Registered Company Number.. 07621461 Registered Charity Numb¢r: 1142761 Frensham Pond Sailability Annual Report and Financial Statements for the Year Ended 31 October 2022 Amending: The revised accounts replace the Origin accounts,. They are now the statutory accounts,. They have been prepared as at the dale of the original accounts, and not as at the dat¢ of the revision and aOrdInglY do not deal wilh events between those dates; Frensham Pond SAILABILITY
Frensham Pond Sailablllty Annual Roport and Financial Statements for the Year ended 31 October 2022 Contents Page No. Report of the Trnstees Report Of the Independent Examiner Statement of Financial Activities Balance Sheet 10 Notes to the Accounts
Frensham Pond Sailablllty Report of the Trustees for the Year ended 31 October 2022 The trustees, who are directors of the Company for the purposes of company law, are pleased lo present th¢ir report, tog¢th¢r with the financial statements of the COpanY for the period ended 3 1st October 2022. Reference and administrative details Company No.. Charity Number.. 07621461 1142761 Regist¢ffd Office.. Frensham Pond Sailability c/0 Frensham Pond Sailing Club, Pond Lane, Churt Farnham. Surrey GU10 2QA Ind¢pendent Examiner.. Stuart Harris Seebys Consultancy Ltd 2 North Fryerne, Yateley. Hampshire, GU46 7ST Lloyds TSB Bank plc. 75 Castle Street, Farnham, Surrey GU9 7LT Bankers.. Lawyers.. Moore Barlow LLP. The Oriel. Sydenham Road Ouil(ifviLi, Surrey GU13SR Direetors Trustees The directors of the Charilabl¢ Company (the Charity) are its trustees for the purpose of Charity Law and throughout this report ar¢ collectively referred to as the trustee5'. The Trustees serving throughout the period (ex¢epl as noted) and w¢re as follows: Mrs C.E. Cook (Appointed I l November 2021) Mr C.S. Cromther (Appointed I l November 2021) Mr P.J. Knights (Appointed I l November 2021) Mr G.A. Machen Mrs W Neal-smiih (Resigned 31 March 2022) Ms M Pascoe Mrs K. Richardson Mr J Richardson (Resigned 31 March 2022) Mr P.J. Schroeder {Appointed I l November 2021) Mrs A.L.J. Skirrow (Appointed I l November 2021) Mr B.D. Grimwood {Resigned 31 December 2021) Mr R.E. Bonner (Resigned 31 December 2021)
Fronsham Pond Sallablllty Report of tho Trustees for the Year ended 31 October 2022 Structure, Governance and Management The Litnited Company was incorporated on 4 May 2011 and was dorniartt until 6 Jllly 2011 when Frensham Pond Sailability (FPS) was entered on the Register of Charities. These accounts cover the accounting period from I" November 2021 to 31. October 2022. Govemin Document The company is limited by Guarantee and is govemed by its Memorandum and Articles of Association dated 21st April 2011. It is a registered charity (No.1142761). The sole Full Member is Frensham Pond Sailtng Club (rpsc) a5 repr¢scnted by FPSC'S General Committee {"GC"). ointment of Trustees The appointment of Trnstees is undertaken by the sole Full Member. In addition, every year one third of the trustees must retire from office but are ¢ligible for reappointment. The Trustees approved the resignations of Ted Bonner and Brian Grimwood (Trn 31 st December 2021 and Mr John Richardson and Mrs Wendy Neal- Smith resignation5 as of 31 March 2022. The resignations were fom)alised at Companies House and Charity Commission on 61h April 2022. At the Trustees Meeting on 10th Novemb¢r 2022, the Trustees approvcd th¢ proposal forthe resignations of Kathryn Richardson on IOthNovemb¢r2022. This resignation was forn)alised at Companies House and Charity Commission on 4th January 2023. The Tnjstees also approved the appointment of.. Catherine Cook. Simon Crowther, Philip Knights, Paul Schroeder 2nd Lisa Skirrow. These appointsnents were fom)alised at Companies House on I Ith Nov¢mber 2021. Èmisution Administration of the affair5 of the Charity 5 ¢arried out by the Sailability Management Committee I"SMC"}, 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 MAna ement 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 mitigat¢ our exposure to the major risks. b'ectives and Activi ies Frensham Pond Sailability ("FPS" or the 'Charity") is a registered charity whose objeots are thc provision and maint¢nan¢e 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 boat$ at Frcnsham Pond, from the premises of Frensham Pond Sailing Club, which is the sole Full Memb¢r of Frensham Pond Sailability. Prior to the establishment of the company and register¢d charity, Sailability was established in September 2001 as a division of Frensham Pond Sailing Club. The Charity's activities are facilitated entirely by volunt¢er helpers including 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.
