The directors present the strategic report for the year ended 31 March 2021.
The main activity of Commonwealth Games England (‘CGE’ and/or ‘the Company’) is to organise and manage the participation of the best possible team of athletes as Team England at the Commonwealth Games (‘the Games’) and the Commonwealth Youth Games (‘Youth Games’). In doing this, CGE works closely with each sport’s National Governing Body (NGB), Sport England (‘SE’), the Commonwealth Games Federation (‘CGF’) and the Games’ Organising Committee (‘OC’).
Purpose, Strategy and Values
CGE is established for the purposes expressed in the Memorandum of Association. Our Board of Directors (‘Board’) sets the strategy. The strategy for the current cycle, up to the Birmingham Games in 2022, was published in 2016 and can be found on our website.
The strategy consists of three priorities:
1. Deliver Team England success at the Games and Youth Games
2. Be one of the most effective, respected, best governed and well managed sports associations in
England and the Commonwealth
3. To deliver a successful multi-Games funding model
Our Board continually monitors progress against strategy.
Our vision is :- "T o empower our athletes’ success and inspire personal achievement through the power of sport " .
Our values are:
Performance
Respect
Inspiration
Diversity
Excellence
Business review
Typically, the Games are held every 4 years and therefore the Company operates on a cycle covering 4 financial years which includes 1 Games and 1 Youth Games. As each Games approaches Company activity increases, culminating in an intense period during the year of the Games. The Company therefore has an asymmetric profile of income and expenditure over each 4-year cycle.
The current cycle runs to 31 March 2023 and will include the Birmingham 2022 Games taking place from 28 July to 8 August 2022. CGE, as host Commonwealth Games Association (‘CGA’) for the third ever time and the first occasion since 2002, is playing a key role assisting the OC and other Games delivery partners in the planning for the Games. The 2022 event, with 19 competing sports and up to 4,500 athletes, is set to have the largest ever female and para-sport programme in Games history. The Team England size is expected to be about 650 accredited athletes and team members.
Several members of CGE’s Executive Team serve on various committees and Boards created for planning and operational delivery purposes in the lead up to the Games. Two of our Directors, Ian Metcalfe and Simon Ball, are members of the Board of the Birmingham OC and Ian Metcalfe is also a member of the Executive Board of the CGF.
A delay to the start of the 2022 Games by a day has been confirmed due to the significant impact on the international sporting calendar caused by COVID-19. This delay is not expected to have any impact on CGE’s preparation and planning for the Games. However, the Youth Games expected to be held in July 2021 in Trinidad and Tobago has been postponed. For the current cycle, income was generated upfront before the cycle had commenced. As host CGA, we sold our marketing rights to the OC in December 2017 and the rights income of £9.15m was recognised in full in the 2018 accounts. We are therefore in a strong financial position and are fully funded for this cycle.
From a cost perspective, non-Games operational costs for the year were comparable to the previous year. During the period, the Company was not part of the UK Government’s Coronavirus Job Retention Scheme. No staff have been furloughed during the pandemic and the Company has continued to recruit and induct new staff into a remote working model.
2020/21 represented the second complete year of the cycle with the Company making good progress in its preparation and planning for the participation of Team England at the Games despite the challenges posed by COVID-19 (see below) and the delay to the Tokyo 2020 Olympic and Paralympic Games.
Games planning and delivery preparations remained on track, in line with operational and budget expectations. Relationships with all key stakeholders, particularly member National Governing Bodies, Sport England and the OC have remained strong, and the executive team have also been involved with both the British Olympic Association and British Paralympic Association, in supporting their Tokyo preparations.
The Commonwealth Games England Athletes Advisory Group (AAG) was created in 2020 and is composed of eight athletes who have a plethora of major multi-sport Games experience and are from a broad range of Commonwealth sports and diverse backgrounds. The group was formed to provide athlete centred and performance driven input on topics such as the Birmingham Ready athlete education programme, kit design and development as well as the Team Members Agreement, all critical elements of the Games planning programme
In terms of strategic projects, it was the second year of the Sir John Hanson Young Talent Scholarship which provides funding and support for five young athletes in their journeys to strive to compete for Team England at the 2022 Commonwealth Games in Birmingham. Northumberland-based triathlete, Daniel Dixon became the latest Hanson scholar in February 2021.
