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2023-04-30-accounts

Registered number: 09612222 Charity number: 1162479

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015) (A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers1
Trustees' Report 2 - 8
Independent Examiner's Report 9
Statement of Financial Activities 10
Balance Sheet 11
Statement of Cash Flows 12
Notes to the Financial Statements 13 - 24

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2023

The Charitable Company was incorporated on 28 May 2015 and commenced activities on 1 November 2015.

Trustees L C Lindop, Trustee
R B Norden, Trustee
C S Tilley, Trustee
J Allanson, Trustee
M Coleman, Trustee
S Dunkley, Trustee
S Marriott, Trustee
R Smith, Trustee
Company registered
number 09612222
Charity registered
number 1162479
Registered office Silver Leys
Hadham Road
Bishop's Stortford
Hertfordshire
CM23 2QE
Independent Examiners Barrow LLP
Rae House
Dane Street
Bishop's Stortford
Hertfordshire
CM23 3BT
Bankers HSBC Bank plc
18 North Street
Bishop's Stortford
Hertfordshire
CM23 2LP
Solicitors Stanley Tee LLP
Tees House
95 London Road
Bishop's Stortford
Hertfordshire
CM23 3GW

1

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2023

The Trustees, who are also Directors of the Charity for the purposes of the Companies Act 2006 (collectively known as “the Board”), present their report with the financial statements of the Charity for the period of 1 May 2022 to 30 April 2023.

The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charity is a company limited by guarantee, governed by its Memorandum and Articles of Association.

Recruitment and appointment of new Trustees

The existing Board or other Club members can nominate all potential Trustees. The nominees are vetted by existing Trustees, having regard to the relevance of their experience to the work of the Charity and the management needs of the Charity. They also must satisfy HMRC’s fit and proper person test before being elected at the subsequent AGM. Board Members are only elected for a period of three years when they must resign but they can offer themselves for reelection.

New Trustees have been elected this year. These are Stephen Dunkley, Steven Marriott and Richard Westlake Smith, replacing Peter Scarlett and Laurence Perry Oliver.

OrganisationaI structure

The day-to-day management of the Club has been delegated to the Club’s Operating Executive (COE), who meet on a two-monthly basis. The COE are overseen by the Board of Trustees, who meet at least once per calendar quarter.

The COE is concerned with the internal organisation and effective application of the human, financial and operational resources of the Club. This body represents members of all sections of the Club, including representatives of senior players, both male and female, youth, both boys and girls, minis and finance. It is through members of that body that day-to-day decisions about which individuals and groups require support are made and the outcomes are monitored on a regular basis.

The Board regularly considers the activities and responsibilities of the COE.

Major projects, such as facilities development, remain under the direct supervision of the Board who define, instigate and conduct and control matters as part of their strategic responsibilities.

The Trustees are also responsible for the maintenance and upkeep of the Club’s facilities and Health and Safety although there are plans to transfer these to the COE.

The Club has an owned trading subsidiary (BSRFC Trading Limited), which manages the commercial activities of the clubhouse operations and the first playing squad. The results of the trading subsidiary are disclosed in note 14 of the financial statements.

2

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

TRUSTEES' REPORT(continued) FOR THE YEAR ENDED 30 APRIL 2023

Risk management

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place, to provide reasonable assurance against fraud and error. The Board is close to completing a review of these risks and this will be passed for review to the COE and the Trading Board who will complete the review before the AGM. The new review will include a detailed analysis of the risks supported by a full analysis of the Financial Controls of the Charity.

OBJECTIVES AND ACTIVITIES

Objectives and aims.

The Charity's objectives are to promote community participation in healthy recreation by providing facilities and an inclusive environment for playing rugby and other sports or other leisure time occupation for people who have such need, notwithstanding their age, gender, sexual orientation, ethnicity, infirmity or disablement, or social and economic circumstances, and to advance the education of children/young people, according to the law of Charity.

