Charity Registration No. 1183759
WIGMORE LAWN TENNIS CLUB CIO
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
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WIGMORE LAWN TENNIS CLUB CIO
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Ms Doris Ko Mr G Spenger Mr J Quinn Ms L McKerchar Mr P Moon Mr P Thomson-Glover Mr P Duckworth Mr R Rotti Ms S O'Dwyer Mr A Callus Charity number 1183759 Principal address 43 Becmead Avenue Streatham SW16 1UJ Independent examiner CB Reid Limited Wadebridge House 16 Wadebridge Square Poundbury Dorchester Dorset DT1 3AQ
Doc ID: 82c7ddd46746b9ace110e890af13584895c38ada
WIGMORE LAWN TENNIS CLUB CIO
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 14 |
Doc ID: 82c7ddd46746b9ace110e890af13584895c38ada
WIGMORE LAWN TENNIS CLUB CIO
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report and financial statements for the year ended 31 December 2020.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the CIO's constitution , 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 (FRS 102) (effective 1 January 2019)".
Objectives and activities
The CIO's object ives are the advancement of amateur sport and the promotion of community participation in healthy recreation by (not exclusively) the provision of facilities and resources to enable the playing and coaching of tennis.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the CIO should undertake.
Achievements and performance
The Covid-19 pandemic has meant that the club and our coaches haves had to adapt to constantly changing guidance on whether tennis is allowed, how many people can be on court or on the grounds and how coaching can be delivered. This has been a challenge that the club rose to well, despite our members being unable to play tennis for many weeks in 2020. We are grateful to our members for their continued support during this time.
The club's facilities have continued to be maintained and upgraded, with drainage and landscaping around the 2019 storage/shed build completed and the total replacement of the clubhouse roof. An architect was contracted to design the rebuild for the interior of the clubhouse and the membership approved for the budget for this at an extraordinary meeting called in November 2020. The work will be conducted in 2021.
Financial review
Despite the difficult conditions created by Covid-19 pandemic, Wigmore’s financial position remains strong. Cash reserves at the period end totalled £353,774. There was a drop in income caused by the club’s closure during the year, which led to a reduction in bar income, visitor’s fees and floodlight income. This was partly offset by a rates rebate from Lambeth of £10,000.
It is the policy of the CIO that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to six months' expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the CIO’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the Period.
The trustees have assessed the major risks to which the CIO is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
It is the policy of the CIO that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months ' expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the CIO’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees ha ve assessed the major risks to which the CIO is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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WIGMORE LAWN TENNIS CLUB CIO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Structure, governance and management
The CIO is constituted under a document dated 24 March 2019 which can only be amended by resolution agreed in writing by all members of the CIO or by a resolution passed by a 75% majority of votes cast at a general meeting of the members of the CIO. Any amendments must be consistent with the provisions of the Charities Act 2011 or the General Regulations.
The trustees who served during the year and up to the date of signature of the financial statements were: Ms Doris Ko
Mr G Spenger Mr J Quinn Ms L McKerchar Mr P Moon Mr P Thomson-Glover Mr P Duckworth Mr R Rotti Ms S O'Dwyer Mr A Callus
Members are invited to stand as trustees and are re-elected annually. A trustee can serve for a maximum of five years.
The CIO's current policy concerning the payment of trade creditors is to:
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settle the terms of payment with suppliers when agreeing the terms of each transaction;
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ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
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pay in accordance with the CIO's contractual and other legal obligations.
The trustees' r eport was approved by the Board of Trustees.
..............................
Mr P Thomson-Glover
Trustee 19 / 04 / 2021 Dated: .........................
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WIGMORE LAWN TENNIS CLUB CIO
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WIGMORE LAWN TENNIS CLUB CIO
I report to the trustees on my examination of the financial statements of Wigmore Lawn Tennis Club CIO (the CIO) for the year ended 31 December 2020.
Responsibilities and basis of report
As the trustees of the CIO you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the CIO’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
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1 accounting records were not kept in respect of the CIO as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
Matthew Haines FCA
Wadebridge House 16 Wadebridge Square Poundbury Dorchester Dorset DT1 3AQ
Dated: .........................
