Company reglstration number: 07829589 Charity registration number. 1156455 Atlantic Racquet Centre (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2024 WESTCOTTS CHARTEREP ACCCIVNTANTS • HU$INESS ADVISERS
Atlantic Racquet Centre Contents Reference and Admlnlstrative Detalls Trustees, Report 2to5 Independent Examiner's Report Consolidated Statement of Financial Activitles Consolidated Balance Sheet 8t09 Balance Sheet 10t011 Notes to the Financial Statements 12to29
Atlantic Racquet Centre Reference and Administrative Details Trustees Anoushka Lynd Neil Damley Mark Clayton Atlantic Coast Co-operative Trust David Vinall The Northam Care Trust Secretary Anoushka Lynd Charity Registration Number 1156455 Company Registration Number 07829589 The charity is incorporated in England and Wales. Atlantic Racquet Centre Farm Road Clovelly Road Industrial Estste Bideford Devon EX39 3BE Reglstered Office Independent Examlner Westcotts (SW) LLP Chartered Accountants & Ststutory Auditors 47 Boutport Street Bamstaple Devon EX31 1SQ Page 1
Atlantic Racquet Centre Trustees. Report The trustees. 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 December 2024. 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 redaimed from the charity are set out in note 10 to the accounts. Anoushka Lynd is the Chief Executive Officer for the charity. 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 February 2023 and were subsequently re-elected. At each subsequent general meeting one-third of directors must retire from Offi but are eligible to stand for reappointment. Induction and training of trustees We have 8 full induction programme in place for all new trustees which covers information about the charity and the expectations of a new trustee. We share information on all of our policies and cover safeguarding. Related party relationships Related party transactions are identified by the trustees on an ongoing basis with any transactions monitored. A conflict of interest register is maintained. 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. At present, our facilities remain incomplete and we continue to fundraise for the remaining £150,000 required. Whilst we are now operationally sustainable, there are more long- term risks associated with not completing the facility. From an operational perspective, the trustees continue to focus on ensuring the sustainability of our current facilities through monthly financial reporting and review of utilisation. We continue to monitor inflation and the impact of this on our overheads. Rlsing energy costs, increases in rates. additional national Insuran contribution costs and rises in national minimum wage will impact us in 2025. Safeguarding of children and vulnerable adults is another area which is seen as inherently risky for ARC. The trustees have adopted and regularly review our 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. Wider network involvement ARC'S fvture success will be reliant upon retaining help from volunteers and through building relationships across a wider network. In 2024 we continued to invest in our successful volunteer programme which nurtures our culture and provides opportunities to the wider community. We have over 30 inducted volunteers working on our programme. Page 2
Atlantic Racquet Centre Trustees. Report To ensure the facilities are utilised to thelr maximum potential, ARC has a wholly owned subsidiary ARC Centre Ltd. This subsidiary is responsible for the trading activities of ARC induding the management of the facility on a day to day basis. This has been implemented through a lease of the premises. ARC Centre Ltd manage a number of relationships with the wider community. Working closely with a number of organisations who use our facilities. Our most valuable relationships is with ARC Tennis & Sports Club - a membership organisation with over 2,000 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 C(Foperative 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. This relationship is key to delivery of our charitable objectives and continues to be a significant focus of our work. During 2024. we have delivered a fully acSsible programme with The Northam Care Trust (NCT). NCT bring their clients to our inclusive community sessions each week, using all of our facilities. Objectives and activities Public benefit We have referred to the guidance contained in the Charity Commission's general guidance on public benefrt 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. Aims and objectives Our vision A community racquet and fitness centre where everyone can exercise. sociallse 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 activwties. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. Page 3
Atlantic Racquet Centre Trustees. Report Use of volunteers In addition to the committed trustees, ARC would not have reached this level of success without the signlficant 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 2024 was to ensure sustsinability of the facilities in the first instance whilst continuing to secure fundlng for the remainder of the project. We now offer access to multiple activities including tennis, squash, racketball, badminton, table tennis, gym, changing facilities and a changing places facility. The final phase of our build will provide a multi-use facility, akin to a village hall, and a community café. Financial revlew 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. Capitslisation pollcy The trustees consider capitalising expenditure in excess of £500. Plans for future periods The trustees are very focused on delivering the rest of the project over the coming two years. We aim to complete the facilities by December 2026. Page 4
