REGISTERED COMPANY NUMBER: 10368900 (England And Wvdles) REGISTERED CHAIUTY NUMBER: 1172259 Report of the Trnstees and Unaudited Financi21 StAtements lor the Year Ended 30 June 2024 for Lymm RFC Limited
Lymm RFC Limited Contents of the Finanelgl Statements ror the Year Ended 30 June 2024 Page Report of the Trustees I to 6 Independent Examiner's Report Stxtetnent ol Financial Activities Balance Sheet 9 10 10 Cash Flow Statement Notes to the Cash Flow Stalement Notes to the Financial Statement5 13 to 23 Detailed Statement of Financial Activities 24 to 25
Lymm RFC Llmtted (Regisiered Dumber: 10368900) Report of the Trustee$ for the Year Ended 311 June 2024 The Trnstees (who are also dire¢tor5 of the charity for ihe pury)oses of the Companies Act) present their annual report together with the financial slatements of Lymm RFC Limited (LRL. the Charity OF the Company) for the year ending 30th June 2024. The Trustees confm that the CompaDy'S annual report and fllwicial stat¢menls comply wilh current slalutory requirements, the requirements of the Company's goveming docutuent and the provisions of th¢ Statement of Reconunended Practice {SORP), applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective Isl January 2019). LRL was fonned from the restrncture of Lymm Rugby FIM)Iball Club (a Couununity Amateur Sports Club). Following this restructure, LRL has two wholly-owned subsidiaries. Lymm Beechwood Litnited (LBL. a trading enlily) aDd Lymn] Garden Limited (LGL, which held property in Manor Road, Lymm. tbe old Manor Road Tennis Club site). OBJECTIVES AND ACTtVlTIES Objectives and aim5 The principal purpose of the Company. as sel out in Article 2 of its Articles of Associatioffj are: (a) To promote community participation in healthy recreation by providing facilities for playing rugby football union nd other sporls. and (b) To provide and assist in providing facilities for sport. recreation or oth¢r leisure time occupation lo those who have need for such facilities by reason of tbeir youth, age. infmity or disablemenL poverty or social and economic circumstances or for the public at large in the interests of 127 welfare and with the object of improving their conditions of life. Page I
Lymm RFC Llnated IReElstered number: 10368900) Report of the Trllstees for the Year Ended 30 June 2024 OBJECTIVES AND ACTIVITIES Significant activities LRL has many members with membership open to anyone interested in Slts or social fellowsliip regardless of sex, agc. disabtlily. ethnk¢ity. nationality. sexual Orientatio r¢ligion. or other beliefs. Rugby Se¢tion LRL utilises three full siz¢d rugby pitches. including one Artificial Grdss Pitrh (AGP) and three training areas suitable for mini rugby match&s together with associaied car parking. The Club presenily support 3 senior rugby teaffj each of which competes within league structures, and mini and junior rugby age groups from U5 to U18. The 2023-24 season was a landmark season for Lymm 2& following promotion from the Regional l North West League the previous year. the FiTSi XV was competing in thc North division of (he Nalional 2 league, the 4th tier in the RFU'S pyramid structure. This is the highest level al which the Club has ever played, placing Lymm in EngIand's top 80 clubs. The season was very succe&sful with Lymm competing Strongly at this hier Icvel. securing 55 league points and, ultimately, fJDishing a credible 10th in the 14 team Icagu¢. The Second XV continues to compete in the Premier division of the Halbro North Wesi L£agues, whilst the Third XV ¢omp¢t¢s in ihe 4th iter of these leagues. Competitive fixtures usually take place between Seplember atKI May in each year on a Saturday and a Sunday, wilh occasional weeknight fixtures under flood lights. Training for senior tean typically takes place on Tuesday and Thursday evenings and for mini and junior rugby on a Sunday nM)rning. The pitches are available for teams to practice on and train al other times througbout the week. There is also an estsblished touch rugby section which is part of the Rugby Football Union's (RFU) "02 Touch. Prograll. The constrnction of an AGP as part of the RFtrs investment progrdrnn con]plet¢d in October 2019. The impa¢t that the AGP is having and will continue to bave on Lymm's own Ngby activilies and the sporting activities of the wider comniunity cannot be understated. The guaranteed availability of an outstanding floodlit playing surface througliout the winter months is something that every sportsman and woman crnves. To have this now available on our doorstep is a dream come true, a potential game changer. The construction of ihe AGP whs funded by the RFU, with LRL contributing to various aspects of the enabling works. LRL has leased the AGP land to the RFU for 30 years, effectively nkIng the AGP a RFU facility, albeit managed by LRL. The facilsty is available to the wider cominunity who can book its use through the RFU'S Rugby 365 online portal. Tbe 'rent" thai LRL receives for leasing the land to the RFU is 12 hours free us¢ of the facility eacb week. This time is utilised in making the AGP availkble for week¢nd matches and mid-week training for senior. mini and junior, and touch rugby. The only way to ensure that the AGP facility will stand the test of time is for users to religiously abide by the rules setting out correct footwear. access. and the measures lo avoid contamination. Whilst self-policing is undoubtedly the most effective way to ensure this outstanding facility endures, our volunteer grounds teanL led by Chris Askew, will continue to keep a careful eye on the AGP ¢ondiÉion and ensuring that appropriate maintenance programmes are in place. Squash section The Squash section has two teams in the North West Counlies League, all members are welcome to play for the teams. For those not keen to play League squash box leagues and a squash ladder are available internally. The club run open nights twice a week. where all are welcome. Hockey section The Hockey section currently has 3 men's and 4 ladies, team4 who play in the Northwesi hockey league, and 2 youth teams (Badgers and Beavers), who play ad ho¢ fixtur¢s with local teams throughout the season. The games are played at Lymm Fligh School leisure centr¢ on 2G pitches. utilising LRL'S Beechwood as their club housc and social hub. Page 2