The Reporting Period also saw the launch of the Team England Futures programme which is supported by Sport England and has the charity SportsAid as our delivery partner. The programme will see young athletes and aspiring team support staff provided with unique experiences and insights into a multi-sport, major Games environment. This initiative is likely to be one of the key sporting legacy programmes from B2022. After the Reporting Period, Sport England has announced additional investment into the programme.
As stated above, this summer most of the team are involved in preparations, in some capacity, for this year’s Olympics and Paralympics working alongside the British Olympic Association (BOA) and or the British Paralympics Associations (BPA). Our involvement has comprised assisting the BOA kitting out programme and supporting the BOA communication programme in the UK. Most team members have also supported both organisations in the UK with either kitting out or arrivals and departures operational activity. This is excellent first-hand experience for the team.
Response to COVID-19 Actions
Throughout the COVID-19 pandemic staff have continued to work effectively from home and where possible, in more recent times, the team has commenced outdoor face to face meetings subject to negative lateral flow test results and the prevailing government guidelines at the time.
The team has engaged in several online team-based motivational activities and many of the staff have become trained Mental Health First Aiders.
Key performance indicators
The company reports on its key performance indicators at the end of each cycle.
Annual Governance Statement
We are subject to the Code for Sports Governance (the “Code”) and are committed to the principles of good governance.
This statement provides our stakeholders, members, supporters and sponsors with an annual report on our governance performance and is made in accordance with the Code for the period from 1st April 2020 to 31st March 2021 (the ‘Reporting Period’).
Governance Structure
CGE is a Company limited by guarantee with Company Registration Number 01616941. Our governing documents, consisting of our Articles of Association are published on our website.
Board
Role
Our Board is collectively responsible for the long-term success of the Company and is exclusively vested with the power to lead it. Ian Metcalfe, as Chair, is responsible for the leadership of the Board. Our Board is the ultimate decision-making body and exercises all of the powers of CGE other than those specifically allocated to other persons under either legislation or the Articles of Association. It is responsible for setting our strategy and providing oversight of executive action but maintains a clear division between its management and oversight role and the executive’s operational role.
Our President is Denise Lewis OBE who joined the Company in 2016. Denise attends Board meetings, is invited to the Remuneration, Nominations and Governance Committee when appropriate and is Chair of the AAG.
Meetings and Key Decisions
Our Board meets a minimum of 4 times a year and on an ad hoc basis where required. The table below sets out the meetings held in the Reporting Period and summarises the key decisions taken. Minutes for all our Board meetings are published on our website.
No. |
Board meeting description |
Date |
Key Decisions |
1 |
Additional Board Meeting |
6 th April 2020 |
Organisational response to COVID-19 |
2 |
Regular Meeting |
10 th June 2020 |
Reduction of NGB contributions to Games Costs |
3 |
Regular Meeting |
15 th September 2020 |
Approval of 2019/20 statutory accounts and signing of letter of representation |
4 |
Regular Meeting |
8 th December 2020 |
Approval of 2020/21 re-forecasted budget Approval of support to Sport England in the financial administration of its Medal Preparation Funding Award |
5 |
Regular Meeting |
29 th January 2021 |
Establishment of a Diversity and Inclusion working group |
6 |
Additional Board Meeting |
19 th March 2021 |
Approval of NomCo recommendation to appoint John Steele and Diane Modahl as Directors to the Board |
7 |
Regular Meeting |
24 th March 2021 |
Approval of 2021-22 organisational budget |
The Company holds an Annual General Meeting (‘AGM’). Last year, with the pandemic preventing the staging of in person events, the AGM was postponed to February 2021 and held in virtual format for the first ever time. It was attended by 15 of our member NGBs. The auditors, UHY Hacker Young LLP were re-appointed by the members at the meeting. A Special Resolution to change the Articles of Association, to allow CGE to convene virtual or electronic general meetings in the future, was also approved.
Minutes of recent AGMs are available on our website while a recording of the 2020 AGM is also available.
Composition
At the end of the Reporting Period, our Board had eleven directors, ten of whom are non-executive directors (‘NEDs’). Our Chair is Ian Metcalfe and our Senior Independent Director is Simon Ball. Paul Blanchard, Chief Executive Officer (‘CEO’), is appointed in an Ex Officio capacity.
All appointments to our Board are proposed by the Remuneration, Nominations and Corporate Governance Committee ('NomCo') and are made on merit in line with the skills required by our Board.
