**Registered number: 07101530 Charity number: 1133497** 

## **COBHAM RUGBY & SPORTS ASSOCIATION** 

## **UNAUDITED** 

**TRUSTEES' REPORT AND FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED** 

**30 JUNE 2021** 




## **COBHAM RUGBY & SPORTS ASSOCIATION** 

## **(A company limited by guarantee)** 

## **CONTENTS** 

||Page|
|---|---|
|**Trustees information and reference and administrative details of the charity and**|1|
|**advisers**||
|**Trustees' report**|2 - 4|
|**Independent examiner's report**|5|
|**Statement of financial activities**|6|
|**Balance sheet**|7|
|**Notes to the financial statements**|8 - 20|





## **COBHAM RUGBY & SPORTS ASSOCIATION** 

## **(A company limited by guarantee)** 

## **TRUSTEES** 

## **Trustees** 

Mrs V E Adams (resigned 13 July 2021) Mr A C Balkwill Mr S J Barnes Mr S D Heard Mr R W J Hornby Mr J D Moxon Mrs D E Symons (resigned 13 July 2021) Mrs H A Dwyer (appointed 13 July 2021) 

## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY AND ADVISERS** 

## **Company registered number** 

07101530 

## **Charity registered number** 

1133497 

## **Registered office** 

Old Surbitonians Memorial Ground, Fairmile Lane, Cobham, Surrey, KT11 2BU 

## **Company secretary** 

Mr R W J Hornby 

## **Chief executive officer** 

Mr S D Heard 

## **Accountants** 

Wellden Turnbull Limited, Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ 

## **Bankers** 

National Westminster Bank Plc 

## **Exemptions from disclosures** 

Details of specific exemptions from disclosures are recorded in the appropriate places within the accounts. 

Page 1 



## **COBHAM RUGBY & SPORTS ASSOCIATION** 

## **(A company limited by guarantee)** 

## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2021** 

The Trustees present their annual report together with the financial statements of the charity for the financial year from 1 July 2020 to 30 June 2021. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document, the  Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published in October 2019. 

Since the charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required. This trustees' report constitutes a director's report under company law. 

## **OBJECTIVES AND ACTIVITIES** 

## **Policies and objectives** 

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the charity commission relating to public benefit. 

## **Strategies for achieving objectives** 

Organisation of events to promote community participation in healthy recreation for the benefit of the inhabitants of Cobham and the surrounding areas by the provision of facilities for playing sports. 

## **ACHIEVEMENTS AND PERFORMANCE** 

## **Review of activities** 

The year ended 30 June 2021 was heavily impacted by the Covid-19 pandemic and the UK government’s measures to contain the virus. Like the rest of the country, activity on the sporting field and in the clubhouse had come to an abrupt halt in March 2020. Competitive rugby was initially postponed and then cancelled for the whole season when the country went back into lockdown in November. Thanks to our rugby coaches training sessions across all age groups continued on and off throughout the year as did activity in other sports sections. 

The commercial activities of the clubhouse were heavily disrupted with the stop-start nature of the lockdowns making planning and organising events almost impossible. We are extremely grateful to our staff and our contractors for their support during these financially and operationally difficult times. Where possible we took advantage of government furlough arrangements and cut all discretionary expenditure. We were very grateful to Elmbridge Borough Council for their efficient implementation of UK government’s schemes offering grants to the leisure and hospitality sectors and this income, together with the support of all our members who continued to pay subscriptions, allowed us manage our finances successfully through the difficult trading year. 

Thankfully the 2021/22 financial year has seen sporting activity return to a more normal level. Unfortunately, there was a further lockdown in the run up to Christmas which hit commercial activity, particularly in the events business, at the busiest time of the year but the Association continues to operate strongly and looks forward to the future with more optimism. 

## **FINANCIAL REVIEW** 

## **Going concern** 

The trustees have reviewed the circumstances of the charity, including the financial and operating risks surrounding the ongoing impact of the Covid-19 global pandemic and have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of this report. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. 

