SEVENOAKS SUNS BASKETBALL CLUB (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2021
Registered Company Number: 09161597 Registered Charity Number: 1172673
Azets Audit Services Greytown House 221-227 High Street Orpington Kent BR6 0NZ
SEVENOAKS SUNS BASKETBALL CLUB (A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Information | 1 |
| Chairman Statement | 2 |
| Report of the Trustees | 3 – 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 - 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 - 15 |
SEVENOAKS SUNS BASKETBALL CLUB (A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE INFORMATION
| Trustees | L J Busch |
|---|---|
| C J Henry | |
| K Kumar | |
| R S Surrey | |
| D Turner | |
| M Von Aesch | |
| Company secretary | D Turner |
| Registered Company number | 09161597 |
| Registered Charity number | 1172673 |
| Registered office | Rock House, High Street |
| Chipstead | |
| Sevenoaks | |
| Kent | |
| TN13 2RR | |
| Independent examiner | M A Wilkes FCA |
| Azets Audit Services | |
| Greytown House | |
| 221-227 High Street | |
| Orpington | |
| Kent | |
| BR6 0NZ | |
| Bankers | Barclays Bank plc |
| 80 High Street | |
| Sevenoaks | |
| Kent | |
| TN13 1LR |
1
SEVENOAKS SUNS BASKETBALL CLUB (A Company Limited by Guarantee)
CHAIRMAN STATEMENT
Post Balance Sheet Event – Recovering from Covid
We are happy to report that the Suns are making a strong recovery from our Covid shut-down. Although there can be no assurance that there will not be a new variant or other Covid development which forces us to curtail operations, the Suns appear to be on a good course.
In last year’s report, we noted that enrollments in May were stronger than anticipated. With this in mind, we budgeted for enrollment numbers which, over the course of the year, would bring us back to pre-Covid numbers. Thus, we planned for 205 junior players (Development and National League) at the start of the season, rising to 245 over the course of the year. In the event, enrollment was a little bit higher than budgeted at the start of the season and has grown dramatically to over 350 through the 3[rd] quarter. The increment over budget is due entirely to Development Programme enrollments, where subscription fees are heavily prorated in the latter part of the season.
As mentioned in last year’s report, we planned to retain many of the cost control measures implemented during our shutdown. These allowed us to operate at reduced cost, even in the face of significantly increased enrollment, with a resulting increase in margins. As a result, the Club appears on track to have a very positive fiscal 2021-22.
Richard Surrey Chairman
………………………...
2
SEVENOAKS SUNS BASKETBALL CLUB (A Company Limited by Guarantee)
REPORT OF THE TRUSTEES
The Trustees, who are also directors for the purposes of company law, present their report and the financial statements of the charitable company for the year ended 30 June 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 published on 16 July 2014.
Objectives and Activities
The objectives of the charitable company is the promotion of community participation in healthy recreation in particular by the provision of facilities for the players of basketball.
The main activity of the charitable company is the provision of amateur sport (basketball) for children and young people and the general public, through providing buildings/facilities/open spaces, services and advocacy/advice/information in England and Wales.
Statement on Public Benefit
The objectives and activities, and achievement and performance sections of this report clearly set out the activities which the charity undertakes for the public benefit. The Trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission in determining the activities undertaken by the charity.
STRATEGIC REPORT
Achievements and Performance
Club Operation & Growth
Fiscal year 2020-21 was dominated by the Covid pandemic. For most of the year, our youth program (both Development and National League) was substantially curtailed by the need to comply with applicable regulations and to mitigate Covid exposure. We suspended the regular operation of our junior programme and shut down all continuing expenses other than those for which we qualified for government assistance. As there was an exemption from the Covid restrictions for elite sports teams, we also continued with the WBBL season.
In May, 2021, the club’s junior programme began a phased resumption of operations. We observed that both headcount and revenues were above expectations for the last two months of the year. The resumption of operations required some improvisation, because not all of our usual venues were fully available. Also, in view of the uncertainties of the situation, we decided to keep in place some of the cost control measures adopted during our shut-down. Also, throughout the year, we applied for and received various benefits and grants intended to assist employers and/or sports clubs. Together, these measures allowed the Club to conclude the year in a stable position which would allow it to make a strong start to fiscal year 2021-22.
