Company Registration No: 2323811 (England and Wales)
CROWN AND MANOR CLUB, HOXTON
(A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT & ACCOUNTS
YEAR ENDED 30TH JUNE, 2021
Page 1
CROWN AND MANOR CLUB, HOXTON
(A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS
The directors present their annual report together with the audited accounts of
the company for the year ended 30th June, 2021.
STATUS
The organisation is a charitable company limited by guarantee, incorporated on
1st December, 1988 (company number 2323811) and registered as a charity on the
12th January, 1990 (charity number 802614).
The company was established under a Memorandum of Association which established
the objects and powers of the charitable company and is governed under its
Articles of Association.
PRINCIPAL ACTIVITY
The principal activities of the company during the year continued to be:-
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(1) To provide the facilities for the education and recreation of boys in London, so as to develop their physical, mental and spiritual capacities and that they may grow to full maturity as individuals and members of society and that their conditions of life may be improved, and no significant changes are anticipated.
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(2) To promote any other charitable purposes beneficial to the community and no significant changes are anticipated.
REVIEW OF THE CLUB
The reports of the Chairman of the Board and the Club Manager are presented in the
annual report.
RESERVE POLICY
The Board considers that the current level of reserves is sufficient to meet
the stated objectives of the Charity. The aim is to maintain future levels of
income so as to cover the expected levels of expenditure and not therefore
deplete reserves.
On 30th June 2016, the directors transferred £1,000,000 from General funds to
Designated funds. The funds are designated for projects that either give benefit to
the medium and longer term needs of our members or that support the maintenance of
our building at Wiltshire Row. This new Designated fund is a specific funding
commitment that is to be reviewed annually and controlled by the Board.
The financing of the Designated funds come as a result of the recent redevelopment of
the Club’s premises in Wiltshire Row. The proceeds which amounted to £1.7m in total
are seen by the Board to have been exceptional in nature and that part of the capital
from the redevelopment should be preserved for the longer term benefit of the Club
and its members.
As at 30th June, 2021, the directors are in the opinion that the leasehold property
is revalued at £400,000.
Page 2
CROWN AND MANOR CLUB, HOXTON
(A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS
Reserve Policy (cont.)
The directors are of the view that despite the challenges faced by COVID-19 and the
cladding issues with our building, the Club remains a going concern. The directors
have continued to make use of government funds to mitigate the impact of COVID-19,
through the use of the Coronavirus Job Retention Scheme and the business rates
relief. The Club did not draw down on income from its investment portfolio in the
financial year in order to preserve capital. Since the outbreak of COVID-19, the Club
has started a campaign to attract new donors and, as a result, the Club's donor base
has increased in the financial year with the majority of new donors signing up to a
standing order, which strengthens the Club's donation pipeline. Following the
Grenfell Tower tragedy in 2017, an assessment was performed during the previous
financial year which identified that the building's cladding may well need to be
remediated to meet new safety standards. The Club is engaging with the building
owners and the leaseholders over the best approach to remediation and it is
evaluating what legal remedies it has available to it. The directors are of the
opinion that the Club’s current balance sheet is sufficiently strong to absorb the
costs, if any, which might reasonably be expected to fall on the Club.
INVESTMENT POLICY
The directors have relied on stockbrokers and investment managers in providing
detailed professional advice in this respect. A general approach has, however,
been to have the majority of investments in relatively risk free areas.
RISK MANAGEMENT
The Board has issued a health and safety policy statement which outlines the
responsibilities of all users of the Club and the procedures to be followed
in all areas of risk management.
DIRECTORS
The directors who have served during the year were:-
D.R.D. Cornell (Chairman)
A.I. Doolittle (Hon. Secretary)
A.D. Graham (Treasurer)
N.J. Bennett (Resigned 5th November, 2020)
R.V. Barbieri (Resigned 5th November, 2020)
P.J. McPartland
R.A. Allen
Dr. J.E. Hodgins
A.K. Maitland
I.G. Doolittle
N.E. Kinloch
R.W. Nicholl
D.R.D. Cornell and R.A. Allen retire from the board by rotation
and offer themselves for re-election.
Page 3
CROWN AND MANOR CLUB, HOXTON
(A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS
REGISTERED OFFICE
Minerva House, 5 Montague Close, London. SE1 9BB.
BANKERS
Barclays Bank PLC, 128 Moorgate, London. EC2M 6SX.
AUDITORS
Newton & Garner Ltd, Building 2, 30 Friern Park, North Finchley, London N12 9DA.
