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2021-10-31-accounts

Registered Company Number: 7621461 Registered Charity Number: 1142761

Frensham Pond Sailability

Annual Report and Financial Statements for the Year Ended 31 October 2021

1

Frensham Pond Sailability Annual Report and Financial Statements for the Year ended 31 October 2021

Contents

Page No.
Report of the Trustees 3
Report of the Independent Examiner 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Accounts 12

2

Frensham Pond Sailability Report of the Trustees for the Year ended 31 October 2021

The trustees, who are directors of the Company for the purposes of company law, are pleased to present their report, together with the financial statements of the company for the period ended 31st October 2021.

Reference and administrative details

Company No: 7621461
Charity Number: 1142761
Registered Office: Frensham Pond Sailability
_c/o_Frensham Pond Sailing Club,
Pond Lane,
Churt, Farnham,
Surrey GU10 2QA
Independent PR Rickwood
Examiner: Arcturus Securities Ltd
Maynes Green, Shepherds Hill
Haslemere
Surrey GU27 2NF
Bankers: Lloyds TSB Bank plc.
75 Castle Street,
Farnham,
Surrey, GU9 7LT
Lawyers: Moore Barlow LLP.
The Oriel,
Sydenham Road,
Guildford,
Surrey GU1 3SR

Directors and Trustees

The directors of the Charitable Company (the Charity) are its trustees for the purpose of Charity Law and throughout this report are collectively referred to as the trustees:

The Trustees serving throughout the period (except as noted) and were as follows:

Mr R.E. Bonner Mr B.D. Grimwood Mr DPM Inne ~~s (~~ Resigned 27 December 2020) Mr G.A. Machen Mrs W. Neal-Smith Mr P.J. Phillips (Resigned July 2021) Mr J.V. Richardson Mrs K. Richardson Ms M Pascoe (Appointed 9 February 2021)

3

Frensham Pond Sailability Report of the Trustees for the Year ended 31 October 2021

Structure, Governance and Management

The Limited Company was incorporated on 5 May 2011 and was dormant until 6 July 2011 when Frensham Pond Sailability (FPS) was entered on the Register of Charities. These accounts cover the accounting period from 1[st] November 2020 to 31[st] October 2021.

Governing Document

The company is limited by Guarantee and is governed by its Memorandum and Articles of Association dated 21st April 2011. It is a registered charity (No.1142761). The Sole Shareholder is Frensham Pond Sailing Club (FPSC) as ��������������������������������������� ������.

Appointment of Trustees

The appointment of Trustees is undertaken by the Sole Shareholder. Following the resignation of Mr DPM Innes, the FPSC GC appointed Ms M Pascoe as their representative on the Board of Trustees. In addition, every year one third of the trustees must retire from office but are eligible for reappointment.

At their meeting of 3rd March 2021, the Trustees discussed succession planning and agreed to propose to the GC that the annual resignation and re-appointment of some trustees in the order of their last appointments in accordance with clause 15 of the Articles should be delayed to the GC September meeting. This proposal was submitted to the GC at their meeting on 7th March 2021. The GC approved the delay in submission of the proposals. At the GC September 2021 meeting, the Trustees approved the proposal for the resignations of Ted Bonner and Brian Grimwood on 31st December 2021, and John Richardson and Wendy Neal-Smith on 31st March 2022. They also approved the appointment of: Catherine Cook, Simon Crowther, Philip Knights, Paul Schroeder and Lisa Skirrow. These appointments were formalised at Companies House on 11th November 2021.

Organisation

Administration of the affairs of the Charity is carried out by the Sailability Management Committee �������, which meets regularly throughout the year and is attended by the majority of the Trustees and other invitees as required. Trustees are always in the majority on the Committee. In addition, the Trustees meet as required and at least once a year.

Risk Management

The Charity's management committee has assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Charity, and is satisfied that the systems are in place to mitigate our exposure to the major risks.

Objectives and Activities

Frensham Pond Sailability ������������������������ is a registered charity whose objects are the provision and maintenance of sailing facilities and the promotion of sailing for recreation or other leisure activities (including without limitation recreational and competitive sailing) for disabled people with the object of improving their quality and conditions of life. Membership is open to adults and youngsters and a free taster visit is offered on the initial visit.

Financed largely by charitable donations, the Charity operates a sailing fleet of 29 boats at Frensham Pond, from the premises of Frensham Pond Sailing Club whose General Committee is the sole shareholder of Frensham Pond Sailability. Prior to the establishment of the company and registered charity, Sailability was established in September 2001 as a division of Frensham Pond Sailing Club.

