UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 

31 DECEMBER 2020 

ATLANTIC RACQUET CENTRE COMPANY LIMITED BY GUARANTEE 

COMPANY REGISTRATION NO. 07829589 

CHARITY REGISTRATION NO. 1156455 



: 

## Atlantic Racquet Centre 

## Company Limited by Guarantee 

## Financial Statements 

## Year ended 31 December 2020 

||Pages|
|---|---|
|Trustees’ annual report (incorporating the director's report)|1to5|
|Independent examiner's report to the trustees|6|
|Statement offinancial activities (including income and||
|expenditure account)|7|
|Group statement offinancial position|8|
|Company statement offinancial position|9|
|Notestothefinancialstatements|10to24|





: 

Atlantic Racquet Centre 

## Company Limited by Guarantee 

## Trustees’ Annual Report (Incorporating the Director's Report) 

## Year ended 31 December 2020 

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2020. 

## Reference and administrative details 

Registered charity name Atlantic Racquet Centre Charity registration number 1156455 Company registration number 07829589 Principal office and registered 64 Benedict Street office Glastonbury BA6 SEY England The trustees Anoushka Lynd Neil Darnley Mark Clayton Atlantic Coast Co-Operative Trust David Vinall The Northam Care Trust Company secretary Anoushka Lynd Independent examiner Catherine Williams ACA DChA Thomas Westcott Chartered Accountants 47 Boutport Street Barnstaple Devon EX31 1SQ 

## Structure, governance and management 

## Organisational structure 

The directors of the company are also charity trustees for the purposes of charity law. All of the trustees give their time voluntarily and received no benefits from the charity. Any expenses reclaimed from the charity are set out in note 10 to the accounts. 

Anoushka Lynd is the Chief Executive Officer for the charity. 

-1- 



: 

Atlantic Racquet Centre 

## Company Limited by Guarantee 

## Trustees’ Annual Report (Incorporating the Director's Report) (continued) 

## Year ended 31 December 2020 

Structure, governance and management (continued) 

## Recruitment and appointment of trustees 

Under the requirements of the Memorandum and Articles of Association one third of the directors stood down at the AGM held in December 2020 and were subsequently re-elected. At each subsequent general meeting one-third of directors must retire from office but are eligible to stand for reappointment. 

## Induction and training of trustees 

All new trustees receive an information pack on appointment to the Board. This includes background information on the Charity and policy information. 

## Related party relationships 

Related party transactions are identified by the trustees on an ongoing basis with any transactions monitored. 

## Risk statement 

The trustees meet on a monthly basis to make strategic decisions regarding the operation of the Charity and the development of the facilities. Risk is managed through these meetings. 

The key risk faced by the charity relates to funding completion of the facility. We have agreed funding from various sources and expect to be able to complete the facility in 2022. In the short term the trustees continue to be focused on ensuring the sustainability of our current facilities and ensuring these are utilised to their full potential to generate sufficient income to meet our overheads. 

Safeguarding of children and vulnerable adults is another area which is seen as inherently risky for ARC. The trustees have adopted appropriate policies and procedures. We have a safeguarding committee who monitor all activities at ARC and ensure the safety and wellbeing of all users of the centre. 

Ble 



. 

## Atlantic Racquet Centre 

## Company Limited by Guarantee 

## Trustees’ Annual Report (Incorporating the Director's Report) (continued) 

## Year ended 31 December 2020 

## Structure, governance and management (continued) 

## Wider network involvement 

ARC's future success will be reliant upon retaining help from volunteers and through building relationships across a wider network. In 2020 we began to implement a volunteer programme at ARC to nurture our culture and provide opportunities to the wider community. This work continues into 2021. 

To ensure the facilities are utilised to their maximum potential, ARC has a wholly owned subsidiary - ARC Centre Ltd. This subsidiary is responsible for the trading activities of ARC including the management of the facility on a day to day basis. This has been achieved through a lease of the premises. ARC Centre Ltd have grown a very successful tennis programme with over 350 weekly participants across 65 different sessions catering for all ages and abilities. In 2020 we continued to develop our working relationship with ARC Tennis & Sports Club - a Tennis membership organisation with over 700 members. ARC Tennis & Sports Club licence the facilities from ARC Centre Ltd for the enjoyment of their members. 

We have continued to work closely with the Atlantic Co-operative Trust - a charitable co-operative body of seven local primary and junior schools. This working partnership has enabled us to deliver tennis activities to 7 local primary schools with over 1,500 participants. This relationship is key to delivery of our charitable objectives and continues to be a significant focus of our work. 

