Charfty Reglstratlon No. 1147548 Conyany Reglstratlon No. 07982029 {Engld and Walesl GLOUCESTER BOATHOUSE LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
GLOUCESTER BOATHOUSE LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr P F Markey MrSDRose Mr J C Gamer Mr Pl J Taylc Charity number 1147548 Company number 07982029 Reglstered office Ilar House 1131115 Bath R08d Cheltenham Gloucesterthire Uniled Kingdom GL53 7LS Independent examlner Sardh Case FCA hA lets Audrt Serw "Ilaf House 11>115 Bath Road Cheltenham G1j¢e$Èer$lre United Kingdcrfn GL53 7LS Bar•r• Uoyds Bank Flc High Street Cheltenham GIoUsterShIre United Kingdom GL50 1 EW Solicltors Harrison Clarft Ri(wtys LLP cjo Hwison Clark Ric*erbys Limiled ElenbDrough House Wellington Street Chellenham Gloucestershire United Kingdom GL50 1YD
GLOUCESTER BOATHOUSE LIMITED CONTENTS Page TnJstees' report Independent examinerfs report ststement of fin8nc381 athmlies B8lance sheet Notes to the fin001 *atements 9-18
GLOUCESTER BOATHOUSE LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORn FOR THE YEAR ENDED 31 MARCH 2021 The trustees present their ret4xt and fin8na81 statements fwlhe year ended 31 Marth 2021. The financaal ststements have been tKepared in aru)rdan with the aco)unb"ng lICIeS set out in note 1 to the finanaal ststements gnd compty V•ith the chan$ Memorandum and Artides of Assoaation. the CoMpanS Ad 2006 and 'AcCnt.ng and RePO"ng by Ch8riti"es'. Statement of Rec)Mended Prath"¢e applicable to chanties preparing thety accounts in accordce th Ihe Fintoa Repon9 Standard applicable In the UK and R8puL4ic of Ireland (FRS 102) leffecb.ve 1 January 2019)" Objectlves and a¢tlvltl•s ObctIveS and aims The objeth'ves of the rharity are to promole communrty P8rfJ"cipats"on in healthy activities by the provision of facilities for rowing, canoeing and other sports that are rapat4e of promoting healthy re¢yeth"on. The chanty Sims to athieve these ob]'eciNes thmugh the ¢xn51Nclion and operation of a new centre for rowng and canoeing in Gloucester. The trustees have paid due regard to guidance issued by the Charrty CommissM in de(a(ting vknat aCtitieS the charity should undertake. Publle bond The Trustees are aware of the PuÈ4iG Benefit proviss¢Ms of the Charities Act 2011 and of the guidrE on them published by the Charity CommissTron. They are satisfied that the ObCts of the Charity and the 8ctiwtr.es of the Charity are wthin the definitions of CharitabFe Purposes as set down in the The TNstees are not aware of any public detriment caused by the Charitys leCt3 or ac"wts"es and nor are they aware of 8nyone receiving any private benefit froffl the Charitys adiwb"es. Achlevemen15 perfonnance Charltable activities During the year 2020r21. the Cow&19 pandemic has severely impaLtsd the acliMti88 of the tharity and tis users. There were long periocjs wfien the boathouse was dosed due to Govemment enforced lodtdowns aThl at other kn"me$ users were onty 8t4e to make limrted use of the faulty. It was not posSie for users to run any events during the year. Further development of the srte has been limited by lad( of knds and the pandemic has rneant that the condits.ons have not been right for fUndraIn9 athMt¢es or grant apF4icab"ons many grant giving bodies stopped tsking apjGa.0ns during the pandemio Donations for the year totamed £5.200 induding abjut £2,000 trom Canoe Club members and most of the rest frL¥n the eff(¥ts of Ring Club members. The spoil heaps from eadier constr¥Jcts'on have finalty been di$ed of l¢osts"ng £33,600). ScTeeding has been put dovm at the first-floor entrance Ic4Jsb"ng £900). The cyjnduit for the phone l intemel connects.on has been laid across our srte tNJt connects.on to the neOrk 1$ unlikdy to happen vthile the adjacent Comd tts"n9 centre conts.nues to operate. Constwclion of 8ddition81 external ra¢kFng to accommodate boats brwghl ste s•then the old boathouse dosed in September 2020 has been started and the work wll be completed as soon as Iotdown restriction$ pemiit. The wor has mosljy been done by vobjrrteer labour trom the Rowing Club. Assets bought this year were a lawn mthver Iwhith rpduce property M*ntente costs in 2021r221 and accessories for a boat rack Ulvned by Gloucester Rowng Club to enatle it to be used as a mokn.le rad( within the boat bays.
