Company Registration No: 2323811 (England and Wales)
CROWN AND MANOR CLUB, HOXTON
(A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT & ACCOUNTS
YEAR ENDED 30TH JUNE, 2024
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, 2024.
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, 2024, the directors are in the opinion that the leasehold property
is revalued at £600,000 (2023-£550,000). The valuation is based on rental yields and
sales prices achieved in the area, whilst taking into account the current uncertainty
in the property market.
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 cladding issues with our building,
the Club remains a going concern. Following the Grenfell Tower tragedy in 2017, an
assessment was performed during the year ended 30th June, 2020 which identified that
the building's cladding may well need to be remediated to meet new safety standards.
The Club is now hopeful that satisfactory remediation work will be carried out by the
building’s developers, with no requirement for a capital contribution from either the
club or the leaseholders (of whom the club is one). Even if this were not to be the
case, the directors remain of the opinion that the Club’s current balance sheet is
sufficiently strong to absorb any cladding costs 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.M.J. Graham (Treasurer)
P.J. McPartland (Resigned 30th April, 2024)
Dr. J.E. Hodgins
I.G. Doolittle
R.W. Nicoll
C.J. Bryce-Smith (Appointed 27thJuly, 2024)
E. Strbac (Appointed 1st August, 2024)
B.W. Arojojoye (Appointed 16th August, 2024)
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:
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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.
SMALL COMPANIES EXEMPTION
This report has been prepared in accordance with the provisions applicable to
companies entitled to the small companies exemption.
Approved by the Board on 3rd December 2024 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: -
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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, 2024
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, 2024, 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
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30th June, 2024, 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.
CROWN AND MANOR CLUB, HOXTON
Page 6
(A COMPANY LIMITED BY GUARANTEE)
YEAR ENDED 30TH JUNE, 2024
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:
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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
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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, 2024
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, 2024
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.
CROWN AND MANOR CLUB, HOXTON
Page 9
(A COMPANY LIMITED BY GUARANTEE)
YEAR ENDED 30TH JUNE, 2024
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: 4th March 2025
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, 2024
UnrestrictedRestricted Total Total
Funds Funds Funds Funds
Notes 2024 2024 2024 2023
INCOME
Donations and legacies 3 245,923 9,900 255,823 261,880
Investment income 4 79,047 - 79,047 72,003
------- ----- ------- -------
TOTAL INCOME £324,970 £9,900 £334,870 £333,883
======= ===== ======= =======
EXPENDITURE
Direct charitable expenditure 5 296,590 5,528 302,118 290,582
Management & administration costs 6 145,967 - 145,967 100,445
------- ----- ------- -------
TOTAL EXPENDITURE £442,557 £5,528 £448,085 £391,027
======= ===== ======= =======
NET (EXPENDITURE)/INCOME BEFORE
GAINS AND LOSSES ON INVESTMENTS (117,587) 4,372 (113,215) (57,144)
Net gains/(losses) on investments 11 49,890 - 49,890 (539)
------ ----- ------ ------
NET EXPENDITURE 7 (67,697) £4,372 (63,325) (57,683)
OTHER RECOGNISED GAINS/(LOSSES)
Net gains on revaluation
of fixed assets 11 2,557 - 2,557 6,446
------ ----- ------ ------
NET MOVEMENT IN FUNDS (65,140) £4,372 (60,768) (51,237)
RECONCILIATION OF FUNDS
Balance at 1st July, 2023 1,087,891 - 1,087,891 1,139,128
Unrestricted Designated funds 1,000,000 - 1,000,000 1,000,000
Revaluation of leasehold property 50,000 - 50,000 -
--------- ----- --------- ---------
BALANCE AT 30TH JUNE, 2024 15 £2,072,751 £4,372 £2,077,123 £2,087,891
========= ===== ========= =========
Page 11
CROWN AND MANOR CLUB, HOXTON
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AT 30TH JUNE, 2024
Notes20242023
FIXED ASSETS
Tangible assets 10 43,971 40,928
Investments 11 2,048,521 1,988,127
--------- ---------
2,092,492 2,029,055
CURRENT ASSETS
Debtors 12 28,842 30,147
Cash at bank and in hand 53,403 109,031
------ -------
82,245 139,178
CREDITORS
Amounts falling due within one year 13 (97,614) (80,342)
------ ------
Net current assets (15,369) 58,836
--------- ---------
NET ASSETS 14 £2,077,123 £2,087,891
========= =========
FUNDS
Funds
General funds 15 147,333 201,403
Restricted funds 15 24,853 34,108
Revaluation reserve funds 15 904,937 852,380
Designated funds 15 1,000,000 1,000,000
--------- ---------
£2,077,123 £2,087,891
========= =========
The financial statements have been prepared in accordance with the provisions
applicable to companies subject to the small companies regime.
