COMPANY REGISTRATION NUMBER : 7122226 CHARITY REGISTRATION NUMBER: 1138783
GMAX TRACK STARS LIMITED Unaudited Financial Statements 31 January 2021
V J RUTHERFORD LTD.
Accountants 6 Rye Court 214 Peckham Rye London SE22 0LT
GMAX TRACK STARS LIMITED
Financial Statements
Year ended 31 January 2021
| Page | |
|---|---|
| Trustee's annual report | 1 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Statement of cash flows | 6 |
| Notes to the financial statements | 7 |
| The following pages do not form part of the financial statements | |
| Accountants report to GMAX TRACK STARS LIMITED on the | |
| unaudited financial information | 18 |
| Detailed statement of financial activities | 19 |
| Notes to the detailed statement of financial activities | 21 |
GMAX TRACK STARS LIMITED
Trustee's Annual Report
Year ended 31 January 2021
The trustee presents his report and the unaudited financial statements of the charity for the year ended 31 January 2021.
Reference and administrative details
Registered charity name GMAX TRACK STARS LIMITED Charity registration number 1138783 Principal office Zanara Court 22A - 24 Sydenham Road Sydenham London SE26 5QW
The trustee
Veronica Lancaster Charlie Carter James King Neil James Dadswell Ashutosh Pumma Eleanor Morris Georgina Weller Michael Omoniyi David Demudia Emuan Jamie Stafford Femi Ajumogobia Accountants V J Rutherford Ltd. Accountants 6 Rye Court 214 Peckham Rye London SE22 0LT
Structure, governance and management
Gmax Track Stars Limited is governed by Memorandum and Articles of Association dated 12 January 2010.
Objectives and activities
Gmax Track Stars Limited (Gmax) is run by a management committee whose members are selected by appointment in the annual general meeting where the activities of the club are discussed and the decisions made regarding operational subject matters associated with running the club.
Fund Raising Events
Gmax maximise on the use of Therapy rooms to offer services to the customers generating income to cover coaching, facility hire expenditure and equipment to help with coaching, education and athletics development for the young people who participates in the clubs activities. Gmax has developed a unique relationship with the daily deal company Barclaycard who have agreed favourable business rates to support the fundraising efforts which assist club expenditure
- 1 -
GMAX TRACK STARS LIMITED
Trustee's Annual Report (continued)
Year ended 31 January 2021
Achievements and performance
Gmax is an England athletics affiliated club and plans to register 12-25 year olds to engage in athletics training and competitions.
Gmax is actively involved with Lewisham Athletics Action Group and a member of Institute of Fund Raisers (IOF)
The club has provided athletics training for over 500 children aged between 6 and 16 in Lewisham and Greenwich area during school workshops and after school sessions at Sutcliffe Park Athletics Track and Ladywell Athletics Track. Recently, a sprinter of the club was selected by the England team to partake in the Welsh international championship. Also the club produced five county champions and have promising national age group champion with two in the sprinting category and one in the long jump category, who all qualified as Team London squard members for the English Schools National Championship in Gateshead.
In addition, to working with young people, Gmax offers coaching opportunities to senior citizens and includes disability training opportunities when availability of skilled coaches can be arranged.
Gmax initiated a project in partnership with Hyde Housing to provide athletics training for the young people that rae residents with the Housing Association to address the inert youth culture issues that are prevalent in todays society.
Financial review
1.Expenditure
Expenditure is as follows; training equipment/kit, pitch hire, insurance, coaching staff expenses, training workshop instructor, facilities, trophies, league organisation, tournaments and sundry expenses
2. Reserve Policy
Due to early stages of the company, it has not been possible to set aside money into reserves.
- 2 -
GMAX TRACK STARS LIMITED
Trustee's Annual Report (continued)
Year ended 31 January 2021
Plans for future periods
Gmax plans to grow organically and will continue to invest in equipment, training and infrastructure to offer contained facilities for training, education and sports development opportunities allowing young people to obtain skills and even create jobs for themselves.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, 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 applicable Charities SORP;
· make judgments and accounting estimates that are reasonable and prudent;
· prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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.