Lymrn RFC Limited IRegistered number: 10368900) Report ofthe Trustees for the Year Ended 30 June 2024 OBJECTIVES AIYD ACTIVITIES Tennis section Following the acquisition by LGL in August 2020 of ihe Manor Road Tennis Club {MRTC) 5jte, LRL established a Tennis section which initially has comprised the ongoing membership of MRTC. Through 2022. plans to ¢onslruct 4 new all-weaiher floodlit tennis courts within th¢ Walled Gard¢ts at Beechwood were fornjalised, planning pennission was received and an agreement secured with the L8wn Tel1$ Association (LTA) lo partly fund the £375,000 project through a 10-year £250,000 interest free loan. ConslructlOD work commenced in the spring of 2023 and the courts were officially opened in September 2023. This development will allow the section's membership to continue to grow Ihrough a combination of the draw of the quality of facilities to adults and children in OUT local community together with engagement with men]bers of other sections of LRL. At present the Tennis section nms men's, ladies and mixed teams competing in the Warrington & District Tennis Leagues. As part of the diversity and inclusion progrdmine, walking tennis has also been successfully introdu¢ed. A new coach has now been appointed, offering a varied selection of sessiotLs for adult and junior members. which it is expe¢led will h¢lp increase m¢mbcrship numb¢rs. Th¢ courts tt also US for social tennis 3 times per week. All these sporting activities supplemented through aclive social engagement ihroughoul the year, which underlines the Charity's position in the local community and helps rdise much needed fijnding to support ils sporting objectives. Public benefit The trustccs have referred to th¢ guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aim and objectives and in planning its future activitics. In particular. the trustees consider how planned activities will contribute to tbe aims and objecttves they have set. Volunteers LRL'S volunteers play a huge part in the succe&s of the Charitys activitie& whether participating in or supporting on-field sporting aciivities or in leading or assisting a progrnmme of futKI rdiSiDg activities that are scheduled throughout the year, such as the annual pantomime and SUMM marquee events. ACHIEVEMENT AND PERFORMANCE Charltable activities During the y¢ar. LRL raised £629.903 (2023 - £110.067) from donations and legacles. FINANCIAL REVIEW FiThaneiil position In the year to 30th June 2024, the Charity Corded a sutplus of £386.357, which compares with the previous year's deficit of £53.462. As these accounts have not been prepared on a consolidated basis. the overall financial position of the Charity, is best understood by aggregating the sUItS of LRL with those of its subsidiaries LBL and LGL. As noted earlier, LGL'S held the MRTC sit¢ in Manor Road. Lymm. on which planning pemlission to d¢velop the site wds in place. This property was sold, in February 2024 LGL. recording a surplus of £532.000 on the sale. the entirety of which was donated to LRL for investrnent back into its wider development project. The principal financial assets of the Charity are its la1 and property. In November 2020, as part of an exercise for its bankers, Handelsbanken Plc, Savills (UK) Limited undertook a full valuation of the Company's property interests, valuing these at £2.3m. Following thi& Handelsbanken agreed to ¢xtend the term of its int¢r¢st only loan to January 2027. Prineip21 funding sources The Charity's main funding source in the year was from donations. subscription& sponsorship income, fund raising events and grants. It is anticipated that these will continue to be the CharilVs main SOUTces of income tn tt]re periods. Page 3
Lymm RFC Limited {Registered number: 10368900) Report of the Trustees for the Year Ended 30 June 2024 FINANCIAL REVtEW Reserves policy The entirety of the Charitls reserves will be reinvested into its facilities atmj supporting its CUent and future sporting activities. As a company limited by guarantee, LRL has no sbareholdets and has no means to distribute any sUlUS¢S or reserves. a structure which supports these ain and objectives. The Company has historically predominantly relied 014 and will for the foreseeable future rely on, volunteers to organise and execute ils fid raising and commercial activities which support the level of charitable activities Ihal are undertaken as well as covering the costs of running the orgdnisation. As these activities continue lo grow in scale and complexity, consideration will be given to the desirability of employing an individual colnmitted to sustaining and building these income streams. Going concern The Trustees consider that the Clwity has sufficient forecast income and available reserves to cover the ongoing activities oFthe Charity for the foreseeable futtwe. FUTURE PLANS For some time, the Trustees have