REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
Lymm RFC Limited |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
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 |
Registered Charity number |
Registered office |
Lymm RFC Limited (Registered number: 10368900) |
Report of the Trustees |
for the Year Ended 30 June 2024 |
Trustees |
Independent Examiner |
Voisey & Co LLP |
Chartered Accountants |
8 Winmarleigh Street |
Warrington |
Cheshire |
WA1 1JW |
Approved by order of the board of trustees on |
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 |
Charitable activities | 3 |
Other income |
Total |
EXPENDITURE ON |
Charitable activities | 4 |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 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 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) |
NET CURRENT ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 14 | ( |
) | ( |
) |
NET ASSETS |
FUNDS | 18 |
Unrestricted funds | 1,020,564 |
TOTAL FUNDS | 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 |
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 property | 2% Straight line |
Land | nil |
Plant and machinery | 20% Reducing balance |
Computer equipment | 20% 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 |
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 |
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 |
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 |
Charitable activities |
Other income |
Total |
EXPENDITURE ON |
Charitable activities |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
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 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
11. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST LESS IMPAIRMENT |
At 1 July 2023 and 30 June 2024 |
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: |
Registered office: Beechwood, Crouchley Lane, Lymm, Cheshire, WA13 0AT |
Nature of business: Sports and recreation club trading activities |
% |
Class of share: | holding |
£ | £ |
Aggregate capital and reserves |
Lymm RFC Limited |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
30.06.24 | 30.06.23 |
£ | £ |
Turnover | 303,114 | 294,651 |
Other Income | 140,449 | 51,890 |
Cost of Sales | (267,555 | ) | (212,857 | ) |
Administration expenses | (174,439 | ) | (132,387 | ) |
Finance costs | (1,569 | ) | (1,297 | ) |
Net profit/(loss) for the year | 0 | 0 |
Represented by: |
Assets | 75,232 | 82,168 |
Liabilities | (75,228 | ) | (82,164 | ) |
Registered office: Beechwood, Crouchley Lane, Lymm, England, WA13 0AT |
Nature of business: Investment of Land and Buildings |
% |
Class of share: | holding |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments and accrued income |
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) |
Other loans (see note 15) |
Hire purchase (see note 16) | 10,863 | - |
Trade creditors |
Other creditors |
Accrued expenses |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans (see note 15) |
Other loans (see note 15) | 287,172 |
Hire purchase (see note 16) | 9,958 | - |
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 |
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 | 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 | ( |
) | 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. |