PETERBOROUGH CITY ROWING CLUB ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 30th SEPTEMBER 2021
Registered Charity No. 1095872
Peterborough City Rowing Club
Registered Charity No. 1095872
Principal Address: Peterborough City Rowing Club Thorpe Meadows Peterborough PE3 6LN Objects: 1. The promotion of community participation in healthy recreation for thebenefit of the inhabitants of the Greater Peterborough area (comprising the City of Peterborough and the counties of Cambridgeshire, Lincolnshire, Northamptonshire and Norfolk) by the provision of facilities for rowing and sculling. 2. The advancement of the physical education and development of young people not undergoing formal education. Bankers: Barclays Bank PLC 1 Church Street Peterborough PE1 1EZ Independent Examiner: Mrs Kerry Bedford KB Accountancy Limited 10 Maltby Drive Baston Lincolnshire Accountants and Mrs Kerry Bedford Tax Advisers: KB Accountancy Limited 10 Maltby Drive Baston Lincolnshire Holding Trustees of Property John Canton on behalf of the Charity: Steve Casey Hugo Spiegl
Peterborough City Rowing Club
Year ended 30th September 2021
The following served as Trustees during the year:
| John Canton | Chairman |
|---|---|
| Steve Casey | |
| Hugo Spiegl | Treasurer |
| Nick Hubble | |
| Tracey Rushton-Torpe | Secretary |
Peterborough City Rowing Club
Annual Report and Statement of Accounts for the Year Ended 30th September 2021
Contents
| Independent Examiners Report | 2 |
|---|---|
| Annual Report | 3 |
| Income & Expenditure Account | 7 |
| Balance Sheet | 8 |
| Notes to the Accounts | 9 |
| Cash Flow Statement | 11 |
Peterborough City Rowing Club
A registered Charity No 1095872
Independent Examiner’s Report to the Trustees
I report on the accounts of the Trust for the year ended 30 September 2021, which are set out on the following pages.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed.
It is my responsibility to:
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§ examine the accounts under section 145 of the 2011 Act,
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§ to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act,
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§ to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that in any material respect the requirements have not been met in the following areas:
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§ to keep accounting records in accordance with section 130 of the 2011 Act
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§ to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act.
Kerry Bedford FCCA
Fellow of the Association of Chartered Certified Accountants Eventus Business Centre, Sunderland Road, Market Deeping, PE6 8FD
12 November 2021
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Peterborough City Rowing Club
A registered Charity No 1095872
Annual Report for the Year Ended 30[th] September 2021
ACCOUNTS
We are pleased to present this annual report and the accounts for the year ended 30[th] September 2021.
This has been a second year in which the club has been significantly affected by the Covid pandemic. This time it was the first half of the club year that was badly affected by the 2[nd] and 3[rd] national lockdowns. However, from April onwards club activity has progressively returned to somewhere near normal. In 2021 it was possible to hold regattas albeit on a reduced scale.
In the periods when the club was able to be open a committee of the Trustees and senior officers oversaw guidance to members to minimise the risk of virus transmission based on Government and British Rowing advice. This enabled a safe resumption of rowing activity which has gradually expanded through the summer months. Latterly indoor activity such as gym training was allowed on a restricted basis.
Membership numbers ended the year at 246 which is very similar to the previous year. Although learn to row courses were run through the summer months it is going to take more time to return to the pre-Covid levels of membership. Unlike 2020, regattas have been possible since the beginning of June and the club was able to run all 3 of its annual regattas. They were however at a reduced scale to minimise the risk of virus transmission. Racing success has been very good considering the truncated nature of the season. Investment in improvements to the club has been possible due to a successful application for a grant which covered most of the cost of a new ventilation system for the gym and the creation of a proper shower and toilet facility for disabled people. No boat purchases were possible due to lack of funds from the previous Covid-affected year.
Income has held up well and is significantly improved on the previous years because the club could run its regattas. However, it was not considered safe to host any training camps. These activities are carried out by Peterborough City Rowing Club Ltd which then donates surplus funds to the charity. Overheads have remained steady with only a modest increase.
