Company registration number: 06540616 Charity registration number: 1124227
Mylnhurst Sports Education & Leisure
(A company limited by guarantee)
Annual Report and Unaudited Financial Statements
for the Year Ended 31 August 2024
Mylnhurst Sports Education & Leisure
Contents (continued)
| Trustees' Report | 1 to 4 |
|---|---|
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 16 |
Mylnhurst Sports Education & Leisure
Trustees' Report
Reference and Administrative Details
The trustees (who are also directors of Mylnhurst Sports Education & Leisure for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS102) in preparing the annual report and financial statements of the charity.
| Charity registration number: | 1124227 |
|---|---|
| Company Registration Number: | 06540616 |
| Trustees: | A J Rawlings |
| A L Barker | |
| O M Firth | |
| A Husain-Naviatti (resigned 11 September 2023) | |
| T D Hall (resigned 24 January 2024) | |
| P H Hopkins (appointed 24 January 2024) | |
| D Smith (appointed 24 January 2024) | |
| F R Burley (appointed 3 July 2024) | |
| L G Giaimo-Cossar (appointed 3 July 2024) | |
| Registered Office: | Mylnhurst Preparatory School and Nursery |
| Button Hill | |
| Sheffield | |
| South Yorkshire | |
| S11 9HJ | |
| Independent Examiner: | Hawsons Chartered Accountants |
| Pegasus House | |
| 463a Glossop Road | |
| Sheffield | |
| South Yorkshire | |
| S10 2QD | |
| Solicitors: | Forbes Solicitors |
| Ground Floor | |
| Buckingham House | |
| Glover's Court | |
| Preston | |
| Lancashire | |
| PR1 3LA | |
| Bankers: | Co-operative Bank PLC |
| PO Box 101 | |
| 1 Balloon Street | |
| Manchester | |
| M60 4EP |
Page 1
Mylnhurst Sports Education & Leisure
Trustees' Report (continued)
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 August 2024.
The trustees have adopted the provisions of 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 charity are to promote the advancement of education generally, and in particular the education and training of pupils of Mylnhurst School, Sheffield, especially in relation to their physical education. The charity aims to maximise the potential of our children by providing and assisting in the provision of facilities which will enable them to participate in sports including (but not limited to) swimming, water polo, football, netball/basketball, badminton, cricket, gymnastics and dance. When our facilities are not required for our pupils, they shall be made available for the advancement of education and the provision of facilities for healthy recreation for the public with particular regard to the needs of the young, aged, infirm and disabled in the City of Sheffield.
Background
The accounts reflect the period from 1 September 2023 to 31 August 2024 during which the charity saw continued use of the sports facilities from local sports clubs and other primary schools, contributing to growth in income on the prior period.
Achievement and performance
Mylnhurst Sports Education and Leisure has continued to provide excellent facilities for the pupils of Mylnhurst Preparatory School and Nursery and for the wider community. The lettings of the sports hall have been consistent during the reporting period as a result of our positive working relationships with the hirers. These positive working relationships have further benefited the pupils of the school due to these companies sponsoring some of the sporting fixtures held at the school.
Public benefit
The trustees have regard to the Charity Commission’s guidance on public benefit and throughout the reporting period a number of local primary schools have benefited from using our swimming pool and sports facilities. This has provided a viable option for their swimming lessons to continue given the closure of many local swimming facilities. The school actively engages with local primary schools (both state and independent) to host sporting events on site.
Financial review
The main source of income for Mylnhurst Sports Education and Leisure arises from fees received for the letting of the sports facilities. The occupancy has been healthy and rates were increased during the period. The majority of our hire contracts are renewed by regular hirers which enables us to have a predictable and steady income stream.
Reserves policy
Our reserves policy is designed to ensure financial resilience and sustainability, including protection against any key risks faced by the charity. The trustees have estimated the level of reserves required to bridge the funding gaps, should there be a rapid shortfall in lettings or an unplanned closure, is £100,000. This is based on an approximation of running costs. The actual level of unrestricted reserves at 31 August 2024 were £3,080,518 however this includes the fixed assets of the charity which the trustees do not classify as being immediately liquid reserves.
Plans for the future
The trustees continue to prioritise growing Mylnhurst’s reputation for its academic, sporting and musical achievements. The implementation of an appropriate marketing strategy, working closely with an external marketing agency, aims to further improve both the school’s visibility and promote the sports facilities.
