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← Taunton Athletics Club

2024-03-31-accounts

Charity number 1155057

Taunton Athletics Club Trustees’ Report and Unaudited Financial Statements For the Year Ended 31 March 2024

Taunton Athletics Club Contents

Legal and administrative information 1
Report of the trustees 2–4
Independent examiner’s report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8-12

Taunton Athletics Club Legal and Administrative Information

Legal information

The charity is known by the name Taunton Athletics Club and is a registered charity, number 1155057. It was founded in the 1880s and was registered as a charity with the Charity Commission on 17 December 2013. It is governed by its constitution adopted 23 October 2013 and updated in December 2013.

Trustees

New trustees are elected and appointed by existing trustees at a general meeting. Trustees shall retire with effect from the conclusion of the annual general meeting after their appointment but shall be eligible for re-election at that meeting. The number of trustees should not be less than three but is not subject to any maximum.

The trustees of the charity who served during the year up to the date of this report were as follows:

M Rodgers Chairman – resigned 5 January 2024 R Llewellyn-Eaton President B Hawkins Treasurer S Walton Trustee J Kidd Trustee – elected 5 January 2024 S Ladd Chairman – elected 5 January 2024

Principal address

6 Lodge Close Taunton Somerset TA1 5JT

Independent examiner

Pip Millard FCCA Peregrine Accounting Ltd Dennett House 11 Middle Street Taunton TA1 1SH

1

Taunton Athletics Club Annual Report of the Trustees for the Year Ended 31 March 2024

The trustees present their report and the financial statements of the charity for the year ended 31 March 2024.

Objects and activities

The object of Taunton Athletics Club is to promote healthy activity for the benefit of the inhabitants of Taunton and the surrounding district by the provision of facilities for athletics. In support of these aims:

In planning the activities, the trustees have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit.

Achievements and performance

We now see a significant number of our athletes competing in County level competitions. In addition, the numbers both individually and as a team competing at National level are now regularly increasing. We continue to benefit from a very strong coaching structure with at least six of our coaches having competed or coached at International level.

Financial review

Income from membership and training increased slightly from 2023 with £47,069 received in the year (2023: £45,893). Overall, a surplus of £6,273 was achieved for the year (2023: £15,867) in the unrestricted funds. The decrease is largely due to a significant expenditure on repairing the hammer cage and adding a steeplechase pit cover.

Donations were received during the year from Taunton School.

Reserves policy

The trustees’ policy is for a minimum of £10,000 of free reserves to be held at all times, as this is considered enough to cover three months’ operating expenditure.

The free reserves of the charity at 31 March 2024 are made up of unrestricted funds of £136,430 (2023: £130,157) less fixed assets of £51,055 (2023: £53,831), giving free reserves of £85,375 (2023: £76,326). While this higher than the required minimum, a number of large projects are planned that require the use of the reserves, including the complete relaying of the track in the coming years.

2

Taunton Athletics Club Annual Report of the Trustees for the Year Ended 31 March 2024 continued

Statement of trustees’ responsibilities

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102, the financial reporting standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales 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 income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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 trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the Trustees on 24 January 2025 and is signed on their behalf by:

...............................

S Ladd

3

Taunton Athletics Club

Independent Examiner’s Report to the Trustees on the Unaudited Financial Statements of Taunton Athletics Club

I report to the trustees on my examination of the financial statements of Taunton Athletics Club for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act, and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material 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 Trust as required by section 130 of the Act; or 2. the financial statements do not accord with those records; or

  2. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a ‘true and fair’ view, which is not a matter considered as part of an independent examination.

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.

Pip Millard FCCA Peregrine Accounting Ltd Dennett House 11 Middle Street Taunton TA1 1SH

4

Taunton Athletics Club Statement of Financial Activities for the Year Ended 31 March 2024

Notes
Income from:
Donations and legacies
Charitable activities
2
Other trading activities
Total income
Expenditure on:
Raising funds
Charitable activities
3
Total expenditure
Net income/(expenditure)/
Net movements in funds
Total funds brought
forward
9
Total funds carried forward
9		 Unrestricted
funds
Restricted
funds
Total
2024
£
£
£
150
-
150
48,334
–
48,334
1,670
–
1,670
50,154
-
50,154
530
–
530
43,351
3,975
47,326
43,881
3,975
47,856
6,273
(3,975)
2,298
130,157
75,646
205,803
136,430
71,671
208,101		 Unrestricted
funds
Restricted
funds
Total
2023
£
£
£
1,750
500
2,250
51,957
–
51,957
1,863
–
1,863
55,570
500
56,070
2,500
–
2,500
37,204
4,475
41,679
39,704
4,475
44,179
15,866
(3,975)
11,891
114,291
79,621
193,912
130,157
75,646
205,803

The notes on the following pages form part of these financial statements.

5

Taunton Athletics Club Balance Sheet as at 31 March 2024

Notes
Fixed assets
Tangible fixed assets
4
Current assets
Stock
5
Cash at bank and in hand
Creditors: Amounts falling due within one year
6
Net current assets
Creditors: Amounts falling due after more than one
year
Net assets
The funds of the charity
Unrestricted funds
7
Restricted funds
7
Total charity funds
7		 2024
£
£
122,726
7,407
79,521
86,928
(1,553)
85,375
-
208,101
136,430
71,671
208,101		 2024
£
£
122,726
7,407
79,521
86,928
(1,553)
85,375
-
208,101
136,430
71,671
208,101		 2023
£
£
129,477
5,290
72,405
77,695
(1,369)
76,326
-
205,803
130,157
75,645
205,803		 2023
£
£
129,477
5,290
72,405
77,695
(1,369)
76,326
-
205,803
130,157
75,645
205,803
86,928
(1,553)		 77,695
(1,369)
208,101 205,803
136,430
71,671		 130,157
75,645
208,101 205,803

These financial statements were approved by the Board of Trustees on 24 January 2025 and signed on its behalf by:

S Ladd

Chairman

The notes on the following pages form part of these financial statements.