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WIGMORE LAWN TENNIS CLUB CIO
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted Endowment funds funds 2020 2020 Notes £ £ Income from: Donations and legacies 3 10,103 - Charitable activities 4 122,234 - Other trading activities 5 7,718 - Total income and endowments 140,055 - Expenditure on: Raising funds 6 5,257 - Charitable activities 7 143,500 - Total resources expended 148,757 - Net movement in funds (8,702) - Fund balances at 1 January 2020 401,717 1,380,000 Fund balances at 31 December 2020 393,015 1,380,000 |
TotalUnrestricted Endowment funds funds 2020 2019 2019 £ £ £ 10,103 398,529 1,380,000 122,234 23,524 - 7,718 5,200 - 140,055 427,253 1,380,000 5,257 4,631 - 143,500 20,905 - 148,757 25,536 - (8,702) 401,717 1,380,000 1,781,717 - - 1,773,015 401,717 1,380,000 |
Total 2019 £ 1,778,529 23,524 5,200 |
|---|---|---|
| 1,807,253 | ||
| 4,631 | ||
| 20,905 | ||
| 25,536 | ||
| 1,781,717 - |
||
| 1,781,717 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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WIGMORE LAWN TENNIS CLUB CIO
BALANCE SHEET
AS AT 31 DECEMBER 2020
| Notes Fixed assets Tangible assets 11 Current assets Stocks 12 Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Capital funds Endowment funds - general 16 Income funds Unrestricted funds |
2020 £ £ 1,470,143 1,582 1,408 353,774 356,764 (53,892) 302,872 1,773,015 1,380,000 393,015 1,773,015 |
2019 £ £ 1,477,516 500 2,973 356,068 359,541 (55,340) 304,201 1,781,717 1,380,000 401,717 1,781,717 |
|---|---|---|
19 / 04 / 2021
The financial statements were approved by the Trustees on .........................
.............................. Mr P Thomson-Glover Trustee
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WIGMORE LAWN TENNIS CLUB CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
Charity information
Wigmore Lawn Tennis Club CIO is a Charitable Incorporated Organisation.
1.1 Accounting convention
The financial statements have been prepared in accordance with the CIO's constitution, 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 (FRS 102) (effective 1 January 2019)". The CIO is a Public Benefit Entity as defined by FRS 102.
The CIO has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the CIO. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
The Trustees have considered the financial position of the Company, both during the period and as a result of the COVID-19 pandemic, and have assessed both financial and operational risk. They are of the opinion that the Company has sufficient financial resources to continue to operate as a going concern for the foreseeable future. Accordingly, the Trustees continue to adopt the going concern basis in the preparation of the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the CIO. The CIO carries an expendable endowment fund of £1.38m which represents the market value of the land transferred to the CIO on 6 November 2019 by Wigmore Lawn Tennis Club, an unincorporated members' club. Whilst the land from which the club operates could be sold, this is only possible with Charity Commission consent and provided that any purchaser continues to use the land for the operation of a tennis club.
1.4 Income
Income is recognised when the CIO is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
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WIGMORE LAWN TENNIS CLUB CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
Cash donations are recognised on receipt. Other donations are recognised once the CIO has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the CIO has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Members' subscriptions received in advance are deferred and recognised in the period to which they relate.
1.5 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings 8 years straight line basis Tennis courts 8 years straight line basis on original cost prior to gift to CIO Plant and equipment 5 years straight line basis Computers 5 years straight line basis
Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
The CIO has adopted the cost model in recognising its property, plant and equipment. Land with a market value of £1.38m and property including Club buildings and tennis courts with a market value of £97,077 were transferred to the CIO on 6 November 2019.
Land was valued by Messrs Tyser Greenwood, Chartered Surveyors. Club buildings and courts were valued by the CIO's Trustees with reference to their previous carrying value in the accounts of Wigmore Lawn Tennis Club.
1.6 Impairment of fixed assets
At each reporting end date, the CIO reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
1.7 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
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WIGMORE LAWN TENNIS CLUB CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The CIO has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the CIO's balance sheet when the CIO becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the 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 cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, 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 operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the CIO’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the CIO’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 recognised 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.
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WIGMORE LAWN TENNIS CLUB CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
3 Donations and legacies
| UnrestrictedUnrestricted Endowment funds funds funds general 2020 2019 2019 £ £ £ Donations and gifts 103 398,529 1,380,000 Government grants 10,000 - - 10,103 398,529 1,380,000 |
Total 2019 £ 1,778,529 - |
|---|---|
| 1,778,529 |
4 Charitable activities
| Charitable | Charitable | |
|---|---|---|
| Income | Income | |
| 2020 | 2019 | |
| £ | £ | |
| Floodlight income | 2,683 | 125 |
| Membership subscriptions | 119,551 | 21,474 |
| Share of coaching programme | - | 1,925 |
| 122,234 | 23,524 |
5 Other trading activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2020 | 2019 | |
| £ | £ | |
| Bar income | 7,718 | 5,200 |
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WIGMORE LAWN TENNIS CLUB CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
| 6 7 |
Raising funds UnrestrictedUnrestricted funds funds 2020 2019 £ £ Trading costs Bar costs 5,257 4,631 5,257 4,631 Charitable activities Expenses Expenses 2020 2019 £ £ Depreciation and impairment 21,525 1,026 Administration costs 9,501 944 Court and grounds maintenance 16,589 5,768 Light and heat 5,411 1,587 Printing, postage and stationery 296 624 General repairs and maintenance 77,867 606 Cost of social events 794 387 Bank and card machine charges 2,483 20 Website costs 1,503 686 Telephone and internet 770 183 Tournament and match expenses 624 80 Subscriptions and levies 1,863 880 Insurance 1,914 - 141,140 12,791 Share of governance costs (see note 8) 2,360 8,114 143,500 20,905 |
Raising funds UnrestrictedUnrestricted funds funds 2020 2019 £ £ Trading costs Bar costs 5,257 4,631 5,257 4,631 Charitable activities Expenses Expenses 2020 2019 £ £ Depreciation and impairment 21,525 1,026 Administration costs 9,501 944 Court and grounds maintenance 16,589 5,768 Light and heat 5,411 1,587 Printing, postage and stationery 296 624 General repairs and maintenance 77,867 606 Cost of social events 794 387 Bank and card machine charges 2,483 20 Website costs 1,503 686 Telephone and internet 770 183 Tournament and match expenses 624 80 Subscriptions and levies 1,863 880 Insurance 1,914 - 141,140 12,791 Share of governance costs (see note 8) 2,360 8,114 143,500 20,905 |
|---|---|---|
| 12,791 8,114 |
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| 20,905 |
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WIGMORE LAWN TENNIS CLUB CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
| 8 Governance costs Support costs Governance costs £ £ Accountancy and Independent Examination - 1,440 Legal and professional - 920 - 2,360 Analysed between Charitable activities - 2,360 |
2020 Support costs Governance costs £ £ £ 1,440 - 1,200 920 - 6,914 2,360 - 8,114 2,360 - 8,114 |
2019 £ - - |
|---|---|---|
| - | ||
| 8,114 |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the CIO during the year.
