Company reglslration number. 07829589 Charity registration number.. 1156455 Atlantic Racquet Centre {A company limited by guarantee) Annual Report and Flnanclal Statements for the YeaF Ended 31 December 2023 WESTCOTTS CHARTÉRED AC¢OUNTAIIT8 BUSIIIES$ AOVISERS
Atlantic Racquot Centre Contents Reference and Admlnlstralve Details Trustees. Report 2to5 IndeperKlent Examlneffs RèFK)rt cOroI1d8ted Statement of Financlal ActNities Consdldatad Balance Sheet 8t09 Balance Sheet 10t011 Notss to the Fin8nu81 Statements 12to29
Atlantic Racquet Centre Reference and Administrative Details Trustees Anou5hka Lynd Neil Damley Mark claOn Atlantic Coast Cctroperatlve Tnjst David Vlnall The Northam Care Trust Anoushka Lynd Secretary Charlty Reglstratlon Number 1156455 Company Reglstration Number 07829589 The charity Is Incorporated in England 8nd was. Allane Racquet Centre Farm Road Clovelly Road Industri81 Estate Bldeford Devon EX39 3BE Westcx)tts ISWI LLP Chartered Accountants & Ststutory Audltors 47 8outFQrt Street Bamstsple Devon EX31 1SQ R8gistered Office Independent Examlnor Page 1
Atlantic Racquet Centre Trustees. Report The truslees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 Dernber 2023. Structure, governance and management Organlsat5onal structure The directors of the company are also charity trustees for the purposes of charity law. 1 of the trustees give their time voluntarily and received no benefrt5 from the charity- Any expenses redaimed from the charity are set out in note 10 to the accounts. Anoushka Ld Is the Chief Executive Officer for the tharfty. Recrultment and appolntment of twslees Under the requiremènts of the Memorandum and Artides of Association one thlrd of the directofs stood down at the AGM held In February 2023 and were subsequenuy re-elected. At each subsequent general meetlng one-thlrd of directors must relire from office but are ellglble to stand for reappointment. Inductlon and tralnlng of trustees We have a full induction programme in place for all new truste8s which covers informallon 8bout the charity and the expectations of a new trustee. We share information on all of our poliaes and cover safeguarding. Related party relationships Relaled party transactions are Identified by th8 trust88s on an ongoing basis wtth any trans8ctions monitored. A conflict of intsrest register is maintained. Risk statement The trustees meet on a monthly basi5 to make strategic decisions regardlng the operation of the Charity and the d8velopment of the facilities. Risk is managed through these meetings. At present we have a funding gap of £150,000 and are seeklng ways to finance the final stsge of our project. Whilst we are now operationally sustsinoble, there ar8 more long lerm risks associated with not C4)mpleling the facility- From an operational perspective, the trustees continue to fccus on en$Ung the sustainability of our current facilities through monthly financial repothng and review of utilis81ion. We continue to monitor Inflauon and the impact of this on our overheads. Rising energy costs will impact us in 2024. Safeguarding of children and vulnerable adults is another area whlch is seen as inherently risky for ARC. The trustees have adopted and regularly review our policie5 and procedures. We have 2 safeguarding committee who monitor all activities at ARC and ensure the safety and wellbeing of all users of the centre. Wlder network involvement ARC'S future success will be reliant upon reLgining help from volunteers and through building relationships across a wider netsvork. In 2023 we continued to develop and evolve our volunteer programme to nurture our culture and provide Opportunities to the wider ¢ommunity. We currendy have over 30 inducted volunteers working on our programme_ Page 2
Atlantic Racqu•t Centra Trustees. Report To ensure the facillties are utlllsed to their maximum potentlal, ARC h85 a wholly ONed subsidiary - ARC Centre Ltd. This subsidiary is responsible for the trading activltles of ARC induding the management of the facility on a day lo day basis. Thls has been achleved through a lease of the premises. ARC Centre Ltd manage a number of relationships with the wSder communlty. Working dosely with a number of organisations who use our faciltdes. Our most valuable relationships is wlth ARC Tennls & Sports Club a membership organisation with over 1,800 members. ARC Tennis & Sports Club I{cen the facilities from ARC Centre Ltd for the enjoyynent of their members. We have eontlnued lo work closely with the Auantic Co-operatlve Tru51- a tharitsble cTroperative body of seven local prfmary and junior Schools. This working partnership has enabled us to dellver tennis activities to 7 local prlmary schools. Thls relationship Is key to delivery of our charitable oblectNes and cnntinuès to be a slgnfficant focus of our work. During 2023, we have focused on delivery of a fvlly accessible programme with The Northam Care Trust (NCTI. NCT bring their dienls to our indusive community sessions each week, using all of our farylities. NCT also have an employee who is regularty on-site to support dients