The trustee's annual report was approved on .............................. and signed on behalf of the board of29 October 2021 trustees by:
Veronica Lancaster Trustee
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GMAX TRACK STARS LIMITED
Statement of Financial Activities
Year ended 31 January 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 63,502 | 44,037 | 107,539 | 220,645 |
| Charitable activities | 5 | 2,111 | – | 2,111 | 6,104 |
| Other trading activities | 6 | 18,866 | – | 18,866 | 4,700 |
| Investment income | 7 | 1 | – | 1 | – |
|
|
|
|
||
| Total income | 84,480 | 44,037 | 128,517 | 231,449 | |
|
|
|
|
||
| Expenditure | |||||
| Expenditure on charitable activities | 8,9 | 165,620 | 30,081 | 195,701 | 266,660 |
|
|
|
|
||
| Total expenditure | 165,620 | 30,081 | 195,701 | 266,660 | |
|
|
|
|
||
|
|
|
|
||
| Net expenditure and net movement | in | ||||
| funds | (81,140) | 13,956 | (67,184) | (35,211) | |
|
|
|
|
||
| Reconciliation of funds | |||||
| Total funds brought forward | (36,086) | 1,997 | (34,089) | 1,122 | |
|
|
|
|
||
| Total funds carried forward | (117,226) |
15,953 |
(101,273) |
(34,089) |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 16 form part of these financial statements.
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GMAX TRACK STARS LIMITED
Statement of Financial Position
31 January 2021
| 31 January 2021 | |||
|---|---|---|---|
| 2021 | 2020 | ||
| Note | £ | £ | |
| Fixed assets | |||
| Intangible assets | 14 | 16,139 | – |
| Tangible fixed assets | 15 | 1,005,560 | 1,045,376 |
|
|
||
| 1,021,699 | 1,045,376 | ||
| Current assets | |||
| Debtors | 16 | 1,930 | – |
| Cash at bank and in hand | 3,703 | 1,615 | |
|
|
||
| 5,633 | 1,615 | ||
| Creditors: amounts falling due within one year | 18 | 28,240 | 34,909 |
|
|
||
| Net current liabilities | 22,607 | 33,294 | |
|
|
||
| Total assets less current liabilities | 999,092 | 1,012,082 | |
| Creditors: amounts falling due after more than one year | 19 | 1,100,365 | 1,046,171 |
|
|
||
| Net liabilities | (101,273) | (34,089) | |
|
|
||
| Funds of the charity | |||
| Restricted funds | 15,953 | 1,997 | |
| Unrestricted funds | (117,226) | (36,086) | |
|
|
||
| Total charity funds | 22 | (101,273) | (34,089) |
|
|
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:29 October 2021
Mr Mark Lancaster Trustee
The notes on pages 7 to 16 form part of these financial statements.
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GMAX TRACK STARS LIMITED
Statement of Cash Flows
Year ended 31 January 2021
| Year ended 31 January | 2021 | ||
|---|---|---|---|
| 2021 | 2020 | ||
| Note | £ | £ | |
| Cash flows from operating activities | |||
| Net expenditure | (67,184) | (35,211) | |
| Adjustments for: | |||
| Depreciation of tangible fixed assets | 47,072 | 45,743 | |
| Amortisation of intangible assets | 8,069 | – | |
| Government grant income | (13,197) | – | |
| Other interest receivable and similar income | (1) | – | |
| Interest payable and similar charges | 41,983 | 28,226 | |
| Changes in: | |||
| Trade and other debtors | (1,930) | – | |
| Trade and other creditors | (43) | 43 | |
|
|
||
| Cash generated from operations | 14,769 | 38,801 | |
| Interest paid | (41,983) | (28,226) | |
| Interest received | 1 | – | |
|
|
||
| Net cash (used in)/from operating activities | (27,213) | 10,575 | |
|
|
||
| Cash flows from investing activities | |||
| Purchase of tangible assets | (7,256) | (23,626) | |
| Proceeds from sale of tangible assets | – | 1,300 | |
| Purchase of intangible assets | (24,208) | – | |
|
|
||
| Net cash used in investing activities | (31,464) | (22,326) | |
|
|
||
| Cash flows from financing activities | |||
| Proceeds from borrowings | 46,850 | (162) | |
| Government grant income | 13,197 | – | |
| Payments of finance lease liabilities | 1,345 | (12,876) | |
|
|
||
| Net cash from/(used in) financing activities | 61,392 | (13,038) | |
|
|
||
| Net increase/(decrease) in cash and cash equivalents | 2,715 | (24,789) | |
| Cash and cash equivalents at beginning of year | (18,219) | 6,570 | |
|
|
||
| Cash and cash equivalents at end of year | 17 | (15,504) |
(18,219) |
The notes on pages 7 to 16 form part of these financial statements.