GLOUCESTER BOATHOUSE LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Flnanclal vIeW Principal funding 3ource• Dunng 2020r2021, the CoNi&19 pandemic has Se impa¢Aed the usets. ath"Mts"es Ythith in redur4d GBL'S incThne. To ease any finan(i81 psSUre on the user organisations. GBL reduced ils storage fees by 20% for the year but this was more than compensated for by NNDRknrelated grants from the Govemment lotalling £42,500. The re(luced aclimty did reduce GBL expendthjre during the year. The overall outcome was 8 surplus of £4.701 the operational incx>me and eypendilure. exduding grants and dgnions. AS 8 su the tharity has recorded a surplus of £20,12512020'. £67,122), 8n additional £2.750 set asde for fiJiure maintenance. The chanty ha5 totsl unrestsided fijnds carried forward 01 £54,50912020.' £24.5641, which £5,000 is earmarked lor installing pennanent balustrades on Ihe extern slaircase as a result of previous fijnd raising by user5, and resln.cted funds ¢8rried fryward of £1,436.41312020.' £1,446,233). The full details of these are given in the notes to the am)unts. The Injstees are satisfied vthh the results for the year but recognise the ongoing wuirement to generate fijrther income to ensu the witinued athieknEment of the thanty's obJ"ecb"ve. R•senwes pollcy The trustees have forecasl the lewel of free reserves (thal is Ihose reserves not b.ed up in fixed assets. resth"cte(J or destgn8ted 1undsl the tharily ill require to sustain operations. It has been the pc4icy of the trustees to hotrj al least 50% crf the thwity$ annud Nnning costs thIn free reserves. Running costs f( 2021r22 are predithd lo be £38.800 and accordingly the reserve8 be £19,400. The De&gnated Funds are for the purpose of meet.ng GBL'S ob1a"0n to contn"bLrte 5% to the $t of maintaining the m8in Hempsted Meadows site mad., al the end of FY 20r21 the fiJnd Stood at £2.750. In the fvture, this fvnd wll also be used as a nkn"ng fijnd for caffwng wt maintenance on the boathouse and associ8led assels. For now. to wotecl against the possibibty of unexpeded maintenan(t costs. the Trustees aim lo inaSe the operab.onal reserve to £25,000 rather than inLYease the Degnated Fund. The TeseTrEs requiremerrts have also been taken aount of as part of the risk assessment referred to below. As further facilities are completed, income and expenditure 111 rise and the reserve requirement be reviewed to ensure rt Is maintained at an appmpnate level. v•stment polcy and oftlecthles Under the Memorandum and Arlides of Association. the tharty has the power to invest in any way the trustees wish. Rlsk management The trustees have examined the princapal areas of the tharity$ operations and considered the major risks fad. In the opinion of the knJstees, the tharity has estabtished resources and reNiew systems which, under normal conditions, should allow these risks to be Mged to an acceplable levd in tts day-lfrday operations.
GLOUCESTER BOATHOUSE LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORD (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Plan• fwfubjre perfod8 In the coming year, the pnorities Wbl be to.. open Ihe ffoor and fit il as 8 gym.. improve the surface of the acLess road leading to our Ste.. fiJrther develop the first of the tse.. and inc¥ease operationar use. There also be some maintenance tasks arising from wear and tear on the fabric., some of b8ve been detsyed due to the pandemi Opening the 2nd floor and filts.ng (( out to take existing gym equipment and eryos esb'mated to CA)St £71,000. A grant of £33,C#JO has been promised by Sport England condibon81 on the remainder of the fiJnd5 being raised by July. The last sedion of Ihe Hempsled Meadows sile mad leading to the boalhouse gle has neMEr been ccrfnpleted and it is in a poor state of paIr. Previous efforts to patth the potholes have not lasted long and it has become a priority lo effect better repairs and lay a permanent surface. Any work done requires the apwoval of the Crty Counal as landowner but the CrJnc41 is unlikely to be wlling to share the cost,. inTti"al wth Counal offiaals has confirmed approval for the wiwks (subject io any planning Cnsent requiredl. The cost of preparing the road fN resurf8ciri9 is esttmated to be about £1.0 and re5urfaang about £15.000. The initi31 preparatson will be paid for trom cperational reserves bui it will be neCery to rarse )therfunds to Pay for the surfaang. It is expected that the area