whi15t Using facilities. We Iwk forward to continuing to strengthen this partnership in 2024. Objectives and aetlvhles Publlc benefft We have referred to tha guldance contained in the Charity Commlssion's general guidance on publlc benefit when reviewing our aim and objectNes and in planning our future activ(ties. In particular. the trustees Consider how planned aCtitieS will contribute to the alms and objectives they have set. The trustees have therefore c#)mplied with the duty in se¢th 17151 of the 2011 Charities Act. Aims and objectives Our visi A community racquet and fitness centre where everyone can exercise, socialis8 and develop skills in a safe and supportive environment.. an organisation that improves Ihe health and w811being of all local people. Our mi Our mlssion is to provide a hlgh qu8lr(y, professionally managed, affordable, sustsinable and welcoming community sports hub. Our stsff, volunteers and membeT5 wll promote a fun. f8mity focused, InclusSve ethos across a wide-ranging programme in whSch everyone will be equally valued and provlded for. Our 8ims, objectfves and activities each year are reviewed to see 81 we have achieved and the outcomes of our work In the prewous 12 month5. The review looks at the success of our key aCtIty and the benefits these have brought lo those groups of people we are set up to help. The revlew also helps us ensure our aim. objectives and activities remain focused on our stated purposes. We have referred to the guidance contained in the Charty Commission's general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the tnjstees consider how planned activities WTII (x)ntribute to the aims and objective5 they have set. Page 3
Atlantic Racquet Centre Trustees. Report Use of voluntsers In additlon to the committed trustees, ARC would not have reached Ihis level of susS WthC the signfficant number of volunteers who have helped make this project a reallty- Thank you to each and every one of them. These donated seNices are not included in the SOFA. Achlevements and porfomiance hievements Our key focus during 2023 was to ensure sustainability of the f8alities in the first instance whilst continuing to secure funding for the remainder of the project. We now offar 2cces5 to multiple activities induding tennis. squash, racketball, badminton, table tennis, gyTn, changing tsolities and a changing places facility- The final phase of our bulld will provide a multi-use faeillty. akin to a village hall, and a community café. Flnanclal revlew ARC aims to be in a net asset positlon at the end of each flnancial year. The reserve5 currendy held represent the assets in use at the facility and cash held for the future developrnent of the facillty. Due to the nature of the ongoing development work cash is held in easily awesslble bank aecounts to ensure our fln8ndal liabilitses can be met each month. Capltallsation policy The trusteas conslder capita51sing expendtiur& In excess of £500. Plans ft+r future periods The trustees are very focused on delivering the rest of the project over tha coming Mts years. We aim to completo the facilities by December 2025. Page 4
Atlantic Racquet Centr• Trustees. Report Statement of trustees. responslblllties The trustees (who are also the directors of Atlantic Racquet Centre for the purposes of company lawl are responsible for preparing the trustees, report and the flnancial statements in accordance with applicable law and Unlted Kingdom Accounting Stsndards {Uniled Kingdom Generally Accepted Accountin£ Practice). induding FRS 1 D2 Yhe Finanaal Rewrting Standard applicable in the UK and Republic of Ireland" The report and accounts have been prepared in accordance with the prov15ions in the Companies Act 2006 relating to small companies. Company law requires the truslees to prepare financval statements for each finanual year. Under company law the trustees must not approve the financi81 statements unl8S5 they are satisfied that they give a true and fair view of the stste of affalrs of the parent charitable company and the group 8nd of the incomir)g resources and applicatitm of resources, including its income and expenditure, of the charitsble group for that In preparing these financial staternenls, the trustees are required to: seled suitable acC)unting policies and apply them consistenY'. obseNe the methods and principles In the Charities SORP. make Judgements and estlm8tes that are reasonable and pTudent' state whether appllcable accounting stsnd8rds, comprising FRS 102 have been followed. subject to any material departures disdosed and explained in the flnancsal statements., and prepare the financial statements cn the golng concern basis unless It is in8ppropriate to presume that the parent eharltable comp8ny will continue In business. The trustees are responsible for keeping proper accounting records that can disdose wth reasonable accuracy at 8ny Ilme the financlal position of the parent charitsbSe company and th8 group and enable them to ensure that the finanu81 statements comply wlth the Companies Act 2006. They are also responsible for safeguardlng the assets of Ihe parent charitsble company and the group and hence for laking reasonable steps for the prevention and detection of fraud and other irregularitles. The trustees are responsible for the maintenance and Intsgrity of the corporate 8nd financlal information included on th8 charstsble companvs webslte. Legislation govemlng the preparation and di55emination of financial slatsments may differ from legislation in olher jurisdlctions. The annual report was approved by th8 trustees of the charity on behalf by.. 2410912024 and signed on its Anoushka Lynd Company seuetary and trustee Page 5