Approved by the Board on 3rd December 2024 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)
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30TH JUNE, 2024
|
Balance at 1st July, 2022
Year ended 30th June, 2023:
Deficit and total comprehensive income
Balance at 30th June, 2023
Year ended 30th June, 2024:
Deficit and total comprehensive income
Revaluation of leasehold property
Balance at 30th June, 2024
|
Income and
Expenditure
2,139,128
(51,237)
---------
2,087,891
(60,768)
50,000
---------
£2,077,123
========= |
|
|
|
CROWN AND MANOR CLUB, HOXTON
Page 13
(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 14
(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.
Page 15
CROWN AND MANOR CLUB, HOXTON
(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 16
(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 17
CROWN AND MANOR CLUB, HOXTON
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE ACCOUNTS
Unrestricted Restricted Total Unrestricted
Funds Funds Funds Funds
2024 2024 2024 2023
3.INCOME FROM DONATIONS AND LEGACIES
Donations, grants, and other income 172,284 9,900 182,184 170,681
Legacies - - - 10,000
Boys subscriptions 4,639 - 4,639 4,199
Wykeham Crown & Manor Trust 69,000 - 69,000 77,000
------- ----- ------- -------
£245,923 £9,900 £255,823 £261,880
======= ===== ======= =======
The restricted funds are specifically restricted to basketball coaching, camping,
adventure & residential trips, football and junior club.
4.INVESTMENT INCOME
Interest & dividends 54,690 51,003
Rental income 24,357 21,000
------ ------
£79,047 £72,003
====== ======
5.DIRECT CHARITABLE EXPENDITURE
Staff costs (note 8) 186,459 1,000 187,459 179,122
Light & heat 38,947 - 38,947 44,895
Repairs & improvements 15,409 - 15,409 9,785
Cleaning 13,697 - 13,697 11,677
Insurance 6,259 - 6,259 7,077
Vehicle running expenses 5,194 - 5,194 3,975
Football 5,336 1,000 6,336 7,165
Basketball 730 2,535 3,265 5,513
Camping, adventure & residential trips 1,036 993 2,029 3,095
Indoor games 2,202 - 2,202 2,507
Music 3,891 - 3,891 1,050
Education projects 6,438 - 6,438 4,490
Depreciation 10,992 - 10,992 10,231
------- ----- ------- -------
£296,590 £5,528 £302,118 £290,582
======= ===== ======= =======
Page 18
CROWN AND MANOR CLUB, HOXTON
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE ACCOUNTS
Unrestricted Unrestricted
Funds Funds
2024 2023
6.MANAGEMENT & ADMINISTRATION COSTS
Rent & rates 74,174 44,826
Postage, printing & stationery 7,774 6,928
Advertising & fundraising 14,387 6,576
Telephone 5,322 4,795
Legal & professional fees 19,312 9,963
Audit & accountancy fees 11,520 10,080
Investment manager’s fee 11,517 11,572
General expenses 1,961 5,705
------- -------
£145,967 £100,445
======= =======
20242023
7.NET INCOME/(EXPENDITURE)FOR THE YEAR
This is stated after charging:-
Auditors' fee £6,000 £6,000
===== =====
No travel costs were reimbursed to any members.
8.STAFF COSTS
Staff costs were as follows:-
Salaries 169,974 167,641
Redundancy pay 6,455 -
Social security costs 7,054 8,091
Pension costs 3,976 3,390
------- -------
£187,459 £179,122
======= =======
No employee received emoluments of more than £60,000.
