OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Bury Lake Young Mariners Limited

2024-03-31-accounts

Charity Registration No. 1102162 Company Registration No. 04389344

BURY LAKE YOUNG MARINERS

ANNUAL REPORT

AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024

BURY LAKE YOUNG MARINERS

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr J Constable
Ms P J Parks
Mr G J Ivory
Mr M E Colston
Mr M R Talbot
Mr A M Roy
Ms K A MacManus
Ms L J Northwood
Mr C Hallett
Mr D M Ridout
Secretary Mr G J Allard
Charity number 1102162
Company number 04389344
Registered office The Old School House
Bridge Road,
Hunton Bridge,
Kings Langley,
Hertfordshire, England,
WD4 8SZ
Accountants David M Green FCA
Gowers Limited
The Old School House
Bridge Road
Hunton Bridge
Kings Langley
Herts. WD4 8SZ
Bankers CAF Bank
25 Kings Hill Avenue West
Malling
Kent ME19 4JQ
CCLA
Senator House
85 Queen Victoria Street London
EC4V 4ET

BURY LAKE YOUNG MARINERS

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5
Statement of financial activities 6 - 7
Balance sheet 8 - 9
Notes to the financial statements 10 - 22

BURY LAKE YOUNG MARINERS

TRUSTEES REPORT

YEAR ENDED 31st MARCH 2024

The Trustees present their report and financial statements for the year ended 31 March 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Companies Act 2006, 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 (FRS 102)” (published in October 2019).

Directors and Trustees

The directors of the charitable company, throughout this report referred to as the Company, are its trustees for the purposes of charity law and throughout this report are collectively referred to as the Trustees.

The Company is limited by guarantee and does not have any share capital. The directors therefore have no interest in the company save for the extent of their guarantee.

Mr M E Colston Ms K A MacManus (appointed 24th May 2023) Mr G J Ivory Mr M R Talbot Ms P J Parks Mr J Constable Mr D M Ridout (resigned 30th January 2024, reappointed 24th April 2024) Mr A M Roy (appointed 9th November 2023) Ms L J Northwood (appointed 14th November 2024) Mr C Hallett (appointed 14th November 2024)

Structure, governance and management

Governing document:

Bury Lake Young Mariners (BLYM) was originally formed in 1982 and became a registered charity, with charity number 286611. Subsequently, the Trustees set up Bury Lake Young Mariners Limited, which was later approved by the Charity Commission as a charity, with charity number 1102162, and with effect from 1st April 2004 began trading under the new Company designation. The Trustees transferred the assets of the former charity to the new Limited Company with effect from the same date. Subsequently permission was granted to drop the word Limited from the company name.

The charity is based on the Bury Lake, The Aquadrome, Frogmore Lane, Rickmansworth, Hertfordshire. The registered office address is The Old School House, Bridge Road, Hunton Bridge, Kings Langley, Herts. WD4 8SZ.

Trustees, who are also directors of the Company, are appointed at the Annual General Meeting, or by the existing Trustees during the year. All stand down at the end of the year but may offer themselves for re-election.

Trustee and director induction and training:

New Trustees are given a copy of the Trust documents, which are also available from the Chairman and the Company’s website. Where new Trustees are appointed who may be unfamiliar with the duties of a Trustee, they are directed to the guidance published by the Charity Commission and the National Council for Voluntary Organisations.

The company has no paid staff and the Chairman acts in the position of the Chief Executive.

BURY LAKE YOUNG MARINERS

TRUSTEES REPORT

YEAR ENDED 31st MARCH 2024

Risk management

The Trustees have continued to review the effectiveness of the governance, organisation and management of the charity and its activities. G Ivory (Trustee) and M Talbot (Trustee and RYA Principal) are appointed to be responsible for health and safety, and P J Parks (Trustee), K A MacManus (Trustee) and J Constable (Trustee) for safeguarding of young people and vulnerable adults.

Objectives and activities

BLYM is committed to the development of young people through the medium of sailing and other water-based sports. This is achieved through:

  1. The provision of sailing equipment and facilities for use by people of all ages;

  2. The organisation of sailing activities;

  3. The provision of facilities for disabled and disadvantaged people; and

  4. The development of skills and qualifications for youth and adult leaders to support the above.

BLYM has a fleet of 100 sailing dinghies and 10 safety boats and there is an agreed policy of progressive replacement of the fleet to maintain an attractive offering to all ages and ability levels. This includes beginners trying sailing for the first time, as well as intermediate and advanced level sailors, across the age spectrum. Some go on to compete successfully at regional, national and international level.