The club continues to retain the bequest and donations in memory of Rolls Pollard and this totals £102,850. This sum remains ring-fenced by the Trustees together with other funds raised for the building extension project which has been delayed by the Covid 19 pandemic but which is still a firm ambition.
The overall result this year has been a surplus after depreciation of some £44,331 after depreciation. This represents a significant rise in the surplus from the previous year.
The regattas organised by our associated trading company, Peterborough City Rowing Club Limited, were able to be run but at a reduced scale. The reduced number of competitors affected the surplus but at least some funds were raised. There was no income from hiring out the club facilities for training camps. The company made a profit of £28,658 most of which will be available to transfer to the charity during the new financial year.
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MEMBERSHIP STATISTICS
| SHIP STATISTICS | |||
|---|---|---|---|
| Membership Type | Male | Female | |
| Full Rowing | 76 | 68 | |
| Junior | 31 | 38 | |
| Students | 4 | 7 | |
| Non Rowing/Coaches/Cox | 16 | 4 | |
| Rowability | 0 | 2 | |
| 127 | 119 | ||
| Total |
246 |
POLICY ON RESERVES
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1) The Club has a policy of creating a reserve each year to preserve the continuance of the charity, and to provide a prudent cash flow for the beginning of the following financial year. This year that cash balance is £200,000.
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2) On occasions, the management of the charity will wish to increase this reserve if it is planning a special capital project. This might include putting cash aside for matched funding.
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At present with plans to build extensions to the boathouse a fund from previous years has been held to put towards expected match funding with grants.
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3) Each year in November the Club sets an annual budget for general and capital expenditure, and prudently plans to leave a working balance of at least £25,000 at the year end. This budget is ‘zero based’ and any unspent capital budget from the previous year is reconsidered.
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4) The budget is phased over the year in line with the income from the trading company and membership contributions, and the capital spend is conditional upon that income being achieved.
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5) Actual spend against budget is scrutinised by the trustees and the Management Committee on a monthly basis.
RACING ACTIVITY
With winter national lockdowns caused by the Covid pandemic there was no open racing until the beginning of June. The club was ready to participate as soon as regattas started and raced at 15 regattas in the remaining part of the season with considerable success. It won 60 events and in addition there were some very notable performances. Despite a truncated racing season there were some highlights as follows:-
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Gold in WJ18 doubles at the National Schools Regatta
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Gold in WJ18 doubles at Henley Womens Regatta
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1 Gold and 4 second places at the British Masters Championships
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2 composite wins at Henley Masters Regatta
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A semi-final placing in WJ18 quad sculls at Henley Royal Regatta
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15 wins at St Neots Regatta
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15 wins at Cambridge Autumn Regatta
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Beginner’s courses for adults and juniors were able to be run from mid-summer onwards enabling recruitment of new members which is important for the future. Volunteer coaches again were crucial to the running of these courses. Demand from the public for courses has been good and further courses are to be run during the autumn to meet this demand. This is only possible because the club has a good number of volunteer coaches. The club continues to have a substantial number of retired members who make a valuable contribution to the running of the club by offering their time to do essential maintenance.
ROWABILITY - ROWING FOR THE DISABLED
While it has been able to be open the club has continued to offer rowing for people with disabilities. The club has a blind rower and another who continues to train in the British Rowing para-rowing development squad. Numbers of disabled members is however down on pre-Covid times but hopefully more can be recruited in the coming year.
JUNIOR ROWING
The junior section is strong and has been well organised again by an excellent team of dedicated volunteer coaches. It has been strengthened by the British Rowing World Class Start programme using the club as its base for this area. Our juniors took part in the first regattas to start following the winter lockdowns and raced well through the summer to achieve some 36 wins. Wins at National level and at Henley Womens Regatta were particular highlights.
Demand from new young people to learn to row is still very strong and it has been possible to undertake some recruitment again last summer. It is anticipated that further recruitment of juniors will be possible next spring.
