PETERBOROUGH CITY ROWING CLUB ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 30th SEPTEMBER 2024
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 2024
The following served as Trustees during the year:
| John Canton | Chairman |
|---|---|
| Hayley Shipton | Secretary |
| Hugo Spiegl | Treasurer |
| Steve Casey | |
| Nick Hubble | |
| Ann Casey | Co-Opted |
Peterborough City Rowing Club
Annual Report and Statement of Accounts for the Year Ended 30th September 2024
Contents
| Independent Examiners Report | 2 |
|---|---|
| Annual Report | 3 |
| Income & Expenditure Account | 6 |
| Balance Sheet | 7 |
| Notes to the Accounts | 8 |
| Cash Flow Statement | 9 |
Peterborough City Rowing Club
A registered Charity No 1095872
Independent Examiner’s Report to the Trustees
I report to the trustees on my examination of the accounts of the Peterborough City Rowing Club Trust for the year ended 30 September 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have 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.
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.
Kerry Hall FCCA Fellow of the Association of Chartered Certified Accountants The Poplars, 32 Main Street, Haconby, Bourne, PE10 0UU
20 November 2024
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Peterborough City Rowing Club
A registered Charity No 1095872
Annual Report for the Year Ended 30[th] September 2024
ACCOUNTS
We are pleased to present this annual report and the accounts for the year ended 30[th] September 2024.
In the last 12 months a major focus for the Trustees has been the work to construct the first of three planned extensions to the clubhouse. These extensions are needed to improve the club’s facilities for an expanding Peterborough, the population of which is continually increasing. At the same time the club’s usual range of activities has been undertaken with much success. The winter period saw a lot of flooding resulting in difficulties with training on the water and in many racing events around the country being cancelled. Nonetheless the club was able to achieve 150 race wins spread widely amongst its competing membership. Despite the winter weather the club has been able to run all its events for the second year in succession, which has been unusual in recent years. Rowing for people with disability has enjoyed a major boost with the Row the Rhythm programme being run at Peterborough. This has resulted in a significant number of people with visual impairment getting the opportunity to try the sport in a safe environment.
Membership numbers ended the year at 259 which is a slight decrease on the previous year which is a little disappointing bearing in mind the continuing efforts made by club coaches to bring new people into the sport. The club’s ambition remains to reach at least 300 members. The gender balance amongst the membership remains good following the increase in the number of women taking up the sport in recent years. The club continues to support many young rowers with qualified volunteer coaches and subsidised membership rates. Learn to row courses for all ages have again been run through the summer months with a good level of interest from the general public.
Over the last 12 months club financial situation has remained strong. This is in part because the club again 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. The club was able to continue to purchase new boats in accordance with the boat replacement policy with funds raised in the previous year.
The club continues to retain the bequest and donations in memory of Rolls Pollard and this totals £102,850. This sum has been ring-fenced by the Trustees together with other funds raised for the building extension project which is now proceeding with the construction of the first extension nearing completion. Funds have been boosted by successful grant applications to two different sources which have brought in £90,000 towards the project.
The overall result this year has been a surplus after depreciation of some £75,466. This represents a slight reduction in the surplus from the previous year which had been exceptional.
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 £59,332 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 | 82 | 86 | |
| Junior | 32 | 24 | |
| Students | 4 | 5 | |
| Non Rowing/Coaches/Cox | 17 | 7 | |
| Rowability | 0 | 2 | |
| 135 | 124 | ||
| Total |
259 |
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 £250,000.
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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
Club members raced at a wide range of events around the country although not as many winter events as usual due to the very wet weather, which le d to a large number of races to be cancelled. They won 150 events which is a good total considering how much racing was cancelled compared to previous years. These wins were spread widely amongst the membership including 37 junior members. There were some other very notable performances and some of the highlights were as follows:-
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A Bronze medal at the Junior Sculling Regatta
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Representation at the Junior Inter-Regional Regatta
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2 Golds and 2 Silver medals at the British Masters Championships
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2 wins at Henley Masters Regatta
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13 wins at Nottingham Club and Masters Regatta
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20 wins at St Neots Regatta
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21 wins at Peterborough Summer Regatta
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Victor Ludorum winners at Milton Keynes Regatta
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 the club has specialist equipment. A new feature this year has been the Row the Rhythm programme which included special monthly sessions for people with visual impairment. This has been well supported and has seen the introduction to the sport of a good number of people. Volunteer coaches from the club have run these sessions which have also been supported by Kate Lindgren, a blind rower.
JUNIOR ROWING
The junior section continues to be very strong and has been well organised again by an excellent team of dedicated volunteer coaches.
Our junior members have been racing regularly and successfully throughout the year and 37 of them have achieved 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.
FUTURE PLANS
The Trustees will be aiming to follow the development plan in including the goals of expanding to 300+ members and the building of extensions. The structure of the first extension is almost complete and the fitting out of the interior will follow this winter and spring. The obtaining of grants towards the building projects 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. In addition it is intended to continue with the Row the Rhythm programme supporting the introduction to rowing of people who are visually impaired.