The following persons served as our Board members during the Reporting Period:
Name |
Role description |
Date joined or left the Board (if applicable) |
Board meetings attended
Out of 7 |
Audit and Finance Committee
Out of 5 |
Commercial and Communications Committee
Out of 5 |
Sports Committee
Out of 5 |
Remuneration, Nominations and Governance Committee (‘Nomco’)
Out of 8 |
I R Metalfe |
Chairman |
|
7 |
|
|
|
8 |
A Agbeze |
|
Appointed: 22 April 2020 Resigned: 15 Feb 2021 |
5 |
|
|
4 |
|
S P Ball |
Senior Independent Director |
|
7 |
5 |
|
|
8 |
P J Blanchard |
Chief Executive Officer |
|
7 |
5
|
5 |
5 |
|
D M Bushell |
|
|
7 |
|
5 |
|
|
A Jawad (*) |
|
|
4 |
|
|
2 |
|
D A Munday (Newbery) |
|
|
5 |
|
|
5 |
|
Name |
Role description |
Date joined or left the Board (if applicable) |
Board meetings attended
Out of 7 |
Audit and Finance Committee
Out of 5 |
Commercial and Communications Committee
Out of 5 |
Sports Committee
Out of 5 |
Remuneration, Nominations and Governance Committee (‘Nomco’)
Out of 8 |
C D Simpson |
Chair of Audit & Finance Committee |
|
7 |
5 |
|
|
7 |
Rt Hon Dame C A Spelman (+) |
|
|
7 |
|
|
|
3 |
N K Walker |
Chair of Sports Committee |
|
7 |
|
|
5 |
7 |
A Willmott (*) |
|
Appointed 22 April 2020 |
5 |
|
|
4 |
|
J A Zaremba (Ashmore) |
Chair of Commercial & Communications Committee |
|
7 |
|
5 |
|
8 |
Composition (continued)
Aimee Willmott and Ama Agbeze MBE were appointed as NEDs on the 22nd of April 2020 and served as members of the Sports Committee. Ama Agbeze resigned from the Board on the 15 th of February 2021, stepping down to take up a role as a DCMS appointed Independent Director on the Birmingham Organising Committee of the 2022 Commonwealth Games Limited.
After the Reporting Period, John Steele and Diane Modahl were both appointed as NEDs from the 1 st of May 2021.
Board Evaluation
Lorraine Young Board Advisory Services undertook an external and independent board effectiveness review in May 2019. Lorraine attended the June 2020 board meeting in order to review progress made since her report had been published 12 months earlier. Her feedback was that we had made excellent progress on the governance action plan that had been developed following the report.
In the Reporting Period, our Chair Ian Metcalfe undertook an evaluation of the performance of each individual NED while Simon Ball, as Senior Independent Director, led the process to assess the performance of the Chair.
Committees reporting to the Board
Our Board has established the following Committees, which report directly to the Board. Each Committee has clear Terms of Reference which identify its responsibilities and any powers delegated to it by the Board.
Audit and Finance Committee
Members: Chris Simpson (Chair) and Simon Ball
Role: Established to support the Board in its responsibilities for issues of ensuring the adequacy of the Company’s financial reporting, risk management and internal controls.
Delegated Powers: None; advisory responsibilities to Board
Meetings in the Reporting Period: 5
Commercial and Communications Committee
Members: Jenny Ashmore (Chair) and Delia Bushell
Role: Established to support the Board in its responsibilities for overseeing the Company’s commercial and communications strategies and plans
Delegated Powers: None; advisory responsibilities to Board
Meetings in the Reporting Period: 5
Sports Committee
Members: Nigel Walker OBE (Chair), Dawn Newbery, Aimee Willmott, and Ali Jawad MBE
Role: Established to support the Board in its responsibilities for overseeing the Company’s strategy for preparing the best possible Team England for the Games and the Youth Games.
Delegated Powers: None; advisory responsibilities to Board
Meetings in the Reporting Period: 5
Remuneration, Nominations and Corporate Governance Committee
Members: Ian Metcalfe (Chair, unless conflicted), Simon Ball, Chris Simpson, Jenny Ashmore and Nigel Walker OBE with the Rt Hon Dame Caroline Spellman invited as a member of the Chair Succession Committee.
Role: Established to lead the processes for Remuneration, Nominations and Corporate Governance on behalf of the Board
Delegated Powers: Approval of starting salaries for staff over £70,000, any special awards/bonuses, remuneration matters for the Chair and Chief Executive Officer and leading the process for Board appointments. The committee also oversees CGE’s adherence with the Code. Otherwise, the committee has advisory responsibilities to the Board.