formerty ocupied by the swl heap b& landscaped using volunteer effort It was ak¥ays intended that operational use of the building w0d be managed by the users. A User Committee was fomed in 2017 but rt needs to be re4nMgoraled and this Vill be addressed a5 lothduwn $(ri¢'05 arg lrted. There wll also be a push to In(aSe Health & Safety Awrness among usu& Some prep work lo im[0Ve GBL H&S pKoce55es has already been done. It is sts'll our aim to recfuit a part-time boathouse manager as soon as p0sble The rde indude overseeing JTrenl operab.ons and supporting new inits8tives to bnng ffle users to the faalty. As r/ ac"Trlies increase rBv8nue. rt is expe¢Aed that wll fiJnd inueased hour5for the boathouse manager. Prior to Ihe arrival of the adJ"acent comd testing ¢tre, ac£ess to our site was restri(ed by the limited distribubon of keys for the City Counc41 cMtroOed barrier at the Hempsted Meadows entrance. Dis¢ussons ave been held with Counal about how access can be Im[0ved en the testmg tre le8*s {possibly later in 2021 or more likely in the Spring of 20221. Some opb.ons are under consideration bLrt the Council is unwilling to cxjmmit to anything until the future use of the site is dearer. Whatever the out¢ome. GBL and rts users will be expected to nIn'bUte to any improNEments to access wTru"¢h may u)sl up to £50,000. Fund TrlJing forfurthw constructton To fund our plans for the coming year at least £58,OCW] is requirEd- balustr8de$ ÈS,000, gym £38.000 and ste road £15.000. At the end of 20r21 there was £51,759 available wrthin general UnStrIded filnds and donation of £5.000 was received in ea April. Grants lotalling abrrtrt £15.01]O have been aled for to support the gym development and some additional applicabons for smaTher amounts w7118lso be submitted." there is no guarantee that any of the bids will be successlul. There are plans for a tsrgeted appe81 for donations that be made soon and tentstive plans for additional fijnd raigng 85 the CoNitJ restrith'ons ease later in the year.
GLOUCESTER BOATHOUSE LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 stNclure% govemance and management Govemlng document Gloucester Boathouse Limited is a company Iwnited by guarantee, govemed by its Memorandum and Art'des of Assoaalion vthith were vIsed and adopted 29 Fetary 2016. The CoMY was inrjyporated on 8 Marth 2012 and was registered as a tharity on 31 May 2012 tmth the Chanty Commission. The mernbers of the company a GIOUst¢r Rowng Club Ltd. CheenhaM Ladies College and Harwry UniverW. In the event of the u)mp8ny being wound LÈP. the liabilrty in respect of the gLtarantee is limited to £10 per member of the company. In 2018, Hartpury &ege became Harwy Univeth under a statutory instrurnent made by Par1mellt ISI No 20181927). From 14DriI 2021, the operalion of Gloucester Rcpmng Cfub wll be conduded by Gloucester Rwng Club Ltd. To reflect these thanges a Deed of Novab"on has been signed (dated 1214r21 but wef 114r21) to update the 2016 Investor Member5 Agreement between GIouSter Boathouse kn"rnited and th8 three member organisats"on& S"eCt to by the Chanty Commiswon, Ihe AJlide$ ofAssociatson wiu also be updated. The tnlstees, who 8re also the diredors for the purpose of rnpanY law. arKI seThed during the year and up to the date of Signatu of the finanraal statements were.. Mr P F Markey MrSDRose MrJ C Gamer Mr M J Taylor In acconlanee wth the Artides of Assoraation. there shal be no more than nine trustees and no fewer than the. Eath shall serve a minimum term of three yearn, wrth the excepts.on of Nominated Trustees from Gloucester Rowing Club. Chdtenham Ladies Comege and Hartwry Cdlege. shau setve for as long gs thr home toanisats.on thSe$. A total of seven nominated trustees may be apwnted by the Mnb ond Certain u%r cryanisalion4 and vo appointed Irustees may be 8w)ointed by the nominated trustees. Ctynisatlonal structure The tharity is govemed by rts trustee3 who are responsit4e for fcrfmulaling the strategies and poliaes of the charity induding the exercising of financial corrtrol& The trustees, from time to time. TrMII 8pp(xnt the members of an CWats"orl Commrttee vknith contrc4 the day to day organisats'on and running of Ihe tharity. Induct5on and tralnlng ol newtnmtees All new trustees are given an indudion session where Ihey are made aware of thr leg okAigab"ons as trustees of a coorate th*ity. Al trustees gi¥E theirtime KrilY and receibE no benefits from the chanty. The trustees. reportwas approved by the Board ofTruslee& Trnstee Dated". 13 September 2021
