LONDON CORINTHIAN TRUST
TRUSTEES' REPORT AND UNAUDITED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
LONDON CORINTHIAN TRUST
TRUSTEES' REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
INDEX
| Page | |
|---|---|
| 1 | Trust reference and administrative details |
| 2-4 | Trustees' report |
| 5 | Independent examiners' report |
| 6 | Statement of financial activities including |
| the income and expenditure account | |
| 7 | Balance sheet |
| 8-15 | Notes to the accounts |
LONDON CORINTHIAN TRUST
TRUSTEES' REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 TRUST REFERENCE AND ADMINISTRATIVE DETAILS
Charity Registration Number 1084734
Company Registration Number 04027792
Trustees and company S M C Alexander (Company Secretary)appointed 27 June 2018 directors appointed Company Secretary 30 October 2019 J G De Lagarde appointed 25 June 2020 J J H Halsall appointed 24 November 2020 P J A Horton appointed 27 June 2018 N M M K Mahmoud appointed 24 November 2020 A Maynard appointed 13 June 2017 M McConway appointed 27 June 2018 A Newell appointed 16 June 2016 S F Quevedo-Busch (Chair) appointed 13 June 2017 appointed Chair 28 August 2019 P P M Robin appointed 13 June 2017 D Stoyanov appointed 28 August 2020 R Turnock appointed 16 November 2016 K Tymieniecka (Treasurer) appointed 11 June 2015 appointed Treasurer 6 March 2018 Registered office and Linden House principal address 60 Upper Mall London W6 9TA Independent examiner Richard Price FCCA Richard Price & Co Ltd 155c Percy Road London W12 9QJ Solicitors Russell-Cooke LLP 2 Putney Hill London SW15 6AB Bankers Metro Bank PLC 137 Chiswick High Road Chiswick London W4 2ED
Page 1
LONDON CORINTHIAN TRUST
TRUSTEES' REPORT (INCLUDING THE DIRECTORS REPORT)
The Trustees present their report and the unaudited accounts of the Trust for the year ended 30 September 2020. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and accounts of the Trust.
The accounts have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Trust’s governing document, the Charities Act 2011 and 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 published in October 2019.
OBJECTIVES AND ACTIVITIES
The objectives of the London Corinthian Trust ('the Trust') are, in summary, to:-
I. provide water sports facilities in Hammersmith in the interests of social welfare; II. preserve buildings of heritage value in Hammersmith for the benefit of the nation at large; and III.undertake any other charitable purpose.
The Trust owns Linden House, a Grade II listed building of beauty and historical interest situated on the riverside in Hammersmith. It carries out its purposes for the public benefit by maintaining and operating Linden House as a water sports centre.
The Trustees confirm that they have had regard to the guidance on Public Benefit published by the Charity Commission in September 2013 when exercising any powers or undertaking any duties to which that guidance is relevant.
ACHIEVEMENTS AND PERFORMANCE
The Trust provides water sports facilities at an affordable cost to a sailing club and a rowing club by means of licenses. The yearly access charge for 2019/20 was set at £111 per full club member equivalent. Concessions were given for various groups including, for example, the free provision of facilities for students and under 23s.
The London Corinthian Sailing Club was established in 1894 and has around 500 members. The Club provides sailing throughout the year, with dinghy sailing on the Thames at Hammersmith and offshore sailing on the Solent and further afield. The dinghy programme includes races and cruises most weekends and mid-week in the Summer. Dinghy sailors also participate in training and events away from the Thames, including weekends in Weymouth and the Southport 24-hour race. The Offshore programme covers cruising, racing and training, members participate in established regattas and events including Cowes Week, Round the Island Race and the Fastnet Race. The Club also has an extensive cruising programme and runs several overseas trips each year. The Club is a Royal Yachting Association (RYA) training centre and provides an extensive range of RYA and non RYA training for dinghies, offshore and powerboats. The Club also has an active social schedule with Linden House providing a superb venue for club nights, social events and parties throughout the year.