actively pursued plans to develop LRL'S clubbous¢ and fither improve playing facilities for ils membership and the local community. This continues to be a key objective of Ihe Trustees. As we know only too well. progress in these sorts of significant development projects can be complex and slow. This has especially becn the casc when the burden falls to a volunteer group to navigate ihrough complex plamiing and related proeesges, which the Covid lockdown bindered furthcr. However. progrc&s has been and continues to be made in that: In January 2017. the "Wallcd Garden. area was acquired, thus making available a piece of land that will be a key part in the feasibility of the projecL In June 2017, planning consent Wds received from WBC for a project which Combined the provision of an AGP and the construction of a ncw clubhouse in thc Walled Garden wlth sonK resid¢ntial development which was necessary to help finance the project. In September 2018, the RFU approved the construction of an AGP at Lymm. In April 2019, the S106 Agreement with WBC, whicb legitimised the planning consenL was satisfactorily concluded. In May 2019, the consthjclfton of the AGP commenced. In October 2019, the conslrnction of the AGP was complet¢d. and the pitch handed over to the RFU. In December 2019. confmation was received from WBC that the planning conditions had been meL and the next phase of the development projecL whicb is the building ofthe firsi phase ofresidential properties, could commence. In August 2020, the MEiTC site was acquired. the development of which will make a valuable contribution to the viability of the overall Project. In December 2020, the aernent in principle of the LTA was received for the provision of a Eoan towards the construction of 4 all-weather floodlit tennis courts in the Walled Garden. In November 2021, planning approval was received for the development of the MRTC sile. In February 2023, the ftgreement with the LTA for a £250,000 10-year inlerest free loan was completed. In March 2023, work commenced on the construction of the new tennis courts. In September 2023, the new tennis courts were officially opened. In February 2024, the MRTC site was sold. As with all major propety developments Carefijl considerntion needs to be given to the range of available options, and how best to fund these, before embarking on a particular plan of action. Gaining an understanding all the available options and how best to proceed is a continual focus of the Trnstccs. There rcmain several altematives under active consideration. each with ditterent thnding options, challenges and solutioJ]s. time frames and sequence of delivery. It is the Trustees, intention to update thc widcr mcmbetship on the Preferred option in due course as furtlier inforniation to X5SlSt in that decision becomes availabl¢. STRUCTURE. GOVERIYANCE AND MANAGEMENT Governing document The Charity is controlled by its governing documenl, a deed of trusL and constitutes a limited Company, limited by guarantee, as defined by the Companies Act 2006. Charity constltution The Company is constituted under an Articles of Association and is a registered charity number 1172259. Page 4
Lymm RFC Limited (ReEiStered number= 10368900) Report of the Trustees for the Year Ended 311 June 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure The management of the Charity is the responsibility of the Trustees who are elected under the tern]s of the Articles of Association. All Trustees are volunteers. The Trustees conslitute Directors of LRL for the purposes of the Companies Act 2006 and ar¢ Trustees of the Charity for the pUTSeS of the Charities Act 2011. Th¢ Executive, which comprises the Chairman. Treasurer atkd Secretary, make the day-to-day decisions for the Ch3Tity but the stralcgic dire¢tioD and major decisions are agreed and ratifid by the Trustees. The Executive is appointed, or re-appointed, annually by the membership. Related parties LBL, which was established on 14th March 2017, is a regislered company limited by shares and is a wholly owned subsidiary of LRL. At the end of each fInCial year LBL will donale an appropriate level of its surplus to LRL. LGL, whi¢h was established on 15th September 2016, is a registered company liinifrd by shares and is a wholly owned subsidiary of LRL. LGL a¢quired the MRTC site in Augusi 2020 whicb it sold in February 2024. The surplus on this sale was donated to LRL during the y¢ar. Otherwise, LGL has not traded. Rlsk management The Trustees acknowledge their responsibility to identify. assess and manage Tisks which they do in conjunction with the Executlve. The thr¢c main risk areas, together with the steps lakcn to mitigatr these risks are as follows: Safeguarding - There is a regularly reviewed safeguarding policy in place. - All individuals with direct contact with vulnerable adults and children have had appropriate training and DBS checks. - An appropriately Irained and experienced Safeguarding Officer is in place. - All age groups have multiple Coaches and training is delivered by more than one ¢oaclL - Appropriate coach education courses are nm and participated ID by coaches. Ability to g¢nerate suffi¢ient income - Over many years, the Charity has built an outstanding record of organising successful fimdraising evenis and delivering other fundraising initiatives. The Cbarity will continue to organis¢ such events and pursue similar initiativ¢s. The Twstees Continue to explo opportunities to build incremental revenue streams. IT] recent years thts has resulted in revenue from caravan storag¢ and looking forwar(L the