Registered Charity 1079050
Annual Report & Financial Statements For the year ended 28 February 2022
ANNUAL REPORT AND FINANCIAL STATEMENTS
For the year ended 28 February 2022
CONTENTS
Statement of Financial Activity
Balance Sheet
Notes to the Financial Statements
Examiners Report
Trustees Report
ADMINISTRATIVE DETAILS
Charity name: Lymington SailAbility
Registered Charity number: 1079050 Principal office: Royal Lymington Yacht Club, Bath Road, Lymington, Hampshire, SO41 3SE
FINANCIAL REVIEW
In the year ending 28th February 2022, Lymington SailAbility had a Surplus/deficit of
£27,741
The following Donations in Kind have been received during this Accounting period:
Lymington Harbour Commissioners Mooring fees for boat Susan Mary to a value of £3136.33 inc VAT, have been waved.
We have also received the partial gift of Tripat Windrider and trailer, bought at a cost of £1500, but valued and insured for £2237.40
Lymington Town Sailing Club have provided training worth £500.00
STATEMENT OF FINANCIAL ACTIVITY
For the year ended 28 February 2022
Some income recevied during this financial year has been restricted - The Refurbishment of ME Too was funded by the income from Charity Boost and was resticted to solely that project. Similarly, the £15000 donation was for the purchase of Dickie WindRider 17 with some excess allowed for other reasons.
| Year Ended | Year Ended | ||
|---|---|---|---|
| Note | 28th Feb 2022 | 29th Feb 2021 | |
| £ | £ | ||
| Income | |||
| Donations | 1 | 40,858 | 2,775 |
| Fundraising Events | 2 | 218 | 0 |
| Bank Interest Received | 3 | 10 | |
| Membership Fees | 1,139 | 500 | |
| Sale of assets | 3 | 0 | 0 |
| Expenditure Boat Costs Depreciation Fuel Fundraising Costs Subscriptions Hoist Purchase Admin, Office, Postage & Website Professional Fees |
4 5 6 7 8 9 10 11 |
42,219 6484 7260 409 0 180 0 145 0 |
3,285 4870 6306 220 0 50 533 0 0 |
| 14,478 | 11,979 | ||
| Surplus/(deficit) for the year | £27,741 | -£8,694 |
Notes to statement of financial activity
For the year ended 28 February 2022
-
1 Donations Is an income category that includes the reclaiming of Gift Aid from HMRC.
-
2 Fundraising Receipts is an income category created to track receipts from fundraising activities and within this accounting year there were no events.
-
3 Sale of Asset is an income category introduced to record the income from any asset sold. This is not needed in the 21-22 Accounts. The Windrider disposed of in the 21/22 accounting period was given away in return for a donation, which has been included in the donations figure.
-
4 Boat Costs is an expenses category introduced to cover all the expenses related to the maintenance, repair and Insurance of the boats and rent associated with the storage of the boats.
-
5 Depreciation represents 10% of £7458 (FY 15/16 – New WR17) and £8,373 (FY 12/13 – new Windrider 17) pa for 10 years for boats. Also represents 10% of purchase price for new engine (FY 17/18) purchased for £4527.50 depreciated over 10 years, as well as 7% of the purchase price of new boat £34,000 (FY 17/18), depreciated over 15 years. Also represents 10% of purchase price of £6975 (FY18/19 – Tractor) and £4130 for the New Hoist (FY 19/20). Includes 10% of new Windrider purchased for £11742, and 20% depreciation for donated Windrider tripat, valued at £2237. Depreciation is limited to cost full value.
-
6 Fuel relates to the Fuel used on the boats.
-
7 Fundraising Costs relates to the expenses incurred for fundraising events. This has not been used this year.
-
8 Subscriptions relates to membership of Lymington Town Sailing Club and the RYA.
-
9 Hoist Purchase relates to the purchase of a hoist in 2019/20 Year, using grant funding received in the 2018/19 Accounting Year, and accessories purhcased in 2020. No costs have been incured during the 21/22 Accounting Year.
-
10 Admin, Office, Postage & Website costs, which this year have been £145.
-
11 Professional Fees is an expenditure category to track Accounts and Bookkeeping Costs.
APPROVAL DECLARATION
This statement of financial activity has been approved and signed by Gordon Munro (treasurer)
G Munro
Date: 18/12/2022
BALANCE SHEET
For the year ended 28 February 2022
All assets held are unrestricted in nature.
| Note | 28/02/2022 | 29/02/2021 | |
|---|---|---|---|
| £ | £ | ||
| Fixed Assets | 2 | 59,450 | 43,510 |
| Current Assets | |||
| Debtors | |||
| Cash at bank | 26,382 | 13,469 | |
| Total Assets Liabilities Creditors |
85,832 0 |
56,979 0 |
|
| Net Assets | |||
| Reserves Reserves b/f Surplus/(deficit) for the year |
46,550 27,741 |
55,244 -8,694 |
|
| 74,291 | 46,550 |
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 28 February 2022
1. Basis of preparation
These accounts have been prepared on the basis of historic cost in accordance with Accounting and Reporting by Charities – Statement of Recommended Practice (SORP 2005), with Accounting Standards and with the Charities Act 1993.
2. Fixed Assets
| Boats | Other | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| B/F 01 March 2021 | 130,887 | 50,548 | 181,435 |
| Additions | 22,200 | 1,000 | 23,200 |
| Transfers | |||
| Disposals | |||
| C/F 28 February 2022 | 153,087 | 51,548 | 204,635 |
| Depreciation B/F 01 March 2021 Charge for period Disposals |
94,960 6,149 |
42,965 1,111 |
137,925 7,260 |
| C/F 28 February 2022 | 101,109 | 44,076 | 145,185 |
| NBV 28 February 2021 | 35,927 | 7,583 | 43,510 |
| NBV 28 February 2022 | 51,978 | 7,473 | 59,450 |
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