Atlantic Racquet Centre Trustees. Report Statement of trustees, responsibllltles The trustees (who are also the directors of Atlantic Racquet Centre for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies. Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the parent charitable company and the group and of the incoming resources and application of reSoUrs. including its income and expenditure. of the charitable group for that period. In preparing these financial statements, the trustee5 are required to: select suitable accounting policies and apply them con5i5tently, observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards. comprlslng FRS 102 have been followed. subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the parent charitable company will continue in business. The trustees are responsible for keeplng proper accounting records that can disclose with reasonable accuracy at any time the financial position of the parent charitable company and the group and enable them to ensure that the flnancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the parent charitable company and the group 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 corporate and financial Information included on the charitable companys website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Small companies provision statement This report has been prepared in accordance with the small companies regime under the Companies Act 2006. The annual report was approved by the trustees of the charity on 2610912025 behalf by: and signed on its Anoushka Lynd Company secretary and trustee Page 5
Atlantic Racquet Centre Independent Examiner's Report to the trustees of Atlantic Racquet Centre ('the Group.) I report to the charity trustees on my examinatlon of the consolidated accounts of the Group comprising the Atlantic Racquet Centre and Its subsidiary undertakings for the year ended 31 December 2024. Responsibilities and basis of report As the trustees of the Group {and also its directors for the purposes of company law) you are responsible for the preparation of the consolidated accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.). Having satisfied myself that the accounts of both Atlantic Racquet Centre and the Group are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your consolidated accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Act')- In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement Since the Group's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of , which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection wlth the examination giving me cause to believe: 1. accounting records were not kept in respect of Atlantic Racquet Centre as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records. or 3. the accounts do not comply with the accounting requirement5 of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, whlch is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charitles applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)- I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Catherine Williams FCA DChA Westcotts (SW} LLP Chartered Accountants & Statutory Auditors 47 Boutport Street Bamstaple Devon EX311SQ P8ge 6
Atlantic Racquet Centre Consolidated Statement of Financial Activities for the Year Ended 31 December 2024 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies other trading activities Investment income other income 9.866 11.552 500 10.366 11,552 57.964 14,929 69 206.481 228.709 228.709 Total income 250,129 500 250.629 279,443 Expenditure on: Raising funds Charitable activities (6,674) (267,259) (273,933) (6,674) (287,084) {5.998) (249,851) (19.825) Total expenditure Net {expenditure)lincome Transfers between funds (19,825) (293.758) {255,849) (23,804) 10,645 (19,325) (10,645) (43,129) 23,594 Net movement in funds (13,159) (29,970) (43.129) 23,594 Reconciliation of funds Total funds brought forward 1,757,977 903,873 2.661.850 2,638,256 Total funds carrled forward 22 1,744,818 873,903 2,618,721 2,661,850 All of the group's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 22. The notes on pages 12 to 29 form an integral part of these financial statements. Page 7
Atlantic Racquet Centre (Registration number: 07829589) Consolidated Balance Sheet as at 31 December 2024 2024 2023 Note Fixed assets Tangible assets 15 3,357,104 3,427.157 Current assets stocks Debtors Cash at bank and in hand 2,431 4,687 41,692 3.634 10.137 56,050 18 48,810 69.821 Creditors: Amounts falling due within one year 19 (96,228) 140,800 Net current liabilities {47.418) (70.979) Total assets less current Ilabilities 3,309,686 3,356,178 (694,328) 2,661,850 Credltors: Amounts falllng due after more than one year 20 (690,965) 2,618,721 Net assets Funds of the group: Restricted Income funds Restricted funds 873,903 903.873 Unrestricted income funds Unrestricted funds 1,744,818 1,757,977 Total funds 22 2,618,721 2,661,850 For the year ending 31 December 2024 the charity 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 company to obtain an audit of its financial statements for the year in question in accordance with section 476., 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The notes on pages 12 to 29 form an integral part of these financial statements. Page 8
Atlantic Racquet Centre (Registration number: 07829589) Consolidated Balance Sheet as at 31 December 2024 The financlal statements on pages 7 to 29 were approved by the trustees, and authorised for issue on 2610912025 and signed on their behalf by: Anoushka Lynd Company secretary and trustee The notes on pages 12 to 29 form an integral part of these financial statements. Page 9