Achievements and performance

During the year, we had 135 personal and family members, and 11 affiliated group members and 23 local youth groups and schools also regularly using the club. In addition, many take out a 3-month membership as part of a package associated with a training course. Many new members are attracted to become members having taken one of BLYM’s Royal Yachting Association (RYA) courses, which also help to improve sailing skills and the quality of recreational sailing experience.

Affiliated groups comprise schools, Scout and Guide groups, Sea Cadets, Police Cadets, and other youth organisations. BLYM has been particularly successful in working with young people living in disadvantaged areas where there tends to be less opportunity available to young people. BLYM hosts an independent group Colne Valley Special Sailors (CVSS) who provide boats and activities for profoundly disabled people.

The take up of RYA courses was very good during the year, with 600 people taking a course, most of whom were able to achieve RYA certification. Many courses were full. Feedback from participants was almost entirely complimentary. Due to the ongoing impacts that the Covid pandemic had on our instructor development programme, we had to restrict course numbers because of instructor availability. In addition to our RYA Training team accelerating the instructor development pipeline, we have decided to create a new designated fund for Instructor Development. This funding will help support those that need additional financial support when undertaking new qualifications or where BLYM must prioritise investment. This is necessary to ensure sufficient instructor availability to continue running a successful course program.

Plans to rebuild the charity’s final phase of development continue. The trustee board extensively reviewed the project for affordability and operational viability and is actively looking to seek further funds to complete this final phase (Building 3). We have been in dialogue with the Council to keep them up to date with progress. The designated funds already to hand for this project now stand at £386,848. BLYM has now engaged a volunteer Chris Hallett who is actively seeking new funds to aid with the progression of the final phase.

BLYM received a legacy of £11,598. We are very grateful to have been thought of and to have received this donation in respect of the final stage of the building project.

BURY LAKE YOUNG MARINERS

TRUSTEES REPORT

YEAR ENDED 31st MARCH 2024

Committee structure and management

In addition to the Board of Directors, one committee ’BLT’ meet regularly to provide effective management of the charity. The BLYM Leadership Team as it is known represents every aspect of operational and administrative activity.

We are grateful to everyone who has taken a significant role at BLYM during the year, particularly key individual appointments and those involved with the various teams that ensure the effective operation of the charity. We are equally grateful to a small army of volunteer instructors, bosuns, administrators and supporters who have also given freely of their time to enable BLYM to deliver its programme. Special mention needs to be made to a group of young volunteer instructors still in full time education who have assisted BLYM in their weekends and holidays. Their commitment is exemplary, and the charity could not run without them. The experience they gain in return equips them well for later life giving a win-win outcome.

Public Benefit statement

Guidance from the Charity Commission has been used to develop BLYM’s aims and objectives so that activities are clearly focused to derive good public benefit.

BLYM welcomes all young, disabled and disadvantaged people regardless of their personal background, ethnicity, faith and gender. The Trustees believe that this policy of equality and openness to all enriches everyone through the sharing of skills, experience and knowledge both to those who use the facilities and to those volunteers who deliver the activities. Those of limited financial means are supported by reduced charges for activities.

Financial review

General reserves have increased by £34,305 and now stand at £1,458,846. More detailed information on the financial position and results for the year is contained within the Financial Statements and Notes.

Investment powers and policy

The Trustees invest surplus funds in low-risk deposit accounts with their bankers.

Reserves policy

Funds are allocated each year into Designated and Restricted funds for various reasons, such as planned capital purchases, improvements and contingency planning.

The Trustees believe that it is prudent to retain £20,000 in reserve for any unforeseen costs and liabilities, and this is the Contingency reserve.

In addition to this, we have made the following allocations:

Disclosure of Information to Accountants

Each of the directors has confirmed that there is no information of which they are aware that is relevant to the independent examination, but of which the accountants are unaware. The Trustees have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the accountants are aware of such information.

