The Hunslet Club
Consolidated financial statements Year Ended 31 August 2020
Charity registration number 1124241 Company registration number 06530457
The Hunslet Club Company Limited by Guarantee Trustees' report and consolidated financial statements
Consolidated financial statements for the year ended 31 August 2020
| Contents | Page |
|---|---|
| Trustees Annual Report | 1 |
| Independent auditor's report to the members | 7 |
| Consolidated Statement of Financial Activities of the group | 10 |
| Statement of Financial Activities of the parent company | 11 |
| Consolidated Balance sheet | 12 |
| Statement of Cash flows | 13 |
| Notes to the consolidated financial statements | 14 |
The Hunslet Club Company Limited by Guarantee
Trustees annual report
year ended 31 August 2020
The trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements of the charity for the year ended 31 August 2020.
Reference and administrative details Registered charity name The Hunslet Club Charity registration number 1124241 Company registration number 06530457 Registered office Hillidge Road Leeds LS10 1BP
The trustees
The trustees who served the charity during the period were as follows:
| Mr Clifford Spracklen | |
|---|---|
| Mr Eric Lumley - resigned 16 September 2019 | |
| Mr Rupert Arnold | |
| Mr Tom Holliday | |
| Mr Andrew Beadnall (Chair) | |
| Mr P C Robert Lewis | |
| Mr David Fell | |
| Mr Richard Shaw | |
| Mr Adam Martell | |
| Ms Nicola Elliott – appointed 24 June 2020 | |
| Auditor | Sagars Accountants Ltd |
| Chartered Accountants | |
| & Statutory Auditor | |
| Gresham House | |
| 5-7 St Pauls Street | |
| Leeds | |
| LS1 2JG | |
| Bankers | Yorkshire Bank |
| 1 Penny Hill Centre | |
| Church Street | |
| Hunslet | |
| Leeds | |
| LS10 2AP | |
| Key management personnel | Dennis Robbins |
| David Sadler | |
| Jennie Baldwin-Baker |
- 1 -
The Hunslet Club Company Limited by Guarantee
Trustees annual report
year ended 31 August 2020
The Trustees have pleasure in presenting their report along with the financial statements for the year ended 31 August 2020. The Reference and Administrative Information set out above forms part of this report.
The financial statements have been prepared in accordance with the accounting policies set out on pages 14 to 17 and comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association; 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).
Chairman’s Report (Andrew Beadnall)
As someone who was born and raised in Hunslet I am honoured to have been appointed earlier this year as Chair of the Board of Trustees of the Hunslet Club. This is the 80[th] year of the founding of the Club in 1940 and 2020 was planned to be a year of continual celebration. Unfortunately, it was also the year of the Covid-19 pandemic and our plans are now on hold until later in 2021.
Despite the horrors of 1940 the Club grew during the war years and is now one of the largest in the UK enjoying an unrivalled reputation providing our young people with a huge range of activities and experiences they would otherwise not have enjoyed. Our CEO Dennis Robbins told me in late March that in 80 years the Club had never closed its’ doors and he was determined we would not do so in 2020. Dennis of course has more than delivered on his promise.
I am immensely proud that the Club has been at the heart of our community throughout the enormous difficulties of this year. During lockdown we partnered the Hunslet Hub collecting and delivering food to those most in need and when permitted in September we reopened 60% of our evening youth programme averaging 800 member visits each week up until the introduction of the 2[nd] lockdown in early November. Throughout lockdown we have delivered education programmes to vulnerable students and made contact with our members and students checking on their welfare.
All of this has been delivered by an amazing team of staff and volunteers who have worked tirelessly representing the Hunslet Club. I am humbled by their passion for the Club and our community and the care they show to all who come through our doors. I am indebted to each and every one of them.
The Hunslet Club has been here for the young people of Leeds for 80 years and in January 2021 we will expand our provision by launching additional youth club nights aimed at those aged 13 and over. Recruiting 3 new youth workers to support this exciting new scheme and employing a chef to feed our members with healthy food. All of which sums up perfectly what the Club is here for.
Whilst 2020 has been a year to forget in so many ways, I will never forget how the Hunslet Club’s incredible team have managed to help so many of our members and their families at a time of national emergency for our country. Just as we did in 1940.
Structure, governance and management
The Hunslet Club for Boys and Girls (the “Club”) was founded in 1940 as Hunslet Boys Club and became a Registered Charity in 1964. The Club Adopted its present name in 1996 and on 1 September 2008 all assets and liabilities of the Club were transferred to a company limited by guarantee operating as a charity with the same objects. The Club is now governed by its Memorandum and Articles of Association dated 11 March 2008.
The Club is run by an Executive Board of up to 15 Trustees, which meets five or six times a year and which may delegate any of its powers to specific sub-committees. Additional or replacement Trustees are appointed by the Executive Board, which takes into account their qualifications, experience and suitability. Their appointment is then subject to confirmation by the following Annual General Meeting of the Company. New Trustees will be briefed by the existing Trustees and the Chief Executive Officer. New Trustees will also have a tour of the facility where they will be introduced to key employees and achieve a greater understanding of the day-to-day activities. The Club has been steadily increasing its' number of Trustees to ensure the widest range of expertise possible. Adam Martell was appointed a trustee during the year and since the year end Eric Lumley retired from the board having given many years of service. The Board of Trustees has a wide range of professional experience and expertise but continues to look for other potential trustees. A Skills Register is maintained to monitor needs with regards to expertise and experience.
The Board has established the following sub-committees:
Audit Committee consisting of 3 trustees, the Chief Executive Officer and the Finance & HR Manager, whose role is to oversee the financial function, meet with the external auditors, update the Risk Register for the Club and ensures that the requirements of the Charity Commission are complied with.
- 2 -
The Hunslet Club Company Limited by Guarantee
Trustees annual report
year ended 31 August 2020
New Build Committee consisting of 5 Trustees and the Chief Executive Officer, who are responsible for all plans to deliver the proposed rebuild of the Club premises.
Community Homes Committee consisting of 4 Trustees who oversee the activities of the Hunslet Club Community Homes C.I.C.
Charity Governance Code
The Charity follows the Seven Principles of the Charity Governance Code published in 2017.
Risk Management
The Executive Board understand their duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
A Strategic Risk Register is in place and has been further developed during the year. It is reviewed regularly by the Audit Committee and the Board.
Objectives and activities
The Charity's objects are to promote the physical, social and educational development of children and young adults in the city of Leeds and surrounding areas, through the provision of social, recreational, educational and sporting activities and to engage with the wider community by providing facilities for community use.
The Club is open seven days each week and works with over 2000 members offering youth clubs, sport, dance, drama and recreational activities.
During the day Mon-Fri we deliver vocational training to young people aged 14-19. The courses delivered are construction, catering, vehicle maintenance, sport, hair and beauty. Students achieve national accredited certificates from BTEC and ABC at Level 1 and 2.
Achievements and performance
Our Impact
| Members joined the club prior to lockdown | 1,830 |
|---|---|
| Visits recorded from Sept-Feb | 25,630 |
| Wards represented in Leeds | 20 |
| Wards represented in Bradford | 4 |
| Wards represented in Halifax | 1 |
| Wards represented in Wakefield | 10 |
Our Vision
Our vision is to provide young people the opportunity, encouragement and space for them to reach their full potential
Our Mission
Our mission is to deliver quality youth work and activities to young people across the City of Leeds at a cost that is affordable to all. To create a space and environment that is welcoming, safe, inclusive and enjoyable for young people to visit.
