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COMPANY REGISTRATION NUMBER: 10768742
CHARITY REGISTRATION NUMBER: 1174446
Lakeland Rowing Club
Company Limited by Guarantee
Unaudited Financial Statements
31 December 2023
Lakeland Rowing Club
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2023
Page
Directors' annual report (incorporating the director's report)
1
Statement of financial activities (including income and expenditure account)
3
Statement of financial position
4
Notes to the financial statements
6
Lakeland Rowing Club
Company Limited by Guarantee
Directors' Annual Report (Incorporating the Director's Report)
Year ended 31 December 2023
The directors, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Reference and administrative details
Registered charity name
Lakeland Rowing Club
Charity registration number
1174446
Company registration number
10768742
Principal office and registered
Bridge End Farm
office
Ullock
Workington
CA14 4TP
The directors
J A McCumiskey
A M Morgan
D Pratt
P R Eldridge
(Appointed 6 March 2023)
Company secretary
M F Hammond
Accountants
Saint & Co
Chartered Accountants
Unit 7B Lakeland Business Park
Cockermouth
Cumbria
CA13 0QT
Structure, governance and management
The day to day activities of the Company are managed by a committee which is formed as a subcommittee of the Board and is made up of Board members and elected members. The terms of reference are set by the Board and matters reserved to the board are set out in the terms of reference.
Objectives and activities
The club objectives are the promotion of community participation in healthy recreation in particular by the provision of facilities for the sport of rowing. The Clubs activities are the provision of facilities, equipment and coaching and competition support for members of the club and it makes recreational sport, in particular rowing available to members of the community.
Achievements and performance
This year we continued to attract new members to both adult and junior sections through a successful learn to row season, and enjoyed significant success in the racing calendar.
A bursary has been established to support members in financial difficulty.
Financial review
The committee are satisfied with the club's financial performance, especially after completing the major new site build.
Plans for future periods
The Club future plans are aimed at increasing access to rowing for as wide a range of people as is possible, to continue to encourage young people to take up the sport, to increase the Clubs profile and presence in the rowing world by growing its ability and experience to host rowing events and to identify a venue which is suitable for use as a permanent base for the club.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The directors' annual report was approved on 2 April 2024 and signed on behalf of the board of trustees by:
J A McCumiskey
Director
Lakeland Rowing Club
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 December 2023
2023
2022
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
3,133
3,133
4,013
Charitable activities
6
15,305
15,305
15,285
---------
---------
---------
Total income
18,438
18,438
19,298
---------
---------
---------
Expenditure
Expenditure on charitable activities
7,8
23,214
23,214
19,087
---------
---------
---------
Total expenditure
23,214
23,214
19,087
---------
---------
---------
---------
---------
---------
Net (expenditure)/income and net movement in funds
( 4,776)
( 4,776)
211
---------
---------
---------
Reconciliation of funds
Total funds brought forward
71,543
71,543
71,332
---------
---------
---------
Total funds carried forward
66,767
66,767
71,543
---------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Lakeland Rowing Club
Company Limited by Guarantee
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible fixed assets
12
49,095
54,543
Current assets
Debtors
13
2,384
Cash at bank and in hand
17,972
14,904
---------
---------
17,972
17,288
Creditors: amounts falling due within one year
14
300
288
---------
---------
Net current assets
17,672
17,000
---------
---------
Total assets less current liabilities
66,767
71,543
---------
---------
Net assets
66,767
71,543
---------
---------
Funds of the charity
Unrestricted funds
66,767
71,543
---------
---------
Total charity funds
15
66,767
71,543
---------
---------
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Lakeland Rowing Club
Company Limited by Guarantee
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of trustees and authorised for issue on 2 April 2024 , and are signed on behalf of the board by:
J A McCumiskey
Director
Lakeland Rowing Club
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Bridge End Farm, Ullock, Workington, CA14 4TP.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the directors for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost.
4. Limited by guarantee
The liability of the members is limited to a sum not exceeding £1, being the the amount that each member undertakes to contribute to the assets of the charity in the event of its being wound up while he, she or it is a member or within one year after he, she or it ceases to be a member, for payment of the charity's debts and liabilities incurred before he, she or it ceases to be a member; payment of the costs, charges and expenses of winding up; and adjustment of the rights of the contributories among themselves.
5. Donations and legacies
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Donations
Donations
3,133
3,133
Grants
Grants receivable
--------
-----
--------
3,133
3,133
--------
-----
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Donations
Donations
13
13
Grants
Grants receivable
1,000
3,000
4,000
--------
--------
--------
1,013
3,000
4,013
--------
--------
--------
6. Charitable activities
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Direct charitable activities - rowing club
15,305
15,305
15,285
15,285
---------
---------
---------
---------
7. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Lakeland rowing club
22,301
22,301
18,267
18,267
Support costs
913
913
820
820
---------
---------
---------
---------
23,214
23,214
19,087
19,087
---------
---------
---------
---------
8. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2023
Total fund 2022
£
£
£
£
Lakeland rowing club
22,301
913
23,214
19,087
---------
-----
---------
---------
9. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
2023
2022
£
£
Depreciation of tangible fixed assets
9,391
9,140
Loss/(gains) on disposal of heritage assets
1,183
(3,073)
--------
--------
10. Independent examination fees
2023
2022
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
300
-----
-----
11. Trustee remuneration and expenses
No trustee received remuneration during the period.
Number of employees in the year: 0 (2021: 0)
12. Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2023
93,536
Additions
5,126
Disposals
( 2,608)
---------
At 31 December 2023
96,054
---------
Depreciation
At 1 January 2023
38,993
Charge for the year
9,391
Disposals
( 1,425)
---------
At 31 December 2023
46,959
---------
Carrying amount
At 31 December 2023
49,095
---------
At 31 December 2022
54,543
---------
13. Debtors
2023
2022
£
£
Prepayments and accrued income
2,384
-----
--------
14. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
300
288
-----
-----
15. Analysis of charitable funds
Unrestricted funds
At 1 January 2023
Income
Expenditure
Transfers
At 31 December 2023
£
£
£
£
£
General funds
71,543
18,438
(23,214)
66,767
---------
---------
---------
-----
---------
At 1 January 2022
Income
Expenditure
Transfers
At 31 December 2022
£
£
£
£
£
General funds
71,332
16,298
(19,087)
3,000
71,543
---------
---------
---------
--------
---------
16. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2023
£
£
Tangible fixed assets
49,095
49,095
Current assets
17,972
17,972
Creditors less than 1 year
(300)
(300)
---------
---------
Net assets
66,767
66,767
---------
---------
Unrestricted Funds
Total Funds 2022
£
£
Tangible fixed assets
54,543
54,543
Current assets
17,288
17,288
Creditors less than 1 year
(288)
(288)
---------
---------
Net assets
71,543
71,543
---------
---------