During 2020 we have developed further links with The Northam Care Trust (NCT) and continue to work towards, delivery of a fully accessible programme to the whole community. This includes community and inclusive session for disabled adults and children. 

## Objectives and activities 

## Public benefit 

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. The trustees have therefore complied with the duty in section 17(5) of the 2011 Charities Act. 

Die 



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## Atlantic Racquet Centre 

## Company Limited by Guarantee 

## Trustees’ Annual Report (Incorporating the Director's Report) (continueg) 

## Year ended 31 December 2020 

## Objectives and activities (continued) 

Aims and objectives 

Our vision A community racquet and fitness centre where everyone can exercise, socialise and develop skills in a safe and supportive environment; an organisation that improves the health and wellbeing of all local people. 

## Our mission 

Our mission is to provide a high quality, professionally managed, affordable, sustainable and welcoming community sports hub. Our staff, volunteers and members will promote a fun, family focused, inclusive ethos across a wide-ranging programme in which everyone will be equally valued and provided for. Our aims, objectives and activities each year are reviewed to see what we have achieved and the outcomes of our work in the previous 12 months. The review looks at the success of our key activity and the benefits these have brought to those groups of people we are set up to help. The review also helps us ensure our aim, objectives and activities remain focused on our stated purposes. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. 

Our primary aim has been, and continues to be, focused on the infrastructure and development of our first class facilities at Caddsdown. 

## Use of volunteers 

In addition to the committed trustees, ARC would not have reached this level of success without the significant number of volunteers who have helped make this project a reality. Thank you to each and every one of them. These donated services are not included in the SOFA. 

## Achievements and performance 

## Achievements 

Our key focus during 2020 was to ensure sustainability of the facilities in the first instance whilst continuing to secure funding for the remainder of the project. Unfortunately progress in 2020 was slow, but work is due to complete in 2022. 

## Financial review 

ARC aims to be in a net asset position at the end of each financial year. The reserves currently held represent the assets in use at the facility and cash held for the future development of the facility. Due to the nature of the ongoing development work cash is held in easily accessible bank accounts to ensure our financial liabilities can be met each month. 

## Capitalisation policy 

The trustees consider capitalising expenditure in excess of £500. 

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# Atlantic Racquet Centre 

## Company Limited by Guarantee 

## Trustees’ Annual Report (Incorporating the Director's Report) (continuea) 

## Year ended 31 December 2020 

## Plans for future periods 

The trustees are very focused on delivering the rest of the project over the coming two years. We aim to provide indoor tennis, badminton, table tennis and squash facilities and gym and studio and are continually striving towards this goal. 

## Covid-19 

As with all organisations, ARC has been impacted by Covid-19 in 2020 and into 2021. We were forced to close our facilities during the pandemic and were unable to continue with our capital project. The facilities at ARC are currently fully operational with appropriate safety measures in place, having completed a full risk assessment. During this period, the trustees have focused on cash management and seeking financial support in the form of emergency grants and government backed schemes to ensure the impact was mitigated as far as possible. 

## Events after the end of the reporting period 

## Particulars of events after the reporting date are detailed in note 28 to the financial statements. 

## Small company provisions 

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. 

The trustees' annual report was approved on mlorWU... and signed on behalf of the board of 

trustees by: 


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oO<br>**----- End of picture text -----**<br>


## Anoushka Lynd Trustee 

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, 

## Atlantic Racquet Centre 

## Company Limited by Guarantee 

## Independent Examiner's Report to the Trustees of Atlantic Racquet Centre 

## Year ended 31 December 2020 

| report to the trustees on my examination of the financial statements of Atlantic Racquet Centre (‘the charity’) for the year ended 31 December 2020. 

## Responsibilities and basis of report 

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). 

Having satisfied myself that the accounts of the group are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

## Independent examiner's statement 

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. | confirm that | am qualified to undertake the examination because | am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies. 

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 

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

2. the financial statements do not accord with those records; or 

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

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

| 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. 