Frensham Pond Sallability Report of the Trustees for the Year ended 31 October 2022 Achievements and Performance Qeneral Overview Frensham Pond Sailability resumed 115 normal activities during 2022, practically back to pre-COVID lev¢ls. 2022 Season highlights are the following: The Charity managed a full sailing season and pupils from the Undershaw the Abbey and th¢ Ridgeway schools participated in the summer lerni whilst Undershaw returned also for the first half of the Autumn term. Sailor memberships r¢turned to healthy levels with a total of 117 members, 28 new and 89 returning. An overall total of 1929 sailing sessions was re¢orded (1300 in 2021), essentially in line with pre-covid levelg,. During the year the Charity was supported by 80 active volunteers, of which 66 volunteer5 returned post-covid and 14 w¢re recruit this y¢ar. A new Volunteers Administrator has rentlY bccn appointed. The Charity hosted sailing events at the Club and sailing successes were aeliieved both on site e.g. the Wisley Foundation Youth Endeavour Cup. the Richard Smallwood trophy, the l O hour race, the Frei)sham Hansa Th tace - and away - e.g. th¢ RYA Muliiclass at Rulland and the Hansa Nationals al Carsington. Frensham Pond Sailability retained the Ben Ainslie Trophy for the most successful Hansa team for the 15 ¢onsecutiv¢ year. Two remarkable awards. the Sport Haslemere Disability Award 2022 and th¢ Farnham Lion5 Endeavour Trophy, were awarded to FPS Tnemb¢rs' The very generous bequest of Maureen Aldridge is the main factor behind the exceptional financial results of this year. This will be primarily dedicat¢d lo the site development. Other regular donors and local trusts and councils continued to ensure the financial stability of the Charity. The fleet turnaround plans. reinitiated in 2021. continued this year with the delivery of two boats ("Jolly Mo" and Farnham Flyer"), the sale of the two old ones and anoth¢i' Hansa 2.3wide and a 303 on order for next Season. Finaneial Review Frensham Pond Sailability remains financially se¢ure. Our regular donors continued to support us for which we are grateful, and we maintained co$15 under control notwithstanding the reopening of all activities 41nd ncw initiatlvcs su¢h as tlie Scoii Baijrr trip on the Solent in August 2U22. We continue to invest in our assets aiid infraglructure and build reserves for our new Activity Centre building. Polic on Cash Reserves Our policy on Reserves remains the sam¢, with our aim for an equivalent of bdween one and one and a half year's expenditure in a normal year to be held as Cash Reserves. Our Cash Re5¢rves amounted to £142,803 given by the exceptional nature of the bequest received this year. The unrestricted designated fund for new on-site facilities increased to £IOO,000 thanks to the extraordinary bequest received this year.
Frensham Pond Sailability Roport of the Trustees for the Year ended 31 October 2022 Plans for the Futur¢ The priority areas identified for 2022123 are as follows.. The main priority for 2023 will be to further consolidate activity levels with a full season of th¢ Saturday morning youth and progress groups and vi51ts from local sp¢cial s¢hools on Thursday ornings, including the opportunity to offer sessions to other groups, subject to volunteers availability. Priority will be given to promote away events for sailors (Hansa S and Hansa Worlds in Portugal), as well as volunteer training to ensure operational and safety skill levels are re-established and maintained. The fundraising programme for new Freftsham Pond Sailability Activity Centre will continue, subject to the Club's lease renewal.