BURY LAKE YOUNG MARINERS

TRUSTEES REPORT

YEAR ENDED 31st MARCH 2024

Accountants

A resolution proposing Gowers Limited be reappointed as independent examiners and accountants of the company will be put to the members at the Annual General Meeting.

Directors’ and Trustees’ Responsibilities

The directors are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Plans for Future Periods

The Trustees believe that the current strategy of the Charity is sound, and this will be continued.

.............................. Mite Mr M E Colston Trustee

Dated: 14th November 2024…………...........................

BURY LAKE YOUNG MARINERS

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF BURY LAKE YOUNG MARINERS

I report to the Trustees on my examination of the financial statements of Bury Lake Young Mariners (the charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As the Trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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:

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 financial statements to be reached.

Care David M Green FCA

Gowers Limited

The Old School House Bridge Road Kings Langley Herts. WD4 8SZ

Dated: 14th November 2024………………………..........................

BURY LAKE YOUNG MARINERS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024

____________

Current financial year

Notes
Income and endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Fundraising activities
8
Charitable activities
9
Total resources expended
Net incoming/(outgoing)
resources before transfers
Gross transfers between funds
Net movement in funds
Fund balances at 1 April 2023
Fund balances at 31 March 2024		 Unrestricted
funds
general
2024
£
5,279
133,164
37,902
12,178
135
188,658
50,920
103,537
154,457
34,201
(92,000)
(57,799)
1,036,940
979,141		 Unrestricted
funds
designated
2024
£
-
-
-
-
-
-
-
10,544
10,544
(10,544)
95,000
84,456
351,595
436,051		 Restricted
funds
2024
£
11,598
-
-
-
-
11,598
-
950
950
10,648
(3,000)
7,648
36,006
43,654		 Total
2024
£
16,877
133,164
37,902
12,178
135
200,256
50,920
115,031
165,951
34,305
-
34,305
1,424,541
1,458,846		 Total
2023
£
7,939
164,846
46,053
4,471
8,687
231,996
50,450
99,635
150,085
81,911
-
81,911
1,342,630
1,424,541

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derives from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

BURY LAKE YOUNG MARINERS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

____________

Prior financial year

Notes
Income and endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Fundraising activities
8
Charitable activities
9
Total resources expended
Net incoming/(outgoing)
resources before transfers
Gross transfers between funds
Net movement in funds
Fund balances at 1 April 2022
Fund balances at 31 March 2023		 Unrestricted
funds
general
2023
£
4,453
151,698
46,053
4,471
8,687
215,362
50,450
99,543
149,993
65,369
(158,034)
(92,665)
1,129,605
1,036,940		 Unrestricted
funds
designated
2023
£
-
3,148
-
-
-
3,148
-
92
92
3,056
162,034
165,090
186,505
351,595		 Restricted
funds
2023
£
3,486
10,000
-
-
-
13,486
-
-
-
13,486
(4,000)
9,486
26,520
36,006		 Total
2023
£
7,939
164,846
46,053
4,471
8,687
231,996
50,450
99,635
150,085
81,911
-
81,911
1,342,630
1,424,541		 Total
2022
£
23,647
161,759
43,071
100
1,367
229,944
52,181
84,480
136,661
93,283
-
93,283
1,249,347
1,342,630

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derives from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

BURY LAKE YOUNG MARINERS

BALANCE SHEET

AS AT 31st MARCH 2024

Notes
Fixed assets
Tangible assets
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due
within one year
17
Net current assets
Total assets less current liabilities
Creditors: amounts falling due
after more than one year
Net assets
Income funds
Restricted funds
Unrestricted funds
Designated funds
General unrestricted funds		 2024
£
£
1,854,839
11,365
7,868
523,609
542,842
(63,835)
479,007
2,333,846
(875,000)
1,458,846
43,654
436,051
979,141
1,415,192
1,458,846		 2023
£
£
1,925,649
11,649
6,024
426,232
443,905
(50,013)
393,892
2,319,541
(895,000)
1,424,541
36,006
351,595
1,036,940
1,388,535
1,424,541		 2023
£
£
1,925,649
11,649
6,024
426,232
443,905
(50,013)
393,892
2,319,541
(895,000)
1,424,541
36,006
351,595
1,036,940
1,388,535
1,424,541
2,319,541
(895,000)
1,424,541
36,006
1,388,535
1,424,541

BURY LAKE YOUNG MARINERS

BALANCE SHEET

AS AT 31st MARCH 2024

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

For the financial year in question, the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

No members have required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 14th November 2024

.............................. Mit Mr M E Colston Trustee

Company Registration No. 04389344

BURY LAKE YOUNG MARINERS NOTES ON THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2024

1 Accounting policies

Charity information

Bury Lake Young Mariners is a private company limited by guarantee incorporated in England and Wales. The registered office is The Old School House, Bridge Road, Hunton Bridge, Kings Langley, Herts. WD4 8SZ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 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 (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.

