Richmond Bridge Club Registered Charity Number 1175613
Trustees’ Report and
Financial Statements for the year ended 31 March 2024
Richmond Bridge Club
Trustees’ Report and Financial Statements for the year ended 31 March 2024
Contents
| Page | |
|---|---|
| Trustees’ Report | 1 - 3 |
| Independent Examiner’s Report | 4 |
| Statement of Comprehensive Income including Income and Expenditure Account | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 - 13 |
Richmond Bridge Club Trustees’ Report for the year ended 31 March 2024
Richmond Bridge Club Registered Charity 1175613 Cambridge Park, East Twickenham, TW1 2PG
Richmond Bridge Club (“RBC”), the charity was formed out of its previous entity - a members’ club, when it acquired the undertaking and all the assets and liabilities of Richmond Bridge Club following a general meeting on 11[th] October 2017. RBC operates under a constitution closely following Charity Commission guidance that lays out the detailed arrangements for running the organisation.
RBC is affiliated to The English Bridge Union (“EBU”) and participates in the Surrey Bridge Association.
Trustees
The Officers and trustees at the start of this accounting period were:
Sally Young - Chair Vic Martin - Secretary Phillip Smitham - Treasurer Sally Durant Sarah Jackson Peter Streatfeild Titch Glenday
At the Annual General Meeting on 26[th] July 2023, Mark Simpson and Titch Glenday, a co-opted Trustee, were elected as Trustees.
Governance and management
The trustees of RBC consist of the Officers and up to 7 other members of the Club. Any member may make an application for the position of trustee and requires to be voted on at the Annual General meeting for a term of three years after which the trustee may stand again for a further two consecutive terms. If a position for a trustee becomes available during the year, the trustees may appoint a member until the following Annual General Meeting. The Officers and trustees work entirely on a voluntary basis.
All newly appointed trustees are briefed on the role of trustees of RBC, given copies of the governing documents and referred to the detail on the Charity Commission website related to becoming a trustee and to the guidance on public benefit.
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Richmond Bridge Club Trustees’ Report for the year ended 31 March 2024
Governance and management (continued)
The Manager of RBC, Richard Banbury, was appointed on 3[rd] April 2023 and is responsible for the RBC’s operational matters. The Manager is an employee of RBC; governed by the terms of an employment contract. The Manager is responsible for the Assistant Manager, the Bar Staff, the Card Dealer, the Cleaners, Teachers and Directors. He also works closely with the Book Keeper.
The trustees hold regular meetings, which the Manager attends. In planning the charity’s activities, the trustees keep in mind the Charity Commission’s guidance on public benefit.
Explanation of the work of RBC
RBC maintains premises for the purpose of providing bridge playing opportunities and facilities to all those who want to engage in the game of bridge. Membership is open and visitors are welcome.
The object of RBC is:
- The provision of facilities for the learning, teaching and playing of bridge principally but not exclusively for the benefit of the residents of Richmond and Twickenham and the surrounding area
Activities
RBC offers 9 bridge sessions per week, in the clubhouse, plus 4 sessions of online bridge per week to cater for our members who are unable to attend the clubhouse. There is a thriving teaching programme for beginners and intermediate players along with a number of supervised sessions to enable learners to progress. Bridge Competitions are also run on a regular basis throughout the year as well as monthly supper sessions on a Saturday evening.
RBC supports the development of junior bridge in the County. Juniors are welcome at RBC. To ensure that we comply with all procedures, RBC has ensured that we adhere to statutory regulations relating to Child Protection.
Performance
The number of members of the RBC on 1[st] June 2024 was 1137. The turnover of members in recent years has been in the region of 10% per annum.
The Manager regularly reviews whether provision should be made for additional sessions of bridge and the teaching of bridge. The Manager also regularly reviews the performance of the Session Directors who are all recruited from within the membership. The teaching staff are mainly from within the membership who have been sponsored to undertake the appropriate bridge teaching courses. The manager continues to actively look for appropriate members to recruit as Directors or Teachers.
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Richmond Bridge Club Trustees’ Report for the year ended 31 March 2024
Financial Review
During this period of activity, the charity has funded its bridge operations by raising funds from members’ annual subscriptions and playing and learning bridge both in the Clubhouse and online.