The average number of employees during
the year was as follows:-
Administration & support 11 11
== ==
CROWN AND MANOR CLUB, HOXTON
Page 19
(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 REVALUATION 2024 2023
Land and building
Balance as at 1st July, 2023 &
as at 30th June, 2024 £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 REVALUATION 2024 2023
Fixtures, fittings and equipment
Balance as at 1st July, 2023 158,331 151,939
Additions 14,035 6,392
Disposals - -
------- -------
Balance as at 30th June, 2024 £172,366 £158,331
======= =======
DEPRECIATION
Fixtures, fittings and equipment
Balance as at 1st July, 2023 117,404 107,173
Charge for the year 10,992 10,231
Disposals - -
------ ------
Balance as at 30th June, 2024 £128,396 £117,404
======= =======
NET BOOK VALUE
Balance as at 30th June, 2024 £43,971 £40,928
====== ======
Page 20
CROWN AND MANOR CLUB, HOXTON
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE ACCOUNTS
2024 2023
11.FIXED ASSETS INVESTMENTS
Leasehold property
Balance as at 1st July, 2023 550,000 550,000
Revaluation 50,000 -
------- -------
Balance as at 30th June, 2024 £600,000 £550,000
======= =======
As at 30th June, 2024, the directors are in the opinion that the value of the
property is £600,000.
M & G Charibond Charities Investment Fund
Balance at 1st July, 2023 5,426 5,840
Revaluations 207 (414)
----- -----
Market value at 30th June, 2024 £5,633 £5,426
===== =====
Historical cost at 30th June, 2024 £6,000 £6,000
===== =====
Investec Wealth & Investment
Balance at as 1st July, 2023 1,432,701 1,509,258
Disposal (173,386) (109,304)
Acquisitions 131,251 26,885
Net (losses)/gains on investments 49,890 (539)
Revaluations 2,351 6,860
Interest on fixed interest securities b/fwd (1,546) (2,005)
Interest on fixed interest securities c/fwd 1,627 1,546
--------- ---------
Market value at 30th June, 2024 £1,442,888 £1,432,701
========= =========
Balance as at 30th June, 2024 £2,048,521 £1,988,127
========= =========
Historical cost at 30th June, 2024 £1,143,352 £1,135,597
========= =========
12.DEBTORS
Other debtors £28,842 £30,147
====== ======
Page 21
CROWN AND MANOR CLUB, HOXTON
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE ACCOUNTS
|
|
2024 2023 |
13. CREDITORS: AMOUNTS |
FALLING DUE WITHIN ONE YEAR |
|
Accruals & accrued |
income |
£97,614 £80,342 |
|
|
====== ====== |
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS |
|
|
|
|
General Revaluation Designated Total |
|
|
Funds Reserve Funds Funds Funds |
Tangible assets |
|
43,971 - - 43,971 |
Investments |
|
143,584 904,937 1,000,000 2,048,521 |
Current assets |
|
82,245 - - 82,245 |
Current liabilities |
|
(97,614) - - (97,614) |
|
|
------- ------- --------- --------- |
|
£172,186 £904,937 £1,000,000 £2,077,123 |
|
|
|
======= ======= ========= ========= |
15.MOVEMENT IN FUNDS |
|
|
|
|
Reval of |
|
Balance Movement |
in Resources Net
leasehold Balance |
|
01.07.23 Net Incoming Outgoing investment property 30.06.24 |
|
Funds |
|
|
General funds |
201,403 324,970 (428,930) 49,890 - 147,333 |
|
Restricted funds |
34,108 9,900 (19,155) - - 24,853 |
|
Revaluation reserve |
|
|
funds |
852,380 - |
- 2,557 50,000 904,937 |
Designated funds |
1,000,000 - - - - 1,000,000 |
|
|
--------- ------- ------- ------ - --------- |
|
|
£2,087,891 £334,870 £(448,085) £52,447 £50,000 £2,077,123 |
|
|
========= ======= ======= ====== ====== ========= |
|
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.
The resources outgoing on restricted funds is made up as follows:
£
Funds used for direct charitable expenditure 5,528
Funds used for purchase of fixed assets 13,627
------
£19,155
======
Page 22
CROWN AND MANOR CLUB, HOXTON
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE ACCOUNTS
16. CONTINGENT LIABILITIES
During the year ended 30th June, 2020, an assessment was performed which identified
that the building’s cladding may well need to be remediated to meet new safety
standards. The remediation work to remove and replace the building’s cladding is
now underway but has yet to be completed.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 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, 2024 and also trustees of Wykeham Crown & Manor Trust.
During the year the company received donations of £69,000 (2023 - £77,000)
from the Wykeham Crown & Manor Trust.