Income from grants is recognised when there is evidence of entitlement to the income, receipt is probable and its amount can be measured reliably.

Membership subscriptions are recognised on a straight line basis over the period to which they relate.

BURY LAKE YOUNG MARINERS NOTES ON THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2024

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Interest income is recognised when receivable.

Other income includes miscellaneous income and gains on disposals of tangible fixed assets.

1.5 Resources expended

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. It is categorised under the following headings:

Cost of raising funds includes expenses related to running events, on site shops and sailing courses.

Expenditure on charitable activities includes depreciation, support and governance costs which are incurred in running the charity.

Support costs are those that assist the work of the charity and include office costs, governance costs and administrative costs. They are incurred directly in support of expenditure on the objects of the charity and allocated to expenditure on charitable activities on a basis consistent with use of the resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land & buildings Straight line over remaining life of lease Assets under the course of construction Not depreciated Fixtures, fittings, boats & other equipment 15% (fixtures & fittings) / 20% (boats) straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Stocks

Stock is valued at the lower of cost and net realisable value.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

BURY LAKE YOUNG MARINERS NOTES ON THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2024

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks with original maturities of three months or less.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

1.12 Taxation

As a not-for-profit organisation and registered charity, BLYM is generally exempt from corporation tax. The charity is not registered for VAT. Irrecoverable VAT attributed to capital items or operating expenditure is added to the cost of the capital items or expenses.

1.13 Concessionary loans

The charity applies the provisions of FRS102 relating to Public Benefit entities. Concessionary loans are initially measured at the amount received and are recognised in the balance sheet. In subsequent years, the carrying value of concessionary loans are adjusted to reflect any accrued interest payable, if applicable.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

BURY LAKE YOUNG MARINERS NOTES ON THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2024

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives, taking into account their residual values. The useful lives and residual values may vary depending on a number of factors including maintenance policies in place.

Concessionary loans

Concessionary loans are initially measured at the amount received and are recognised in the balance sheet. In subsequent years, the carrying value of concessionary loans are adjusted to reflect any accrued interest payable, if applicable.

Accruals

The charity makes an estimate of accruals at the year end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.

3. Donations and legacies

Donations and gifts
Grants
Total income		 Unrestricted
funds
general
2024
£
4,779
500
5,279		 Restricted
funds
2024
£
11,598
-
11,598		 Total
2024
£
16,377
500
16,877		 Total
2023
£
7,939
-
7,939

Grants (2022) relate mainly to grant income received or receivable from the government for support for business closure and national and local lockdowns due to the COVID-19 pandemic.

4. Charitable activities

Charitable activities
Sailing and course fees
Other designated and restricted income		 Total
2024
£
133,164
-
133,164		 Total
2023
£
151,698
13,148
164,846

BURY LAKE YOUNG MARINERS NOTES ON THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2024

5. Other trading activities

Membership subscriptions
Fund raising and other events
Galley income
Total income
6.
Investments
Interest receivable
7.
Other income
Disposal of fixed assets
Other income
Total other income		 Total
2024
£
29,473
1,230
7,199
37,902
Total
2024
£
12,178
Total
2024
£
135
-
135		 Total
2023
£
35,740
1,932
8,381
46,053
Total
2023
£
4,471
Total
2023
£
8,687
-
8,687

BURY LAKE YOUNG MARINERS NOTES ON THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2024

