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REGISTERED COMPANY NUMBER: 12322612 (England and Wales)
REGISTERED CHARITY NUMBER: 1188068














Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2023

for

Broxbourne Rowing Club

Broxbourne Rowing Club






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Report of the Trustees 1 to 3

Independent Examiner's Report 4

Statement of Financial Activities 5

Balance Sheet 6 to 7

Notes to the Financial Statements 8 to 12

Broxbourne Rowing Club (Registered number: 12322612)

Report of the Trustees
for the Year Ended 31 December 2023


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity's objects ("Objects") are:

- the promotion of community participation in healthy recreation by the provision of facilities specifically for the sport of rowing and other related activities ("facilities" means land, buildings, equipment and organising sporting activities);

- providing and assisting in providing facilities for sports described above, recreation or other leisure time occupation of such persons 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; and

- advancing the education of children and young people through such means as the Directors think fit in accordance with the Charities Act 2011.

Significant activities
The charity is a rowing club and provides all the facilities, equipment, training and support services that members need to enjoy the sport of rowing.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The Club has run Learn to Row courses for adults and juniors from its local community with over 70 individuals participating, many of whom have gone on to become club members joining our recreational or development squads, before progressing to the racing squads. The Club also hosted taster sessions for a group from the local Sea Scouts.

The Club has been delighted to be a host club for British Rowing's GROW programme which is aimed at spreading rowing to ethnically diverse and socio-economically disadvantaged communities.

ACHIEVEMENT AND PERFORMANCE
As rowing events have returned to their pre-pandemic levels the Club's recreational and racing squads have responded and the number of crews, and members, attending Head Races, Regatta and touring events has increased significantly, with many members racing or touring for the first time.

The Club entered one crew at Henley Women's and two at the Henley Royal Regatta, with one crew qualifying for the knock-out rounds. The Club also enjoyed success at Henley Masters and the British Masters Championships, recording three wins, as well as entering crews in all of the Thames the Head of the River Races, singles, doubles/pairs, fours and eights where its Masters women's eight also won their category.
The club has also enjoyed success on the International stage, with a member recording a win at the European Masters Championship, as well as at local and regional regattas, with race wins for all squads including for Juniors and Development as well as the more established and senior racing squads.

The Club's recreational squad has hosted visitors from Maidstone and Lea Rowing Clubs as well as a from Trondheim in Norway. Members travelled to Swanage to try coastal rowing, as well as rowing down the Seven with the 29th British Touring Row and on the Lakes at Potsdam, Germany with the British Rowing European Tour.

Off the water club members have also enjoyed success at indoor rowing events including a win in the 50-59 women's 2k race at the British Indoor Championships, whilst Member if the men's masters squad was part of a team that beat the world 24 hour relay record for [50-59] year olds

To support these activities the club has continued to invest in the renewal, refurbishment and replacement of its fleet of boats and rowing equipment, as well as upgrading gym equipment and replacing one of its trailers.

Broxbourne Rowing Club (Registered number: 12322612)

Report of the Trustees
for the Year Ended 31 December 2023

FINANCIAL REVIEW
Reserves policy
The rowing club has existed for 175 years. The trustees acknowledge their duty to maintain unrestricted funds, which have not been designated for a specific use at a level of £50,000 equivalent to six months essential expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. Reserves have been maintained well above this level throughout the year. In addition, the trustees consider it appropriate, going forward, to designate reserves within its unrestricted funds for long term projects to maintain and improve the Clubs House and Grounds facilities, as well as its truck and trailers.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

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.

Historically Broxbourne Rowing Club was establish in 1847 and was registered as a Community Amateur Sports Club (CASC 04914 / CH06368) on 5 January 2008.

The charity is a company limited by guarantee and was incorporated on 19 November 2019 and registered as a charity on 20 February 2020 with the Charities Commission in England and Wales.

A vote of the members of Broxbourne Rowing Club (CASC) on 8 December 2020, with prior approval and clearance from HMRC agreed to transfer all assets and liabilities from Broxbourne Rowing Club (CASC) to Broxbourne Rowing Club (Charitable Company). The transfer was effective 31 December 2020.

The charity is governed by a Memorandum and Articles of Association as created at incorporation and adopted by members on 8 December 2020 and updated on 23 September 2021. The liability of the members in the event of the company being wound up is limited to a sum not exceeding £10.

Recruitment and appointment of new trustees
The trustees of the charity are also the directors for the purposes of company law and are appointed by the members at the AGM, in accordance with the Articles of Association.

Induction and training of new trustees
New Trustees are introduced with a full range of relevant Charity Commission guidance and appropriate information on their responsibilities.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
12322612 (England and Wales)

Registered Charity number
1188068

Registered office
The Clubhouse
Old Nazeing Road
Broxbourne
EN10 6QU


Broxbourne Rowing Club (Registered number: 12322612)

Report of the Trustees
for the Year Ended 31 December 2023

Trustees
J A Hill (resigned 4/5/2023)
A T Hosking (resigned 4/5/2023)
P J Breheny (resigned 4/5/2023)
D Brown
P A Mckellar (resigned 4/5/2023)
A Stokes
T W M Smith (resigned 31/12/2023)
L M Ainsworth (appointed 4/5/2023)
H M Dodsworth (appointed 4/5/2023)
C J Heathcote (appointed 4/5/2023)
G S Troll (appointed 4/5/2023)

Company Secretary
L M Ainsworth

Independent Examiner
Cartwrights
Chartered Accountants and Business Advisors
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE

STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Broxbourne Rowing Club for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-select suitable accounting policies and then apply them consistently;
-observe the methods and principles in the Charity SORP;
-make judgements and estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 23 September 2024 and signed on its behalf by:





C J Heathcote - Trustee

Independent Examiner's Report to the Trustees of
Broxbourne Rowing Club

Independent examiner's report to the trustees of Broxbourne Rowing Club ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.

