Lynn Athletic Club Limited Charity Accounts

LYNN ATHLETIC CLUB LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05003832

CHARITY REGISTRATION NUMBER: 1102668

Lynn Athletic Club Limited

Company Limited by Guarantee

Unaudited Financial Statements

31 March 2019

Lynn Athletic Club Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 March 2019

	Page

Trustees' annual report (incorporating the director's report)	1

Statement of financial activities (including income and expenditure account)	4

Statement of financial position	5

Notes to the financial statements	6

Lynn Athletic Club Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 March 2019

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2019 .

Reference and administrative details

Registered charity name	Lynn Athletic Club Limited

Charity registration number	1102668

Company registration number	05003832

Principal office and registered	1 Bromley Lane
office	Chislehurst
	Kent
	BR7 6LH
	UK

The trustees

	Mr T Pearson
	Mr K A Walters OBE

Company secretary	T Pearson

Accountants	N M Khan & Associates Ltd
	Chartered Accountants
	1 Bromley Lane
	Chislehurst
	Kent
	BR7 6LH

Structure, governance and management

Lynn Athletic Club Limited , ("The Club") is a company limited by guarantee and a registered charity with the Charity Commission in England and Wales, registration number 1102668.

In accordance with the Memorandum of Association, the Club is managed by the Trustees. Trustees are volunteers who are appointed by the existing board.

Objectives and activities

Public benefit

The Memorandum of Association sets out the objects of the club and state that the club is, "...for benefit of the inhabitants of the Greater London area without distinction of sex, sexual orientation, race, political or religious or other opinions...to advance and to improve the social, physical and economic conditions of life...and to provide facilities in the interests of social welfare for recreation and leisure purposes..." The trustees have given due consideration to the Charity Commission's published guidance on the Public Benefit requirement under the Charities Act 2011.

The Club was formed in 1892 initially for boxing only, now offers facilities such as keep fit, general fitness, and other sporting activities due to the uptake of boxing as a sport having dramatically decreased in recent years.

Through the provision of these activities, the Club seeks to meet not only the objective of furthering sporting aims such as boxing but also the wider objective of meeting the shortfall of services in the local community.

In Shaping our objectives and planning our activities, the trustees have considered the charity Commission's guidance on public benefit.

Achievements and performance

During the year the Club continued to provide boxing facilities for members of the local community.

Through the help of unpaid volunteers, the club is able to remain open during the evenings, providing a meeting place for youngsters in a safe and controlled environment.

The Club continues to explore ways of working alongside Southwark Council to enable it to continue to serve the local community and take advantage of planned regeneration of the area around the Club as well as establishing links with other charitable institutions that can assist.

Financial review

Results for the Year

The results for the year show a deficit of £4,485 (2018 - £4,092) on the General Fund with reserves of £22,230 (2018 - £22,230). A balance of £3,344 in respect of Restricted Funds was brought forward, which being unused was carried forward.

Key Funding

During the year the club was again fortunate enough to receive various donations, which were pivotal in keeping the club's doors open. In addition the club is developing links with other charitable bodies whose objectives facilitate the support of the Club.

Policy on Reserves

The Club's policy on reserves is as far as possible to maintain three month's operating costs.

Plans for future periods

The Charity plans in the coming financial period to secure funds for the future continuity of the club to avoid running at a deficit.

TRUSTEES RESPONSIBILITIES STATEMENT

The charity trustees (who are also the directors of Lynn Athletic Club Ltd for purposes of company law) are responsible for preparing the trustees' Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the charity trustees to prepare financial statements for each financial year. Under that law the trustees 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 charity trustees 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 charity and the income and expenditure of the charity for that period. In preparing the financial statements, the trustees are required to:

- select suitable accounting polices and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The charity trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report was approved on 31 December 2019 and signed on behalf of the board of trustees by:

Mr K A Walters OBE

Trustee

Lynn Athletic Club Limited

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 31 March 2019

	2019			2018
	Unrestricted funds	Restricted funds	Total funds	Total funds
Note	£	£	£	£

Income and endowments

Donations and legacies	5	8,515	–	8,515	12,557
Other trading activities	6	2,900	–	2,900	3,310
Investment income	7	21	–	21	7
		--------	----	--------	--------
Total income		11,436	–	11,436	15,874
		--------	----	--------	--------

Expenditure

Expenditure on raising funds:

	Costs of other trading activities	8	2,080	–	2,080	2,948
Expenditure on charitable activities		9,10	13,841	–	13,841	16,980
Other expenditure		11	–	–	–	38
			--------	----	--------	--------
Total expenditure			15,921	–	15,921	19,966
			--------	----	--------	--------

	--------	----	--------	--------
Net expenditure and net movement in funds	( 4,485)	–	( 4,485)	( 4,092)
	--------	----	--------	--------

Reconciliation of funds

Total funds brought forward	22,230	3,344	25,574	29,666
	--------	-------	--------	--------
Total funds carried forward	17,745	3,344	21,089	25,574
	--------	-------	--------	--------

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

Lynn Athletic Club Limited

Company Limited by Guarantee

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Current assets

Debtors	15	1,480	1,480
Cash at bank and in hand		20,359	24,844
		--------	--------
		21,839	26,324

Creditors: amounts falling due within one year	16	750		750
		--------		--------
Net current assets			21,089	25,574
			--------	--------
Total assets less current liabilities			21,089	25,574
			--------	--------
Net assets			21,089	25,574
			--------	--------

Funds of the charity

Restricted funds		3,344	3,344
Unrestricted funds		17,745	22,230
		--------	--------
Total charity funds	17	21,089	25,574
		--------	--------

For the year ending 31 March 2019 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 31 December 2019 , and are signed on behalf of the board by:

Mr K A Walters OBE

Trustee

Lynn Athletic Club Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 1 Bromley Lane, Chislehurst, Kent, BR7 6LH, UK.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

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.