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GMAX TRACK STARS LIMITED
Notes to the Financial Statements
Year ended 31 January 2021
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Zanara Court, 22A - 24 Sydenham Road, Sydenham, London, SE26 5QW.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustee for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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GMAX TRACK STARS LIMITED
Notes to the Financial Statements (continued)
Year ended 31 January 2021
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
- 8 -
GMAX TRACK STARS LIMITED
Notes to the Financial Statements (continued)
Year ended 31 January 2021
3. Accounting policies (continued)
Intangible assets (continued)
Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Intangible assets
- 33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
| Long Leasehold Property | - | 4% straight line |
|---|---|---|
| Fixtures & Fittings | - | 5% straight line |
| Motor Vehicle | - | 10% straight line |
| Equipments | - | 20% straight line |
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
- 9 -
GMAX TRACK STARS LIMITED
Notes to the Financial Statements (continued)
Year ended 31 January 2021
3. Accounting policies (continued)
Impairment of fixed assets (continued)
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
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 charity 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 performance-related 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.
4. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Grants | |||
| Grants receivable - Big Issue | – | 20,000 | 20,000 |
| Grants receivable - Access reach | – | 17,000 | 17,000 |
| Grants receivable - ESC lottery fund | – | 7,037 | 7,037 |
| Government grant income | 13,197 | – | 13,197 |
| Other donations and legacies | |||
| Other donations and legacies type 1 | 521 | – | 521 |
| Generated Income | 49,784 | – | 49,784 |
|
|
|
|
| 63,502 | 44,037 | 107,539 | |
|
|
|
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Grants | |||
| Grants receivable - Big Issue | – | – | – |
| Grants receivable - Access reach | – | – | – |
| Grants receivable - ESC lottery fund | – | – | – |
| Government grant income | – | – | – |
| Other donations and legacies | |||
| Other donations and legacies type 1 | 4,182 | – | 4,182 |
| Generated Income | 216,463 | – | 216,463 |
|
|
|
|
| 220,645 | – | 220,645 | |
|
|
|
- 10 -
GMAX TRACK STARS LIMITED
Notes to the Financial Statements (continued)
Year ended 31 January 2021
5. Charitable activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Other income | 2,111 | 2,111 | 6,104 | 6,104 | |
|
|
|
|
||
| 6. | Other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Incomes and gains from disposal | 17,602 | 17,602 | 4,700 | 4,700 | |
| Fundraising events | 1,264 | 1,264 | – | – | |
|
|
|
|
||
| 18,866 | 18,866 | 4,700 | 4,700 | ||
|
|
|
|
||
| 7. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable type 1 | 1 | 1 | – | – | |
|
|
|
|
||
| 8. | Expenditure on charitable activities | by fund type | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2021 | |||
| £ | £ | £ | |||
| Activity type 1 | 109,059 | 12,958 | 122,019 | ||
| Activity type 4 | 162 | 18 | 178 | ||
| Support costs | 56,399 | 17,105 | 73,504 | ||
|
|
|
|||
| 165,620 | 30,081 | 195,701 | |||
|
|
|
|||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2020 | |||
| £ | £ | £ | |||
| Activity type 1 | 214,478 | – | 214,478 | ||
| Activity type 4 | 266 | – | 266 | ||
| Support costs | 51,916 | – | 51,916 | ||
|
|
|
|||
| 266,660 | – | 266,660 | |||
|
|
|
- 11 -
GMAX TRACK STARS LIMITED
Notes to the Financial Statements (continued)
Year ended 31 January 2021
9. Expenditure on charitable activities by activity type
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Total funds | Total fund | |||
| directly | Support costs | 2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Activity type | 1 | 122,019 | 18,147 | 140,166 | 220,224 |
| Activity type | 2 | – | 55,357 | 55,357 | 46,170 |
| Activity type | 4 | 178 | – | 178 | 266 |
|
|
|
|
||
122,197 |
73,504 |
195,701 |
266,660 |
10. Analysis of support costs
| Analysis of | |||
|---|---|---|---|
| support costs | |||
| activity 1 | Total 2021 | Total 2020 | |
| £ | £ | £ | |
| Governance costs | 18,147 | 18,147 | 5,610 |
| Support costs - Other costs type 2 | 55,357 | 55,357 | 46,170 |
|
|
|
|
| 73,504 | 73,504 | 51,780 | |
|
|
|
11. Net expenditure
Net expenditure is stated after charging/(crediting):
| Net expenditure is stated after charging/(crediting): | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Amortisation of intangible assets | 8,069 | – |
| Depreciation of tangible fixed assets | 47,072 | 45,743 |
| Operating lease rentals | – | 252 |
|
|
12. Staff costs
| The total self employed costs and benefits for the reporting period are analysed as | The total self employed costs and benefits for the reporting period are analysed as | follows: |
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Wages and salaries | 47,162 | 145,326 |
|
|
The average head count of employees during the year was Nil (2020: Nil).
