DocuSign Envelope ID: A0124C7F-549F-410C-8EFB-C5CD45335869
REGISTERED COMPANY NUMBER: 08002910 (England and Wales)
REGISTERED CHARITY NUMBER: 1148787
PHOENIX CANOE CLUB LIMITED
Report of the trustees and
Unaudited financial statements for the year ended 31 December 2022
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DocuSign Envelope ID: A0124C7F-549F-410C-8EFB-C5CD45335869
Phoenix Canoe Club Limited
Contents
For the year ended 31 December 2022
| Page | |
|---|---|
| Reference and administrative details | 3 |
| Report of the trustees | 4 to 8 |
| Independent examiner’s report | 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Statement of cashflows | 12 |
| Notes to the financial statements | 13 to 21 |
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DocuSign Envelope ID: A0124C7F-549F-410C-8EFB-C5CD45335869
Phoenix Canoe Club Limited
Reference and administrative details
For the year period ended 31 December 2022
Registered company number
08002910 (registered in England and Wales)
Registered charity number
1148787
Registered office
Suite 115, Devonshire House Manor Way Borehamwood Hertfordshire WD6 1QQ
Incorporation
The charitable company was incorporated on 23[rd] March 2012.
Trustees
Andrew Moore (Chairman) Dittany Bak Olesen Megan Chidlow (Treasurer) Frances Edwards Amanda Gordon Nicholas de Naeyer (resigned 11 January 2023) Timothy J Rice (resigned 18 March 2022)
Independent examiner
Capital Tax Accountants Limited Suite 115, Devonshire House Manor Way Borehamwood Hertfordshire WD6 1QQ
Bankers
Barclays Bank Ruislip Leicestershire LE87 2BB
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DocuSign Envelope ID: A0124C7F-549F-410C-8EFB-C5CD45335869
Phoenix Canoe Club Limited
Report of the trustees
For the year ended 31 December 2022
The trustees who are also directors of the company for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice Reporting Accounting and by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The company has no share capital and in the event of liquidation or being wound up the liability of its trustees is limited to £1.
The trustees meet regularly throughout the year, with the Centre Development Director. The board of trustees are committed to refreshing the Board when appropriate with new trustees who have the skills and networks needed to help the charity achieve its goals. The trustees have overall responsibility for approval of strategy, policies, plans, risk management, staff appointments and finance. The day to day management of the charity is delegated to the Centre Development Director and Centre Activities Manager.
Public Benefit Statement
The trustees have had due regard to the guidance issued by the Charity Commission on public benefit when reviewing the charity’s aims objectives and planning the future activities.
Sport England research shows that boosting participation in sport can generate a variety of socio-economic benefits. Sport can and does make a profound and positive impact on individuals, communities and wider society. The charity considers that its activities lead to significant public benefit in the areas highlighted by Sport England.
OBJECTIVES AND ACTIVITIES
The charity’s objects are the promotion of community participation in healthy recreation for the benefit of inhabitants of Greater London and surrounding areas by the provision of facilities for kayaking, canoeing and other outdoor sports.
The Phoenix Canoe Club and Phoenix Outdoor Centre are located next to the Welsh Harp reservoir on the borders of the Boroughs of Barnet and Brent between West Hendon and Wembley. The outdoor centre runs a range of activities for schools, youth and community groups aged from 9 upwards and adults offering:
| Kayaking | Canoeing | Bell boating | Stand-up paddle boarding |
|---|---|---|---|
| Sailing | Windsurfing | Raft building | Powerboat training |
| Orienteering | Team building | First Aid training | Forest School |
The club is very active, meeting most Sundays at the reservoir as well as running a wide selection of river trips and training throughout the year.
As well as main stream schools and groups, we welcome participants with additional needs or challenging behaviours. We work closely with a wide variety of specialist groups and organisations to help promote education, personal development and integration in a safe, fun and adventurous environment.
The ethos behind all of our activities is the positive development of young people through sport and activities. As well as learning new skills and having fun, we aim to help unlock young people’s full potential, build confidence, self-esteem and develop other beneficial life skills.
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Phoenix Canoe Club Limited
Report of the trustees
For the year ended 31 December 2022
Phoenix Outdoor Centre is licensed by the Adventurous Activities Licensing Authority for Kayaking, Open Canoeing, Bell Boating, Improvised Rafting, Sailing and Windsurfing (L9349/R1940). Phoenix Outdoor Centre is a recognised RYA Training Centre for Dinghy Sailing, Windsurfing, Power Boating and First Aid, RYA Sailability Centre and a British Canoeing Quality Mark Centre. Phoenix Canoe Club is affiliated to British Canoeing and is accredited with Sport England’s “Club Mark’’.