fijrther utilisation of the Charitys assets lo geiierate incremental revenues are likely to be explored. - Costs are carefvlly managed and contTolled so that the Company continues to operdte within its means. - There is a focus on building sufficient reserves. Health and safety All training sessions are covered by at least 2 coaches. - Appropriate first aid training is provided to coaches an(Vor parent helpers in each age group. The Clubhouse sites a defibrillator. All relevant volunteers are trained to deliver coaching lo an appropriate standard. A risk assessment is Caled out by coaches before coaching begins. All activity is Carried out in suitable locations for the activity. Current laws and regulations arc complicd with. Monitoring and reporting proccdurcs arc in pla¢¢. REFERENCE AIYD ADMINISTRATIVE DETAILS Registered Company number 10368900 (England and Wales) Registered Charlty number 1172259 Page 5
Lymm RFC Limited (Registered llumber: 10368900) Report of the Trustees for the Year Ended 30 June 2024 Registered office clo Lymm Rugby Footlball Club Becvliwood. Crouchley Lane Lymm Clieshire WA13 OAT Trustees J P Carlwriglit Retired A W Leach Partner D H Simpson Coinpany Director M J P Prilchaid R¢tir¢d A J Wright Retired R J C Johnson Retired Independent Examiner Voiscy & Co LLP Charlered Accounlanls 8 Winmarleigh Sireet Warrington C.lieshire WAI IJW Approved by order of the board oftruslees on . and signed on its behalf by: A W Leach - TTrlee Page 6
Independent Examiner's Report to the Trustees of Lymm RFC Llmlted (Registered number: 10368900) Independent examiner's report to the trustees of Lymm RFC Limited ('the CompAny') I report to th¢ charily Irusl¢es on my exatnination of the accounts of the Company for the year ended 30 June 2024. Responsibilitie5 and basis of report As the charily'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 a¢¢ordance witb the rwuirements of ibe Companies Act 2006 {'the 2006 Act,). Having satisfied myself Ihal the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independenl examination, I report in respecl of my examinaiion of your ¢harity'S accounts as carried out under Section 145 of the Charities Act 201 J ('the 2011 Act')- lu carying oul my examination I have followed the Directions Ven by the Charity Commission under Section 145{5) {b) of the 2011 Act. Indepeudent exarniner's statement Since your charity's gross income exceeded £250.000 your examiner must be a member of a listed body. I can confirm that l am qualified to undertake the examiuation because l am a member of ihe Inslitule of Chartered Accounlanls in England and Wales, which is one of the listed bodies. I have completed my examination. I conf thal no matters have come io my attention in conne¢tion with the examination gtving me cause to believe: accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act" or 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 ihat Ihe accounts give a true and fair view which is noi a matter Considered as part of an independent examination. or Ihe accounts have not been prepared in accordance with the meihods and principles of the Stateinent of Recommended Praclice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with tbe Financial Reporting Standard applicable in ihe UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to wbich attention should be drawn in this report in order lo enable a proper underslanding of th¢ accounts to be r¢a¢hed. Hayley Jardine BFP ACA Vois¢y & Co LLP Clwtered Accountants 8 Winmarleigh Street Warrington Cheshire WAI IJW 24th March 2025 Date: Page 7
Lymm RFC Limited Statement of Financial Activities ncorporating Income and Expenditure Account) for the Ye*r Ended 30 June 2024 30.6.24 Unrestricted fund 30.6.23 Total funds Ntstes INCOME AND ENDOWMENTS FROM Donations and legacies 629.903 39.826 Charltable activities Cbarilable 119.145 89.060 Other income 39,282 65,320 Total 788.330 194,206 EXPENDITURE ON Charitable activities Charitable 401.973 247.668 NET INCOMEI(EXPENDITURE) 386,357 {53,462) RECONCILIATION OF FUNDS Total ndS brought forward 1,020,564 1,074.026 TOTAL FUNDS CARRIED FORWARD 1.406,921 1.020.564 The notes forni part of these financial statcmcnts Pag¢ 8
Lymm RFC Llmited (Reghtered number: 10368900) Balance Sheel 30 June 2024 30.6.24 Unrestrtcted fund 30.6.23 Total funds Notes FIXED ASSETS Tangkble assets Investrn¢nls io 2.006,590 1.884.623 2,006,595 1,884,628 CURREPIT ASSETS Debtors Cash at bank 12 89,005 8.855 132,869 5,618 97,860 138,487 CREDITORS owils falling du¢ within one year 13 (67,775) (169,115) NET CURRENT ASSETS 30,085 (30,628) TOTAL ASSETS LESS CURRENT LIABILITIES 2.036.680 1,854.000 CREDITORS Amounls falling due after more than one year 14 (629.759) (833,436) NET ASSETS 1.406,921 1,020,564 FUNDS Unrestricted funds 18 ,406,921 1,020,564 TOTAL FUNDS 1,406.921 1,020.564 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 Jllne 2024. The members have not qUired the company to obtain an audit of ils financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 21X)6. The trugtees 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 prcparing financial slatements which give a true and fair view of the state of affhirs of the charitable company as at the end of each financial year and of its surplus or deficii for each financial year in accordance with the requirements of Sections 394 and 395 and whtch othenvise comply with the requirements of the Companies Act 2006 relating to financial stslcmcnls. so far as applicable to the charitsble cornpany. (b) Th¢ notes fom) part of these financial statements Page 9 continued...