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
- 12 -
GMAX TRACK STARS LIMITED
Notes to the Financial Statements (continued)
Year ended 31 January 2021
14. Intangible assets
| Intangible | |
|---|---|
| asset user | |
| defined 1 | |
| £ | |
| Cost | |
| Additions | 24,208 |
|
|
| At 31 January 2021 | 24,208 |
|
|
| Amortisation | |
| Charge for the year | 8,069 |
|
|
| At 31 January 2021 | 8,069 |
|
|
| Carrying amount | |
| At 31 January 2021 | 16,139 |
|
|
| At 31 January 2020 | – |
15. Tangible fixed assets
| Long | ||||
|---|---|---|---|---|
| leasehold | Fixtures and | |||
| property | fittings | Equipment | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 February 2020 | 1,066,779 | 29,218 | 8,052 | 1,104,049 |
| Additions | – | 809 | 6,447 | 7,256 |
|
|
|
|
|
| At 31 January 2021 | 1,066,779 | 30,027 | 14,499 | 1,111,305 |
|
|
|
|
|
| Depreciation | ||||
| At 1 February 2020 | 53,339 | 1,917 | 3,417 | 58,673 |
| Charge for the year | 42,671 | 1,502 | 2,899 | 47,072 |
|
|
|
|
|
| At 31 January 2021 | 96,010 | 3,419 | 6,316 | 105,745 |
|
|
|
|
|
| Carrying amount | ||||
| At 31 January 2021 | 970,769 | 26,608 | 8,183 | 1,005,560 |
|
|
|
|
|
| At 31 January 2020 | 1,013,440 | 27,301 | 4,635 | 1,045,376 |
|
|
|
|
|
| Debtors | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| Other debtors | 1,930 |
– |
16. Debtors
- 13 -
GMAX TRACK STARS LIMITED
Notes to the Financial Statements (continued)
Year ended 31 January 2021
17. Cash and cash equivalents
Cash and cash equivalents comprise the following:
| Cash and cash equivalents comprise the following: | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Cash at bank and in hand | 3,703 | 1,615 |
| Bank overdrafts | (19,207) | (19,834) |
|
|
|
| (15,504) | (18,219) | |
|
|
|
| Creditors: amounts falling due within one year | ||
| 2021 | 2020 | |
| £ | £ | |
| Bank loans and overdrafts | 19,207 | 19,834 |
| Director loan accounts | 8,133 | 14,132 |
| Other creditors | 900 | 943 |
|
|
|
| 28,240 | 34,909 | |
|
|
|
| Creditors: amounts falling due after more than one year | ||
| 2021 | 2020 | |
| £ | £ | |
| Bank loans and overdrafts | 65,217 | 12,368 |
| Obligations under finance leases and hire purchase contracts | 1,035,148 | 1,033,803 |
|
|
|
1,100,365 |
1,046,171 |
18. Creditors: amounts falling due within one year
19. Creditors: amounts falling due after more than one year
20. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
| 2021 | 2020 | |||
|---|---|---|---|---|
| £ | £ | |||
| Later than | 1 | year and not later than 5 years | 31,518 | – |
| Later than | 5 | years | 1,003,630 | 1,033,803 |
|
|
|||
| 1,035,148 | 1,033,803 | |||
|
|
21. Government grants
The amounts recognised in the financial statements for government grants are as follows:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Recognised in income from donations and legacies: | ||
| Government grants income | 13,197 | – |
|
|
- 14 -
GMAX TRACK STARS LIMITED
Notes to the Financial Statements (continued)
Year ended 31 January 2021
22. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | At | |||
| 1 February 20 | 31 January 2 | |||
| 20 | Income | Expenditure | 021 | |
| £ | £ | £ | £ | |
| General funds | (36,087) | 84,480 | (165,620) | (117,227) |
| Designated Fund 1 - desc in a/cs | 1 | – | – | 1 |
|
|
|
|
|
| (36,086) | 84,480 | (165,620) | (117,226) | |