Meetings in the Reporting Period: 8
Risk management and controls
We have agreed a Risk Management Policy to ensure that effective processes are in place to track and report on existing and emerging risks which could affect the Company’s ability to meet its Strategic Objectives and/or cause damage to the Company or its stakeholders. The objective is to support better decision making and management of risk through a comprehensive understanding of risks and their likely impact.
Our Board is responsible for risk management and internal controls. Our Chief Executive Officer and our Executive Management Team are responsible for identifying and reviewing the risks to the Company and reporting these to the Audit and Finance Committee and the Board in the form of two Risk Registers (Organisational and Games specific). By their very nature Risk Registers are ‘living documents’ and are continually edited and updated. Controls and actions are put in place to mitigate these identified risks as far as is possible and practical, consisting of processes built around the Risk Registers, external professional advice and insurance where appropriate.
Principal risks and uncertainties
The Company’s principal risks and uncertainties which the Board monitored in the year are summarised below:
Strategic |
Risk that a host for the 2026 Games is not found by the CGF threatening funding and the long-term viability of the Company. |
Financial |
A surge in COVID-19 might potentially result in the cancellation of the Birmingham 2022 Games. From an operational cost perspective, this risk is minimised to a certain extent. Many anticipated Company committed costs only require full payment in the weeks leading up to the scheduled Games dates (such as the use of deposit payments to secure hotel bookings). |
Reputational |
Reputational and legal risk to CGE from Team member behaviour and activity in the lead up to and during the Games is mitigated through the Team Member Agreement. This is an agreement which all athletes and official team members are requested to sign and comply with. |
Cyber Risk |
Financial loss or damage to CGE’s reputation resulting from the failure of our information systems through a cyber-attack or breach. To minimise this risk we have achieved and now maintain Cyber Essentials Plus certification through the UK government scheme which is supported by the National Cyber Security Centre (NCSC). |
This list aims to capture the principal risks which could possibly impact the Company. Risks identified should not necessarily be considered likely to occur or that the Company considers them likely to occur.
At the start of the pandemic, an additional Board meeting was held in April 2020 to determine the risks to the Company from the pandemic and the impact from the postponement of the Tokyo Olympics and Paralympics to 2021. The impact of the COVID-19 pandemic has required us to consider both the specific challenges arising from the virus as well as the wider impact on the existing risks being managed by the Company. The table below summarises the key actions taken by the organisation in response to the pandemic.
Staff wellbeing |
The Company has required that its staff work from home since the pandemic started. The Company’s existing IT infrastructure meant that it was well placed to support staff with these changed arrangements with all staff being provided with a laptop, home office equipment and access to a secure video conferencing platform. As stated elsewhere staff have engaged in several online team-based motivational activities. |
Games delivery |
The Company has sought to maintain a business-as-usual approach to its Games operational delivery. |
Assessment of internal controls
Our Board has conducted a review of the effectiveness of the Company’s risk management and internal control systems and is satisfied that they provide reasonable assurance. The auditors UHY Hacker Young issued an unqualified audit opinion for the Reporting Period and did not identify any significant or minor deficiencies in internal control during the 2021 audit.
Governance Framework
We are committed to the Code and having achieved compliance with the Code in 2019, we have put in place measures to ensure we continue to develop strong governance practices and procedures. The Remuneration, Nominations and Corporate Governance sub-committee of our Board oversees these measures.
Confirmation of ongoing compliance
CGE has communicated openly with SE throughout the Reporting Period, and our Board has the view that CGE has maintained its status of compliance with the Code.
Treasury Management
Our Board has taken the decision to hold reserves in cash or cash equivalents and expects to do so throughout the cycle.
Related parties
Directors I R Metcalfe and S P Ball are members of the Board of the Birmingham Organising Committee of the 2022 Commonwealth Games Limited, which is an executive non-departmental body, sponsored by the Department for Digital, Culture, Media and Sport. Both were appointed on 6 September 2018.
Director I R Metcalfe was appointed to the Executive Board of the CGF, on 3rd September 2019, as a Birmingham 2022 representative.
CEO and Executive Team
The CEO is responsible for the operational implementation of the strategy and manages the Executive Team which consists of 5 direct reports.
In the Reporting Period the total Remuneration paid to the Executive Team, inclusive of employer national insurance contributions and pension payments, was £563,177 (2020: £558,734).
