IRIS Accounts Production v24.3.2.46 Other Company accounts True false Pounds 1.7.23 30.6.24 30.6.24 FY FRS 102 Independent examiner Small companies regime for accounts Full Charities SORP true true true true true false true true false false 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh103689002023-06-30103689002024-06-30103689002023-07-012024-06-30103689002022-06-30103689002022-07-012023-06-30103689002023-06-3010368900ns0:CharitableCompanyLimitedByGuarantee2023-07-012024-06-3010368900ns15:PoundSterling2023-07-012024-06-3010368900ns11:FRS1022023-07-012024-06-3010368900ns11:IndependentExaminationCharity2023-07-012024-06-3010368900ns11:SmallCompaniesRegimeForAccounts2023-07-012024-06-3010368900ns11:FullAccounts2023-07-012024-06-3010368900ns11:CharitiesSORP2023-07-012024-06-3010368900ns16:EnglandWales2023-07-012024-06-3010368900ns11:RegisteredOffice2023-07-012024-06-3010368900ns0:Trustee32023-07-012024-06-3010368900ns0:Trustee12023-07-012024-06-3010368900ns0:Trustee22023-07-012024-06-3010368900ns0:Trustee42023-07-012024-06-3010368900ns0:Trustee52023-07-012024-06-3010368900ns0:Trustee62023-07-012024-06-3010368900ns0:Activity82023-07-012024-06-3010368900ns0:Activity82022-07-012023-06-3010368900ns10:WithinOneYear2024-06-3010368900ns10:WithinOneYear2023-06-3010368900ns10:AfterOneYear2024-06-3010368900ns10:AfterOneYear2023-06-3010368900ns0:TotalUnrestrictedFunds2024-06-301036890022023-07-012024-06-301036890032023-07-012024-06-301036890012023-07-012024-06-301036890012022-07-012023-06-3010368900ns10:OwnedAssets2023-07-012024-06-3010368900ns10:OwnedAssets2022-07-012023-06-3010368900ns10:OwnedOrFreeholdAssetsns10:LandBuildings2023-06-3010368900ns10:PlantMachinery2023-06-3010368900ns10:FurnitureFittings2023-06-3010368900ns10:ComputerEquipment2023-06-3010368900ns10:OwnedOrFreeholdAssetsns10:LandBuildings2023-07-012024-06-3010368900ns10:PlantMachinery2023-07-012024-06-3010368900ns10:FurnitureFittings2023-07-012024-06-3010368900ns10:ComputerEquipment2023-07-012024-06-3010368900ns10:OwnedOrFreeholdAssetsns10:LandBuildings2024-06-3010368900ns10:PlantMachinery2024-06-3010368900ns10:FurnitureFittings2024-06-3010368900ns10:ComputerEquipment2024-06-3010368900ns10:OwnedOrFreeholdAssetsns10:LandBuildings2023-06-3010368900ns10:PlantMachinery2023-06-3010368900ns10:FurnitureFittings2023-06-3010368900ns10:ComputerEquipment2023-06-3010368900ns10:CostValuation2023-06-3010368900ns10:Subsidiary12023-07-012024-06-30103689001ns10:Subsidiary12023-07-012024-06-3010368900ns10:Subsidiary12024-06-3010368900ns10:Subsidiary12023-06-3010368900ns10:Subsidiary22023-07-012024-06-3010368900ns10:Subsidiary232023-07-012024-06-3010368900ns10:Subsidiary22024-06-3010368900ns10:Subsidiary22023-06-3010368900ns10:Subsidiary22022-07-012023-06-3010368900ns10:WithinOneYear2022-06-3010368900ns10:Secured2024-06-3010368900ns10:Secured2023-06-30
REGISTERED COMPANY NUMBER: 10368900 (England and Wales)
REGISTERED CHARITY NUMBER: 1172259