Sons of the Thames Rowing Club ('Sons') is a registered Community Amateur Sports Club. It offers affordable rowing to men and women of all ages, both competitive and recreational. In the year to 30th September 2020, Sons underwent internal re-structuring by way of a new coaching regime, boat fleet review/upgrades and a new Committee. Successful measures were also actioned to improve the gross fee revenue by re-structuring membership fees. Sons actioned two Learn to Row courses during the year which attracted several new novices from various walks of life and hosted a number of National crews and clubs visiting Tideway based rowing events before the Covid-19 pandemic. Unfortunately, a lot of the local racing was interrupted by excessive fluvial flows on the river early in the year which caused several events to be cancelled and in the later half of the year racing was suspended in light of the pandemic. However, despite the lack of racing, rowing was able to continue for much of the year and Sons became structurally stronger so better placed to move into the next financial year.
London Corinthian Services Ltd, the Trust's trading subsidiary, operates a bar for the sports club members and raises funds for the Trust through provision of room hire and catering to external customers. Services was severely impacted by the Covid-19 pandemic so made no donations to the Trust in year (2019 £32,141).
Page 2
LONDON CORINTHIAN TRUST TRUSTEES' REPORT (Continued)
Before the Covid-19 pandemic, The Trust board continued its drive to modernise the facilities. Notable changes were the introduction of CCTV, further IT upgrades and the delivery of a refurbishment plan from an interior design firm to assist with the modernisation of Linden House. The Trust also continued its cyclical programme of interior and exterior repair, redecoration and improvement at Linden House to maintain the structure of the building. In year this included the redecoration and reflooring of the Ballroom and the replacement and upgrade of the fire alarm system. Unfortunately with the onset of the pandemic, further refurbishment was put on hold until the financial impact of the pandemic became clearer.
PLANS FOR THE FUTURE
The Trust will continue to deliver on its objectives by constantly looking for ways to improve the facilities and participation in water sports in Hammersmith and by executing a planned programme of maintenance to Linden House to ensure its continuing preservation.
As part of the Trust’s ongoing review, the Trust will be refurbishing the remaining areas of the ground floor in 2021 and finalise the transformation work plans on the other floors.
The Trust continues to support London Corinthian Services Ltd as they evolve in a changing market.
FINANCIAL REVIEW
The Trustees consider the financial results for the year, which are summarised on page 6, to be good given the challenging financial circumstances in year. The Trust took advantage of Business Rates relief in year and cut back on discretionary costs in order to manage the impact of reduced revenue due to the pandemic. The Trust worked closely with Services to support its reduction of costs, accessing the governments furlough scheme and maximising the revenues available given the severe operating restrictions during the pandemic. Regular meetings were held to review the impact of the restrictions on Linden House and to communicate safety measures to members to allow access to facilities were possible. The recovery action plan is proving successful into 2021 and will rely on the reopening of the economy as well as the refurbishment project to continue its success.
The Trust's general fund target, i.e. the unrestricted and readily realisable financial reserves, remains unchanged. This target is the total of:-
-
I. nine months' operational and governance costs (excluding repairs & maintenance and depreciation);
-
II. six months' of cash expenditure on repairs, maintenance and additions to fixed assets averaged over a five year period; and
-
III a sinking fund (for large long-cycle replacement items and investment in new facilities) growing over time to £30,000.
The Trustees consider the position against target, which is summarised on page 13, to be strong. This enables the charity to embark on major improvements and long cycle maintenance projects with confidence.
The Trustees are satisfied that the disposition of the net assets of each fund, which is summarised on page 14, is appropriate.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust is incorporated as a company limited by guarantee and is governed by its memorandum and articles of association. The liability of its members is limited to £1 each. The Trustees are the directors of the charitable company.