Players pay a standard amount (known as “table money”) for each session of bridge; £7 if playing in the Clubhouse and £4 (£3 for shorter sessions and free for juniors) for online bridge. Non-members of the charity are asked to pay an additional sum of £3, if playing at the Clubhouse, and £2 for each online session they play.
In the financial year to 31[st] March 2024, it was the policy to hold sufficient reserves equal to a minimum of three months of the RBC’s fixed costs of expenditure. A review of RBC policies has been made and it has been agreed by the trustees that RBC will now hold sufficient reserves to cover six months of the fixed costs of expenditure. At the financial year end, RBC had Net Current Assets in excess of £104,000 (or £90,000 after provisions) and funds held at banks in excess of £180,000. This is deemed sufficient to maintain the ongoing business of RBC. On the 31[st] March 2024, the Total Funds held by the Club amounted to £185,096 (31.03.2023 - £153,861).
The treasurer ensures the trustees are given financial information on a regular basis and any area for concern is highlighted. The only fund that the club maintains is the General Fund which is unrestricted.
Provisions
The trustees have decided the charity should carry a provision for repairs and renewals necessary under the obligations set out in the lease with our Landlord, Cambridge Park Bowling and Sports Club Ltd. As the age of the building increases, we consider that further funds may be necessary to maintain the standard required. The Trustees will be commissioning a full survey of the building prior to commencing extension of the lease negotiation in January 2025
Independent Examiner
The trustees consider that an audit is not required for this period and that an Independent Examination is needed. The Independent Examiner services have been contracted to a qualified body.
Plans for future years
The Club has plans to improve the bicycle storage area and refurbish the kitchen, subject to a lease extension.
This report was approved by the trustees on 8[th] July 2024 and signed on their behalf.
Sally Young Chairperson
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Richmond Bridge Club Financial Statements for the year ended 31 March 2024 Independent Examiner's Report to the Trustees
Independent Examiner's Report to the Trustees of Richmond Bridge Club CIO
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31[st] March 2024 which comprise the Statement of Comprehensive Income including income and expenditure statement, the Balance Sheet and the related notes.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no material 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 charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Paul Alexander BFP, FCA Date: 10[th] July 2024 For and on behalf of: Accountancy Management Services Limited Chartered Accountants South Street House 51 South Street Isleworth Middlesex TW7 7AA
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Richmond Bridge Club Financial Statements for the year ended 31 March 2024 Statement of Comprehensive Income including Income and Expenditure Account
| Note Income Donations, legacies and grants 5 Charitable activities 6 Other trading activities 7 Investment income Other 8 Total Income Expenditure Costs of raising funds 9 Expenditure on charitable activities 10 Other 11 Total expenditure Net income and movement in funds Total funds brought forward Total funds carried forward |
Year to 31.03.2024 All unrestricted £ 11,437 206,905 80,878 3,397 28,746 331,363 73,440 58,389 168,299 300,128 31,235 153,861 185,096 |
Year to 31.03.2023 All unrestricted £ 6,764 182,266 67,024 768 31,098 |
|---|---|---|
| 287,920 | ||
| 67,424 62,347 131,197 |
||
| 260,968 | ||
| 26,952 126,909 |
||
| 153,861 |
5
Richmond Bridge Club Financial Statements for the year ended 31 March 2024 Balance Sheet as at 31 March 2024
| Note Fixed Assets Tangible fixed assets 13 Total fixed assets Current assets Stock 14 Debtors 15 Cash at bank and in hand Total current assets Current Liabilities Creditors falling due within one year 16 Net current assets Provision for liabilities 17 Net assets The funds of the charity: Unrestricted funds 18 |
As at 31.03.2024 All unrestricted £ 94,954 94,954 11,787 5,063 181,298 198,148 94,006 104,142 14,000 185,096 185,096 |
As at 31.03.2023 All Unrestricted £ 104,879 |
|---|---|---|
| 104,879 | ||
| 12,783 6,134 120,254 |
||
| 139,171 80,689 |
||
| 58,482 | ||
| 9,500 | ||
| 153,861 | ||
| 153,861 |
Approved by the Trustees and signed on their behalf on 8[th] July 2024
Phillip Smitham
Treasurer
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Richmond Bridge Club Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements
1. Accounting policies
a) Basis of preparation
The financial statements have been prepared under the historical cost convention on an accruals basis 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) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The accounts are prepared in pounds sterling and are rounded to the nearest pound.
b) Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.
c) Income
Income is recognised when there is entitlement, certainty of receipt and the amount can be quantified with sufficient reliability.
d) Grant income
Grants are recognised in the period to which the underlying grants were received.
e) Debtors
Trade and other debtors are recognised at the settlement amount due. Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.
f) Creditors and provisions for liabilities and charges
A liability is recognized for the amount that the charity anticipates it will pay to settle a debt or the amount it has received as an advance payment for goods or services it must provide. A provision is recognized when:
-
There is a present obligation at the reporting date as a result of a past event,
-
it is probable that a transfer of economic benefit, usually in the form of cash, will be required in settlement, and
-
the amount of the settlement can be estimated reliably.