GLOUCESTER BOATHOUSE LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GLOUCESTER BOATHOUSE LIMITED I report to the trustees on my examinatFon of Ihe finaal statements of Gloucester Boathouse Limited (the charity) Yor the year ended 31 March 2021. Respon$lbllttle$ and ba¥ls of report As the trnstees of the thanty land also its dire015 for V)e purposes of company lawl you are responsible for lh& weparats.on of Ihe finanaaj statements in accordance the requirements ol Ihe Companies Act 20C6 (the 2006 Act). H8wng satisfied myself that the financAal ststements of the tharrty are not required lo be audrted under Part 16 of the 2006 Act and are eligible for independent examinalion, I report in re5pe¢A of my examination of the charitys finanaal statements caffied out Untjer section 145 of the charib.es Acl 2011 (the 2011 Attl. In carrying out my examinats.on I have fdlrye(1 91 the awAicable DeOn5 giNtn by the Charity Commission under 5eth.on 14515llbl of the 2011 Art kndependent examlnefs •laternnt I have completed my examinab"on. l ¢onfimi Ihat no matters have c4Jme to my attenb.on in connection tr¢e examination giving me cause to believe that in any material respe accounting records were not kept in respect of the tharity a$ required by seLlion 386 of Ihè 21]l% Act.. the finanad statements do rn)t acoyd vAth those records.. or the finanaal statements do not compty Vth the accounting requirem8nts of seclion 396 of the 2006 Acl other than any requirement that the accounts give a true and fair View is not a matter CJnsidered as part o18n independent examinats'on. or the finanoal statements have not been WBPad in awdance with Ihe methods and wnc4ples ol the Statement of Recommended Pr8dr¢e for a(fA)unting and reporbng by tharitss applicable to tharits'es preparing their accA)unt$ in accordance wth Ihe Finanaal Repo"ng Standatd aw4i¢aL4e in the UK and Republic of Ireland IFRS 1021. I have no conc4ms gnd have o)me a(xoss r¢0 other matters in connecton the examination to whk attenbon sh¢)uld be drawn in this report in orderlo enae a proper undersl8nding of the finanaal statements to be reathed. Sarah Case FCA DChA Azets Audit SeNces Pillar House 113-115 Bath Road ChelteTrham Glouceslorshire GL53 7LS United lfjngdorn Datod.. 16 September 2021
GLOUCESTER BOATHOUSE LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021 Curvent flmnclal year Total lunds 2021 fvnds 2021 20 2020 Donats"ons and leg4aes 47.709 47.709 90,541 Use and rental of fauhties 29,020 29.(r20 40,226 Tolal Incom• 76.729 76,729 130.767 Use and rentsl of faalib.es Other sts 14,663 14,e63 41.941 27,083 36.562 32.358 Total Charllable expendltwe 24.246 32,358 63,645 Net Incominglloirtgolngl rn*our¢•s befor• 52,483 132.3581 20,125 67,122 Gross transfers belween funds (22,53BI 22.538 Net IncoTrxl{expen(rrturel for the yearl Net movement In lund$ 29,945 19,8201 20,125 67,122 Fund balances at 1 April 2020 24.564 1.446,233 1.470,797 1.403,675 Fund balancu at 31 March 2021 54,509 1.436,413 1.490,922 1,470,797 The Statement of financial adiwbes indudes all gains losses reccqnised in the year. Ail income and t%rtUre dwive fT(ffn ccffttynuing a(knbes. The slatement of finanaaE athvitie5 also COMFI9 with the requirements for an incune and expenditure account under the CompaniesAct 2006.
GLOUCESTER BOATHOUSE LIMITED STATEMENT OF FINANCIAL ACTRVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021 Prfor fln4n¢lal year Unrestrlcted Restricled fund¥ nds 2020 2020 Tot*1 2020 Nrt•$ Donations and legacies In efrom aritae activiti Use and nt of facdities 3.041 87.500 90.541 40,226 40.226 Total income 43.267 87,500 130,787 Use and rental ol facihtses Other costs 27.083 6,383 27,083 36.562 30.179 T11 charftalAe expenditure 30,179 63,845 Net Inc¢)mlngl{outgoing) re•ource• befove transle 9,801 57,321 67,122 Gross translers befvRen lunds (12.210) 12,210 Net In¢omellexpendlturel for the Net movement In fund$ (2.409) 69.531 67,122 Fund balanc8S At 1 April 2019 26,973 1,376.702 1.403,675 Fund balances at 31 March 2020 24.564 1.446,233 1,470,797 The ststement of fin8nc981 adivilies indudes all gans and k)sses reo)gnised in Ihe year. All income and eypBndilure derive from cth)tynu¢no aQivilie& The statement of finanrial aclivities 81so ccrfnplies wth the requirements for an income and expenditure accwnt under the Companies Act 20CIS.