SOLICITORS
Winckworth Sherwood, Minerva House, 5, Montague Close, London. SE1 9BB.
STOCKBROKERS/INVESTMENT MANAGERS
Investec Wealth & Investment Ltd., 2 Gresham Street, London. EC2V 7QN.
STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS
We, the directors of the company who held office at the date of approval of these
financial statements as set out above each confirm, so far as we are aware, that:
-
There is no relevant audit information of which the company’s auditors are unaware; and
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We have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.
AUDITORS
In accordance with the Company’s Articles, a resolution proposing that Newton &
Garner Limited, be reappointed as auditors of the company will be proposed at the
forthcoming Annual General meeting.
Approved by the Board on 18[th] December, 2021 and signed on its behalf
A.I. Doolittle – DIRECTOR
Page 4
CROWN AND MANOR CLUB, HOXTON
(A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Directors’ Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each
financial year. Under that law the directors have elected to prepare the
financial statements in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the directors must not approve the financial statements unless
they are satisfied that they give a true and fair view of the state of affairs of
the company and of the incoming resources and application of resources, including
the income and expenditure of the company for that period.
In preparing these financial statements, the directors are required to: -
-
Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charities SORP;
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Make judgments and accounting estimates that are reasonable and prudent;
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Prepare the financial statements on the going concern basis unless it
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is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the company’s transactions and disclose with
reasonable accuracy at any time the financial position of the company and enable
them to ensure that the financial statements comply with the Companies Act 2006
and the Charity Act 2011, the Charity (Accounts and Reports) Regulations 2008 and
the provisions of the trust deed. They are also responsible for safeguarding the
assets of the company and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
CROWN AND MANOR CLUB, HOXTON
Page 5
(A COMPANY LIMITED BY GUARANTEE)
YEAR ENDED 30TH JUNE, 2021
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROWN AND MANOR CLUB, HOXTON
Opinion
We have audited the financial statements of Crown and Manor Club, Hoxton for the year
ended 30th June, 2021, which comprise the Statement of Financial Activities, the
Balance Sheet and notes to the financial statements, including a summary of
significant accounting policies. The financial reporting framework that has been
applied in their preparation is applicable law and United Kingdom Accounting
Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and
Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company’s affairs as at 30th June, 2021, and of its incoming resources and application of resources, including it income and expenditure, the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing
(UK)(ISAs(UK)) and applicable law. Our responsibilities under those standards are
further described in the Auditor’s responsibilities for the audit of the financial
statements section of our report. We are independent of the company in accordance with
the ethical requirements that are relevant to our audit of the financial statements in
the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the
ISAs(UK) require us to report to you where:
-
the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Page 6
CROWN AND MANOR CLUB, HOXTON
(A COMPANY LIMITED BY GUARANTEE)
YEAR ENDED 30TH JUNE, 2021
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROWN AND MANOR CLUB, HOXTON
Other information
The directors are responsible for the other information. The other information
comprises the information included in the annual report, other than the financial
statements and our auditor’s report thereon. Our opinion on the financial statements
does not cover the other information and, except to the extent otherwise explicitly
stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to
read the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required to determine
whether there is a material misstatement in the financial statements or a material
misstatement of the other information. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are
required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
-
the information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Directors’ Report has been prepared in accordance with applicable legal requirements.
CROWN AND MANOR CLUB, HOXTON
Page 7
(A COMPANY LIMITED BY GUARANTEE)
YEAR ENDED 30TH JUNE, 2021
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF CROWN AND MANOR CLUB, HOXTON
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment
obtained in the course of the audit, we have not identified material misstatements in
the Directors’ Report.
We have nothing to report in respect of the following matters in relation to which the
Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of directors’ remuneration specified by law are not made; or
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we have not received all of the information and explanations we require for our audit; or
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the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors’ Report and from the requirement to prepare a Strategic Report.
Responsibilities of directors
As explained more fully in the Directors’ Responsibilities Statement set out on page
4, the directors are responsible for the preparation of the financial statements and
for being satisfied that they give a true and fair view and for such internal control
as the directors determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the
company’s ability to continue as a going concern, disclosing as applicable matters
related to going concern and using the going concern basis of accounting unless the
directors either intend to liquidate the company or to cease operations, or have no
realistic alternative but to do so.