At the end of the Reporting Period, CGE had 13 full time staff and 1 paid internship role. The organisational structure is expected to grow marginally in the lead up to the Games.
Staff Survey
Our Board acknowledges its duties to employees both under the Companies Act (2016) and the Code and conducted its fourth annual staff survey in February 2021. The latest survey consisted of 31 statements across six focus areas with staff being asked to give a response based on a 5-point scale (from Strongly Disagree scoring 1 point to Strongly Agree scoring 5). This year questions were added to evaluate organisational effectiveness in response to the challenges of COVID-19 and remote working. The six focus areas are:
The Organisation
The Board and Executive Leadership
Management
Job satisfaction
Pay and development
Organisational response to COVID-19 (new)
In general, the latest results were positive with all areas showing an improvement over the previous survey. The average scores in each area above ranged from a low of 3.98 to a high of 4.62. (2020: ranged from a low of 3.85 to a high of 4.46)
Complaints/whistleblowing
We have a Complaints policy and a formal whistleblowing procedure. In the Reporting Period there were no complaints and no reports of whistleblowing.
The directors present their annual report and financial statements for the year ended 31 March 2021.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The results for the year are set out on page 18.
In accordance with the company's articles, a resolution proposing that UHY Hacker Young be reappointed as auditor of the company will be put at a General Meeting.
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit :
the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements ; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements , the directors are responsible for assessing the company ' s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements .
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below :
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence ;
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and from our knowledge of the sector; and
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we made:
enquiries of management and those charged with governance around actual and potential litigation and claims;
enquiries of management to identify any instances of non-compliance with laws and regulations;
reviewed minutes of meetings of those charged with governance;
reviewed internal audit reports;
reviewed financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness,
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
The income and expenditure account has been prepared on the basis that all operations are continuing operations.
Commonwealth Games England is a private company limited by guarantee incorporated in England and Wales . The registered office is 5th Floor Holborn Tower, 137-144 High Holborn, London, WC1V 6PL.
The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
Income and expenses are included in the financial statements as they become receivable or due.
Sponsorship is recognised once a signed agreement is in place. Sport England Grant income is recognised in line with the signed agreement in place. The timing of cash receipts may be different from the income recognition date.
The value of donated services and gifts in kind provided to the company are recognised at their open market value in the period in which they are receivable, where the benefit to the company can be reliably measured.
Expenses are recognised net of VAT and trade discounts.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit .
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs .
Other financial assets, including investments in equity instruments 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 surplus or deficit.
Basic financial liabilities, including creditors are initially recognised at transaction price . Financial liabilities classified as payable within one year are not amortised.
The company has obtained exemption from paying corporation tax on all trading income as the company does not carry on a trade for the purpose of making a profit. Corporation tax is payable on interest income received and profit on disposal of investments.
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 from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.
The Directors do not believe there are any material judgements or estimates required in these financial statements.
The average monthly number of persons (including 2 remunerated directors) employed by the company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2020 - 1).
Investment income includes the following:
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
Included within financial assets measured at amortised cost is cash at bank and in hand, sale of commercial rights instalments and trade debtors.
Included within financial assets measured at fair value through surplus or deficit is investments (excluding cash held with the broker).
Included within financial liabilities measured at amortised cost is trade creditors, accruals and deferred income.
The sale of commercial rights instalments includes £915,000 (2020 - £915,000) which is due from the sale of the company’s marketing rights relating to the 2022 Commonwealth Games.
The company administer s a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
As stated in last year's accounts, HMRC and the Company are in discussions regarding the Company’s VAT status. These discussions are continuing and, in the absence of any quantified claims from HMRC and having taken expert technical advice, the directors are making no provision at this time for any potential resultant liability.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The employment cost of key management personnel includes 1 (2020 - 1) remunerated executive director and 5 (2020 - 5) employees as follows.
I R Metcalfe is a Non-executive Board member of the Commonwealth Games Federation (CGF). During the period there were no payments to the CGF. The Company is in receipt of £21,040 (2020: £6,370) from the CGF comprising three grant award payments.
I R Metcalfe and S P Ball are both Non-executive Directors at the Birmingham Organising Committee for the 2022 Commonwealth Games Limited (‘OC’). During the period, the Company did not make any payments to the OC. CGE received £7,956 (2020: £7,598) from the OC relating to the reimbursement for athlete appearances arranged by the Company.
The analysis of public and other income and its application in 2020/21 is as follows:
April 2020 to 31 March 2021