The year since April 2022 has seen rugby returning to normal levels after the impact that the Covid-19 pandemic had the previous years. We have seen additional players at all levels within the Club, apart from the women’s team. This position is different to that in the rest of the country, as there is, according to the RFU, a reduction of between 20-25% in numbers playing the game during the same period, particularly noticeable in senior men’s rugby.

The numbers involved in the age groups of rugby from 6 to 18 have increased to their previous number prior to the epidemic, as have the opposing local teams in our area.

The main activities are.

The strategy to achieve our objectives is:

3

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

TRUSTEES' REPORT(continued)

FOR THE YEAR ENDED 30 APRIL 2023

This is the second year we have funded a Community Coach at Bishop's Stortford Rugby Club, who is responsible for delivering a high-quality coaching service within the local community, supporting teachers and coaches to create opportunities for young males and females. The aim has been to establish and develop relationships in the local community to focus on growth and sustainability, retaining and improving participation levels across the game. This is broadening the game in the local schools, especially for girls.

Public benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commissioner's general guidance on public benefits when reviewing the Charity’s aims and objectives and in planning future activities.

The Trustees are satisfied that the Charity continues to meet the required public benefit test through its objectives and activities despite the difficulties brought about by the pandemic.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The 2022/23 season confirmed the position of our First fifteen for a sixth season in National League Rugby, formerly NCA, League One. We finished sixth in National One, which is the highest position we have done since the Leagues began. To put this into perspective there are twenty-two teams in the Premiership and Championship and so, given our position of sixth in National One (level 3), we are now placed as the 28[th] best side in the country.

Our two Head Coaches, who came from our home-grown talent, have managed the training/coaching opportunities following the previously foreshortened season. They have managed to retain most of the players and keep them fit and motivated and, at the same time, encouraged new members and former Colts to maintain our numbers. The turnout for training by players for all our senior men’s and women’s sides continued to prosper. This has been achieved with more active support from the Head Coaches for those not in the First Team squad, reflecting our continuing commitment to encouraging home-grown talent at all levels and the ‘One Club’ ethos. Eight of our locally grown players have just announced their retirement from the First Team squad, but it has been encouraging to see

4

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

TRUSTEES' REPORT(continued) FOR THE YEAR ENDED 30 APRIL 2023

an increasing number of younger players, mostly locally grown, play in our Blues and third team.

The men’s social teams have performed well and have more players than we have had in previous seasons. They have, however, had difficulty in finding sufficient fixtures this season, because other clubs in this area have not improved their numbers in the way we have, having failed to recover so well from the impacts of the pandemic. .

Our Ladies have struggled to mobilise their previous numbers but much of this is related to a high injury rate incurred by our players. We will be giving more emphasis to the Ladies in 23-24.

The Club's thriving Mini and Youth boys’ and girls’ sections continued to maintain good spirits, encouraged by the ever-willing army of volunteers, coaches, and first aiders.

We continue to run a group of non-contact rugby players.

Our Youth/Mini Development programme continues to provide the basis of the ‘One Club’ ethos by seeking to:

These objectives are pursued by:

5

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015) (A Company Limited by Guarantee)

TRUSTEES' REPORT(continued) FOR THE YEAR ENDED 30 APRIL 2023

FINANCIAL REVIEW

Principal funding source

During the year under review, the Charity has principally been funded by membership subscriptions and donations from members and the Club also minimized, where possible, expenditure on normal overheads. Through all this, the Charity produced a meaningful surplus of £30,200 at the end of the fiscal year.

At the same time, BSRFC Trading Ltd was funded mainly through sponsorship, where almost all sponsors were community-based and continued to support the Club through these challenging times. Matchday income, through lunches and bar receipts, has ensured reasonable profits were made. These profits are gift aided to the Charity, to ensure reasonable profitability and to maintain the activities of the Charity in 2023-23. The overall surplus generated by BSRFC Trading is analysed in Note 14 of the financial statements.

Reserves Policy

It is a policy objective of the Board to create sufficient reserves, to support the future development and enhancement of the Club and its facilities.