CROWN AND MANOR CLUB, HOXTON
Page 8
(A COMPANY LIMITED BY GUARANTEE)
YEAR ENDED 30TH JUNE, 2021
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF CROWN AND MANOR CLUB, HOXTON
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or
error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs(UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
Details of the extent to which the audit was considered capable of detecting
irregularities, including fraud and non-compliance with laws and regulations are set
out below.
A further description of our responsibilities for the audit of the financial
statements is located on the Financial Reporting Council’s website at:
http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our
auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and
regulations. We identified and assessed the risks of material misstatement of the
financial statements from irregularities, whether due to fraud or error, and discussed
these between our audit team members. We then designed and performed audit procedures
responsive to those risks, including audit evidence sufficient and appropriate to
provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the
charitable company operates, focusing on those laws and regulations that have a direct
effect on the determination of material amounts and disclosures in the financial
statements. The laws and regulations we considered in this context were the Companies
Act 2006 and the Charities SORP (FRS 102). We assessed the required compliance with
these laws and regulations as part of our audit procedures on the related financial
statement items.
We also considered the opportunities and incentives that may exist within the
charitable company for fraud. Auditing standards limit the required audit procedures
to identify non-compliance.
We identified the greatest risk of material impact on the financial statements from
irregularities, including fraud, to be within the recording of income and valuation of
investments and the override of controls by management. Our audit procedures to
respond to these risks included additional work reviewing investment income and
valuations, enquiries of management and analytical review procedures.
Page 9
CROWN AND MANOR CLUB, HOXTON
(A COMPANY LIMITED BY GUARANTEE)
YEAR ENDED 30TH JUNE, 2021
Owing to the inherent limitations of an audit, there is an unavoidable risk that we
may not have detected some material misstatements in the financial statements, even
though we have properly planned and performed our audit in accordance with auditing
standards. We are not responsible for preventing non-compliance and cannot be expected
to detect non-compliance with all laws and regulations.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with
Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so
that we might state to the company’s members those matters we are required to state to
them in an auditor’s report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the company and
the company’s members as a body, for our audit work, for this report, or for the
opinions we have formed.
Robert Knight FCCA, ATII, Senior Statutory Auditor
For and on behalf of Newton & Garner Limited DATE: 18[th] January, 2022
Chartered Accountants
Statutory Auditor Building 2
30 Friern Park,
North Finchley
London
N12 9DA
Page 10
CROWN AND MANOR CLUB, HOXTON
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 30TH JUNE, 2021
UnrestrictedRestricted Total Total
Funds Funds Funds Funds
Notes 2021 2021 2021 2020
INCOME
Donations and legacies 3 190,379 14,730 205,109 188,338
Investment income 4 71,485 - 71,485 72,918
------- ------ ------- -------
TOTAL INCOME £261,864 £14,730 £276,594 £261,256
======= ====== ======= =======
EXPENDITURE
Direct charitable expenditure 5 178,458 4,437 182,895 225,361
Management & administration costs 6 55,984 - 55,984 76,119
------- ----- ------- -------
TOTAL EXPENDITURE £234,442 £4,437 £238,879 £301,480
======= ===== ======= =======
NET INCOME BEFORE
GAINS AND LOSSES ON INVESTMENTS 27,422 10,293 37,715 (40,224)
Net gains/(losses) on investments 11 35,337 - 35,337 (6,703)
------ ------ ------ ------
NET INCOME/(EXPENDITURE) 7 62,759 10,293 73,052 (46,927)
OTHER RECOGNISED GAINS/(LOSSES)
Net gains/(losses) on revaluation
of fixed assets 11 144,640 - 144,640 (133,394)
------- ------ ------- -------
NET MOVEMENT IN FUNDS 207,399 10,293 217,692 (180,321)
RECONCILIATION OF FUNDS
Balance at 1st July, 2020 902,753 - 902,753 1,153,074
Unrestricted Designated funds 1,000.000 - 1,000,000 1,000,000
Revaluation of leasehold property - - - (70,000)
--------- ----- --------- ---------
BALANCE AT 30TH JUNE, 2021 15 £2,110,152 £10,293 £2,120,445 £1,902,753
========= ===== ========= =========
Page 11
CROWN AND MANOR CLUB, HOXTON
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AT 30TH JUNE, 2021
Notes20212020
FIXED ASSETS
Tangible assets 10 49,592 58,050
Investments 11 1,948,958 1,750,653
--------- ---------
1,998,550 1,808,703
CURRENT ASSETS
Debtors 12 27,559 30,620
Cash at bank and in hand 113,204 82,162
------- -------
140,763 112,782
CREDITORS
Amounts falling due within one year 13 (18,868) (18,732)
------ ------
Net current assets 121,895 94,050
--------- ---------
NET ASSETS 14 £2,120,445 £1,902,753
========= =========
FUNDS
Funds
General funds 15 348,929 286,170
Restricted funds 15 16,683 6,390
Revaluation reserve funds 15 754,833 610,193
Designated funds 15 1,000,000 1,000,000
--------- ---------
£2,120,445 £1,902,753
========= =========
The accounts have been prepared in accordance with the provisions applicable to
companies subject to the small companies regime.