Our Values
Our values are to be compassionate, caring, aspirational and ethical
- 3 -
The Hunslet Club Company Limited by Guarantee
Trustees annual report
year ended 31 August 2020
Review of Last Year
Halloween
Our junior members were entertained at this annual event, approximately 250 were in attendance enjoying games, competitions and displays.
Firework Display
The firework display has become an annual event and has grown significantly; this year over 500 members of the community visited the Club enjoying a safe evening of free entertainment and community spirit.
Christmas Party
Another festive celebration for our junior members, all received a gift from Santa, food, prizes and entertainment.
Christmas Day
It was our 8th year of opening on Christmas day, parents and members attend and swap greetings and gifts, food and drink is available.
Lockdown Activities
We delivered education programmes to some of the most vulnerable young people in Leeds throughout lockdown.
We supported the local community by sourcing food and distributing it to those most in need.
We maintained contact with our members via phone and social media and ensured the welfare and safety of vulnerable young people was catered for and where needed support was offered.
Volunteer helpers
The Club has continued to enjoy the benefit of many volunteer helpers in providing its services. The Trustees are unable to place a monetary value on these services but wishes to record its appreciation of, and thanks for, the work of all volunteers from which the Club and its members have benefited during the year.
Community Homes
Following the success of the first purchase and renovation and installation of a tenant at a social rent, the C.I.C, housing portfolio now has 5 properties.
Financial Review
The financial situation is set out in the financial statements which follow the Trustees’ Report. The turnover of The Club and its subsidiary’s activities during the year was £925,241 (2019 £1,157,805) with a surplus of £35,954 (2019 £11,119) which has been carried to reserves.
Hunslet Leisure Limited is a subsidiary company which provides function facilities in the Club. The turnover of the subsidiary company during the year was £63,196 (2019 £153,881) with a deficit of £12,740 (2019 surplus £20,857).
The Hunslet Community Homes CIC , which owns 5 investment properties rented to tenants at a social rent, is included in the consolidated accounts and has a turnover of £29,999 (2019 £29,283) with a surplus before interest payments and donations to the club of £17,945 (2019 £20,260).
The principal funding source for the Charity is currently income from provision of vocational training.
The Charity’s investment policy is to help secure the long-term viability of the Charity through a policy of aiming to obtain the maximum return on a low risk portfolio of investments. The investment portfolio has been delegated to an independent investment manager to invest in a mixed portfolio which generates income and growth.
The Covid 19 pandemic and the restrictions placed on the Charity have had a marginal impact on the performance for the year other than the value of our investment portfolio which has seen a reduction of £115,955 (increase 2019 £70,614). The uncertainties arising from the pandemic will adversely affect the club’s activities and results in 2020/21 which cannot be quantified at the present time, however the Trustees remain confident that the Charity has sufficient undesignated funds to sustain any subsequent financial loss.
- 4 -
The Hunslet Club Company Limited by Guarantee
Trustees annual report
year ended 31 August 2020
Fundraising activities
The group does not use any professional fundraisers or commercial participators to carry out activities on the Charity’s behalf. Due to the low level of fundraising the Charity undertakes, the Charity is not a participator of any voluntary scheme for regulating fundraising, or any voluntary standard of fundraising for the activities carried out on behalf of the Charity.
Public benefit
The Trustees have had regard to the public benefit guidance published by the Charity Commission throughout the year and have considered the guidance when reviewing the objectives and activities of the charity.
Reserves Policy
It is the aim of the Club to maintain at any one time sufficient “free reserves” (undesignated funds excluding those represented by tangible fixed assets held for the Club’s own use) to be able to cover its management and administration costs and charitable commitments for at least the succeeding twelve months. At 31 August 2020 the charitable group had free reserves of £1,610,249 (2019 £1,530,011) after excluding tangible fixed assets and property held in programme related investments. This year’s expenditure was £710,720 (2019 £1,128,579) but the trustees consider that the current free reserves policy is appropriate due to the uncertain financial outcome for 2020/21 resultant from Covid 19 restrictions as referred to in the financial review section of this report.
Future Plans
The plans for the forthcoming year are:
-
To continue promotional activities through events and media collaboration
-
To continue to develop partnerships with large businesses and develop a patron scheme that supports the voluntary offer at the Club.
-
To continue to increase our membership
-
To continue to review our governance, through a thorough review of operations, committee and sub-committee structures and Trustee recruitment and development
-
In view of the increased pressures on the club premises caused by growth in activities of all kinds the Board of Trustees agreed that the Hunslet Club needed to build and develop new premises and facilities. To this end the Trustees have established a New Build and Development Sub-Committee, to consider all aspects from design, build, finance and curriculum.
Responsibilities of the trustees
The trustees (who are also the directors of the Hunslet Club for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company and the income and expenditure of the charitable group and company for that period.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
- 5 -
Thelljrwsleiclrib Trustees dnniial report )-ear ended 31 August 2020 I'hc Islee5 are re5p)nsibk. for keeping adeqwdtr &¢ouniing records thai * sun1cnI to shw% explain Iht ¢harilabJe mpani's iransaction.£ and di5¢105c iiiih reasonabl¢ eUr¢!. ai anl" lin t. fiwnci&l r&Trsiiion ofihe chJrilablc Com7}. and enablc Ihiin 10 ensurn. that the financial st•liMJ)Lmls co]npl%" 14.iih thi Companics Acl 2W6. 'Ihe) are 3150 responsible for safcgikirdin¥ IhL' e15 of the charitsbJ¢ ¢ompJTh)" and hence for iaking teasonknk step5 foT the PTei"entiott and (kTraion offraud and uiher irregularitjis. In so far IliL TruslLes ate #iire'. IhLre is tKk relei.anl lludit inforniaiioth orthi¢h the chariwbk" ¢ompJn)"'s awjiior is unaiiaTe.' and the Trus¢$ hai'¢ 1gk'¢n all bteps ihat thei. oughi 10 haie thken to make theelleS all'a of )) Telei'ani 11¢ romiation and toesblIsh that the 8udiioris aiitre ofthat information. èludilfjr Sagary AcwuniaDlS I.Id deemed to k rewin1 under se¢iion 48712}oftheComrwJics Aei 2006. Smthll compani" prniisions This repon has IkYt) prepar¢d in ¢0TanCe iiiih the sFcial prol'i$5 foT *MII companies under part 15 of ihc Compamits Atl 2UO6. Reg)isiered office.. Signed b). ordttofthe tswstees LSIO 113P A•dreii Ittl11 Chaimia Dated..