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CAD\Lianrs:<br>**----- End of picture text -----**<br>


Catherine Williams ACA DChA Thomas Westcott Chartered Accountants Independent Examiner 47 Boutport Street Barnstaple Devon EX31 1SQ 

‘ 

. 6 - 



: 

## Atlantic Racquet Centre 

## Company Limited by Guarantee 

## Statement of Financial Activities (including income and expenditure account) 

## Year ended 31 December 2020 


**----- Start of picture text -----**<br>
||||||||||
|---|---|---|---|---|---|---|---|---|
|2020|2019|
|Unrestricted|Restricted|
|funds|funds|Totalfunds|Total|funds|
|Note|£|£|£|£|
|Income and|endowments|
|Donations|and|legacies|5|51,759|193,550|245,309|8,895|
|Investment|income|6|120|-|120|170|
|Other|income|7|79,889|-|79,889|119,792|
|Total|income|131,768|193,550|325,318|128,857|
|Expenditure|
|Expenditure|on|raising|funds:|
|Costs|of other trading|activities|8|591|-|591|2,103|
|Expenditure|on|charitable|activities|9,10|127,699|1,089|128,788|149,211|
|Total|expenditure|128,290|1,089|129,379|151,314|
|Net income/(expenditure)|3,478|192,461|195,939|(22,457)|
|Transfers|between|funds|6,424|(6,424)|-|~|
|Net movement|in|funds|9,902|186,037|195,939|(22,457)|
|Reconciliation|of funds|
|Total|funds|brought forward|1,651,911|616,256|2,268,167|2,290,624|
|Total funds|carried forward|1,661,813|802,293|2,464,106|2,268,167|

**----- End of picture text -----**<br>


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 10 to 24 form part of these financial statements. 

a] « 



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## Atlantic Racquet Centre 

## Company Limited by Guarantee 

## Statement of Financial Position 

31 December 2020 


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||||||||||
|---|---|---|---|---|---|---|---|---|
|GROUP|2020|2019|
|Note|£|£|£|
|Fixed|assets|
|Tangible|fixed|assets|16|2,744,069|2,477|627|
|Current|assets|
|Stocks|18|1,440|1,779|
|Debtors|19|31,986|11,261|
|Cash|at|bank|and|in|hand|217,743|80,272|
|251,169|93,312|
|Creditors:|amounts|falling|due|within|one year|20|153,049|122,772|
|Net|current|assets|98,120|(29,460)|
|Total|assets|less|current|liabilities|2,842,189|2,448,167|
|Creditors:|amounts|falling|due|after|more|than|
|one|year|21|378,083|180,000|
|Net|assets|2,464,106|2,268,167|
|Funds|of the|charity|
|Restricted|funds|802,293|616,256|
|Unrestricted|funds|1,661,813|1,651,911|
|Total|charity funds|25|2,464,106|2,268,167|

**----- End of picture text -----**<br>


For the year ending 31 December 2020 the group was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 

## Directors’ responsibilities: 

- The members have not required the group to obtain an audit of its financial statements for the year in question in accordance with section 476; 

- e The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. 

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. 

bisealed. Loaffinancial aeus andstatements are signedwere on behalfapproved of theby boardthe by:board of trustees and authorised: for issue on 

Anoushka Lynd Trustee 

The notes on pages 10 to 24 form part of these financial statements. 

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## Atlantic Racquet Centre Company Limited by Guarantee 

## Statement of Financial Position (continuea 

## 31 December 2020 

|COMPANY|||||
|---|---|---|---|---|
|||2020||2019|
||Note|£|£|£|
|Fixed assets|||||
|Tangible fixed assets|16||2,743,772|2,477,627|
|Investments|17||1|1|
||||2,743,773|2,477,628|
|Current assets|||||
|Stocks<br>Debtors|18<br>19|1,440<br>39,161||1,532<br>14,243|
|Cash at bank and in hand||174,276||73,484|
|||214,877||89,259|
|Creditors: amounts falling duewithin one year|20|145,864||116,311|
|Netcurrentassets|||69,013|(27,052)|
|Total assets less current liabilities|||2,812,786|2,450,576|
|Creditors: amounts falling due aftermorethan|||||
|one year|21||348,750|180,000|
|Netassets|||2,464,036|2,270,576|
|Funds ofthe charity|||||
|Restricted funds|||802,293|616,256|
|Unrestricted funds|||1,661,743|1,654,320|
|Totalcharityfunds|25||2,464,036|2,270,576|



For the year ending 31 December 2020 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 

## Directors' responsibilities: 

- e | The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; 

- e The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. 

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. 

> Theseaafinancial 424,., andstatements are signedwere on behalfapproved of theby boardthe boardby: of trustees and authorised for issue on 

Anoushka Lynd Trustee 

The notes on pages 10 to 24 form part of these financial statements. 