ACHIEVEMENT AND PERFORMANCE
In the calendar year 2022, the Covid-19 pandemic had passed, however, the effects of the disruption to normal life were still being felt and affecting the progression of skills with instructors, users and club members alike. The programme was returned to normal. Our winter pool sessions at Hatch End were cut-short by the roof being damaged by high winds.
The Club & Centre recorded circa 9,772 participant attendances per 2-hour session, (9,000 in 2021 and 9,378 in 2019 pre-pandemic). Most Club & Centre training and taster courses that ran were full, as people were looking for outdoor activities to provide fitness and wellbeing.
In the summer of 2022, with the financial backing of Active Thames and the London Borough of Barnet Innovation Fund, we were able to offer free activity sessions to groups and individuals that were in most need. The individuals and groups targeted had either physical, financial, cultural or emotional barriers which might normally prevent them taking part in water sport activities. We targeted the groups that met our criteria for free sessions which included young carers, BAME, disadvantaged, physical disabilities, SEND, religious groups, ex-pats, refugees, sports groups, cancer patients, postcode gang harmonising groups, foster children, arts & dance groups and holiday club schemes from low income areas. We then organised taster sessions or a course in kayaking or SUP for these groups at the centre fully funded, and where needed organised food and minibus or taxi transport to and from the centre.
The Club ran two white water trips to the Tryweryn and Dee in North Wales plus the Dart Loop. The long delayed trip to Slovenia, finally went ahead in June 2022 (should have been 2020) staying in a chalet in Bovec next to the Soca River in the heart of the Julien Alps.
FUTURE PLANS
The charity has resurrected the new building project in 2022 for completion of Phase 1 by Easter 2024, utilising the London Marathon Charitable Trust grant of £250k. Phases 2 & 3 will require further funding and a more detailed Planning Application.
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Phoenix Canoe Club Limited
Report of the trustees
For the year ended 31 December 2022
FINANCIAL REVIEW
In 2021 the charity opted to move its year end date from 31 May to 31 December. The accounts for 2022 are for the full year to 31 December, with comparative figures for the shorter 7 month period to 31 December 2021. A December year end is more suited to the annual activities of the club and outdoor centre, where the spring and summer periods are the busiest times.
The charity’s income in the year for 2022 was £185,065 (period to 31 December 2021: £135,603). The increase in income reflects the full year against the 7 month prior accounting period.
Grants income from trusts and foundations totalled £12,416 in year (period to 31 December 2021: £9,760). Grants included £5,000 from Active Thames Canal through River Trust to provide inclusive water sports, along with grants from Barnet and Brent councils for the same purpose.
Expenditure during the year to 31 December 2022 was £182,239 (period to 31 December 2021: £114,973, of which £119,835 was for staff costs (year to 31 December 2021: £70,989), and £62,404 on other activity and support costs (year to 31 December 2021: £43,984)
The surplus for the year to 31 December 2022 was £2,826 (to 31 December 2021: £20,630). The surplus in 2021 was higher than normally received for a year as the 7 month period of those accounts included the busier summer months.
Net assets held at 31 December 2022 were £132,065 representing unrestricted funds of £115,524 and restricted funds of £16,541 (31 December 2021: £129,239 comprising unrestricted funds of £115,171 and restricted funds of £14,068).
RESERVES POLICY
The charity holds the following reserves:
Restricted reserves comprise funds available for expenditure in accordance with the donor’s intentions for the use of the funding, the reserves held at 31 December 2022 are £16,541 (31 December 2021: £14,068).
Designated reserves are funds set aside from unrestricted reserves at the discretion of the trustees. In the case of Phoenix Canoe Club they represent:
-
the net book asset of fixed assets, these assets are essential to the operation of the charity and its activities, and should not be considered realisable to meet commitments. Designated funds at 31 December 2022 are £23,740 (31 December 2021: £36,424).
-
£20,000 of funds designated for future use towards costs of replacing the club’s building.
General reserves are the balance of the charities unrestricted reserves that have not been designated for a particular purpose, as such they are freely available to the trustees for any of the charity’s purposes. General funds held at 31 December 2022 are £71,784 (31 December 2021: £78,748).
The charity seeks to maintain general reserves equivalent to approximately 3-4 months of expenditure and this policy suggests reserves of around £70,000 are needed. The trustees are satisfied with the level of reserves held at the end of the year of £71,784.