Capital Expenditure in 2022/23 Major Project

It was our intention to continue fundraising for our main challenge, increasing the number and size of our changing rooms, driven by the needs of the growing Ladies and Girls Sections, as well as to accommodate the increased need for changing room space from existing activities on both Saturdays and Sundays. Covid hampered our fundraising activities and meant these were delayed a year. The high inflation cost in the building sector has also hampered our progress in completing this project. However, this has not stopped us from completing Phase 1 of the construction plans, having installed the foundations and a concrete base as well as improving the gas and water infrastructure and new foul and groundwater drainage.

The available grant opportunities from organisations such as Hertfordshire County Council, East Herts Council, the RFU, Herts RFU, and Sport England were investigated and gratefully taken advantage of wherever possible. Phase 2 of the project will start in the summer of 2023. We have re-costed Phase 2 to £750,000. We have raised over £250,000 so far and plan for the remainder to be raised in 2023 principally by the sale of surplus land. Should this sale not be completed, we will need to phase completion of the superstructure.

6

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

TRUSTEES' REPORT(continued) FOR THE YEAR ENDED 30 APRIL 2023

Other Capital Expenditure in 2022/23

We spent £301,641 in 2022-23 on capital projects.

£271,807 was spent on completing Phase 1 of the Changing Room project and this was funded by a mixture of grants, £150.000, and fundraising. Included in the Phase 1 expenditure of £271,807 was a new bar and cellar cooling system, which needed to be moved to the front of the clubhouse at a cost of £14,855.

We spent £13,434 on completing the gas and water project and a further £12,636 towards Phase 2 of the main project, mainly on professional fees and surveys.

We spent the following on improving our current facilities.

Other Capital Expenditure in 2023/24

The plan for other capital expenditures next year is to:

Investment Policy and Objectives

The Board of Trustees has the power to invest the Club’s assets in any way they see fit.

Where possible, the Club’s funds are kept on short-term deposits and readily available on short- term notice. The interest is thus governed by the general interest rates available. The Trustees do not wish to invest the Club’s funds in any other markets.

This report has been prepared in accordance with the special provisions of Part I 5 of the Companies Act 2006 relating to small companies.

Approved by order of the Board of Trustees on ………… and signed on its behalf by:

L C Lindop, Trustee

7

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 APRIL 2023

This Report has been prepared in accordance with the special provisions within Part 15 of the Companies Act 2006 relating to small companies.

TRUSTEES' RESPONSIBILITIES STATEMENT

The Trustees (who are also Directors of Bishop's Stortford Rugby Football Club (2015) 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).

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 Charitable Company and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company's transactions and disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Trustees, on ……………… and signed on their behalf by:

L C Lindop, Trustee

8

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 APRIL 2023

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015) (the 'Company')

I report to the charity Trustees on my examination of the accounts of the Company for the year ended 30 April 2023.

This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.

RESPONSIBILITIES AND BASIS OF REPORT

As the Trustees of the Company (and 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 the Company's accounts 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 can confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company 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 requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. the 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.

Signed: Barrow LLP

Dated:

Barrow LLP Rae House Dane Street Bishop’s Stortford Hertfordshire CM23 3BT

9

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 APRIL 2023

Restricted Unrestricted
funds
funds
2023
2023
Note
£
£
INCOME FROM:
Donations and legacies
2
190,522
88,007
Charitable activities
5
-
118,510
Other trading activities
3
-
64,324
Investments
4
-
4,498
TOTAL INCOME
190,522
275,339
EXPENDITURE ON:
Charitable activities
6
-
270,537
TOTAL EXPENDITURE
-
270,537
NET INCOME/ (EXPENDITURE) BEFORE
OTHER RECOGNISED GAINS AND
LOSSES
190,522
4,802
NET MOVEMENT IN FUNDS
190,522
4,802
RECONCILIATION OF FUNDS:
Total funds brought forward
146,551
286,312
Transfer of funds in the year
-
-
TOTAL FUNDS CARRIED FORWARD
337,073
291,114		 Total
funds
2023
£
278,529
118,510
64,324
4,498
465,861
270,537
270,537
195,324
195,324
432,863
-
628,187

432,863

The notes on pages 13 to 24 form part of these financial statements.

