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2021-12-31-accounts
Claire Sutherland
15/06/22
|
|
Unrestricted |
Restricted |
Total |
Total |
|
|
funds |
funds |
funds |
funds |
|
|
2021 |
2021 |
2021 |
2020 |
|
Note |
£'O0O |
£'000 |
£'O00 |
£'O00 |
|
|
|
|
|
(note 18) |
| INCOME FROM: |
|
|
|
|
|
| Donationsandlegacies |
|
30.8 |
240.2 |
271.0 |
852.9 |
| Charitableactivities - Housingincome |
|
839.7 |
|
839.7 |
779.6 |
| Investments |
|
0.1 |
|
0.1 |
0.1 |
| TOTAL INCOME |
2 |
870.6 |
240.2 |
1,110.8 |
1,632.6 |
| EXPENDITUREON: |
|
|
|
|
|
| Charitableactivities |
3 |
696.1 |
200.7 |
896.8 |
911.2 |
| TOTAL EXPENDITURE |
|
696.1 |
200.7 |
896.8 |
911.2 |
| NET INCOME FOR THE YEAR |
|
174.5 |
39.5 |
214.0 |
721.4 |
| Transfers between funds |
|
285.5 |
(285.5) |
|
|
| NET MOVEMENTS IN FUNDS |
|
460.0 |
(246.0) |
214.0 |
721.4 |
| Reconciliation offunds: |
|
|
|
|
|
| Balances broughtforward 1 January |
|
4,219.1 |
7,944.3 |
12,163.4 |
11,442.0 |
| Balancescarriedtorward 31 December |
|
4,675.7 |
7,698.3 |
12,577.2 |
12,165.3 |
| as at 31 December 2021 |
|
|
|
|
|
Company number 06489067 |
|
|
Note |
2021 |
2020 |
|
|
£'000 |
£'000 |
| INTANGIBLE FIXED ASSETS |
7 |
163.9 |
165.5 |
| TANGIBLE FIXED ASSETS |
|
|
|
| Housing properties |
8 |
13,164.1 |
13,249.8 |
| Other fixed assets |
9 |
35.9 |
47.1 |
|
|
13,363.9 |
13,462.4 |
| CURRENT ASSETS |
|
|
|
| Debtors |
10 |
265.2 |
43.3 |
| Cash at bank and in hand |
|
732.1 |
642.4 |
|
|
997.3 |
685.7 |
| CREDITORS: amountsfalling duewithin oneyear |
11 |
(291.8) |
(252.0) |
| NET CURRENT ASSETS |
|
705.5 |
433.7 |
| CREDITORS: amountsfallingdue after morethan one |
|
|
|
| year |
12 |
(1,692.0) |
(1,732.7) |
| NET ASSETS |
|
12,377.4 |
12_1634 |
| THEFUNDS OF THE CHARITY |
|
|
|
| Unrestricted reserves |
|
|
|
| Revenue reserve |
|
218.5 |
(25.7) |
| Designated reserve: |
|
|
|
| Fixed asset fund |
|
4,460.6 |
4,244.8 |
| Total unrestricted reserves |
13 |
4,679.1 |
4,219.1 |
| Restricted reserves |
|
|
|
| Housing for racing industry staff |
|
7,698.3 |
7,944.3 |
| Total restricted reserves |
13 |
7,698.3 |
7,944.3 |
| TOTAL FUNDS |
|
12_3774 |
12_1634 |
|
|
Note |
2021 |
2021 |
2020 |
|
|
|
£'000 |
|
£'O00 |
| Cash provided by operating activities |
|
a) |
|
224.1 |
662.5 |
| Cash flowsfrom investing activities: |
|
|
|
|
|
| Purchase of tangible fixed assets |
|
8,9 |
|
(93.8) |
(219.2) |
| Net cash used in investing activities |
|
|
|
(93.8) |
(219.2) |
| Net cash used in financing activities |
|
|
|
|
|
| Repayment of loans |
|
|
|
(40.6) |
(40.7) |
| Net increase/(decrease)in cash and cash equivalents |
|
|
|
89.7 |
402.6 |
| Cash and cash equivalents at 1 January |
|
|
|
642.4 |
239.8 |
| Cash and cash equivalents at 31 December |
|
|
|
732.1 |
642.4 |
| a) Reconciliation of netincome forthe year to net cash |
provided by operating activities |
|
|
|
|
|
|
|
2021 |
|
2020 |
|
|
|
£'000 |
|