|
|
|
|
|
| At | At | |||
| 1 February 20 | 31 January 20 | |||
| 19 | Income | Expenditure | 20 | |
| £ | £ | £ | £ | |
| General funds | (876) | 231,449 | (266,660) | (36,087) |
| Designated Fund 1 - desc in a/cs | 1 | – | – | 1 |
|
|
|
|
|
| (875) | 231,449 | (266,660) | (36,086) | |
|
|
|
|
|
| Restricted funds | ||||
| At | At | |||
| 1 February 20 | 31 January 2 | |||
| 20 | Income | Expenditure | 021 | |
| £ | £ | £ | £ | |
| Restricted Fund 1 - desc in a/cs | 1,997 | 44,037 | (30,081) | 15,953 |
|
|
|
|
|
| At | At | |||
| 1 February 20 | 31 January 20 | |||
| 19 | Income | Expenditure | 20 | |
| £ | £ | £ | £ | |
| Restricted Fund 1 - desc in a/cs | 1,997 | – | – | 1,997 |
|
|
|
|
- 15 -
GMAX TRACK STARS LIMITED
Notes to the Financial Statements (continued)
Year ended 31 January 2021
23. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2021 | |
| £ | £ | |
| Intangible assets | 16,139 | 16,139 |
| Tangible fixed assets | 1,005,560 | 1,005,560 |
| Current assets | 5,633 | 5,633 |
| Creditors less than 1 year | (28,239) | (28,239) |
| Creditors greater than 1 year | (1,100,365) | (1,100,365) |
|
|
|
| Net liabilities | (101,272) | (101,272) |
|
|
|
| Unrestricted | Total Funds | |
| Funds | 2020 | |
| £ | £ | |
| Intangible assets | – | – |
| Tangible fixed assets | 1,045,376 | 1,045,376 |
| Current assets | 1,614 | 1,614 |
| Creditors less than 1 year | (34,908) | (34,908) |
| Creditors greater than 1 year | (1,046,171) | (1,046,171) |
|
|
|
| Net liabilities | (34,089) | (34,089) |
|
|
24. Analysis of changes in net debt
| At | |||
|---|---|---|---|
| At 1 Feb 2020 | Cash flows | 31 Jan 2021 | |
| £ | £ | £ | |
| Cash at bank and in hand | 1,615 | 2,088 | 3,703 |
| Bank overdrafts | (19,834) | 627 | (19,207) |
| Debt due within one year | (14,132) | 5,999 | (8,133) |
| Debt due after one year | (1,046,171) | (54,194) | (1,100,365) |
|
|
|
|
(1,078,522) |
(45,480) |
(1,124,002) |
- 16 -
GMAX TRACK STARS LIMITED
Management Information
Year ended 31 January 2021
The following pages do not form part of the financial statements.
- 17 -
GMAX TRACK STARS LIMITED
Accountants Report to GMAX TRACK STARS LIMITED on the Unaudited Financial Information of GMAX TRACK STARS LIMITED
Year ended 31 January 2021
In order to assist you fulfill your duties under the companies Act 2006, we have prepared for your approval the financial information of GMAX TRACK STARS LIMITED for the year ended 31 January 2021, which comprise the statement of financial activities, statement of financial position, statement of cash flows and the related notes from the charity's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements.
This report is made solely to the trustee of GMAX TRACK STARS LIMITED in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of GMAX TRACK STARS LIMITED and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountant. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GMAX TRACK STARS LIMITED and its trustee for our work or for this report.
You have approved the financial information for the year and have acknowledged your responsibility for it, for the appropriateness of the financial reporting framework adopted and for providing all informations and explanations necessary for its compilation.
We have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial information.