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Phoenix Canoe Club Limited
Report of the trustees
For the year ended 31 December 2022
RISK POLICY
In accordance with best practice, the trustees keep a register of risks facing the charity. Risks are reviewed regularly, and actions are taken and controls put in place where appropriate. Through the risk management processes, the trustees are satisfied that the major risks identified have been adequately mitigated where possible. It is recognised that systems can only provide some assurance that major risks have been adequately managed and some risks are outside the control of the charity.
The principle risk areas, and the main mitigations are listed below.
Financial and income : Controls are in place over access to bank accounts and through use of dual signatory controls, along with regular monitoring of financial results and the production of forecasts. The charity reviews income generation sources and costs new activities, grants are applied for where additional income is needed to fund capital replacements or specific activities.
Safeguarding : The Club and Centre work with young people and have policies and guidance to ensure that there are proper safeguards in place to ensure that participants and staff operate in a safe environment for sport and recreation. Phoenix Canoe Club Limited is fully committed to safeguarding the well-being of its Club members and Centre users. All members and users should show respect and understanding for the rights, safety and welfare of others, and conduct themselves in a way that reflects the principles of the Club & Centre. We believe that taking part in water sport should be positive and enjoyable parts of children’s or vulnerable adults’ lives.
Health & Safety: It is the policy of Phoenix Canoe Club Limited to ensure, so far as is reasonably practicable, the health & safety of its volunteers, employees and members. The Trustees, volunteer staff and employees are to comply, as far as is reasonably practicable, with the requirements of the Health and Safety at Work etc. Act 1974, and with all its statutory provisions. All members are required to assist in achieving this aim. Overall and primary responsibility for maintaining a safe and healthy working environment within the Phoenix Canoe Club Limited rests with the Trustees. The onus of overall and primary responsibility does not absolve individuals from their specific responsibilities.
Facilities: The charity reviews insurance regularly to ensure adequate cover is in place. A forward maintenance plan ensures facilities and equipment are renewed as needed. Additionally the club has a back up arrangement with another centre in case of need.
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Phoenix Canoe Club Limited
Report of the trustees
For the year ended 31 December 2022
TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
Company law requires the trustees (who are also directors of Phoenix Canoe Club Limited for the purposes of company law) to prepare financial statements that give a true and fair view of the state of affairs of the charity at the end of the financial period and of its financial position at the end of that period. In preparing those financial statements the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
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observe the methods and principles in the Charities SORP;
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state whether applicable UK accounting standards and statement of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities Act 2011. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
-
there is no relevant information of which the charitable company’s independent examiner is unaware; and
-
• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the independent examiner is aware of that information.
Approved by order of the board of trustees on 12 July 2023 and signed on its behalf by:
- ………………………………………………………………………
Megan Chidlow
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Independent examiner’s report to the trustees of Phoenix Canoe Club Limited
I report on the accounts for the year ended 31 December 2022 set out on pages 4 to 8.
Respective responsibilities of trustees and examiner
The charity’s trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this period (under Section 144(2) of the Charities Act 2011 (the 2011 act)) and that an independent examination is required.
Having satisfied myself that the charity is not subject to an audit under company law and is eligible for an independent examination, it is my responsibility to:
-
Examine the accounts under Section 145 of the 2011 Act
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to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and
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to state whether particular matters have come to my attention.
Basis of the independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items of disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaking do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statements below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006; and
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to prepare accounts which accord with the accounting records, comply with the accounting records of Section 394 and 395 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities.
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Capital Tax Accountants Limited
Kumail Walji (Director) Capital Tax Accountants Limited Suite 115, Devonshire House Manor Way Borehamwood Hertfordshire WD6 1QQ
Date: 9/15/2023
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Phoenix Canoe Club Limited
Statement of financial activities for the year ended 31 December 2022 (incorporating income and expenditure account)
----- Start of picture text -----
Unrestricted Restricted Total Total
Year to 31 7 Months to
December 31 December
Notes Funds Funds 2022 2021
£ £ £ £
Income from:
Donations and grants 2 - 14,871 14,871 20,138
Charitable activities 3 167,534 - 167,534 112,336
Trading activities 4 2,642 - 2,642 3,129
Investment income - 18 18 -
Total Income 170,176 14,889 185,065 135,603
Expenditure on:
Costs of raising funds 5 214 - 214 188
Charitable activities 5 169,609 12,416 182,025 114,785
Total expenditure 169,823 12,416 182,239 114,973
Net income/(expenditure) 353 2,473 2,826 20,630
Net movement in funds 353 2,473 2,826 20,630
Reconciliation of funds:
Total funds brought forward 115,171 14,068 129,239 108,609
Total funds carried forward 115,524 16,541 132,065 129,239
----- End of picture text -----
There are no recognised gains and losses other than those in the statement of financial activities. Therefore no statement of total recognised gains and losses has been prepared. All the above amounts relate to continuing activities.
