Registered number: 07170252
FARNHAM RUGBY UNION FOOTBALL CLUB LIMITED
(A Company Limited by Guarantee)
Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 May 2024
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FARNHAM RUGBY UNION FOOTBALL CLUB LIMITED
(A Company Limited by Guarantee)
Registered number: 07170252
Consolidated Balance Sheet
As at 31 May 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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FARNHAM RUGBY UNION FOOTBALL CLUB LIMITED
(A Company Limited by Guarantee)
Registered number: 07170252
Consolidated Balance Sheet (continued)
As at 31 May 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the consolidated statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 5 to 14 form part of these financial statements.
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FARNHAM RUGBY UNION FOOTBALL CLUB LIMITED
(A Company Limited by Guarantee)
Registered number: 07170252
Company Balance Sheet
As at 31 May 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Net assets excluding pension asset
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Profit and loss account brought forward
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Profit and loss account carried forward
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FARNHAM RUGBY UNION FOOTBALL CLUB LIMITED
(A Company Limited by Guarantee)
Registered number: 07170252
Company Balance Sheet (continued)
As at 31 May 2024
The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the consolidated statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 5 to 14 form part of these financial statements.
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FARNHAM RUGBY UNION FOOTBALL CLUB LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 May 2024
Farnham Rugby Union Football Club Limited is a company limited by guarantee that is incorporated and domiciled in England and Wales. The address of its registered office is The Clubhouse Wilkinson Way, Monkton Lane, Farnham, Surrey, United Kingdom, GU9 9FA and the principal place of business is Wilkinson Way, Monkton Lane, Farnham, Surrey, GU9 9FA.
2.Accounting policies
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Basis of preparation of financial statements
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The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The Company and the Group is dependent on the inflow of funds from memberships and other fundraising activities to enable it to continue operate as a going concern. The directors are confident that the Club will have sufficient membership levels to enable it to continue operating as a going concern for at least a period of 12 months from the date of the financial statements.
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FARNHAM RUGBY UNION FOOTBALL CLUB LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 May 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Not-for-profit revenue
Revenue from not-for-profit activities, such as donations and fundraislng events, is recognised at the earlier of receipt or when it is confirmed that the Group is entitled to receive the revenue.
Trading revenue
Revenue from trading activities which comprises sales of goods and rental of the Group's assets, is recognised on an accruals basis when the goods are sold or when services are performed.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.
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FARNHAM RUGBY UNION FOOTBALL CLUB LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 May 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Clubhouse furniture and equipment
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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FARNHAM RUGBY UNION FOOTBALL CLUB LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 May 2024
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from third parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of Impairment. If objective evidence of impairment Is found, an impairment loss is recognised in the Consolidated statement of comprehensive income. Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
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FARNHAM RUGBY UNION FOOTBALL CLUB LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 May 2024
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Floodlights, Pitches and Irrigation
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Clubhouse furniture & equipment
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Charge for the year on owned assets
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FARNHAM RUGBY UNION FOOTBALL CLUB LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 May 2024
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Investments in associates
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The investment comprises the Company's 100% holding in FRUFC Trading Limited, an entity incorporated in the United Kingdom. The principal activity of the FRUFC Trading Limited to conduct the Club's commercial activities.
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The difference between purchase price or production cost of stocks and their replacement cost is not material.
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Prepayments and accrued income
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FARNHAM RUGBY UNION FOOTBALL CLUB LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 May 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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FARNHAM RUGBY UNION FOOTBALL CLUB LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 May 2024
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Creditors: Amounts falling due after more than one year
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Secured loans
The Group had four secured loans outstanding at year end:
i) The Charity Bank: £390,000 executed mortgage debenture over 14 acres of land at Monkton Lane repayable over 20 years at an interest rate of 6. 5%. Interest only payments for the first 12 months, then capital and interest payments over 20-year term of the loan. The Company renegotiated the loan with the Charity Bank in February 2017 and changed the interest rate to 3.75% above the base rate of the Bank of England. As a result of the COVID-19 pandemic, the Charity Bank provided the Group with seven months of capital only repayment holidays between April and September 2020 inclusive, and again in December 2020 thus extending the term of the loan for an equivalent period. In the final quarter of 2020, an additional £30,000 was advanced to the Club. The balance payable at year end amounted to £230,299 (2023: £248,897). Of the balance £20,597 (2023: £18,598) is due within 12 months.
ii) Rugby Football Foundation: £100,000 15-year interest free loan repayable by quarterly instalments. The loan is secured by personal guarantees. The balance payable at year end amounted to £25,000 (2023: £31,667). Of the balance £6,667 (2023: £6,667) is due within 12 months. As a result of the COVID-19 pandemic, the Rugby Football Foundation provided the Group with a two quarters repayment holiday (March and June 2020), thus extending the term of the loan for an equivalent period.
iii) Rugby Football Union: £10,000 3-year interest free loan repayable by quarterly instalments. The loan is secured by way of a first floating charge on all property, rights and undertakings on the Club's assets. The balance payable at year end amounted to £nil (2023: £1,660). This loan was made available by the Rugby Football Union in response to the COVID-19 pandemic and was repaid in the year.
iv) HSBC Holdings PLC: £50,000 loan repayable over 6 years at an interest rate of 2.5%. Capital and interest payments are due monthly, with the first Instalment due 13 months from the initial loan date. The loan is secured by the government. This loan forms part of the government's Bounce Back Loan initiative in response to the COVID-19 pandemic. An additional £35,000 was advanced as a further loan during 2021 with the term of the loan extended to 10 years with an additional 6-month capital and interest repayment holiday. The balance payable at year end amounted to £36,838 (2023: £42,456). Of the balance £5,763 (2023: £5,618) is due within 12 months.
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FARNHAM RUGBY UNION FOOTBALL CLUB LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 May 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due after more than one year
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Provision for Repairs & Maintenance
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Charged to profit or loss
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The provision for future repairs and maintenance is an estimate by the directors for deemed future costs expected to be incurred on repairs and replacements to the Club facilities, fixtures and fittings.
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FARNHAM RUGBY UNION FOOTBALL CLUB LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 31 May 2024
The Company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the Company in the event of liquidation.
Pension contributions totalling £252 (2023: £344) were payable to the fund at the reporting date and are included in creditors.
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Commitments under operating leases
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On 18 November 2011, the Company entered into a lease for 14 acres of land at Monkton Lane Farnham, an area now known as the clubhouse and pitches of Farnham Rugby Union Football Club. The term of the lease is 125 years with an annual peppercorn rent.
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The directors believe that there is no controlling party as the Company is controlled equally by all its members.
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