Lymm RFC Limited (Registered number: 10368900) Balance Sheet- contlnued 30 June 2024 ThL%c financial slalLmgnls have been prepared in accordance with the provisions applicable to charitable companies subjLCt to the small compaThics rcgime. Thc financial slalemcals were approved by thc Board of Tnlee$ and authorised for issue c.).IlknU.Ls...... and were signcd its bchalfby: on A W Leach - Truslee Simpson- stee The noles forn) part of thesc financial stat¢ments Page 10
Lymm RFC Llmlied C*sh Flow Statement for the Year Eoded 30 June 2024 30.6.24 30.6.23 Notes Cash flows from operating activities Cash generated from operdlions Interest paid Interest element of hire purchasc paymellts paid 366.730 (50,933) 174.778 (34,016) (1.979) Net cash provlded by operating aclivilies 3l3.818 140,762 Cash flows from investin¥ acttvltles Purchase oftangible fixed assets (149,492) (356.654) Net cash used in investing activilies (149.492) (356,654) Cash flows from financing a¢tlvltles New loans in year Loan repayments in year 20,821 (216.710) 161,102 (8,335) Net cash (used in)/provided by Financing activities (195,889) 152.767 Change in ¢&sh and ¢ash equivalent5 in the reportlng perlod Cash alld easb equivalents at the beginnlng of the reporting period (31.563) (63,125) 5.618 68.743 Cash and eash equivalents at the end of the reportlng period (25,945) 5.618 The notes fonn part ofthcse financial ststCnnts Pagell
Lymm RFC Llmit¢d Notes to the Cash Flow Statement for the Year Ended 30 June 2024 RECONCILIATION OF NET INCOMEJ(EXPENDITURE) TO NET CASH FLOW FROM OPEK4TtNG ACTIVITIES 30.6.24 30.6.23 Net incomel(expenditure) for the reportlng perlod (as per the Statement of Financiydl Activities) Adjustments for: Depreciation charg¢s Interest paid Interest element of hire purchase and fmance lease rental payments New loans Amounts due from group undertakings Decre&sel(increase} in debtors (Decrease)/increase in creditors 386.357 (53,462) 27,526 50.933 1.979 13,976 34,016 86,269 (33.064} (15,812) 142.855 33.274 10,590 {143,929) Net C#5h provided by operations 366.730 174.778 ANALYSIS OF CASH AND CASH EQUKVALENrs 30.6.24 30.6.23 Notice deposits (less than 3 months) Overdrafts includ¢d in bank loans and overdrafts falling due within one yeaT 8,855 (34,800) 5,618 Total cash and cash equivalents {25,945) 5,618 ANALYSIS OF CHANGES IN NET DEBT At 1.7.23 Cash tlow At 30.6.24 Net cash Cash at bank Bank overdraft 5.618 3.237 (34,800) 8,855 (34,800) 5.618 {31.563) (25.945) Debt Finance leases Debts falling due within l year Debts falling due after l year (20,821) 3,075 213,635 (20,821) (5,239) (619,801) (8,314) (833,436) (841,750) 195,889 {645,861) Total (836.132) 164,326 (671,806) The notes fom> part of th&se financial statements Page 12
Lymm RFC Limited Notes to the Financial Statement5 for the Year Ended 30 June 2024 ACCOUNTING POLICIES Basis of preparillg the finaneial statements The flnancial slatemenls of the charitable company. which is a publte benefit entity under FRS 102, have been prepared in &¢¢ordance with the Charities SORP (FRS 102) 'Accounting and Reporting by ChaTilies.' Sialement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Siandard applicable in the UK alld Republi¢ of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Financial Rewrting Stsndard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The fancial statements have been prepared under the hisloricai cost convention. wiib the exception of investments which are included at n]arket value. The financial statements are prepared in sterlin& which is th¢ functioll21 currency of the company. Monetary amounts in these financial stateTneDts are rounded to the nearesl £. The charitable company has taken advantage of the following disclosure exemptlODS in preparing Ihese financial statctnents, as permitted by FRS 102 The FInla] Reporting Standard applicable in the UK and Republic of Ireland,: the requirement of paragraph 3.17(d)' tl)e requirements of paragraphs 11.42, 11.44. 11.45. 11.47. 11.48(a)(iii), 11.48{a)(iv), 11.48(b} and 11.48(L)- the requirements of paragraphs 12.26, 12.27. 12.29(a), 12.29(b) and 12.29A. Preparation of Consolidated finvdnci2R ststements The financi31 statcmcnts Colltain intormation about Lymm RFC Limited as an individual company and do not contain consolidated financial inforn]ation as the parenl of a group. The Charity is exempt under Section 399(2A) of the Companies Act 2006 from the requlrements to prep wnsolidated financial statements. Income All income is recognised in the Ststement of Financial Activities once the cbarity has entitlement to the funds, it is probable that the Income will be received and the amount can b¢ measured reliably. Donations, are recolSed when the Clwity bas been noufied in writing of both ihe amount and settlement date. In the event that a donation 15 subject to condilions that require a level of perfornwnce before the charity is entttled to the nds. Ihe income is deferred and nol recolsed until either those conditions are fully met, or the Ifilment of those conditions is wholly within the control of the clwity and it is probable that those conditions will be fulfilled in the reporting period. Incom¢ from government and other grats, whether 'capilal' grants or 'revenue' grants.is recognised when the charity has entitlement to the funds. any perfornw)ce conditions attached to the grants have been mel it is probable that the income will be received and the amount can be measured reliably and is not defeed. For legacies, entillement is taken as the earlier of the date on which either: the charity is aware that probate has been granted. the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part. is only considered probable when the anM)unt can be measured reliably and the charity has beeli iiolified of the executor's intention lo make a distribution. Where legacies have been notified lo the charity. or the charity is aware of. the granling of probate, and th¢ criteria for income rccognition have noi been met. then the legacy is a treated as a contingent asset and disclosed if nNglcrial. Intcrest on funds held OT] deposit is included when receii'able and thc amount can be measured reliably by tlie charity. this is normally upon notification of the interest paid or payable by the Bank. Interest received is recognised when receivable and ihe amount can be measured reliably by the charity. Page 13 continued...