The C������������������������������������������������������������������������ing a team of RYA qualified instructors who are available to assist with training and development of all levels of sailor, from novice to Paralympic racing standard.

4

Frensham Pond Sailability Report of the Trustees for the Year ended 31 October 2021

Achievements and Performance

General Overview

Frensham Pond Sailability resumed activities during 2021 albeit at lower than pre-COVID levels due to the prolonged restrictions imposed by the pandemic. 2021 Season highlights are the following:

Financial Review

Frensham Pond Sailability remains financially secure, despite a significant drop in income due to the Pandemic. Our regular donors continued to support us for which we are grateful, and we were able to save some expenditure due to the limited activity. We continue to invest in our assets and infrastructure and additional funding was promised for our new Activity Centre building.

Policy on Cash Reserves

Our policy on Reserves remains the same, with our aim for an equivalent of between one and one and a ������������������������in a normal year to be held as Cash Reserves. Our Cash Reserves amounted to £41,201 which remains at the lower end of that range, however the Trustees are comfortable with this, given the exceptional nature of the last two years.

The unrestricted designated fund for new on-site facilities remained at £40,000 as the plans for the project progress.

5

Frensham Pond Sailability Report of the Trustees for the Year ended 31 October 2021

Plans for the Future

The priority areas identified for 2021/22 are as follows:

6

Frensham Pond Sailability Report of the Trustees for the Year ended 31 October 2021 Trustees. responsibilities in relation lo th¢ financial statements The charity trustees are re5Fonsible for preparing a trustees. annual report and financial ststements in accordance with applicable law and United Kingdom Accounting Standards(United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to ptEpare financial statements for each year which give a tnJe and fair view of the state of affairs of the charity and of the incoming resources and applicalion of resources. of the clwity forthat peri￿. In preparng the financial statemenls. the trystees are required to.. sel¢ct suitable accounting policies and then apply them consistently" obsetve the methods and principles in the applicable Charities SORP. make judgements and estimatss that are reasonable and prudenL state whether applicable accounting standards have been followed, subject to any material depar￿reS that must be disclosed and explained in the financial statsments; prepare the financial statements on the going concern basis unless it is inappropriate to presun that the charity will Continue in business. The trusfres a￿ responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the fmancial position of the charity and to enabl¢ them to ensure thatthe financial statements Comply with the Charities Act 2011. the applicable Charities (Accounts and Reports) Regulations. and the provisions of the Trust de￿ They are also responstble ftir safeguarding the assets of the charity and taking Teasonable steps for the pffvention and detectiOTt of fraud and other irregularities. The tntstees atE resFrf)nsible for the maintsnance and integrity of the charity and financial infonnation included on the charity's website in accordance with legislatio￿ in the United Kingdom governing the preparation and dissemination of financial statements. Approved by th¢ trustees on li AQKI 2022 and signed on their kha￿bY.. UL. (T .

Frensham Pond Sailabilily Report of the Independent Examiner to the Trustees for the Year ended 31 October 2021 I r¢piirt ijii Ihc aLCI)unts uf IliL' Ch4?rii! lorih¢ pcriod LndL'd 31 OL'lakr 2011 ivliicli lif¢ sel oui oil p3gTes 910 17. Rt%pc(tLI'e re31)i)nsil)ilitie% (bf Iruilce% 4n(l examiner iL' Iru%iLX% I￿1]Ll.7fL 01511 ihi dirL'Lli)rs111'iliL LLinipani' fDrilie purwscs()fLumpanv lawlttrL' resivnsibl¢ It is my rL%w)n8ibililv io.. ¢xaminL' Ihc acci)unis under Section 145 ofihe Charilics ACL to SldlL wlieihcr partiiular mali¢Tr lia￿¢ comtr 10 my allenlion. B&si¥ nftn¢l¢pi'ndent examiner's rtporl mailer%. ITh¢ pr￿¢durL.S undcrtakL'n do nal prnvi(Ic all IliL i%idcnLL' Ihal ivould bc rLyuired in audil, and ci)nsL'4ULnilv nv c?PllllUll 1£ biiicn as lo ￿.hell7¢r Ilic acLoiinis p[L￿L￿1 a 'lruL' and fair vie1¥ and tlie rewrt 1£ limii¢d io Ihosc mailL'rs sci oul in the slaletneni below. In cnniilctinn ilitli m> exGmin3tlnD. no malcrial mil llcrs hav¢ c(rnc 10 mv allL'nlion Mhich bliV￿ me us¥ in I￿1]eve thaL in any ￿￿terial re5pecl.' * accuuniinb records ¥4trc noi kcpi in accordanL¢ wilh sLtli()n 386 1)f thL' Lompanies Acl 200(i: or IIIL acic)uni5 do iiol accord ilith su¢li rnxiirdq.. or CompdniLS Aei ?006 nihcr thun rL'qlliremcnl Ihal thL aCLuunls si￿¢ 4 'lw¢ and fair. vii'w which 15 nnl a tnallerconsidLrnd as part of3n Inder￿ndent ¢xaminolii)D' or the Jccounls hawl ni?1 ￿¢￿ pr¢pJred in accordance wilh IhL' Ch3riliLS %(JRI)11--R%1021 ELIILiiiinn shi)uld bL' ￿rd￿n in Illi% re￿rt in ordL'r lo tnablc a Prt)￿r undcTStanding ufihc awoiinis 10 bL DaiL': fj¥- l)R Rick￿'LK}d Md)IlL5 GrLCll. %hL'pliLrd5 1 lill uttL}. (111?7 2N