The Trust has a wholly owned trading subsidiary, London Corinthian Services Ltd ('Services'). Services occupies part of the Trust's freehold property under license and carries out commercial activities including the hire of rooms and provision of bar and catering. It pays an arms length occupational license fee to the Trust, and, in addition, gifts its net profits to the Trust. The Services Board comprises directors nominated by the Trust and the clubs and, if considered appropriate, approved by the Trustees. The Services Board is responsible for direction and oversight of all activities of Services in compliance with relevant regulations.
The Trust has established a group of volunteers to manage repairs and maintenance of Linden House, the adjoining leasehold property and the boating facilities. They are responsible for management of all propertyrelated work in compliance with relevant regulations.
The Trust has established a group of volunteers to manage repairs and maintenance of Linden House, the adjoining leasehold property and the boating facilities. They are responsible for management of all propertyrelated work in compliance with relevant regulations.
Page 3
LONDON CORINTHIAN TRUST TRUSTEES' REPORT (Continued)
The Services company employs a full-time manager to manage the day to day operations of the Trust and its trading subsidiary, including the recruitment and oversight of staff and contractors.
The Trustees establish the strategy through which the Trust achieves its charitable objectives. They approve the Trust's annual budget, review and approve key appointments and strategic decisions made by the Services Board, and review and approve key decisions of the Facilities Committee. They bear ultimate responsibility for the health and safety of staff and visitors to Linden House, except in relation to the clubs' sports activities.
The Trustees are ultimately responsible for the identification of the major risks to which the charity is exposed, the assessment of those risks and the establishment of control procedures to mitigate them. The Facilities Committee provides expert assistance on the property-related risks. The Services Board provides insight into the commercial risks. The manager operates the majority of the control procedures. The Trustees review the major risks and controls at least yearly. They consider health and safety incidents and newly identified hazards (if any) at each regular meeting. They arrange insurance cover for the Trust and Services, including buildings all risks, employer liability and public liability.
APPOINTMENT OF TRUSTEES
New Trustees are usually recruited from the membership of the charity by e-mail advertisement or word of mouth. At least three but no more than twelve of the Trustees must be elected at an annual general meeting; up to five more may be co-opted. Retirement procedures ensure a minimum turnover of Trustees of approximately one-third from one annual general meeting ('AGM') to the next.
The Trustees who served during the accounting period and to the date of this report are shown on page 1.
The following Trustees currently serve as directors on the Services Board. J J H Halsall N M M K Mahmoud D Stoyanov
The charitable company has taken advantage of the small companies' exemption in preparing the report above.
The Trustees declare that they have approved the Trustees' report (including directors' report) above.
Signed on behalf of the charity's Trustees
S M C Alexander Trustee
Date: 26 May 2021
Page 4
LONDON CORINTHIAN TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES ON THE UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
I report to the charity trustees on my examination of the accounts of the company for the year ended 30 September 2020 which are set out on pages 6 to 15.
Responsibilities and basis of report
As the charity 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 company’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 that in any material respect:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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.
Richard Price Chartered Certified Accountant Richard Price & Co Ltd 155c Percy Road London W12 9QJ
Date: 26 May 2021
Page 5
LONDON CORINTHIAN TRUST
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
| Unrestricted funds £ Note Income: Donations 2 5,000 Charitable activities 3 47,094 Investments 4 57,244 Total income 109,338 Expenditure: Grants 5 - Operation of club facilities 6 71,950 Total expenditure 71,950 Net income/(expenditure) 7 37,388 Reconciliation of funds: Opening funds as previously reported 263,074 Prior year adjustment 1(b) (22,141) Total funds brought forward as restated 240,933 Total funds carried forward 278,321 |
Restricted funds £ 39,514 - - 39,514 - 10,825 10,825 28,689 256,197 - 256,197 284,886 |
Restated Total funds Total funds 2020 2019 £ £ 44,514 - 47,094 47,355 57,244 44,871 148,852 92,226 - 982 82,775 92,220 82,775 93,202 66,077 (976) 519,271 - (22,141) - 497,130 498,106 563,207 497,130 |
Restated Total funds Total funds 2020 2019 £ £ 44,514 - 47,094 47,355 57,244 44,871 148,852 92,226 - 982 82,775 92,220 82,775 93,202 66,077 (976) 519,271 - (22,141) - 497,130 498,106 563,207 497,130 |
|---|---|---|---|
| 92,226 | |||
| 982 92,220 |
|||
| 93,202 | |||
| (976) - - |
|||
| 498,106 | |||
| 497,130 |
All income and expenditure derive from continuing activities.