GLOUCESTER BOATHOUSE LIMITED BALANCE SHEEr ASAT31 MARCH 2021 2021 2020 Notes Flxed assets Tangible assets Currnnt assets Debtor3 Cash at bank and in hand 1.441,141 1.439.877 5.026 91,497 1,720 67.464 gS.523 69,184 Creditor¥: amourt• falNng due wlthln one year 146.742) 138,264) Net oJrrent assets 49.781 30,920 Trthl asséts l•ss eumint U•blllll•s 1,49), 1,470,787 In¢ome fvnds Reth"cted lunds 13 1.436,413 1,446.233 Designated funds General unre5tn"¢Aed lund3 12 2.750 51,759 1.750 22,814 54.509 24,564 1.490.922 1.470,797 The company is entslled lo the exempb.on from the oudit requirement D)nlained in sec"on 477 of the Companies Act 20C6, for the year ended 31 Marth 2021. The INsloes aCknO%edge thr responsitrM"litses for ensunng Ih81 the charity keeps accounting reo)rd$ vknith comply with section 386 of the Act and fcK prewing finanaal statements give a true and fair view ol the state of affairs of the company a5 at the end ol the financial year and of its incoming resources and application of resources, induding rts irKoffle and eypenditure. for Ihe finanaal year in aC0)rdan the qU1mentS of sections 394 and 395 and which otherwise comply the requiremerrts of the Companies A¢A 2006 relating to financ4al statements, so far as applicable to the company. The members have not r8qLHred the company to obt"n an audrt of its financia ststements for the year in quests.on in acc(Ydance with secon 476. The6e finanoaS statements have been prepared in aCc(xd8n the promisions aFplicable to companies subject to the smal companies regime. The finanual statements were appTDN*d by th& Trnstees on 13 September 2021 MrSDRose Tnjslee Company R•glstratton No. 072029
GLOUCESTER BOATHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accounting p(4l¢les Charlty Infornmtlon Glotjcesler Boathouse Mited is a wivate (xnP8nY limited by guarantee incorporated in England and Wales. The regISted office Is Pillar House. 1131115 Bath Road. Cheltenham, GIouEStershire, GL53 7LS. Unrted "ngdoM. The liabih'ty of the members is limiled and ea( has untjertgken to contribute a sum not exceeding £10 in the event of the winding up of the Djmpany. 1.1 A¢¢ountlng ¢4)nvenllon The financ481 statements h8ve been prepared in aCcc¢dan with the charity's goveming docjdment. the Cixnpanies Ad and "ArUn"ng and Repcrfly"ng by Charibes" Statement of Recommended Praclice applicable to tharits.es preparing their a¢£ounts in a(xxJrdance Vith the Finanaal Repo"ng St8ndar¥J applicable in Ihe UK and Republic ol Irdand IFRS 1021 leffecb.ve 1 January 2019)" The thaÈity is a Public Benefit Entity as defined by FRS 102. The thanty has taken adYJntsge of the provIOn5 in the SORP fN smaller tha11e$ not to prepare a ststement of Cash Flows. The financtal statements aiE FryEd in stetth"ng. is Ihe fvnctional cUencY of Ihe thanty. Monetary amcyjnts in these finala1 SLitements rwnded to the rareSt £. The financial statements have been wepared under the histCal cost convention. modified to indude the revaluation of treehold [Kope"e5 and lo indude investment properties and certain financial insbiJnMIs 8t fair value. The prinapal accounts.ng polioes adopted are set out below. 1.2 Golng con¢em At the time 01 appro¥ing the fin8na81 ststements. the trusiees have a reasonat4e that the tharity has adequate resources to conb.nue in op'onal estenCe for Ihe fcffesee8ble lubjre. Thus the trustees contsnue to adopt the gOWIg con¢em basis of acccMJnb"ng in preparing the finaft0 statements. 1.3 Charflable fvnds Unre5tricaed lund$ a avwlat4e for use al the disuets.i of the Irustees in further8nce of thr charitat4e objectives. Designated funds comprise fvnds ha been set a&de at the dis(xelion of Ihe trnstees for ¥ecific pUOseS. The purposes *KI uses of the gnated funds are set (rt the notes to the fin8nu81 Restricled funds are subjeci to specTfic condilions by donors as to how they may be used. The purposes and use5 of the restricied funds are set wt in the noles to the financial statements. Further explanati ol Ihe nature and purpose of eath fijnd is induded in the nole$ to the finanLyal Statements. 1.4 Intomlng resources Income is recognised vthen the tharity is leg enblled to it after wy perfomiance conthb'ons have been me( the aMJnIS can be measured reliatdy. and it is Fwobable Ihat income be recaved. Cash donatrons are nIsed reCl Clher donalians are rec£wFised once the dlity has been nob.fied of the donation, unless pwfom8ntx cOnditiS reqLHre deferral of the amnt InGome tax recoverable in relab.on lo donath.S received under Gfft "d or deeds of covenant is fecognised * Ihe time of the don8ti0n.