Frensham Pond Sailabllity Report of the Trustees for the Year ended 31 October 2022 Trustee5' responslbilities in relation to the financlal statements The charity Iruslees are responsible for preparing a tru5tees' annual report and financial statements in a¢cordanc¢ with applicable law and United KingdoJn Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustces to prepar¢ financial staternents for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the finan¢ial slatemenls. the trustees are required to.. select suitable accounting policies and then apply them consistently. observe the Inethods and principles in the applicable Charities SORP. make judgements and estimates that are reaso[ble and prudent- stale whether applicable accounting standards have been followed, subject lo any material departures that must be disclosed and explained in the financial slatemenls. prepare the financial statements on the going ¢oncern basis unless it is inappropriate lo presume tiiat the charity will ¢ontinue in business. The trustees are restx)nsible for keeping proper accounting records that disclose with re2wnable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements Comply with the Charities Act 2011, the applicable Charities (A¢¢ounts and Reports) Regulation5, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and del¢ction of fraud and other ir[L¥ul£1ti¢5. The trustees are responsible for the maintenance and integrity of the ¢harity and financial information included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial ststements. Approved by the truste¢s on 7 July 2024 and signed on their behalf by.. .<ÈA& fL(J.STFG................
Frensham Pond Sailability Report of the Independent Examlner to the Trustees For the Year ended 31 October 2022 I report on the accounts of the Charity for the period ended 31 October 2022 whi¢h are s¢t out on pages 9t0 17. Respective responsibilitie5 of trustees and examiner The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The Charity's trusrees ¢onsider that an audit is not required for this year under section 144 of the Chariti¢s A¢t 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the Charities Aet. to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act. and to state whether particular matters have come to rny attention. Basis of independent examiner's report My examination was carried out in accordance with the generdl Directions given by the Charity Commission. An examination includes a review of the a¢¢ounling 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 the trustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is 2iven as lo 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 Jn ¢onn¢ction with my examination, no material matters have come to my attention which gives me cause to believe that, in any material respect.. aeeounting records were not kept in accordance with section 386 of the Companies Act 2006. or the accounts do not accord with such records. or the accounts do not comply with relevant a¢¢ounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. or the accounts have not been prepared in accordance with the Charities SORP (FRS102) I have no concerns and have come a¢r05s no other matters in connection with the ex2mination to which attentloll should be drawn in this report in order to enable a proper understanding of the ac¢ounls lo reached. Signed: Date.. 22 IDÉ /Iy- Stuart Harris Seebys Consultancy Ltd 2 North Fryeme Yaleley, Hampshire GU46 7ST
Frensham Pond Sailablllty Statement of Financlal Activltles for the Year ended 31 October 2022 Unrestrlcted Fund$ Restrleted Income Funds Tot*1 Fund5 Prior Year Funds Notes Ineome gnd endowentS from". Donations and legacies Charttable activities Other trading activities Investments Oiher 79,950 8.089 1,999 28 2,100 14.510 94,460 8,089 1,999 28 2,100 17,860 5,291 3,889 108 TotAR 92,165 14,510 106.675 27.148 Expenditure on: Raising funds Charitable activities Other lJ47 19.393 13.472 1,347 19.393 14.102 320 16.517 28,214 630 Tot41 34,212 630 34,842 45,051 Net Ineomel{exp¢ndlture) before investment yins/{losse$) 57,953 13,880 71,833 {17,903) Net gainslllossesl on investmettts Net ineomtl{¢xpeNditure) 57.953 13,880 71W3 (17,903) Extraordinary items Trdn$fers between funds Net Movement in Fund$ 57,953 13,880 71,833 (17,904) Reconclllatlon of Funds Total funds brought forward Total funds ¢arrSed forwArd 133.589 191A42 1,237 15,117 134,826 206,658 The statement of financial activities includes all gains and losses reeogni5ed in the year. All income and expenditure derive from continuing activities.
