Charity Registration No. 1126758
Company Registration No. 06431808 (England and Wales)
GOSFORTH FIELDS SPORTS ASSOCIATION LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
GOSFORTH FIELDS SPORTS ASSOCIATION LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
John Morris Wayne Lumley William Hutton Richard Newton S Bradwell A Chambers M Hester John Killmartin Paul Bramley (Appointed 9 June 2021) Paul Newton (Appointed 9 June 2021)
Charity number 1126758
Company number 06431808 Registered office Bubnell Road Off Stubley Drive Dronfield S18 8NP
Independent examiner
Knowles Warwick Limited Charlotte House 500 Charlotte Road Sheffield S2 4ER
Bankers
NatWest 5 Market Place Chesterfield S40 1TW
GOSFORTH FIELDS SPORTS ASSOCIATION LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 2 |
| Statement of trustees responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 13 |
GOSFORTH FIELDS SPORTS ASSOCIATION LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 NOVEMBER 2020
The trustees present their report and financial statements for the year ended 30 November 2020.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the g overning document, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.
Objectives and activities
To provide quality sports and changing facilities to the three member clubs (Dronfield Town FC, AFC Dronfield and Dronfield RUFC), in order that local children and adults can enjoy playing the sport of their choice in a safe and friendly environment. Fees are charged for use of the playing surfaces to the individual clubs.
To encourage other sports to use the site and to increase the overall participation in sport.
To run the charity in a financially efficient manner, so that funds can be set aside to upkeep the quality of the facilities and to renew the all-weather pitch.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Trade during the early part of the year was as predicted in the budget and comparable with prior year performance then came March 2020. And as with most businesses we were severely effected by the Covid-19 pandemic. Our football activities were restricted to a short winter season curtailing in March and the resumption in July only allowing only limited activity until the second shutdown, Rugby never resumed after the first lockdown.
Apart from having our car parking areas re-lined only essential repairs were carried out during this period. Using mostly volunteer staff during the period of inactivity a number of deep cleaning and painting jobs were completed giving the clubhouse a far fresher feel. We however had a time limit to complete the projects partfunded by the Football Foundation namely improved drainage on a number of our football pitches and much needed repairs to both our ATP fencing and a replacement storage room door. These were completed near the end of the year and we received the balance of the funding early in the following year.
Throughout this period we had no alternative but continue with our grass pitch maintenance program with our contractor Premier Pitches and despite staffing difficulties all necessary work was completed and the pitches were at their usual high standard.
Financial review
The charity had an encouraging first 3 months of trade, but when we were later allowed to reopen following lockdown the bar takings were predictively poor due to customer confidence and the restrictive controls we had to adopt following the first reopening in August. Other income streams were also affected. We had to reduce our yearly grass pitch rentals to our clubs by 17%, income from our All-weather pitch was 25% lower than the budget. And although we had some advertising activity during the year, we have had to extend the period before renewal to compensate for the periods we were closed. This resulted in a substantial reduction in income on comparison to the previous year. However, grants of £29k and the furlough scheme along with tight overhead controls helped us limit our losses during this period.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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GOSFORTH FIELDS SPORTS ASSOCIATION LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2020
Structure, governance and management
Gosforth Fields Sports Association Limited is a company limited by guarantee. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
John Morris Graham Bearder (Resigned 31 October 2020) Wayne Lumley William Hutton Matthew Bell (Resigned 18 May 2021) Richard Newton S Bradwell A Chambers M Hester John Killmartin Paul Bramley (Appointed 9 June 2021) Paul Newton (Appointed 9 June 2021)
A trustee is appointed by ordinary resolution at the Annual Meeting or otherwise by unanimous agreement of the members providing that they are a member of one of the clubs and that the number of trustees does not exceed the maximum of 10 as set in the Articles of Association, being at least 3 directors appointed by each club and a non-voting, impartial chairman.
None of the trustees has any beneficial interest in the company.
The trustees r eport was approved by the Board of Trustees.
S Bradwell
Trustee Dated: 29 August 2021
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GOSFORTH FIELDS SPORTS ASSOCIATION LIMITED
STATEMENT OF TRUSTEES RESPONSIBILITIES
FOR THE YEAR ENDED 30 NOVEMBER 2020
The trustees, who are also the directors of Gosforth Fields Sports Association Limited for the purpose 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).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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GOSFORTH FIELDS SPORTS ASSOCIATION LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF GOSFORTH FIELDS SPORTS ASSOCIATION LIMITED
I report to the trustees on my examination of the financial statements of Gosforth Fields Sports Association Limited (the charity) for the year ended 30 November 2020.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the 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
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4 the financial statements 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 financial statements to be reached.