£'O00 |
| Net income/(expenditure) forthe year |
|
|
|
214.0 |
721.4 |
| Depreciation and amortisation |
|
|
|
282.0 |
259.6 |
| (Increase) in debtors |
|
|
|
(221.9) |
(11.5) |
| (Decrease)/Increase in creditors |
|
|
|
(SO.O) |
(307.0) |
| Net cash inflow provided by operating activities |
|
|
|
224.1 |
662.5 |
| b) Analysis of net debt |
|
|
|
|
|
|
At 1 |
|
Non- |
|
At 31 |
|
January |
Cash |
Cash |
|
December |
|
2021 |
flows |
flows |
|
2021 |
|
£'000 |
£'000 |
£'000 |
|
£'O0O |
| Bank |
642.4 |
89.7 |
|
|
732.1 |
| Loans |
(1,773.3) |
40.6 |
|
|
(1,732.7) |
|
(1,130.9) |
130.3 |
|
|
(1,000.6) |
| Borrowings |
|
|
|
|
|
| Debt due within 1 year |
(40.6) |
40.6 |
|
(40.7) |
(40.7) |
| Debto due after 1 year |
(1,732.7) |
|
|
40.7 |
(1,692.0) |
|
(1,773.3) |
40.6 |
|
|
(1,732.7) |
| 2. INCOME |
|
|
|
2021 |
2020 |
|
£'O0O |
£'000 |
| Donations and legacies |
|
|
| Grants received - restricted |
240.2 |
847.9 |
| Donations - unrestricted |
30.8 |
5.0 |
|
271.0 |
852.9 |
| Charitable activities |
|
|
| Rent receivable net of identifiable service charges |
788.8 |
724.4 |
| Service charges receivable |
50.9 |
55.2 |
|
839.7 |
779.6 |
| Investment income |
|
|
| Interest receivable |
0.1 |
0.1 |
| Total income |
1,110.8 |
1,632.6 |
| 3.TOTAL EXPENDITURE |
|
|
|
|
|
Activities |
Support |
|
|
|
undertaken |
costs |
Total |
Total |
|
2021 |
2021 |
2021 |
2020 |
|
£'000 |
£'000 |
£'000 |
£'000 |
| Charitable activities |
|
|
|
|
| Provisionofsocialhousing(note4) |
833.8 |
63.0 |
896.8 |
911.2 |
|
833.8 |
63.0 |
896.8 |
911.2 |
| Supportcosts |
|
|
|
|
| Overheads andadministration costs |
|
|
46.0 |
46.0 |
| Governance |
|
|
17.0 |
6.8 |
|
|
|
63.0 |
52.8 |
| 4.ANALYSISOF SOCIAL HOUSINGCOSTS |
|
|
|
Total |
Total |
|
2021 |
2020 |
|
£'000 |
£'000 |
| Operatingcosts |
|
|
| Managementcosts |
282.6 |
328.2 |
| Service charges |
112.2 |
117.6 |
| Maintenance of properties |
126.7 |
119.9 |
| Governance costs |
17.0 |
6.8 |
| Baddebts |
3.7 |
5.5 |
| Loan interest |
72.6 |
74.5 |
| Depreciation of housing properties |
265.8 |
245.4 |
| Depreciation offixtures and fittings |
14.6 |
12.6 |
| (Profit) ondisposaloffixedassets |
|
(0.9) |
| Amortisation ofnomination rights |
1.6 |
1.6 |
| Expenditure on socialhousing |
896.8 |
911.2 |
|
Total |
Total |
|
2021 |
2020 |
|
£'000 |
£'000 |
| Wages |
118.8 |
107.6 |
| Employer's national insurance contributions |
11.0 |
9.3 |
| Pension costs |
8.5 |
7.4 |
| Total |
138.3 |
124.3 |
|
Assets |
Freehold |
Leasehold |
Freehold |
|
|
under |
land and |
land and |
improvements |
|
|
development |
buildings |
buildings |
|
Totals |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
| Deemed cost |
|
|
|
|
|
| At 1 January 2021 |
|
12,664.2 |
895.0 |
800.9 |
14,360.1 |
| Additions |
18.9 |
|
|
161.0 |
179.9 |
| At 31 December 2021 |
18.9 |
12,664.2 |
895.0 |
961.9 |
14,540.0 |
| Depreciation |
|
|
|
|
|
| At 1 January 2021 |
