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2023-09-30-accounts

PETERBOROUGH CITY ROWING CLUB ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 30th SEPTEMBER 2023

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 2023

The following served as Trustees during the year:

John Canton Chairman
Steve Casey
Hugo Spiegl Treasurer
Nick Hubble
Ann Casey Secretary

Peterborough City Rowing Club

Annual Report and Statement of Accounts for the Year Ended 30th September 2023

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 2023, 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:

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:

Kerry Hall FCCA Fellow of the Association of Chartered Certified Accountants The Poplars, 32 Main Street, Haconby, Bourne, PE10 0UU

27 November 2023

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Peterborough City Rowing Club

A registered Charity No 1095872

Annual Report for the Year Ended 30[th] September 2023

ACCOUNTS

We are pleased to present this annual report and the accounts for the year ended 30[th] September 2023.

The last 12 months has seen the club able to return to complete normality after the Covid pandemic. It has been a particularly successful year both on the water and off. Considerable success in racing at all age groups has been achieved, membership numbers have grown again and the club has been able to run all its events for the first time in quite a few years. As a consequence club income has increased to £191,303.

Membership numbers ended the year at 285 which is an increase on the previous year reflecting the efforts made by club coaches to bring new people into the sport. This number is back to the level pre-Covid and is getting very close the ambition of reaching at least 300 members. The gender balance amongst the membership is very good following the increase in the number of women taking up the sport in recent years. This number includes 73 under the age of 18. Learn to row courses have again been run through the summer months with a good level of interest from the general public.

This year the club was able to run all four of its annual events - the winter Head of the River Race and 3 regattas without any enforced cancellations. These are run by Peterborough City Rowing Club Ltd which then donates all surplus funds to the charity. Entries were very good for the first regatta in June and for the Junior Regatta. Entry numbers for the regatta in August were not as strong as hoped for but nonetheless the event made a surplus which has added to the club’s resources. Racing success has been particularly good with members achieving the second highest total of wins in the club’s history. The club was able to continue to purchase new boats in accordance with the boat replacement policy with funds raised in the previous year.

Income was particularly good. Overheads have remained steady with a modest decrease.

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 now proceeding with the construction of the first extension this coming winter.

The overall result this year has been a surplus after depreciation of some £77,759. 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 successfully. The club was able to once again hire out its facilities to other clubs for training camps. The company made a profit of £64,561 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 87 86
Junior 34 39
Students 8 8
Non Rowing/Coaches/Cox 16 5
Rowability 0 2
145 140
Total
 285

POLICY ON RESERVES

RACING ACTIVITY

Club members raced at some 59 different events through the year including local, national and international regattas. They won 170 events which is the second highest total in the history of the club. These wins were achieved by 97 different members. In addition there were some other very notable performances including 118 second place finishes. Some of the highlights were as follows:-

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Beginner’s courses for adults and juniors were run from spring 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 continued to be strong. The club encourages its volunteers to achieve British Rowing qualifications at coaching and most coaches are qualified. The club subsidises the cost of training courses. The club has 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

The club has continued to offer rowing for people with disabilities and has been able to improve its specialist equipment thanks to the inspiration of Kate Lindgren, a blind rower. She again set herself an endurance challenge in the summer and raised money for new gym equipment. Recently a visually impaired young woman from Ukraine has joined the club and is being helped by one of the clubs volunteer coaches. The clubs ambition is to recruit more members with disabilities.

JUNIOR ROWING

The junior section continues to be very strong and has been well organised again by an excellent team of dedicated volunteer coaches. During the year the British Rowing World Class Start programme came to an end which was disappointing as the clubs coaches had forged a good working relationship with their local coach. The replacement programme is based at Nottingham but our club has been designated a satellite club and so coaching support will continue albeit more remotely.

Our junior members have been racing regularly and successfully throughout the year to achieve 81 wins. In addition there were a number of strong performances in national events. A number of younger juniors raced for the first time this season and gained valuable experience for the future.

Demand from new young people to learn to row is always very strong and the club brings in as many as can be properly supervised by the coaching team. However, as the club is reliant on volunteers and is very conscious that the levels of supervision must be at a safe level, the intake of new young people each year has to be managed carefully. There have been 73 juniors at the club in the past year which is a large number historically.

FUTURE PLANS

The Trustees have now completed the drafting a new development plan for the coming years and some of the goals from the last plan have been repeated as the pandemic has prevented them from being achieved. This includes the goals of expanding to 300+ members and the building of extensions. Construction of the first extension is about to start and following its completion fundraising efforts will be directed to the next extension. The obtaining of grants such as from Landfill Tax is very important to supplement other fundraising.

The ongoing programme to update the fleet of boats is continuing with new craft being purchased each year. This is ensuring that good equipment is available for all members.

Promotion of junior rowing will remain a priority and significant resources will continue to be committed for this purpose. It is hoped that new members with disabilities can be recruited particularly in view of the fact that the club now has suitable stable boats.