GLOUCESTER BOATHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 A¢¢ountlng pollel•s Icontlnued) Lega¢ies are Tecognised r1p1 or otheise rf the tharity has been notsfied ol an impendrng dislribub"on. the amount is known, and recapt is expe¢Aed. If the amnt is not known. the IBgaGy is treated as a conb"ngent 8sseL Assets given for use by the tharity are reCgniSed when rec•V8. Income trom govemment and other grants 15 recognised the thaiity has entiuement lo Ihe funds, any performance conditi'ons attathed to the grants have been meL it is prrtatle that the income wiN be received and the amount can be measu0 '8bly. Inccffle from use and rental of facil8$ is measured at the fair vakbe of the consideration recaved or receivable and represents noUnts receivable for goods and SeiceS probided in the nDrm81 of busnes3. net of di5Un VAT and other sales related taxe& 1.6 Re•our¢es elnded Liabilities are recfjgnised as expenditure as soffi as the is a leg81 or constsuctiNE olgatiOn committing the charity to that expenditure, it is probable that a tr8nsfer rrt economic beneffts will be required in sethement and the amount of the obligab.on ogn be measured reliably. Expenditure Is accounted for on an accruals basis and has been dassFfied under headings Ihat aggregate all c05t related to the category. Where costs cannol be ¢Jir• 8ttn"bvted to parlilar headirgs they have been allocated lo activ"e$ on a b88is con&stent with the use of resour SLtpport costs are allocated to actiwti'es ijn an ataual invJrred basi& Irrecoverable VAT is charged against the categY of ts0r¢e$ expended for it is incurred. 1.6 Tanglble flxed assets Tangible fixed assets are insbaly meawred st C¢t 8nd subsequenty meAd al cost or valuatson. net of depreQab.L and any impainnent105ses. C05t indudes wrthase cost and otsr costs threctly attributable to making the asset capable of operatsng as intended. Deweciation is recognisèd so as to wriie off the cost Tu8110n of assets less their residual values over their useful lives M the following bases.. Freehold bU11ng5 Fixtures and fittings Freehold land 2%- 10% straght Sne 20% straight line nla Freehold land and assets in the ¢)Jurse of constnKion are not deFeCla1ed. Assets under the CA)urse 01 ccffistrUcli relates lo the Costs of the owoing build proieci for the new boathouse. indudirwj those the company has a cS1cve obligation to CAJmplete. Assets reicognis•d under a cons1TU(NE oblbgaljon are measured at the Inal estr.mate of the cost to fulfil that obligation. Freehold propth relates to the phasgd ¢StrUc110n wc¥ks. Deweath"on h85 oy)mmenced as the majority ol the build is now complete and the building is now in use. 1.7 ImpilTMe of flxed assets At eath reporb.ng end date, tr tharity re%iews the carng ¥mnts of rts tangible assets to determine whether there is any Indicati that those assels have sufferefl 8n impairnient loss. If any such indub.on exists, the recOverale amourrt of the a55et is estimated in order to deterniine the extent of the im81M7enI loss Irf any). 10-
GLOUCESTER BOATHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Ac¢ountlng polle8 Icontlnuedl 1.8 Cash and ¢ash equlval•nts Cash and cash equNalents indude $h in hand. dep034ts held at Gall V•ith banks. other short-term liquid investments with original maturities of th¢ months or less, and bank overdrafts. Bank overdrafts are shown wthin borr(wing$ in current liabilities. 