Page 2 



## **COBHAM RUGBY & SPORTS ASSOCIATION** 

## **(A company limited by guarantee)** 

## **TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2021** 

## **Review of financial position** 

The charity's financial position at the end of the reporting period is shown on the Balance Sheet on page 7. Net assets continue to exceed £2.2m. 

## **Reserves policy** 

The Trustees' policy is to endeavour to maintain sufficient unrestricted general funds to cover day-to-day resources expended by the charity for a period of at least twelve months. This level should enable the charity to continue to operate even if non-guaranteed funding were to drop unexpectedly. Current reserves and income levels presently exceed this aim. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Constitution** 

The charity is constituted under a Memorandum of Association dated 10 December 2009 and is a registered charity, number 1133497. 

The principal objective of the charity is the promotion of community participation in healthy recreation for the benefit of the inhabitants of Cobham and the surrounding areas by the provision of facilities for playing sports. 

## **Method of appointment or election of Trustees** 

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. 

## **Policies adopted for the induction and training of Trustees** 

Trustees are appointed by members of the management committee and inducted and trained by existing Trustees as to their responsibilities and duties. 

## **Risk management** 

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. 

Page 3 



COBHAM RUGBY & SPORTS ASSOCIATION
IA company limltgd by guarantool
TRUSTEES. REPORT l¢ontlnuod}
FOR THE YEAR ENDED 30 JUNE 2021
Truit•••' ro8pon8lbllltl•s $tat•ment
The Trustèes Iwho are a180 dlreclors of Cobham Rugby & Sports A$50clatlon for the purpose$ ol company
lawl ire responslble for prèparing the Trustees, annual report and the financial statements in accordance wlth
applicable law and United Kingdom Accounting Siandafds IUni18d Kingdom Generally Accepted Accounting
Praelicel.
Company law requlres the TnJ51ees lo prepare fin8ndal slalemenls for each ffinanclal year. Under company18W
Ihg Truste8s musl not approvè the financial st8temenis unless thay are sallsfl8d that they glvg 9 true and falr
vl8w of th& stale of affalrs of tho charitablg company and of thg incoming r8sources and applicats'on of
re50urce5, including the Income and expenditure. of the charitable company for Ihol period, In Preparing thes6
flnancial stalements, the Trustees 8re requlrod lo..
8918¢l suil8ble accounling policiès and then 8pply Ih8m consislenlly.,
observe the methods and principles in the Chants'es SORP.,
make ludgm•nls ond aa￿untIng 881imales Ih8t are r8880n8bl& 8nd prudenl.,
8tal8 whether appllcablo UK Accountlng Stsndards IFRS 1021 have been followed, subled to any
m8lerlal departures dlsclosed and explained In the financlal statements..
propare the financSal $tal8menls on the ooing concem b8sls unless il is inapproprlale to pr8sum8 thal
the charli8ble company wlll continue in operation.
The Trustees Brè re$ponslbla for keeping ad&quate accounllng records that BT8 sufficiant to show and Oxplaln
the chorf18bl8 compan1$ transactions and disclose with reasonable accuracy al any lime the financial position
of Ihe charltable Gompany and enable them to ?n8ure that the flnancl41 Btalements Comply wllh th& Compan1&8
Act 2006. They Irè *lso responsible for 88leouardlng the assets of Ihe charllable company and hence lor
tskbng reasonable steps for Ihe pr¢ventlon 8nd d8lecllon of Iravd ané olhor Irr&gularfllèg.
This report was approved by the Truste88, on 27 June 2022 and 81gned on Ihelr behalf by..
MrJ D Moxon
Tru8109
Page 4

## **COBHAM RUGBY & SPORTS ASSOCIATION** 

## **(A company limited by guarantee)** 

## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2021** 

## **Independent examiner's report to the Trustees of Cobham Rugby & Sports Association (the 'charity')** 

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 30 June 2021. 

## **Responsibilities and basis of report** 

As the Trustees of the charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). 