J F CANTON

Chairman and Trustee

29 November 2023

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Peterborough City Rowing Club Income and Expenditure Account for Year Ended 30th September 2023

2023
INCOME
Subscriptions
77,980
Grants
0
Donations & Non Capital Grants
11,031
Boat & Rack Hire
4,280
Course Income
12,663
Hire of Course equipment to PCRC Ltd
1,800
Interest Received
2,526
Captains Account
555
Social Account Income
11,811
Clothing Sales
1,697
Insurance Claim
7,224
Charitable Donation from PCRC Ltd
63,756
PURCHASES
Social Account Purchases
10,531
Health & Safety Purchases
0
Clothing Purchases
3,018
GROSS PROFIT
EXPENDITURE
Rent
895
Rates
1,126
Water Charges
1,285
Electricity
11,357
Telephone
2,114
Fire & Intruder Alarm Maintenance
932
Boat Repairs & Maintenance
9,880
Property Repairs & Maintenance
1,194
Course Repairs
12,978
Coaching & Entry Costs
5,908
Non-recoverable VAT
2,271
Insurance
13,887
Cleaning & Waste
7,130
Print, Postage & Stationery
1,887
British Rowing Fees
1,517
Motor Expenses
822
Audit & Accountancy Fees
890
Licences
3,785
Depreciation
Note 2
SURPLUS FOR THE YEAR		 2022
79,897
1,525
11,954
3,565
14,347
1,800
154
0
11,260
0
0
29,221
195,323
153,722
9,496
449
0
13,549
9,945
181,774
143,777
895
1,075
1,088
4,688
2,402
2,258
9,833
2,954
16,438
6,694
3,641
14,988
8,911
885
1,592
650
1,150
3,673
79,858
83,815
101,916
59,962
20,137
19,856
81,779
40,106

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Peterborough City Rowing Club Balance Sheet as at 30th September 2023

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 & Deferred Income
Note 9
NET ASSETS
CAPTIAL FUND
Special Reserve
Note 4
Balance at 1st October 2022
Surplus for the Year
Balance at 30th September 2023		 2023
2022
356,886
336,762
1,464
2,200
7,620
395
69,023
31,958
387,558
355,032
70,316
52,880
23,366
18,416
2,795
3,389
185
189
562,327
464,459
919,213
801,221
6,125
110
31,128
930
37,253
1,040
881,960
800,181
7,776
7,776
792,405
752,299
81,779
40,106
874,184
792,405
881,960
800,181		 2023
2022
356,886
336,762
1,464
2,200
7,620
395
69,023
31,958
387,558
355,032
70,316
52,880
23,366
18,416
2,795
3,389
185
189
562,327
464,459
919,213
801,221
6,125
110
31,128
930
37,253
1,040
881,960
800,181
7,776
7,776
792,405
752,299
81,779
40,106
874,184
792,405
881,960
800,181
800,181

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Peterborough City Rowing Club Notes to the Accounts for Year Ended 30th September 2023

1. FIXED ASSETS

Boathouse
Boats, Oars & Equipment
Course Equipment
Safety Equipment
Motor Vehicle
Bar Furniture & Fittings
Trophies (at valuation)		 Net Book
Additions
Disposals
Grants
Depn
Net Book
Value
for Year
Value
1.10.2022
30.9.2023
221,333
(3,400)
217,933
110,133
26,990
(1,729)
(16,261)
119,133
2,953
(295)
2,658
257
(26)
231
49
15,000
(12)
15,037
1,434
(143)
1,291
603
0
603
336,762
41,990
(1,729)
0
(20,137)
356,886

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 Year Ended 30th September 2023

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
Boat Insurance
6. DEBTORS
Debtors
Donation from PCRC Ltd
Peterborough City Rowing Club Ltd
7. STOCKS
Clothing
Presentation Plaques
Bar Stocks
8. CREDITORS
Creditors
PCRC Ltd - Regatta Catering
Key Deposits
9. ACCRUALS & DEFERRED INCOME
Audit & Accountancy
Subscriptions for 2023/24		 395
7,225
7,620
3,998
63,756
1,269
69,023
0
400
1,064
1,464
0
6,015
110
6,125
930
30,198
31,128

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Peterborough City Rowing Club Cash Flow Statement for Year Ended 30th September 2023

2023 2022
SOURCE OF FUNDS
(Deficit) Surplus 81,779 40,106
Depreciation 20,137 19,856
TOTAL FUNDS GENERATED 101,916 59,962
APPLICATION OF FUNDS
Purchase of Boats/Equipment (41,990) (32,772)
Sale of Boats/Equipment 1,729 0
NET SOURCE/(APPLICATION) OF FUNDS 61,655 27,190
The net source/(application) of funds is
represented by the following
movements in current assets
Stocks (736) 251
Debtors 37,065 (1,988)
Prepayments 7,225 0
Creditors (36,213) 0
VAT (594) (655)
6,747 (2,392)
MOVEMENT IN LIQUID FUNDS
Net Opening Cash/Bank Balances 426,517 396,935
Net Closing Cash/Bank Balances 481,425 426,517
54,908 29,582
INCREASE/(DECREASE) IN CURRENT ASSETS 61,655 27,190

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