 2,820 | ||
| 2,820 |
10 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
During the year expenses of £1,345.97(2021 ; £20.00) were reimbursed to M Gallyer-Barnett.
11 Employees
The average monthly number of employees during the year was:
| 2022 | 2021 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
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INVICTA EAST KENT ATHLETIC CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
| 12 Tangible fixed assets Equipment Timing equipment Computer equipment £ £ £ Cost At 1 March 2021 22,751 33,833 700 At 28 February 2022 22,751 33,833 700 Depreciation and impairment At 1 March 2021 18,418 31,929 665 Depreciation charged in the year 1,083 476 9 At 28 February 2022 19,501 32,405 674 Carrying amount At 28 February 2022 3,250 1,428 26 At 28 February 2021 4,333 1,904 35 13 Stocks 2022 £ Stock 500 14 Debtors 2022 Amounts falling due within one year: £ Other debtors 8,131 15 Creditors: amounts falling due within one year 2022 £ Other creditors 3,300 16 Related party transactions |
Total £ 57,284 |
|---|---|
| 57,284 | |
| 51,012 1,568 |
|
| 52,580 | |
| 4,704 | |
| 6,272 | |
| 2021 £ 500 |
|
| 2021 £ 9,906 |
|
| 2021 £ 2,302 |
|
There were no disclosable related party transactions during the year (2021 - none).
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