Atlantic Racquet Centre Independent Examiner's Report to the trustees of Atlantic Racquet Centre {Yhe Group.) report to the charity trustaes on my examinatlon of the consolidated accounts of the Group comprising the Atlantic Racquet Centre and its subsidiary undertakings for the year ended 31 Decembar 2023. Respon¥ibilities and basls of report As the Injstees of the Group (and also tts directors for the purposes of company lawl you are responsible for the preparation of the con501idaÉed accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'l. Having satisfied myself that the accounts of both Aliontic Racquet Centre and the Group are not required to be oudlled under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your cK)nsolidated accounts as fArried out under section 145 of the Charities Act 2011 {'the 2011 Act')- In carrying out my ex8minalion I have followed the Dlrections glven by the Charity Commlsslon under se¢tion 145151{b) of the 2011 Act. Independent examlnerfs statement Sinc£ the Group's gross income exGeeded £250,000 your examiner must be a member of a body Ilsled in sedon 145 of the 2011 Act. I confimi that l am qualified lo undertake the examination because l am a member of, whith is of the listed bodies. I have completed my examination. l (x)nfirm 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 Atlantlc Racquet Centre as required by section 386 of the 2006 Act., or 2. the accounts do not accord wth those records; or 3. the accounts do not comply wlth the accounting requirements of sectlon 396 of the 2006 Act other than any requirement that the acc4)unts give a 'true and falr vlew whith is not a matter consldered as part of an Independent examlnation: or 4. the accounts have not been prepared in accordance with the methods and princlples of the ststement of Recommended Practice for accounting and reporting by charities applicable to charities preparfng Iheir accounts in accordance with the Financial Reporbng Standard applicable In the UK and Republic of Ireland (FRS 102)- I have no concems and have come across no other mattÈrs In connection with the examlnatKJn to which attention should be drawn in this report in order to enable a proper unde¥standing of the accounts to be reached. 'Catherine Williams FCA Dch Westcotts (SWI LLP Chartered Accountants & Statutory Auditor5 47 Boutport Street Bamstsple Devon EX31 1SQ Datg:zl Page 6
Atlantic Racquet Centre Consolidated Statement of Financlal Actlvities for the Year Ended 31 December 2023 {Including Consolidated Income and Expendlture Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restrlcled funds Total 2023 Total 2022 Nots Income and Endowments from: Donatlons and legacies Other trading activtties Investment income other income 45,802 14,889 69 206,481 12,162 40 57.964 14,929 69 206.481 197,362 7.592 103 119.013 Total income 267.241 12,202 279,443 324,070 Expendlture on: Raising funds Charitsble activities 15,998) {231,6821 (5,998) 1249,851 {255,849) 23.594 11.619) (216,4301 18.169) Totsl expenditure 1237,6801 {18,1691 (5,967 1218,0491 Net incomel{expenditure) Net movement in funds 29.561 106,021 29,561 15.967) 23.594 1(,021 Reconclliation offunds Total funds brought forward 1,728,416 1,7S7,977 909,840 903,873 2.638,256 2.532.235 Totsl funds carried forward 24 2.661.850 2,638.256 AYI of the group's activities derive from continuing operations during the above periods. The funds breakdown for 2022 is shown in note 24. The notes on pages 12 to 29 fomi an integral part of these financial statements. Page 7
Atlantic Racquet Centre (Registratlon number: 07829589) Consolldated Balance Sheet as at 31 December 2023 2023 2022 Note Flxed assets Tangible assets 16 3.427.157 3.360,355 Current assèts stocks Debtors Cash at bank and in hand 18 19 3,634 10.137 56.050 3,105 14,215 97,935 69.821 115,255 Creditors: Amounts falling due withln one year 21 140,800 159,757 Net currant Ilabllltles 0,979 144,502) Total assets less Gurr&nt liabllltles 3,356,178 3,315.853 {677,597) 2.638,256 Creditors: Amounts falling due after more than one year 22 Net assets 694,3281 2,661.850 Funds of the group". Restrlcted Incomg funds Restricted fijnds 903,873 9)9,840 Unrèstrlcted incomè funds Unrestricted funds 1,757,977 2,661.850 1,728.416 2,638,256 Total funds 24 For the year endlng 310ecember 2023 the charity was entided to exemption from audit under section 477 of the Companies Act 2006 relating lo srrball companies. Directors. responsibilities: The membeTS have not required the company to oblain An audit of Its financial 5tst8ments for th& year in question in aCrdanCe with sectron 476; The directors acknoMAedge their responsibilitles for complylng vrfith the requlrements of the AGt with respect to accounting records and the preparatlon of financial statements. These financial ststements have been prepared in accordance with the spedal provisions relating to companies subject lo the small companies regime within Part 15 of the Companies Act 2006. The notes on page$ 12 to 29 form an integral part of those finanaal statements. Page 8