Atlantic Racquet Centre (Registration number: 07829589) Balance Sheet as at 31 December 2024 2024 2023 Note Fixed assets Tangible assets Investments 15 3,307,039 3,368,341 3,307,040 3,368.342 Current assets Debtors Cash at bank and in hand 17 18 14,496 22,025 16,879 35,069 36,521 51.948 Creditors: Amounts falling due wlthln one year 19 (75,076) (120,448) (68,500) Net current Ilabllities 138,555 Total assets less current liabllStSes 3,268,485 607,231) 2,661,254 3,299,842 (604,195) 2,695,647 Creditors: Amounts falllng due after more than one year 20 Net assets Funds of the charlty: Restricted Income funds Restricted funds 873,903 903,873 Unrestricted income funds Unrestricted funds 1,787,351 1.791,774 Total funds 22 2,661,254 2.695,647 For the year ending 31 December 2024 the charity 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 company to obtain an audit of its financial statements for the year in question in accordance with section 476; 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The notes on pages 12 to 29 fom an integral part of these financial statements. Page 10
Atlantic Racquet Centre (Registration number: 07829589) Balance Sheet as at 31 December 2024 The financial statements on pages 7 to 29 were approved by the trustees, and 8Uthorised for issue on 2610W2025 and signed on their behalf by: Anoushka Lynd Company secretary and trustee The notes on pages 12 to 29 form an integral part of these financial statements. Page11
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2024 1 Charity status The charity is limited by guarantee. incorporated In England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered Offi is: Atlantic Racquet Centre Fami Road Clovelly Road Industrial Estate Bideford Devon EX39 3BE 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accountSng policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. statement of compllance The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparlng thelr accounts in accordance with the Financial Reporting Standard applicable in the UK 8nd Republic of Ireland (FRS 102)} (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basls of preparation Atlantic Racquet Centre meets the definition of a public benefit entlty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The financial statements are prepared in sterling which is the functional currency of the entity. Basis of consolidation The consolidated financial statements consolidate the financial statements of the charity and its subsidiaries ARC Centre Limited, company number 09357363 and ARC Solar Limited, company number 13360598. registered address Atlantic Racquet Centre. Caddsdown Industrial Park, EX39 3DX No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a deficit for the year £34.393 {2023 - surplus of £25,426) Page 12
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2024 A subsidiary Is an entity controlled by the charlty. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries acquired or dlsposed of durlng the year are included in the statement of financial activities from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, 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 between the charity and its subsidiaries, which are related parties, are eliminated in full. Exemption from preparing a cash flow statement The charity opted to adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. Going concern The trustees consider that there are no material uncertainties about the group's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the group. Income and endowments 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 the income receivable can be measured reliably. Donations and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions 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 fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Grants receivable Grants are recognised when the group has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met. the income is recognised as a liability and included on the balance sheet as deferred income to be released. Investment income Dividends are recognised once the dividend has been declared and notification has been received of the dividend éue. Page 13
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2024 Expendlture All expenditure Is recognised once there Is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All 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 resou$. with central staff costs allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raising fiinds These are costs incurred in attracting voluntary income. the management of investments and those incurred in trading activities that raise fijnds. Charitable activities 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 Support costs include central functlons and have been allocated to activity cost categories on a basis conslstent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Taxation The charity is consldered to pass the tests set out in Pardgraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains reiVed withln categorias covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable G8ins Act 1992, to the extent that such income or gains are applied exclusrvely to charitable purposes. Tangible fixed assets Individual fixed assets costing £500 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Depreciation method and rate 2 % straight line 50/0 straight line 25. straight line 1 Ooh straight Ilne Asset class Land and buildings Court & Floodlights Equipment Clubhouse Page 14