The statement of financial activities includes all gains and losses recognised during the year.
Page 6
LONDON CORINTHIAN TRUST
BALANCE SHEET AS AT 30 SEPTEMBER 2020
| Notes Fixed assets Tangible assets 11 Investment 12 Current assets Debtors 13 Cash at bank Creditors: amounts falling due within one year 14 Net current assets Net assets Charity funds Unrestricted funds 15 Restricted funds 15 Total charity funds 16 |
£ £ £ £ 385,794 375,775 1 1 385,795 375,776 35,731 26,794 160,674 117,337 196,405 144,131 18,993 22,777 177,412 121,354 563,207 497,130 278,321 240,933 284,886 256,197 563,207 497,130 Restated 2019 2020 |
£ £ £ £ 385,794 375,775 1 1 385,795 375,776 35,731 26,794 160,674 117,337 196,405 144,131 18,993 22,777 177,412 121,354 563,207 497,130 278,321 240,933 284,886 256,197 563,207 497,130 Restated 2019 2020 |
£ £ £ £ 385,794 375,775 1 1 385,795 375,776 35,731 26,794 160,674 117,337 196,405 144,131 18,993 22,777 177,412 121,354 563,207 497,130 278,321 240,933 284,886 256,197 563,207 497,130 Restated 2019 2020 |
£ £ £ £ 385,794 375,775 1 1 385,795 375,776 35,731 26,794 160,674 117,337 196,405 144,131 18,993 22,777 177,412 121,354 563,207 497,130 278,321 240,933 284,886 256,197 563,207 497,130 Restated 2019 2020 |
|---|---|---|---|---|
| 385,795 177,412 |
375,776 121,354 |
|||
| 196,405 | 144,131 | |||
| 18,993 | 22,777 | |||
| 563,207 | 497,130 | |||
| 278,321 284,886 |
240,933 256,197 |
|||
| 563,207 | 497,130 |
For the year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Trustees’ responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
-
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the board of Trustees and signed on their behalf by:
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S M C ALEXANDER TRUSTEE
Date: 26 May 2021
The notes on pages 8 to 15 form part of these accounts.
Company registration number: 04027792
Page 7
LONDON CORINTHIAN TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
1. Summary of significant accounting policies
a) General information and basis of preparation
London Corinthian Trust ('the Trust') is incorporated as a private company limited by guarantee in England and Wales and is governed by its memorandum and articles of association. In the event of the Trust being wound up, the liability in respect of the guarantee is limited to £1 per member of the Trust. The address of the registered office is given in the Trust information on page 1. The nature of the Trust’s operations and principal activities are given on page 2 of the Trustees' report.
The Trust constitutes a public benefit entity as defined by FRS 102. The accounts have been prepared in accordance with 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) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice.
The activities of the subsidiary company have not been been consolidated as the Trust has taken advantage of the exemptions available to it under the Companies Act and under the Charities SORP (FRS 102) as a small group.
The Trust accounts do not include a cash flow statement on the grounds that it is a small charity.
The accounts are prepared on a going concern basis under the historical cost convention. The accounts are prepared in sterling which is the functional currency of the Trust and rounded to the nearest pound.
The significant accounting policies applied in the preparation of these accounts are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
b) Income
Income from donations and grants is recognised when the Trust is entitled to the funds, the receipt is probable and the amount can be measured reliably. For donations, this is usually on receipt. For grants, this is usually when a formal offer is made in writing, unless the grant contains terms and conditions outside of the Trust's control which must be met before the Trust is entitled to the funds.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution.