Atlantic Racquet Centre (Registration number: 07829589) Consolidated Balance Sheet as at 31 December 2023 21k8115giclal ststements on pages 7 to 29 were approved by tho truslees, and authorlsed for issué on . 8nd signed on thwr behalf by, Anoushka Lynd Company secretary and trustee The notes on pages 12 to 29 fom an integral part of these finanual statements. Page 9
Atlantic Racquot Contre (Registration number: 07829589) Balance Sheet as at 31 December 2023 2023 2022 Note Fixed assets Tangible assets Investments 16 3.368.341 3,292,143 3,368,342 3.292,144 Current assets Debtors Cash at bank and in hand 19 20 16,879 35.069 14,925 51,948 108,968 Crnditors: Amounts falllng due wlthin ong yéar 21 120,448 1149,828) Net currant liabilitles 168,500) 140,8601 Total assèts less current Ilabllltles 3,299,842 {604,195 2.695,647 3,251,284 Credltors: Arnounts falling due after more than one year 22 Net assets 581,063 2.670.221 Funds of the charity: Restricted incomtr ndS Restricted funds 903,873 909,840 Unrestrfcted income funds Unreslricted funds 1,791.774 1,760,381 Totsl funds 24 2.695,647 2,670.221 For the year ending 31 December 2023 the charity was entrtled to ex8mptbon from audit under section 477 of the Companies Act 2006 relating to small companies. Directors. responsibiliUes". The members have not required the company lo obtain an audit of Its financial statemgnts for the year in question In accordan wth sethlon 476; The directors acknovAedge their responsibilities for ¢omplyng with th8 requirements of the Act with respect to accounting records and the preparation of financial statements. These finanual statements have been prepared in ocGordance with the special provisions relating to companies subject to the small companles regime within Part 15 of the Companies Act 2006. Th8 note8 on pages 12 to 29 fom) an integral part of these financial ststements. Page 10
Atlantlc Racquet Centre (Reglstralion number: 07829589) Balance Sheet as at 31 December 2023 cial statements on pages 7 to 29 were approved by the trustees, and authSed for issue on . and signed on their behalf ty- noUs1(a Lynd Company seuetary and tsustee The note8 on pages 12 to 29 form an integfal part of Ihese finanaal ststements. Page 11
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2023 1 Charfty status The charity is limited by guarantee, lncorpcted In England and Wales, and cOnsequenY dces not have share capital. Each of the trustees is Ilable to contribute an amount not exceeding £1 lowards Ihe assets of the charty in the event of liquidalion. The address of Its registered office is: Atlantic Racquet Centre Fami Road Clovelly Road Industrial Estate Bideford Devon EX39 38E 2 Accounting policies Sumrnary of significant accountlng pollcles and key accountlng estlmatss The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been ConsiStenY applied to all the yaars presented, unless otherwse statgd. Statement of compllance The financial statements have been prepared In 8ccordonc6 wlth Accounting and Reportlng by Charities: Ststement of Recommended Practice {8pplicable to charities preparing their Èecounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 10211 (issued in October 2019) - (Charities SORP (FRS 1021), the Fln8ncial Reporting Standard applicable In the UK and Republlc of Ireland (FRS 1021 and the Companies Act 2C#)6. Basls of preparotlon Adantic Racquet Centre meets the definition of 8 public benefit enlity under FRS 102. Assets and liabileS are Initially recryJnised al historical cost or transaction value unless otherwise ststed in the relevant accounting policy notes. The financial statements are prepared in sterling which is the functional curfency of the entity. Basls of consolidation The consolidated finanal statements consolidate the financi81 statements of the tharily and ils subsidiaries ARC Centre Limiited. company number 09357363 and ARC So18r Limited, company number 13360598, registered address Allanfjc Racquet Centre. Caddsdown Industrial Park, EX39 3DX No statement of f5nancial actNlties is presented for the chadty as permitted by section 408 of the Companies Act 2006. The charity made a loss after lax for the financial year of £25,426 {2022 - Ioss of £137,969). Page 12