9x 



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## Atlantic Racquet Centre 

## Company Limited by Guarantee 

## Notes to the Financial Statements 

## Year ended 31 December 2020 

## 1. Genera! information 

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 64 Benedict Street, Glastonbury, BA6 9EY, England. 

## 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 Companies Act 2006. 

3. Accounting policies 

## Basis of preparation 

The financial statements have been prepared on the historical cost basis. 

## Going concern 

There are no material uncertainties about the charity's ability to continue. 

## Disclosure exemptions 

The charity has taken advantage of the exemptions in the Charities SORP (FRS102) as it is classed as a small charity including the requirement to prepare a cashflow statement. 

## Consolidation 

These financial statements consolidate the results of the company ARC Centre Limited, company number 09357363, registered address 64 Benedict Street, Glastonbury, BA6 9EY ona line by line basis 

A separate statement of financial activities and income and expenditure account are not presented for the charity itself following the exemptions afforded by Section 408 of the Companies Act 2006. The surplus for the year was £193,460 (2019: £13,127 deficit) 

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Atlantic Racquet Centre 

## Company Limited by Guarantee 

## Notes to the Financial Statements (continued) 

## Year ended 31 December 2020 

## 3. Accounting policies (continued) 

## 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. 

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. 

## 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 trustees 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. 

## Incoming resources 

All income is 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. 

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. 

-W1- 



: 

Atlantic Racquet Centre 

## Company Limited by Guarantee 

## Notes to the Financial Statements (continueg) 

## Year ended 31 December 2020 

3. Accounting policies (continued) 

## Resources expended 

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. 

Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes. 

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. 

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management. 

## Tangible assets 

All fixed assets are initially recorded at cost. 

The trustees consider capitalising expenditure in excess of £500. 

## 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: 

Land and buildings - 5% straight line Equipment - 25% straight line Clubhouse - 10% 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. 

## Stocks 

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. 

## 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. 

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## Atlantic Racquet Centre Company Limited by Guarantee Notes to the Financial Statements (continuea) Year ended 31 December 2020 

## 3. Accounting policies (continuea) 

## Govemment grants (continued) 

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. 

## Financial instruments 

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 

Basic financial instruments are initially recognised at the amount receivable or parable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. 

## Debt instruments are subsequently measured at amortised cost. 

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. 

## Defined contribution plans 

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset io the extent that the prepayment will lead to a reduction in future payments or a cash refund. 

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. 

4. Limited by guarantee 

Atlantic Racquet Centre is a company limited by guarantee and accordingly does not have a share capital. 

Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member. 

a 



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## Atlantic Racquet Centre 

## Company Limited by Guarantee 

## Notes to the Financial Statements (continuea) 

## Year ended 31 December 2020 

## 5. Donations and legacies 

|||||Unrestricted|Restricted|Total Funds|
|---|---|---|---|---|---|---|
|||||Funds|Funds|2020|
|||||£|£|£|
||Donations||||||
||Donations|||4,110|1,050|5,160|
||Grants||||||
||Grants receivable|||8,116|5,000|13,116|
||LTA Capital Project Funding|||~|187,500|187,500|
||Covid-19 Grants|||39,533|~|39,533|
|||||51,759|193,550|245,309|
|||||Unrestricted|Restricted|Total Funds|
|||||Funds|Funds|2019|
|||||£|£|£|
||Donations||||||
||Donations|||755|5,050|5,805|
||Grants||||||
||Grants receivable|||640|2,450|3,090|
||LTA Capital Project Funding|||-|-|-|
||Covid-19 Grants|||-|-|-|
|||||1,395|7,500|8,895|
|6.|Investment income||||||
|||Unrestricted||Total Funds|Unrestricted|Total Funds|
|||Funds||2020|Funds|2019|
|||£||£|£|£|
||Bank interest receivable|120||120|170|170|
|7.|Other income||||||
|||Unrestricted||Total Funds|Unrestricted|Total Funds|
|||Funds||2020|Funds|2019|
|||£||£|£|£|
||Income from tennis courts|58,826||58,826|86,121|86,121|
||Bar sales|671||671|3,256|3,256|
||Floodlight income||-|-|3|3|
||Licence income|4,875||4,875|6,500|6,500|
||Other revenue|14,213||14,213|17,933|17,933|
||Rating tournament income||-|-|5,091|5,091|
||Hoodies income|189||189|787|787|
||Balls and Equipment income|1,115||1,115|101|101|
|||79,889||79,889|119,792|119,792|