10

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee) REGISTERED NUMBER: 09612222

BALANCE SHEET AS AT 30 APRIL 2023

FIXED ASSETS
Note
Tangible assets
13
Investments
14
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
CREDITORS:amounts falling due within
one year
16
NET CURRENT ASSETS/(LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS:amounts falling due after
more than one year
17
NET ASSETS
CHARITY FUNDS
Restricted funds
19
Unrestricted funds
19
TOTAL FUNDS		 £
19,295
115,934
135,229
(89,790)		 2023
£
806,264
20,001
826,265
45,439
871,703
(243,516)
628,187
337,073
291,114
628,187		 £

37,972
225,900
263,872
(105,547)



 2022
£
539,304
20,001
559,305
158,325
717,630
(284,766)
432,863
146,551
286,312
432,863




The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The Trustees consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and Members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Act.

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on ……………… and signed on their behalf by:

L C Lindop, Trustee

The notes on pages 12 to 23 form part of these financial statements.

11

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2023

Note
Cash flows from operating activities
Net cash provided by/(used in) operating activities
21
Cash flows from investing activities:
Dividends, interest and rents from investments

Purchase of investments
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities:
Repayments of borrowings
Net cash provided by financing activities
Change in cash and cash equivalents in the year

Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
22
2023
£
164,789
47,660
-
(322,415)
(274,755)
-
-
(109,966)
225,900
115,934		 2022
£
166,086
7,653
-
(97,965)
(90,312)
-
-
75,774
150,126
225,900




The notes on pages 13 to 24 form part of these financial statements.

12

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The financial statements have been prepared under the historic cost convention, with the exception of investments which are included at mid-market value excluding dividends. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and updated by second edition issued in October 2019 and effective from 1 January 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.

The financial statements have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the 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).

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Bishop's Stortford Rugby Football Club (2015) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Preparation of consolidated financial statements

The financial statements contain information about Bishop's Stortford Rugby Football Club (2015) as an individual Company and do not contain consolidated financial information as the parent of a group. The Company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

1.3 Company status

The Company is a company limited by guarantee, incorporated in England.. The Members of the Company are the Trustees named on page 1. In the event of the Company being wound up, the liability in respect of the guarantee is limited to £1 per Member of the Company. The Company's registered office is Silver Leys, Hadham Road, Bishop's Stortford, Hertfordshire, CM23 3BT.

The principal activity of the Company is to promote community participation in healthy recreation by providing facilities and an inclusive environment for playing rugby and other sports.

1.4 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors

13

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

1. ACCOUNTING POLICIES (continued)

or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund are set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

1.5 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Donated services or facilities are recognised when the Company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and the Trustees' Report gives more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Company which is the amount the Company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.6 Expenditure

Charitable activities and governance costs are costs incurred on the Company’s operations, including support costs and costs relating to the governance of the Company apportioned to charitable activities.

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

Support costs are those costs incurred directly in support of expenditure on the objects of the Company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the Company and compliance with constitutional and statutory requirements.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure.

14

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

1. ACCOUNTING POLICIES (continued)

1.7 Tangible fixed assets and depreciation

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities incorporating Income and Expenditure Account.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property Not depreciated Leasehold property 2% - 10% straight line Plant and machinery 10% - 20% straight line Floodlights 10% - 20% straight line

1.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gains/(losses) on investments' in the Statement of Financial Activities Incorporating Income and Expenditure Account.

1.9 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the bank.

1.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.11 Cash at Bank and in hand

Cash at bank and 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.

1.12 Creditors and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

15

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

1. ACCOUNTING POLICIES (continued)

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.13 Financial instruments

The Company 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.