10 Employees
The average monthly number of employees during the year was:
| 2020 | 2019 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
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WIGMORE LAWN TENNIS CLUB CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
| 11 Tangible fixed assets Freehold land and buildings £ Cost At 1 January 2020 1,478,542 Additions 9,958 At 31 December 2020 1,488,500 Depreciation and impairment At 1 January 2020 1,026 Depreciation charged in the year 20,686 At 31 December 2020 21,712 Carrying amount At 31 December 2020 1,466,788 At 31 December 2019 1,477,516 The carrying value of land included in land and buildings comprises: Freehold 12 Stocks Bar stock 13 Debtors Amounts falling due within one year: Trade debtors Prepayments and accrued income |
Plant and equipment £ - 4,035 4,035 - 807 807 3,228 - |
Computers £ - 159 159 - 32 32 127 - 2020 £ 1,380,000 2020 £ 1,582 2020 £ - 1,408 1,408 |
Total £ 1,478,542 14,152 |
|---|---|---|---|
| 1,492,694 | |||
| 1,026 21,525 |
|||
| 22,551 | |||
| 1,470,143 | |||
| 1,477,516 | |||
| 2019 £ 1,380,000 |
|||
| 2019 £ 500 |
|||
| 2019 £ 1,926 1,047 |
|||
| 2,973 |
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WIGMORE LAWN TENNIS CLUB CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
14 Creditors: amounts falling due within one year
| Notes Deferred income 15 Accruals and deferred income Deferred income Arising from membership subscriptions received in advance |
2020 £ 51,780 2,112 53,892 2020 £ 51,780 |
2019 £ 53,260 2,080 |
|---|---|---|
| 55,340 | ||
| 2019 £ 53,260 |
15 Deferred income
16 Endowment funds
Endowment funds represent assets which must be held permanently by the CIO. Income arising on the endowment funds can be used in accordance with the objects of the CIO and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
| Balance at 1 January 2020 Incoming resources £ £ Permanent endowments Land 1,380,000 - 1,380,000 - 17 Analysis of net assets between funds Unrestricted funds Endowment funds 2020 2020 £ £ Fund balances at 31 December 2020 are represented by: Tangible assets 1,470,143 - Current assets/ (liabilities) 302,872 - 1,773,015 - |
Movement in funds Resources expended Transfers Revaluations gains and losses Balance at 31 December 2020 £ £ £ £ - - - 1,380,000 - - - 1,380,000 TotalUnrestricted funds Endowment funds Total 2020 2019 2019 2019 £ £ £ £ 1,470,143 97,516 1,380,000 1,477,516 302,872 304,201 - 304,201 1,773,015 401,717 1,380,000 1,781,717 |
Movement in funds Resources expended Transfers Revaluations gains and losses Balance at 31 December 2020 £ £ £ £ - - - 1,380,000 - - - 1,380,000 TotalUnrestricted funds Endowment funds Total 2020 2019 2019 2019 £ £ £ £ 1,470,143 97,516 1,380,000 1,477,516 302,872 304,201 - 304,201 1,773,015 401,717 1,380,000 1,781,717 |
|---|---|---|
| 1,380,000 | ||
| Total 2019 £ 1,477,516 304,201 |
||
| 1,781,717 |
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WIGMORE LAWN TENNIS CLUB CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
18 Related party transactions
During the period there were no related party transactions other than expenses listed below.
Trustee expenses totalling £1,659 in respect of costs incurred on behalf of the CIO were reimbursed during the year.
During the year, Mark Longden ( Member ) was paid £7,787 for his work as Club Manager, Mike Nation (Member) was paid £5,736 for a garden contract, Nick Eastwood (Member) was paid £327 for bar management work, Matthew Kiziltan (Member) was paid £1,004 for bar management work and Doris Ko (Trustee) was paid £63 for bar management work.
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