CHARITY REGISTRATION NUMBER: 268128
Watton Sports Association Unaudited financial statements
31 March 2021
Watton Sports Association
Financial statements
Year ended 31 March 2021
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 5 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 |
Watton Sports Association
Trustees' annual report
Year ended 31 March 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out in notes 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 in October 2019.
Reference and administrative details
Registered charity name Watton Sports Association Charity registration number 268128 Principal office Dereham Road Watton Thetford Norfolk IP25 6EZ
The trustees
The trustees who served during the year and at the date of approval were as follows:
D Wilkins (resigned 13 October 2020) J Wilkins - Vice Chair (resigned 18 October 2020) G Harwood - Secretary (resigned 27 September 2021) D Childerhouse - Chairman J Jackson (appointed 27 September 2021) K Evans (appointed 27 September 2021) G Taylor (appointed 27 September 2021) P McCarthy
Watton Town Council are custodians of the land and buildings and Watton Sports Association are responsible for their upkeep.
Independent examiner Jamie Norton FCCA Lovewell Blake LLP Chartered accountants The Gables Old Market Street Thetford Norfolk IP24 2EN Bankers Barclays Bank Plc 34 Market Place Dereham Norfolk NR19 2AS
- 1 -
Watton Sports Association
Trustees' annual report (continued)
Year ended 31 March 2021
Objectives and activities
The object of the charity is the provision and maintenance of a recreation ground and facilities ancillary thereto for the use of the inhabitants of the Town of Watton and the surrounding area without distinction of political, religious or other opinions, with the object of improving the conditions of like for said inhabitants.
Public benefit
The Trustees have considered the Charity Commission's guidance on public benefit. They confirm that in planning and carrying out the charity's activities they have had regard to this guidance.
Achievements and performance
The Sports Centre traded for only a short period in this year. We were unable to qualify for any funding in the first period of lockdown from March to August but reopened for September - October before closing again in November. A period of three weeks in December was the last window for trading before having to lockdown again for both Sports and Hospitality until the end of the financial year. Fortunately, in this period, we were able qualify for LRSG and ARG funding and together with the furlough scheme we ended the year in a better position from when we started.
Our Business Interruption cover from our Insurance policy provided us with a £83,270 repayment which meant that all of the aged creditors accumulated before this year could be cleared and give us a small sink fund.
Looking ahead, like all businesses we still have to navigate the Pandemic which provides much uncertainty. We have completed a full audit of costs and expenses and changed suppliers to achieve monthly savings. We have renegotiated our electricity and gas contracts in advance, have fixed those costs and reclaimed VAT and CCL incorrectly charged to us from 2016. All administration has been centralised to better control expenditure. Bar and hospitality will be closely monitored and modernised to expand our market share with alternatives for both food and drink menus whilst maintaining good stock control.
The damage to the premises caused by the flash flood has now been rectified and we have been able to make considerable improvements including 2 new squash court floors, refurbished ladies cloakroom and new flooring through reception and corridors. There are some large repairs needed to the main heating system, the flat roof and CCTV system. We hope to repair and/or replace these to protect future revenue stream.
Financial review
The total income amounted to £142,640 (2020: £128,070) and after expenditure of £85,148 (2020: £149,223) the net surplus for the year was £57,492 (2020: (£21,153)).
The Trustees consider the year end position to be satisfactory and are working hard to increase revenue and reduce expenditure.
Reserves policy
The Charity has free reserves of £22,969 at 31 March 2021. The Charity also held restricted funds of £6,999 (2020: £12,494) at the year end. It is therefore the Trustees' intention to rebuild reserves in the coming year in order to establish a sink fund and to meet future maintenance costs.
- 2 -
Watton Sports Association
Trustees' annual report (continued)
Year ended 31 March 2021
Plans for future periods
Looking forward we will continue to market ourselves as a community hub aiming to increase footfall and work with Breckland District Council and the Town council to acquire further funding for projects to initiate that growth.
Internally we will look to revamp our website and increase our social media presence and also look to work closely with our affiliated clubs within the centre to improve communication and participation.