Having satisfied myself that the accounts of 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 accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

## **Independent examiner's statement** 

I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or 

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

Signed: 


Dated: 27 June 2022 

Robin John FCA CTA (Senior Statutory Auditor) 

for and on behalf of Wellden Turnbull Limited 

Chartered Accountants Statutory Auditors 

Albany House Claremont Lane Esher Surrey KT10 9FQ 

Page 5 



## **COBHAM RUGBY & SPORTS ASSOCIATION** 

## **(A company limited by guarantee)** 

## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2021** 

|Note<br>**INCOME FROM:**<br>Donations and legacies<br>2<br>Charitable activities<br>4<br>Other trading activities<br>3<br>**TOTAL INCOME**<br>**EXPENDITURE ON:**<br>Charitable activities<br>5,6<br>**TOTAL EXPENDITURE**<br>**NET INCOME/(EXPENDITURE) BEFORE OTHER**<br>**RECOGNISED GAINS AND LOSSES**<br>**NET MOVEMENT IN FUNDS**<br>**RECONCILIATION OF FUNDS:**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|Unrestricted<br>funds<br>2021<br>£<br>50,822<br>-<br>164,736<br>215,558<br>306,731<br>306,731<br>(91,173)<br>(91,173)<br>2,299,158<br>2,207,985|Total<br>funds<br>2021<br>£<br>50,822<br>-<br>164,736<br>215,558<br>306,731<br>306,731<br>(91,173)<br>(91,173)<br>2,299,158<br>2,207,985|Total<br>funds<br>2020<br>£<br>104,540<br>646,145<br>128,560|
|---|---|---|---|
||||879,245|
||||276,266|
||||276,266|
||||602,979<br>602,979<br>1,696,179|
||||2,299,158|



The notes on pages 8 to 20 form part of these financial statements. 

Page 6 



COBHAM RUGBY & SPORTS ASSOCIATION
IA earnpany Ilmltèd by guarant••)
REGISTERED NUMBER: 07101530
BALANCE SHEET
AS AT 30 JUNE 2021
2021
2020
Noto
FIXED ASSETS
Tangible assets
Inveslmgnls
2,104.672
15.201
2,213,953
15,201
10
2,119,873
2.229.154
CURRENT ASSETS
Oeblor8
Cash al bank and In hand
11
42.667
210,443
32,249
197,183
253,110
229,412
CREOITORS: amount8 falllng due within
ona ygar
12
1124,5201
1107.4051
NET CURRENT A88ETS
128,590
122,007
TOTAL ASSETS LE88 CURREMT LIABILITIE8
2,248,463
2,351,161
GREDITORS: amounts falllng due after
more than one year
13
140.4781
152,003
NET ASSETS
2,207,985
2,299.158
CHARITY FUND8
Unr8slri¢lgd lunds
15
2,207,985
2.299,158
TOTAL FUNOS
2,2L)7,985
2.299,158
Thè ¢harills nnanci81 sl3lemenls h8vè beèn prepared In accordance with ihe provi$ion8 appllcabl• to
companies subject to Ihg small companies regimè.
Th• Tru8le8s consider that Iha chBrity Is 8nlllled to exemption from the requir8ment to have an audlt untlor the
provisions of section 477 01 the Companlos Act 20061.the Act'l and m8mbtr5 have not rgqulred the charfty to
obtain an 8udil lor the year in question in accordan¢8 wllh section 476 01 thè Act.
The Trustees 8cknowledge Ihelr reBponslbSlltl8s for complylng wllh the requlremenls of tho Comp8nle8 Act 2006
with respeol lo accounting records and the preparation of financial slatemenls.
Thg flnanclal statements wère approved and authort8od for188ue by Ihe Trustees on 27 Jun8 2022 an¢J signgd
on their behall, by.,
Mr J D Moxon
Trust••
The notes on pages 8 to 20 form part of these financial staiemenis.
Pag8 7

**COBHAM RUGBY & SPORTS ASSOCIATION** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021** 

## **1. ACCOUNTING POLICIES** 

## **1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS** 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. 

Cobham Rugby & Sports Association meets the definition of a public benefit entity under FRS 102. 