Lymm RFC Limited Notes to the Financial St4tements- eontinued for the Year Ended JO June 2024 AccouiYfiNG POLICIES- eontlnued Expenditure Liabilities are recognised as expenditure &8 S(K)n as there is a legal or conslnjclive obligation coinmilling the ¢harily to that expenditure, it is probable that a transfer of economic benefils will be required in setileinenl and the amount of the obligation can be measured reliably. Expenditure is a¢¢ounted 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 bave beeD allocated to activities on a basis consistent with the use of Governance Costs Govemance costs comprise all costs involving ihe public accountability of the charity and its compliance with regulation and good practice. Tbese costs include costs related to statulory audit and legal fees. Support costs Support costs are thosc fimctions that a&8ist the work ol thc charily buL do noi directly underLgke charitable activilies.Support costs include back office COS finance, personnel. payroll and govemance costs which support the Charily's core activities Tangible fixed assets Tangible fixed assets are initt211y recorded at Cost and subsequently stated al cost le85 accumulated depreciation and impairmcnt losses. Any tangible a&8ets carried at revalued amounts are recorded at the fair value al the date of revaluation less and subsequent accumulated depreciation and subsequcnt accumulatcd impainnent losses. Freehold propety Land Plant and machinery Computer equlpllnt 2Q/o Straight line 2/ts RedIng balance 2/0 Reducing balance The freehold land and property includes land and buildings, of which the historic building cost is negligible and in addition includes the coniinuing development Costs of the Dew club house and facilities, which on ¢ompletAon will be depreciated. Cash 2nd cxsh equivalents Cash and cash equivalents are basic fancial assets and include cash in hand. deposits held at call with bank. other short-terni liquid investments with original mabjrities of three months or less, and bank overdrafts. T8xf4tlon The charity is exempt from corporation tax on its charitable activities. Fund a¢counting Unrestricted funds can be used Trn accordance with the charitable objectives at the discretion of the trustees. Reslricled fiinds can only be used for partiwlar $tricted pwposes within ihe objects of the charity. Restrictions arise when specified by the donor or when funds are ralsed for particular restricted purposes. Further explanation of the nathre and purw of each nd is included in the notes to the financial statements. Financiydl instruments In Ilie application of the CoMpanS accounting w)licie4 the dircctots are required to makc judgements, estimates and assumptions about the carrytng amount ofasscts and liabilities that are not readily apparent 1-he cornpany has elected to apply the provisions of Section I I 'Basic Financial InStMents, and Section 12 'Other Financial Instruments Issues, OIFRS 102 to all of its financial instrumenls. Finan¢ial instrumenis are recognised in the COMpanS ststement of financial position when the company becomes party to the contractual provisions of the inslnjmenl. Pag¢ 14 continued...
Lynun RFC Limited Note5 to the Finan¢ial Statements- continued for the Year Eaded 30 June 2024 ACCOUNTING POLICIES - continued Fioan¢lal Instruments Financlal assels and liabilities are offset, with the nel anK)unts presented in the financial statements, when there is a legally enforceable right lo sel off th¢ recognised amouDts and there is an inlention to settle on a net basis or lo realise th¢ n¢t asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrang¢m¢nl consliknles a financing transaction, where th¢ transaction is measured at Ihe present value of the future receipts discounted at a market rate of interest. Financial assets classified 2S re¢eivable wiihin one year are not amortised. Other fRnancial assets Other financial assets, including investments in equily instruments which are not subsidiaries, associales or joinl VentUS, are initially measured at fair value, wbich is norn)ally ihe transaction price. Such assets are subs¢quently ¢krried at fair value and the changes in fair value are recognised in the Stat¢ment of Financial Activities, except that investments in equity instruments that are not publically Iraded and whose fair values cannot be measured reliably are nnsUred at cost less impairmenL Classification of finaDcial liabilitles Financial liabilities and equity instn]ents are classified according to the substance of the contractual arrangcmcnts cnÉcred into. An equity instnunent is any contract that evidences a residual interest in the assets of Ihe company after deducting all of its liabilitftes. Basic financial liabilitics. including creditors, bank loans, loans from fellow group companies and preference shares that are ¢la5sified as d¢bt, are initially recognised at transaction price unless the arrangement conslitutes a fll)ancing tsaction, where the debt instrument is measured at the prebenl value of thc future TeL'cipl¥ discounted at a Jnatket rate of interest. Financial liabililies classified as payable within one year are Dot amortised. Debt instrtunents are subsequently caffied at any>rtised cosL using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as ¢wrent liabililies if payment is due within one yeaT or l¢ss. If lloL they are presenied as non-currenl liabilities. Trdde creditors are recoliSed inilially at transaction price and subsequently measured at amortised cost using the effeclive inleresl method. Derecognition of financial liabilitles Financial liabilities are derecogmised when the companYs contractual obligations expire or are discharged or can¢ell¢d. Equity instruments Equity instruments issued by the company are recorded at the proceeds recetved. net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. Page 15 ontinued...
Lymm RFC Lfindted Notes to the Finaneial Statements- continued for the Year Ended 30 June 2024 DONATIONS AND LEGACIES 30.6.24 30.6.23 Donations 629,903 39,826 INCOME FROM CHARITABLE AcfiviTIES 30.6.24 30.6.23 Activity Clwilable Rugby senior subscriptions Rugby mini's and junior subscriptions Tennis income AGP income 30.492 25.376 Charitable Charitable Charitable 57,571 16.168 14.914 40,743 4,121 18.820 119,145 89,060 CHARITABLE ACTIVITIES COSTS Support costs (see note 5) Direct Costs Totals Charilable 210.891 191,082 401,973 SUPPORT COSTS Govemance costs Management Finance Other Totals Charitable 126.430 3,880 50,93J 9,839 191,082 NET INCOME/(EXPENDITURE) Net income/{expenditure) is stated after chargin(crediting). 30.6.24 30.6.23 Depreciation - owned assets 27.525 13,977 INDEPENDENT EXAMINER REMUNERATION Fees payable to the charitys Independent Examiner are £3.675 (2023". £3,675). Page 16 continued...
