REGISTERED COMPANY NUMBER: 09142406 (England and Wales) REGISTERED CHARITY NUMBER: 1159772
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
HITCHIN RUGBY LIMITED
HITCHIN RUGBY LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Statement of Financial Position | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 19 |
HITCHIN RUGBY LIMITED (REGISTERED NUMBER: 09142406)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The promotion of community participation in healthy recreation in particular by the provision of facilities for the playing of rugby union primarily but without limitation for the benefit for the local communities of Hitchin, Stevenange and Letchworth.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
Staff and Volunteers
The trustees fully appreciate the importance of volunteers to the efficient working of the charity.
ACHIEVEMENT AND PERFORMANCE
A challenging period post pandemic with a number of long term sponsors reducing or ceasing to support the charity. We are very grateful to all our sponsors, past and present especially MNP who have made and continue to make much of our growth possible. Despite these challenges, the work of a small group of volunteers dedicated to supporting the income of the charity have maintained funding at acceptable levels.
There was modest growth in numbers for men's and women's rugby with mini and youth numbers remaining strong. Touch rugby remains an area of growth for the charity with sessions now taking place twice a week. The charity has found that pressure on resources has resulted in a deterioration to playing surfaces that will require significant financial investment over the next two years.
We maintain a strong social media presence, and this has resulted in some positive signals in terms of recruitment. The trial use by the mini and youth section of Pitchero to replace the existing club management system was successful and we intend to roll this out as a whole club intuitive in the 2024 - 2025 season.
The planned installation on modern smart meters for the 200 amp power supply was completed and the system was rebalanced to allow simultaneous use of two sets of floodlights without outages. This proved successful.
In term of fundraising the two main events were a beer festival organised with the local branch of CAMRA, contributing some £7000 to the funding of the charity and a very successful mini festival, both fully supported by volunteers. As in previous years, financial performance in terms of subscription, sponsorship and donation from Hitchin Rugby Trading Limited have allowed us to maintain our core focus on better coaching, training and playing opportunities for more individuals in the area.
In conclusion we feel it has been a successful year for the charity.
This spring our long standing treasurer, Christopher Duval Jones stood down after over four decades of stewardship in growing the club in strength and numbers and making an instrumental contribution to the successful transition of the club to charity status.
Income and expenditure
The results for the year show an overall surplus of £2,449 (2023 deficit £6,769).
Page 1
HITCHIN RUGBY LIMITED (REGISTERED NUMBER: 09142406)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
FINANCIAL REVIEW
Financial overview
As an overview, the charity received £217,851 (2023 £283,464) of income during the year and had outgoings totalling £215,402 (2023 £290,233) giving a surplus of £2,449 (2023 deficit £6,769). The funds carried forward are £272,707 (2023 £246,951) of unrestricted reserves and £377,588 (2023 £400,895) of restricted reserves.
Reserves policy
The charity's income, expenditure and funds for the year to 31 March 2024 are shown in the annexed financial statements. The basis of preparation of the annexed financial statements is in accordance with the governing documents and is set out in the notes.
FUTURE PLANS
The club has engaged a new head coach for the 2024-25 season and will continue to invest in coaching courses for aspirational retiring players and mini and youth parents. We have invested heavily in terms of time and resources in safeguarding procedures and practices. This will continue to be core to all our activities as we go forward.
The participation of men in the 18 - 40 age group remains a concern for the sport as a whole and for us as a club. Hence, we will continue our efforts to target this age group in the coming season. We also wish to improve the transition from youth to adult rugby by greater integration of coaching regimes and by ensuring that there is greater visibility of senior players at mini and youth training sessions and games.
We will recruit and strengthen our women's section over the summer with a free-to-all boot camp. We will also be increasing our visibility as a club at other town and area events such as fairs and monthly food festivals and on the High Street at weekends.
Our aspiration to embark on phases 2-4 of the clubhouse and changing facility redevelopment remains a strong focus. However, funding streams are limited at this time, and we have determined that we require a separate group of volunteers to manage these activities as our existing volunteer base is largely at capacity.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Hitchin Rugby Limited, a company limited by guarantee as defined by the Companies Act 2006, was incorporated on 22 July 2014 and registered as a charity on 5 January 2015. Hitchin Rugby Limited was established under a Memorandum of Association which established the objects and powers of the company and is governed under its Articles of Association. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member to the charity.