Atlantic Racquet Centre Notes to the Flnanclal Statements for the Year Ended 31 December 2023 A subsidiary is an entity controlled by the chadty. Control is achieveé where the charity ha5 the power to govern the financlal and operating policies of an enlty so as to obtain benefits from its adiwties. The results of subsidiaries acqulred or disposed of during the year are Included in the statement of financial activities from the effective date of 80]uisition or up to the effective date of disposal, as appropriate. whe nesary. adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group. Inter-company transactions, balances and unrealised gains on transactions betsveen Ihe charity and its subsidiaries. whlch are related parties. are eliminated in fijll. Exemptlon from preparlng a cash flow statement The charity opted to adopt Bulletin 1 published on 2 Febnjary 2016 and have therefore T1 induded a cash flow ststement in these financial ststements. Golng concem The trustees consider that there are no material uncertainties about the group's abilty to continue as a going concèm nor any Signtant areas of uncertalnty that affect the catyng value of assets held by the group. Income and endowments All income Is recognlsed once the charity has entluement to the Incnme, it is probable that Ihe Income will be received and the amount of the income receivable can be measured reliably. Donations and lagacies Oonations are recognised when the d)8rity has been notified in wrltlng of both the amount and selement date. In the evènl that a donation is subject to conditlons that require a level of performance by the charity before the charity is entitled to the funds. the Income is deferred and not recognised until either those conditions are fully met, or the fijffilment of those conditions Is wholly within the control of the charity and r( is probable that these condltions wll be fulfilled in the reFKMling pericd. Grants receivable Granls are recognised when the group has an entitlement lo the fvnds and any conditions linked lo the grants have been met. Where performance condltlons are attached to the grant and are yet to be met. the income is recognised as a li8bility and induded on the b818nce sheet as deferred income to be released. Investment incon Dividends are recognised onc& the dividend has been declared and notrfication has been received of the dividend due. P8ge 13
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 Decembor 2023 Expendlture All expenditure is recognlsed once there is a legal or constwctive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. Al costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges 811ocated on the portw of the Èsset's use. Other support costs are allocated based on the spread of staff costs. Raising funds These are costs incurred in attracting vduntary incorne, the management of investments and those Incurred in trading 8Ctivitses that ralse funds. Charltable acdvltles Charitsble expenditure comprlses 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 lo such actimties and those $ts of an indirect nature necessary to support them. Support costs Support costs indude central functions and have been allted to activity cost categories on a basis nsistent with the use of resources, for example. allocating propety costs by Iloor areas. or per capita, staff costs by the tlme spent and other costs by their usage. Taxatlon The charity is o)nsidered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the deffinition of a charitable [llpanY for UK corp)ration tax puysses. Accordlngly, the charity is potentially exempt from tsxation in respect of income or capital galns received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exdusively to charitable purposes. Tanglble fixed assets Individual fixed assets costing £500 or more are initially recorded 8t cost, less any subsequent accJJmu18ted depreaation and subsequent accumulated impairment losses. Deprèclatlon and amortisation Depreciation is provided on tanglble fixed assets so as to write off the cost or valuation. less any estimated residual value, over Iheir expected useful economic life as foltows: Asset class Land and buildings Court & Floodlights Equipment Clubhouse Deprecialion mèthod and rate 2°A straight lin 5°/0 Straight line 25°% straight lin8 100k straight Ilne Page 14
Atlantic Racquet C•ntre Notes to the Financial Ststements for the Year Ended 310ecembèr 2023 Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposlts, and other short-term highly liquid investmÈnts that are readily convethble to 8 known amjnt of cash and are subject to an insignificant risk of change in value. Borrowlngs Inlerest-bearing borrowings are initially recorded at fair valu&, net of transaction costs. Interest-bearing b()rrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Finaneial Activities over the period of the relèv2nl rrOWg. Interest expense is recognised on the basls of the effectkve interest method and Is Induded in Interest payable and similar charges. Borrowings are classrfied as cllrnt liabilities unless the charity has an uncK)Thjita7 right to defer sewement of the liability for at least tselve months after the reporting date. Fund structure Un$tcted income ftjnds are general funds that ar& avallable for use at the trust8es dlscretion in furtherance of the objectlves of the group. Designated funds are unrestricted funds earmarked