Report of the Trustees and

Unaudited Financial Statements for the Year Ended 30 June 2024

for

Lymm RFC Limited

Lymm RFC Limited






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Report of the Trustees 1 to 7

Independent Examiner's Report 8

Statement of Financial Activities 9

Balance Sheet 10 to 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14 to 24

Lymm RFC Limited (Registered number: 10368900)

Report of the Trustees
for the Year Ended 30 June 2024


The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of Lymm RFC Limited (LRL, the Charity or the Company) for the year ending 30th June 2024. The Trustees confirm that the Company's annual report and financial statements comply with current statutory requirements, the requirements of the Company's governing document and the provisions of the Statement of Recommended Practice (SORP), 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 2019).

LRL was formed from the restructure of Lymm Rugby Football Club (a Community Amateur Sports Club). Following this restructure, LRL has two wholly-owned subsidiaries, Lymm Beechwood Limited (LBL, a trading entity) and Lymm Garden Limited (LGL, which held property in Manor Road, Lymm, the old Manor Road Tennis Club site).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal purpose of the Company, as set out in Article 2 of its Articles of Association, are:

(a) To promote community participation in healthy recreation by providing facilities for playing rugby football union and other sports; and
(b) To provide and assist in providing facilities for sport, recreation or other leisure time occupation to those who have need for such facilities by reason of their youth, age, infirmity or disablement, poverty or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving their conditions of life.


Lymm RFC Limited (Registered number: 10368900)

Report of the Trustees
for the Year Ended 30 June 2024


OBJECTIVES AND ACTIVITIES
Significant activities
LRL has many members with membership open to anyone interested in sports or social fellowship regardless of sex, age, disability, ethnicity, nationality, sexual orientation, religion, or other beliefs.

Rugby Section
LRL utilises three full sized rugby pitches, including one Artificial Grass Pitch (AGP) and three training areas suitable for mini rugby matches together with associated car parking.

The Club presently support 3 senior rugby teams, each of which competes within league structures, and mini and junior rugby age groups from U5 to U18. The 2023-24 season was a landmark season for Lymm as, following promotion from the Regional 1 North West League the previous year, the First XV was competing in the North division of the National 2 league, the 4th tier in the RFU's pyramid structure. This is the highest level at which the Club has ever played, placing Lymm in England's top 80 clubs. The season was very successful with Lymm competing strongly at this higher level, securing 55 league points and, ultimately, finishing a credible 10th in the 14 team league. The Second XV continues to compete in the Premier division of the Halbro North West Leagues, whilst the Third XV competes in the 4th tier of these leagues.

Competitive fixtures usually take place between September and May in each year on a Saturday and a Sunday, with occasional weeknight fixtures under flood lights. Training for senior teams typically takes place on Tuesday and Thursday evenings and for mini and junior rugby on a Sunday morning. The pitches are available for teams to practice on and train at other times throughout the week. There is also an established touch rugby section which is part of the Rugby Football Union's (RFU) "O2 Touch" programme.

The construction of an AGP as part of the RFU's investment programme completed in October 2019. The impact that the AGP is having and will continue to have on Lymm's own rugby activities and the sporting activities of the wider community cannot be understated. The guaranteed availability of an outstanding floodlit playing surface throughout the winter months is something that every sportsman and woman craves. To have this now available on our doorstep is a dream come true, a potential game changer. The construction of the AGP was funded by the RFU, with LRL contributing to various aspects of the enabling works. LRL has leased the AGP land to the RFU for 30 years, effectively making the AGP a RFU facility, albeit managed by LRL. The facility is available to the wider community who can book its use through the RFU's Rugby 365 online portal. The "rent" that LRL receives for leasing the land to the RFU is 12 hours free use of the facility each week. This time is utilised in making the AGP available for weekend matches and mid-week training for senior, mini and junior, and touch rugby.