Structure, governance and management
Governing document
Watton Sports Association was established in 1975 and the constitution was registered with the Charity Commission (registration number 268128) on 24 September 1997 and amended by resolution on 21 September 2015.
Appointment and recruitment of Trustees
According to the Charity's constitution, the board of Trustees should consist of 6 elected members and up to 10 representative members. Elected members shall be appointed at the annual general meeting and shall hold office for one year. Representative members are appointed from affiliated clubs. The committee may appoint up to five co-opted members if the board sees fit.
Trustees' induction and training
All new Trustees will be provided with copies of:
-
The Charity's constitution
-
The latest accounts of the charity
and are encouraged to read the Charity Commission guidance notes CC3 - "The Essential Trustee: what you need to know, what you need to do".
In addition, the Trustees are encouraged to read Charity Commission and other newsletters and to attend courses designed to keep them abreast of their duties and responsibilities.
True and fair view
The financial statements have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair view". This departure has involved following 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) issues in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Pratice effective from 1 April 2005 which has since been withdrawn.
Independent examiner
Jamie Norton FCCA has been reappointed as independent examiner for the ensuing year.
- 3 -
Trustees' annual report (continued)
Watton Sports Association
Year ended 31 March 2021
The trustees' annual report was approved on 26 January 2022 and signed on behalf of the board of trustees by:
D Childerhouse Chairman
P McCarthy Trustee
- 4 -
Watton Sports Association
Independent examiner's report to the trustees of Watton Sports Association
Year ended 31 March 2021
I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 March 2021 which comprise the statement of financial activities, balance sheet and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements 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 - matters of concern identified.
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
-
the financial statements do not accord with those records; or
-
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 accounts to be reached.
- 5 -
Watton Sports Association
Independent examiner's report to the trustees of Watton Sports Association (continued)
Year ended 31 March 2021
Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) 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) 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 since been withdrawn. I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
Jamie Norton FCCA Independent Examiner
Lovewell Blake LLP Chartered accountants The Gables Old Market Street Thetford Norfolk IP24 2EN
26 January 2022
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Watton Sports Association
Statement of financial activities
Year ended 31 March 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 103,199 | – | 103,199 | 28,210 |
| Charitable activities | 5 | 23,975 | – | 23,975 | 99,845 |
| Investment income | 6 | 3 | – | 3 | 15 |
| Other income | 7 | 15,463 | – | 15,463 | – |
|
|
|
|
||
| Total income | 142,640 | – | 142,640 | 128,070 | |
|
|
|
|
||
| Expenditure | |||||
| Charitable activities | 8 | 76,567 | 5,495 | 82,062 | 151,445 |
| Other expenditure | 9 | 3,086 | – | 3,086 | (2,222) |
|
|
|
|
||
| Total expenditure | 79,653 | 5,495 | 85,148 | 149,223 | |
|
|
|
|
||
|
|
|
|
||
| Net income/(expenditure) and net | |||||
| movement in funds | 62,987 | (5,495) | 57,492 | (21,153) | |
|
|
|
|
||
| Reconciliation of funds | |||||
| Total funds brought forward | 1,260,783 | 12,494 | 1,273,277 | 1,294,430 | |
|
|
|
|
||
| Total funds carried forward | 1,323,770 | 6,999 | 1,330,769 | 1,273,277 | |
|
|
|
|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 16 form part of these financial statements.
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Watton Sports Association
Balance sheet
31 March 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible fixed assets | 14 | 1,300,801 | 1,308,032 | ||
| Current assets | |||||
| Debtors | 15 | 86,307 | 6,017 | ||
| Cash at bank and in hand | 15,592 | 8,483 | |||
|
|
||||
| 101,899 | 14,500 | ||||
| Creditors: Amounts falling due within | |||||
| one year | 16 | (71,931) | (49,255) | ||
|
|
||||
| Net current assets | 29,968 | (34,755) | |||
|
|
||||
| Total assets less current liabilities | 1,330,769 | 1,273,277 | |||
|
|
||||
| Net assets | 1,330,769 | 1,273,277 | |||
|
|
||||
| Funds of the charity | |||||
| Restricted funds | 6,999 | 12,494 | |||
| Unrestricted funds | 1,323,770 | 1,260,783 | |||
|
|
||||
| Total charity funds | 17 | 1,330,769 | 1,273,277 | ||
|
|
These financial statements were approved by the board of trustees and authorised for issue on 26 January 2022, and are signed on behalf of the board by:
D Childerhouse Chairman
P McCarthy Trustee
The notes on pages 9 to 16 form part of these financial statements.