FUTURE PLANS
The Trustees are drafting a new development plan for the coming years and some of the goals from the last plan will be repeated as the pandemic has prevented them from being achieved. This includes the goals of expanding to 300+ members and the building of extensions. We hope that the national picture with regard to Covid will continue to improve allow the club raise more funds to put towards its goals.
The club has planning permission for the proposed building extensions and still holds a substantial fund raised before the pandemic. Additional funds are needed however and it is hoped that 2022 will offer better opportunities to obtain grants and other sources of support.
The ongoing programme to update the fleet of boats has been on hold in 2021 but it should prove possible to re-start it in 2022 with funds raised from regattas last summer.
Promotion of junior rowing will remain a priority and significant resources will continue to be committed for this purpose. It is hoped that further progress with Rowability can be made particularly in view of the new facilities for the disabled now incorporated into the clubhouse.
J F CANTON
Chairman and Trustee
14 November 2021
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Peterborough City Rowing Club Income and Expenditure Account for Year Ended 30th September 2021
| 2021 INCOME Subscriptions 72,815 Grants 36,975 Donations & Non Capital Grants 13,638 Boat & Rack Hire 3,540 Course Income 11,487 Hire of Course equipment to PCRC L 1,800 Interest Received 31 Captains Account 0 Social Account Income 245 Clothing Sales 0 Insurance Claim 0 Other Income 0 Charitable Donation from PCRC Ltd 27,889 PURCHASES Social Account Purchases 735 Health & Safety Purchases 342 Captains Account 523 Clothing Purchases 0 GROSS PROFIT EXPENDITURE Rent 895 Rates 1,075 Water Charges 689 Electricity 1,028 Telephone 2,440 Fire & Intruder Alarm Maintenance 3,200 Boat Repairs & Maintenance 6,435 Property Repairs & Maintenance 21,414 Building Project 16,439 Course Repairs 11,002 Coaching & Entry Costs 4,094 Non-recoverable VAT 915 Insurance 19,951 Cleaning & Waste 5,335 Print, Postage & Stationery 1,060 British Rowing Fees 1,446 Motor Expenses 1,334 Audit & Accountancy Fees 775 Licences 3,106 Sundries 0 Depreciatio Note 2 SURPLUS FOR THE YEAR |
2020 72,461 17,000 15,953 3,668 5,654 0 595 732 3,839 0 3,230 686 1,269 168,420 4,104 0 0 0 1,600 166,820 895 1,075 870 8,921 1,271 1,266 9,915 2,987 21,756 8,851 4,617 10,313 13,252 2,616 2,499 1,702 729 775 3,391 0 102,633 64,187 19,856 44,331 |
|
|---|---|---|
| 125,087 | ||
| 4,104 | ||
| 120,983 | ||
| 97,701 | ||
| 23,282 18,047 |
||
| 5,235 |
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Peterborough City Rowing Club Balance Sheet as at 30th September 2021
2021 2021
| FIXED ASSETS Note 1 CURRENT ASSETS Stocks Note 7 Prepayments Note 5 Debtors Note 6 Cash at Bank Deposit A/C General A/C Bar A/C VAT Cash in Hand TOTAL ASSETS CURRENT LIABILITIES Sundry Creditors Note 8 Accruals Note 9 NET ASSETS CAPTIAL FUND Special Reserve Note 4 Balance at 1st October 2020 Surplus for the Year Balance at 30th September 2021 |
1,949 395 33,946 354,879 21,945 19,926 4,044 185 |
323,846 437,269 761,115 1,040 760,075 7,776 752,299 760,075 |
2,029 395 17,152 300,433 26,706 25,690 3,727 185 |
340,467 |
|---|---|---|---|---|
| 110 930 |
110 930 |
376,317 | ||
| 716,784 | ||||
| 707,968 44,331 |
702,733 5,235 |
1,040 | ||
| 715,744 | ||||
| 7,776 707,968 |
||||
| 715,744 |
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Peterborough City Rowing Club Notes to the Accounts for the Year Ended 30th September 2021
1. FIXED ASSETS
| 1. FIXED ASSETS | ||||||
|---|---|---|---|---|---|---|
| Net Book | Additions | Disposals | Grants | Depn | Net Book | |
| Value | for Year | Value | ||||
| 1.10.2020 | 30.9.2021 | |||||
| Boathouse | 228,133 | (3,400) | 224,733 | |||
| Boats, Oars & Equipmen | 105,830 | 3,385 | (150) | (15,852) | 93,213 | |
| Course Equipment | 3,691 | (369) | 3,322 | |||
| Safety Equipment | 321 | (32) | 289 | |||
| Motor Vehicle | 97 | (24) | 73 | |||
| Bar Furniture & Fittings | 1,792 | (179) | 1,613 | |||
| Trophies (at valuation) | 603 | 0 | 603 | |||
| 340,467 | 3,385 | (150) | 0 | (19,856) | 323,846 |
2. DEPRECIATION
Depreciation has been provided for at rates estimated to write off the cost of the assets over their expected useful lives.