by the trustees for parbeular future project or commitment. Restricted income ftjnds are those donated for use in a particular Èrea or for specific purposes, the use of which is restricted to that area or purpose. Pen51ons and other post retlremènt obllgatlons The group operates a defined contribution pension schem8 which is a pension plan under whidj fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even If the fund does not hold sufficSent assets to pay all gmployees the beneffts relating to employee serwce in the current and prior periods. Contributions to defined Contribution plans are recognised in the Statement of Fln8ncial Activitles when they are due. If contribution payments exceed the contribution due for service, the excess is recognlsed as a prepayment. Flnanclal Instruments Classification Financlal assets and financial liabilitses are recognised when the group becA)mes a paty to the contractual provislons of the instrument. Financial liabilities and equlty Instnjments are dassified according to Ihe substance of the contractual arrangements entered into. An equlty instrument Is any contract that evidences a residual Interest in the assets of the group after deducting all of its liabilits"es. Pagg 15
Atlantic Racquet Centre Notes to the Flnancial Ststements for the Year Ended 31 December 2023 Recognitlon and measurement All financsal assels and liabilrties are Inltially measured at transaclion price linduding transaction costs), except for Ihose financial assets dass6fied as at fair value through profit or loss, which are initially measured at fair value (which Is nomially the transaction price excluding tr8nsaclion costs), unless the arrangement constitutes a fin2nang transaction. If an arrangement constltutes a finan¢ing transaction. the financial assel or financial liablllty is measured at the present value of the fvture payments discounted al 8 market rate of interest for a slmllar debl instrument. Finandal assets and liabilities are only offset in the statement of finanaal position when, and only when there exists a legally enforceable right lo set off the recognlsed amounts and the group intends either to see on a net basis, or to realise the asset and setde the liability simultsneously. Financial assets are derecognised when and only when al the contractual rights to the cash flows from the finanual asset expire or are setued. bl the group transfers to another paty substantially all of the risks and rewards of ownership of the financial asset, or c} the group, despite hawng retsined some. bul not all, signfficant risks and rewards of ownership, has transferred ntrol of the asset to another paty. Flnancial liabillties ore dereccgnised only when the obligation spedfied in the contract is discharged, cancelled or expires. Invostments Investments in non-convertible preference shares and non-puttable ordinary or pref&rence sh8res (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where falr value cannot measured reliably, Investments ara measured at cost less impairment. Inveslments In subs1dlaes and 8ssociates are measured at cost less impaimient. For investments In subsidi8ries acquired for consideration including the issue of shares qualityng for merger relief. cost is measured by reference to the nominal value of the sh8res Issued plus fair value of other consideration. Any premium is ignored. Derlvative financial Instruments The group uses derivative financial instruments to r8duce frxposure to foreign exchange risk and interest rate movements. The group dogs not hold or issue derivative finanaal Instruments for speculative purposes. Derivatives are initially recognlsed at falr value at Ihe dats a derivative contract is entered into and are subsaquenuy reme8sured to their fair value at each reporbng date. The resulting gain or loss is recognised in statemenl of financial activitlés Immedlately unless the derivative is designated and effective as a hedging instrument. in which event the timing of the recOgnon in slatemenl of financial activities depends on Ihe nature of the hedge relationship. Fair value measurement The best evidenc& of fair value Is a quoted prTce for an identical asset in an active market. Wl*n quoted prices are un8vailable, the prlce of a renI transaction for an identical asset provides evidence of fair value as long as there has not been 8 significant change in economic circumstsnces or a significant lapse of time since Ihe transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimatad by using a valuation technique. Page 16
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2023 3 Income from donations and legacies Unrestrlcted funds General Restrlcted funds Total 2023 Donatlons Donations Grants Grants received 44.252 44,252 1,550 12.162 12,162 13,712 57,964 45,802 Unrestrlcted funds General Restrlcted funds Total 2022 Donatlons Donations Grants Grants received 50,488 2.306 52,794 173 144,395 144,568 50,661 146,701 197.362 4 Incomfr from other trading activities Unrestricted funds Gèneral Restrl¢ted funds Totsl 2023 Fundraising events Merchandise income Food and drink 1,620 661 12,608 14,889 40 1,660 661 12,608 14,929 40 Unrestricted funds General Total 2022 Fundraising events Merchandise income Food and drink 173 836 6.583 173 83 6,583 7,592 7,592 Pag8 17