The charity does not include a cash flow statement on the grounds it is deemed a small company as per FRS102 Section 7. 

The financial accounts are prepared on a going concern basis under the historical cost convention, unless otherwise specified in the accounting policies. 

The financial statements cover the charity as an individual entity and are presented in sterling, which is the functional currency of the charity and rounded to the nearest £1. 

Significant accounting policies are set out below. 

## **1.2 GOING CONCERN** 

These financial statements have been prepared on a going concern basis which means that the charity will continue to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements. In assessing the appropriateness of the going concern basis of preparation, the trustees have taken into account the key risks of the charity, including the uncertainty surrounding Covid-19. 

The uncertain economic outlook and future level of income, particularly given the situation regarding Covid-19, is an area of financial uncertainty that the trustees have mitigated by conducting regular reviews of income and expenditure against budgets and forecast projections. The trustees also monitor levels of restricted and designated funds ensuring actual and projected cash inflows are sufficient to meet future operating requirements, restricting expenditure where necessary. The trustees also agreed a six month repayment holiday on the charity’s bank loan to help preserve cash and has benefited from the receipt of additional grants from Elmbridge Borough Council totalling circa £45,000 during the year ended 30 June 2021. 

Having undertaken their assessment, the trustees have a reasonable expectation that the charity has sufficient resources to meets its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements and the trustees consider it appropriate the prepare these financial statements on a going concern basis. 

Page 8 



**COBHAM RUGBY & SPORTS ASSOCIATION** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021** 

## **1. ACCOUNTING POLICIES (continued)** 

## **1.3 FUND ACCOUNTING** 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. 

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 

Investment income, gains and losses are allocated to the appropriate fund. 

## **1.4 COMPANY STATUS** 

The charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1  per member of the charity. 

## **1.5 INVESTMENTS** 

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Net gains and losses arising on revaluations and disposals are included in the statement of financial activities incorporating income and expenditure account. 

## **1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION** 

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the statement of financial activities incorporating income and expenditure account. 

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: 

|Freehold land|-|not depreciated|
|---|---|---|
|Artificial Grass Pitch ("AGP")|-|2.5% - 12.5% straight line|
|Roadways parking compound|-|2.5% straight line|
|Club operating capital projects|-|25% reducing balance|
|New clubhouse|-|2.5% - 5% straight line|
|Fairmile Grounds|-|3.33% straight line|
|Memorial pitch and irrigation|-|3.33% straight line|
|Tennis, netball courts and|-|5% - 20% straight line|
|grounds equipment|||



Page 9 



## **COBHAM RUGBY & SPORTS ASSOCIATION** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021** 

## **1. ACCOUNTING POLICIES (continued)** 

## **1.7 INCOME** 

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

Where there are terms or conditions attached to incoming resources, particularly grants, then these terms or conditions must be met before the income is recognised as the entitlement condition will not be satisfied until that point. Where terms or conditions have not been met or uncertainty exists as to whether they can be met then the relevant income is not recognised in the year but deferred and shown on the balance sheet as deferred income. 

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate.  Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. 

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers. 

Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution. 

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. 

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 

For donations to be recognised, the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the conditions are within the control of the charity and it is probable that they will be fulfilled. 

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). 

Page 10 



## **COBHAM RUGBY & SPORTS ASSOCIATION** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021** 

## **1. ACCOUNTING POLICIES (continued)** 

## **1.8 DONATIONS AND VOLUNTARY INCOME** 

Income from donations, fundraising and other voluntary income are accounted for on a receivable basis. 

## **1.9 EXPENDITURE** 

Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. 

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. 

Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities. 

## **1.10 CREDITORS** 

Trade and other creditors are recognised at the settlement amount after any trade discount offered. Accruals are valued when an invoice has not been received before the year end but a specific amount relates to this financial year. 

## **1.11 DEBTORS** 

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **1.12 CASH AT BANK AND IN HAND** 

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **1.13 LIABILITIES AND PROVISIONS** 

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. 