2. INCOME FROM DONATIONS AND LEGACIES

Restricted
funds
2023
£
Donations
190,522
__
Total 2022
166,876
3.
ACTIVITIES FOR GENERATING FUNDS
Restricted
funds
2023
£
Rental activities
-
Fund raising activities
-
License fee
-

Total 2023
-
_
Total 2022
-
4.
INVESTMENT INCOME
Restricted
funds
2023
£
Donations from subsidiaries
-
Interest received
-
Total 2023
-
_____
Total 2022
-		 Unrestricted
funds
2023
£
88,007
__
78,502

Unrestricted
funds
2023
£
12,000
7,324
45,000
64,324
_
63,883
Unrestricted
funds
2023
£
4,129
369
4,498
____
7,653		 Total
funds
2023
£
278,529
_
245,378
Total
funds
2023
£
12,000
7,324
45,000
64,324
__
63,883
Total
funds
2023
£
4,129
369
4,498
_____
7,653

Total
funds
2022
£
245,378

Total
funds
2022
£
13,550
8,333
42,000
63,883
Total
funds
2022
£
7,193
460
7,653

16

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

5. INCOME FROM CHARITABLE ACTIVITIES

Restricted
Unrestricted
funds
funds
2023
2023
£
£
Subscriptions
-
118,170
Playing income
-
340
Total 2023
-
118,510
__
____
Total 2022
-
94,510		 Total
funds
2023
£
118,170
340
118,510
_
94,510		 Total
funds
2022
£
91,392
3,118
94,510

6. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Club operations

Total 2022		 Direct
Costs
2023
£
52,062
39,292		 Support
Costs
2023
£
218,475
198,004		 Total
2023
£
270,537
237,296		 Total
2022
£
237,296

7. NET INCOME

Net income is stated after charging depreciation on fixed assets of £55,455 (2022 - £58,001).

8. DIRECT COSTS

Colts – travel
Training courses
Playing events
Medical and first aid
Teas
Referee expenses
Playing equipment
Coaching expenses
Total
2023
£
-
1,700
2,521
1,779
24,296
1,220
13,346
7,200

52,062		 2022
£
-
1,129
2,187
344
21,504
633
11,495
2,000
39,292

17

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

9. SUPPORT COSTS

Rent and rates
Light and heat
Insurance
Clubhouse expenses
Pitch maintenance
Admin and stationery
General expenses
Finance charges
Professional fees
Depreciation
Other expenses
Movement in deferred income
Total
 2023
£
11,299
26,773
4,698
73,479
66,127
1,673
815
4,053
5,809
55,455
9,544
(41,250)
218,475		 2022
£
12,654
26,966
3,760
69,016
43,683
979
1,960
3,025
5,962
58,001
9,279
(37,281)
198,004

For the year 2023 and 2022 all the above expenditure was related to unrestricted funds.

10. INDEPENDENT EXAMINERS' REMUNERATION

Fees payable to the Company's Independent Examiner for the
independent examination of the Company's annual accounts		 2023
£
2,325		 2022
£
1,850

11. STAFF COSTS

The Company has no employees other than the Trustees, who did not receive any remuneration (2022 - £NIL).

12. TRUSTEES' REMUNERATION, BENEFITS AND EXPENSES

There were no Trustees' remuneration or other benefits for the year ended 30 April 2023 (2022 - £NIL).

There were no Trustees' expenses paid for the year ended 30 April 2023 (2022 - £NIL).

18

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

13. TANGIBLE FIXED ASSETS

Cost
At 1 May 2022
Additions
Disposals
At 30 April 2023
Depreciation
At 1 May 2022
Charge for the year
Disposals
At 30 April 2023
Net book value
At 30 April 2023
At 30 April 2022		 Freehold
Leasehold
Plant &
property
property
machinery
£
£
£
19,332
898,587
254,476
-
297,918 20,827
-
- -		 Floodlights
Total
£
£
89,878
1,262,274
3,670
322,415
- -
19,332
1,196,506
275,303		 93,548
1,584,689
-
392,851
236,943
-
46,403
8,680
-
-
-		 93,176
722,970
372
55,455
-
-
-
439,254
245,623		 93,548
778,425
19,332
757,252
29,680		 -
806,264
19,332
505,737
17,533		 (3,298)
539,304

Included in land and buildings is freehold land at valuation of £19,332 (cost £19,332) which is not depreciated.