The Hunslet Club Company Limited by Guarantee
Independent auditor's report to the members of the Hunslet Club
for the year ended 31 August 2020
Opinion
We have audited the group and parent company financial statements of the Hunslet Club (the 'charity') for the year ended 31 August 2020 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity and group’s affairs as at 31 August 2020 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
- 7 -
The Hunslet Club Company Limited by Guarantee
Independent auditor's report to the members of the Hunslet Club
for the year ended 31 August 2020
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
- 8 -
The Hunslet Club Company Limited by Guarantee
Independent auditor's report to the members of the Hunslet Club
for the year ended 31 August 2020
Use of our report
This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Susan Seaman BA FCA CIOT (Senior Statutory Auditor)
For and on behalf of Sagars Accountants Ltd Chartered accountant & statutory auditor Gresham House 5-7 St Paul's Street Leeds LS1 2JG
Date: …. ……….. 2 flo Du
- 9 -
The Hunslet Club Company Limited by Guarantee Trustees' report and consolidated financial statements 31 August 2020
Consolidated Statements of financial activities (incorporating Income and Expenditure account) for the year ended 31 August 2020
| Unrestricted | Restricted | Total Funds | Total Funds | ||
|---|---|---|---|---|---|
| Funds | Funds | 2020 | 2019 | ||
| Note | £ | £ | £ | £ | |
| Income | |||||
| Donations and legacies | 4 | 43,800 | 17,055 | 60,855 | 60,748 |
| Other trading activities | 5 | 83,339 | - | 83,339 | 197,213 |
| Income from investments | 6 | 75,617 | - | 75,617 | 82,795 |
| Income from charitable activities | 7 | 685,586 | 19,844 | 705,430 | 817,049 |
| ------------------------------------ | ------------------------- | ------------------------------------ | ------------------------------------- | ||
| Total income | 888,342 | 36,899 | 925,241 | 1,157,805 | |
| ----------------------------------- | ------------------------- | ------------------------------------ | ------------------------------------ | ||
| Expenditure | |||||
| Expenditure on raising funds | 8 | (80,383) | - | (80,383) | (131,720) |
| Expenditure on charitable | |||||
| activities | 9 | (630,337) | (40,102) | (670,439) | (1,069,304) |
| ----------------------------- | ------------------------- | ----------------------------- | ----------------------------- | ||
| Total expenditure | (710,720) | (40,102) | (750,822) | (1,201,024) | |
| ----------------------------- | ------------------------- | ----------------------------- | ----------------------------- | ||
| Net income/(expenditure) and | |||||
| net movement before gains and | |||||
| losses on investments | 177,622 | (3,203) | 174,419 | (43,219) | |
| Realised (losses) on investments | (22,510) | - | (22,510) | (16,276) | |
| Unrealised (losses)/gain on | |||||
| investments | (115,955) | - | (115,955) | 70,614 | |
| ----------------------------- | ------------------------- | ----------------------------- | ----------------------------- | ||
| Net income and movement in | |||||
| funds | 39,157 | (3,203) | 35,954 | 11,119 | |
| Transfers between funds | (2,757) | 2,757 | - | - | |
| ----------------------------- | ------------------------- | ----------------------------- | ----------------------------- | ||
| Net movement in funds | 36,400 | (446) | 35,954 | 11,119 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 3,726,148 | 10,244 | 3,736,392 | 3,725,273 | |
| -------------------------------------- | -------------------------------------- | -------------------------------------- | -------------------------------------- | ||
| Total funds carried forward | 3,762,548 | 9,798 | 3,772,346 | 3,736,392 | |
| ====================================== | ====================================== | ====================================== | ====================================== |
The Statement of Financial Activities includes all gains and losses in the year from continuing operations and therefore a statement of total recognised gains and losses has not been prepared.
The notes on pages 14 to 28 form part of these financial statements.
- 10 -
The Hunslet Club Company Limited by Guarantee Trustees' report and consolidated financial statements 31 August 2020
Statements of financial activities of The Hunslet Club (parent undertaking only – incorporating income and expenditure account)
for the year ended 31 August 2020
| Unrestricted | Restricted | Total Funds | Total Funds | |
|---|---|---|---|---|
| Funds | Funds | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Income | ||||
| Donations and legacies | 48,300 | 17,055 | 65,355 | 70,748 |
| Other trading activities | 54,848 | - | 54,848 | 96,364 |
| Income from investments | 55,518 | - | 55,518 | 64,238 |
| Income from charitable activities | 685,586 | 19,844 | 705,430 | 817,049 |
| ------------------------------------ | ------------------------- | ------------------------------------ | ------------------------------------- | |
| Total income | 844,252 | 36,899 | 881,151 | 1,048,399 |
| ----------------------------------- | ------------------------- | ------------------------------------ | ------------------------------------ | |
| Expenditure | ||||
| Expenditure on raising funds | (27,098) | - | (27,098) | (43,944) |
| Expenditure on charitable | ||||
| activities | (630,337) | (40,102) | (670,439) | (1,068,065) |
| ----------------------------- | ------------------------- | ----------------------------- | ----------------------------- | |
| Total expenditure | (657,435) | (40,102) | (697,537) | (1,112,009) |
| ----------------------------- | ------------------------- | ----------------------------- | ----------------------------- | |
| Net income/(expenditure) and | ||||
| net movement before gains and | ||||
| losses on investments | 186,817 | (3,203) | 183,614 | (63,610) |
| Realised (losses) on investments | (22,510) | - | (22,510) | (16,276) |
| Unrealised (losses)/gain on | ||||
| investments | (115,955) | - | (115,955) | 70,614 |
| ----------------------------- | ------------------------- | ----------------------------- | ----------------------------- | |
| Net income and movement in | ||||
| funds | 48,352 | (3,203) | 45,149 | (9,272) |
| Transfers between funds | (2,757) | 2,757 | - | - |
| ----------------------------- | ------------------------- | ----------------------------- | ----------------------------- | |
| Net movement in funds | 45,595 | (446) | 45,149 | (9,272) |
| Reconciliation of funds | ||||
| Total funds brought forward | 3,698,791 | 10,244 | 3,709,035 | 3,718,307 |
| -------------------------------------- | -------------------------------------- | -------------------------------------- | -------------------------------------- | |
| Total funds carried forward | 3,744,386 | 9,798 | 3,754,184 | 3,709,035 |
| ====================================== | ====================================== | ====================================== | ====================================== |
The Statement of Financial Activities includes all gains and losses in the year from continuing operations and therefore a statement of total recognised gains and losses has not been prepared.
The notes on pages 14 to 28 form part of these financial statements.
- 11 -
LiiMtÉe¢lhJ' GJiftnTiiiee Tnrsfert'rryortrfKrfcowolidtyedfiJioiJcittlsfrtieiheitts JIAH¥115120211 Consolidaleil balance sheet as at 31 August 2020 Compani 2020 2019 2020 2019 Filed assets Ta112ible asseis Ini'esiment5 PTogranini¢ related invesiments 14 15 16 709,812 2,250.9i8 6?4.8jS 1.614.641 471J99 666.799 I,?.743 476,750 2,IOOW56 2.?(340 2,9,780 2.710.89i 2.908,292 Current 11ssets Debtors l7 127.492 8.434 901,243 87,5¢XI 11,759 765.779 180.248 6.279 880,008 154,372 6,279 721,150 Cash at baEJk 1.037.269 865.038 1.066,53S 881,801 Cre(litors: An]oiints f#lling dut m.ithi oiie }'eii r 18 {31.76Jl 189,426} 123,2461 181.058) Nel current issets 775.612 1.043.289 8,74} INtt asset5 3,772 J46 3,736J92 3.7.,184 3.709,035 Resiricied income fun(ts UtiresiTi¢ied in¢onie fiinds= Nei%. build del'elopnieni Other Lltiresiricied iTr¢ome fuT5 21 9.798 10.244 9.798 lQ,244 22 22 i.ooth,000 2.76? 448 I.O(KJ.O¢M) 2,726.148 i.000.w)o 2,744,386 I,(x)o.u(x> 2.698,791 'rothl lunils 3.772J46 3.736.392 3,7S4,184 3,709,035 'lthesc finaiicial staiimchis iirre approi.cd b) the direclors atMI aUiMrId for issue on Ih&1[ b).. i. i?- 11 are signed on iheir Andrcil" ]klnall Chainnan C.oiiipan¥ Kl151rl1n N'unikr 06530457 "J"ht n(bits 14 Ikn 28 purt ollht5e financial 51al¢nifllt
The Hunslet Club Company Limited by Guarantee Trustees' report and consolidated financial statements 31August 2020
Statement of cash flows
Year ended 31 August 2020
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 35,954 | 11,119 |
| Adjustments for: | ||
| Net losses/(gains) on investments | 138,465 | (54,338) |
| Dividends, interest and rents from investments | (73,933) | (79,159) |
| Other interest receivable and similar income | (1,684) | (3,636) |
| Depreciation | 43,838 | 53,184 |
| Taxation | 3,150 | (794) |
| Changes in: | ||
| Trade and other debtors | (40,092) | 97,850 |
| Trade and other creditors | (60,813) | 54,579 |
| Stock | 3,325 | (1,988) |
| ------------------------------ | ------------------------------ | |
| Cash generated from operations | 48,210 | 76,817 |
| Interest received | 1,684 | 3,636 |
| ------------------------------ | ------------------------------ | |
| Net cash used in operating activities | 49,894 | 80,453 |
| ============================== | ============================== | |
| Cash flows from investing activities | ||
| Dividends, interest and rents from investments | 73,933 | 79,159 |
| Purchases of other investments | (321,615) | (439,667) |
| Proceeds from sale of other investments | 333,252 | 482,336 |
| -------------------------------------- | -------------------------------------- | |
| Net cash from investing activities | 85,570 | 121,828 |
| ====================================== | ====================================== | |
| Net increase in cash and cash equivalents | 135,464 | 202,281 |
| Cash and cash equivalents at beginning of year | 765,779 | 563,498 |
| ------------------------------ | ------------------------------ | |
| Cash and cash equivalents at end of year | 901,243 | 765,779 |
| ============================== | ============================== |
The notes on pages 14 to 28 form part of these financial statements.