Income from charitable activities is made up of capitation fees receivable from the clubs which occupy the Trust's freehold property under licence. Income is recognised when receivable.
Income from investments is made up of income from the subsidiary company, rental income and bank interest to generate funds for the charitable objects. Bank interest and occupational licence fees from the subsidiary company are recognised when receivable. Rental income is recognised over the period to which it relates.
The Trust previously recognised gifts from the subsidiary company following formal approval by the subsidiary's board. The subsidiary company has changed its accounting policy as a result of The Financial Reporting Council clarifying the accounting treatment for such payments in its triennial review of FRS 102. The Trust now recognises gifts from the subsidiary company when they are received, Therefore the prior year comparative figures have been restated to reflect this change.
Previously £32,141 gifted from the trading subsidiary was recognised in full in the year ended 30 September 2019. An interim gift aid payment of £10,000 was received in the year ended 30 September 2019 and now only this recognised as income in that year. There is a prior year adjustment of £22,141 reflecting the change in accounting policy for the final gift aid payment for the year to 30 September 2019. This decreases the opening unrestricted funds for the year ended 30 September 2020 by £22,141 and the income and debtors for the year ended 30 September 2019 by £22,141. A gift aid payment of £22,141, in respect of the year ended 30 September 2019, received in the year to 30 September 2020 is, now recognised as income in that year.
No amount is included in the accounts for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ report.
Page 8
LONDON CORINTHIAN TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 (Continued)
1. Summary of significant accounting policies (continued)
c) Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Any attributable irrecoverable VAT is charged as an expense and where identifable against the activity for which expenditure arose.
Grants payable are recognised when the grant has been formally approved by the Trustees and confirmed to the grantee.
d) Fund accounting
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the accounts.
Restricted funds can only be used for particular restricted purposes within the objects of the Trust. Restrictions arise when specified by the donor or grantee or when funds are raised for particular restricted purposes. The aim and use of each restricted fund is set out in the notes to the accounts. Further details of each fund are disclosed in note 15.
e) Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended and where applicable any attributable irrecoverable VAT.
All assets costing more than £1,000 are capitalised and valued at historic cost.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Freehold buildings 2% straight line basis Freehold building improvements 5% straight line basis Fixtures and fittings 5%, 10%, 20% or 25% straight line basis
f) Investment
Investment in the subsidiary is measured at cost less impairment.
g) Debtors
Prepayments are valued at the amount prepaid net of any trade discounts.
h) Cash at bank
Cash at bank includes cash held in current accounts and instant access deposit accounts.
i) Creditors
Creditors are recognised when a present legal or constructive obilgation exists at the balance sheet date as a result of a past event. It is probable that a transfer of economic benefits will be required to settle the obigation and can be estimated reliably.
All creditors are initially recognised at a transaction price. Accruals are subseqently measured at the settlement amount.
Page 9
LONDON CORINTHIAN TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 (Continued)
- Summary of significant accounting policies (continued)
j) Tax
The Trust is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and, therefore it meets the definition of a charitable company for UK corporation tax purposes.
k) Going concern
The accounts 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 accounts. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
l) Financial instruments
The Trust only has financial instruments assets and liabilities of a kind that which qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
m) Pensions
The Trust operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
| Unrestricted funds £ 2. Income from donations and legacies Legacies 5,000 3. Income from charitable activities Operation of club facilities - capitation fees 47,094 4. Income from investments Gifted from the trading subsidiary (note 12) 22,141 24,000 Rental income 10,800 Bank deposit interest receivable 303 57,244 Occupational license fees receivable from the trading subsidiary (note 12) |
Restated Restricted Total funds Total funds funds 2020 2019 £ £ £ 39,514 44,514 - - 47,094 47,355 - 22,141 10,000 - 24,000 24,000 - 10,800 10,350 - 303 521 - 57,244 44,871 |
|---|---|
Rental income derives from the rental of the manager's flat in Linden House used by a London Corinthian Trust employee under a licence agreement between London Corinthian Trust and London Corinthian Services Ltd.