Recruitment and appointment of new trustees
As set out in the Articles of Association membership is open to individuals or organisations who may apply to the directors for approval.
Organisational structure
The board of trustees is responsible for the management of the charity and the day-to-day running of the charity is delegated to the management committee..
Related parties
The charity owns 100% of Hitchin RFC Trading Limited (Company no. 08850399). The purpose of this company is to carry out the trading activities on behalf of the charity. The charity is also responsible for the day-to-day running and management of this company.
Page 2
HITCHIN RUGBY LIMITED (REGISTERED NUMBER: 09142406)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
Trustees have a duty to identify and review the risks to which the charity may be exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
09142406 (England and Wales)
Registered Charity number
1159772
Registered office
Croft Chambers 11 Bancroft Hitchin Herts SG5 1JQ
Trustees
C D Jones (resigned 31.3.24) P E Tasko C J Henshaw-Allcock T C Jeffries Director (appointed 31.3.24)
Independent Examiner
Bradshaw Johnson Chartered Accountants Croft Chambers 11 Bancroft Hitchin Hertfordshire SG5 1JQ
Approved by order of the board of trustees on 10 September 2024 and signed on its behalf by:
P E Tasko - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HITCHIN RUGBY LIMITED
Independent examiner's report to the trustees of Hitchin Rugby Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company 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 charity's 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
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts 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
-
the accounts 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)).
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.
Neil C Harding
Bradshaw Johnson Chartered Accountants Croft Chambers 11 Bancroft Hitchin Hertfordshire SG5 1JQ
Date: .............................................
Page 4
HITCHIN RUGBY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 52,930 Charitable activities 6 Hitchin Rugby 78,519 Other trading activities 4 82,418 Investment income 5 3,824 Other income 7 160 Total 217,851 EXPENDITURE ON Charitable activities 8 Hitchin Rugby 192,095 NET INCOME/(EXPENDITURE) 25,756 Transfers between funds 21 (14,002) Net movement in funds 11,754 RECONCILIATION OF FUNDS Total funds brought forward 246,951 TOTAL FUNDS CARRIED FORWARD 258,705 |
Restricted funds £ - - - - - - 23,307 (23,307) 14,002 (9,305) 400,895 391,590 |
31.3.24 Total funds £ 52,930 78,519 82,418 3,824 160 217,851 215,402 2,449 - 2,449 647,846 650,295 |
31.3.23 Total funds £ 57,274 148,670 70,866 919 5,735 283,464 290,233 (6,769) - (6,769) 654,615 647,846 |
|---|---|---|---|
The notes form part of these financial statements
Page 5
HITCHIN RUGBY LIMITED (REGISTERED NUMBER: 09142406)
STATEMENT OF FINANCIAL POSITION
31 MARCH 2024
| Notes FIXED ASSETS Tangible assets 15 Investments 16 CURRENT ASSETS Debtors 17 Cash at bank CREDITORS Amounts falling due within one year 18 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 19 NET ASSETS FUNDS 21 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 160,048 1 160,049 40,824 114,959 155,783 (39,627) 116,156 276,205 (17,500) 258,705 |
Restricted funds £ 255,687 - 255,687 - 135,903 135,903 - 135,903 391,590 - 391,590 |
31.3.24 Total funds £ 415,735 1 415,736 40,824 250,862 291,686 (39,627) 252,059 667,795 (17,500) 650,295 258,705 391,590 650,295 |
31.3.23 Total funds £ 433,696 1 433,697 66,234 236,323 302,557 (60,908) 241,649 675,346 (27,500) 647,846 246,951 400,895 647,846 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 6
continued...
HITCHIN RUGBY LIMITED (REGISTERED NUMBER: 09142406)
STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 10 September 2024 and were signed on its behalf by:
P E Tasko - Trustee
The notes form part of these financial statements
Page 7
HITCHIN RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. STATEMENT OF COMPLIANCE
Hitchin Rugby Limited is a charitable company incorporated in England. The registered office is: Croft Chambers, 11 Bancroft, Hitchin, Hertfordshire SG5 1JQ
The charitable company's financial statements have been prepared in compliance with Charities SORP (FRS 102) as it applies to the financial statements for the year ended 31 March 2024.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Hitchin Rugby Limited meets the definition of a public benefit entity under FRS 102.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Improvements to property | - over useful life and over length of lease |
|---|---|
| Plant and machinery | - 20% on reducing balance |
| Fixtures and fittings | - 10% on reducing balance |
| Catering and bar equipment | - 20% on reducing balance |
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
continued...