The only way to ensure that the AGP facility will stand the test of time is for users to religiously abide by the rules setting out correct footwear, access, and the measures to avoid contamination. Whilst self-policing is undoubtedly the most effective way to ensure this outstanding facility endures, our volunteer grounds team, led by Chris Askew, will continue to keep a careful eye on the AGP condition and ensuring that appropriate maintenance programmes are in place.

Squash section
The Squash section has two teams in the North West Counties League, all members are welcome to play for the teams. For those not keen to play League squash box leagues and a squash ladder are available internally. The club run open nights twice a week, where all are welcome.

Hockey section
The Hockey section currently has 3 men's and 4 ladies' teams, who play in the Northwest hockey league, and 2 youth teams (Badgers and Beavers), who play ad hoc fixtures with local teams throughout the season. The games are played at Lymm High School leisure centre on 2G pitches, utilising LRL's Beechwood as their club house and social hub.






Lymm RFC Limited (Registered number: 10368900)

Report of the Trustees
for the Year Ended 30 June 2024


OBJECTIVES AND ACTIVITIES



Tennis section
Following the acquisition by LGL in August 2020 of the Manor Road Tennis Club (MRTC) site, LRL established a Tennis section which initially has comprised the ongoing membership of MRTC. Through 2022, plans to construct 4 new all-weather floodlit tennis courts within the Walled Garden at Beechwood were formalised, planning permission was received and an agreement secured with the Lawn Tennis Association (LTA) to partly fund the £375,000 project through a 10-year £250,000 interest free loan. Construction work commenced in the spring of 2023 and the courts were officially opened in September 2023. This development will allow the section's membership to continue to grow through a combination of the draw of the quality of facilities to adults and children in our local community together with engagement with members of other sections of LRL. At present the Tennis section runs men's, ladies and mixed teams competing in the Warrington & District Tennis Leagues. As part of the diversity and inclusion programme, walking tennis has also been successfully introduced.

A new coach has now been appointed, offering a varied selection of sessions for adult and junior members, which it is expected will help increase membership numbers. The courts are also used for social tennis 3 times per week.

All these sporting activities are supplemented through active social engagement throughout the year, which underlines the Charity's position in the local community and helps raise much needed funding to support its sporting objectives.

Public benefit
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aim and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

Volunteers
LRL's volunteers play a huge part in the success of the Charity's activities, whether participating in or supporting on-field sporting activities or in leading or assisting a programme of fund raising activities that are scheduled throughout the year, such as the annual pantomime and summer marquee events.

ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year, LRL raised £629,903 (2023 - £110,067) from donations and legacies.

FINANCIAL REVIEW
Financial position
In the year to 30th June 2024, the Charity recorded a surplus of £386,357, which compares with the previous year's deficit of £53,462.

As these accounts have not been prepared on a consolidated basis, the overall financial position of the Charity, is best understood by aggregating the results of LRL with those of its subsidiaries LBL and LGL. As noted earlier, LGL's held the MRTC site in Manor Road, Lymm, on which planning permission to develop the site was in place. This property was sold, in February 2024 LGL, recording a surplus of £532,000 on the sale, the entirety of which was donated to LRL for investment back into its wider development project.

The principal financial assets of the Charity are its land and property. In November 2020, as part of an exercise for its bankers, Handelsbanken Plc, Savills (UK) Limited undertook a full valuation of the Company's property interests, valuing these at £2.3m. Following this, Handelsbanken agreed to extend the term of its interest only loan to January 2027.


Lymm RFC Limited (Registered number: 10368900)

Report of the Trustees
for the Year Ended 30 June 2024


FINANCIAL REVIEW
Principal funding sources
The Charity's main funding source in the year was from donations, subscriptions, sponsorship income, fund raising events and grants. It is anticipated that these will continue to be the Charity's main sources of income in future periods.

Reserves policy
The entirety of the Charity's reserves will be reinvested into its facilities and supporting its current and future sporting activities. As a company limited by guarantee, LRL has no shareholders and has no means to distribute any surpluses or reserves, a structure which supports these aims and objectives.