Page 2
Mylnhurst Sports Education & Leisure
Trustees' Report (continued)
Structure, governance and management
Mylnhurst Sports Education and Leisure is a company limited by guarantee, governed by its Memorandum and Articles of Association dated 19 March 2008. It is registered as a charity with the Charity Commission.
The current Board has strengthened in terms of scope and expertise and brings a broader skill set that will further drive the school in its aims and objectives over the coming years.
The trustees delegate the day-to-day management of the charity to the Headteacher, Deputy Head and the School Leadership Team, whilst the running of Mylnhurst Sports Education and Leisure is overseen by the operations manager, Heather Swift.
Recruitment and appointment of new Trustees
As set out in the Articles of Association the members of the Board shall not be subject to any maximum number, but shall not be less than three members. At the Annual General Meeting one-third of the members of the Board (or if their number is not a multiple of three then the number nearest to one-third) shall retire from office. They may be reappointed by vote of the trustees.
When a vacancy has arisen for a new trustee, an advertisement is published on the school’s website, with the ISBA and with the TES. Applications are received and interviews conducted with the present Board members.
Organisational structure
The Board of Trustees administers the charity. Throughout the period covered by the accounts, the Board met half termly, with the Headteacher and Deputy Head in attendance.
Recruitment, induction and training of new Trustees
Newly recruited trustees are provided with an induction programme, overseen by the compliance officer and the Designated Safeguarding Lead. This includes familiarisation with school policies and procedures, and safeguarding training. Trustees have access to further training from The Key, the ISBA and the ISA.
Related parties
The landlords of the charity's operational premises are the trustees of the Institute of Our Lady Of Mercy. This charity is keen to support the school, and the rent charged is below market value. The Sisters of Mercy have been incredibly supportive of Mylnhurst Sports Education and Leisure and the school over the years, providing loans, where deemed beneficial, to enhance the facilities offered to our pupils and the local community.
The Mylnhurst Group comprises of Mylnhurst Sports Education and Leisure, Mylnhurst Limited (often referred to as ‘the school’), which is also a charity and company limited by guarantee which has the same trustees as Mylnhurst Sports Education and Leisure. Mylnhurst Limited also has a wholly owned subsidiary called Mylnhurst Merlins Limited. This company is a trading company, providing sporting and recreational services to the community.
Directors' liabilities
The charitable company has made qualifying third party indemnity provisions for the benefits of its trustees which were made during the year and remain in force at the date of this report.
Page 3
Mylnhurst Sports Education & Leisure
Trustees' Report (continued)
Statement of trustees' responsibilities
The trustees (who are also the directors of Mylnhurst Sports Education & Leisure for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The annual report was approved by the trustees of the charitable company on 21 May 2025 and signed on its behalf by:
......................................... A L Barker Trustee
Page 4
Mylnhurst Sports Education & Leisure
Independent Examiner's Report to the trustees of Mylnhurst Sports Education & Leisure ('the Company')
I report to the charitable company's trustees on my examination of the accounts of the charitable company for the year ended 31 August 2024 which are set out on pages 6 to 16.
Responsibilities and basis of report
As the charitable company’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of Mylnhurst Sports Education & Leisure are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charitable company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
Since the Company'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 Hawsons Chartered Accountants, which is one of the listed bodies.
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:
-
accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
...................................... S L Bladen FCA
Hawsons Chartered Accountants Pegasus House 463a Glossop Road Sheffield South Yorkshire S10 2QD
22/05/2025 Date:.............................