Lyrnm RFC Limited Notes to the FinAncial StAtemeDts- continued for the Year Ended 30 June 2024 TRUSTEES, REMUNERATION AND BENEFITS There We no lrnslees, remulleration or other benefits paid for neitber the year ended 31hh June 2024 nor 30th June 2023. Trustees, expenses There w¢re no trustees, expell5es paid for neither the year ended 30th June 2024 nor 30th June 2023. COMPARATIVES FOR THE STATEMENT OF FANANCIAL AcrivrriES Unrestricted fund ILYCONLE AND EIYDOWMENTS FROM Donations and legacies 39,826 Charitable activities Charitable 89.060 Other income 65,320 Total 194,206 EXPENDITURE ON Charitable activities Charitable 247,668 NET INCOMEI(EXPENDITURK) (53,462) RECONCILIATION OF FUNDS Tolal funds brought forward 1,074,026 TOTAL FUNDS CARRIED FORWARD 1,020,564 Page 17 continued...
Lymm RFC Limited Notes to the Financial Statements- continued for the Year Ended 30 June 2024 io. TANGIBLE FIXED ASSETS Freehold land and Fixtures and fillings Plant aDd machinery Computer equipment Totals COST At l July 2023 Addition5 ,827,318 125.904 119,520 16.123 2,818 4,851 7,465 1,954,507 149,492 At 30 June 2024 1,953222 135.643 2.818 12,316 2.103.999 DEPRECIATION At l July 2023 Charge for year 66224 11.971 509 563 3,151 2.291 69,884 27.525 12.700 At 30 Jun¢ 2024 12,7(K) 78,195 1,072 5,442 97,409 NET BOOK VALUE At 30 June 2024 1,940.522 57.448 1.746 6.874 2,006.590 At 30 June 2023 1,827,318 53,296 2,309 1,700 1.884.623 ii. FIXED A&SET INVESTMENTS Shares in up undertakings COST LESS IMPAIRMENT At l July 2023 and 30 June 2024 NET BOOK VALUE At 30 June 2024 At 30 June 2023 There were no investment assets outside the UK. The compangs investments at the balance sheet date in the share capital of companies include the following: Lymm Beechwood Limited Registered office.. Beechwood, Crouchley Lane. LYM Cheshire. WA13 OAT Nature of business.. Sports and recreatton club trading activities Class of share: Ordinary £1 holding 30.6.24 30.6.23 Aggregate capitsl and reserves Page 18 ontinued...
Lymm RFC Limited Notes to the Financial Statements - Continued for the Year Ended 30 June 2024 ii. FIXED ASSET INVESTMENTS - ¢ontAnued 30.(16.24 30.06.23 Turnover Other Income Cost of Sales Adn]inistralion expenses Finance cosls 303.114 140.449 (267.555) {174.439) (1.569) 294.651 51,890 (212,857) (132.387) {1,297) Net profitl(loss) for the year Represented by.. Assets Liabklilies 75.232 (75.228) 82.168 (82.164) Lymm G&rden Limited Registered office.. Beechwood. Crou¢hl¢y Lane. LymnL England, WAI 3 OAT Nature of busin¢ss: Investment of Land and Buddings Class of share: Ordinary £ I holding 100 30.6.24 30.6.23 Aggregate Capital and rc5erves Loss for the year (i) A2. DEBTORS: AMOUNTS FALLING DUE THIN ONE YEAR 30.6.24 30.6.23 Trade debtors Amounts owed by group undertakings Other debtors VAT Prepayments and accrued income 22.158 61.545 9.051 94,819 3,667 23,754 1.578 5.302 89,005 132,869 Pag¢ 19 continued...
Lymm RFC Llmlted Not to the Financial Statements- Contlnved for the Year Ended 30 June 2024 13. CREDITORS: AMOUNTS FALLING DUE WTfHIN ONE YEAR 30.6.24 30.6.23 Bank loans and overdrafts (see note 15) Other loans (see note I S) Hire purchase (see note 16) Trade creditors Other ¢r¢ditors Accrued expenses 34,800 5.239 10,863 752 10,941 5,180 8,314 155,325 5,476 67.775 169,115 14. CRKDITORS: AMouKfs FALLING DUK AFTER MORE THAN ONE YEAR 30.6.24 30.6.23 Bank loans (sce note 15) Other loans (see nole 15) Hire purchase (see note 16) 325.000 294,801 9,958 546.264 287.172 629.759 833,436 15. LOANS The t¢m)s of the bank loans are: Handelsbanken RFU Loan LTA Loan Commencement Dale Loan Tenn 0710212022 5 years 2.750/0 over SONIA Quarterly 5 years 01106r2022 10 years 01103r2023 10 years Interest Rate Interest Payment Date Interest Only Period Monthly 2 years MoDtbly over 8 8 equal annual years from June instaiments from 2024 August 2025 Repayment In fijll on Maturity Page 20 continued...