|
966.3 |
65.9 |
78.1 |
1,110.3 |
| Charge forthe year |
|
190.9 |
11.5 |
63.2 |
265.6 |
| At 31 December2021 |
|
1,157.2 |
77.4 |
141.3 |
1,375.9 |
| Net book value |
|
|
|
|
|
| At 31 December2021 |
18.9 |
11,507.0 |
817.6 |
820.6 |
13,164.1 |
| At 31 December2020 |
|
11,697.9 |
829.1 |
722.8 |
13,249.8 |
| Historiccost |
|
|
|
2021 |
2020 |
|
|
|
|
£'O0O |
£'000 |
| Gross cost |
|
|
|
12,696.4 |
12,516.5 |
| Accumulated depreciation on |
historical cost |
|
|
(2,609.6) |
(2,392.4) |
|
|
|
|
10,086.8 |
10,124.1 |
| Housing properties, at deemed cost, comprise: |
|
|
|
|
|
| Freeholds |
|
|
|
13,645.0 |
13,465.1 |
| Long leaseholds |
|
|
|
895.0 |
895.0 |
|
|
|
|
14,540.0 |
14,360.1 |
| 9. TANGIBLE FIXED ASSETS - OTHER |
|
|
|
|
|
|
Fixtures and |
Motor |
Total |
|
ITequipment |
fittings |
Vehicles |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
| Cost |
|
|
|
|
| At 1 January2021 |
|
132.3 |
|
132.3 |
| Additions |
1.6 |
2.3 |
|
3.9 |
| At 31 December2021 |
1.6 |
134.6 |
|
136.2 |
| Depreciation |
|
|
|
|
| At 1 January2021 |
|
85.2 |
|
85.2 |
| Charge for the year |
0.2 |
14.9 |
|
15.1 |
| At 31 December2021 |
0.2 |
100.1 |
|
100.3 |
| Net book value |
|
|
|
|
| At31 December2021 |
1.4 |
34.5 |
|
35.9 |
| At 31 December2020 |
O.O |
47.1 |
|
47.1 |
| 10. DEBTORS |
|
|
|
|
|
|
|
2021 |
2020 |
|
|
|
£'O00 |
£'000 |
| Rental debtors |
|
|
30.3 |
30.2 |
| Prepayments and accrued income |
|
|
4.4 |
3.1 |
| Due from the Rous Charity |
|
|
26.9 |
2.0 |
| Due from parent undertaking - Racing Welfare |
|
|
195.3 |
|
| Otherdebtors |
|
|
8.3 |
8.0 |
|
|
|
265.2 |
43.3 |
| 11. CREDITORS: AMOUNTS FALLING DUE |
WITHIN ONE YEAR |
|
|
|
|
|
|
2021 |
2020 |
|
|
|
£'O00 |
£'O0O |
| Due to parent undertaking - Racing Welfare |
|
|
|
39.4 |
| Other taxation and social security payable |
|
|
0.5 |
2.3 |
| Trade creditors |
|
|
57.7 |
46.9 |
| Accruals and deferred income |
|
|
188.8 |
122.0 |
| Othercreditors |
|
|
4.1 |
0.8 |
| Housing loans |
|
|
40.7 |
40.6 |
|
|
|
291.8 |
252.0 |
| 12. CREDITORS: AMOUNTS FALLING DUE AFTER NORE THAN ONE YEAR |
|
|
|
2021 |
2020 |
|
£'000 |
£'000 |
| Housing loans |
1,692.0 |
1,732.7 |
|
1,692.0 |
1,732.7 |
| Analysis of Housing loans repayable by instalments: |
|
|
| Within one year |
40.7 |
40.6 |
| Between one and two years |
40.9 |
40.7 |
| Between two and five years |
123.5 |
123.0 |
| After five years |
1_5276 |
1_5690 |
|
1,732.7 |
1,773.3 |
| 13. RESERVES |
|
|
|
|
|
|
At 1 |
|
|
|
At 31 |
|
January |
Income in |
Expenditure |
|
December |
|
2021 |
the year |
in the year |
Transfers |
2021 |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'00O |
| Unrestricted funds |
|
|
|
|
|
| Revenue Reserve |
(25.7) |
870.6 |
(490.3) |
(136.1) |
218.5 |
| Designated - Fixed Asset Fund |
4,244.8 |
|
(205.8) |
421.6 |
4,460.6 |
| Total unrestricted funds |
4,219.1 |
870.6 |
(696.1) |
285.5 |
4,679.1 |
| Restricted funds |
|
|