8. Fundraising activities

Fundraising and publicity
Staging events
Trading costs
Operating club galley
Sailing course expenses
Support costs
Stock movement
Prior year
Fundraising and publicity
Staging events
Trading costs
Operating club galley
Sailing course expenses
Support costs
Stock movement		 Unrestricted
funds
general
2024
£
1,273
3,946
33,275
10,554
1,872
49,647
50,920
2023
£
1,055
3,561
35,322
9,770
742
49,395
50,450		 Restricted
funds
2024
£
-
-
-
-
-
-
-
2023
£
-
-
-
-
-
-
-		 Total
2024
£
1,273
3,946
33,275
10,554
1,872
49,647
50,920
2023
£
1,055
3,561
35,322
9,770
742
49,395
50,450

BURY LAKE YOUNG MARINERS NOTES ON THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2024

9. Charitable activities

Depreciation and impairment
Share of support costs (see note 10)
Share of governance costs (see note 10)
Unrestricted funds
Analysis by fund
Unrestricted funds (general)
Designated funds
Restricted funds		 Total
2024
£
70,810
27,769
4,958
103,537
103,537
10,544
950
115,031		 Total
2023
£
62,404
31,961
5,178
99,543
99,543
92
-
99,635

10. Support costs

Bank charges
Computer costs
Printing, postage and stationery
Rent & overheads
Insurance
Repair & maintenance
First Aid
Governing body and other fees
Professional fees
Support and governance costs
Analysed between
Trading
Charitable activities
Support and governance costs		 Support
costs
Governance
costs
2024
2024
£
£
1,980
-
1,074
-
29
-
18,998
-
10,554
-
5,688
-
-
-
-
878
-
4,080
38,323
4,958
10,554
-
27,769
4,958
38,323
4,958		 Total
2024
£
1,980
1,074
29
18,998
10,554
5,688
-
878
4,080
43,281
10,554
32,727
43,281

BURY LAKE YOUNG MARINERS NOTES ON THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2024

Support costs – prior year
Bank charges
Computer costs
Printing, postage and stationery
Rent & overheads
Insurance
Repair & maintenance
First Aid
Governing body fees
Professional fees
Support costs
Analysed between
Trading
Charitable activities
Support and governance costs		 Support
costs
2023
£
2,275
1,268
11
20,712
9,770
7,519
176
-
-
41,731
9,770
31,961
41,731		 Governance
costs
2023
£
-
-
-
-
-
-
-
978
4,200
5,178
-
5,178
5,178		 Total
2023
£
2,275
1,268
11
20,712
9,770
7,519
176
978
4,200
46,909
9,770
37,139
46,909

Governance costs includes amounts of £1,100 (2023: £1,110) for independent examiner fees

Other fees payable to Accountants amounted to £2,980 (2023: £3,090) in relation to accounting, consultancy and company secretarial services

11. Related parties

None of the Trustees (or any persons connected with them) received any remuneration during the current or prior year.

Trustees did not have any expenses reimbursed during the current or prior year.

12. Employees

The average number of employees during the year was nil (2023: nil).

BURY LAKE YOUNG MARINERS NOTES ON THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2024

13.
Fixed assets
Leasehold land
and buildings
Fixtures,
fittings, boats
and other
equipment
£
£
Cost
At 1st April 2023
1,974,765
486,004
Additions
-
-
Disposals
-
(39,231)
At 31st March 2024
1,974,765
446,773
Depreciation
At 1st April 2023
160,861
374,259
Charge for year
40,309
30,501
Eliminated in respect of disposals
-
(39,231)
At 31st March 2024
201,170
365,529
Carrying amount
At 31st March 2024
1,773,595
81,244
At 31st March 2023
1,813,904
111,745
14.
Stocks
2024
£
Finished goods and goods for resale
11,365
15.
Debtors
2024
£
Trade debtors
7,868
Other debtors
-
Prepayments and accrued income
-
Total income
7,868		 Total
£
2,460,769
-
(39,231)
2,421,538
535,120
70,810
(39,231)
566,699
1,854,839
1,925,649
2023
£
11,649
2023
£
6,024
-
-
6,024

BURY LAKE YOUNG MARINERS NOTES ON THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2024

16.
Loans and overdrafts
Concessionary loans
Payable within one year
Payable after more than one year
Amounts included above which fall due after more than five years are as follows:
Payable by instalments		 2024
£
895,000
20,000
875,000
895,000

795,000		 2023
£
915,000
20,000
895,000
915,000
835,000

The loan was provided by Three Rivers District Council, is repayable over a 50 year term, and is interest free. The loan is secured by way of a fixed charge over the leasehold land and buildings of the charity