S D Knowles FCA Independent Examiner, for and behalf of Knowles Warwick Limited Chartered Accountants Charlotte House 500 Charlotte Road Sheffield S2 4ER
Dated: 29 August 2021
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GOSFORTH FIELDS SPORTS ASSOCIATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 NOVEMBER 2020
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2020 | 2019 | ||
| Notes | £ |
£ | |
| Income from: | |||
| Government support | 47,695 | - | |
| Other trading activities | 3 | 133,251 | 245,075 |
| Investments | 4 | 1,044 | 2,309 |
| Total income | 181,990 | 247,384 | |
| Expenditure on: | |||
| Charitable activities | 5 | 186,562 | 248,535 |
| Net expenditure for the year/ | |||
| Net movement in funds | (4,572) | (1,151) |
|
| Fund balances at 1 December 2019 | 8,393 | 9,544 | |
| Fund balances at 30 November 2020 | 3,821 | 8,393 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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GOSFORTH FIELDS SPORTS ASSOCIATION LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2020
| Notes Fixed assets Tangible assets 9 Current assets Stocks 10 Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 13 Net assets Income funds Unrestricted funds |
2020 £ £ 1,457,103 2,713 22,194 204,062 228,969 (225,073) 3,896 1,460,999 (1,457,178) 3,821 3,821 3,821 |
2019 £ £ 1,541,899 4,857 36,040 197,060 237,957 (228,399) 9,558 1,551,457 (1,543,064) 8,393 8,393 8,393 |
|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 November 2020.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 29 August 2021
S Bradwell
Trustee
Company Registration No. 06431808
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GOSFORTH FIELDS SPORTS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2020
1 Accounting policies
Charity information
Gosforth Fields Sports Association Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Bubnell Road, Off Stubley Drive, Dronfield, S18 8NP.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Unrestricted funds is comprised of funds that have been generated through charitable activities which are not subject to any such specific usage conditions.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met . Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable . A grant received before the recognition criteria are satisfied is recognised as a liability.
1.5 Resources expended
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GOSFORTH FIELDS SPORTS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2020
1 Accounting policies
(Continued)
Resources expended are recognised in the Statement of Financial Activities on an accruals basis.
Expenditure which is directly attributable to charitable activities has been included in this cost category.
Governance costs are those incurred in the management and operation of the charity, both as a charity and a limited company, such as regulatory compliance costs.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Clubhouse written off over 40 years. AT pitches Over 15 years Building improvements Over 15 years Grass pitches Over 15 years Fixtures, fittings & equipment 20% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
1.8 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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GOSFORTH FIELDS SPORTS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2020
1 Accounting policies
(Continued)
1.10 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.11 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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GOSFORTH FIELDS SPORTS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2020
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Other trading activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2020 | 2019 | |
| £ | £ | |
| Trading activity income | 133,251 | 245,075 |
| Investments | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2020 | 2019 | |
| £ | £ | |
| Interest receivable | 1,044 | 2,309 |
4 Investments
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GOSFORTH FIELDS SPORTS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
5 Charitable activities
| Charitable activities | |||
|---|---|---|---|
| Direct | Direct | ||
| charitable | charitable | ||
| expenditure | expenditure |
||
| 2020 | 2019 | ||
| £ | £ | ||
| Staff costs | 54,782 | 59,661 | |
| Depreciation and impairment | 87,249 | 86,759 | |
| Direct charitable expenditure | 68,945 | 114,035 | |
| Rent and rates | (2,660) | 1,802 | |
| Insurance | 3,611 | 3,365 | |
| Light and heat | 13,953 | 21,759 | |
| Repairs and maintenance | 39,543 | 37,855 | |
| Postage and stationery | 328 | 533 | |
| Telephone and fax | 2,296 | 2,048 | |
| Bad debts | - | 360 | |
| Sundry expenses | 410 | 874 | |
| Bank charges | 1,815 | 2,844 | |
| Grant amortisation | (85,886) | (85,886) | |
| Accountancy fees | 2,176 | 2,014 | |
| Legal and professional fees | - | 512 | |
| 186,562 | 248,535 | ||
| 186,562 | 248,535 |
Governance costs includes payments to the accountants of £ 2, 1 76 ( 201 9 : £2,014) for accountancy services .
6 Description of charitable activities
Direct trading expenditure consists of costs occurred for the provision of sports and changing facilities, including the running of the function room and bar.
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8 Employees
The average monthly number of employees during the year was:
| 2020 | 2019 |
|---|---|
| Number | Number |
| 9 | 9 |
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GOSFORTH FIELDS SPORTS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
| 8 Employees Employment costs Wages and salaries Other pension costs 9 Tangible fixed assets Cost At 1 December 2019 Additions At 30 November 2020 Depreciation and impairment At 1 December 2019 Depreciation charged in the year At 30 November 2020 Carrying amount At 30 November 2020 At 30 November 2019 10 Stocks Finished goods and goods for resale |
Land and buildings £ 2,308,989 - 2,308,989 769,956 85,932 855,888 1,453,101 1,539,033 |
(Continued) 2020 2019 £ £ 53,851 58,859 931 802 54,782 59,661 Fixtures, fittings & equipment Total £ £ 18,528 2,327,517 2,453 2,453 20,981 2,329,970 15,662 785,618 1,317 87,249 16,979 872,867 4,002 1,457,103 2,866 1,541,899 2020 2019 £ £ 2,713 4,857 |
|
|---|---|---|---|
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GOSFORTH FIELDS SPORTS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2020
| 11 Debtors Amounts falling due within one year: Trade debtors Prepayments and accrued income 12 Creditors: amounts falling due within one year Other taxation and social security Trade creditors Accruals and deferred income 13 Creditors: amounts falling due after more than one year Notes Deferred income 14 Related party transactions |
2020 £ 5,783 16,411 22,194 2020 £ 608 18,662 205,803 225,073 2020 £ 1,457,178 |
2019 £ 29,644 6,396 36,040 2019 £ 11,706 16,916 199,777 228,399 2019 £ 1,543,064 |
|---|---|---|
There were no related party transactions for disclosure during the year (2019 - none).
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