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2024 Cash and cash equlvalents Cash 8nd cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings 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 Ststement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as currenl liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve rnonths after the reporting date. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the group. Designated funds are unrestricted funds eamiarked by the trustees for particular future project or commltment. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restrlcted to that area or purpose. Pensions and other p05t retlrement obligations The group operates 8 defined contribution pension scheme which is a pension plan under which 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 sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contrtbutions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exed the contribution due for service, the excess is recognised as a prepayment. Financial instruments Classification Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. Page 15
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2024 Recognition and measurement All financial assets and liabilities are initially measured at transaction price (including transaction costs). except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial Ilabilities are derecognised only when the obligation specified in the contract is dlscharged. cancelled or expires. Investments Investments in non-convertible preferen shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments 8re measured at cost less impairment. Investments in subsldlarles and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger rellef, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. Derivative financial Instruments The group uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The group does not hold or issue derivative financial instruments for speculative purposes. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activff(ies immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship. Fair value measurement The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable. the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and rent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. Page 16
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2024 3 Income from donatlons and legacles Unrestricted funds General Restrfcted funds Total 2024 Donations Donatlons Grants Grants received 7,369 7.369 2,497 500 2,997 9,866 500 10,366 Unrestrlcted funds General Restricted funds Total 2023 Donations Donations Grants Grants received 44,252 44,252 1,550 45,802 12.162 13,712 57,964 12.162 4 Income from other trading activities Unrestricted funds General Total 2024 Fundraising events Merchandise income Food and drink 900 263 10,389 11,552 900 263 10,389 11,552 Unrestricted funds General Restricted funds Totsl 2023 Fundraising events Merchandise income Food and drink 1,620 661 12,608 40 1.660 661 12,608 14.889 40 14,929 Page 17
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2024 5 Investment Income U nrestricted funds General Total 2024 Interest receivable on bank deposits Unrestricted funds General Total 2023 Interest receivable on bank deposits 69 69 6 Other income Unrestricted funds General Total 2024 Income from fac111ty hlre Licence income Other revenue 187,639 27,000 14,070 187,639 27,000 14,070 228,709 228,709 Unrestricted funds General Total 2023 Income from facility hire Licen income Other revenue 156,640 27,000 22.841 156,640 27,000 22.841 206,481 206,481 Page 18
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2024 7 Expenditure on raising funds Costs of trading activities Unrestricted funds General Total 2024 Direct costs 6,674 6,674 Unrestricted funds General Total 2023 Direct costs 5,998 5.998 8 Expenditure on charitable activltles Unrestrlcted funds General Restricted funds Total 2024 Note Sports & fitness activities Support costs 246,586 20.673 19,825 266.411 20.673 267,259 19.825 287.084 Unrestrlcted funds General Restricted funds Total 2023 Note Sports & fitness activities Support costs 206.235 25,447 18,169 224.404 25,447 231.682 18,169 249.851 Page 19
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2024 9 Analysis of support costs Support Gosts allocated to charitable activities Total 2024 Total 2023 Advertising Bank and card charges General expenses Legal and professional Independent examination fees Telephone Interest payable 590 6,814 8.384 1.231 5.544 8,802 3,250 1,650 4.470 500 1,650 2,894 341 20,673 25.447 10 Net incomingloutgoing resources Net (outgoing)lincoming resources for the year include: 2024 2023 Depreciation of fixed assets 102,480 98,214 11 Trustees remuneration and expenses No trustees, nor any persons connected with them, have received any remuneration from the group during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. Page 20
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2024 12 Staff costs The aggregate payroll costs were as follows: 2024 2023 Staff costs during the year were: Wages and salaries Pension costs 27,995 4,976 25,285 7,722 33.007 32,971 The monthly average number of persons (including senior management I leadership team) employed by the group during the year expressed as full time equivalents was as follows- 2024 No 2023 No 10 Coaching and admin staff No employee received emoluments of more than £60,000 during the year. 13 Independent examlner's remuneratlon 2024 2023 Examination of the financial statements 1,650 1,650 Page 21
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2024 14 Taxation The group is a registered charity and is therefore exempt from taxation. 15 Tangible fixed assets Group Furniture and equipment Clubhouse Land and buildings Solar Equipment Total Cost At 1 January 2024 Additions 3.587.051 9.787 80,515 22,640 24,661 80.446 3,772.673 32,427 At 31 December 2024 3,596,838 103,155 24,661 80,446 3,805,100 Depreciation At 1 January 2024 Charge for the year 246,786 69,437 53,707 22,597 20,825 2,465 24.134 8,045 345,452 102.544 At 31 December 2024 316,223 76,304 23,290 32,179 447.996 Net book value At 31 December 2024 3,280,615 26,851 1,371 48,267 3.357,104 At 31 December 2023 3,340,265 26,808 3,836 56,312 3,427,221 Page 22