Phoenix Canoe Club Limited moved its year end date from 31 May to 31 December in 2021, in order to bring it more into line with our annual activity schedule. Comparative figures for the prior period cover the 7 months from 1 June 2021 to the year end date of 31 December 2021.
The notes on pages 13 to 21 form part of these accounts
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DocuSign Envelope ID: A0124C7F-549F-410C-8EFB-C5CD45335869
Phoenix Canoe Club Limited Balance Sheet As at 31 December 2022
Company no: 08002910
----- Start of picture text -----
31 31
December December
Notes 2022 2021
£ £
Fixed Assets
Tangible Assets 10 23,740 36,424
Current Assets
Debtors 11 10,978 8,929
Cash at bank and in hand 121,546 102,386
132,524 111,315
Creditors: amounts falling due within one year 12 (24,199) (18,500)
Net current assets 108,325 92,815
Net assets 132,065 129,239
Funds
Unrestricted funds
Designated funds 14 43,740 36,424
General funds 71,784 78,747
115,524 115,171
Restricted funds 13 16,541 14,068
Total funds 15 132,065 129,239
----- End of picture text -----
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022. The company moved its year end date from 31 May to 31 December in 2021
The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilties for complying with the requirements of the Companies Act 2006 with respect to accounting records and preparation of accounts. The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
The accounts were approved by the board of trustees on 12 July 2023 and signed on their behalf by:
Megan Chidlow (Treasurer)
The notes on pages 13 to 21 form part of these accounts
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DocuSign Envelope ID: A0124C7F-549F-410C-8EFB-C5CD45335869
Phoenix Canoe Club Limited Cash Flow Statement For the year ended 31 December 2022
----- Start of picture text -----
7 Months to
Year to 31 31
December December
2022 2021
£ £
Cash flows from operating activities:
Net (expenditure)/income for the financial year 2,826 20,630
Adjustments for:
Depreciation of tangible assets 12,684 15,581
Investment income (18) (2)
(Increase)decrease in debtors (2,049) 21,536
Increase in creditors 5,699 (39,907)
Net cash generated from operating activities 19,142 17,838
Cash flows from investing activities:
Income from investments 18 -
Purchase of plant and machinery - (16,313)
Net cash from investing activities 18 (16,313)
Change in cash and cash equivalents in the year 19,160 1,525
Cash and cash equivalents at the beginning of the year 102,386 100,861
Cash equivalents at the end of the year 121,546 102,386
Cash and cash equivalents at the end of the year comprise:
Cash at bank and in hand 121,546 102,386
----- End of picture text -----
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Phoenix Canoe Club Limited
Notes to the Financial Statements For the year ended 31 December 2022
1. Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with 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 2015) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements.
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The functional and presentational currency is pounds sterling and rounding is to the nearest pound.
b) Income
Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty and it is probable that the income will be received. Income is deferred only when the charity has to fulfil certain conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.
Investment Income is included in the accounts when receivable.
Grants and donations are recognised once entitlement and value have been confirmed in writing.
c) Expenditure
Expenditure is recognised once here is a legal or constructive obligation to make a payment to a third party, it is probably that settlement will be required and the amount of the obligation can be measured reliably. Expenditure includes irrecoverable VAT and comprises direct costs and support costs. All expenditure is allocated to the activity headings below, where the cost relates directly to that activity. Support costs are allocated using an apportionment in proportion to staff time working in each area.
- Expenditure on raising funds includes all expenditure associated with raising funds for the charity. - Expenditure on charitable activities includes all costs associated with delivering all activities of the charity in the provision of its charitable activities.
d) Taxation
No liability to UK corporation tax arose on ordinary activities for the year ended 31 December 2022 as the company has tax-exempt charity status.