The Company has historically predominantly relied on, and will for the foreseeable future rely on, volunteers to organise and execute its fund raising and commercial activities which support the level of charitable activities that are undertaken as well as covering the costs of running the organisation. As these activities continue to grow in scale and complexity, consideration will be given to the desirability of employing an individual committed to sustaining and building these income streams.

Going concern
The Trustees consider that the Charity has sufficient forecast income and available reserves to cover the ongoing activities of the Charity for the foreseeable future.

FUTURE PLANS
For some time, the Trustees have actively pursued plans to develop LRL's clubhouse and further improve playing facilities for its membership and the local community. This continues to be a key objective of the Trustees. As we know only too well, progress in these sorts of significant development projects can be complex and slow. This has especially been the case when the burden falls to a volunteer group to navigate through complex planning and related processes, which the Covid lockdown hindered further. However, progress has been and continues to be made in that:

- In January 2017, the "Walled Garden" area was acquired, thus making available a piece of land that will be a key part in the feasibility of the project.
- In June 2017, planning consent was received from WBC for a project which combined the provision of an AGP and the construction of a new clubhouse in the Walled Garden with some residential development which was necessary to help finance the project.
- In September 2018, the RFU approved the construction of an AGP at Lymm.
- In April 2019, the S106 Agreement with WBC, which legitimised the planning consent, was satisfactorily concluded.
- In May 2019, the construction of the AGP commenced.
- In October 2019, the construction of the AGP was completed, and the pitch handed over to the RFU.
- In December 2019, confirmation was received from WBC that the planning conditions had been met, and the next phase of the development project, which is the building of the first phase of residential properties, could commence.
- In August 2020, the MRTC site was acquired, the development of which will make a valuable contribution to the viability of the overall project.
- In December 2020, the agreement in principle of the LTA was received for the provision of a loan towards the construction of 4 all-weather floodlit tennis courts in the Walled Garden.
- In November 2021, planning approval was received for the development of the MRTC site.
- In February 2023, the agreement with the LTA for a £250,000 10-year interest free loan was completed.
- In March 2023, work commenced on the construction of the new tennis courts.
- In September 2023, the new tennis courts were officially opened.
- In February 2024, the MRTC site was sold.

As with all major property developments careful consideration needs to be given to the range of available options, and how best to fund these, before embarking on a particular plan of action. Gaining an understanding all the available options and how best to proceed is a continual focus of the Trustees. There remain several alternatives under active consideration, each with different funding options, challenges and solutions, time frames and sequence of delivery. It is the Trustees' intention to update the wider membership on the preferred option in due course as further information to assist in that decision becomes available.

Lymm RFC Limited (Registered number: 10368900)

Report of the Trustees
for the Year Ended 30 June 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is controlled by its governing document, a deed of trust, and constitutes a limited Company, limited by guarantee, as defined by the Companies Act 2006.

Charity constitution
The Company is constituted under an Articles of Association and is a registered charity number 1172259.

Organisational structure
The management of the Charity is the responsibility of the Trustees who are elected under the terms of the Articles of Association. All Trustees are volunteers. The Trustees constitute Directors of LRL for the purposes of the Companies Act 2006 and are Trustees of the Charity for the purposes of the Charities Act 2011.

The Executive, which comprises the Chairman, Treasurer and Secretary, make the day-to-day decisions for the Charity but the strategic direction and major decisions are agreed and ratified by the Trustees. The Executive is appointed, or re-appointed, annually by the membership.

Related parties
LBL, which was established on 14th March 2017, is a registered company limited by shares and is a wholly owned subsidiary of LRL. At the end of each financial year LBL will donate an appropriate level of its surplus to LRL.

LGL, which was established on 15th September 2016, is a registered company limited by shares and is a wholly owned subsidiary of LRL. LGL acquired the MRTC site in August 2020 which it sold in February 2024. The surplus on this sale was donated to LRL during the year. Otherwise, LGL has not traded.