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
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.








Matthew Brown

Cartwrights
Chartered Accountants and Business Advisors
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE

23 September 2024

Broxbourne Rowing Club

Statement of Financial Activities
for the Year Ended 31 December 2023

31/12/23 31/12/22
Unrestricted Total
funds funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 89,667 89,089

Other trading activities 2 21,361 17,028
Investment income 3 621 87
Other income 2,300 11,600
Total 113,949 117,804

EXPENDITURE ON
Raising funds 1,684 -

Charitable activities
Rowing club expenses 122,470 106,029

Other - 3,026
Total 124,154 109,055

NET INCOME/(EXPENDITURE) (10,205 ) 8,749


RECONCILIATION OF FUNDS
Total funds brought forward 1,274,133 1,265,384

TOTAL FUNDS CARRIED FORWARD 1,263,928 1,274,133

Broxbourne Rowing Club (Registered number: 12322612)

Balance Sheet
31 December 2023

31/12/23 31/12/22
Unrestricted Total
funds funds
Notes £    £   
FIXED ASSETS
Tangible assets 7 1,160,560 1,167,627

CURRENT ASSETS
Debtors 8 7,513 10,157
Cash at bank and in hand 108,111 109,227
115,624 119,384

CREDITORS
Amounts falling due within one year 9 (12,256 ) (12,878 )

NET CURRENT ASSETS 103,368 106,506

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,263,928

1,274,133

NET ASSETS 1,263,928 1,274,133
FUNDS 10
Unrestricted funds 1,263,928 1,274,133
TOTAL FUNDS 1,263,928 1,274,133

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.


Broxbourne Rowing Club (Registered number: 12322612)

Balance Sheet - continued
31 December 2023

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 23 September 2024 and were signed on its behalf by:





C J Heathcote - Trustee

Broxbourne Rowing Club

Notes to the Financial Statements
for the Year Ended 31 December 2023

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.

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.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Membership income is recognised on an accruals basis when members indicate that they will be joining the club / renewing their membership.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

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 are those that assist the work of the charity but do not directly represent charitable activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold property - 2% on cost
Plant and machinery - 10% on cost
Motor vehicles - Straight line over 5 years

The freehold land with a cost of £95,000 has not been depreciated on the basis that it is considered to have an unlimited lifespan.

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.


Broxbourne Rowing Club

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES - continued

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

2. OTHER TRADING ACTIVITIES
31/12/23 31/12/22
£    £   
Fundraising events 1,439 -
Other Income 2,400 -
Racking income 4,724 5,304
School fees 2,740 2,100
Learn to Row 9,158 7,074
Insurance claims 900 2,550
21,361 17,028

3. INVESTMENT INCOME
31/12/23 31/12/22
£    £   
Deposit account interest 621 87

4. NET INCOME/(EXPENDITURE)

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

31/12/23 31/12/22
£    £   
Depreciation - owned assets 53,717 49,656
Surplus on disposal of fixed assets (2,300 ) (11,600 )

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.



Broxbourne Rowing Club

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. GOING CONCERN

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

7. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 1,000,000 570,876 7,750 1,578,626
Additions - 50,150 - 50,150
Disposals - (10,373 ) - (10,373 )
At 31 December 2023 1,000,000 610,653 7,750 1,618,403
DEPRECIATION
At 1 January 2023 18,100 388,249 4,650 410,999
Charge for year 18,100 34,067 1,550 53,717
Eliminated on disposal - (6,873 ) - (6,873 )
At 31 December 2023 36,200 415,443 6,200 457,843
NET BOOK VALUE
At 31 December 2023 963,800 195,210 1,550 1,160,560
At 31 December 2022 981,900 182,627 3,100 1,167,627

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Amounts owed by group undertakings 2,421 4,732
Other debtors 400 400
Prepayments and accrued income 4,692 5,025
7,513 10,157


Broxbourne Rowing Club

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade creditors - (1 )
Accruals and deferred income 12,256 12,879
12,256 12,878

10. MOVEMENT IN FUNDS
Net
movement At
At 1/1/23 in funds 31/12/23
£    £    £   
Unrestricted funds
General fund 1,274,133 (10,205 ) 1,263,928

TOTAL FUNDS 1,274,133 (10,205 ) 1,263,928

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 113,949 (124,154 ) (10,205 )

TOTAL FUNDS 113,949 (124,154 ) (10,205 )


Comparatives for movement in funds

Net
movement At
At 1/1/22 in funds 31/12/22
£    £    £   
Unrestricted funds
General fund 1,265,384 8,749 1,274,133

TOTAL FUNDS 1,265,384 8,749 1,274,133

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 117,804 (109,055 ) 8,749

TOTAL FUNDS 117,804 (109,055 ) 8,749

Broxbourne Rowing Club

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1/1/22 in funds 31/12/23
£    £    £   
Unrestricted funds
General fund 1,265,384 (1,456 ) 1,263,928

TOTAL FUNDS 1,265,384 (1,456 ) 1,263,928

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 231,753 (233,209 ) (1,456 )

TOTAL FUNDS 231,753 (233,209 ) (1,456 )

Within the funds carried forward a balance of £593,973 (2022: £593,973) relates to the revaluation of the freehold within the accounts.

11. RELATED PARTY DISCLOSURES

The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party of the company.