Frensham Pond Sallablllty Balance Sheet As of 31 October 2022 Unrestritted Fund5 Restricted Ineome Fund$ TotAI Funds Prlor Year Funds Notes ixed 155ets IntangibSe assets Tangible assets Investments 55,925 {6301 55,295 53,890 Tololfved &wsets 55.925 {630) 53.890 Stocks Debtors Investments 322 8,238 322 8,238 444 Cash at bank and in hand 127,057 15,747 142,803 81,202 Tololcurren¢ wsets 135,616 15,747 151,363 81,646 Creditor5: amounts falling du¢ within one year 710 Nel currenl a55ets/{liabllilies) 135.616 IS747 80,936 Tolqlussets less curreNI llabllldes 191,542 15.117 206,658 134,826 CreditOTS.' amounts falling due after more than one y¢ar Tot#1 net a55et5 or liabilitie5 191,542 15,117 206,658 134,826 Restricted income fi]nds Unr¢$tri¢led funds 15,117 15.117 191,542 1237 133,589 191,542 Total fund$ 191,142 15.117 206,658 134,826 The company was entitled to exemption from audit under s477 of the Companies A¢t 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year in question in accordance with qectinn 476 ()f the C.()mpanie.s Act 2006. The direc.tors xc.knowledge their responsibility for ¢omplying with the requirements of the Companies Act with respect to accounting records and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable lo the small companies regime and in accordance with FRS102 SORP. Signed by iwo 1njstccdircC1orl on behalf of all Ihe rnis direci Priyt Namc t)ale of approval ¢Jdlmmtyyyy È*>f £ 0710712024 0710712024 10
Frensham Pond Sailability Notes to the Flnanclal Statements For the Year ended 31 October 2022 The allachgdnoiEsformpari ofihefiKan¢lal stalements
Frensham Pond Sailability Notes to the Financial Statements For the Year ended 31 Octobar 2022 BASIS OF PREPARATION Ba$1$ of A¢touNting The accounts have been prepared under the historical cost convention with items recognis¢d at ¢ost or transaction value unless Otherwise slated in the relevant notes io these accounts. The accounts have been prepared in accordance with the Statement of Recornmended Practice 'Ac¢ounting and reporting by C.h>Jriti@q" prepAring their 2ecniintg in ACCI)rd2nce with the. Flnxnr.jj Reporting gtandHrd Hpplicqblp. in ihe UK and Republic of Ireland IFRS 1021 issued in July 2014 a¢Ki with th¢ Charities Act 2011. The charity ¢onstitules a publi¢ ben¢fit ¢ntity as deflned by FRS 102. ACCOUIYTING POLICIES Income Reeognitlon of Income Income is included in the Statement of Financial Activities (SOFA) when.. The charity be¢omes entitled to the resources., It is more likely than not that the trustee5 will Teceive the resources,. The monetary value can be mea8uTed with sufficient reliability Gr&nts Grants are credited to income in the year in which they are receiv¢d. Volunteers and donated servlces The value of services provided by volunteers is not incorporated into these financial statements. Details of the contribution made by volunt¢ers ean be found in the Irustees, annual report. Where services are provided to the charity as a donation thatwould nomially be purchased from suppliers, this ¢ontributLOll Is included in the fInancial stalejnents at an estimat¢ based on the value of the contribution to the charity, unl¢ss the amounts are insignificatlt. 22 Exptndlture Recognition of Expenditur¢ Liabilities are recognised where it is more likely than not tliat there 15 a legal or constructive obligation ¢ommitting the charity to pay out resources and the amount of the obligation can be m¢asur¢d with r¢asonabl¢ ¢ertainty. Resources expended are included io the Statement of Financial Activities on an accruals basis inclusive of any VA T, which cannot be recovered. Charitable activities include expenditure associated with the operation of the boats and equipment and include both the direct costs and support costs relating to those a¢tivities. OuvrFiiHii¥u Lusls illLluJ¢ Llivs¥ intyutr¥d in th¥ gvv¢rnance of the charity and its assets and are primarily associated with constitutional and statutory requiretnellts. 2J Assets T2ngible Flxed Assets Fixed assets are capitalised if they can be used for more than one year and cost at least £500. They are valued at ¢ost or donated value. 12
Frensham Pond Sallabillty Notes to the Flnanclal Statements For the Year ended 31 October 2022 Depreciation DepreciatlOTi l5 provided at the following annual rates in order to write off ea¢h asset over its estimated useful life. Land and Buildings Boats & Boat Equipment Fixtures. Fittings and Office Equipment Over 10 years, straight line basis. Over 6 y¢ars, straight line basis. Over 4 years, straight line basis. Sio¢ks Stocks held for sale are vallled at the lower of cost and net reali5able value, aftei addin8 du¢ allowdnce for obsolete and Slow moving items.