Page 5
Mylnhurst Sports Education & Leisure
Statement of Financial Activities for the Year Ended 31 August 2024
| Unrestricted | Restricted | Total | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| funds | funds | 2024 | 2023 | |||||||
| Note | £ | £ | £ | £ | ||||||
| Incoming resources | ||||||||||
| Charitable activities | 2 | 259,107 | - | 259,107 | 239,270 | |||||
| Total incoming resources | 259,107 | - | 259,107 | 239,270 | ||||||
| Resources expended | ||||||||||
| Raising funds | 3 | 14,034 | - | 14,034 | 9,197 | |||||
| Charitable activities | 4 | 227,856 | - | 227,856 | 257,150 | |||||
| Total resources | ||||||||||
| expended | 241,890 | - | 241,890 | 266,347 | ||||||
| Net incoming | ||||||||||
| resources/(outgoing | ||||||||||
| resources) | 17,217 | - | 17,217 | (27,077) | ||||||
| Transfer between funds | - | - | - | - | ||||||
| Other recognised gains | ||||||||||
| and losses | ||||||||||
| Gain on revaluation | 2,533,539 | - | 2,533,539 | - | ||||||
| Net movement in funds | 2,550,756 | - | 2,550,756 | (27,077) | ||||||
| Reconciliation of funds | ||||||||||
| Total funds brought forward | 529,762 | - | 529,762 | 556,839 | ||||||
| Total funds carried forward | 12 | 3,080,518 | - | 3,080,518 | 529,762 |
The notes on pages 8 to 16 form an integral part of these financial statements. Page 6
Mylnhurst Sports Education & Leisure
(Registration number: 06540616) Balance Sheet as at 31 August 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 6 | 3,297,724 | 820,629 | ||
| Current assets | |||||
| Debtors | 7 | 193,926 | 142,396 | ||
| Cash at bank and in hand | 27,377 | 6,465 | |||
| 221,303 | 148,861 | ||||
| Creditors: Amounts falling due within one year | 8 | (63,509) | (39,728) | ||
| Net current assets | 157,794 | 109,133 | |||
| Total assets less current liabilities | 3,455,518 | 929,762 | |||
| Creditors: Amounts falling due after more than one year | 9 | (375,000) | (400,000) | ||
| Net assets | 3,080,518 | 529,762 | |||
| Charity funds | |||||
| Unrestricted income funds | |||||
| Unrestricted funds | 3,080,518 | 529,762 | |||
| Total charity funds | 12 | 3,080,518 | 529,762 |
For the financial year ending 31 August 2024 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the charitable company to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements on pages 6 to 16 were approved by the trustees, and authorised for issue on 21 May 2025 and signed on their behalf by:
......................................... A L Barker Trustee
The notes on pages 8 to 16 form an integral part of these financial statements. Page 7
Mylnhurst Sports Education & Leisure
Notes to the Financial Statements for the Year Ended 31 August 2024
1 Accounting policies
The following accounting policies have been used consistently in dealing with items which are considered material to the charitable company’s affairs.
Statutory information
Mylnhurst Sports Education & Leisure is a charity (No. 1124227) and a company (No. 06540616) limited by guarantee incorporated under a memorandum of association, domiciled in England and Wales. The guarantors are the Board of Trustees. The liability in respect of this guarantee, as set out in the memorandum, is limited to £1 per member. The address of its registered office is: Mylnhurst Preparatory School and Nursery, Button Hill, Sheffield, South Yorkshire, S11 9HJ.
Statement of compliance
The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The functional and presentational currency of the charity is GBP.
Going concern
After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
Income
Income comprises trading income from charitable activities.
Income from public and private sources is accounted for on an accruals basis.
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as resources expended when there is a legal or constructive obligation committing the Charity to the expenditure. Support costs are those functions that assist the work of the charity but do not represent charitable activities and include premises overheads, office, finance and governance costs. They are incurred directly in support of expenditure on the objects of the charity. Where support cannot be directly attributed to particular headings they have been allocated to the cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on the accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Page 8
Mylnhurst Sports Education & Leisure
Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)
1 Accounting policies (continued)
Taxation
The charity is exempt from corporation tax on its charitable activities.
Tangible fixed assets and depreciation
Tangible fixed assets costing are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition are included in the measurement of cost.
At each reporting date the charitable company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised when the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the reducing-balance method.
Depreciation is provided on the following bases:
Asset class Depreciation method and rate Leasehold Straight line over the life of the lease Fixtures and fittings 10% - 20% Straight line Computer equipment 20% - 50% Straight line
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular circumstances.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
Judgements
There are no significant estimates or judgements made in the process of applying the company’s accounting policies.