- 13 -
The Hunslet Club Company Limited by Guarantee Trustees' report and consolidated financial statements 31 August 2020
Notes to the financial statements
for the year ended 31 August 2020
1. Company information
The principal activity of the Charity during the year was to promote the physical, social and educational development of children and young adults in the city of Leeds and surrounding areas, through the provision of social, recreational and sporting activities and to engage with the wider community by providing facilities for community use. More information is included in the Trustees report on pages 1 to 6.
The charity is a company limited by guarantee which is incorporated and registered in England (no. 06530457) and Registered Charity no. 1124241. The address of the registered office is:
Hillidge Road Leeds LS10 1BP
2. Accounting policies
Basis of preparation and assessment of going concern
The financial statements have been prepared under the historical cost convention, with items recognised as cost unless otherwise stated in relevant notes to these financial statements, and 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) (effective 1 January 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 Hunslet Club meets the definition of a public benefit entity under FRS 102.
Going Concern
The trustees, having made due and careful enquiry, are of the opinion that the charity has adequate working capital to execute its operations over the next 12 months. The trustees, therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the charity had adequate resources to continue in operational existence for the foreseeable future.
In arriving at this conclusion, the trustees have given due consideration to the impact of the worldwide Covid-19 pandemic on future operations and the ability of the charity to continue to operate as a going concern. The trustees recognise that the situation remains highly fluid and as a result making accurate forecasts on the likely implications is difficult, but the trustees recognise that funding over the coming months could potentially be adversely affected.
Despite this, the trustees remain confident that the charity can continue to operate as a going concern. This assessment is based on the understanding that the charity will continue to trade over the coming months, albeit it at a reduced level than was initially anticipated. This, along with government support and retained reserves will allow the charity to continue to meet its obligations as they fall due and operate as a going concern.
As a result, the trustees have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
Group financial statements
The group accounts consolidate the accounts of the company and its wholly owned subsidiaries, Hunslet Leisure Limited and Hunslet Club Community Homes CIC made up to 31 August each year.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies.
- 14 -
The Hunslet Club Company Limited by Guarantee Trustees' report and consolidated financial statements 31 August 2020
Notes to the financial statements
for the year ended 31 August 2020
2. Accounting policies (continued)
Listed investments
All quoted purchased investments are shown in the balance sheet at their market value at the year end date.
Realised gains and losses comprise the surplus or deficit of the disposal proceeds (less costs) of investments sold during the year over their market value at the end of the previous year, or, if purchased during the year, over their cost.
Unrealised gains and losses represent:
A) for investments held throughout the year the difference between their market values at the start and end of the year, and
B) for investments purchased in the year and held at the end of the year the difference between the purchase cost and their market value at the year end.
Investment properties
Investment properties are shown at their fair value.
Investment properties are initially recorded at cost, and subsequently stated at fair value in accordance with FRS 102. In the directors’ opinion the current fair value is not significantly different to the original cost and so no adjustment has been made.
Programme related investments
Programme related investments relate to resources used to finance the charity’s objectives through an independent organisation.
The investment is initially stated at cost and is reviewed for impairment on an annual basis.
Fund accounting
Funds held by the group are either:
Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the Directors.
Restricted funds - these are funds that 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 restricted purposes.
Further explanation of the nature and purpose of each restricted fund is included in the notes to the financial statements
Fixed assets
All fixed assets are initially recorded at cost.
Items below £2,500 and those which have no useful economic life greater than 12 months are not capitalised.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings & Equipment - over five / ten years straight line Motor Vehicles - over five years straight line Freehold Property - over fifty years straight line Recreation Area - over fifteen years straight line
- 15 -
The Hunslet Club Company Limited by Guarantee Trustees' report and consolidated financial statements 31 August 2020
Notes to the financial statements
for the year ended 31 August 2020
2. Accounting policies (continued)
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Recognition of liabilities
The charity recognises liabilities at the time when a legal or constructive obligation giving rise to an outflow of resources is deemed to arise.
Pension costs
The group contributes on an accruals basis to a personal pension scheme operated by Friends Provident Institution and a NEST scheme. Contributions to this scheme are accounted for in the same period as the related salary.
Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Donations and similar resources
Income from donations, legacies and appeals are accounted for on a cash received basis and are accounted for subject to entitlement. The Hunslet Club ensures that donations are only accounted for if there is certainty over entitlement and measurement and the accounting system ensures that monies donated are allocated to the correct funds on the basis of entitlement and specificity.
Income from charitable activities
Grants receivable for immediate expenditure are accounted for when due, as long as there is reasonable certainty regarding receipt. Grants restricted to future accounting periods are deferred and recognised in those periods.
Grants received for specific purposes are treated as restricted funds.
Income from charitable activities consists of income arising from charges made for the provision of services to the charity’s beneficiaries and are included when receivable.
Other trading activities
Fund raising income includes amounts receivable from non-charitable trading (mainly income from letting the charity’s premises to outside organisations) and the proceeds of fund-raising events.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performancerelated conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
- 16 -
The Hunslet Club Company Limited by Guarantee Trustees' report and consolidated financial statements 31 August 2020
Notes to the financial statements
for the year ended 31 August 2020
2. Accounting policies (continued)
Resources expended
Resources expended are included in the Statement of Financial Activities on the accruals basis, inclusive of any irrecoverable VAT and are allocated to the charity’s activities as follows:-
Costs of activities in furtherance of the charity’s objects comprise the direct costs of providing services to beneficiaries, together with an appropriate proportion of overheads.
Fundraising and publicity costs comprise the costs, including attributable overheads, associated with the provision of non-charitable trading activities, fund-raising events and publicity, including website costs.
Staff costs are allocated among the various activities on the basis of the Trustees’ best estimate of the proportion of time spent by individual members of staff on each activity. Overheads are allocated among activities on the basis of the Trustee’s best estimate of the proportion of relevant resources used for each activity.