Frensham Pond Sallabillty Notes to the Financlal Statements For the Year ended 31 October 2022 INCOME URkre$tri¢ted Funds Restrlcted Year Total Fund5 Funds Prlor Ye#r Funds Sol Donatlons and le¢¢$ Donations received Charity Donations received Gift aid tax income Grants received Bequests and ItgAeies 10,000 2,510 2,502 14,500 58 18.425 214 20,935 214 2,000 52.21)0 2,000 51200 Totgl 79,950 14,510 94.460 17,860 S02 Charltible attlvltie$ Individual Membership Subs Group Membership Subs Income from Sailing Events Sumrner BBQ Tickets Sale of Misc Equipment Other Social Events income 4.614 696 410 1,576 4,614 696 410 1,576 4,385 261 6) 793 793 45 Totlll 8,089 8,089 5291 SOI + S02 Totthl 8&039 14,510 102,S49 23,151 S03 Other trading Activities Fundraising Events income Clothing for Re-sale Stock Sales Stock Cost of Sale5 Other Trading Activiti¢s Pro¢eeds from Other Sale5 230 1,701 230 1,701 236 2,038 68 68 130 1.485 Totgl 1,999 1,999 3189 S04 Investments Interest rec¢ived 28 28 108 Total 28 28 108 S06 Other GainlLoss Sale of Fixed Assets 2,100 2,100 Totsl 2,100 2,100 Total Ineomt 92,165 14,510 106,675 27,148 14
Frensham Pond Sailability Notss to the Flnancial Statements For the Year ended 31 October 2022 EXPENDITURE Unrestrleted Fund5 Restricted Funds YeAr Total FuN(ts Prlor Y¢ar Funds S08 Raising funds Fundraising Social Events Marketing Expenses Fundraising platform fees Membership of organisations 909 408 408 108 192 20 30 30 Total lJ47 1047 320 S09 Chorltablt attivAtle$ FPSC Membership Insurance Contribution Boat Purchase asso¢iated costs Boat Equipment Sailing Clothing & Buoyancy Safety Equipment Other Miscellaneous Equipment Hoist Checks & Maintenance Materials etc for lo¢al repair Maintenance Contract5 Hclper UK Travel Expenses Other.8ailing F.xpe.nses Trophies & Prizes Sailor Bursaries I Sponsorship FPSC Training Courses Safety Training Hosting Sailing Events Summer BBQ Other Social Events Working Party Lunches Miscellaneou5 Help¢r Expenses H¢lper Te&s & Coffee5 Branded Clothing for R¢sale Youth Prograrnme Miscellaneous Membership Expenses 7,542 2,007 140 255 7,542 2,007 140 255 7,710 1,932 58 1.156 85 705 846 79 210 1,431 95 98 705 846 79 210 1,431 95 98 814 52 210 616 60 153 1,000 100 450 297 2,017 427 920 258 420 936 100 450 297 2,017 427 920 258 420 936 245 511 100 1.597 25 50 50 Total 19J93 19J93 16,516 Sl l Other Auditl8c¢ounting fees Other professional f¢¢s Baok Charg¢s Depreciation Land & Buildings Depreciation Fixtures & Fits. Depreci4tion Boats 598 838 104 4,008 598 838 576 3,000 4.008 1,194 7.361 4,008 1,540 19,000 6,731 630 Total 13,473 630 14,103 28,214 Total Expenses 34313 630 34.843 45,050 15