19

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

14. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Shares in
group
undertakings
Market value £
At 1 May 2022 20,001
Additions in the year ______
At 30 April 2023 20,001
Subsidiary undertakings
The following were subsidiary undertakings of the company:
Name Holding
BSRFC Trading Ltd 100%
The aggregate of the share capital and reserves as at 30 April 2023 and of the profit or loss for the year
ended on that date for the subsidiary undertakings were as follows:
Aggregate of
Name share capital and
reserves		 Profit/(loss)
£ £
BSRFC Trading Ltd (reg. no. 09514212) 52,031 32,030
The following is a summary of the financial performance of the above subsidiary for the year ended 30
April 2023.
Profit and loss account for the year ended 30 April 2023 £
Turnover 676,813
Other income -
Costs (644,783)
Profit 32,030
Balance sheet as at 30 April 2023
Total current assets 142,639
Total current liabilities 90,608

20

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

15. DEBTORS

Trade debtors
Amounts owed by group undertakings
Other debtors
16.
CREDITORS: Amounts falling due within one year
Other loans
Trade creditors
Other creditors
Accruals and deferred income
17.
CREDITORS: Amounts falling due after more than one year
Accruals and deferred income

18. RELATED PARTY TRANSACTIONS

During the year the Company received a donation of £4,129 (2022 - £7,193) by way of a dividend from and charged a license fee of £45,000 (2022 - £42,000) to BSRFC Trading Limited, a wholly owned subsidiary of the Company.

The amount due from BSRFC Trading Limited at the year-end was £4,200 (2022 - £8,400).

During the year the Company received restricted funds of £43,162 from Friends of BSRFC Ltd, a wholly owned subsidiary of the Company.

21

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

19. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

Balance at 1
May 2022
£
Unrestricted funds
Other general funds
286,312
Restricted funds
Other restricted funds
146,551

Transfer in year
-
146,551
Total of funds
432,863
STATEMENT OF FUNDS - PRIOR YEAR
Balance at 1
May 2021
£
Unrestricted funds
Other general funds
279,060
Restricted funds
Other restricted funds
93,555

Transfer in year
(13,200)
80,355

Total of funds
359,415
 Income
£
275,339
190,522
-
190,522
465,861
Income
£
244,548
166,876
______-
166,876
411,429		 Income
£
275,339		 Resources
Balance at
30 April

expended
2023

£
£
(270,537)
291,114

-
337,073

-
-
-
337,073
(270,537)
628,187
Resources
Balance at
30 April
expended
2022
£
£
(237,296)
286,312
-
247,231
(100,680)
(100,680)
(100,680)
146,551
(337,976)
432,863
190,522
-
190,522
465,861

22

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Restricted
Unrestricted
funds
funds
2023
2023
£
£
Tangible fixed assets
298,613
507,651
Fixed asset investments
-
20,001
Current assets
38,460 96,769
Creditors due within one year
-
(89,790)
Creditors due in more than one year
-
(243,516)
337,073 291,114		 Total
funds
2023
£
806,264
20,001
135,229
(89,790)
(243,516)
628,187

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Restricted
Unrestricted
funds
funds
2022
2022
£
£
Tangible fixed assets
81,655
457,649
Fixed asset investments
-
20,001
Current assets
-
263,872
Creditors due within one year
-
(105,547)
Creditors due in more than one year
-
(284,766)
81,655 351,209		 Total
funds
2022
£
539,304
20,001
263,872
(105,547)
(284,766)
432,863

21. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the year (as per Statement of Financial Activities)
Adjustment for:
Depreciation
Prior year bank posting
Dividends, interest and rents from investments
(lncrease)/decrease in debtors

Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities

2023
£
195,324
55,455
-
(47,660)
18,677
(57,007)
164,789		 2022
£
73,448
58,001
21
(7,653)
(19,021)
(61,290)
166,086

23

BISHOP'S STORTFORD RUGBY FOOTBALL CLUB (2015)

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

22. ANALYSIS OF CASH AND CASH EQUIVALENTS

ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
Total		 2023
£
115,934
115,934		 2022
£
225,900
225,900

24