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Richmond Bridge Club Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements
g) Allocation of support costs
Support costs are allocated to individual activities where they are directly related to that activity. Where the support cost is not directly related to an individual activity, it is allocated to activities on the basis of the proportion of total resources expended for each activity.
h) Tangible fixed assets and depreciation
The leasehold property is amortised on a straight-line basis over the duration of the lease. Other tangible fixed assets, comprising office, catering and bridge furniture and playing equipment, are stated at cost and depreciated over their estimated useful lives of between 5 and 10 years on a straight-line basis.
i) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
j) Stock
Stock is valued at the lower of cost and net realisable value.
k) Provisions
Provision is being built up for the estimated cost of repairs and renewals necessary under the terms of the property lease, based on the Trustees’ estimates of such costs. The obligations are contained in the lease with the club’s Landlord, Cambridge Park Bowling and Sports Club Ltd.
2. Accounting Period and Comparative figures
These financial statements are for the year ended 31[st] March 2024. The comparative figures are for the year ended 31[st] March 2023.
3. The Charity
RBC was registered as a charity with the Charity Commission on 7[th] November 2017, charity number 1175613. The club is based at Cambridge Park, Twickenham, TW1 2PG. The charity is a public benefit entity.
4. Leasehold property
The charity holds a lease of the property at Cambridge Park, East Twickenham, Middlesex TW1 2PG. On 16 April 2019, the landlord, Cambridge Park Bowling and Sports Club Ltd, agreed to an extension of the lease for a further seven years and four months until 3 August 2034.
| Lease commitments: | £ | |
|---|---|---|
| Due not later than 1 year | 18,992 | |
| Due later than 1 year but not later than 5 years | 75,968 | (subject to rent review 4.04.2027) |
| Due later than 5 years | 101,291 | (subject to rent review 04.04.2027 |
| and 04.04.2032) |
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Richmond Bridge Club Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements
| 5. Donations, legacies and grants Donations Gift Aid |
Year to 31.03.2024 £ 5,001 6,436 11,437 |
Year to 31.03.2023 £ 242 6,522 |
|---|---|---|
| 6,764 |
| 6. | Charitable activities | ||
|---|---|---|---|
| This year the income arises from the charity’s own bridge playing sessions both in the Clubhouse and | |||
| online, letting out of club house space and for teaching sessions run by RBC, as follows: | |||
| £ | £ | ||
| Table money | 120,892 | 92,848 | |
| Online Income | 34,091 | 50,745 | |
| Teaching income | 49,701 | 37,355 | |
| Room hire and bridge events | 2,221 | 1,318 | |
| 206,905 | 182,266 | ||
| 7. | Other trading activities | £ | £ |
| Club bar and catering sales | 55,688 | 47,024 | |
| Proceeds from social events | 11,857 | 12,601 | |
| Car parking sales | 9,950 | 7,026 | |
| Diary and card sales | 1,207 | - | |
| Dealing service sales | 2,176 | 373 | |
| 80,878 | 67,024 | ||
| 8. | Other | £ | £ |
| Member subscriptions | 28,746 | 31,098 | |
| 28,746 | 31,098 | ||
| 9. | Cost of raising funds | £ | £ |
| Club bar and catering | 52,992 | 51,427 | |
| Social events | 10,440 | 11,838 | |
| Car parking | 10,008 | 4,159 | |
| 73,440 | 67,424 |
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Richmond Bridge Club Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements
| 10. Expenditure on charitable activities Bridge directors’ fees Online costs Teaching costs EBU pay to play Donations Dealing costs Bridge stationery and supplies Competition entry costs 11. Other Administration salaries and self-employed costs Property and equipment repairs Equipment rental and service charge Rent and rates Insurance Advertising and promotion Printing and stationery Cleaning Utilities Subscriptions Credit card finance charges Professional fees Software costs Bad Debts Health & Safety compliance costs Miscellaneous Amortisation and depreciation |
£ 2,580 14,095 17,650 12,728 4,427 5,910 904 95 58,389 £ 83,021 13,845 171 19,187 3,419 5,480 812 15,227 7,033 2,356 2,623 970 918 7 875 (581) 12,936 168,299 |
£ 7,883 20,301 10,894 12,197 - 5,679 5,280 113 |
|---|---|---|
| 62,347 | ||
| £ 64,546 7,300 634 19,094 3,156 1,549 1,318 8,962 6,811 1,475 1,600 950 865 61 135 393 12,348 |
||
| 131,197 |
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Richmond Bridge Club Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements
| 12. Employees Employment costs Wages and salaries Social security Employer’s contributions to defined contribution pension scheme |
£ 99,125 3,790 500 103,415 |
£ 63,423 1,844 1,261 |
|---|---|---|
| 66,528 |
The above employments costs are included in Administration salaries and self-employed costs of £83,021 in note 11 and Club bar and catering of £52,992 in Note 9.