-14- 



: 

## Atlantic Racquet Centre 

## Company Limited by Guarantee 

## Notes to the Financial Statements (continuea) 

## Year ended 31 December 2020 

## 8. Costs of other trading activities 

|||Unrestricted|Total Funds|Unrestricted|Total Funds|
|---|---|---|---|---|---|
|||Funds|2020|Funds|2019|
||Direct costs|£<br>§91|£<br>591|£<br>2,103|£<br>2,103|
|9.|Expenditureon charitable activities byfundtype|||||
||||Unrestricted|Restricted|Total Funds|
||||Funds|Funds|2020|
||Sports activities<br>Support costs||£<br>103,462<br>24,237|£<br>1,050<br>39|£.<br>104,512<br>24,276|
||||127,699|1,089|128,788|
||||Unrestricted|Restricted|Total Funds|
||||Funds|Funds|2019|
||Sports activities<br>Supportcosts||£<br>110,074<br>28,354|£<br>10,783<br>-|£<br>120,857<br>28,354|
||||138,428|10,783|149,211|
|10.|Expenditure on charitable activities byactivitytype|||||
|||Activities||||
|||undertaken||Totalfunds|Total fund|
|||directly Support costs||2020|2019|
||Sports activities|£<br>104,512|£<br>24,276|£<br>128,788|£<br>149,211|
|11.|Analysis ofsupport costs|||||
||||Sport|||
||||activities|Total2020|Total 2019|
||Depreciation<br>Advertisingandmarketing<br>Bank charges<br>General expenses<br>Finance charges<br>Consulting<br>Independentexamination andaccountancy fees<br>Telephone and fax||£<br>14,065<br>1,804<br>172<br>2,293<br>2,332<br>1,599<br>1,275<br>736|£<br>14,065<br>1,804<br>172<br>2,293<br>2,332<br>1,599<br>1,275<br>736|£<br>12,775<br>5,430<br>186<br>3,882<br>2,909<br>=-<br>1,960<br>1,212|
||||24,276|24,276|28,354|



-15- 



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## Atlantic Racquet Centre 

## Company Limited by Guarantee Notes to the Financial Statements (continuea) 

## Year ended 31 December 2020 

## 12. Net income/(expenditure) 


**----- Start of picture text -----**<br>
||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Net|income/(expenditure)|is|stated|after charging/(crediting):|
|2020|2019|
|£|£|
|Depreciation|of tangibie fixed|assets|14,065|12,775|
|13.|Independent examination|fees|
|2020|2019|
|Fees|payable|to|the|independent|examiner for:|£|£|
|Independent|examination|of the|financial|statements|1,550|1,550|
|14.|Staff costs|
|The|total|staff costs|and|employee|benefits for the|reporting|period|are analysed|as follows:|
|2020|2019|
|£|£|
|Wages|and|salaries|66,840|65,436|
|Social|security|costs|-|735|
|Employer|contributions|to|pension|plans|1,174|756|
|68,014|66,927|
|The|average|head|count|of employees|during|the|year was|4|(2019:|4).|The|average|number|of|
|full-time|equivalent employees|during|the|year|is|analysed|as|follows:|
|2020|2019|
|No.|No.|
|Number of other|staff|-|coaching|4|4|

**----- End of picture text -----**<br>


No employee received employee benefits of more than £60,000 during the year (2019: Nil). 

## 15. Trustee remuneration and expenses 

During the year no remuneration was paid to any Trustees (2019: £Nil). 

During the year 1 Trustee was reimbursed for expenses incurred for the charity against valid purchase receipts totalling £13 (2019: £108, 2 Trustees). 

-16- 



: 