1.9 FIMn¢lal In¥tnun FInana instruments are recognise(l in the chaiity's balance sheet vthen the tharity becomes party to the eontrarAual provisons of Ihe instrument Finanaal assets and liabil"eS are offset, the net amounts presented in Ihe finanaal statements. when there is a legally enforceable right to set off the ftcthjnised am(Mmts and the is an intenb.on lo setde on a net bags to rease the asset and setlle the Stillity %mullaneously. Baslc ffnan¢lalassets Basic finanoal assets. vthith indude debtots and cash and bank b818nces, are initialy measured tr8nsathon price induding transaction costs and ve subsequenlly carried at aM["Sed cost Using Ihe effecb've interest method unless the aTrangement consbtutes a finanryng transacon, where the transacb.on is measured at the present value of the ftrture rewpts discounted at a markel rate of interesL Finanri81 assets dassrfied as receivable within one year are not aM0.$ed. Ba¥k ffnaneial liabililies Basic financ¢al liabilities, induding c¥ethtoTr and bank loans a initiolly recognised at transaction price unless the arrangement consliiules a finanang transaion, the debt instrument is rnea5ured at the present value of the luiure payTrents discourrted at a market rate of interesL Finanoal liat¥1.es dasyfie as payable one year a not amlIse(l. Debt instrufflents are wbsequentty cwried at amortbsed ItJy( using the effeclive u7tere8t rate methcJ. Trade ¢7editors are otdigations to pay for goods or serviw that have bean ai>winl in the ordinary course of operatrons from suppliers. hrn¢)unts p8y81Ae are dassified as crrent liabilib.es rf paymerrt is due wthin one year or less. If not. they a presenled as noHJJrrent liabilAies. Trade uedrtor5 are recognised inibally at transao"on pnce and subsequenty measured at amortised cost ng the effethve interest method. Finanual liabil¢bes a dere¢)Jgnised when the charitys c(mtraclual otligations expire or are discharged or cancelled. 1.10 Taxation The tharity is exempt frirfn corporation lax on income and 98ins falling wthin sethon 505 of the Taxes A 1988 or section 256 of the Taxatson ol Ch8rgeak4e Gains A¢t 1992 to the extent that these are applied to the tharitsble cJ'ect 1.11 Provlslons Prowsions are rer4wni$ed wthen the ttiarity has a legal or construdive present obligabon as a reIL of a Past event. it is probable that the tharity 4MII be required to settle that obligatson and a reliabk estimate Can be made of the amount ofthe oblbgation. The amount recognised as a prOVion is the best eslimate of the c4)nSIderati¢ required to settle the present obligats.on at the reporb.ng efHI date. taking into 8LXX)unt the risk$ and uncertainties surrounding the obligats"on. ere the effed of the b.me v81ue of M*eY is materiaf. the amourrt expected to be reqsjired lo settle the obligation is recognised at present vahje. lthen a pro¥isTron is measured at present value, the UnndIng of the discount is rBcognised as a finance cost in net inc0melleendItrjre1 in Ihe period in wlNth rt arises. 11
GLOUCESTER BOATHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Donation¥ Ind lega¢l Unrnstrl¢led Unrestrictsd Resthc1ed funds d5 funds 20 2020 2020 Totsl 2020 Donab"Dns and gffts Grants Donated goods and services 5.209 42.500 3.041 50.000 53,041 37,500 37,500 47.709 3,041 87.500 90,541 Grnnts veceivable for ¢ore actlvltl•s CotridNNDR related govemment grY4ts 42.5LNI 42,5fy) Donated goods and •er¥l In the prior year donated We received in Ihe fcKm of cfedil notes totslling £37.500 to be offset against costs inrred. No suth income was received in the Current finanaaf peTtod. IncomE from Charftale a¢Uvlll•s Use and Use and rentsl ol rental of f4clllde$ facllitles 2021 2020 Use and rental of faiilitses 29,020 40,226 12-
GLOUCESTER BOATHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 ExpendItU ( charttable a¢tlvllles 11 ol fxluties Depreciation and impaimenl Rates. ulilities & deaning Web o)sls Fund raising costs Bank ()arge$ Health & safety W8s18 dispos Insurarbce 33,898 33,898 12.281 57 31.596 31,5 23,563 60 236 87 2,248 1,272 3,721 12.281 23.563 57 60 236 87 81 81 1.517 1.517 2.248 1.272 3,878 3.878 3,721 14,663 38,110 52.773 27.083 35.7C#J 62,783 Share of govemarKe costs (See note 5) 3.831 3,831 14,663 41,941 27.083 63.645 Anatysls by fund Unrestricted funds Restrithd funds 14,663 24.246 32.358 32,358 27,083 33,466 30.179 30,179 14.663 41,941 27,083 36,%2 63,645 Supwt ¢osts 2021 Support Govemance osts 2020 costs Accountancy fees Legal fees 1.196 2,635 1,196 2.635 3.831 3,831 Anatysed beeen Charitable adiMtse$ 3,831 3,831 None of the tFUStees lor any ply3$ Cnecett V•th them) remuneration, other beneffts reimbursement of eypenses from the thaity during the year (2020". £Nill. 13-