The annual rates currently in use are:
| Boathouse | 1% on cost |
|---|---|
| Bar Furniture & Fittings | 10% on reducing balance |
| Course Equipment | 10% on reducing balance |
| Safety Equipment | 10% on reducing balance |
| Boats, Oars & Equipment | 15% on reducing balance |
| Motor Vehicle | 25% on reducing balance |
No depreciation is charged on additions during the year. No provision has been made in the accounts for depreciation on the trophies.
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Peterborough City Rowing Club Notes to the Accounts for the Year Ended 30th September 2021
3. ACCOUNTS FORMAT
At a General Meeting held on 7th July 2002, the Club adopted a new constitution and decided to apply for charitable status. Charitable status was subsequently granted and the Club became a registered charity on 7th February 2003. The accounts are prepared on an accruals basis.
4. SPECIAL RESERVE
During 1994/95 a special reserve of £7776 was created as a contingency against future unforseen occurences.
5. PREPAYMENTS
| Motor Insurance | 395 | |
|---|---|---|
| 395 | ||
| 6. DEBTORS | ||
| Debtors | 2,988 | |
| Donation from PCRC Ltd | 29,158 | |
| Peterborough City Rowing Club Ltd | 1,800 | |
| 33,946 | ||
| 7. STOCKS | ||
| Clothing | 785 | |
| Presentation Plaques | 400 | |
| Bar Stocks | 764 | |
| 1,949 | ||
| 8. CREDITORS | ||
| Creditors | - | |
| PCRC Ltd - Regatta Catering | - | |
| Key Deposits | 110 | |
| 110 | ||
| 9. ACCRUALS | ||
| Audit & Accountancy | 930 | |
| 930 |
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Peterborough City Rowing Club Cash Flow Statement for the Year Ended 30th September 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| SOURCE OF FUNDS | ||||
| (Deficit) Surplus | 44,331 | 5,235 | ||
| Depreciation | 19,856 | 18,047 | ||
| TOTAL FUNDS GENERATED | 64,187 | 23,282 | ||
| APPLICATION OF FUNDS | ||||
| Purchase of Boats/Equipment | (3,385) | (26,673) | ||
| Sale of Boats/Equipment | 150 | 0 | ||
| NET SOURCE/(APPLICATION) OF FUNDS | 60,952 | (3,391) | ||
| The net source/(application) of funds is | ||||
| represented by the following | ||||
| movements in current assets | ||||
| Stocks | (80) | (214) | ||
| Debtors | 16,794 | (29,303) | ||
| Prepayments | 0 | 0 | ||
| Creditors | 0 | 0 | ||
| VAT | 317 | 165 | ||
| 17,031 | (29,352) | |||
| MOVEMENT IN LIQUID FUNDS | ||||
| Net Opening Cash/Bank Balances | 353,014 | 327,053 | ||
| Net Closing Cash/Bank Balances | 396,935 | 353,014 | ||
| 43,921 | 25,961 | |||
| INCREASE/(DECREASE) IN CURRENT ASSETS | 60,952 | (3,391) |
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