Gifts in kind
Gifts in kind are recognised as follows:-
-
a) assets given for distribution by the charity are included in the SOFA only when distributed;
-
b) assets given for use by the charity are included in the SOFA as incoming resources when receivable; and
-
c) gifts in kind for subsequent conversion into cash by the charity are included in the accounting period in which the gift is sold.
Support costs
Support costs are defined as those which are incurred in directly supporting the service delivery and project work.
Taxation
The charity has exemption from taxation under Section 505(1) (e) (i) Income and Corporation Taxes Act 1988. Taxation is provided on profits on non exempt trading income.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
- 17 -
The Hunslet Club Company Limited by Guarantee Trustees' report and consolidated financial statements 31 August 2020
Notes to the financial statements
for the year ended 31 August 2020
3. Consolidated Statement of financial activities for the comparative period
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2019 | |
| £ | £ | £ | |
| Income | |||
| Donations and legacies | 35,198 | 25,550 | 60,748 |
| Other trading activities | 197,213 | - | 197,213 |
| Investments | 82,795 | - | 82,795 |
| Income from charitable activities | 783,300 | 33,749 | 817,049 |
| ------------------------------------ | ----------------------------- | ------------------------------------ | |
| Total income | 1,098,506 | 59,299 | 1,157,805 |
| ----------------------------------- | ---------------------------- | ----------------------------------- | |
| Expenditure on: | |||
| Raising funds | (131,720) | - | (131,720) |
| Charitable activities | (996,859) | (72,445) | (1,069,304) |
| -------------------------------------- | -------------------------------- | --------------------------------------- | |
| Total expenditure | (1,128,579) | (72,445) | (1,201,024) |
| -------------------------------------- | -------------------------------- | -------------------------------------- | |
| Net income and net movement before gains | |||
| and losses on investments | (30,073) | (13,146) | (43,219) |
| Realised (losses) on investments | (16,276) | - | (16,276) |
| Unrealised gains on investments | 70,614 | - | 70,614 |
| ------------------------------------- | ----------------------------------------- | --------------------------------------------- | |
| Net income and movement in funds | 24,265 | (13,146) | 11,119 |
| ========================= | ========================= | ============================== |
- 18 -
The Hunslet Club Company Limited by Guarantee Trustees' report and consolidated financial statements 31 August 2020
Notes to the financial statements
for the year ended 31 August 2020
4. Donations and legacies
| Unrestricted | Restricted | Total Funds | Total Funds | |
|---|---|---|---|---|
| Funds | Funds | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donation from Evans Property Group | - | - | - | 10,000 |
| Mosaic | - | - | - | 10,000 |
| Maryland Trust | 13,500 | - | 13,500 | 3,500 |
| Healthy Holidays | - | 12,000 | 12,000 | 2,500 |
| Ann Maguire Foundation | - | - | - | 1,440 |
| Lloyds banking group | - | - | - | 4,920 |
| Leeds Community Foundation | - | - | - | 3,000 |
| Donation from The Hunslet Trust | - | - | - | 8,000 |
| South Leeds Stronger Together | - | - | - | 2,875 |
| Cash for Kids | - | - | - | 3,118 |
| Age Partnership | - | - | - | 1,352 |
| St James Place | 2,500 | - | 2,500 | - |
| Leeds City Council | 25,000 | 2,000 | 27,000 | - |
| GMI Construction | 2,000 | - | 2,000 | - |
| Other donations | 800 | 3,055 | 3,855 | 10,043 |
| ----------------------------- | ------------------------- | ----------------------------- | ----------------------------- | |
| 43,800 | 17,055 | 60,855 | 60,748 | |
| ============================= | ========================= | ============================= | ====================================== |
The charity benefits greatly from the involvement and enthusiastic support of its many volunteers, details of which are given in our annual report. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts.
5. Other trading activities
| Other trading activities | |||
|---|---|---|---|
| Unrestricted | Total Funds | Total Funds | |
| Funds | 2020 | 2019 | |
| £ | £ | £ | |
| Charges for use of facilities | 77,637 | 77,637 | 163,410 |
| Fundraising events | 4,413 | 4,413 | 32,261 |
| Other income | 1,289 | 1,289 | 1,542 |
| --------------------------------- | --------------------------------- | --------------------------------- | |
| 83,339 | 83,339 | 197,213 | |
| ================================= | ============================= | ============================= |
6.
Income from investments
| Unrestricted | Total Funds | Total Funds | |
|---|---|---|---|
| Funds | 2020 | 2019 | |
| £ | £ | £ | |
| Income from UK listed investments | 43,934 | 43,934 | 49,876 |
| Bank interest receivable | 1,684 | 1,684 | 3,636 |
| Rent receivable | 29,999 | 29,999 | 29,283 |
| ----------------------------- | ----------------------------- | ----------------------------- | |
| 75,617 | 75,617 | 82,795 | |
| ============================= | ============================= | ============================= |
- 19 -
The Hunslet Club Company Limited by Guarantee Trustees' report and consolidated financial statements 31 August 2020
Notes to the financial statements
for the year ended 31 August 2020
7. Income from charitable activities
| Unrestricted | Restricted | Total Funds | Total Funds | |
|---|---|---|---|---|
| Funds | Funds | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Service delivery | 486,704 | - | 486,704 | 573,927 |
| Charges for use of facilities and evening clubs | 66,691 | - | 66,691 | 120,761 |
| Sale of Club Kit | 5,218 | - | 5,218 | 13,140 |
| Tuck shop and canteen income | 30,680 | - | 30,680 | 75,472 |
| Leeds City Council grants | - | 19,844 | 19,844 | 26,069 |
| Sports England grant | - | - | - | 7,680 |
| Coronavirus Job Retention Scheme | 96,293 | - | 96,293 | - |
| -------------------------------------- | ------------------------- | -------------------------------------- | -------------------------------------- | |
| 685,586 | 19,844 | 705,430 | 817,049 | |
| ====================================== | ========================= | ====================================== | ====================================== | |
| Expenditure on raising funds | ||||
| Unrestricted | Total Funds | Total Funds | ||
| Funds | 2020 | 2019 | ||
| £ | £ | £ | ||
| Costs of generating voluntary income | 13,695 | 13,695 | 14,559 | |
| Costs of fundraising trading | 42,383 | 42,383 | 95,014 | |
| Costs of managing investments | 12,251 | 12,251 | 13,124 | |
| Costs of programme related investments | 12,054 | 12,054 | 9,023 | |
| --------------------------------- | --------------------------------- | --------------------------------- | ||
| 80,383 | 80,383 | 131,720 | ||
| ============================= | ============================= | ========================= | ||
| Expenditure on charitable activities by fund | type | |||
| Unrestricted | Restricted | Total Funds | Total Funds | |
| Funds | Funds | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Staff costs | 298,278 | 35,533 | 333,811 | 468,679 |
| Support and governance costs | 222,044 | 825 | 222,869 | 352,872 |
| Other direct costs | 110,015 | 3,744 | 113,759 | 247,753 |
| -------------------------------------- | -------------------------------------- | -------------------------------------- | -------------------------------------- | |
| 630,337 | 40,102 | 670,439 | 1,069,304 | |
| ====================================== | ========================= | ====================================== | ====================================== |
8. Expenditure on raising funds
9. Expenditure on charitable activities by fund type
10. Analysis of support and governance costs
| General | Governance | Total Funds | |
|---|---|---|---|
| support | function | 2020 | |
| £ | £ | £ | |
| Salaries, training and recruitment | 124,142 | - | 124,142 |
| Printing, stationery and postage | 1,244 | - | 1,244 |
| Telephone | 2,202 | - | 2,202 |
| Repairs and maintenance | 24,987 | - | 24,987 |
| Rent, rates and water | 7,081 | - | 7,081 |
| Light and heat | 9,579 | - | 9,579 |
| Insurance | 18,421 | - | 18,421 |
| Premises expenses | 6,789 | - | 6,789 |
| Advertising | 1,505 | - | 1,505 |
| Travel | 243 | - | 243 |
| Depreciation | 3,080 | - | 3,080 |
| Legal and professional fees | 6,558 | 2,160 | 8,718 |
| Audit fees | - | 10,380 | 10,380 |
| Costs of Annual General Meeting | - | 115 | 115 |