GLOUCESTER BOATHOUSE LIMITED NOTES TO TrIE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Enyloyee$ There were no emoYeeS during Ihe year {2020." None) TangllAe fixed 5sets At 1 April 2020 Additions 1.440.426 34.550 7,085 612 63.108 1.510,619 35,162 At 31 Marth 2021 1,474,976 7.697 63.108 1.545.781 Ehpreclation and inyalrnxnt At 1 ri12020 Dwe¢jat[ thgrged in the ye8r 69.313 32,358 1.429 1,540 70.742 33,898 At 31 March 2021 101.671 2.9 104,640 Carrylng amou At 31 Marth 2021 1,373.3D5 4.728 63,108 1,441,141 At 31 M8rth 2020 1.371.113 5,656 63.108 1.439,877 2021 2020 Amwnts fallng due ithin one year. Trade debtors Cxher debtors PrepayThents ar acuued incclne 3.552 1,474 192 1,419 5.026 1,720 10 CrpdltoTr: amDunts falhig due vlthln one yr 2021 2020 Other taxatson 1 sooal se(wiity Tr8de aEdrtors ACCalS and deferred inccffie 17,362 29,380 3,622 34,556 46,742 38,264 Induded within acL¥uals and deferred income are amounts loialing £25,43012020'. £33,343) in relthon to rad(ing fees invoiced in 8dwan¢e. These amounts be recognised in income v*hen the rjiteria for income re0))gn.0 are meL 14-
GLOUCESTER BOATHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 hlARCH 2021 12 D•slgnal•d lunds The income funds of the thanty indude the fdlowng designated funds have been set a$e out of nrestricted *Jnds by the trustees for speafic pUoSes.. Movement In fun 31 M 2021 Designated funds 1,750 1.750 1,QY)O 2,750 1.750 1.750 1.C(10 2,750 Designated ftjnds ts18te to amtyjnts set aside by the Trustees for fuhwe repairs lo and maintenance of the site access road. 16-
GLOUCESTER BOATHOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 14 Anatysls of net assets betTen funds UnTp¥trirtsd Restslcted fvnds fund$ 2021 2021 Tolal Unrestn'cled Restricted funds fijnds 2020 2020 Total 2021 2020 Fund balanS at 31 March 2021 ore represènted by.. Tangible a55etS CUent assetsl (lla.11tieSl 4,728 1,436.413 1.441.141 5.656 1.434,221 1,439,877 49,781 49.781 18,908 12,012 30,920 54,509 1,436.413 1,490.922 24,W 1.446,233 1.470.797 15 Flnancial conwnllment4 guarantees and rtIngent Nabiths As al 3f March 2021 the Chanty had an otherfin8naal commthent of £500,00012020". £500,000) that only becomes due should the Charity deo¥Je to sell the Freehold property for 1¢h certain grants have p751Y been received. There were no significant other finanaal commitments. guarantees or contingent liabilities as at 31 March 2021 12020= £Nil). 16 R•lat•d party transactlons During the year the tharrty trustee S Rose w8$ 81s0 offiaal of (Jou¢ester Rov•ing Club. Gloucester Rowing Club made donab.ons to the thanty during the year wth a value of £Nil12020." £50,OL)01 and wa8 tharged usage fees of £13,440 12020". £22,104). Wthin rxedrtors al the yeaf end is £18,664 12019". £18,500) relats.ng lo GIOuster Rowing Club fees paid in advan. The tharity tnjstee P Markey is olso a dire¢lor of Markey Construction Limited and MG Markey Group Limrted. Dunng the year, Gloucester Boathouse purcJased £8SO {2020'. £23,865) of services from Markey Construction Limrted and received donated services in the form of credrt notes totaming £Nil 12020". £37,500) from MG Markey Group Limited to ts offsel against amounts owed to Markey Constructwi Limited. At the year end amounts owing to Markey Consiruction Limited totalina £Nil are induded wthin trade creditors {2020". £Nill. 18-