Frensham Pond Sailability Statement of Financial Activities for the Year ended 31 October 2021

Notes
Income and endowments from:
3
Donations and legacies
Charitable activites
Other trading activities
Investments
Separate material item of income
Other
Total
Expenditure on:
4
Raising funds
Charitable activities
5
Separate material item of
expense
Other
Total
Net income/(expenditure) before
investment gains/(losses)
Net gains/(losses) on investments
Net income/(expenditure)
Extraordinary items
Transfers between funds
Net Movement in Funds
Reconciliation of Funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Restricted
Income funds
Total funds
Prior year
funds
£
£
£
£
17,860
- 17,860
24,275
5,291
- 5,291
1,695
3,889
- 3,889
992
108
- 108
415
-
- -
-
-
- -
2,850
27,148
-
27,148
30,226
320
- 320
177
16,492
25 16,517
13,995
-
- -
-
28,214
- 28,214
22,623
45,026
25
45,051
36,795
(17,878)
(25)
(17,903)
(6,569)
-
- -
-
(17,878)
(25)
(17,903)
(6,569)
-
- -
-
-
- -
-
(17,879)
(25)
(17,904)
(6,569)
151,467
1,262 152,729
133,589
1,237 134,826

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

9

As Balance Sheet
of31October2421		 Balance Sheet
of31October2421
UnrestrietedRestricted Totalfunds Prioryear
Funds IncomeFunds funds
Notes
t t
Fixedassets
Intangibleassets
Tangibleassec 53.890 53,890 74,337-
lnvestments
Totolfixedassets 53,890 53,890 74,337
Currentassets
Stocks 7
Debtors I 444 444 444
lnves(ments
Cash at bank andinhand 79,965 1,237 81,202 79,456
Totolcurrentassels 80,409 1,231 81,646 79,896
Creditors:amountsfallingdue 710 710 I,505
withinoneyear
Netcuilentassefi/(liobilities) 79,699 1,237 E0,936 7E39t
Totalassetslesscurrenlliabilities r33589 1,237 134,826 152,729
Creditors:amountsfatlingdue
aftermore than one year
Totalnet assetsor liabilities 133,589 1,237 134,826 152,729
FundsoftheCharitv 10
Restrictedincomefunds t.237 t )?1 1,262
Unrestrictedfunds I33,589 r33,589 tst.467
Totalfunds 12 133,589 1,237 134,826 152,729
Signed bytwotrustees/directors onbehalf ofall
the trustees/directors
K:",gtct-ir'q,ziSSoN, tlat+fu>t
q fr,tutfrcttriD

Frensham Pond Sailability Notes to the Financial Statements For the Year ended 31 October 2021

The attached notes form part of the financial statements

11

Frensham Pond Sailability Notes to the Financial Statements For the Year ended 31 October 2021

1. BASIS OF PREPARATION

Basis of accounting

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The accounts have been prepared ����������������������������������������������������������������������nd reporting by �����������preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in July 2014 and with the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102.

2. ACCOUNTING POLICIES

2.1 Income

Recognition of Income

Income is included in the Statement of Financial Activities (SOFA) when:

Grants

Grants are credited to income in the year in which they are received.

Volunteers and donated services

The value of services provided by volunteers is not incorporated into these financial statements. Details of ��������������������������������������������������������������������������������

Where services are provided to the charity as a donation that would normally be purchased from suppliers, this contribution is included in the financial statements at an estimate based on the value of the contribution to the charity, unless the amounts are insignificant.