Atlantic Racquet Centre 

## Company Limited by Guarantee 

## Notes to the Financial Statements (continueg) 

## Year ended 31 December 2020 

## 16. Tangible fixed assets 

|GROUP|Land and||||
|---|---|---|---|---|
||buildings|Equipment|Clubhouse|Total|
||£|£|£|£|
|Cost|||||
|At 1 January2020<br>Additions|2,502,478<br>269,828|6,674<br>10,679|23,586<br>-|2,532,738<br>280,507|
|At31 December2020|2,772,306|17,353|23,586|2,813,245|
|Depreciation|||||
|At 1 January2020<br>Charge fortheyear|39,590<br>8,995|4,345<br>2,712|11,176<br>2,358|55,111<br>14,065|
|At31 December2020|48,585|7,057|13,534|69,176|
|Carrying amount|||||
|At31 December2020|2,723,721|10,296|10,052|2,744,069|
|At 31 December2019|2,462,888|2,329|12,410|2,477 627|
|COMPANY|Land and||||
||buildings|Equipment|Clubhouse|Total|
||£|£|£|£|
|Cost|||||
|At 1 January2020<br>Additions|2,502,478<br>269,828|6,674<br>10,283|23,586<br>-|2,532,738<br>280,111|
|At31 December2020|2,772,306|16,957|23,586|2,812,849|
|Depreciation|||||
|At 1 January2020<br>Charge fortheyear|39,590<br>8,995|4,345<br>2,613|11,176<br>2,358|55,111<br>13,966|
|At31 December2020|48,585|6,958|13,534|69,077|
|Carrying amount|||||
|At31 December2020|2,723,721|9,999|10,052|2,743,772|
|At31December2019|2,462,888|2,329|12,410|2,477,627|



-17- 



’ 

## Atlantic Racquet Centre 

## Company Limited by Guarantee 

## Notes to the Financial Statements (continued) 

## Year ended 31 December 2020 

|17.|Investments|||
|---|---|---|---|
||COMPANY||Shares in|
||||group|
||||undertakings|
||Cost||£|
||At 1 January 2020 and 31 December2020||1|
||Impairment|||
||At 1 January 2020 and 31 December2020||-|
||Carrying amount|||
||At31 December2020||1|
||At 31 December2019||1|
|18.|Stocks|||
||GROUP|2020|2019|
||Rawmaterials andconsumables|£<br>1,440|£<br>1,779|
||COMPANY|2020|2019|
||Rawmaterials andconsumables|£<br>1,440|E<br>1,532|
|19.|Debtors|||
||GROUP|2020|2019|
||Tradedebtors<br>Prepayments and accrued income<br>Otherdebtors|£<br>1,581<br>2,030<br>28,375|£<br>1,921<br>3,668<br>5,672|
|||31,986|111,261|
||COMPANY|2020|2019|
||Tradedebtors<br>Amounts owed bygroup undertakings<br>Prepayments and accrued income<br>Otherdebtors|£<br>~<br>4,121<br>2,030<br>33,010|£<br>660<br>1,554<br>3,668<br>8,361|
|||39,161|14,243|



-18 - 



. 

## Atlantic Racquet Centre 

## Company Limited by Guarantee 

## Notes to the Financial Statements (continueg) 

## Year ended 31 December 2020 

## 20. Creditors: amounts falling due within one year 

||GROUP|2020|2019|
|---|---|---|---|
|||£|£|
||Bank loans|2,667|_|
||Trade creditors|39,212|17,846|
||Accruals and deferred income|10,064|4,825|
||Social security and othertaxes|1,106|101|
||Other loans|100,000|100,000|
|||153,049|122,772|
||COMPANY|2020|2019|
|||£|£|
||Trade creditors|35,800|14,804|
||Accruals and deferred income|10,064|1,507|
||Other loans|100,000|100,000|
|||145,864|116,311|
|21.|Creditors: amounts falling due aftermorethan oneyear|||
||GROUP|2020|2019|
|||£|£|
||Bank loans|29,333|-|
||Other creditors|348,750|180,000|
|||378,083|180,000|
||COMPANY|2020|2019|
|||£|£|
||Other creditors|348,750|180,000|
|22.|Deferred income|||
||GROUP|2020|2019|
|||£|£|
||At 1 January2020|3,318|3,177|
||Amount released to income|(3,318)|(3,177)|
||Amount deferred in year|~|3,318|
||At31December2020|-|3,318|



## 23. Pensions and other post retirement benefits 

## Defined contribution plans 

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £1,174 (2019: £756). 

-19- 



; 

Atlantic Racquet Centre 

## Company Limited by Guarantee 

## Notes to the Financial Statements (continued) 

## Year ended 31 December 2020 

## 24. Government grants 

The amounts recognised in the financial statements for government grants are as follows: 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|2020|2019|
|£|£|
|Recognised|in|income|from|donations|and|legacies:|
|Government|grants|income|39,533|-|
|25.|Analysis|of|charitable|funds|
|Unrestricted|funds|- Group|
|At|At|
|1|January|31|December|
|2020|Income|Expenditure|Transfers|2020|
|£|£|£|£|£|
|General|funds|1,651,911|131,768|(128,290)|6,424|1,661,813|
|At|At|
|1|January|31|December|
|2019|Income|Expenditure|Transfers|2019|
|£|£|£|£|£|
|General|funds|1,671,085|121,357|(140,531)|-|1,651,911|

**----- End of picture text -----**<br>


The unrestricted funds balance will be used to help fund phase 2 of the project as well as day to day operations of the charity. 