## **1.14 OPERATING LEASES** 

Rentals under operating leases are charged to the statement of financial activities on a straight line basis over the lease term. 

Page 11 



## **COBHAM RUGBY & SPORTS ASSOCIATION** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021** 

## **1. ACCOUNTING POLICIES (continued)** 

## **1.15 BASIC FINANCIAL INSTRUMENTS** 

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.  Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

## **1.16 TAXATION** 

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 

## **2. INCOME FROM DONATIONS AND LEGACIES** 

|Cobham Rugby Football Club Ltd and CSA Trading Ltd<br>donations<br>Sundry donations and gift aid<br>Covid-19 grants<br>Total donations and legacies<br>Total 2020<br>the year the charity received Covid-19 related grant income<br>8 (2020 - £35,000).<br>**ACTIVITIES FOR GENERATING FUNDS**<br>Rent and section fees<br>Net income from activities for generating funds|Unrestricted<br>funds<br>Total<br>funds<br>Total<br>funds<br>2021<br>£<br>2021<br>£<br>2020<br>£<br>-<br>-<br>55,000<br>5,224<br>5,224<br>14,540<br>45,598<br>45,598<br>35,000<br>50,822<br>50,822<br>104,540<br>104,540<br>104,540<br>from Elmbridge Borough Council totallin<br>Unrestricted<br>funds<br>Total<br>funds<br>2021<br>£<br>2020<br>£<br>164,736<br>128,560<br>164,736<br>128,560|Total<br>funds<br>2020<br>£<br>55,000<br>14,540<br>35,000|
|---|---|---|
||||
||||
|||104,540|
|||128,560|



During the year the charity received Covid-19 related grant income from Elmbridge Borough Council totalling £45,598 (2020 - £35,000). 

## **3. ACTIVITIES FOR GENERATING FUNDS** 

In September 2019, the charity signed a lease agreement with The Secretary of State for Housing, Communities and Local Government for the hire of the "AGP", which entitles the charity to annual rental income starting at £50,000 per annum, rising to £80,000 per annum by 2024. The lease term is 30 years and the earliest break date, exercisable by the charity, is 5 September 2025. The 2021 accounts include rental income of circa £55,000 (2020 - £41,000) within Rent and section fees in respect of this. 

Page 12 



## **COBHAM RUGBY & SPORTS ASSOCIATION** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021** 

|**4.**<br>**INCOME FROM CHARITABLE ACTIVITIES**<br>Artificial Grass Pitch grants<br>Total 2020|Restricted<br>funds<br><br>2021<br>£<br>-<br>-<br>646,145|Unrestricted<br>funds<br>2021<br>£<br>-<br>-<br>-|Total<br>funds<br>2021<br>£<br>-<br>-<br>646,145|Total<br>funds<br>2020<br>£<br>646,145<br>646,145|
|---|---|---|---|---|
||||||



In the prior year, grant income related to the Artificial Grass Pitch "AGP" project and grants from Elmbridge Council (£491,145), The London Marathon Charitable Trust (£150,000) and Sport England (£5,000). 

## **5. EXPENDITURE ON CHARITABLE ACTIVITIES** 

|Direct costs<br>Charitable activities - see below<br>Depreciation charges<br>Total 2020<br>**CHARITABLE ACTIVITIES**<br>Clubhouse overhead expenditure<br>Bank charges and loan interest<br>Total|Unrestricted<br>funds<br>2021<br>£<br>125,627<br>7,218<br>130,468<br>263,313<br>229,424<br> <br> <br>|Unrestricted<br>funds<br>2021<br>£<br>125,627<br>7,218<br>130,468<br>263,313<br>229,424<br> <br> <br>|Total<br>funds<br>2021<br>£<br>125,627<br>7,218<br>130,468<br>263,313<br>229,424<br>2021<br>£<br>5,206<br>2,012<br> <br>7,218||Total<br>funds<br>2020<br>£<br>105,603<br>8,753<br>115,068|
|---|---|---|---|---|---|
||||||229,424|
||||||2020<br>£<br>6,373<br>2,380|
|||||||
|||||||
|||||||
||||||8,753|