Page 8
HITCHIN RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
2. ACCOUNTING POLICIES - continued
Investments
Investments in subsidiaries are valued at cost less provisions for impairment.
Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items,
Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the group qualifies as a small group.
Value Added Tax
The charity is partially exempt from VAT and is within the de minimus limit.
Legal status of the Trust
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £1 per member of the charity.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Financial instruments
The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
continued...
Page 9
HITCHIN RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
| 3. | DONATIONS AND LEGACIES | ||
|---|---|---|---|
| 31.3.24 | 31.3.23 | ||
| £ | £ | ||
| Donations | 43,930 | 53,474 | |
| Grants | 9,000 | 3,800 | |
| 52,930 | 57,274 | ||
| Grants received, included in the above, are as follows: | |||
| 31.3.24 | 31.3.23 | ||
| £ | £ | ||
| Other grants | 9,000 | 3,800 | |
| 4. | OTHER TRADING ACTIVITIES | ||
| 31.3.24 | 31.3.23 | ||
| £ | £ | ||
| Beer festival | 9,027 | 5,894 | |
| Playing subs | 15,234 | 14,916 | |
| Sponsorships including dinners lunches, ball etc | 51,250 | 41,876 | |
| Social income | 124 | - | |
| Hire of clubhouse | 4,295 | 5,012 | |
| Other | 2,488 | 3,168 | |
| 82,418 | 70,866 | ||
| 5. | INVESTMENT INCOME | ||
| 31.3.24 | 31.3.23 | ||
| £ | £ | ||
| Deposit account interest | 3,824 | 919 |
continued...
Page 10
HITCHIN RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
6. INCOME FROM CHARITABLE ACTIVITIES
| Activity Mini & Junior Pavilion Hire Football Hire Pitch Hire Match fees Saracens camp Tour U13's Tour U14's Tour U15's Tour U16's Tour U18's M & Y Tour Girls Tour Founders' Day 2nd Hand Kit Stall Touch Rugby Tag festival Autumn Internationals Cat A Six Nations 7. OTHER INCOME Bungalow Rent 8. CHARITABLE ACTIVITIES COSTS |
31.03.24 | 31.03.23 | ||
|---|---|---|---|---|
| £ | £ | |||
| 40,911 | 40,368 | |||
| 6,100 | 6,260 | |||
| 1,320 | 2,235 | |||
| 4,371 | 4,433 | |||
| 5,056 | 5,325 | |||
| - | 379 | |||
| 17 | 6,468 | |||
| 206 | 1 | |||
| 1,389 | 8,864 | |||
| - | 4,980 | |||
| 5 | - | |||
| 4,446 | 46,203 | |||
| 6,111 | 19,684 | |||
| - | 166 | |||
| 5,800 | 2,655 | |||
| 211 | 200 | |||
| 2,787 | - | |||
| - | 147 | |||
| - | 302 | |||
| 78,519 | 148,670 | |||
| 31.03.23 £ 5,735 5,735 |
||||
| 31.03.24 | ||||
| £ | ||||
| 160 | ||||
| 160 | ||||
| CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|
| Direct | Support | ||
| Costs (see | costs (see | ||
| note 9) | note 10) | Totals | |
| £ | £ | £ | |
| Hitchin Rugby | 109,643 | 105,759 | 215,402 |
continued...