Lymm RFC Limited (Registered number: 10368900)

Report of the Trustees
for the Year Ended 30 June 2024


STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The Trustees acknowledge their responsibility to identify, assess and manage risks which they do in conjunction with the Executive. The three main risk areas, together with the steps taken to mitigate these risks are as follows:

Safeguarding

- There is a regularly reviewed safeguarding policy in place.
- All individuals with direct contact with vulnerable adults and children have had appropriate training and DBS checks.
- An appropriately trained and experienced Safeguarding Officer is in place.
- All age groups have multiple coaches and training is delivered by more than one coach.
- Appropriate coach education courses are run and participated in by coaches.

Ability to generate sufficient income

- Over many years, the Charity has built an outstanding record of organising successful fundraising events and delivering other fundraising initiatives. The Charity will continue to organise such events and pursue similar initiatives.
- The Trustees continue to explore opportunities to build incremental revenue streams. In recent years this has resulted in revenue from caravan storage and looking forward, the further utilisation of the Charity's assets to generate incremental revenues are likely to be explored.
- Costs are carefully managed and controlled so that the Company continues to operate within its means.
- There is a focus on building sufficient reserves.

Health and safety

- All training sessions are covered by at least 2 coaches.
- Appropriate first aid training is provided to coaches and/or parent helpers in each age group.
- The clubhouse sites a defibrillator.
- All relevant volunteers are trained to deliver coaching to an appropriate standard.
- A risk assessment is carried out by coaches before coaching begins.
- All activity is carried out in suitable locations for the activity.
- Current laws and regulations are complied with.
- Monitoring and reporting procedures are in place.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
10368900 (England and Wales)

Registered Charity number
1172259

Registered office
c/o Lymm Rugby Footlball Club
Beechwood, Crouchley Lane
Lymm
Cheshire
WA13 0AT


Lymm RFC Limited (Registered number: 10368900)

Report of the Trustees
for the Year Ended 30 June 2024

Trustees
J P Cartwright Retired
A W Leach Partner
D H Simpson Company Director
M J P Pritchard Retired
A J Wright Retired
R J C Johnson Retired

Independent Examiner
Voisey & Co LLP
Chartered Accountants
8 Winmarleigh Street
Warrington
Cheshire
WA1 1JW

Approved by order of the board of trustees on 20 March 2025 and signed on its behalf by:





A W Leach - Trustee

Independent Examiner's Report to the Trustees of
Lymm RFC Limited (Registered number: 10368900)

Independent examiner's report to the trustees of Lymm RFC Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








Hayley Jardine BFP ACA

Voisey & Co LLP
Chartered Accountants
8 Winmarleigh Street
Warrington
Cheshire
WA1 1JW

24 March 2025

Lymm RFC Limited

Statement of Financial Activities
(Incorporating an Income and Expenditure Account)
for the Year Ended 30 June 2024

30.6.24 30.6.23
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 629,903 39,826

Charitable activities 3
Charitable 119,145 89,060

Other income 39,282 65,320
Total 788,330 194,206

EXPENDITURE ON
Charitable activities 4
Charitable 401,973 247,668

NET INCOME/(EXPENDITURE) 386,357 (53,462 )


RECONCILIATION OF FUNDS
Total funds brought forward 1,020,564 1,074,026

TOTAL FUNDS CARRIED FORWARD 1,406,921 1,020,564

Lymm RFC Limited (Registered number: 10368900)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Unrestricted Total
fund funds
Notes £    £   
FIXED ASSETS
Tangible assets 10 2,006,590 1,884,623
Investments 11 5 5
2,006,595 1,884,628

CURRENT ASSETS
Debtors 12 89,005 132,869
Cash at bank 8,855 5,618
97,860 138,487

CREDITORS
Amounts falling due within one year 13 (67,775 ) (169,115 )

NET CURRENT ASSETS 30,085 (30,628 )