Approved by the Board 18 December, 2021 and signed on its behalf
D.R.D. Cornell - DIRECTOR
A.I. Doolittle - DIRECTOR
Company Registration No: 232381
CROWN AND MANOR CLUB, HOXTON
Page 12
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE ACCOUNTS
1. LEGAL STATUS OF CHARITABLE COMPANY
Crown and Manor Club, Hoxton is a charitable company, limited by guarantee,
registered in England and Wales. The company’s registered number and registered
office address can be found in the Report of the Directors.
In the event of the company being wound up, the liability in respect of the guarantee
is limited to £1 per member of the company.
2. ACCOUNTING POLICIES
Accounting convention
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)(effective 1st January, 2015) –
(Charities SORP (FRS 102)), The Financial Reporting Standard applicable in the UK and
Republic of Ireland (FRS 102) and the Companies Act 2006.
Crown and Manor Club, Hoxton meets the definition of a public benefit entity under
FRS 102. Assets and liabilities are initially recognised at historical cost or
transaction value unless otherwise stated in the relevant accounting policy notes.
There are no material uncertainties about Crown and Manor Club, Hoxton’s ability to
continue as a going concern.
The financial statements are prepared in sterling, which is the functional currency
of the company. Monetary amounts in these financial statements are rounded to the
nearest £.
Income
Legacy income is accounted for in the Statement of Financial Activities when the
company is entitled to the income, receipt is probable and when the amount can be
quantified with sufficient accuracy.
Donations and other form of voluntary income are recognised as income when
receivable, except insofar as they are incapable of financial measurement. Member
subscriptions are included in the financial statements at the time they are
receivable.
Other trading activities represent rental income and income from fund raising
activities and are recognised when receivable.
Investment income is accounted for when receivable.
CROWN AND MANOR CLUB, HOXTON
Page 13
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE ACCOUNTS
2. ACCOUNTING POLICIES (cont.)
Expenditure
Expenditure is accounted for on an accrual basis with any irrecoverable element of
VAT included within the item of expense to which it relates.
Charitable expenditure comprises those costs incurred in the delivery of its
activities and services for the beneficiaries. Grants payable are charged in the year
when the offer is approved by directors and conveyed to the recipient.
All costs are allocated between expenditure categories of the Statement of Financial
Activities on a basis designed to reflect the use of the resource costs relating to a
particular activity are allocated directly.
Fund accounting
Unrestricted funds are donations and other income resources receivable or
generated for the objects of the charity without further specified purpose
and are available as general funds.
Designated funds are set aside as part of unrestricted funds in order to meet
financial obligations and ensure the future operation of the club.
Restricted funds are to be used for specific purposes as laid down.
Expenditure which meets these criteria is charged to the fund.
Tangible fixed assets
Tangible fixed assets other than long leasehold 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 basis:
Fixtures, fittings, and equipment – 20% reducing balance basis.
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 credited or
charged to profit or loss.
Investments
Investments are valued at market value at the balance sheet date. Any gain or loss on
investments is taken to the Statement of Financial Activities.
CROWN AND MANOR CLUB, HOXTON
Page 14
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE ACCOUNTS
2. ACCOUNTING POLICIES (cont.)
Debtors
Debtors are recognised at the settlement amount due after any discount offered.
Prepayments are valued at the amount prepaid net of any discounts due.
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and 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 overdraft. Bank overdraft are shown
within borrowings in current liabilities.
Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation
resulting from a past event that will probably result in the transfer of funds to a
third party and the amount due to settle the obligation can be measured or estimated
reliably.
Financial instruments
The company 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 company’s balance sheet when the company
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, when the transaction is measured at
the present value of the future receipts discounted at a market rate of interest.
Financial assets classifieds receivable within one year are not amortised.