| Other support costs | 4,383 | - | 4,383 |
| ------------------------- | ------------------------- | ------------------------- | |
| 210,214 | 12,655 | 222,869 | |
| ========================= | ========================= | ========================= |
- 20 -
The Hunslet Club Company Limited by Guarantee Trustees' report and consolidated financial statements 31 August 2020
Notes to the financial statements
for the year ended 31 August 2020
11. Net incoming resources for the year
This is stated after charging:
| This is stated after charging: | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Staff pension contributions | 20,065 | 22,122 |
| Depreciation | 43,838 | 53,184 |
| Auditors' remuneration: | ||
| - audit of the financial statements | 10,380 | 10,380 |
| - preparation of financial statements | 4,640 | 3,848 |
| ========================= | ========================= | |
| Analysis of staff costs and the cost of key management personnel | ||
| Total staff costs were as follows: | ||
| 2020 | 2019 | |
| £ | £ | |
| Wages and salaries | 424,801 | 636,736 |
| Social security costs | 24,683 | 45,238 |
| Other pension costs | 20,065 | 22,122 |
| -------------------------------------- | -------------------------------------- | |
| 469,549 | 704,096 | |
| ====================================== | ====================================== | |
| Particulars of employees: | ||
| The average number of employees during the year, was as follows: | ||
| 2020 | 2019 | |
| No | No | |
| Number of staff | 33 | 47 |
| ============= | ============= | |
| The number of employees, whose remuneration for the year fell within | the following bands, were: | |
| 2020 | 2019 | |
| No | No | |
| £50,000 to £59,999 | 1 | - |
| £60,000 to £69,999 | - | 1 |
| ============= | ============= |
12. Analysis of staff costs and the cost of key management personnel
The key management personnel of the parent charity is detailed on page 1 of this report. The total employee benefits of the key management personnel of the charity were £124,142 (2019: £206,021).
13. Trustee remuneration
No remuneration was paid to the trustees during the year. No travel expenses were reimbursed to trustees during the year (2019: no remuneration or travel expenses were reimbursed to trustees).
- 21 -
The Hunslet Club Company Limited by Guarantee Trustees' report and consolidated financial statements 31 August 2020
Notes to the financial statements
for the year ended 31 August 2020
14. Tangible fixed assets
| GROUP | Recreation | Fixtures & | Motor | Freehold | |
|---|---|---|---|---|---|
| Area | Equipment | Vehicles | Properties | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At 1 Sep 2019 | 444,355 | 194,859 | 62,831 | 659,693 | 1,361,738 |
| Additions | - | - | - | - | - |
| ------------------------------ | ----------------------------- | ------------------------- | ----------------------------- | ------------------------------------- | |
| At 31 Aug 2020 | 444,355 | 194,859 | 62,831 | 659,693 | 1,361,738 |
| ============================ | ============================= | ========================= | ============================= | =================================== | |
| Depreciation | |||||
| At 1 Sep 2019 | 285,953 | 185,909 | 62,831 | 117,223 | 651,916 |
| Charge for the year | 29,624 | 1,020 | - | 13,194 | 43,838 |
| ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | |
| At 31 Aug 2020 | 315,577 | 186,929 | 62,831 | 130,417 | 695,754 |
| ============================= | ========================= | ========================= | ======================== | ============================= | |
| Net book value | |||||
| At 31 Aug 2020 | 128,778 | 7,930 | - | 529,276 | 665,984 |
| ============================= | ========================= | ======================= | ============================ | ============================= | |
| At 31 Aug 2019 | 158,402 | 8,950 | - | 542,470 | 709,822 |
| ============================= | ========================= | ======================= | ============================ | ============================= | |
| COMPANY | Recreation | Fixtures & | Motor | Freehold | |
| Area | Equipment | Vehicles | Properties | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At 1 Sep 2019 | 444,355 | 184,064 | 62,831 | 616,013 | 1,307,263 |
| Additions | - | - | - | - | - |
| ---------------------------- | ----------------------------- | ------------------------- | ----------------------------- | ------------------------------------- | |
| At 31 Aug 2020 | 444,355 | 184,064 | 62,831 | 616,013 | 1,307,263 |
| ============================ | ============================= | ========================= | ============================= | ==================================== | |
| Depreciation | |||||
| At 1 Sep 2019 | 285,953 | 181,077 | 62,831 | 110,603 | 640,464 |
| Charge for the year | 29,624 | - | - | 12,320 | 41,944 |
| ------------------------------ | ----------------------------- | ------------------------- | ------------------------- | ----------------------------- | |
| At 31 Aug 2020 | 315,577 | 181,077 | 62,831 | 122,923 | 682,408 |
| ============================= | ============================= | ========================= | ========================= | ============================= | |
| Net book value | |||||
| At 31 Aug 2020 | 128,778 | 2,987 | - | 493,090 | 624,855 |
| ============================= | ========================= | ========================= | ============================== | ============================= | |
| At 31 Aug 2019 | 158,402 | 2,987 | - | 505,410 | 666,799 |
| ============================= | ========================= | ========================= | ============================= | ============================= |
The net book value at 31 August 2020 above represents fixed assets used for direct charitable purposes.
- 22 -
The Hunslet Club Company Limited by Guarantee Trustees' report and consolidated financial statements 31 August 2020
Notes to the financial statements
for the year ended 31 August 2020
15. Investments
Movement in market value
| Movement in market value | |||||
|---|---|---|---|---|---|
| Group | Company | ||||
| 2020 | 2019 | 2020 | 2019 | ||
| £ | £ | £ | £ | ||
| Market value at 1 September 2019 | 2,250,958 | 2,239,289 | 1,764,743 | 1,753,107 | |
| Acquisitions at cost | 321,615 | 439,667 | 321,615 | 439,634 | |
| Disposals at opening book value | (355,762) | (498,612) | (355,762) | (498,612) | |
| Net (losses)/gains on revaluation in the year ended | |||||
| 31 August 2020 | (115,955) | 70,614 | (115,955) | 70,614 | |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| Market value at 31 August 2020 | 2,100,856 | 2,250,958 | 1,614,641 | 1,764,743 | |
| ========================================= | ====================================== | ====================================== | ====================================== | ||
| Historical cost at 31 August 2020 | 1,879,950 | 1,962,891 | 1,393,735 | 1,476,676 | |
| ================================== | ===================================== | ====================================== | ====================================== |
Analysis of investments at 31 August 2020
| Group | Company | Company | |||
|---|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | ||
| Listed investments | £ | £ | £ | £ | |
| UK Quoted Shares | 700,448 | 653,379 | 700,448 | 653,379 | |
| Non-UK Quoted Shares | 453,105 | 380,032 | 453,105 | 380,032 | |
| Alternative strategies funds | 221,085 | 292,875 | 221,085 | 292,875 | |
| -------------------------------------- | -------------------------------------- | -------------------------------------- | -------------------------------------- | ||
| 1,374,638 | 1,326,286 | 1,374,638 | 1,326,286 | ||
| Other investments | |||||
| UK Group undertakings | - | - | 100 | 100 | |
| UK Fixed Interest | 209,747 | 373,374 | 209,747 | 373,374 | |
| UK Cash held as part of Portfolio | 30,156 | 64,983 | 30,156 | 64,983 | |
| Property | 486,315 | 486,315 | - | - | |
| -------------------------------------- | -------------------------------------- | -------------------------------------- | -------------------------------------- | ||
| 726,218 | 924,672 | 240,003 | 438,457 | ||
| -------------------------------------- | -------------------------------------- | -------------------------------------- | -------------------------------------- | ||
| 2,100,856 | 2,250,958 | 1,614,641 | 1,764,743 | ||
| ================================== | ================================== | ================================== | ====================================== |
All investments are held in unrestricted funds.