Schools
Again, due to constraints imposed by Covid, our Schools Program was shut down until the Spring of 2021when we resumed limited operation at one school. However, during this period, we did stay in active communication with school PE staff about plans to resume activities and possible special events. While these did not come to fruition in the current fiscal year, they did slow the Schools programme to get of to a good start in fiscal year 2021-22.
Financial Review
The charitable company generated income totalling £88,974 during the year (2020: £191,995). Expenditure amounted to £102,982 (2020: £194,744). This resulted in a deficit for the year of £14,008 (2020: deficit - £2,784)
The fund balances carried forward at 30 June 2021 were negative £18,592 (2020: negative £4,584).
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SEVENOAKS SUNS BASKETBALL CLUB (A Company Limited by Guarantee)
REPORT OF THE TRUSTEES -CONTINUED
Reserves Policy
The Trustees acknowledge the volatility of its levels of generated income and have committed to setting aside three months of expenditure which equates to reserve of £25,000 (2020: £25,000). This is to mitigate against potential income fluctuation. The reserve policy will be reviewed on an annual basis.
The unrestricted funds at 30 June 2021 total a deficit of £25,939 (2020 : deficit £17,308). Included within creditors are amounts totalling £29,968 (2020 : £37,847k) which the recipients have confirmed will only need paying once the Club determines it has sufficient funds to do so without affecting the Club’s operations or growth.
The restricted reserves at 30 June 2021 are £7,347 (2020: £12,724).
Plans for Future Periods
In May 2021, the Club began to resume normal operations. We plan to continue this process as long as circumstances permit. Although there can be no assurance that there will not be a resurgence of the pandemic, we are planning to implement a normal season for both Development and National League players. As we resumed operations, interest was strong and exceeded expectations. I light of this strong interest and our need to expand the programme generally, we have budgeted to expand our paid coaching staff. For the coming season, our focus will be on building our enrollment back to pre-Covid levels and expanding our coaching resources to allow us to accommodate future growth.
Arena Project
Following local elections in Swanley, the Swanley Town Counsel (“STC”) revised a number of its policy objectives, including some which impacted the arena project. As a result, discussions between the Club and STC have ended. The Club is attempting to identify other partners with whom to develop the project.
OUR STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The company was incorporated on 5 August 2014 and is governed by its Memorandum and Articles of Association. The company received charitable status on 20 April 2017. The charitable company is limited by guarantee and has no share capital.
Trustees
The Trustees, who are also directors for the purposes of the Companies Act 2006, who served during the year were:
L J Busch J M Callery - Resigned 1 July 2021 C J Henry K Kumar R S Surrey D Turner G Watson - Resigned 30 October 2020 M Von Aesch
No Trustees had any contract or arrangement of a material nature with the charitable company during the year under review.
The minimum number of Trustees shall be three but shall not be subject to any maximum. The charity may by ordinary resolution appoint a person who is willing to act as a trustee. On appointment new Trustees are given full details of the Policies and Procedures of Sevenoaks Suns Basketball Club.
One third of the Trustees are required to retire but can stand for re-appointment.
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SEVENOAKS SUNS BASKETBALL CLUB (A Company Limited by Guarantee)
REPORT OF THE TRUSTEES - CONTINUED
Key management personnel remuneration
The Trustees consider the board of Trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All Trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in note 16 to the accounts.
Trustees are required to disclose all relevant interests and register them with the executive director and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises.
Risk Management
The Trustees have considered the risks faced by the charitable company and have put in place systems to manage them, which they monitor. The Trustees review risks on an annual basis.
Going Concern
The Trustees of the Sevenoaks Suns Basketball Club Ltd (the “Trustees” and the “Club”, respectively) have determined that there is good reason for the Club to continue to provide opportunities to engage in healthy sport to young people in and around West Kent and that the Club has the resources to continue so to do. The Trustees expect cash flow from subscriptions and contributions to be sufficient to sustain the Club’s planned activities. The Trustees believe the information produced by the Club’s management systems is sufficiently timely and accurate to enable good decision-making and to allow the Trustees to react to unexpected developments. Accordingly, the Trustees are not aware of any reason why the Club should not be regarded as a going concern through 30 June 2022, at least.