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Phoenix Canoe Club Limited
Notes to the Financial Statements For the year ended 31 December 2022
1. Accounting policies (continued)
e) Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Plant and equipment – over 7 years on cost straight line basis Motor vehicles – over 4 years on cost straight line basis
f) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income and tax recoverable is included at the best estimate of the amount receivable at the balance sheet date.
g) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
h) Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
i) Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for specific purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donors. The aim and use of each restricted fund is set out in the notes to the accounts.
j) Pensions
The charity operates a defined contribution pension scheme for employees. These assets of the scheme are held separately from those of the charity. The annual contributions payable are charged to the Statement of Financial Activities.
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Phoenix Canoe Club Limited Notes to the Financial Statements (continued) For the year ended 31 December 2022
2. Income from donations and grants
| Current year Donations Grants - trusts and foundations Prior period Donations Grants - trusts and foundations 3. Inome from charitable activities Current year Fee income: courses for schools, groups and individuals Prior period Fee income: courses for schools, groups and individuals |
Year to 31 December 2022 Unrestricted Restricted Total Funds Funds Funds £ £ £ - 2,455 2,455 - 12,416 12,416 - 14,871 14,871 7 Months to 31 December 2021 Unrestricted Restricted Total Funds Funds Funds £ £ £ 314 10,064 10,378 - 9,760 9,760 314 19,824 20,138 Year to 31 December 2022 Unrestricted Restricted Total Funds Funds Funds £ £ £ 167,534 - 167,534 167,534 - 167,534 7 Months to 31 December 2021 Unrestricted Restricted Total Funds Funds Funds £ £ £ 112,336 - 112,336 112,336 - 112,336 |
|---|---|
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Phoenix Canoe Club Limited Notes to the Financial Statements (continued) For the year ended 31 December 2022
4. Income from other trading activities
| Current year Membership income Income from fundraising events and activities Prior period Membership income Income from fundraising events and activities 5. Expenditure by activity type Current year Unrestricted funds: Charitable activities Activities for raising funds Total unrestricted funds Restricted funds: Charitable activities Total restricted funds |
Year to 31 December 2022 Unrestricted Restricted Total Funds Funds Funds £ £ £ 2,625 - 2,625 17 - 17 2,642 - 2,642 7 Months to 31 December 2021 Unrestricted Restricted Total Funds Funds Funds £ £ £ 3,097 - 3,097 32 - 32 3,129 - 3,129 Year to 31 December 2022 Staff costs Non Staff Support Total Costs Costs Costs Funds £ £ £ £ 107,419 40,900 21,290 169,609 - 214 - 214 107,419 41,114 21,290 169,823 12,416 - - 12,416 12,416 - - 12,416 119,835 41,114 21,290 182,239 |
|---|---|
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Phoenix Canoe Club Limited Notes to the Financial Statements (continued) For the year ended 31 December 2022
5. Expenditure by activity type (continued)
| Prior period Unrestricted funds: Charitable activities Activities for raising funds Total unrestricted funds Restricted funds: Charitable activities Total restricted funds 6. Support costs Property and related costs Office expenses Professional fees, accountancy and subscriptions IT costs Marketing costs Governance costs |
7 Months to 31 December 2021 Staff costs Non Staff Support Total Costs Costs Costs Funds £ £ £ £ 58,923 23,915 18,719 101,557 - 188 - 188 58,923 24,103 18,719 101,745 12,066 1,162 - 13,228 12,066 1,162 - 13,228 70,989 25,265 18,719 114,973 Year to 31 December 2022 7 Months to 31 December 2021 Total Total Funds Funds £ £ 11,443 10,357 3,598 2,652 2,433 2,560 1,252 772 162 162 2,402 2,216 21,290 18,719 |
|---|---|
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Phoenix Canoe Club Limited Notes to the Financial Statements (continued) For the year ended 31 December 2022
7. Staff costs
| Wages and salaries Employers' National Insurance Employers pension contributions Average number of employees during the period/year Average number of full time equivalent employees during the period/year |
Year to 31 December 2022 7 Months to 31 December 2021 £ £ 114,768 67,634 3,923 2,584 1,144 771 119,835 70,989 8.5 8.0 4.0 4.0 |
|---|---|
8. Trustee expenses
No trustees received any remuneration or expenses from the Charity in relation to the performance of their duties as trustees. No trustee expenses were paid to trustees during the year to 31 December 2022 or the period to 31 December 2021.