UK group undertakings
The company holds 100 issued ordinary shares (100%) of a trading company Hunslet Leisure Limited (No. 07647223) incorporated in England and Wales on 25 May 2011. This company’s principal activity is the provision of function facilities.
The results of Hunslet Leisure Limited are included in the Consolidated Statement of Financial activities on a line by line basis in accordance with SORP 2015. Turnover for the period to 31 August 2020 amounted to £63,196 (2019: £153,881), with associated expenses of £73,536 (2019: £133,024), leaving a net (loss)/profit before gift aid of (£10,340) (2019: £20,857). A donation was made to the parent charity of £nil (2019: £nil) leaving a (loss)/profit after tax and gift aid of (£12,740) (2019: £20,857). Net assets of the company are £7,477 (2019: £20,217).
The company controls The Hunslet Club Community Homes CIC (No. 08713540) incorporated in England and Wales on 1 October 2013. This company’s principal activity is the renovation and rental of residential property.
The results of The Hunslet Club Community Homes CIC are included in the Consolidated Statement of Financial activities on a line by line basis in accordance with SORP 2015. Turnover for the period to 31 August 2020 amounted to £29,999 (2019: £29,283), with associated expenses of £21,057 (2019: £18,510), which includes interest paid to The Hunslet Club of £9,900 (2019: £10,726). In addition, a donation was made to the parent charity of £4,500 (2019: £10,000), leaving a net profit/(loss) after tax of £3,545 (2019: (£466). Net assets of the company are £10,785 (2019: £7,240).
- 23 -
The Hunslet Club Company Limited by Guarantee Trustees' report and consolidated financial statements 31 August 2020
Notes to the financial statements
for the year ended 31 August 2020
16. Programme related investments
| Group | Company | ||||
|---|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | ||
| £ | £ | £ | £ | ||
| At 1 Sep 2019 | - | - | 476,750 | 476,750 | |
| Additions | - | - | 3,500 | - | |
| Repayments | (8,851) | ||||
| ----------------------------- | ----------------------------- | ----------------------------- | |||
| ----------------------------- | |||||
| At 31 Aug 2020 | - | - | 471,399 | 476,750 | |
| ============================= | ============================= | ============================= | ============================= |
The programme related investments of £471,399 relate to a loan to The Hunslet Club Community Homes CIC and is subject to a formal loan agreement and is repayable either on 10[th] February 2027 or anytime forthwith on demand. Interest at 1.5% above base rate is payable annually in arrears. The interest charged in the year ended 31 August 2020 is £9,900 (2019: £10,726).
17. Debtors
| Debtors | ||||
|---|---|---|---|---|
| Group | Company | |||
| 2020 | 2019 | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Trade debtors | 90,745 | 56,030 | 90,707 | 69,860 |
| Amounts owed by group undertakings | - | - | 53,280 | 53,280 |
| Other debtors | 36,847 | 31,470 | 36,261 | 31,232 |
| ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | |
| 127,592 | 87,500 | 180,248 | 154,372 | |
| ============================= | ============================= | ============================= | ============================= |
18. Creditors: Amounts falling due within one year
| Group | Company | |||
|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Trade creditors | 4,939 | 9,445 | 5,423 | 9,000 |
| Corporation tax | 3,300 | 150 | 5,876 | - |
| Taxation and social security | 5,876 | 2,173 | 3,059 | 100 |
| Other creditors | 17,648 | 77,658 | 8,888 | 71,958 |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------- | |
| 31,763 | 89,426 | 23,246 | 81,058 | |
| ============================ | ========================= | ============================ | ============================= |
Included in other creditors is deferred income of £nil (2019- £58,655). Income is deferred when the criteria to recognise it as income has not been met.
19. Pensions
The Club contributes to a group personal pension plan on behalf of its employees. Contributions in the year totalled £20,065 (2019: £22,122) as set out in notes 11 and 12. The amount payable to the scheme at the year end was £2,559 (2019: £2,559).
20. Commitments under operating leases - Group
At 31 August 2020 the charitable group’s future minimum operating lease payments are as follows:
| Assets other than | ||
|---|---|---|
| Land and buildings | ||
| 2020 | 2019 | |
| £ | £ | |
| Operating leases which expire: | ||
| Within 2 to 5 years | 1,260 |
2,160 |
| ========================= | ========================= |
- 24 -
The Hunslet Club Company Limited by Guarantee Trustees' report and consolidated financial statements 31 August 2020
Notes to the financial statements
for the year ended 31 August 2020
21. Restricted income funds - Group and Company
| Outgoing | |||||
|---|---|---|---|---|---|
| Balance at | Incoming | resources and | Transfers | Balance at | |
| 1 Sept 2019 | resources | transfers | between funds | 31 Aug 2020 | |
| £ | £ | £ | £ | £ | |
| Leeds City Council | - | 2,000 | (2,310) | 310 | - |
| People’s Postcode Lottery | 9,356 | - | (425) | - | 8,931 |
| Lloyds Banking Group | 867 | - | - | - | 867 |
| Cash for Kids | 21 | - | (21) | - | - |
| Leeds Community | |||||
| Foundation | - | 12,000 | (12,000) | - | - |
| Inner South Leeds | |||||
| Community | - | 19,844 | (22,291) | 2,447 | - |
| Other restricted income | |||||
| £1,000 and under | - | 3,055 | (3,055) | - | - |
| -------------------------------------- | ---------------------------------- | ---------------------------------- | ---------------------------------- | ---------------------------------- | |
| 10,244 | 36,899 | (40,102) | 2,757 | 9,798 | |
| ====================================== | ========================= | ========================= | ===================================== | ====================================== |
Details of restricted funds
Restricted funds have arisen because donors have placed restrictions on incoming resources.