CROWN AND MANOR CLUB, HOXTON
Page 15
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE ACCOUNTS
2. ACCOUNTING POLICIES (cont.)
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group
companies and preference shares that are classified as debt, 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 payments
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 business 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.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an
expense unless those costs are required to be recognised as part of the cost of stock
or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the
employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is
demonstrably committed to terminate the employment of an employee or to provide
termination benefits.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense
as they fall due.
Leases
Rental income from operating leases is recognised on a straight line basis over the
term of the relevant lease. Initial direct costs incurred in negotiating and
arranging an operating lease are added to the carrying amount of the leased asset and
recognised on a straight line basis over the lease term.
Rentals payable under operating leases, including incentives received, are charged to
income on a straight line basis over the term of the relevant lease except where
another more systematic basis is more representative of the time pattern in which
economic benefits from the lease asset are consumed.
Page 16
CROWN AND MANOR CLUB, HOXTON
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE ACCOUNTS
Unrestricted Restricted Total Unrestricted
Funds Funds Funds Funds
2021 2021 2021 2020
3.INCOME FROM DONATIONS AND LEGACIES
Donations, grants, and other income 158,379 14,730 173,109 137,755
Legacies 10,000 - 10,000 10,000
Boys subscriptions - - - 3,995
Wykeham Crown & Manor Trust 22,000 - 22,000 36,588
------- ------ ------- -------
£190,379 £14,730 £205,109 £188,338
======= ====== ======= =======
The restricted funds are specifically restricted to basketball coaching and
cleaning.
Coronavirus Job Retention Scheme received from the government as at 30th June, 2021
totaling £57,408 (2020 - £23,262) are included in Donations, grants and other income.
4. INVESTMENT INCOME
Interest & dividends 49,285 50,232
Rental income 22,200 22,686
------ ------
£71,485 £72,918
====== ======
5.DIRECT CHARITABLE EXPENDITURE
Staff costs (note 8) 132,486 - 132,486 150,393
Light & heat 15,963 - 15,963 7,911
Repairs & improvements 3,787 - 3,787 20,626
Cleaning 2,096 1,237 3,333 7,225
Insurance 4,550 - 4,550 4,150
Vehicle running expenses 1,794 - 1,794 2,202
Football 4,003 - 4,003 5,542
Basketball - 3,200 3,200 7,843
Camping & adventure 380 - 380 228
Indoor games 751 - 751 2,687
Music - - - 960
Education projects 250 - 250 1,081
Depreciation 12,398 - 12,398 14,513
------- ----- ------- -------
£178,458 £4,437 £182,895 £225,361
======= ===== ======= =======
Page 17
CROWN AND MANOR CLUB, HOXTON
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE ACCOUNTS
UnrestrictedUnrestricted
Funds Funds
2021 2020
6.MANAGEMENT & ADMINISTRATION COSTS
Rent & rates 16,723 22,011
Postage, printing & stationery 5,002 5,528
Advertising 3,956 3,629
Telephone 4,087 3,343
Legal & professional fees 4,837 13,291
Audit & accountancy fees 8,880 8,880
Investment manager’s fee 11,534 10,989
General expenses 965 8,448
------ ------
£55,984 £76,119
====== ======
20212020
7.NET INCOME/(EXPENDITURE)FOR THE YEAR
This is stated after charging:-
Auditors' fee £5,000 £5,000
===== =====
No travel costs were reimbursed to any members.
8.STAFF COSTS
Staff costs were as follows:-
Salaries 125,257 141,504
Social security costs 4,893 6,513
Pension costs 2,336 2,376
------- -------
£132,486 £150,393
======= =======
No employee received emoluments of more than £60,000.
The average number of employees during
the year was as follows:-
Administration & support 11 13
== ==
CROWN AND MANOR CLUB, HOXTON
Page 18
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE ACCOUNTS
9. TAXATION
The charitable company is exempt from corporation tax on its charitable activities.
10. TANGIBLE FIXED ASSETS
COST OR REVALUATION2021 2020
Land and building
Balance as at 1st July, 2020 &
as at 30th June, 2021 £1 £1
= =
The company has taken out a long leasehold interest in a facility on the ground
and basement floor on the Wiltshire Row site. The leasehold interest is being
recognised at a value of £1.