As noted above in the Chairman’s Statement, the Trustees believe the Suns are on track to have a strong fiscal year 2022. As at May 2022, the club had a bank balance of over £40,000. This is very largely due to enrollments in the Development Programme being at 140% of budget and high realization on subscription receivables. Also, cost control measures implemented in response to the Covid pandemic had the effect of increasing the Club’s margins as enrollments increased. The Trustees also note that included within creditors are amounts of £29,698 which the creditors have confirmed will only need paying once the Club determines it has sufficient funds to do so without affecting the Club’s operations or growth.
Therefore, the Trustees consider the Suns a going concern.
Statement of Trustees’ Responsibilities
The Trustees (who are also directors of Sevenoaks Sun Basketball Club for the purposes of company law) are responsible for preparing the Trustees’ Annual Report (including the Strategic 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, which 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:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP 2015 (FRS 102) ;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping proper accounting records that 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.
By Order of the Board
Richard Surrey Trustee
28 June 2022
5
SEVENOAKS SUNS BASKETBALL CLUB
(A Company Limited by Guarantee)
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF SEVENOAKS SUNS BASKETBALL CLUB
I report on the accounts of the charitable company for the period ended 30 June 2021 which are set out on pages 7 to 15.
Responsibilities and basis of report
As the charity 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 company’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 that in any material respect:
-
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
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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.
I have no concerns and have come across no other matters in connection with the examination which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
M A Wilkes (FCA) For and on behalf of Azets Audit Services Greytown House, 221/227 High Street Orpington, Kent, BR6 0NZ
30 June 2022
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SEVENOAKS SUNS BASKETBALL CLUB (A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021
INCOME AND EXPENDITURE ACCOUNT
| Note Income from: Donations 2 Sport England CV-19 grant Charitable Activities 3 HMRC – Job Retention Scheme Total Income Expenditure from: Charitable Activities 4 Total Expenditure NET MOVEMENT IN FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Funds 2021 £ 36,403 9,493 33,738 4,340 __ 83,974 _ 92,605 __ 92,605 _ (8,631) (17,308) _____ (25,939) |
Restricted Funds 2021 £ 5,000 - - - __ 5,000 _ 10,377 __ 10,377 _ (5,377) 12,724 _____ 7,347 |
Total funds 2021 £ 41,403 9,493 33,738 4,340 __ 88,974 _ 102,982 __ 102,982 _ (14,008) (4,584) _______ (18,592) |
Total funds 2020 £ 127,477 - 62,136 2,382 __ 191,995 _ 194,744 __ 194,744 _ (2,749) (1,835) _______ (4,584) |
|---|---|---|---|---|
All income and expenditure arise from continuing unrestricted activities.
All recognised gains and losses are included in the Statement of Financial Activities.
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SEVENOAKS SUNS BASKETBALL CLUB (A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021
INCOME AND EXPENDITURE ACCOUNT
COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
| Note Income from: Donations 2 Charitable Activities 3 HMRC – Job Retention Scheme Total Income Expenditure from: Charitable Activities 4 Total Expenditure NET MOVEMENT IN FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Funds 2020 £ 102,477 62,136 2,382 __ 166,995 _ 169,749 __ 169,749 _ (2,754) (14,554) _____ (17,308) |
Restricted Funds 2020 £ 25,000 - - __ 25,000 _ 24,995 __ 24,995 _ 5 12,719 _____ 12,724 |
Total funds 2020 £ 127,477 62,136 2,382 __ 191,995 _ 194,744 __ 194,744 _ (2,749) (1,835) _______ (4,584) |
|---|---|---|---|
All income and expenditure arise from continuing unrestricted activities.
All recognised gains and losses are included in the Statement of Financial Activities.
.
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SEVENOAKS SUNS BASKETBALL CLUB (A Company Limited by Guarantee)
COMPANY NUMBER 09161597
BALANCE SHEET As AT 30 JUNE 2021
| Note 2021 £ FIXED ASSETS Tangible fixed assets 9 CURRENT ASSETS Debtors 10 - Cash at bank and in hand 22,313 _ 22,444 CREDITORS: amounts falling due within one year 11 (41,137) _ NET CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds Restricted funds 12 TOTAL FUNDS 13 |
2020 £ £ 232 22,205 13,591 _ 35,796 (43,287) _ (18,824) _ (18,592) _ (25,939) 7,347 ____ (18,592) |
£ 2,907 (7,491) _ (4,584) _ (17,308) 12,724 ____ (4,584) |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.