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,036,680

1,854,000

CREDITORS
Amounts falling due after more than one year 14 (629,759 ) (833,436 )

NET ASSETS 1,406,921 1,020,564
FUNDS 18
Unrestricted funds 1,406,921 1,020,564
TOTAL FUNDS 1,406,921 1,020,564

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

Lymm RFC Limited (Registered number: 10368900)

Balance Sheet - continued
30 June 2024


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


The financial statements were approved by the Board of Trustees and authorised for issue on 20 March 2025 and were signed on its behalf by:





A W Leach - Trustee





D H Simpson - Trustee

Lymm RFC Limited

Cash Flow Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 366,730 174,778
Interest paid (50,933 ) (34,016 )
Interest element of hire purchase payments
paid

(1,979

)

-
Net cash provided by operating activities 313,818 140,762

Cash flows from investing activities
Purchase of tangible fixed assets (149,492 ) (356,654 )
Net cash used in investing activities (149,492 ) (356,654 )

Cash flows from financing activities
New loans in year 20,821 161,102
Loan repayments in year (216,710 ) (8,335 )
Net cash (used in)/provided by financing activities (195,889 ) 152,767

Change in cash and cash equivalents in the
reporting period

(31,563

)

(63,125

)
Cash and cash equivalents at the beginning
of the reporting period

2

5,618

68,743
Cash and cash equivalents at the end of the
reporting period

2

(25,945

)

5,618

Lymm RFC Limited

Notes to the Cash Flow Statement
for the Year Ended 30 June 2024

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING
ACTIVITIES
30.6.24 30.6.23
£    £   
Net income/(expenditure) for the reporting period (as per the Statement
of Financial Activities)

386,357

(53,462

)
Adjustments for:
Depreciation charges 27,526 13,976
Interest paid 50,933 34,016
Interest element of hire purchase and finance lease rental payments 1,979 -
New loans - 86,269
Amounts due from group undertakings 33,274 (33,064 )
Decrease/(increase) in debtors 10,590 (15,812 )
(Decrease)/increase in creditors (143,929 ) 142,855
Net cash provided by operations 366,730 174,778

2. ANALYSIS OF CASH AND CASH EQUIVALENTS
30.6.24 30.6.23
£    £   
Notice deposits (less than 3 months) 8,855 5,618
Overdrafts included in bank loans and overdrafts falling due within one year (34,800 ) -
Total cash and cash equivalents (25,945 ) 5,618



3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank 5,618 3,237 8,855
Bank overdraft - (34,800 ) (34,800 )
5,618 (31,563 ) (25,945 )

Debt
Finance leases - (20,821 ) (20,821 )
Debts falling due within 1 year (8,314 ) 3,075 (5,239 )
Debts falling due after 1 year (833,436 ) 213,635 (619,801 )
(841,750 ) 195,889 (645,861 )
Total (836,132 ) 164,326 (671,806 )

Lymm RFC Limited

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

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 £.

The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A.

Preparation of consolidated financial statements
The financial statements contain information about Lymm RFC Limited as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donations, are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants,is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
Interest received is recognised when receivable and the amount can be measured reliably by the charity.


Lymm RFC Limited

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

1. ACCOUNTING POLICIES - continued

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Governance costs
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees.

Support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities.Support costs include back office costs, finance, personnel, payroll and governance costs which support the Charity's core activities

Tangible fixed assets
Tangible fixed assets are initially recorded at cost and subsequently stated at cost less accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less and subsequent accumulated depreciation and subsequent accumulated impairment losses.

Freehold property2% Straight line
Landnil
Plant and machinery20% Reducing balance
Computer equipment20% Reducing balance

The freehold land and property includes land and buildings, of which the historic building cost is negligible and in addition includes the continuing development costs of the new club house and facilities, which on completion will be depreciated.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Financial instruments
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent
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.


Lymm RFC Limited

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

1. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's statement of financial position 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 net 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 costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the Statement of Financial Activities, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its 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 receipts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.