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2023 5 Investment income Unrestrictsd nds General Total 2023 Interest receivable on bank deposits 69 6g Unrestrlcted funds General Total 2022 nterest recewable on bank deposits 103 103 6 Other In¢ome Unrestrlcted funds Gènernl Total 2023 Income from facIlY hlre Licence income Other revgnue 156,640 27.CK)O 22,841 206.481 156,640 27.000 22,841 206.481 Unrestricted funds General Totsl 2022 Income from facllity hlre Llcence Incom8 other revenue 103,735 13,500 1,778 103,735 13,500 1.778 119,013 119.013 Page 18
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2023 7 Expenditure on raislng funds Costs of tradlng actlvltles Unrestrlcted funds Ganeral Total 2023 Direct costs 5.998 5,998 Llnrestrictèd funds General Total 2022 Direct costs 1.619 1,619 8 Expendlture on charltable actlvltles Unrestrictsd funds Gener81 Restrlcted funds Total 2023 Note Sports & fitr)ess activlties Support costs 208,157 23,525 18,169 226,326 23.525 231.682 18,169 249,851 Unrestricted funds General Restricted funds Total 2022 Note Sports & frtness activrties Support costs 172,636 22,357 194,993 21,437 194,073 22,357 216,430 21,437 Page 19
Atlanti¢ Racquet Centre Notes to the Flnanclal Statements for the Year Ended 31 December 2023 9 Analysls of support costs Support costs allocated to charltable activilies Tolal 2023 Total 2022 Advertising Bank charges General expenses Finance Charges Legal and profession81 Auditorg fees Independenl examinati)n fees Telephone Interest payable 1,231 202 8.802 5,342 3,250 1,311 182 8.582 2.556 4,095 1,6SO 2,548 500 1,587 660 23.525 22,357 10 Net incomingloutgoing resources Net incoming resources for the year indude: 2023 2022 Depreciation of fixed assets 98.214 94,343 11 Trustees remuneratlon and expensas No trustees, nor any porsons connected wth them, have received any remuneration from the group during the year. No trustees have received any reimbursed expenses or any other benefits from Ihe charity durtng the year. Page 20
Atlantic Racquet Centr• Notes to the Financial Statements for the Year Ended 31 December 2023 12 Staff costs The aggregate payroll costs were as follows.. 2023 2022 Staff costs durlng the year were: Wages and salaries Social security costs Pension costs 25,285 22,450 895 507 3,861 29,146 23,852 The monthly average number of persons linduding senior management I leadership team) employed by the group during the year expressed as fvjll lime equlvalents was as follows: 2023 No 10 2022 No Coachlng and 8dmin slaff No employee received emoluments of more than £60,000 during the year. 13 Independent examlnerfs rnmuneratlon 2023 Examination of the finanaal statements 1,850 14 Auditors. remuneration 2022 Audit of th8 finanoal ststements 4.095 Page 21
Atlantic Racquet Centre Notes to the Flnanclal Statements for the Year Ended 31 De¢ember 2023 15 Taxation The group is 8 registered charity and Is therefore exempt from taxation. 16 Tangible fixed assets Group Furniture Land and and Solar buildings equipmènt Clubhouse Equlpment Total Cost At 1 January 2023 AddOnS 3.422,919 164.132 79.630 24.661 80.446 3,607,656 165,018 At 31 December 2023 3,587.051 80,516 24,661 80,446 3,772,674 Depreciatlon At 1 January 2023 Charga for the year 177.545 69,241 35,3C 18.463 18,360 2.467 16,090 8.045 247.301 98,216 At 31 December 2023 246,786 53,769 20,827 24.135 345,517 Ngt book value At 31 December 2023 3.340.265 26,747 3,834 56,311 3.427.157 At 31 December 2022 3,245.374 44,324 6,301 64,356 3.360,355 Pagg 22
Atlantic Racquet Centra Notes to the Financial Statements for the Year Ended 31 December 2023 Charlty Furnlture and equlpmenl Land and buildings Clubhouse Totsl Cost At 1 January 2023 Additsons 3.422.919 164,132 74,224 24.661 3,521,804 165.018 At 31 December 2023 3,587.051 75,110 24,661 3,686,822 Depreclatlon At 1 January 2023 Charge for the year At 31 December 2023 177,545 69,241 33.756 17,112 18.360 2,467 229,661 88,820 246.786 50.868 20,827 318.481 Net book value Al 31 December 2023 3,340.265 24.242 3,834 3,368.341 At 31 Detsmber 2022 3,245.374 40,468 6,301 3,292.143 17 Fixed assèt Investments Charlty Shares in group undertakings and participating Interests Subsidiary undertakings Cost At 1 January 2023 At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 18 Stock Group 2023 2022 Raw materials 3.634 3,105 Page 23
Atlantlc Racquet Centre Notes to the Flnanclal Statements for the Year Ended 31 December 2023 19 Debtors Group 2023 Charfty 2023 2022 2022 Trade debtors Due from group undertakings PrepayTrents VAT recoverable Other debtors 7,485 2,311 13,000 2,652 1.227 2,652 3,078 8.219 607 3,078 11,847 10,137 14,215 16,879 14,925 20 Cash and cash equlvalents Group 2023 Charity 2023 2022 2022 Cash at bank 56.050 97,935 35,069 94.043 21 Credltors: amounts falllng due withln one year Group 2023 Charlty 2023 2022 2022 Bank loans Trad8 creditors other loans Payments on account long lemi conlracls Due to group undertakings Other tsxation and sodal security Accruals 6,400 10,210 111,645 6.400 6.907 139,377 6.755 111,64S 5,864 139,377 104 4,997 7.548 2,762 4.207 2.048 4,207 149,828 140.800 159.757 120,448 22 Credltors: amounts falling due after one year Group 2023 Charlty 2023 2022 2022 Other loans 694,328 677,597 604.195 581.063 Page 24