The members have not required the charitable company to obtain an audit of its financial statements for the year ended 30 June 2021 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 which comply with Sections 386 and 387 of the Companies Act 2006 and
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(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 loss 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 financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standards for Smaller Entities (April 2008).
Approved by the Board of Trustees on 28 June 2022 and signed on their behalf by:
Richard Surrey Trustee
9
SEVENOAKS SUNS BASKETBALL CLUB (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
1. ACCOUNTING POLICIES
1.1
Basis of preparation
Sevenoaks Suns Basketball Club is a company limited by guarantee in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are set out on page 3.
The charity constitutes a public benefit entity as defined by FRS 102. 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, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. The Trustees have early adopted the Charity SORP (FRS105) Update Bulletin 1.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.
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.
1.2 Income
All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Voluntary income including donations is included in full in the Statement of Financial Activities when receivable.
The charity receives grants in respect of its activities. Income from grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.
Charitable Activity Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. Investment income is included when receivable.
1.3
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
1.4 Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.
The analysis of these costs is included in note 5.
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SEVENOAKS SUNS BASKETBALL CLUB (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
1. ACCOUNTING POLICIES - continued
1.5 Funds accounting
Unrestricted general funds are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.
Restricted funds are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when donors specify the purpose for which income can be used.
1.6 Tangible fixed assets
All assets costing more than £500 have been capitalised and are depreciated on a straight line basis from the financial year after acquisition. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost of each asset on a straight-line basis over its useful life, as follows:
Motor vehicles 3 years straight line Fixtures, fitting & Equipment 3 years straight line Computer equipment 3 years straight line
Debtors and creditors receivable / payable within one year
1.7 Debtors and creditors receivable / payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Cash at bank and in hand
1.8
Cash at bank and in hand are short-term, highly liquid investments that are readily convertible to known amounts of cash that are subject to an insignificant risk of changes in value.
1.9 Taxation
The company is a registered charity and is therefore entitled to the exemptions from corporation tax afforded by section 505 of the Income and Corporation Taxes Act 1988. Accordingly, there is no corporation tax charge in these financial statements.
1.10 Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. This view is supported by the fact that the Charity held, as at May 2022, a bank balance of over £40,000 and expected receipts from Gift Aid, camps and other events and late season subscriptions before the end of the fiscal year. The Trustees’ analysis included consideration of the effect of a possible resurgence of the Covid-19 virus on the Charity’s operations
1.11 Judgements and key sources of estimation uncertainty
Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 8 for the carrying amount of the property plant and equipment, and note 1.8 for the useful economic lives for each class of assets.
There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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SEVENOAKS SUNS BASKETBALL CLUB (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2021
| 2. VOLUNTARY INCOME General donations Arena donations 3. ACTIVITIES FOR GENERATING FUNDS Subscriptions Events Other Sale of merchandise 4. CHARITABLE ACTIVITIES COSTS Match fees Registration fees Coaching Court hire Equipment Arena costs Support costs 5. SUPPORT COSTS Advertising Depreciation Insurance Staff costs Travel Training Other expenses Professional fees Legal fees Governance costs |
2021 £ 36,403 5,000 __ 41,403 _ 2021 £ 24,637 7,907 51 1,143 __ 33,738 _ 2021 £ 2,210 1,240 1,190 14,789 2,078 10,377 71,098 __ 102,982 __ 2021 £ 160 2,675 347 52,975 2,286 330 2,811 1,200 4,834 3,480 ___ 71,098 ____ |
_ | 2020 £ 102,477 25,000 _ 127,477 _ 2020 £ 47,657 10,904 19 3,556 _ 62,136 _ 2020 £ 9,727 3,764 1,561 52,364 5,379 24,995 82,876 __ 180,666 __ 2020 £ 49 2,767 2,905 77,744 1,700 140 5,679 - 5,970 ___ 96,954 ____ |
|---|---|---|---|
| _ |
|||
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SEVENOAKS SUNS BASKETBALL CLUB (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2021
| 6. GOVERNANCE COSTS Independent examination – current year Under-provision prior year |
2021 £ 3,480 - _ 3,480 _ |
2020 £ 3,300 2,670 _ 5,970 _ |
|---|---|---|
7. TRUSTEES' REMUNERATION AND REIMBURSED EXPENSES
Three trustees received £1,954 (2020: One trustee - £380) in respect of remuneration or for re-imbursement of expenses undertaken on behalf of the charity.