5. Grants
London Corinthian Sailing Club - - - 982
The grant of £982 in 2019 was made in furtherance of charitable activities and was to help fund youth start sailing dinghy courses for local students.
Page 10
LONDON CORINTHIAN TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 (Continued)
| Unrestricted funds £ 6. Expenditure on operation of club facilities Premises expenditure Rates and water 7,308 Buildings and maritime insurance 7,371 Heat and light 12,600 Repairs and maintenance 11,335 Waste disposal 1,248 Pontoon fees 4,626 Cleaning, including wages costs £652 (2019- £3,744) 2,161 Depreciation - premises 2,946 49,595 Administration expenditure Salary costs 4,645 Legal and professional fees 2,560 General expenses 2,972 Independent examiner's remuneration 2,300 Trustees' indemnity insurance 278 Depreciation - fixtures, fittings and equipment 9,600 22,355 Total costs 71,950 |
Restricted Total funds funds 2020 £ £ - 7,308 - 7,371 - 12,600 - 11,335 - 1,248 - 4,626 - 2,161 8,119 11,065 8,119 57,714 - 4,645 - 2,560 - 2,972 - 2,300 - 278 2,706 12,306 2,706 25,061 10,825 82,775 |
Total funds 2019 £ 10,409 8,043 12,596 16,672 1,980 4,819 5,403 8,314 |
|---|---|---|
| 68,236 7,107 26 3,233 2,300 201 11,117 |
||
| 23,984 | ||
| 92,220 |
In 2019 expenditure on costs of operation of club facilities was £92,220 of which £81395 was from unrestricted funds and £10,825 from restricted funds.
7. Net expenditure for the year
| t expenditure for the year | ||||
|---|---|---|---|---|
| The net expenditure for the year is stated after | ||||
| charging: | ||||
| Independent examiner's remuneration | 2,300 | - | 2,300 | 2,300 |
| Depreciation | 12,546 | 10,825 | 23,371 | 19,431 |
8. Independent examiner's remuneration
The independent examiners remuneration amounts to an independent examination fee of £950 (2019 - £950) and accountancy services of £1,350 (2019 - £1,350).
9. Staff costs
| aff costs | ||||
|---|---|---|---|---|
| Wages and salaries Social security costs Defined contribution pension costs |
4,988 235 74 5,297 |
- - - - |
4,988 235 74 5,297 |
10,214 502 135 |
| 10,851 |
The average number of employees involved in management and administration were two part time employees (2019 - same). There are also part-time cleaning staff. An estimate of equivalent full time employees is one (2019 - same). No employees had emoluments in excess of £60,000 (2019 - same).
10. Trustees' expenses and remuneration
The trustees all gave freely their time and expertise without any form of remuneration, other benefit in cash or kind or expenses during the year (2019 - same).
Page 11
LONDON CORINTHIAN TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 (Continued)
| 11. | Tangible fixed assets | |||||
|---|---|---|---|---|---|---|
| Freehold | Fixtures | |||||
| land and | and | |||||
| buildings | fittings | Total | ||||
| £ | £ | £ | ||||
| Cost | ||||||
| At 30 September 2019 | 421,653 | 243,344 | 664,997 | |||
| Additions | 552 | 32,838 | 33,390 | |||
| At 30 September 2020 | 422,205 | 276,182 | 698,387 | |||
| Depreciation | ||||||
| At 30 September 2019 | 146,638 | 142,584 | 289,222 | |||
| Charge for year | 11,065 | 12,306 | 23,371 | |||
| At 30 September 2020 | 157,703 | 154,890 | 312,593 | |||
| Net book value | ||||||