Page 13 



## **COBHAM RUGBY & SPORTS ASSOCIATION** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021** 

## **6. SUPPORT COSTS** 

|**SUPPORT COSTS**|||
|---|---|---|
||Unrestricted|Total|
||funds|funds|
||2021|2020|
||£|£|
|Support costs|43,418|46,843|



Fees in relation to the preparation of the accounts and for providing an independent examination are included in support costs and amounted to £2,750 (2020 - £2,950). 

No remuneration or expenses were paid to trustees during the year. 

## **7. TAXATION** 

The charitable company is exempt from corporation tax on its charitable activities. 

## **8. STAFF COSTS** 

The charity has no employees other than the Trustees, who did not receive any remuneration (2020 - £NIL). 

No employee received remuneration amounting to more than £60,000 in either year. 

Page 14 



## **COBHAM RUGBY & SPORTS ASSOCIATION** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021** 

## **9. TANGIBLE FIXED ASSETS** 

|Club operating<br>capital projects<br>£<br>**COST**<br>At 1 July 2020<br>53,360<br>Additions<br>-<br>At 30 June 2021<br>53,360<br>**DEPRECIATION**<br>At 1 July 2020<br>51,771<br>Charge for the year<br>466<br>At 30 June 2021<br>52,237<br>**NET BOOK VALUE**<br>At 30 June 2021<br>1,123<br>At 30 June 2020<br>1,589<br>**COST**<br>At 1 July 2020<br>Additions<br>At 30 June 2021<br>**DEPRECIATION**<br>At 1 July 2020<br>Charge for the year<br>At 30 June 2021<br>**NET BOOK VALUE**<br>At 30 June 2021<br>At 30 June 2020|Artificial Grass<br>Pitch<br>£<br>656,955<br>4,976<br>661,931<br>43,590<br>58,741<br>102,331<br>559,600<br>613,365<br>Roadways<br>parking<br>compound<br>£<br>152,981<br>3,200<br>156,181<br>21,719<br>3,905<br>25,624<br>130,557<br>131,262|Tennis, netball<br>courts and<br>grounds<br>equipment<br>£<br>101,076<br>-<br>101,076<br>58,294<br>5,629<br>63,923<br>37,153<br>42,782<br>Memorial pitch<br>and irrigation<br>£<br>241,897<br>-<br>241,897<br>52,523<br>8,055<br>60,578<br>181,319<br>189,374|New<br>clubhouse<br>£<br>1,437,765<br>13,011<br>1,450,776<br>394,036<br>45,210<br>439,246<br>1,011,530<br>1,043,729<br>Fairmile<br>Grounds<br>£<br>254,115<br>-<br>254,115<br>66,926<br>8,462<br>75,388<br>178,727<br>187,189|Freehold land<br>£<br>4,663<br>-<br>4,663<br>-<br>-<br>-<br>4,663<br>4,663<br>Total<br>£<br>2,902,812<br>21,187<br>2,923,999<br>688,859<br>130,468<br>819,327<br>2,104,672<br>2,213,953|
|---|---|---|---|---|



Included above is freehold land at a cost of £4,663 which is not depreciated. 

Included in the Fairmile Grounds cost brought forward is a grant from Sport England, which is subject to a legal charge for a period of 25 years from 10 September 2011. 