|
|
|
| Housing for Racing Industry Staff |
7,444.3 |
|
(148.9) |
(124.5) |
7,170.9 |
| Repairs and maintenance fund |
|
225.2 |
(36.8) |
(161.0) |
27.4 |
| Middleham Development |
500.0 |
|
|
|
500.0 |
| Housing Support Officer |
|
15.0 |
(15.0) |
|
|
| Total restricted funds |
7,944.3 |
240.2 |
(200.7) |
(285.5) |
7,698.3 |
| Total funds |
12,163.4 |
1,110.8 |
(896.8) |
|
12,377.4 |
| 13. RESERVES (CONT.) |
|
|
|
|
|
|
At 1 |
|
|
|
At 31 |
|
January |
Income in |
Expenditure |
|
December |
|
2020 |
the year |
in the year |
Transfers |
2020 |
|
£'000 |
£'000 |
£'O00 |
£'000 |
£'000 |
| Unrestricted funds |
|
|
|
|
|
| Revenue reserve |
(308.9) |
784.7 |
(500.4) |
(1.1) |
25.7) |
| Designated - Fixed Asset Fund |
4,261.5 |
|
(201.5) |
184.8 |
4,244.8 |
| Total unrestricted funds |
3,952.6 |
784.7 |
(701.9) |
183.7 |
4,219.1 |
| Restricted funds |
|
|
|
|
|
| Housing for Racing Industry Staff |
7,465.4 |
296.8 |
(134.2) |
(183.7) |
7,444.3 |
| Middleham Development |
|
500.0 |
|
|
500.0 |
| Racing Homes Strategy Report |
|
51.1 |
(51.1) |
|
|
| Housing Support Officer |
24.0 |
|
(24.0) |
|
|
| Total restricted funds |
7,489.4 |
847.9 |
(209.3) |
(183.7) |
7,944.3 |
| Total funds |
11,442.0 |
1,632.6 |
(911.2) |
|
12,163.4 |
|
Restricted |
Designated |
General |
|
|
Funds |
Funds |
Funds |
Total |
|
£'000 |
£'000 |
£'000 |
£'000 |
| As at 31 December 2021 |
|
|
|
|
| Fixed assets |
7,170.9 |
6,193.0 |
|
13,363.9 |
| Current Assets |
546.4 |
|
450.9 |
997.3 |
| Current liabilíties |
|
(40.7) |
(251.1) |
(291.8) |
| Long-term liabilities |
|
(1,692.0) |
|
(1,692.0) |
|
7,717.3 |
4,460.3 |
199.8 |
12,377.4 |
| As at 31 December2020 |
|
|
|
|
| Fixed assets |
7,444.3 |
6,018.1 |
|
13,462.4 |
| Current Assets |
500.0 |
|
185.7 |
685.7 |
| Current liabilities |
|
(40.6) |
(211.4) |
(252.0) |
| Long-term liabilities |
|
(1,732.7) |
|
(1,732.7) |
|
7,944.3 |
4,244.8 |
26.7) |
12,163.4 |
|
|
|
|
2021 |
2020 |
|
|
|
|
£'000 |
£'000 |
| **Amounts ** |
**due ** |
**from ** |
/ (to) Racing Welfare |
195.3 |
(39.4) |
| **Amounts ** |
**due ** |
**from ** |
the Rous Charity |
26.9 |
2.0 |
|
|
Unrestricted |
Restricted |
Total |
|
|
funds |
funds |
funds |
|
|
2020 |
2020 |
2020 |
|
Note |
£'000 |
£'000 |
£'000 |
| INCOME FROM: |
|
|
|
|
| Donations and legacies |
|
5.0 |
847.9 |
852.9 |
| Charitable activities |
2 |
779.6 |
|
779.6 |
| Investments |
|
0.1 |
|
0.1 |
| TOTAL INCOME |
|
784.7 |
847.9 |
1,632.6 |
| EXPENDITURE ON: |
|
|
|
|
| Charitable activities |
4 |
701.9 |
209.3 |
911.2 |
| TOTAL EXPENDITURE |
|
701.9 |
209.3 |
911.2 |
| NE T INCOME/(EXPENDITURE) FOR THE YEAR |
|
82.8 |
638.6 |
721.4 |
| Transfers between funds (restated) |
|
183.7 |
(183.7) |
|
| NET MOVEMENT IN FUNDS |
|
266.5 |
454.9 |
721.4 |
| Balances brought forward 1 January(restated) |
|
3.952.6 |
7,489.4 |
11,442.0 |
| Balances carried forward 31 December |
|
4,219.1 |
7,944.3 |
12,163.4 |