6

Taunton Athletics Club

Notes to the Financial Statements for the Year Ended 31 March 2024

1. Accounting polices

a) Basis of preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value. The financial statements have also been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Taunton Athletics Club meets the definition of a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

b) Critical accounting judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results.

The trustees are of the opinion that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

c) Income recognition

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. Donations and grants are recognised when the charity has been notified in writing of both the amount and settlement date.

Deferred income comprises membership fees and competition licences paid in advance of the new membership year.

d) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

e) Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended on which it is incurred.

7

Taunton Athletics Club Notes to the Financial Statements for the Year Ended 31 March 2024

f) Fixed assets

Fixed assets are stated at their purchase price, together with any incidental expenses of acquisition.

Depreciation is provided on tangible fixed assets to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Clubhouse

straight line over 28 years

g) Funds structure

Unrestricted funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects.

Restricted funds are funds which are subject to external restriction on the way they may be spent. Further details of each fund are disclosed in note 9.

h) Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slowmoving stock.

i) Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits and other short-term highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value.

j) Financial instruments

The charity only has financial assets and liabilities that qualify as basic financial instruments. Basic financial instruments are recognised at transaction price and subsequently measured at their amortised cost.

k) Operating Leases

Operating leases are charged to statement of financial activities on a straight line basis over the period of the lease.

8

Taunton Athletics Club Notes to the Financial Statements for the Year Ended 31 March 2024

2. Income from charitable activities

Membership
Junior membership
Non-DD training & Joining fees
Hemyock 10k
Mansfield/Parliament Hill		 Unrestricted
funds
Restricted
funds
Total
Total
2024
2023
£
£
£
£
30,846
–
30,846
29,301
15,148
–
15,148
16,067
1,075
–
1,075
525
-
–
-
4,077
1,265
–
1,265
1,987
48,334
–
48,334
51,957

All income from charitable activities in both 2024 & 2023 was unrestricted.

3. Expenditure on charitable activities

Equipment
Hall/track hire
Coaches’ training & costs
Track coaching
Entry/affiliation fees/licences
Sponsorship
Website
Insurances
Hemyock 10k
Mansfield/Parliament Hill
Travel expenses
Bank charges
Independent examiner’s fee
Accountancy
Track maintenance
Physio
Clubhouse running costs
Depreciation of clubhouse		 Unrestricted
funds
Restricted
funds
Total
Total
2024
2023
£
£
£
£
2,850
–
2,850
4,195
18,298
-
18,298
15,895
800
–
800
-
1,200
–
1,200
1,200
1,511
–
1,511
1,999
-
–
-
-
569
–
569
1,263
564
–
564
486
-
–
-
1,228
1,691
–
1,691
2,475
-
–
-
578
2,572
–
2,572
2,120
150
–
150
150
403
–
403
403
8,178
–
8,178
-
-
-
-
90
1,789
-
1,789
2,846
2,776
3,975
6,751
6,751
43,351
3,975
47,326
41,679

Expenditure on charitable activities in 2024 and 2023 was unrestricted, except for £3,975 clubhouse depreciation (2023: £3,975).

9

Taunton Athletics Club

Notes to the Financial Statements for the Year Ended 31 March 2024

4. Tangible fixed assets

. Tangible fixed assets
Cost
As at 1 April 2023
As at 31 March 2024
Depreciation
As at 1 April 2023
Charge for the year
As at 31 March 2024
Net book value
As at 31 March 2024
As at 31 March 2023		 Total
£
189,017
189,017
59,540
6,751
66,291
122,726
129,477		 Clubhouse
Unrestricted
Restricted
£
£
£
189,017
77,740
111,277
189,017
77,740
111,277
59,540
23,909
35,631
6,751
2,776
3,975
66,291
26,685
39,606
122,726
51,055
71,671
129,477
53,831
75,646

5. Stocks

Stocks of clothing
Creditors: Amounts falling due within one year
Deferred income
Accruals		 2024
£
7,407
2024
£
-
1,553
1,553		 2023
£
5,290
2023
£
164
1,205
1,369

6. Creditors: Amounts falling due within one year

10

Taunton Athletics Club

Notes to the Financial Statements for the Year Ended 31 March 2024

7. Analysis of fund movements

Balance at 1 April 2022
Income
Expenditure
Balance at 31 March 2023
At the 31 March 2023 - Represented by:
Fixed assets
Net current assets
Balance at 1 April 2023
Income
Expenditure
Balance at 31 March 2024
At the 31 March 2024 - Represented by:
Fixed assets
Net current assets		 Unrestricted
Funds
£
114,291
55,570
(39,704)
130,157
53,831
76,326
130,157
130,157
50,154
(43,881)
136,430
51,055
85,375
136,430		 Restricted
Clubhouse
Fund
£
79,621
–
(3,975)
75,646
75,646
–
75,646
75,646
–
(3,975)
71,671
71,671
–
71,671		 Total
£
193,912
55,570
(43,679)
205,803
129,477
76,326
205,803
205,803
50,154
(47,856)
208,101
122,726
85,375
208,101

8. Trustees’ remuneration and related party transactions

No remuneration or expenses were paid to any trustee in the year (2023: Nil). There were no related party transactions (2023: Nil).

9. Key management personnel

The charity considers its key management personnel to be the trustees. No remuneration was paid to key management personnel in the year (2023: Nil).

10. Independent examiner’s fees

Independent examination 2024
£
-		 2023
£
150

11