## Unrestricted funds - Company 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|At|At|
|1|January|31|December|
|2020|Income|Expenditure|Transfers|2020|
|£|£|£|£|£|
|General|funds|1,654,320|37,250|(36,251)|6,424|1,661,743|
|At|
|1|January|20|
|19|Income|Expenditure|Transfers|
|£|£|£|£|£|
|General funds|1,672,497|24,739|(42,916)|—|1,654,320|

**----- End of picture text -----**<br>


The unrestricted funds balance will be used to help fund phase 2 of the project as well as day to day operations of the charity. 

-20.+ 



. 

## Atlantic Racquet Centre 

## Company Limited by Guarantee Notes to the Financial Statements (continuea) Year ended 31 December 2020 

## 25. Analysis of charitable funds (continued) 

## Restricted funds - Group 

||At||||At|
|---|---|---|---|---|---|
||1 January||||31 December|
||2020<br>£|Income<br>£|Expenditure<br>£|Transfers<br>£|2020<br>£|
|Phase 1 and 2|584,551|-|-|187,500|772,051|
|Changing places|25,335|=|-|-|25,335|
|Defibrillatorfund|1,370|-|(39)|-|1,331|
|Bridge Trust|5,000|5,000|-|(6,424)|3,576|
|Table Tennis donation|-|1,050|(1,050)|-|-|
|LTA Capital Funding|-|187,500|-|(187,500)|-|
||616,256|193,550|(1,089)|(6,424)|802,293|
||At||||At|
||1 January||||31 December|
||2019<br>£|Income<br>£|Expenditure<br>£|Transfers<br>£|2019<br>£|
|Phase 1 and 2|584,551|7,450|(2,450)|-|589,551|
|LTA Funding - Tennis||||||
|manager role<br>Changing places|8,333<br>25,285|-<br>50|(8,333)<br>-|-<br>=|-<br>25,335|
|Defibrillatorfund|1,370|-|-|-|1,370|
|Bridge Trust|~|-|-|-|-|
|Table Tennis donation|-|-|-|-|-|
|LTA Capital Funding|-|-|_|-|-|
||619,539|7,500|(10,783)|-|616,256|



The phase 1 and 2 fund balance represents grant income received in respect of phases 1 and 2 of the project. After completion of the entire project the restriction will be lifted. 

## LTA Funding 

- Tennis manager role - received in order to contribute towards the tennis manager for the centre for twelve months. 

- Capital Funding — received during the year towards the building of ARC 

## Changing places funding has been received towards disabled facilities. 

Defibrillator - money raised to enable ARC to have a defibrillator onsite. This has been completed with surplus money being raised to enable ongoing maintenance costs 

## Badminton England - funding received towards equipment which has been purchased in 2019. 

Bideford Bridge Trust — during 2019 funding was received towards court cleaning equipment, this was purchased in 2020. During 2020 further funding was received towards equipment. 

Table Tennis donation — received towards table tennis surrounds, this has been fully spent in the year. 

-21- 



## Atlantic Racquet Centre Company Limited by Guarantee 

## Notes to the Financial Statements (continuea) 

## Year ended 31 December 2020 

## 25. Analysis of net assets between funds (continued) 

## Restricted funds - Company 

||At||||At|
|---|---|---|---|---|---|
||1 January||||31 December|
||2020<br>£|Income<br>£|Expenditure<br>£|Transfers<br>£|2020<br>£|
|Phase 1 and 2<br>Changing places<br>Defibrillatorfund<br>Bridge Trust<br>Table Tennis donation|584,551<br>25,335<br>1,370<br>5,000<br>-|-<br>-<br>-<br>5,000<br>1,050|-<br>-<br>(39)<br>-<br>(1,050)|187,500<br>-<br>-<br>(6,424)<br>-|772,051<br>25,335<br>1,331<br>3,576<br>-|
|LTA Capital Funding|-|187,500|_|(187,500)|-|
||616,256|193,550|(1,089)|(6,424)|802,293|
||At||||At|
||1 January||||31 December|
||2019|Income|Expenditure|Transfers|2019|
||£|£|£|£|£|
|Phase 1 and 2<br>LTA Funding - Tennis|584,551|-|-|-|584,551|
|Manager role<br>Changing places<br>Defibrillatorfund<br>Bridge Trust<br>Badminton England|8,333<br>25,285<br>1,370<br>-<br>-|-<br>50<br>=<br>5,000<br>2,450|(8,333)<br>-<br>-<br>-<br>(2,450)|=<br>~<br>-<br>-<br>-|-<br>25,335<br>1,370<br>5,000<br>-|
||619,539|7,500|(10,783)|~|616,256|