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Watton Sports Association
Notes to the financial statements
Year ended 31 March 2021
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Dereham Road, Watton, Thetford, Norfolk, IP25 6EZ.
2. Statement of compliance
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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Income
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
- 9 -
Watton Sports Association
Notes to the financial statements (continued)
Year ended 31 March 2021
3. Accounting policies (continued)
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings - 25% reducing balance
4. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 350 | – | 350 |
| Grants | |||
| Grants receivable | 12,941 | – | 12,941 |
| Business Interruption Lockdown 1 | 35,772 | – | 35,772 |
| Business Interruption Lockdown 2 | 9,214 | – | 9,214 |
| Business Interruption Lockdown 3 | 22,130 | – | 22,130 |
| Job Retention Scheme | 21,852 | – | 21,852 |
| Subscriptions | |||
| Subscriptions | 940 | – | 940 |
|
|
|
|
| 103,199 | – | 103,199 | |
|
|
|
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 7,673 | – | 7,673 |
- 10 -
Watton Sports Association
Notes to the financial statements (continued)
Year ended 31 March 2021
4. Donations and legacies (continued)
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2020 | |||
| £ | £ | £ | |||
| Grants | |||||
| Grants receivable | 4,407 | 14,494 | 18,901 | ||
| Business Interruption Lockdown 1 | – | – | – | ||
| Business Interruption Lockdown 2 | – | – | – | ||
| Business Interruption Lockdown 3 | – | – | – | ||
| Job Retention Scheme | – | – | – | ||
| Subscriptions | |||||
| Subscriptions | 1,636 | – | 1,636 | ||
|
|
|
|||
| 13,716 | 14,494 | 28,210 | |||
|
|
|
|||
| 5. | Charitable activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Gym | 15,976 | 15,976 | 43,777 | 43,777 | |
| Sports hall | 900 | 900 | 6,486 | 6,486 | |
| Astro turf | 5,082 | 5,082 | 12,832 | 12,832 | |
| Playing field | 905 | 905 | 3,796 | 3,796 | |
| Badminton | 1,325 | 1,325 | 5,638 | 5,638 | |
| Snooker | 147 | 147 | 2,436 | 2,436 | |
| Squash | – | – | 3,745 | 3,745 | |
| All weather court | 10 | 10 | 348 | 348 | |
| Room hire | (470) | (470) | 20,787 | 20,787 | |
| Table Tennis | 100 | 100 | – | – | |
|
|
|
|
||
| 23,975 | 23,975 | 99,845 | 99,845 | ||
|
|
|
|
||
| 6. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable | 3 | 3 | 15 | 15 | |
|
|
|
|
||
| 7. | Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Insurance claim | 15,463 | 15,463 | – | – | |
|
|
|
|
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Watton Sports Association
Notes to the financial statements (continued)
Year ended 31 March 2021
8. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Purchases | 3,232 | 5,495 | 8,727 |
| Wages | 32,941 | – | 32,941 |
| Rates and water | (558) | – | (558) |
| Light and heat | 9,988 | – | 9,988 |
| Repairs and maintenance | 1,343 | – | 1,343 |
| Insurance | 7,112 | – | 7,112 |
| Telephone | 276 | – | 276 |
| Depreciation | 7,231 | – | 7,231 |
| Cleaning | 720 | – | 720 |
| Printing, stationery and computer costs | 1,491 | – | 1,491 |
| Miscellaneous expenses | 448 | – | 448 |
| Bank charges | 840 | – | 840 |
| Advertising | 50 | – | 50 |
| Non reclaimed VAT | 6,993 | – | 6,993 |
| Support costs | 4,460 | – | 4,460 |
|
|
|
|
| 76,567 | 5,495 | 82,062 | |
|
|
|
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Purchases | 4,491 | 9,000 | 13,491 |
| Wages | 64,004 | – | 64,004 |
| Rates and water | 6,732 | – | 6,732 |
| Light and heat | 19,319 | – | 19,319 |
| Repairs and maintenance | 11,836 | – | 11,836 |
| Insurance | 7,177 | – | 7,177 |
| Telephone | 767 | – | 767 |