Atlantlc Racquet Centré Notes to the Financial Statements for the Year Ended 31 December 2023 23 Contlngent1Sabilities Charity If Adantic Racquet Centre fails to complete the build of the Centre the grants reNed from StM)rt England tolalling £485,000 will be repayable on demand. 24 Funds Group Balance at 1 January 2023 Balance at Resources 31 December expended 2023 Incomlng resources Unrestricted funds General General Funds 1.728,416 267,241 {237,680) 1,757,977 Restrlcted funds Phase 1 and 2 Changing places Equipment Fund 908.509 1,331 40 (18,1691 890,380 1.331 12.162 12.162 909,840 12,202 18.1691 903,873 Total funds 2.638,256 279,443 {255,849 2,661.850 Page 2S
Atlantic Racquet Centra Notes to the Financial Statements for the Year Ended 31 December 2023 Balante at 31 Decamber 2022 Balance at Balance at 1 January 1 January Resources 2022 2022 expended Transfers Unrestrithd fvnds Gen•ral General Funds 1.743.854 177.369 1196,612) 3,805 1,728,416 Restrlcted funds Phase 18nd 2 Changing placos Table Tennis DonalK)n Kickstart Funding Equlpment Fund TDC Councillor Grant 787.050 1,331 140.OC(I {18,5411 908,509 1,331 999 2,896 2,306 500 19991 {2,896) 12,3061 500 788,381 146,701 (21,437) 13.805 909,840 Total funds 2.532,235 324.070 218,049) 2.638,256 Page 26
Atlantic Racquet Centre Notes to the Financlal Ststements for the Year Ended 31 December 2023 Charlty Balance at 1 January 2023 Balance at Resources 31 December expended 2023 Incoming resources Unrestrlcted funds Gènwal General Funds 1,760,381 127,591 196,1981 1,791,774 Restricted funds Phase 18nd 2 Changing places Equipment Fund 908,509 1,331 40 118,169) 890.380 1,331 12,162 12.162 12,202 909,840 18,169 3,873 Total funds 2,670,221 139,793 1114,367 2,695.647 Balancè at 31 Dècember 2022 Balante at 1 January 2022 Incomlng Rosources reyources oxpended Transfers Unrestricted funds G•neral General Funds 1,743,871 106,914 {94,209) 3,805 1,760,381 Restricted funds Phase 1 and 2 Changing places Table Tennis Donation Equipment Fund TDC Councillor Grant 787.050 1,331 140,000 (18,5411 908.509 1,331 999 2,306 500 (9991 (2,3061 500 788,381 143,805 (18,541 13.8051 909,840 Total funds 2,532,252 250,719 1112,750 2,670,221 P8ge 27
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2023 The phase 1 and 2 fund balance represents grant income received in respect of phases 1 and 2 of the project. Changlng places funding has been received towards disabled facilities. Defibrillator- money raised to enable ARC to have a defibrillator onstie. This has been completed with surplus rnoney being raised to enable ongoing maintenance costs. Bideford Brfdge Trust - Durfng 2020 fvnding was receNed towards equipment which has been fully spent In 2021. Table Tennis donation - received in 2022 towards lable tennis surrounds. this was fijlly spent in 2022. Kickstart funding - govemment ndIng received 8s part of the Kickstart Scheme to create new jobs for 16 to 24 year olds Equipment fund- fundlng received towards badminton equipment and to support badminton activities. During the year grants 8nd donations received towards the purchase cf fixed assets have been released to unrestricted reserves the restrictDn on the funds has been released by the purchase of the assets. 25 Analysis of net assets between funds Group Totsl funds at31 Decembèr Unrestricted funds General Restrlcted funds 2023 Tanglble fixed assets Cuffent assets Current liabilities Creditors over 1 year 2,524,615 69,717 1142,027} 1694,328 1.757,977 902,542 1,331 3,427.157 71,048 {142,027) 694.328) 2,661,850 Total net assets 903,873 Total fund$ at31 DeGember 2022 Unrestrlcted funds General Rèstrlcted funds Tangible fixed assets Cuent assets Cuent liabiliues Creditors over l year 2,451.177 114,147 {160,137) {677,597 1,727.590 908,509 1,331 3,359,686 115,478 1160,137) 677,597 Total net assets 909,840 2,637,430 Page 28
Atlantic Racquet Centre Notes to the Flnancial Ststements for the Year Ended 31 December 2023 Charity Total funds at31 December 2023 Unrestrictsd funds Genernl Restricted funds Tangible fixed 8ssets Fixed asset Investments Current assets Current liabilities Creditors over 1 year 2.465.799 902,542 3,368,341 50,617 (120,448) 1604,195) 1,791.774 1,331 51,948 1120,4481 1604,195) 2.695.647 Total nel assets 903.873 Total funds at31 Decèmbèr 2022 Unrestrlctsd funds General Reslricted funds Tangible fixed assels Fixed asset Investments Current assets Current liabilitses Creditors over 1 year 2,383,634 908.509 3.292.143 107.637 (149,828) 581.063) 1,760.381 1.331 108,968 (149,828) 581,063) 2,670,221 Total net assets 909,840 26 R&lated party transaction$ Group There were no related paty trdnsgctions in the year. Charlty There were no related party transactions in the year. Page 29