Page 11
HITCHIN RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
9. DIRECT COSTS OF CHARITABLE ACTIVITIES
| 31.03.24 | 31.03.23 | |
|---|---|---|
| Operation of | ||
| the rugby club | ||
| £ | £ | |
| Kit and playing equipment | 8,841 | 8,295 |
| Catering | 15,995 | 11,932 |
| Pitch Hire | 3,000 | 3,000 |
| Transport | - | 1,300 |
| Referees' Expenses | 1,203 | 1,308 |
| Recruitment Expenses | 1,230 | - |
| Players' Expenses | 277 | 52 |
| Laundry | 1,517 | 1,083 |
| Physio | 6,644 | 6,213 |
| Entry fees | 1,985 | 1,770 |
| Coaching and training expenses | 14,616 | 18,654 |
| Maintenance - Pitch | 13,330 | 17,793 |
| Course fees | 395 | 275 |
| Ladies budget | 16,434 | 14,586 |
| Physio, first aid and consumables | 2,153 | 2,423 |
| Awards and trophies | 635 | 940 |
| Flags and banners | 772 | - |
| Saracens live games | (718) | 28 |
| Tour U13's | - | 6,468 |
| Tour U14's | - | 1 |
| Tour U15's | - | 8,864 |
| Tour U16's | - | 4,980 |
| M & Y Tour | 12,174 | 46,203 |
| Girls Tour | - | 19,684 |
| Stash Account | 1,513 | 186 |
| Maintenance - Floodlights | 920 | 207 |
| TV Costs | 4,877 | 4,680 |
| M & Y Pathway | 640 | 3,116 |
| Misc costs | 739 | 963 |
| Incentive payments (men) | 50 | - |
| Hospitality | 601 | 715 |
| 109,643 | 185,719 | |
continued...
Page 12
HITCHIN RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
10. SUPPORT COSTS
| 31.03.24 | 31.03.23 | |
|---|---|---|
| Operation of | ||
| the rugby club | ||
| £ | £ | |
| Rent, rates and service charges | 4,994 | 969 |
| Insurance | 10,364 | 9,222 |
| Light and heat | 16,285 | 17,511 |
| Cleaning | 13,864 | 12,467 |
| Repairs and maintenance | 2,093 | 7,260 |
| Printing, postage and stationery | 1,000 | 1,258 |
| Depreciation of tangible fixed assets | 42,770 | 41,427 |
| Profit on disposal of tangible fixed asset | - | (1,000) |
| Telephone | 918 | 1,409 |
| Interest and charges | 497 | 1,788 |
| General expenses | 9,861 | 9,465 |
| Accountancy and bookkeeping | 3,113 | 3,135 |
| 105,759 | 104,911 | |
11. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 31.3.24 | 31.3.23 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 42,770 | 41,427 |
| Surplus on disposal of fixed assets | - | (1,000) |
12. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration, expenses or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Members of the Board have not received any remuneration either directly or indirectly during the year and provide their services voluntarily. Certain expenses incurred on behalf of the charity are reimbursed to Members of the Board.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
continued...
Page 13
HITCHIN RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
13. STAFF COSTS
No employees received emoluments in excess of £60,000.
14.
| 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 57,274 Charitable activities Hitchin Rugby 144,170 Other trading activities 70,866 Investment income 919 Other income 5,735 Total 278,964 EXPENDITURE ON Charitable activities Hitchin Rugby 267,866 NET INCOME/(EXPENDITURE) 11,098 RECONCILIATION OF FUNDS Total funds brought forward 235,853 TOTAL FUNDS CARRIED FORWARD 246,951 |
Restricted funds £ - 4,500 - - - 4,500 22,367 (17,867) 418,762 400,895 |
Total funds £ 57,274 148,670 70,866 919 5,735 283,464 290,233 (6,769) 654,615 647,846 |
|---|---|---|
continued...
Page 14
HITCHIN RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
15. TANGIBLE FIXED ASSETS
| Improvements to property £ COST At 1 April 2023 614,404 Additions 25,604 Disposals (6,808) At 31 March 2024 633,200 DEPRECIATION At 1 April 2023 250,906 Charge for year 31,915 At 31 March 2024 282,821 NET BOOK VALUE At 31 March 2024 350,379 At 31 March 2023 363,498 |
Plant and machinery £ 70,200 5,168 - 75,368 42,874 6,039 48,913 26,455 27,326 |
Fixtures and fittings £ 66,826 845 - 67,671 28,616 3,884 32,500 35,171 38,210 |
Catering and bar equipment £ 11,937 - - 11,937 7,275 932 8,207 3,730 4,662 |
Totals £ 763,367 31,617 (6,808) 788,176 329,671 42,770 372,441 415,735 433,696 |
|---|---|---|---|---|
During the year, £6,808 was received from HMRC as a VAT repayment in relation to the recently built changing rooms.
16. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Shares in | |
| group | |
| undertakings | |
| £ | |
| MARKET VALUE | |
| At 1 April 2023 and 31 March 2024 | 1 |
| NET BOOK VALUE | |
| At 31 March 2024 | 1 |
| At 31 March 2023 | 1 |
There were no investment assets outside the UK.