| Depreciation | 7,760 | – | 7,760 |
| Cleaning | 2,011 | – | 2,011 |
| Printing, stationery and computer costs | 5,862 | – | 5,862 |
| Miscellaneous expenses | 369 | – | 369 |
| Bank charges | 2,250 | – | 2,250 |
| Advertising | 297 | – | 297 |
| Non reclaimed VAT | – | – | – |
| Support costs | 9,570 | – | 9,570 |
|
|
|
|
| 142,445 | 9,000 | 151,445 | |
|
|
|
|
| Analysis of support costs: | |||
| Unrestricted | Total Funds | ||
| Funds | 2021 | ||
| £ | £ | ||
| Independent examination fees - current year | 1,000 | 1,000 | |
| Other legal fees - current year | (207) | (207) | |
| Accountancy fees - current year | 3,667 | 3,667 | |
|
|
||
| 4,460 | 4,460 | ||
|
|
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Watton Sports Association
Notes to the financial statements (continued)
Year ended 31 March 2021
| Analysis of support costs: | ||||||
|---|---|---|---|---|---|---|
| Unrestricted | Total Funds | |||||
| Funds | 2020 | |||||
| £ | £ | |||||
| Independent examination fees - current year | 1,000 | 1,000 | ||||
| Other legal fees - current year | 5,470 | 5,470 | ||||
| Accountancy fees - current year | 3,100 | 3,100 | ||||
|
|
|||||
| 9,570 | 9,570 | |||||
|
|
|||||
| 9. | Other expenditure | |||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |||
| Funds | 2021 | Funds | 2020 | |||
| £ | £ | £ | £ | |||
| Profit on disposal of tangible fixed assets | – | – | (5,137) | (5,137) | ||
| Loss from Social Club | 3,086 | 3,086 | 2,915 | 2,915 | ||
|
|
|
|
|||
| 3,086 | 3,086 | (2,222) | (2,222) | |||
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| 10. | Net income/(expenditure) | |||||
| Net income/(expenditure) is stated after charging/(crediting): | ||||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Depreciation of tangible fixed assets | 7,231 | 7,760 | ||||
| Gains on disposal of tangible fixed assets | – | (5,137) | ||||
|
|
|||||
| 11. | Independent examination fees | |||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Fees payable to the independent examiner | for: | |||||
| Independent examination of the financial statements | 1,000 | 1,000 | ||||
|
|
|||||
| 12. | Staff costs | |||||
| The total staff costs and employee benefits | for the reporting period are analysed as follows: | |||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Wages and salaries | 32,941 | 64,004 | ||||
|
|
|||||
| The average head count of employees during the year was 5 (2020: | 7). |
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
- 13 -
Notes to the financial statements (continued)
Watton Sports Association
Year ended 31 March 2021
13. Trustee remuneration and expenses
No trustee received remuneration from employment with the charity (2020: £nil) and no re-imbursed expenses (2020: £nil).
14. Tangible fixed assets
| Freehold | Fixtures and | |||
|---|---|---|---|---|
| property | fittings | Total | ||
| £ | £ | £ | ||
| Cost | ||||
| At 1 April 2020 and 31 March 2021 | 1,279,104 | 122,818 | 1,401,922 | |
|
|
|
||
| Depreciation | ||||
| At 1 April 2020 | – | 93,890 | 93,890 | |
| Charge for the year | – | 7,231 | 7,231 | |
|
|
|
||
| At 31 March 2021 | – | 101,121 | 101,121 | |
|
|
|
||
| Carrying amount | ||||
| At 31 March 2021 | 1,279,104 | 21,697 | 1,300,801 | |
|
|
|
||
| At 31 March 2020 | 1,279,104 | 28,928 | 1,308,032 | |
|
|
|
||
| 15. | Debtors | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Trade debtors | 2,862 | 6,017 | ||
| Prepayments and accrued income | 83,270 | – | ||
| Other debtors | 175 | – | ||
|
|
|||
| 86,307 | 6,017 | |||
|
|
Included within prepayments and accrued income is an amount of £83,270 in respect of insurance proceeds following a successful claim for Business Interruption losses.