| At 30 September 2020 | 264,502 | 121,292 | 385,794 | |||
| Net book value | ||||||
| At 30 September 2019 | 275,015 | 100,760 | 375,775 | |||
| Restated | ||||||
| 2020 | 2019 | |||||
| £ | £ | £ | ||||
| 12. | Investment | |||||
| Investment in subsidiary company at cost | 1 | 1 | ||||
| The subsidiary company, London Corinthian Services Limited | is registered in | |||||
| England and Wales, company number 04306827, and is responsible | for | the | ||||
| commercial activities involved in the operation of Linden House, including | ||||||
| running a bar and providing catering. The Trust holds one ordinary shares of | ||||||
| £1 in this subsidiary, being 100% of the issued share | capital | of | that | |||
| company. A summary of the trading results is shown below: | ||||||
| Turnover | 145,810 | 281,612 | ||||
| Less: | ||||||
| Cost of sales, administrative expenses, grants and interest receivable | 122,661 | 214,546 | ||||
| Occupational licence fees paid to the Trust | 24,000 | 24,000 | ||||
| Net (loss)/profit | (851) | 43,066 | ||||
| Opening retained earnings as previously stated | 6,561 | |||||
| Prior year adjustment (note 1b) | 22,141 | |||||
| Opening retained earnings as restated | 28,702 | (4,364) | ||||
| Gift aid payment to the Trust | (22,141) | (10,000) | ||||
| Retained profit/(loss) in the subsidiary | 5,710 | 28,702 | ||||
| The assets and liabilities of the subsidiary were: | ||||||
| Current assets | 39,404 | 78,530 | ||||
| Creditors: amounts falling due within one year | (33,693) | (49,827) | ||||
| Total net assets/(liabilities) | 5,711 | 28,703 | ||||
| Share capital and reserves | ||||||
| Share capital | 1 | 1 | ||||
| Profit and loss account | 5,710 | 28,702 | ||||
| 5,711 | 28,703 | |||||
| 13. | Debtors | |||||
| Capitation fees due | 4,699 | - | ||||
| Amounts owed by subsidiary company | 24,832 | 16,629 | ||||
| Other debtors | 3,768 | 3,166 | ||||
| Prepayments and accrued income | 2,432 | 6,999 | ||||
| 35,731 | 26,794 |
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LONDON CORINTHIAN TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 (Continued)
| 14. Creditors: amounts falling due within one year Other creditors Accruals 15. Fund reconciliation Unrestricted funds |
2020 £ 16,693 2,300 18,993 |
2019 £ 19,609 3,168 |
|---|---|---|
| 22,777 | ||
| General fund Opening funds as previously reported Prior year adjustment (Note 1b) Opening funds as restated Designated tangible fixed assets fund Previous year restated General fund Designated tangible fixed assets fund |
Balance b/fwd £ 143,496 (22,141) 121,355 119,578 240,933 160,616 70,468 231,084 |
Income Expenditure £ £ 109,338 (71,950) - - 109,338 (71,950) 92,226 (82,377) - - 92,226 (82,377) |
Transfers £ (20,844) 20,844 - (49,110) 49,110 - |
Balance c/fwd £ 137,899 140,422 |
|---|---|---|---|---|
| 278,321 | ||||
| 121,355 119,578 |
||||
| 240,933 |
The Trustees have set aside a designated fund which represents assets tied up in tangible fixed assets other than those tangible fixed assets already included in restricted funds. These funds being tied up in essential fixed assets are not therefore available as free reserves. The transfer represents a movement of £20,844 (2019 - £49,110) from the general fund to the designated tangible fixed assets fund.