9. Net income is stated after charging
| Depreciation of owned fixed assets | Year to 31 December 2022 7 Months to 31 December 2021 £ £ 12,684 15,581 |
|---|---|
| Independent Examiner's remuneration | 1,200 1,200 |
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Phoenix Canoe Club Limited Notes to the Financial Statements (continued) For the year ended 31 December 2022
10. Tangible fixed assets
| Cost Brought forward Additions Carried forward Depreciation Brought forward Charge for the year Carried forward Net book value As at 31 December 2022 As at 31 December 2021 |
Plant and Motor 31 December 2022 31 December 2021 equipment vehicles Total Total £ £ £ £ 128,007 15,886 143,893 127,579 - - - 16,314 128,007 15,886 143,893 143,893 93,053 14,416 107,469 91,888 12,194 490 12,684 15,581 105,247 14,906 120,153 107,469 22,760 980 23,740 36,424 34,954 1,470 36,424 35,691 |
|---|---|
11. Debtors
| Trade debtors Other debtors Prepayments 12. Creditors Trade creditors Other taxation and social security Other creditors Accruals Deferred income |
31 December 2022 31 December 2021 £ £ 8,191 6,264 - 133 2,787 2,532 10,978 8,929 31 December 2022 31 December 2021 £ £ 957 - 1,802 - 184 222 18,095 14,010 3,161 4,268 24,199 18,500 |
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Phoenix Canoe Club Limited Notes to the Financial Statements (continued) For the year ended 31 December 2022
13: Restricted funds
| Current year New Building fund Canal and River Trust Barnet Council Brent Council |
Balance at Balance at 1 January 31 December 2022 Income Expenditure Transfers 2022 £ £ £ £ £ 14,068 2,473 - - 16,541 - 5,000 (5,000) - - - 6,876 (6,876) - - - 540 (540) - - |
|---|---|
| - | |
| 13: Restricted funds Prior period New Building fund Postcode Lottery John Lyon's Charity - SHAF Semble Network Ltd London Marathon Trust Brent Council |
14,068 14,889 (12,416) - 16,541 Balance at Balance at 1 June 31 December 2021 Income Expenditure Transfers 2021 £ £ £ £ £ 4,004 10,064 - - 14,068 1,125 - (1,125) - - - 3,800 (3,800) - - - 5,000 - (5,000) - 7,343 - (7,343) - - - 960 (960) - - 12,472 19,824 (13,228) (5,000) 14,068 |
Transfers of funds represents the purchase of fixed assets using restricted grants, where the assets purchased with grant funds are intended for the general purposes of the charity.
Purpose of restricted funds
New Building fund Brent Council Barnet Council Canal and River Trust John Lyon's Charity - SHAF London Marathon Trust
Semble Network Ltd Postcode Lottery
Funds raised towards the long-term project of a new centre building for the charity. Funds for providing inclusive watersports.
Innovation Fund grant for providing inclusive watersports. Funds to provide inclusive watersports. School Holiday Activity Fund (SHAF).
Grant to support disadvantaged communities to participate in activities, by enabling the delivery of targeted outreach.
Funds for the purchase of a bell boat Funds for setting up a Forest School.
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DocuSign Envelope ID: A0124C7F-549F-410C-8EFB-C5CD45335869
Phoenix Canoe Club Limited Notes to the Financial Statements (continued) For the year ended 31 December 2022
14: Designated funds
| Capital fund representing net book value of fixed assets Funds designated to new building |
Balance at Balance at 31 December 31 December 2022 2021 £ £ 23,740 36,424 20,000 - 43,740 36,424 |
|---|---|
15: Analysis of net assets between funds
| Current year | 31 December 2022 31 December 2022 31 December 2022 31 December 2022 Restricted Unrestricted Unrestricted Total Designated General Funds Funds Funds Funds £ £ £ £ |
|
|---|---|---|
| Tangible fixed assets | - 23,740 - 23,740 |
|
| Current assets Creditors due within one year |
16,541 20,000 95,983 132,524 - - (24,199) (24,199) 16,541 43,740 71,784 132,065 |
|
| Prior period | 31 December 2021 31 December 2021 31 December 2021 31 December 2021 Restricted Unrestricted Unrestricted Total Designated General Funds Funds Funds Funds £ £ £ £ |
|
| Tangible fixed assets | - 36,424 - 36,424 |
|
| Current assets Creditors due within one year |
14,068 - 97,247 111,315 - - (18,500) (18,500) 14,068 36,424 78,747 129,239 |
|
| 16. Pension commitments |
The charity operates a separate defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension costs charge represents contributions payable by the charity to the funds and amounted to £1,144 in the year to 31 December 2022 (period to 31 December 2021: £771). Contributions totalling £184 (31 December 2021: £222) were payable to the fund at the balance sheet date of 31 December 2022 and are included in creditors.
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