2.2 Expenditure

Recognition of Expenditure

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Resources expended are included in the Statement of Financial Activities on an accruals basis inclusive of any VAT, which cannot be recovered.

2.3 Assets

Tangible Fixed Assets

Fixed assets are capitalised if they can be used for more than one year and cost at least £500. They are valued at cost or donated value.

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and Buildings � Over 10 years, straight line basis. Boats & Boat Equipment � Over 6 years, straight line basis. Fixtures, Fittings and Office Equipment � Over 4 years, straight line basis.

Stocks

Stocks held for sale are valued at the lower of cost and net realisable value, after adding due allowance for obsolete and slow moving items. Our stock levels remained at zero during the current financial year.

12

Frensham Pond Sailability Notes to the Financial Statements For the Year ended 31 October 2021

3.
INCOME		 Restricted Year Total Last Year
Unrestricted funds Funds
funds
£ £ £ £
S01 Donations and legacies
Donations received 2,502 - 2,502 5,723
Charity Donations received 14,500 - 14,500 18,065
Gift aid tax income 58 - 58 225
Grants received 800 - 800 -
Bequests and legacies - - - 261
Total 17,860 - 17,860 24,274
S02 Charitable activities
Individual Membership Subs 4,385 - 4,385 1,695
Group Membership Subs 261 - 261 -
Income from Sailing Events 600 - 600 -
Summer BBQ Tickets - - - -
Sale of Misc Equipment - - - -
Other Social Events income 45 - 45 -
Total 5,291 - 5,291 1,695
S01 + S02 Total 23,151 - 23,151 25,969
S03 Other trading activities
Fundraising Events income 236 - 236 -
Clothing for Re-sale 2,038 - 2,038 347
Stock Sales - - - -
Stock Cost of Sales - - - -
Other Trading Activities 130 - 130 -
Proceeds from Other Sales 1,485 - 1,485 645
Total 3,889 - 3,889 992
S04 Investments
Interest received 108 - 108 415
Total 108 - 108 415
S06 Other
Gain/Loss Sale of Fixed Assets - - - 2,850
Total - - - 2,850
Total Income 27,148 - 27,148 30,226

13

Frensham Pond Sailability Notes to the Financial Statements For the Year ended 31 October 2021

Unrestricted Restricted Year Total Last Year
4. EXPENDITURE funds Funds
£ £ £ £
S08 Raising funds
Marketing Expenses 108 -
108		 81
Fundraising platform fees 192 -
192		 96
Membership of organisations 20 -
20		 -
Total 320 -
320		 177
S09 Charitable activities
FPSC Membership 7,710 - 7,710 7,482
FPSC Fees for other members - -
-		 83
Insurance Contribution 1,932 - 1,932 1,753
Boat Purchase associated costs 58 -
58		 62
Boat Equipment 1,156 - 1,156 336
Sailing Clothing & Buoyancy 192 -
192		 -
Safety Equipment 85 -
85		 122
Other Miscellaneous Equipment - -
-		 1,000
Hoist Checks & Maintenace 814 -
814		 271
Repairs by Professionals - -
-		 82
Materials etc for local repair 52 -
52		 -
Maintenance Contracts 210 -
210		 -
Helper UK Travel Expenses 616 -
616		 70
Other Sailing Expenses 60 -
60		 40
Trophies & Prizes 153 -
153		 43
Sailor Bursaries / Sponsorship 1,000 - 1,000 -
FPSC Training Courses - -
-		 525
Non FPSC Sailing Courses - -
-		 848
Safety Training 245 -
245		 -
Hosting Sailing Events 511 -
511		 -
Other Social Events - -
-		 112
Working Party Lunches - -
-		 84
Helper Teas & Coffees 100 -
100		 -
Branded Clothing for Resale 1,597 - 1,597 340
Youth Programme Miscellaneous - 25 25 -
Other Sundries - -
-		 743
Total 16,491 25 16,516 13,996
S11 Other
Audit/accounting fees 576 -
576		 528
Other professional fees 3,000 - 3,000 -
Bank Charges 90 -
90		 60
Depreciation Land & Buildings 4,008 - 4,008 3,843
Depreciation Fixtures & Fits. 1,540 - 1,540 2,391
Depreciation Boats 19,000 - 19,000 15,801
Gain/loss investments - -
-		 -
Total 28,214 - 28,214 22,623
Total Expenses 45,025 25 45,050 36,796

14

Frensham Pond Sailability Notes to the Financial Statements For the Year ended 31 October 2021

5. GRANTMAKING

There were four bursaries made during the year to those sailors who participated to the Hansa Worlds in Palermo, Italy.