The target level for the general fund at 30 September 2020 in accordance with the reserves policy, as stated in the Trustees' report, was £65,000 calculated as follows:
| Target 9 months 6 months - £30,000 Allocated to Central Heating System capitalised in year Sinking fund Element Operations and administration Repairs and maintenance Annualised costs £48,069 (2019 - £56,117) p.a. - see note 6. £54,034 (2019 - £50,328) average p.a. over five years. |
2020 £ 36,000 27,000 2,000 - 65,000 |
2019 £ 42,000 25,000 30,000 (30,000) |
|---|---|---|
| 67,000 |
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LONDON CORINTHIAN TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 (Continued)
15. Fund reconciliation (continued)
Restricted funds
| Building appeal fund Sport England Lottery building fund Sport England Lottery pontoon fund Robin Johnson legacy fund Previous year Building appeal fund Sport England Lottery building fund Sport England Lottery pontoon fund |
Balance b/fwd £ 71,609 147,348 37,240 - 256,197 74,185 152,891 39,946 267,022 |
Income £ - - - 39,514 39,514 - - - - |
Expenditure £ (2,576) (5,543) (2,706) - (10,825) (2,576) (5,543) (2,706) (10,825) |
Balance c/fwd £ 69,033 141,805 34,534 39,514 |
|---|---|---|---|---|
| 284,886 | ||||
| 71,609 147,348 37,240 |
||||
| 256,197 |
The Sport England Lottery building fund represents lottery funds received to purchase and refurbish the freehold property at Linden House, Upper Mall, London W6. The award of the lottery grant was subject to a number of terms and conditions the principal one being that the property cannot be sold without the prior approval of the Sports Council. Further, if the property is sold or disposed of within 21 years of February 2001, or if the Trust ceases to operate, a proportion of the grant will be repayable as determined by the Sports Council.
The Sport England Lottery pontoon fund represents lottery funds received to fund the construction of a third pontoon on the waterfront at Linden House.
The Robin Johnson legacy fund represents a bequest received for sailing purposes.
16. Analysis of net assets between funds
| Tangible fixed assets Investments Debtors Cash at bank Creditors Previous year restated Tangible fixed assets Investments Debtors Cash at bank Creditors |
General funds £ - 1 35,731 121,160 (18,993) 137,899 - 1 26,794 117,337 (22,777) 121,355 |
Designated funds £ 140,422 - - - - 140,422 119,578 - - - - 119,578 |
Restricted funds Total funds £ £ 245,372 385,794 - 1 - 35,731 39,514 160,674 - (18,993) 284,886 563,207 256,197 375,775 - 1 - 26,794 - 117,337 - (22,777) 256,197 497,130 |
Restricted funds Total funds £ £ 245,372 385,794 - 1 - 35,731 39,514 160,674 - (18,993) 284,886 563,207 256,197 375,775 - 1 - 26,794 - 117,337 - (22,777) 256,197 497,130 |
|---|---|---|---|---|
| 563,207 | ||||
| 375,775 1 26,794 117,337 (22,777) |
||||
| 497,130 |
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LONDON CORINTHIAN TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 (Continued)
17. Related party transactions
The Trust has a close relationship with the London Corinthian Sailing Club and the Sons of the Thames Rowing Club. Both clubs occupy the Trust's freehold property under licence.
The Trust has a subsidiary company London Corinthian Services Limited as detailed in note 12.
The following transactions took place during the year:
| London Corinthian Sailing Club Capitation fees receivable from the club by the Trust Grant paid by the Trust to the club Sons of the Thames Rowing Club Capitation fees receivable from the club by the Trust Licence fees payable to the Trust Net recharges made by the subsidiary on behalf of the Trust London Corinthian Services Limited (included in debtors) London Corinthian Sailing Club (capitation fees due included in debtors) London Corinthian Services Limited At the year end the balances were: Donation paid by the subsidiary to the Trust |
2020 £ 40,548 - 6,546 24,000 22,141 10,288 24,832 4,699 |
Restated 2019 £ 40,326 982 |
|---|---|---|
| 7,029 | ||
| 24,000 10,000 15,821 |
||
| 16,629 - |
The licence fees due from the subsidiary company are payable on demand and interest is charged at 4% above base on all outstanding amounts until paid. Donations due from the subsidiary company are paid within nine months of the year end. Capitation fees due from the clubs are due on normal commercial terms.
18. Control
The charitable company is under the control of its directors and Trustees.
19. Capital commitments
The Trust had no contracts for capital expenditure not provided for the year end (2019 - same).
20. Pensions
The Trust operates a defined contribution pension plan for its employees. The amount recognised as an expense in the year was £74 (2019 - £135). The defined contribution liability is allocated to unrestricted funds.
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