2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS


In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the Association’s accounting policies and the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.


Key areas subject to judgement and estimation are as follows:


(a) Investment property The Association carries its investment property at fair value, with changes in fair value being recognised in the Statement of Comprehensive Income. The property is a mixed use property and has been separated between tangible fixed assets and investment property as the directors consider that its value can be measured reliably. The property was last professionally valued as at 31st March 2020 and the fair value of the investment property has been estimated as an apportionment of that valuation. Management have reviewed factors for impairment in light of Covid-19 and determined that no impairment is considered appropriate.


(b) Defined benefit pension scheme The Association has obligations to pay pension benefits under a defined benefit pension scheme. The cost of these benefits and the present value of the obligation depend on a number of factors including: life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. The directors, in consultation with the scheme’s actuary agree the key factors and estimates that determine the net pension obligation in the Statement of Financial Position on the basis of historical experience and current trends.


In accordance with the Statement of Investment Principles, the pension scheme is invested in a number of different funds including one that owns commercial property. The trustees consider these investments to be long term in nature and it can be expected over the life of the investment for their to be some periods of turbulence but the trustees have confidence in the future investment performance of this fund. Due to the restrictions imposed as a result of Covid-19 there are some difficulties in valuing this investment, however management consider that no impairment is required.


3. REVENUE


Revenue is derived from the following sources: Subscriptions


Sales of goods and services Events and coaching


UK Sport grants receivable


Sports Council grants receivable Other income, grants and donations


Revenue is derived from the following geographical locations: United Kingdom Europe


Rest of the World


2020 £


4,959,123 6,853,649 1,376,930 5,904,398 1,769,154 155,989


21,019,243


18,243,496 1,946,350 829,397


21,019,243


4. DIRECT EXPENDITURE Membership services and promotion Costs of goods and services sold Events and coaching


UK Sport grants disbursed Sports Council grants disbursed Other grants and donations directly disbursed 19 ANNUAL REPORT AND ACCOUNTS 2020


2020 £


1,958,320 2,871,919 2,251,470 5,904,398 1,769,154 50,346


14,805,607


2019 £


4,997,083 6,893,063 1,382,762 5,777,133 1,844,758 114,366


21,009,165


18,241,501 1,972,694 794,970


21,009,165


2019 £


1,495,179 2,968,491 2,306,576 5,777,133 1,844,758 35,712


14,427,849


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