COST OR REVALUATION2021 2020
Fixtures, fittings and equipment
Balance as at 1st July, 2020 141,632 131,604
Additions 3,940 10,028
Disposals - -
------- -------
Balance as at 30th June, 2021 £145,572 £141,632
======= =======
DEPRECIATION
Fixtures, fittings and equipment
Balance as at 1st July, 2020 83,583 69,070
Charge for the year 12,398 14,513
Disposals - -
------ ------
Balance as at 30th June, 2021 £95,981 £83,583
====== ======
NET BOOK VALUE
Balance as at 30th June, 2021 £49,592 £58,050
====== ======
Page 19
CROWN AND MANOR CLUB, HOXTON
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE ACCOUNTS
2021 2020
11.FIXED ASSETS INVESTMENTS
Leasehold property
Balance as at 1st July, 2020 400,000 470,000
Revaluation - (70,000)
------- -------
Balance as at 30th June, 2021 £400,000 £400,000
======= =======
As at 30th June, 2021, the directors are in the opinion that the value of the
property is £400,000.
M & G Charibond Charities Investment Fund
Balance at 1st July, 2020 6,471 6,404
Revaluations (99) 67
----- -----
Market value at 30th June, 2021 £6,372 £6,471
===== =====
Historical cost at 30th June, 2021 £6,000 £6,000
===== =====
Investec Wealth & Investment
Balance at as 1st July, 2020 1,344,182 1,489,137
Disposal (86,913) (81,030)
Acquisitions 106,214 77,298
Net gains/(losses) on investments 35,338 (6,703)
Revaluations 144,739 (133,461)
Interest on fixed interest securities b/fwd (3,195) (4,254)
Interest on fixed interest securities c/fwd 2,221 3,195
--------- ---------
Market value at 30th June, 2021 £1,542,586 £1,344,182
========= =========
Historical cost at 30th June, 2021 £1,193,299 £1,138,660
========= =========
Balance as at 30th June, 2021 £1,948,958 £1,750,653
========= =========
12.DEBTORS
Other debtors £27,559 £30,620
====== ======
Page 20
CROWN AND MANOR CLUB, HOXTON
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE ACCOUNTS
2021 2020
13.CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accruals & accrued income £18,868 £18,732
====== ======
14.ANALYSIS OF NET ASSETS BETWEEN FUNDS
General Revaluation Designated Total
Funds Reserve Funds Funds Funds
Tangible assets 49,592 - - 49,592
Investments 194,125 754,833 1,000,000 1,948,958
Current assets 140,763 - - 140,763
Current liabilities (18,868) - - (18,868)
------- ------- --------- ---------
£365,612 £754,833 £1,000,000 £2,120,445
======= ======= ========= =========
15. MOVEMENT IN FUNDS
Net Reval of
Balance Movement in Resources investment leasehold Balance
01.07.20Net Incoming Outgoing gains/(losses)property 30.06.21
Funds
General funds 286,170 261,864 (234,442) 35,337 - 348,929
Restricted funds 6,390 14,730 (4,437) - - 16,683
Revaluation reserve
funds 610,193 - - 144,640 - 754,833
Designated funds 1,000,000 - - - - 1,000,000
--------- ------- ------- ------- ------ ---------
£1,902,753 £276,594 £(238,879) £179,977 - £2,120,445
========= ======= ======= ======= ====== =========
On 30th June 2016, the directors transferred £1,000,000 from General funds to
Designated funds. The funds are designated for projects that either give benefit to
the medium and longer term needs of our members or that support the maintenance of
our building at Wiltshire Row. The Designated fund is a specific funding commitment
that is to be reviewed annually and controlled by the Board.
Revaluation reserve funds represents the amount by which investments exceed their
historical cost plus the cost of revaluation of leasehold property.
CROWN AND MANOR CLUB, HOXTON
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE ACCOUNTS
16. CONTINGENT LIABILITIES
During the previous financial year, an assessment was performed which identified
that the building’s cladding may well need to be remediated to meet new safety
standards. It remains the case that the scope and timing of the likely remediation
work to remove and replace the building’s cladding has yet to be agreed. The Club
continues to engage with the landlord and the leaseholders over the best approach
to remediation and evaluating what legal remedies it has available to it. The
directors remain of the opinion that the Club is able to absorb the costs, if any,
which might reasonably be expected to fall on the Club, as it has sufficient funds.
17. RELATED PARTY
D.R.D. Cornell and A.I. Doolittle were directors of this company during the year
ended 30th June, 2021 and also trustees of Wykeham Crown & Manor Trust.
During the year the company received donations of £22,000 (2020 - £36,588)
from the Wykeham Crown & Manor Trust.