Lymm RFC Limited

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. DONATIONS AND LEGACIES
30.6.24 30.6.23
£    £   
Donations 629,903 39,826

3. INCOME FROM CHARITABLE ACTIVITIES
30.6.24 30.6.23
Activity £    £   
Rugby senior subscriptions Charitable 30,492 25,376
Rugby mini's and junior
subscriptions


Charitable

57,571

40,743
Tennis income Charitable 16,168 4,121
AGP income Charitable 14,914 18,820
119,145 89,060

4. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 5) Totals
£    £    £   
Charitable 210,891 191,082 401,973

5. SUPPORT COSTS
Governance
Management Finance Other costs Totals
£    £    £    £    £   
Charitable 126,430 3,880 50,933 9,839 191,082

6. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

30.6.24 30.6.23
£    £   
Depreciation - owned assets 27,525 13,977


Lymm RFC Limited

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. INDEPENDENT EXAMINER REMUNERATION

Fees payable to the charity's Independent Examiner are £3,675 (2023: £3,675).

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits paid for neither the year ended 30th June 2024 nor 30th June 2023.

Trustees' expenses

There were no trustees' expenses paid for neither the year ended 30th June 2024 nor 30th June 2023.

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£   
INCOME AND ENDOWMENTS FROM
Donations and legacies 39,826

Charitable activities
Charitable 89,060

Other income 65,320
Total 194,206

EXPENDITURE ON
Charitable activities
Charitable 247,668

NET INCOME/(EXPENDITURE) (53,462 )


RECONCILIATION OF FUNDS
Total funds brought forward 1,074,026

TOTAL FUNDS CARRIED FORWARD 1,020,564


Lymm RFC Limited

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

10. TANGIBLE FIXED ASSETS
Freehold Fixtures
land and Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 1,827,318 119,520 2,818 4,851 1,954,507
Additions 125,904 16,123 - 7,465 149,492
At 30 June 2024 1,953,222 135,643 2,818 12,316 2,103,999
DEPRECIATION
At 1 July 2023 - 66,224 509 3,151 69,884
Charge for year 12,700 11,971 563 2,291 27,525
At 30 June 2024 12,700 78,195 1,072 5,442 97,409
NET BOOK VALUE
At 30 June 2024 1,940,522 57,448 1,746 6,874 2,006,590
At 30 June 2023 1,827,318 53,296 2,309 1,700 1,884,623

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST LESS IMPAIRMENT
At 1 July 2023 and 30 June 2024 5
NET BOOK VALUE
At 30 June 2024 5
At 30 June 2023 5

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

Lymm Beechwood Limited
Registered office: Beechwood, Crouchley Lane, Lymm, Cheshire, WA13 0AT
Nature of business: Sports and recreation club trading activities
%
Class of share: holding
Ordinary £1 100
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 4 4

Lymm RFC Limited

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

11. FIXED ASSET INVESTMENTS - continued


30.06.2430.06.23
££

Turnover303,114294,651
Other Income140,44951,890
Cost of Sales(267,555)(212,857)
Administration expenses(174,439)(132,387)
Finance costs(1,569)(1,297)
Net profit/(loss) for the year00

Represented by:
Assets75,232 82,168
Liabilities(75,228)(82,164)

Lymm Garden Limited
Registered office: Beechwood, Crouchley Lane, Lymm, England, WA13 0AT
Nature of business: Investment of Land and Buildings
%
Class of share: holding
Ordinary £1 100
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 1 1
Loss for the year (1 ) -

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 22,158 9,051
Amounts owed by group undertakings 61,545 94,819
Other debtors - 3,667
VAT 5,302 23,754
Prepayments and accrued income - 1,578
89,005 132,869


Lymm RFC Limited

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts (see note 15) 34,800 -
Other loans (see note 15) 5,239 8,314
Hire purchase (see note 16) 10,863 -
Trade creditors 752 155,325
Other creditors 10,941 -
Accrued expenses 5,180 5,476
67,775 169,115