Page 15 



## **COBHAM RUGBY & SPORTS ASSOCIATION** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021** 

## **10. FIXED ASSET INVESTMENTS** 

## **MARKET VALUE** 

At 1 July 2020 and 30 June 2021 

Shares in group undertakings £ 15,201 

## **SUBSIDIARY UNDERTAKINGS** 

The following were subsidiary undertakings of the company: 

|Name<br>Holding<br>CSA Trading Ltd<br>100%<br>Cobham Rugby Football Club Ltd<br>100%<br>Cobham Didi Rugby Limited<br>100%|2021<br>£<br>100<br>100<br>1<br>201|2020<br>£<br>100<br>100<br>1|
|---|---|---|
|||201|



## **Registered office** 

||||
|---|---|---|
|**Name**|**Business**|**Registered offic**|
|CSA Trading Ltd|Sporting and commercial|England & Wales|
||activities||
|Cobham Rugby Football Club Ltd|Sporting and club activities|England & Wales|
|Cobham Didi Rugby Limited|Other sports activities|England & Wales|



## **VALUATION** 

Since the above investments are unquoted, the fair value of the investments has been deemed the original cost of the share capital. 

## **11. DEBTORS** 

|Trade debtors<br>Amounts owed by Cobham Didi Rugby Ltd|2021<br>£<br>417<br>42,250<br>42,667|2020<br>£<br>-<br>32,249|
|---|---|---|
|||32,249|



Amounts due from group undertakings are interest free and repayable on demand. 

Page 16 



## **COBHAM RUGBY & SPORTS ASSOCIATION** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021** 

## **12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Bank loan (secured)<br>Amount owed to CSA Trading Ltd<br>Taxation and social security<br>Other creditors<br>Accruals and deferred income|2021<br>£<br>12,857<br>-<br>3,314<br>19,370<br>88,979<br>124,520|2020<br>£<br>9,644<br>4,195<br>14,374<br>17,178<br>62,014|
|---|---|---|
|||107,405|



## **13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR** 

||2021|2020|
|---|---|---|
||£|£|
|Bank loan (secured)|40,478|52,003|



The amount falling due after five years, repayable by installments is £NIL (2020 - £NIL). 

## **14. BASIC FINANCIAL INSTRUMENTS** 

|**Financial assets /liabilities measured at fair value through net**<br>**income/expenditure include the following:**<br>Cash in hand and bank<br>Other - assets<br>Other - liabilities<br> <br>Total<br>**Financial liabilities measured at amortised cost include the**<br>**following:**<br>Bank loan (secured)<br> <br>Total|2021<br>£<br>210,443<br>42,667<br>(19,370)<br> <br>233,740<br>2021<br>£<br>53,335<br> <br>53,335|2020<br>£<br>197,163<br>32,250<br>(21,373|
|---|---|---|
||||
||||
|||208,040|
|||2020<br>£<br>61,647|
||||
||||
|||61,647|



The total bank loan outstanding at the year end totalling £53,335 (2020 - £61,647) is secured by the freehold property situated at and being Old Surbitonians Memorial Ground, Fairmile Lane, Cobham, Surrey, KT11 2BU. Bank loan terms require repayments annually and interest is repayable quarterly. The bank loan matures in 2025. 

Page 17 



## **COBHAM RUGBY & SPORTS ASSOCIATION** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021** 

## **15. STATEMENT OF FUNDS** 

## **STATEMENT OF FUNDS - CURRENT YEAR** 

|**DESIGNATED FUNDS**<br>PM Trust Fund<br>Tennis court resurfacing<br>"AGP" resurfacing<br>**GENERAL FUNDS**<br>Unrestricted funds<br>Total Unrestricted funds<br>Total of funds<br>**STATEMENT OF FUNDS - PRIOR YEAR**<br>**DESIGNATED FUNDS**<br>PM Trust Fund<br>Tennis court resurfacing<br>"AGP" resurfacing<br>Unrestricted funds<br>Restricted Funds - "AGP" grant|Balance at 1<br>July 2020<br>£<br>53,728<br>10,000<br>25,000<br>88,728<br>2,210,430<br>2,299,158<br>2,299,158<br> <br>Balance at<br>1 July 2019<br>£<br>62,108<br>5,000<br>-<br>67,108<br>1,629,071<br>-|Income<br>£<br>-<br>-<br>-<br>-<br>215,558<br>215,558<br>215,558<br>Income<br>£<br>-<br>-<br>-<br>-<br>233,100<br>646,145|Expenditure<br>£<br>-<br>-<br>-<br>-<br>(306,731)<br>(306,731)<br>(306,731)<br>Expenditure<br>£<br>-<br>-<br>-<br>-<br>(276,267)<br>-|Transfers<br>in/out<br>Balance at 30<br>June 2021<br>£<br>£<br>-<br>53,728<br>30,000<br>40,000<br>30,000<br>55,000<br>60,000<br>148,728<br>(60,000)<br>2,059,257<br>-<br>2,207,985<br>-<br>2,207,985<br>Transfers<br>in/out<br>Balance at 30<br>June 2020<br>£<br>£<br>(8,380)<br>53,728<br>5,000<br>10,000<br>25,000<br>25,000<br>21,620<br>88,728<br>624,525<br>(646,145)<br>-<br>2,210,430|
|---|---|---|---|---|