17.
Creditors: amounts falling due within one year
Concessionary loans
Deferred income
Trade creditors
Other creditors
Accruals
18.
Creditors: amounts falling due after more than one year
Concessionary loans		 2024
£
20,000
25,036
10,126
4,473
4,200
63,835
2024
£
875,000		 2023
£
20,000
22,932
1,461
1,420
4,200
50,013
2023
£
895,000

BURY LAKE YOUNG MARINERS NOTES ON THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2024

19. Deferred income
2024 2023
£ £
Arising from deferred membership and course fee income 25,036 22,932

20. Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Covenant fund
Building projects fund
RYA training instructors
Prior year
Covenant fund
Building projects fund
RYA training instructors		 Balance at
1st April
2023
£
6,000
25,250
4,756
36,006
Balance at
1st April
2022
-
25,250
1,270
26,520		 Incoming
resources
£
-
11,598
-
11,598
Incoming
resources
10,000
-
3,486
13,486		 Resources
expended
£
-
-
(950)
(950)
Resources
expended
-
-
-
-		 transfers
£
(3,000)
-
-
(3,000)
transfers
(4,000)
-
-
(4,000)		 Balance at
31st March
2024
£
3,000
36,848
3,806
43,654
Balance at
31st March
2023
6,000
25,250
4,756
36,006

The Covenant fund was established in 2018/19 to provide welfare activities for officers and families of those who served at Northwood Military Headquarters. The transfers in the year to 31 March 2024 represented an adjustment to the estimated amount of resources expended in the year.

The Building Project fund was established in 2018/19 and is to be utilised for the next phase of the charity's building project to complete the dry zone.

The RYA training instructors fund, established with support from RYA and Sport England, will be used to help increase participation in water sports by making them more accessible and affordable. The funding will enable BLYM to train additional sailing and power boat instructors, further expanding their ability to introduce more people, especially those from disadvantaged backgrounds, to the physical and mental health benefits of these activities.

BURY LAKE YOUNG MARINERS NOTES ON THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2024

21. Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Funds
Building
Asset replenishment
Contingency reserve
Fleet replacement
Site improvement
Instructor development
Prior year
Funds
Building
Asset replenishment
Contingency reserve
Pico fleet replacement
Site improvement
Instructor development		 Balance at
1st April
2023
£
300,000
30,000
20,000
-
-
1,595
351,595
Balance at
1st April
2022
121,209
30,000
20,000
-
13,701
1,595
186,505		 Incoming
resources
£
-
-
-
-
-
-
-
Incoming
resources
3,148
-
-
-
-
-
3,148		 Resources
expended
£
-
-
-
-
(10,464)
(80)
(10,544)
Resources
expended
-
-
-
-
(92)
-
(92)		 transfers
£
50,000
-
-
18,000
25,000
2,000
95,000
transfers
175,643
-
-
-
(13,609)
-
162,034		 Balance at
31st March
2024
£
350,000
30,000
20,000
18,000
14,536
3,515
436,051
Balance at
31st March
2023
300,000
30,000
20,000
-
-
1,595
351,595

The Building fund is maintained by the Trustees to be utilised for the next phase of the charity's building project to complete the dry zone.

The Asset Replenishment fund is held to be used for major refurbishments of boilers and other plant equipment in the future.

The Contingency Reserve fund is maintained by the Trustees to provide financial stability and help sustain the charity's operations in the event of unforeseen expenses or income shortfalls. While no longer required for the original purpose of covering potential building refurbishment overruns, this reserve serves as a general financial safeguard for the charity.

The Fleet replacement fund has been created by the Trustees for capital purchases to maintain, extend and enhance the equipment available to the charity's beneficiaries.

The Site Improvement fund has been created by the Trustees for the preparatory work of the Dry Zone e.g. site surveys. In previous periods the fund had been set aside for the completion of the Wet Zone for wetsuits, buoyancy aids and an equipment wash facility.

The Instructor development fund has been established to support the ongoing training of sailing instructors.

BURY LAKE YOUNG MARINERS NOTES ON THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2024

23. Operating lease commitments

At the reporting date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Due within one year
Between two and five years
In over five years		 2024
£
3,000
12,000
117,000
132,000		 2023
£
3,000
12,000
120,000
135,000