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans (see note 15) 325,000 546,264
Other loans (see note 15) 294,801 287,172
Hire purchase (see note 16) 9,958 -
629,759 833,436

15. LOANS

The terms of the bank loans are:



Handelsbanken RFU Loan LTA Loan

Commencement Date 07/02/2022 01/06/2022 01/03/2023
Loan Term 5 years 10 years 10 years
Interest Rate 2.75% over SONIA 2% Nil%
Interest Payment Date Quarterly Monthly -
Interest Only Period 5 years 2 years -


Repayment


In full on maturity

Monthly over 8 years
from June 2024
8 equal annual
instalments from
August 2025
















Lymm RFC Limited

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

15. LOANS - continued




16. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30.6.24 30.6.23
£    £   
Gross obligations repayable:
Within one year 12,800 -
Between one and five years 11,691 -
24,491 -

Finance charges repayable:
Within one year 1,937 -
Between one and five years 1,733 -
3,670 -

Net obligations repayable:
Within one year 10,863 -
Between one and five years 9,958 -
20,821 -

17. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Bank loans 325,000 546,264

The bank loan is secured by way of a fixed charge held over the Clubhouse and the immediately adjacent land.

Other loans, includes a loan from the Lawn Tennis Association, which is secured by way of a fixed charge held over the land occupied by the new tennis courts.


Lymm RFC Limited

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

18. MOVEMENT IN FUNDS
Net
movement At
At 1.7.23 in funds 30.6.24
£    £    £   
Unrestricted funds
General fund 1,020,564 386,357 1,406,921

TOTAL FUNDS 1,020,564 386,357 1,406,921

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 788,330 (401,973 ) 386,357

TOTAL FUNDS 788,330 (401,973 ) 386,357


Comparatives for movement in funds

Net
movement At
At 1.7.22 in funds 30.6.23
£    £    £   
Unrestricted funds
General fund 1,074,026 (53,462 ) 1,020,564

TOTAL FUNDS 1,074,026 (53,462 ) 1,020,564

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 194,206 (247,668 ) (53,462 )

TOTAL FUNDS 194,206 (247,668 ) (53,462 )


Lymm RFC Limited

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

19. RELATED PARTY DISCLOSURES

Lymm Beechwood Limited

Lymm Beechwood Limited is a wholly owned subsidiary of Lymm RFC Limited.

A donation of £nil (2023: £nil) was received from Lymm Beechwood Limited. Recharges of salaries and establishment costs totalling £141,614 (2023: £54,829) were paid to Lymm Beechwood Limited during the year.

At the year end there was an amount due from Lymm Beechwood Limited of £61,545 (2023: £57,380).

Lymm Garden Limited

Lymm Garden Limited is a wholly owned subsidiary of Lymm RFC Limited.

During the year a donation of £532,472 was received from Lymm Garden Limited.

At the year end there was an amount due from Lymm Garden Limited of £nil (2023: £37,439).

D H Simpson

During the year D H Simpson (Trustee) made loan advances to Lymm RFC Limited totalling £20,000, this was repaid on 15th March 2024. There were no formal terms and conditions, no interest was paid in relation to the loan.

D H Simpson has provided a guarantee to secure the bank loan to the value of £20,000 plus interest and costs.

A W Leach

During the year A W Leach (Trustee) made loan advances to Lymm RFC Limited totalling £78,000, this was repaid on 15th March 2024. There were no formal terms and conditions, no interest was paid in relation to the loan.

A W Leach has provided a guarantee to secure the bank loan to the value of £15,000 plus interest and costs.

20. MEMBERS LIABILITIES

The charity does not have share capital and is limited by guarantee. In the event of the charity being wound up, the maximum amount each member (subscriber to the Memorandum of Association) is liable to contribute is £1. There were 4 such members at 30th June 2024.