Page 9
Mylnhurst Sports Education & Leisure
Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)
| 2 Income from charitable activities |
||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| Charitable activities: | £ | £ | ||
| Leisure activities | 259,107 | 239,270 | ||
| 3 Expenditure on raising funds |
||||
| 2024 | 2023 | |||
| £ | £ | |||
| Purchases | 3,701 | 505 | ||
| Pool expenses | 10,332 | 8,549 | ||
| Bad debts | 1 | 143 | ||
| 14,034 | 9,197 |
Page 10
Mylnhurst Sports Education & Leisure
Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)
4 Expenditure on charitable activities
Analysis of expenditure by fund type
| 4 Expenditure on charitable activities Analysis of expenditure by fund type |
|||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| £ | £ | ||||
| Charitable expenditure | 227,356 | 254,779 | |||
| Support costs | 500 | 2,371 | |||
| 227,856 | 257,150 | ||||
| Analysis of costs - Charitable expenditure | |||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Staff costs | 110,621 | 70,810 | |||
| Curriculum costs | 250 | 3,579 | |||
| Rates and utilities | 13,523 | 87,069 | |||
| Insurance | 2,036 | - | |||
| Repairs | 5,618 | 2,994 | |||
| Sundries | 1,670 | (862) | |||
| Service charge | 10,000 | 10,000 | |||
| Training | 103 | 115 | |||
| Telephone | 28 | 178 | |||
| Motor expenses | - | 210 | |||
| Subscriptions | 375 | 40 | |||
| Cleaning | 16,464 | 15,480 | |||
| Advertising | 5,850 | 4,800 | |||
| Depreciation | 60,818 | 60,366 | |||
| 227,356 | 254,779 | ||||
| Analysis of costs - support costs | |||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Accountancy fees | 500 | 700 | |||
| Legal and professional fees | - | 1,671 | |||
| 500 | 2,371 |
Page 11
Mylnhurst Sports Education & Leisure
Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)
5 Staff costs
The aggregate payroll costs were as follows:
| 5 Staff costs The aggregate payroll costs were as follows: |
|||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| £ | £ | ||||
| Staff costs during the year were: | |||||
| Wages and salaries | 33,633 | 31,996 | |||
| Social security costs | 3,430 | 3,455 | |||
| Pension costs | 831 | 526 | |||
| Staff recharges | 72,727 | 34,833 | |||
| 110,621 | 70,810 |
The monthly average number of persons employed by the charitable company during the year expressed as full time equivalents was as follows:
| 2024 | 2023 | |||
|---|---|---|---|---|
| No | No | |||
| Administrative | staff | 1 | 2 |
No employees received emoluments in excess of £60,000.
Pension costs are allocated between activities and between restricted and unrestricted funds on the basis of staff time.
Key management personnel are remunerated via the charitable company’s controlling entity, Mylnhurst Limited.
None of the trustees have been paid any remuneration nor have they received any other benefits from employment with the charity (2023: Nil).
No trustee expenses have been incurred (2023: Nil).
Page 12
Mylnhurst Sports Education & Leisure
Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)
6 Tangible fixed assets
| 6 Tangible fixed assets |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| Long | Fixtures and | Computer | |||||||
| leasehold | fittings | equipment | Total | ||||||
| £ | £ | £ | £ | ||||||
| Cost | |||||||||
| At 1 September 2023 | 1,620,988 | 99,325 | 363 | 1,720,676 | |||||
| Additions | - | 4,374 | - | 4,374 | |||||
| Revaluations | 1,669,012 | - | - | 1,669,012 | |||||
| At 31 August 2024 | 3,290,000 | 103,699 | 363 | 3,394,062 | |||||
| Depreciation | |||||||||
| At 1 September 2023 | 810,494 | 89,193 | 360 | 900,047 | |||||
| Charge for the year | 54,033 | 6,782 | 3 | 60,818 | |||||
| Revaluations | (864,527) | - | - | (864,527) | |||||
| At 31 August 2024 | - | 95,975 | 363 | 96,338 | |||||
| Net book value | |||||||||
| At 31 August 2024 | 3,290,000 | 7,724 | - | 3,297,724 | |||||
| At 31 August 2023 | 810,494 | 10,132 | 3 | 820,629 |
Revaluation
The fair value of the company's long leasehold (the McAuley Building and associated facilities) was revalued on 22 October 2024 by Eddisons, who are a RICS registered valuer. The basis of valuation was market value on an existing use basis.
Had this class of asset been measured on a historical cost basis, their carrying amount would have been £756,461 (2023 - £810,494).