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2024 Charlty Furniture and equipment Land and buildings Clubhouse Total Cost At 1 January 2024 Additions 3,587.051 9.787 75,110 21,910 24,661 3.686,822 31.697 At 31 December 2024 3,596.838 97,020 24,661 3.718.519 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 246.786 69.437 50.806 21,161 20.825 2,465 318,417 93.063 316,223 71,967 23,290 411,480 Net book value At 31 December 2024 3.280,615 25,053 1,371 3.307.039 At 31 December 2023 3,340,265 24,304 3,836 3.368,405 16 Fixed asset investments Charity Shares in group undertakings and participating interests Subsidiary undertakings Cost At 1 January 2024 At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 Page 23
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2024 17 Debtors Group 2024 Charlty 2024 2023 2023 Trade debtors Due from group undertakings Prepayments VAT recoverable 2,909 7,485 12,377 1,778 341 13,000 2.652 1,227 1,778 2,652 4.687 10,137 14.496 16,879 18 Cash and cash equivalents Group 2024 Charlty 2024 2023 2023 Cash at bank 41,692 56,050 22,025 35,069 19 Credltors: amounts falllng due within one year Group 2024 Charlty 2024 2023 2023 Bank loans Trade creditors Other loans other taxation and social security Accruals 6,400 2,123 71,005 6.400 10.210 111,645 2,123 71,005 6,755 111.645 7,192 9.508 4,997 7,548 1,948 75,076 2,048 120,448 96,228 140,800 20 Creditors: amounts falling due after one year Group 2024 Charity 2024 2023 2023 Other loans 690.965 694,328 607,231 604.195 Page 24
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2024 21 Contingent liabilities Charity If Atlantic Racquet Centre fails to complete the build of the Centre the grants received from Sport England totalling £485,000 will be repayable on demand. 22 Funds Group Balance at 31 December 2024 Balance at 1 January 2024 Incomlng Resources resources expended Transfers Unrestricted funds General General Funds 1,757,977 250.129 (273.933) 10.645 1,744,818 Restricted funds Phase 1 and 2 Changing places Wheelchair tennis Equipment Fund 890.380 1.331 (17,808) 872,572 1,331 500 (500) (1,517} (19,825) 12,162 (10,645) (10,645) 903.873 500 873,903 Total funds 2,661.850 250.629 293,758) 2,618.721 Page 25
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2024 Balance at 1 January 2023 Balance at 31 December 2023 Incoming resources Resources expended Unrestricted funds General General Funds 1.728,416 267.241 (237,680) 1.757.977 Restricted funds Phase 1 and 2 Changing places Equipment Fund 908,509 1,331 40 (18,169) 890.380 1.331 12.162 12,162 909,840 12,202 118,169) 903.873 Total funds 2,638.256 279,443 (255,849) 2.661,850 Page 26
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2024 Charlty Balance at 31 December 2024 Balance at 1 January 2024 Incoming Resources sources expended Transfers Unrestricted funds General General Funds 1,791.774 88.471 (105,056) 1.775,189 Restricted funds Phase 1 and 2 Changing plaS Wheelchair tennls Equipment Fund 890.380 1.331 (17,808) 872,572 1,331 500 (500) 12,162 (12,162) (12,162) 903,873 500 (18,308) 873.903 Total funds 2,695.647 88,971 1123,364) (12.162 2.649,092 Balance at 1 January 2023 Balance at 31 December 2023 Incoming resources Resources expended Unrestricted funds General General Funds 1,760.381 127,591 (96,198) 1,791.774 Restrlcted funds Phase 1 and 2 Changing places Equiptnent Fund 908,509 1.331 40 (18,169) 890,380 1,331 12,162 12,162 909,840 12.202 (18.169) 903.873 Total funds 2.670,221 139,793 114,367) 2,695,647 Page 27
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2024 The phase 18nd 2 fund balance represents grant income recelved in respect of phases 1 and 2 of the project. 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. Equipment fund - funding received towards badminton equipment and to support badminton activities. Wheelchair tennis - during the year £500 was reIVed towards wheelchair tennis equipment. During the year grants and donations received towards the purchase of fixed assets have been released to unrestricted reseNes when the restriction on the funds has been released by the purchase of the assets. 23 Analysis of net assets between funds Group Total funds at31 December 2024 Unrestricted funds General Restrlcted funds Tangible fixed assets Current assets Current liabilities Creditors over 1 year 2,484.532 47.479 (96,228) (690,965) 1,744,818 872,572 1,331 3,357,104 48.810 (96,228) (690.965) 2.618,721 Total net assets 873,903 Total funds at31 December 2023 Unrestricted funds General Restricted funds Tangible fixed assets Current assets Current liabilities Creditors over 1 year 2.524.615 69,717 (142,027) (694,328) 902,542 1,331 3,427,157 71.048 (142,027) (694,328) 2.661,850 Total net assets 1.757,977 903,873 Page 28
Atlantic Racquet Centre Notes to the Financial Statements for the Year Ended 31 December 2024 Charlty Total funds at31 December 2024 Unrestricted funds General Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities Creditors over 1 year 2.434,467 872,572 3.307.039 35,190 (75,076) (607.231) 1.787.351 1,331 36.521 (75.076) (607,231) 2,661,254 Total net assets 873.903 Total funds at31 December 2023 Unrestricted funds General Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities Creditors over 1 year 2,465,799 902,542 3,368.341 50,617 (120,448) (604,195) 1,791,774 1,331 51,948 (120.448) 1604,195) 2.695,647 Total net assets 903,873 24 Related party transactlons Group During the year, the wife of David Vinall, a Trustee was self-employed by ARC Centre Limited and was paid £16.668 (2023: £9.387). Charity There were no related party transactions in the year. Page 29