6. TANGIBLE FIXED ASSETS

Cost
Opening Balance 1 November 2020
2020/21 Additions
2020/21 Revaluations
2020/21 Disposals
2020/21 Depreciation
2020/21 Transfers between Categories
Closing Balance 31 October 2021
Accumulated depreciation
Opening Balance 1 November 2020
2020/21 Revaluations
2020/21 Disposals
2020/21 Depreciation
2020/21 Transfers between Categories
Closing Balance 31 October 2021
Net Book Value
Opening Balance 1 November 2020
Closing Balance 31 October 2021		 Land &
Building
Boats &
Boat
Equip
Fixtures &
Fittings
Total
£
£
£
£
59,103
185,727 21,958
266,788
-
4,100
-
4,100
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
59,103
189,82721,958
270,888
32,332
141,831 18,287
192,450
-
-
-
-
-
-
-
-
4,008
19,000 1,540
24,548
-
-
-
-
36,340
160,831 19,827
216,998
26,771
43,896 3,671
74,338
22,763
28,996 2,131
53,890

7. STOCKS

No transactions reported for the period 1/11/2020 � 31/10/2021

8. DEBTORS & PREPAYMENTS

Analysis of Debtors
Trade debtors
Prepayments & accrued income
Other debtors
Total		 This Year
£
Last Year
£
-
-
444
440
-
-
444
440

As a result of Coronavirus, some members joined later in the season. As a result they were billed at the end of the season and paid the membership fees past after 31/10/2021.

15

Frensham Pond Sailability Notes to the Financial Statements For the Year ended 31 October 2021

9. CREDITORS & ACCRUALS

Analysis of Creditors
Trade creditors
Accruals and deferred income
Other creditors
Total		 Amounts falling due within
one year
Amounts falling due after
more than one year
This Year
£
Last Year
£
This Year
£
Last Year
£
-
-
-
-
710
1,505
-
-
-
-
-
-
710
1,505
-
-

A number of branded clothing purchased by the members in early Autumn were billed and paid after fiscal year end.

10. CHARITY FUNDS

Purpose of
Fund
Type
1. Purchase of
boats
Restricted
2. Youth Sailor
programme
Restricted
3. Facilities
Improvements
Unrestricted
Designated
4. General
Unrestricted
Totals		 Balance
b/forward
£
Income
£
Expend.
£
Transfers
£
Gains &
Losses
£
Bal. at
31/10/20
£
-
-
-
-
-
-
1,262
-
-25
-
-
1,237
40,000
-
-
-
-
40,000
111,467
27,148
-45,026
-
-
93,589
152,729
27,148
-45,051
-
-
134,826

The unrestricted designated fund was created last year to identify funds allocated to the development of Sailability facilities in conjunction with Frensham Pond Sailing Club. The Fund remained unchanged at £40,000.

There were no new Restricted Funds received during the year. Where restricted funds have previously been used to purchase capitalised items, only the depreciation charge is charged to the Statement of Financial Activities, although the remaining balance of those assets has already been spent. The remaining Restricted Funds are held in the assets as shown in the next note. Unexpended and uncommitted restricted funds amount to £1,237.

11. ANALYSIS OF NET ASSETS/(LIABILITIES) BETWEEN FUNDS

Tangible Fixed Assets
Cash at Bank and in Hand
Other current assets
Current Liabilities
Totals		 Unrestricted Funds
£
Restricted Funds
£
Total
£
53,890
-
53,890
81,202
1,237
81,202
444
-
444
-710
-
-710
134,826
1,237
136,063

16

Frensham Pond Sailability Notes to the Financial Statements For the Year ended 31 October 2021

12. TRANSACTIONS WITH TRUSTEES & RELATED PARTIES

Throughout the period the company was controlled by the trustees. The trustees serve on a voluntary basis and receive no remuneration. There were no paid employees. During the period two payments totalling £18 were reimbursed to one trustee for purchases made on behalf of the charity; £155 were paid by trustees as membership fees; a bursary of £250 was awarded to Paul Philips during the year, however after his resignations as trustee.

The Charity has indemnity insurance in place to protect the Charity from loss resulting from defaults of its trustees, volunteers, agents, and to indemnify the trustees or other officers against the consequences of any neglect or default on their part through the cover provided for the same aspects by Frensham Pond Sailing Club, its sole shareholder.

During the period the Charity paid membership subscriptions to its Sole Shareholder, Frensham Pond Sailing Club, for use of its facilities of £7,710 and £1,932 for insurance. There were further ad hoc payments to the Sailing Club for a total of £874.

17