Lymm RFC LInted Notes to the Flugncial Statements - continued for the Year Ended 30 June 2024 16. LEAStNG AGREEMENTS Minimum lease payments under hire purchase fall due as follows: 30.6.24 30.6.23 Gross obligations r¢payable: Within one year Betw¢en one and five years 12.800 11.691 24.491 Finance charges repayable". Within one year Betw¢en on¢ a[ fiv¢ ar5 1.937 1,733 3.670 Net obltgations repayable.. Within one year Between one and five years 10,863 9.958 20,821 17. SECURED DEBTS The following secured debts are included within credilors: 30.6.24 30.6.23 Bank loans 325,000 546.264 The bank loan is secured by way of a fixed charge held over the Clubhouse and the immediately adjacent land. Other loans. includes a loan from the tAwn Tennis Association. wbich is secured by way of a fixed charge held over ihe land occupied by the new tennis courts. 18. MOVEMENT IN FUNDS Net movement in fidS At 30.6.24 At 1.7.23 Unrestricted funds General fund 1.020.564 386.357 1,406,921 TOTAL FUNDS 1.020.564 386.357 1.406.921 Page21 continued...
Lyrnm RFC Limited Notes to the Flo2n¢i*l Statements- continued for the Year Ended 30 June 2024 18. MOVEMENT IN FUNDS- continued Net movement in funds, included in Ihe above arc as follows: Incoming resource Resources expended Movement in fimds Unrestrieted fuDds General fund 788.330 (401.973) 386.357 TOTAL FUNDS 788,330 (401.973) 386.357 Comparatives for movement in funds Net movement in funds At 30.6.23 At 1.7.22 Unrestricted funds General fund 1.074.026 {53.462) 1.020.564 TOTAL FUIYDS 1.074,026 (53,462) 1,020,564 Comparative nel movement in fimds. included tn the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 194,206 (247,668) (53.462) TOTAL FUNDS 194,206 (247,668) (53,462) 19. RELATED PARTY DISCLOSURES Lymm Beechwood Llmlted Lymm Beechwood Limited is a wholly owned subsidiary of Lymm RFC Limited. A donation of £nil (2023.. £nil) was received from Lymm Beechwood Limited. Recharges of salaries and establishment costs totalling £141.614 (2023: £54.829) were paid to Lymm Beechwood Limited during the year. At thc year end there was an amount due from Lymm Beechwood Limited of £61.545 (2023: £57.380). Lymm Garden Llmlted Lymm Garden Limited is a wholly oNvned subsidiary of Lnrn RFC Limited. During the year a donation of £532.472 was received from Lymm Garden Limited. At the year end there was an amount duc from Lymm Garden Limited of £nil (2023: £37,439). Page 22 continued...
Lynun RFC Limited Notes to the Financial Statements - ¢ontlnued for the Year Ended 30 June 2024 19. RELATED PARTY DISCLOSURES- continued D H Simp$on During the year D H Simpson (Trustee) made loan advances to Lymm RFC Limited tolalling £20,000, this was paid on 15th March 2024. There were no lornwl teTll]s and conditions. no interest was paid in relalion to the loan. D H Simpson has provided a guarantee lo secure tbe bank loan lo the value of £20.000 plus interest and costs. A W Leaeh During the year A W Leach (Trustee) made loan advances lo Lyn]m RFC Limited iotslling £78.000, Ihis was rcpdid on 15th March 2024. Thcrc were llo forn] tCTNLS dnd wndition& no intCT¢St was paid ID Telation to the loan. A W Leach has provided a guardntee to secure the bank loan to the value of £15.000 plus interest and costs. 20. MEMBERS LIABILITIES The charily does not have share capital and is limited by guarantee. In the evellt of the charity being wound up, the maximum atnount each metnber (subscriber to the Memorandum of Association) is liable to contribule is £1. Thcre wcrc 4 such mcmbcrs at 30th Jun¢ 2024. Page 23
Lymm RFC Limited Detalled Statement of Financial Aetivlties for the Year Ended 30 June 2024 30.6.24 30.6.23 INCOME AND ENDOWMENTS Donations and legacies Donations 629,903 39,826 Charitable activities Rugby senior subscriplions Rugby mini's and junior subscriptions Tennis income AGP income 30,492 57,571 16,168 14.914 25,376 40,743 4,121 18,820 119,145 89.060 Other ineome Sponsorship Storage and parking Miscellaneous income Gate takings 15.856 10.243 (1,367) 14,550 28.233 11.530 17,984 7,573 39,282 65,320 Total incoTniDg resources 788.330 194.206 EXPENDITURE Ch4ritable activlties Sundries Players kit and equipment Coaching fees Physioiherapy fees Grounds costs Player catering Costs 6,035 15.610 21,386 19,119 16,757 65.347 2,076 30,801 19,903 7,369 19,515 26.510 k l! Travelltng costs other playing expenses Depn of freehold property Depn of plant & machinery Depn of fixtures & fitttngs Depn of computer equipment Hire purchase 12,991 24,141 12,700 11,971 564 2.291 1,979 5,531 7,886 13,169 450 357 210,891 133,567 Support costs Management Rates and water Light and heat Recharges of salaries VAT partial exemption 414 511 141,614 (16.109) 968 54,829 16.109 126,430 71,906 This page does not forni part of the statutory financial staiemenls Page 24
Lymm RFC Llmlted Detailed Statement of ancI¥l Activities for the Year Ended 30 June 2024 30.6.24 30.6.23 Management Bank charges 3.880 2.680 Other Bat& Interest Loan 635 50,298 574 33,442 50.933 34.016 Governance costs Independent Examinerfs remuneration Auditors, r¢inuneration for lion audit work Accountancy and legal lees 3.675 962 5,202 4.319 1,180 9.839 5.499 Total resources expended 401,973 247,668 Net income/{expenditure) 386.357 (53,462) This page does not forni part of the slatutory financial staiements Page 25