8.
| STAFF COSTS Salaries and wages Social security costs Pension costs The average number of employees by headcount was: Administration and support – full-time |
2021 £ 50,825 1,835 315 _ 52,975 _ 7 __ 7 |
2020 £ 75,503 1,768 473 _ 77,744 _ 8 ____ 8 |
|
|---|---|---|---|
There were no employees earning more than £60,000 during the year (2020: £Nil).
| 9. TANGIBLE FIXED ASSETS Cost As at 1 July 2020 & 30 June 2021 Depreciation As at 1 July 2020 Charge for year As at 30 June 2021 Net Book Value At 30 June 2021 At 30 June 2020 |
Motor Fixtures, fitting Vehicles & Equipment 7,200 1,102 _ _ 4,567 828 2,401 274 _ _ 6,968 1,102 _ _ 232 - _ _ 2,633 274 |
Total £ 8,302 _ 5,395 2,675 _ 8,070 _ 232 _ 2,907 |
|---|---|---|
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SEVENOAKS SUNS BASKETBALL CLUB (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2021
| 10. DEBTORS Trade debtors Gift Aid Prepayments 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other Taxes & Social Security Other creditors Trade Creditors Accruals |
2021 £ - - - __ - _ 2021 £ 1,027 14,697 1,685 23,728 ___ 41,137 |
2020 £ 2,973 19,102 130 __ 22,205 _ 2020 £ 136 12,750 2,004 28,387 ___ 43,287 |
|---|---|---|
Included within accruals is an amount of £16,948 (2020 : £25,097) which the recipient has confirmed will not require payment until the Club has sufficient reserves to do so.
Included within other creditors is an amount of £12,750 (2020 : £12,750) which the recipient has confirmed will not require payment until the Club has sufficient reserves to do so.
| 12. RESTRICTED FUNDS Current year Arena project fund Prior year Arena project fund |
__ |
1 July 2020 £ 12,724 __ 12,724 _ 1 July 2019 £ 12,719 _ 12,719 |
Income Expenditure £ £ 5,000 (10,377) __ _ 5,000 (10,377) _ __ Income Expenditure £ £ 25,000 (24,995) _ _ 25,000 (24,995) |
30 June 2021 £ 7,347 __ 7,347 _ 30 June 2020 £ 12,724 ___ 12,724 |
|
|---|---|---|---|---|---|
Arena project fund – Funds have been spent on preparation for the arena as well as restricted income assigned to the development.
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SEVENOAKS SUNS BASKETBALL CLUB (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2021
13. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Current year | Unrestricted funds |
Restricted funds |
Total funds 2021 |
|---|---|---|---|
| £ | £ | £ | |
| Fixed assets | 232 | - | 232 |
| Current assets | 14,966 | 7,347 | 22,313 |
| Creditors due within one year | (41,137) | - | (41,137) |
| ____ | ____ | ____ | |
| (25,939) ____ |
7,347 ____ |
(18,592) ____ |
|
| Prior year - restated | Unrestricted | Restricted | Total funds |
| funds | funds | 2020 | |
| £ | £ | £ | |
| Fixed assets | 2,907 | - | 2,907 |
| Current assets | 23,072 | 12,724 | 35,796 |
| Creditors due within one year | (43,287) | - | (43,287) |
| ____ | ____ | ____ | |
| (17,308) ____ |
12,724 ____ |
(4,584) ____ |
14. COMPANY LIMITED BY GUARANTEE
The company is limited by guarantee and has no share capital. The liability of its members is limited to £10 per member.
15. RELATED PARTY TRANSACTIONS
During the year R Surrey, a Trustee, loaned the charity £nil (2020 - £12,750) and the balance outstanding at the year-end was £12,750 (2020 - £12,750).
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