Frensham Pond Sailablllty Notes to the Financial Statements For the Year ended 31 October 2022 TANGIBLE FIXED ASSETS Land & Bulldlng BoAts & Boat Equip Fixture5 & Flttlngs Total Cost Opening Balance l November 2021 Revaluation Adjustrnents Revised Opening Balance 2021122 Additions 2021122 Revaluations 2021122 Disposals 2021122 Depreciation 2021122 Transfers between Categorics Closing Balance 31 October 2022 59.103 189,827 21.958 270,888 59,103 184.477 13,678 21,958 290 265,538 13.968 18,8251 (8.825) 59,103 189330 22,248 270.681 Aceumulated depreeiitlon Opening Balance l November 2021 Revaluation Adjustment5 Revised Opeijing Balance 2021122 Revaluatio]]5 2021122 Di5P05a15 2021122 Depreciation 2021122 Transfers between Categories Closing Balance 31 October 2022 36,340 160,831 15,350} 155,481 19,827 216.998 15,350} 211.648 36.340 19.827 18,825) 7,361 18.825) 12,563 4,008 1,194 154,017 215 386 Net Book Vglue Opening Balance l November 2021 C105ing Balance 31 Octob¢r 2022 22,763 18,755 28,996 35,313 2.131 1,227 53.890 55,295 DEBTORS The Charity made an early payment of its membership subscription of £ 8.238 to Frensham Pond S*ulill8 Club, the Charity's sole Full M¢mber, for use of its facilities during 2022-2023. CHARITY FUNDS Purpose of Fund Type Balance blforward Income Expend. TrRnsfers GAins & Losses BAI. At 31110n2 I.PuTchase of boats 2. Youth Sailor programme 3. Facilities Unrestricted Improvements D¢signated Restricted 14,510 (6301 13,880 Restricted 1,237 1251 1,237 40,000 60,000 100,000 4.General Unrestricted 93,589 92,165 (33,3751 {60,838} 91.541 Totals 134,826 106,675 134.842) 206,658 16
Frensham Pond Sailabillty Notes to the Finan¢lal Ststements For the Year ended 31 October 2022 The unr¢stri¢ted designated fund was created in 2020 to identify funds allocated to the development of Sailability facilities in conjunction with Fren5ham Pond Sailing Club. Thanks to the generous bequests the ChaTLty could increase the fund to £lOO,000. During the year the Charity received £14.510 destined to purchase new boats. Where restricted fijnds have been used to pur¢hAse capilalised itern5, only the depreciation charge is ¢harged to the Statement of Financial Activit2es, although the remaining balance of those assets has already been spent. The remaining Restricted Funds are held in the assets as shown in th¢ next note. Un¢xpend¢d and Uncommitt restricted funds amount to £15,117. TRAf4SACTiof+is WITH TRUSTEES & RELATED PARTIES Throughout the period the company was controlled by the trustees. The trustees serve on a voluntary basis and receive no remllneration. There were no paid employees. During the period 6 payments totaling £832.09 wer¢ reimburs¢d to three trustees for purchases made on behalf of the charity, and 6 paym¢nts for £189.50 were weived by thrte trustees for tickets to charitable events. The Charity has indemnity insuranc¢ in pla¢e to protect the Charity from loss resulting from defaults of it5 trustees. volunteers, agents. and to llldemnify the trustees or other otTic¢rs against the cotts¢quences of any neglect or default on their part through the Cover provided for the same aspect5 by Frensham Pond Sailing Club, its 501e Full Member. During the period the Charity paid membership subscrtptlOll5 to ils sole Full Member, Frensham Pond Sailing Club. for use of its f&cilities of £7,542 and £2.007.33 for insuran¢e. There were further ad ho¢ payments to the Sziling r.liib for a iotal of £3.917.07* prim&tily rclat¢d to tlje Ubf Of the club's ¥alley. 17