Going concern

There are no material uncertainties about the charity's ability to continue.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstatnaces.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are 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. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

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. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on 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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

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:

	Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Limited by guarantee

Lynn Athletic Club is a company limited by guarantee and accordingly does not have a share capital.

Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.

5. Donations and legacies

Unrestricted Funds	Total Funds 2019	Unrestricted Funds	Total Funds 2018
£	£	£	£

Grants

	Grants receivable	–	–	7,000	7,000

Subscriptions

Subscriptions	8,515	8,515	5,557	5,557
	-------	-------	--------	--------
	8,515	8,515	12,557	12,557
	-------	-------	--------	--------

6. Other trading activities

	Unrestricted Funds	Total Funds 2019	Unrestricted Funds	Total Funds 2018
	£	£	£	£
Fundraising events	2,900	2,900	3,310	3,310
	-------	-------	-------	-------

7. Investment income

	Unrestricted Funds	Total Funds 2019	Unrestricted Funds	Total Funds 2018
	£	£	£	£
Bank interest receivable	21	21	7	7
	----	----	----	----

8. Costs of other trading activities

	Unrestricted Funds	Total Funds 2019	Unrestricted Funds	Total Funds 2018
	£	£	£	£
Fundraising trading	2,080	2,080	2,948	2,948
	-------	-------	-------	-------

9. Expenditure on charitable activities by fund type

	Unrestricted Funds	Total Funds 2019	Unrestricted Funds	Total Funds 2018
	£	£	£	£
Direct costs charitable activity-boxing	1,300	1,300	5,089	5,089
Support costs	12,541	12,541	11,891	11,891
	--------	--------	--------	--------
	13,841	13,841	16,980	16,980
	--------	--------	--------	--------

10. Expenditure on charitable activities by activity type

	Activities undertaken directly	Support costs	Total funds 2019	Total fund 2018
	£	£	£	£
Direct costs charitable activity-boxing	1,300	11,000	12,300	16,089
Governance costs	–	1,541	1,541	891
	-------	--------	--------	--------
	1,300	12,541	13,841	16,980
	-------	--------	--------	--------

11. Other expenditure

	Unrestricted Funds	Total Funds 2019	Unrestricted Funds	Total Funds 2018
	£	£	£	£
Other resources expended -annual return fee	–	–	38	38
	----	----	----	----

12. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

	2019	2018
	£	£

The average head count of employees during the year was 2 (2018: 2). The average number of full-time equivalent employees during the year is analysed as follows:

	2019	2018
	No.	No.
Number of staff - trustees	2	2
	----	----

No employee received employee benefits of more than £60,000 during the year (2018: Nil).

13. Trustee remuneration and expenses

None of the trustees have been paid any remuneration or received any other benefits from the charity during the year.

No trustee expenses have been incurred.

14. Tangible fixed assets

	Equipment	Total
	£	£
Cost
At 1 April 2018 and 31 March 2019	6,174	6,174
	-------	-------
Depreciation
At 1 April 2018 and 31 March 2019	6,174	6,174
	-------	-------
Carrying amount
At 31 March 2019	–	–
	-------	-------
At 31 March 2018	–	–
	-------	-------

15. Debtors

	2019	2018
	£	£
Other debtors	1,480	1,480
	-------	-------

16. Creditors: amounts falling due within one year

	2019	2018
	£	£
Accruals and deferred income	750	750
	----	----

17. Analysis of charitable funds

Unrestricted funds

	At 1 April 2018	Income	Expenditure	At 31 March 2019
	£	£	£	£
General funds	22,230	11,436	(15,921)	17,745
	--------	--------	--------	--------

	At 1 April 2017	Income	Expenditure	At 31 March 2018
	£	£	£	£
General funds	26,322	15,874	(19,966)	22,230
	--------	--------	--------	--------

Restricted funds

	At 1 April 2018	Income	Expenditure	At 31 March 2019
	£	£	£	£
Lottery fund for new equipment	3,344	–	–	3,344
	-------	----	----	-------

	At 1 April 2017	Income	Expenditure	At 31 March 2018
	£	£	£	£
Lottery fund for new equipment	3,344	–	–	3,344
	-------	----	----	-------

18. Analysis of net assets between funds

	Unrestricted Funds	Total Funds 2019
	£	£
Current assets	21,839	21,839
Creditors less than 1 year	(750)	(750)
	--------	--------
Net assets	21,089	21,089
	--------	--------

	Unrestricted Funds	Total Funds 2018
	£	£
Current assets	26,324	26,324
Creditors less than 1 year	(750)	(750)
	--------	--------
Net assets	25,574	25,574
	--------	--------

19. Volunteers

The boxing coaches are unpaid volunteers and therefore allow the club to achieve it's objectives.

20. Related parties

There have been no related party transactions in the year.