The phase 1 and 2 fund balance represents grant income received in respect of phases 1 and 2 of the project. After completion of the entire project the restriction will be lifted. 

## LTA Funding 

- Capital Funding — received during the year towards the building of ARC 

Changing places funding has been received towards disabled facilities. 

Defibrillator - money raised to enable ARC to have a defibrillator onsite. This has been completed with surplus money being raised to enable ongoing maintenance costs 

Badminton England - funding received towards equipment which has been purchased in 2019. 

Bideford Bridge Trust — during 2019 funding was received towards court cleaning equipment, this was purchased in 2020. During 2020 further funding was received towards equipment. 

Table Tennis donation — received towards table tennis surrounds, this has been fully spent in the year. 

-22- 



: 

Atlantic Racquet Centre 

## Company Limited by Guarantee 

## Notes to the Financial Statements (continuea) 

## Year ended 31 December 2020 

## 26. Analysis of net assets between funds 

## GROUP 


**----- Start of picture text -----**<br>
|||||||||
|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Total|Funds|
|Funds|Funds|2020|
|£|£|£|
|Tangible|fixed|assets|1,972,018|772,051|2,744,069|
|Current|assets|220,927|30,242|251,169|
|Creditors|less than|1|year|(150,382)|-|(150,382)|
|Creditors|greater than|1|year|(380,750)|-|(380,750)|
|Net assets|1,661,813|802,293|2,464,106|
|Unrestricted|Restricted|Total|Funds|
|Funds|Funds|2019|
|£|£|£|
|Tangible|fixed|assets|1,948,582|584,551|2,533,133|
|Current|assets|67,832|26,705|94,537|
|Creditors|less|than|1|year|(178,278)|=|(178,278)|
|Creditors|greater than|1|year|(180,000)|-|(180,000)|
|Net assets|1,658,136|611,256|2,269,392|
|COMPANY|
|Unrestricted|Restricted|Total|Funds|
|Funds|Funds|2020|
|£|£|£|
|Tangible|fixed|assets|1,971,721|772,051|2,743,772|
|Investments|1|-|1|
|Current assets|184,635|30,242|214,877|
|Creditors|less than|1|year|(145,864)|-|(145,864)|
|Creditors|greater than|1|year|(348,750)|-|(348,750)|
|Net assets|1,661,743|802,293|2,464,036|
|Unrestricted|Restricted|Total|Funds|
|Funds|Funds|2019|
|£|£|£|
|Tangible fixed|assets|1,893,076|584,551|2,477,627|
|Investments|1|-|1|
|Current assets|57,554|31,705|89,259|
|Creditors|less|than|1|year|(116,311)|-|(116,311)|
|Creditors|greater than|1|year|(180,000)|-|(180,000)|
|Net assets|1,654,320|616,256|2,270,576|

**----- End of picture text -----**<br>


27. Contingencies 

If Atlantic Racquet Centre fails to complete the build of the Centre the grants received from Sport Engiand totalling £485,000 will be repayable on demand. 

= 23 



## Atlantic Racquet Centre 

## Company Limited by Guarantee 

## Notes to the Financial Statements (continuea) 

## Year ended 31 December 2020 

## 28. Post balance sheet events 

After the closure of the 2020 financial year, there were no events that could have significant effects on the charity's financial statements. 

However, it should be noted that, at the date of preparation of the financial statements, the instability factor relating to the health emergency due to Coronavirus should not be underestimated. 

Throughout the year the charity has reviewed the scenario and evaluated the management actions to mitigate the impact to their operations. The charity has adopted initiatives to safeguard the health of its people and actions aimed at maintaining operational activity. The repercussions on any adjustments to the financial statements are currently not determinable in light of the volatility of the scenario and the continuous evolution of the market, these will be reflected in the 2021 results. 

## 29. Related parties 

During the year, the charity did not enter into any related party transactions (2019; £Nil) 

-24-