V J RUTHERFORD LTD. Accountants
6 Rye Court 214 Peckham Rye London SE22 0LT
29 October 2021
- 18 -
GMAX TRACK STARS LIMITED
Detailed Statement of Financial Activities
Year ended 31 January 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Grants receivable - Big Issue | 20,000 | – |
| Grants receivable - Access reach | 17,000 | – |
| Grants receivable - ESC lottery fund | 7,037 | – |
| Government grant income | 13,197 | – |
| Other donations and legacies type 1 | 521 | 4,182 |
| Generated Income | 49,784 | 216,463 |
|
|
|
| 107,539 | 220,645 | |
|
|
|
| Charitable activities | ||
| Other income | 2,111 | 6,104 |
|
|
|
| Other trading activities | ||
| Incomes and gains from disposal | 17,602 | 4,700 |
| Fundraising events | 1,264 | – |
|
|
|
| 18,866 | 4,700 | |
|
|
|
| Investment income | ||
| Bank interest receivable type 1 | 1 | – |
|
|
|
|
|
|
| Total income | 128,517 |
231,449 |
- 19 -
GMAX TRACK STARS LIMITED
Detailed Statement of Financial Activities (continued)
Year ended 31 January 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Expenditure | ||
| Expenditure on charitable activities | ||
| Wages and salaries | 47,162 | 145,326 |
| Operating leases | – | 252 |
| Rent | 456 | 19,361 |
| Light and heat | 2,996 | 2,319 |
| Repairs and maintenance | 2,839 | 2,315 |
| Insurance | – | 296 |
| Motor vehicle expenses | 516 | 975 |
| Accountancy, website expenses & training education | 1,078 | 1,192 |
| Telephone | 3,467 | 4,090 |
| Other office costs | 5,276 | 2,044 |
| Amortisation | 8,069 | – |
| Depreciation | 47,072 | 45,743 |
| Interest on bank loans and overdrafts | 4,506 | 3,103 |
| Interest on HP and finance leases | 37,477 | 25,123 |
| Marketing, Professional fees & general expenses | 26,424 | 6,320 |
| Printing & stationery | 44 | 60 |
| Subscriptions & office entertainments | 6,899 | 7,353 |
| Bank charges, Interest & others | 1,420 | 788 |
|
|
|
| 195,701 | 266,660 | |
|
|
|
|
|
|
| Total expenditure | 195,701 | 266,660 |
|
|
|
|
|
|
| Net expenditure | (67,184) | (35,211) |
|
|
- 20 -
GMAX TRACK STARS LIMITED
Notes to the Detailed Statement of Financial Activities
Year ended 31 January 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Expenditure on charitable activities | ||
| Activity type 1 | ||
| Activities undertaken directly | ||
| Contract Labour & Freelance | 47,162 | 145,326 |
| Equipment leases & rentals | – | 252 |
| Rent and Rates | 456 | 19,361 |
| light & heat | 2,996 | 2,319 |
| Refurbishments & Repairs | 2,839 | 2,315 |
| Insurance | – | 296 |
| Motor vehicle & Travel expenses | 516 | 975 |
| Website Expenses | – | 26 |
| Telephone & Internet | 3,467 | 4,090 |
| Office Expenses | 5,276 | 2,044 |
| Direct charitable activity 1 - interest on loans and overdrafts | 4,506 | 3,103 |
| Direct charitable activity 1 - interest on finance leases | 37,477 | 25,123 |
| Marketing & advertising | 8,961 | 1,183 |
| Printing ,Postage & Stationary | 44 | 60 |
| Subscriptions | 6,899 | 7,353 |
| Bank charges and Interests | 1,420 | 652 |
|
|
|
| 122,019 | 214,478 | |
|
|
|
| Support costs | ||
| Accountancy fees | 900 | 900 |
| Professional & Legal fees | 17,247 | 4,710 |
| Donations | – | 136 |
|
|
|
| 18,147 | 5,746 | |
|
|
|
| Activity type 2 | ||
| Support costs | ||
| Support charitable activity 2 - amortisation | 8,069 | – |
| Support charitable activity 2 - depreciation | 47,072 | 45,743 |
| Support charitable activity 2 - General | 216 | 427 |
|
|
|
| 55,357 | 46,170 | |
|
|
|
| Activity type 4 | ||
| Activities undertaken directly | ||
| Direct charitable activity 2 - Training & Education | 178 | 266 |
|
|
|
|
|
|
| Expenditure on charitable activities | 195,701 | 266,660 |
|
|
- 21 -