16. Creditors: Amounts falling due within one year
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 7,463 | 4,389 |
| Accruals and deferred income | 500 | 500 |
| Social security and other taxes | 12,448 | 7,478 |
| Breckland Council loan | 1,619 | 1,619 |
| Social Club loan | 49,901 | 35,269 |
|
|
|
71,931 |
49,255 |
- 14 -
Watton Sports Association
Notes to the financial statements (continued)
Year ended 31 March 2021
17. Analysis of charitable funds
| Balance at 1 | Balance at | ||||
|---|---|---|---|---|---|
| Apr 2020 | **Income ** | Expenditure | Transfers | 31 Mar 2021 | |
| £ | £ | £ | £ | £ | |
| Restricted funds | |||||
| Breckland 106 Funding Astro | |||||
| Repairs | 11,994 | – | (5,495) | – | 6,499 |
| Norfolk Hockey Pitch Dividers | 500 | – | – | – | 500 |
|
|
|
|
|
|
| 12,494 | – | (5,495) | – | 6,999 | |
| Unrestricted funds | |||||
| General funds | 1,260,783 | 142,640 | (79,653) | – | 1,323,770 |
|
|
|
|
|
|
| 1,273,277 | 142,640 | (85,148) | – | 1,330,769 | |
|
|
|
|
|
|
| Balance at 1 | Balance at | ||||
| Apr 2019 | **Income ** | Expenditure | Transfers | 31 Mar 2020 | |
| £ | £ | £ | £ | £ | |
| Restricted funds | |||||
| District new kitchen grant | 7,000 | – | (7,000) | – | – |
| Breckland 106 Funding Astro | |||||
| Repairs | – | 11,994 | – | – | 11,994 |
| Lovewell Blake 150 Fund Gym | |||||
| Equipment | – | 2,000 | (2,000) | – | – |
| Norfolk Hockey Pitch Dividers | – | 500 | – | – | 500 |
|
|
|
|
|
|
| 7,000 | 14,494 | (9,000) | – | 12,494 | |
| Unrestricted funds | |||||
| General funds | 1,287,430 | 113,576 | (140,223) | – | 1,260,783 |
|
|
|
|
|
|
| 1,294,430 | 128,070 | (149,223) | – | 1,273,277 | |
|
|
|
|
|
- 15 -
Watton Sports Association
Notes to the financial statements (continued)
Year ended 31 March 2021
18. Analysis of net assets between funds
As at 31 March 2021
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | ||
| Tangible fixed assets | 1,300,801 | – | 1,300,801 |
| Current assets | 101,899 | – | 101,899 |
| Creditors less than 1 year | (71,931) | – | (71,931) |
|
|
|
|
| Net Assets | 1,330,769 | – | 1,330,769 |
|
|
|
|
| As at 31 March 2020 | |||
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | ||
| Tangible fixed assets | 1,308,032 | – | 1,308,032 |
| Current assets | 2,006 | 12,494 | 14,500 |
| Creditors less than 1 year | (49,255) | – | (49,255) |
|
|
|
|
| Net Assets | 1,260,783 | 12,494 | 1,273,277 |
|
|
|
19. Related parties
There were no related party transactions duing the year (2020: £nil).
These accounts do not include the income and expenditure of the Social club, for which separate accounts are prepared, although its net result is shown as income/expenditure to the Charity. The results for the year and preceding year were: Income £29,710, expenditure £32,796, net loss (£3,086) (2020: income £173,972, expenditure £176,887 net loss (£2,915)).
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