Remuneration for key members of staff amounted to £45,008 (Year to 31.03.2023: £37,166). There are no employees who received total employee benefits (excluding employer pension costs) of more than £60,000.
The average monthly number of full-time equivalent employees during the period was 3 of which 2 were administration staff and 1 was bar staff (2023: 1 and 1 respectively).
| 13. Tangible fixed assets Cost At 01.04.2023 Additions in period Disposals At 31.03.2024 Amortisation and depreciation At 01.04.2023 Charge for the year On disposals At 31.03.2024 Net book value carried forward Net book value brought forward |
Leasehold Property £ 214,387 - - 214,387 115,078 9,028 - 124,106 90,281 99,309 |
Fixtures & Fittings £ 104,983 3,011 (36,308) 71,686 99,413 3,908 (36,308) 67,013 4,673 5,570 |
Total £ 319,370 3,011 (36,308) |
|---|---|---|---|
| 286,073 | |||
| 214,491 12,936 (36,308) |
|||
| 191,119 | |||
| 94,954 | |||
| 104,879 |
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Richmond Bridge Club Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements
| 14. Stock £ Bar and catering 1,536 Car parking vouchers 2,910 Bridge stationery and supplies 6,220 Teaching aids 1,121 11,787 15. Debtors £ Accrued income 133 Prepayments 4,930 5,063 16. Creditors falling due within one year £ Members subscriptions in advance - Members accounts 48,741 Trade creditors 4,915 Accrued expenses 15,546 Other creditors 8,464 Taxation and Social Security 16,340 94,006 Other creditors includes Deferred Income which relates to income of a future period. 17. Provision for liabilities £ Provision at end of previous period 9,500 (Released)/Charged in period 4,500 Provision at end of period 14,000 £ 18. Total Funds All Unrestricted Total funds brought forward 153,861 Movement in funds 31,235 Total funds carried forward 185,096 |
£ 1,631 3,414 6,829 909 |
|---|---|
| 12,783 | |
| £ 992 5,142 |
|
| 6,134 | |
| £ 6,156 45,415 8,401 5,599 776 14,342 |
|
| 80,689 | |
| £ 21,000 (11,500) |
|
| 9,500 | |
| £ All Unrestricted 126,909 26,952 |
|
| 153,861 |
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Richmond Bridge Club Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements
19. Leasehold Property
The rental per annum, until the next rent review on 4[th] April 2027, is £18,992.
20. Related party transactions
Members of the trustee board are occasionally called upon to act as session directors, teachers and assist with administrative duties. When they are remunerated, they are remunerated on the same basis as other session directors and teachers with similar qualifications. Those carrying out administrative duties are paid at amounts agreed by the Trustees. The total paid to trustees and related parties for such services in the year was £2,874 (31.03.2023: less than £500).
21. Trustees’ remuneration
Other than disclosed in the Related party transactions (Note 20), none of the trustees have been paid any remuneration or received any other benefits from an employment with the charity.
No trustee expenses have been incurred.
22. Independent Examiner’s remuneration
The remuneration for the Independent Examiner for the year is £970 (2023: £950).
23. Going concern
At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Based on this, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
24. Contingent liability
There were no contingent liabilities at the year end.
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Richmond Bridge Club Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements
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