J F CANTON Chairman and Trustee
27 November 2024
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Peterborough City Rowing Club Income and Expenditure Account for Year Ended 30th September 2024
| 2024 INCOME Subscriptions 87,035 Donations & Non Captial Grants 4,670 Boat & Rack Hire 4,486 Course Income 28,222 Hire of Course equipment to PCRC L 1,800 Interest Received 5,711 Captains Account 287 Social Account Income 10,606 Clothing Sales 0 Insurance Claim 14,110 Other Income 140 Charitable Donation from PCRC Ltd 58,527 PURCHASES Social Account Purchases 8,150 Health & Safety Purchases 91 Clothing Purchases 0 GROSS PROFIT EXPENDITURE Rent 1,192 Rates 1,098 Water Charges 1,785 Electricity 14,710 Telephone 1,077 Fire & Intruder Alarm Maintenance 1,391 Boat Repairs & Maintenance 10,072 Property Repairs & Maintenance 2,398 Course Repairs 25,817 Coaching & Entry Costs 15,137 Non-recoverable VAT 3,762 Insurance 12,302 Cleaning & Waste 5,457 Print, Postage & Stationery 2,099 British Rowing Fees 2,360 Motor Expenses 1,526 Audit & Accountancy Fees 890 Licences 3,967 Sundries 0 Depreciatio Note 2 SURPLUS FOR THE YEAR |
2023 77,980 7,011 4,280 12,663 1,800 2,526 555 11,811 1,697 7,224 0 63,756 215,594 10,531 0 3,018 8,241 207,353 895 1,126 1,285 11,357 2,114 932 9,880 1,194 12,978 5,908 2,271 13,887 7,130 1,887 1,517 822 890 3,785 0 107,040 100,313 24,847 75,466 |
|
|---|---|---|
| 191,303 | ||
| 13,549 | ||
| 177,754 | ||
| 79,858 | ||
| 97,896 20,137 |
||
| 77,759 |
Peterborough City Rowing Club Balance Sheet as at 30th September 2024
| 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 2023 Surplus for the Year Balance at 30th September 2024 |
2024 1,297 4,757 129,608 338,269 43,929 26,410 2,232 185 |
451,906 546,687 998,593 45,187 953,406 7,776 945,630 953,406 |
2023 1,464 7,620 69,023 387,558 66,296 23,366 2,795 185 |
356,886 |
|---|---|---|---|---|
| 9,792 35,395 |
6,125 31,128 |
558,307 | ||
| 915,193 | ||||
| 870,164 75,466 |
792,405 77,759 |
37,253 | ||
| 877,940 | ||||
| 7,776 870,164 |
||||
| 877,940 |
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Peterborough City Rowing Club Notes to the Accounts for Year Ended 30th September 2024
1. FIXED ASSETS
| Net Book | Additions | Disposals | Grants | Depn | Net Book | |
|---|---|---|---|---|---|---|
| Value | for Year | Value | ||||
| 1.10.2023 | 30.9.2024 | |||||
| Boathouse | 217,933 | (3,400) | 214,533 | |||
| Function Building | 133,848 | (50,000) | 0 | 83,848 | ||
| Boats, Oars & Equipmen | 119,133 | 39,074 | (4,000) | (17,270) | 136,937 | |
| Course Equipment | 2,658 | (266) | 2,392 | |||
| Safety Equipment | 231 | (23) | 208 | |||
| Motor Vehicle | 15,037 | (3,759) | 11,278 | |||
| Bar Furniture & Fittings | 1,291 | 945 | (129) | 2,107 | ||
| Trophies (at valuation) | 603 | 0 | 603 | |||
| 356,886 | 173,867 | (4,000) | (50,000) | (24,847) | 451,906 |
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/Function Building | 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 Cash Flow Statement for Year Ended 30th September 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| SOURCE OF FUNDS | |||||
| (Deficit) Surplus | 75,466 | 77,759 | |||
| Depreciation | 24,847 | 20,137 | |||
| TOTAL FUNDS GENERATED | 100,313 | 97,896 | |||
| APPLICATION OF FUNDS | |||||
| Purchase of Assets | (123,867) | (41,990) | |||
| Sale of Assets | 4,000 | 1,729 | |||
| NET SOURCE/(APPLICATION) OF FUNDS | (19,554) | 57,635 | |||
| The net source/(application) of funds is | |||||
| represented by the following | |||||
| movements in current assets | |||||
| Stocks | (167) | (736) | |||
| Debtors | 60,585 | 37,065 | |||
| Prepayments | (2,863) | 7,225 | |||
| Creditors | (7,934) | (36,213) | |||
| VAT | (563) | (594) | |||
| 49,058 | 6,747 | ||||
| MOVEMENT IN LIQUID FUNDS | |||||
| Net Opening Cash/Bank Balances | 477,405 | 426,517 | |||
| Net Closing Cash/Bank Balances | 408,793 | 477,405 | |||
| (68,612) | 50,888 | ||||
| INCREASE/(DECREASE) IN CURRENT | ASSETS | (19,554) | 57,635 |
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