The following grants have been given to cover ongoing projects costs, the balances are reducing as further expenditure is made:
Leeds City Council – food delivery scheme
People’s Postcode Lottery – funding received for dance together project Lloyds Banking Group – funding for gymnastics development
Cash for kids – funding for gymnastics development
Leeds Community Foundation – funding for school holiday camp for children who are vulnerable to hunger Inner South Leeds Community – funding to provide after school vocational training programme
22. Unrestricted income funds
| Group 2020 | Balance at | Incoming | Outgoing | Transfers / | Balance at |
|---|---|---|---|---|---|
| 1 Sept 2019 | resources | resources | Gains & Losses | 31 August 2020 | |
| £ | £ | £ | £ | £ | |
| New build | |||||
| development fund | 1,000,000 | - | - | - | 1,000,000 |
| General funds | 2,726,148 | 888,342 | (710,720) | (141,222) | 2,762,548 |
| -------------------------------------- | -------------------------------------- | -------------------------------------- | -------------------------------------- | -------------------------------------- | |
| 3,726,148 | 888,342 | (710,720) | (141,222) | 3,762,548 | |
| ====================================== | ====================================== | ====================================== | =================================== | ====================================== | |
| Company 2020 | Balance at | Incoming | Outgoing | Transfers/ | Balance at |
| 1 Sept 2019 | resources | resources | Gains & Losses | 31 August 2020 | |
| £ | £ | £ | £ | £ | |
| New build | |||||
| development fund | 1,000,000 | - | - | - | 1,000,000 |
| General Funds | 2,698,791 | 844,252 | (657,435) | (141,222) |
2,744,386 |
| -------------------------------------- | -------------------------------------- | -------------------------------------- | -------------------------------------- | -------------------------------------- | |
| 3,698,791 | 844,252 | (657,435) | (141,222) |
3,744,386 | |
| ====================================== | ====================================== | ====================================== | ================================ | ====================================== |
- 25 -
The Hunslet Club Company Limited by Guarantee Trustees' report and consolidated financial statements 31 August 2020
Notes to the financial statements
for the year ended 31 August 2020
22. Unrestricted income funds ( continued )
The Trustees have designated unrestricted reserves of £1,000,000 in the form of investments held for the development of new premises and facilities as outlined in the Trustees Report.
| Group 2019 | Balance at | Incoming | Outgoing | Transfers / | Balance at |
|---|---|---|---|---|---|
| 1 Sept 2018 | resources | resources | Gains & Losses | 31 August 2019 | |
| £ | £ | £ | £ | £ | |
| New build | |||||
| development fund | 1,000,000 | - | - | - | 1,000,000 |
| General Funds | 2,701,883 | 1,098,506 | (1,128,579) | 54,338 | 2,726,148 |
| -------------------------------------- | -------------------------------------- | -------------------------------------- | -------------------------------------- | -------------------------------------- | |
| 3,701,883 | 1,098,506 | (1,128,579) | 54,338 | 3,726,148 | |
| ====================================== | ====================================== | ====================================== | ============================ | ====================================== | |
| Company 2019 | Balance at | Incoming | Outgoing | Transfers/ | Balance at |
| 1 Sept 2018 | resources | resources | Gains & Losses | 31 August 2019 | |
| £ | £ | £ | £ | £ | |
| New build | |||||
| development fund | 1,000,000 | - | - | - |
1,000,000 |
| General Funds | 2,694,917 | 989,100 | (1,039,564) | 54,338 |
2,698,791 |
| -------------------------------------- | -------------------------------------- | -------------------------------------- | -------------------------------------- | -------------------------------------- | |
| 3,694,917 | 989,100 | (1,039,564) | 54,338 |
3,698,791 | |
| ====================================== | ====================================== | ====================================== | ======================== | ====================================== |
- 26 -
The Hunslet Club Company Limited by Guarantee Trustees' report and consolidated financial statements 31 August 2020
Notes to the financial statements
for the year ended 31 August 2020
23. Analysis of net assets between funds
| Group 2020 | Tangible fixed | Net current | ||
|---|---|---|---|---|
| assets | Investments | assets | Total | |
| £ | £ | £ | £ | |
| Restricted Income Funds | - | - | 9,798 | 9,798 |
| ------------------------------ | ------------------------------------- | --------------------------- | ------------------------------------- | |
| Unrestricted Income Funds | 665,984 | 2,100,856 | 995,708 | 3,762,548 |
| ------------------------------ | ------------------------------------- | --------------------------- | ------------------------------------- | |
| Total Funds | 665,984 | 2,100,856 | 1,005,506 | 3,772,346 |
| ============================= | =================================== | ============================= | =================================== | |
| Company 2020 | Tangible fixed | Net current | ||
| assets | Investments | assets | Total | |
| £ | £ | £ | £ | |
| Restricted Income Funds | - | - | 9,798 | 9,798 |
| ------------------------------ | ------------------------------------- | --------------------------- | ------------------------------------- | |
| Unrestricted Income Funds | 624,855 | 2,086,040 | 1,033,491 | 3,744,386 |
| ------------------------------ | ------------------------------------- | --------------------------- | ------------------------------------- | |
| Total Funds | 624,855 | 2,086,040 | 1,043,289 | 3,754,184 |
| ============================= | =================================== | ============================ | =================================== | |
| Group 2019 | Tangible fixed | Net current | ||
| assets | Investments | assets | Total | |
| £ | £ | £ | £ | |
| Restricted Income Funds | - | - | 10,244 | 10,244 |
| ------------------------------ | ------------------------------------- | --------------------------- | ------------------------------------- | |
| Unrestricted Income Funds | 709,822 | 2,250,958 | 765,368 | 3,726,148 |
| ------------------------------ | ------------------------------------- | --------------------------- | ------------------------------------- | |
| Total Funds | 709,822 | 2,250,958 | 775,612 | 3,736,392 |
| ============================= | =================================== | ============================= | =================================== | |
| Company 2019 | Tangible fixed | Net current | ||
| assets | Investments | assets | Total | |
| £ | £ | £ | £ | |
| Restricted Income Funds | - | - | 10,244 | 10,244 |
| ------------------------------ | ------------------------------------- | --------------------------- | ------------------------------------- | |
| Unrestricted Income Funds | 666,799 | 2,241,493 | 790,499 | 3,698,791 |
| ------------------------------ | ------------------------------------- | --------------------------- | ------------------------------------- | |
| Total Funds | 666,799 | 2,241,493 | 800,743 | 3,709,035 |
| ============================= | =================================== | ============================ | =================================== |
24. Related party transactions
The company is under control of the Board of Trustees as set out on page 1 of the Trustees Report.
The company prepared group accounts which are publicly available and accordingly the company is exempt from the disclosure requirements of Financial Reporting Standard for Smaller Entities relating to transactions with its subsidiary company, Hunslet Leisure Limited and Hunslet Club Community Homes CIC.
25. Financial instruments
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Financial assets measured at amortised cost | 991,988 | 821,809 |
| ============================= | ============================= | |
| Financial liabilities measured at amortised cost | 22,587 | 87,103 |
| ============================= | ============================= |
- 27 -
The Hunslet Club Company Limited by Guarantee Trustees' report and consolidated financial statements 31 August 2020
Notes to the financial statements
for the year ended 31 August 2020
26. Events after the end of the reporting period
In early 2020, Covid-19 (Coronavirus) impacted a significant number of countries globally and was declared a pandemic. As a result of the Covid-19 pandemic, there has been disruption to economic activity which has been reflected in fluctuations in global stock markets and investments made in these. The investment portfolio is included in the accounts at the market value at the balance sheet date.
The properties owned by the Charity are included in the accounts at cost, less provision for depreciation as outlined in the accounting policies note above.
The directors consider the pandemic to be an adjusting post balance sheet event. Despite the inherent uncertainties with regard to investment movements and property values at this time, there is no evidence to suggest a significant impact on the carrying value of the investments or properties and no indications of impairment to the assets.
27. Company limited by guarantee
The company is limited by subscribers' guarantees and does not have a share capital. In the event of a winding up the liability of each of the subscribers is limited to £1.
28. Charitable Status
The charitable company was registered as a charity under the Charities Act 2011. No taxation arises on the charitable company’s activities and any income tax suffered on investment income is recoverable. The trading subsidiary is fully subject to taxation subject to the transfer of any surplus under the gift aid provisions.
- 28 -