Page 18 



## **COBHAM RUGBY & SPORTS ASSOCIATION** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021** 

## **Designated funds** 

The PM Trust fund is a designated, unrestricted fund, the aim of which is to fund capital expenditure projects as agreed by the trustees. During the current year no spending was incurred from this fund. In 2020, spend of £8,380 was incurred on tarmac around the "AGP", seating brackets and clubhouse CCTV upgrades. 

The tennis court resurfacing fund is a designated fund created in 2019 by the trustees to earmark funds for the purpose of resurfacing the tennis courts in 2025. During the period to 30 June 2021 the trustees agreed to set aside an additional £30,000 for the purpose of resurfacing and redeveloping the courts. The trustees have agreed to continue topping up the fund by £1,250 a month. 

An "AGP" designated fund was agreed by the trustees in 2019 to set aside funds for future pitch resurfacing costs. During the period to 30 June 2021 the trustees agreed to set aside an additional £30,000 for this purpose. The total anticipated expenditure is estimated at £240,000 in 2027. 

## **Restricted funds** 

In the prior year, the charity received grant income to fund the "AGP" project which was fully utilised in the prior year. There are no restricted funds held at 30 June 2021. 

## **16. GUARANTEES AND FINANCIAL COMMITMENTS** 

The charity is the guarantor of advertising levies and management fees under a franchise agreement entered into by Cobham Didi Rugby Limited, a wholly owned subsidiary of the charity, in April 2019. The initial term of the agreement was 3 years and it has been subsequently extended for a further 3 years. 

## **17. OPERATING LEASE COMMITMENTS** 

At 30 June 2021 the total of the charity’s future minimum lease payments under non-cancellable operating leases was: 

|**AMOUNTS PAYABLE:**<br>Within 1 year<br>Between 1 and 5 years<br>After more than 5 years<br>Total|Land and buildings<br>2021<br>2020<br>£<br>£<br>25,000<br>25,000<br>100,000<br>100,000<br>375,000<br>400,000<br>500,000<br>525,000|Other<br>2021<br>2020<br>£<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Other<br>2021<br>2020<br>£<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|
|---|---|---|---|
||||-|



Rents payable under operating leases are subject to periodic rent review. Lease payments recognised as an expense during the year were £25,000 (2020 - £25,000). 

Page 19 



**COBHAM RUGBY & SPORTS ASSOCIATION** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021** 

## **18. RELATED PARTY TRANSACTIONS** 

At the year end the charity owed £NIL (2020 - £4,195) to CSA Trading Ltd, a wholly owned subsidiary. 

At the year end the charity was owed £NIL (2020 - £NIL) by Cobham Rugby Football Club Ltd, a wholly owned subsidiary. During the year, the charity received donations of £NIL (2020 - £55,000) from Cobham Rugby Football Club Ltd. 

At the year end the charity was owed £42,250 (2020 - £32,249) by Cobham Didi Rugby Limited, a wholly owned subsidiary, including £12,250 in respect of franchise fees paid by the charity, as detailed in Note 16. The loan balance is interest free and repayable on demand. 

## **19. CONTROLLING PARTY** 

The charity is controlled by its Committee. There is no ultimate controlling party. 

Page 20