The company's investments at the balance sheet date in the share capital of companies include the following:
Page 15
continued...
HITCHIN RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
16. FIXED ASSET INVESTMENTS - continued
Hitchin RFC Trading Limited
Registered office: Croft Chambers, 11 Bancroft, Hitchin, Hertfordshire, SG5 1JQ Nature of business: provide bar, shop and vending services
| % Class of share: holding Ordinary 100 Aggregate capital and reserves (Loss)/profit for the year The summary financial performance of the subsidiary is: Turnover Cost of sales and administration costs Other income Net profit Amount donated to parent Retained in subsidiary The assets and liabilities of the subsidiary were: Current assets Current liabilities Total net liabilities 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Amounts due from group undertakings VAT Prepayments and accrued income |
31.3.24 £ 2,742 (2,674) |
31.3.24 £ 2,742 (2,674) |
31.3.23 £ 5,416 4,418 |
31.3.23 £ 5,416 4,418 |
|---|---|---|---|---|
| 31.3.24 | 31.3.23 | |||
| £ | £ | |||
| 117,690 | 139,318 | |||
| (82,457) | (89,843) | |||
| - | - | |||
| 35,233 | 49,475 | |||
| (37,907) | (45,057) | |||
| (2,674) | 4,418 | |||
| 27,033 | 48,956 | |||
| (41,752) | (62,622) | |||
| (14,719) | (13,166) | |||
| 31.3.24 £ 2,800 5,228 32,092 704 - 40,824 |
31.3.23 £ 2,894 2,208 45,175 4,251 11,706 66,234 |
Page 16
continued...
HITCHIN RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
| 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors Accrued expenses 19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Other loans (see note 20) 20. LOANS An analysis of the maturity of loans is given below: Amounts falling between one and two years: Loan - Rugby Football Foundation 21. MOVEMENT IN FUNDS Net movement At 1.4.23 in funds £ £ Unrestricted funds General fund 246,951 25,756 Restricted funds Development fund - asset 269,082 (23,307) Development fund - Money 131,813 - 400,895 (23,307) TOTAL FUNDS 647,846 2,449 |
31.3.24 £ 6,062 1,965 31,600 39,627 31.3.24 £ 17,500 31.3.24 £ 17,500 Transfers between funds £ (14,002) 9,912 4,090 14,002 - |
31.3.23 £ 18,235 - 42,673 60,908 31.3.23 £ 27,500 31.3.23 £ 27,500 At 31.3.24 £ 258,705 255,687 135,903 |
|---|---|---|
| 391,590 | ||
| 650,295 |
continued...
Page 17
HITCHIN RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
21. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 217,851 Restricted funds Development fund - asset - TOTAL FUNDS 217,851 Comparatives for movement in funds At 1.4.22 £ Unrestricted funds General fund 235,853 Restricted funds Development fund - asset 291,449 Development fund - Money 127,313 418,762 TOTAL FUNDS 654,615 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 278,964 Restricted funds Development fund - asset - Development fund - Money 4,500 4,500 TOTAL FUNDS 283,464 |
Resources Movement expended in funds £ £ (192,095) 25,756 (23,307) (23,307) (215,402) 2,449 Net movement At in funds 31.3.23 £ £ 11,098 246,951 (22,367) 269,082 4,500 131,813 (17,867) 400,895 (6,769) 647,846 Resources Movement expended in funds £ £ (267,866) 11,098 (22,367) (22,367) - 4,500 (22,367) (17,867) (290,233) (6,769) |
|---|---|
continued...
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HITCHIN RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
21. MOVEMENT IN FUNDS - continued
Purposes of unrestricted funds
General fund
The general reserve reflects the accumulated surplus from the general activities.
Purposes of restricted funds
Development fund
This fund relates to the development of the site including building changing rooms.
22. RELATED PARTY DISCLOSURES
During the year Hitchin RFC Trading Limited (the subsidiary company) donated £37,907 (2023 - £45,057) to the charity. At the end of the year Hitchin RFC Trading Limited owed the charity £32,092 (2023 - £45,175).
23. SECURED CHARGE
A legal charge against the leasehold property and land has been registered by the English Sports Council in relation to the grant received from them for £150,000. Hitchin Rugby Limited have to comply with the terms of the Award for a period of 21 years after the date of the project agreement.
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