7 Debtors
| 7 Debtors |
|||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| £ | £ | ||||
| Trade debtors | 78,511 | 6,945 | |||
| Due from group undertakings | 114,024 | 135,139 | |||
| Other debtors | 1,391 | 312 | |||
| 193,926 | 142,396 |
Page 13
Mylnhurst Sports Education & Leisure
Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)
8 Creditors: amounts falling due within one year
| 8 Creditors: amounts falling due within one year |
|||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| £ | £ | ||||
| Loans | 25,000 | 25,000 | |||
| Trade creditors | 10,963 | 10,375 | |||
| Other taxation and social security | 24,206 | - | |||
| Other creditors | - | 44 | |||
| Accruals | 3,340 | 4,309 | |||
| 63,509 | 39,728 | ||||
| 9 Creditors: amounts falling due after one year |
|||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Loans | 375,000 | 400,000 | |||
| 10 Loans | |||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| The ageing of the bank loans is as follows: | |||||
| Due in one year | 25,000 | 25,000 | |||
| Due between two and five years | 75,000 | 75,000 | |||
| Due in more than five years | 300,000 | 325,000 | |||
| 400,000 | 425,000 |
The loans are secured by means of a first legal charge over all assets of the charity and is an unlimited debenture incorporating a fixed and floating charge.
11 Financial commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Within one year | 3,000 | 3,000 | |||
| Between one and five years | 12,000 | 12,000 | |||
| After five years | 27,000 | 30,000 | |||
| 42,000 | 45,000 |
Lease expenses totalling £3,000 (2023: £3,000) have been recognised in the statement of financial activities for the period.
Page 14
Mylnhurst Sports Education & Leisure
Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)
12 Funds
| 12 Funds | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at 1 | Balance at | ||||||||||
| September | Incoming | Resources | 31 August | ||||||||
| 2023 | resources | expended | 2024 | ||||||||
| £ | £ | £ | £ | ||||||||
| Unrestricted funds | 529,762 | 259,107 | (169,163) | 619,706 | |||||||
| Revaluation reserve | - | 2,533,539 | - | 2,533,539 | |||||||
| 529,762 | 2,792,646 | (169,163) | 3,153,245 | ||||||||
| Balance at 1 | Balance at | ||||||||||
| September | Incoming | Resources | 31 August | ||||||||
| 2022 | resources | expended | 2023 | ||||||||
| £ | £ | £ | £ | ||||||||
| Unrestricted funds | 556,839 | 239,270 | (231,514) | 564,595 | |||||||
| 556,839 | 239,270 | (231,514) | 564,595 | ||||||||
| 13 Analysis of net assets between funds | |||||||||||
| Unrestricted | Restricted | ||||||||||
| fund | funds | 2024 | |||||||||
| 2024 | £ | £ | £ | ||||||||
| Tangible fixed assets | 3,297,724 | - | 3,297,724 | ||||||||
| Current assets | 221,303 | - | 221,303 | ||||||||
| Current liabilities | (63,509) | - | (63,509) | ||||||||
| Creditors over 1 year | (375,000) | - | (375,000) | ||||||||
| Total net assets | 3,080,518 | - | 3,080,518 | ||||||||
| Unrestricted | Restricted | ||||||||||
| fund | funds | 2023 | |||||||||
| £ | £ | £ | |||||||||
| 2023 | |||||||||||
| Tangible fixed assets | 820,629 | - | 820,629 | ||||||||
| Current assets | 148,861 | - | 148,861 | ||||||||
| Current liabilities | (39,728) | - | (39,728) | ||||||||
| Creditors over 1 year | (400,000) | - | (400,000) | ||||||||
| Total net assets | 529,762 | - | 529,762 |
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Mylnhurst Sports Education & Leisure
Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)
14 Related party transactions
At the year-end the company was owed £92,484 from Mylnhurst Ltd (2023: £81,620).
At the year-end the company was owed £21,540 from Mylnhurst Merlins Limited (2023: £53,519).
Details of transactions with trustees are detailed in note 5.
There are no other related party transactions to disclose.
15 Control
Mylnhurst Sports Education & Leisure is controlled by Mylnhurst Limited a charity (No.1056683) and a company (No. 03146901) limited by guarantee incorporated under a memorandum of association, domiciled in England and Wales.
The objectives of Mylnhurst Limited are to promote the advancement of education generally, and in particular the education and training of pupils of Mylnhurst School, Sheffield, within a supportive Catholic community. Mylnhurst Limited controls Mylnhurst Sports Education & Leisure as the trustees of Mylnhurst Limited are also the trustees of Mylnhurst Sports Education & Leisure and therefore control more than half of the voting power of the entity.
Mylnhurst Limited is the ultimate parent charitable company, and is the largest group for which consolidated accounts including Mylnhurst Sports Education & Leisure are prepared. The consolidated accounts of Mylnhurst Limited are available from its registered office: Mylnhurst Preparatory School and Nursery, Button Hill, Sheffield, South Yorkshire, S11 9HJ.
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