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2024-12-31-accounts

Docusign Envelope ID: 7948E3F7-F902-427A-8EB6-9386A0DAB9C8

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 2024

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Docusign Envelope ID: 7948E3F7-F902-427A-8EB6-9386A0DAB9C8

Phoenix Canoe Club Limited Contents For the year ended 31 December 2024

Page
Reference and administrative details 3
Report of the trustees 4 to 10
Independent examiner’s report 11
Statement of financial activities 12
Balance sheet 13
Statement of cashflows 14
Notes to the financial statements 15 to 24

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Docusign Envelope ID: 7948E3F7-F902-427A-8EB6-9386A0DAB9C8

Phoenix Canoe Club Limited

Reference and administrative details

For the year period ended 31 December 2024

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)

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: 7948E3F7-F902-427A-8EB6-9386A0DAB9C8

Phoenix Canoe Club Limited

Report of the trustees

For the year ended 31 December 2024

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 2024. 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.

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Docusign Envelope ID: 7948E3F7-F902-427A-8EB6-9386A0DAB9C8

Phoenix Canoe Club Limited

Report of the trustees

For the year ended 31 December 2024 (continued)

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.

Phoenix Outdoor Centre is licensed by the Adventurous Activities Licensing Authority for Kayaking, Open Canoeing, Bell Boating, Improvised Rafting, Sailing and Windsurfing (L72641/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 Delivery Partner. Phoenix Canoe Club is affiliated to British Canoeing and is accredited with Sport England’s “Club Mark’’.

ACHIEVEMENT AND PERFORMANCE

Our programme was severely affected by the de-watering of the reservoir to allow Canal & River Trust (CRT) to carry out essential maintenance works on the dam. The work had been scheduled to start on 6[th] October 2023, and we had to cancel our school and group bookings plus Camp Phoenix session at October half-term.

We had been notified in July 2023 of the upcoming works and had hastily made plans to widen the slipway whilst the water was removed, so that we could gain boat access to the water directly into the harbour as well as the main reservoir. The works involved planning permission, approvals from CRT, Natural England, Environment Agency and a water vole survey. The work commencement was delayed by CRT due to a number of problems including heavy rain, permissions and fish removal. The water was finally lowered in early December 2023. During this time we helped the local community groups arrange litter picks around the Welsh Harp and we arranged for the large Willow tree to be removed to make way for the new slipway prior to the excavation to take place.

CRT’s works programme continued to slip due to poor weather, which gave us more time to construct the concrete slipway. We assisted CRT with on-water safety (on the small river that continued to flow in the middle of the reservoir) to help the ecologists check on the wildlife. We also removed debris from the mud and cut back overhanging tree’s to allow more sunlight to encourage marginal planting. The new slipway was completed including a tidy up of the central walkway and planting works in the margins.

The dam works were finally completed and Phoenix was allowed back onto the water on the 20[th] May, two weeks ahead of the other clubs, which still had barges on the water and cranes and equipment on land to remove before it was safe for the boats to be allowed back on the water.

We resumed our schools and groups programme and managed to work some of the groups that had been cancelled back onto the programme. Camp Phoenix numbers were low at May Half-Term as the notice of restarting had been short and we had lost the feed of people from the Easter camp.

During the works, we managed to provide a limited range of activities for the Centre and Club including Forest Skills, Team Building, DoE Silver Award training, pool sessions, 1[st] Aid courses, litter picks and river trips despite water based activities being impossible.

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Docusign Envelope ID: 7948E3F7-F902-427A-8EB6-9386A0DAB9C8

Phoenix Canoe Club Limited

Report of the trustees

For the year ended 31 December 2024 (continued)

The works had a large effect on our income across the financial years of 2023 and 2024, and we estimate income was reduced by £50k - £60k across the works programme, as delay to reopening overlapped our busier spring and summer seasons. This unexpected loss came on top of the cost of the slipway widening (£16k), which has been paid from reserves as the notice given for the water removal was too short to allow a fundraising campaign.

The Club & Centre participant attendances per 2-hour session for 2024 are still being counted, and will reveal the effect of the dewatering.

In the summer of 2024, with the financial backing of John Lyon’s Charity, Active Thames and the London Borough of Barnet, 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, 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, canoeing, Bell boating 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 River Usk & Upper Wye in South Wales. The Club also visited Bovec in Slovenia for a week long white water trip paddling the Soca and Koritnica rivers. Other river trips were to the Grand Union, Stort, Thames and Lea. The pool sessions during January, February and March were well attended for “eskimo roll” training.

FUTURE PLANS

Progress in the next phase of the project to replace the centre’s building has been put on hold until the lease can be renewed with Barnet council. Funders were reluctant to grant money without the lease being in place. It has taken many years to agree the Heads of Terms and we were then informed in October 2024 just as we were about to pass the lease over to the solicitors to complete, that the council were changing their community benefit assessment criteria and no more leases would be issued until the new system was in place, which would be live around Easter 2025, the date was further delayed until August 2025.

The Club will continue to work on the new building project once the lease is granted. The Planning Permission runs out in September 2026 and It is anticipated that Phase 1 of the new scheme can be commenced within that period. If fundraising goes well, Phase 2 could be initiated soon after to provide the Club & Centre with its much needed new building. On completion of Phase 2, the Centre would have a Multi-Function Room, Teaching Room, Kitchen, Office, 4 large Changing Rooms & WC’s, Disabled WC & Shower, Staff Changing, PPE Store and a Café.

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Docusign Envelope ID: 7948E3F7-F902-427A-8EB6-9386A0DAB9C8

Phoenix Canoe Club Limited

Report of the trustees

For the year ended 31 December 2024 (continued)

The club has been fortunate to receive new grant funding from John Lyon’s Charity in 2025, for a 5 year project where the grant will support the costs of employing seasonal instructors and allow the club to continue building youth participation in sport, through allowing closer links to the club for young participants across our activities. This funding will cover some staffing costs, allowing other funds to be spent on renewing necessary equipment.

FINANCIAL REVIEW

The charity’s income in the year for 2024 was £160,667 (2023: £176,305). The decrease in income reflects the 10 month period from October 2023 to June 2024 where the reservoir was dewatered by the Canal and River Trust, and the club was severely restricted in the activities it could run. Most of the charity’s income comes from running courses and activities for children and adults.

Grants income from trusts and foundations totalled £14,433 in year (2023: £10,984). Grants included £10,083 from Active Thames Canal through River Trust to provide inclusive water sports, along with £4,100 from John Lyon’s charity for School Holiday Activity Fund (SHAF).

Expenditure during the year to 31 December 2024 was £187,005 (2023: £201,623) of which £117,086 was for staff costs (31 December 2023: £134,203), and £69,919 on other activity and support costs (2023: £67,420)

The deficit for the year to 31 December 2024 was £26,338 (2024: deficit of £25,318). The deficit was caused predominantly by the reduction in income due to the dewatering project. The charity was able to save some staff costs from reduced activities. It also spent £23,849 from restricted and designated funds for this purpose, on costs for the current stage of the ongoing project to create a new building.

Net assets held at 31 December 2024 were £80,409 representing unrestricted funds of £70,076 and restricted funds of £10,333 (2023: £106,747 comprising unrestricted funds of £97,228 and restricted funds of £9,519).

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 2024 are £10,333 (2023: £9,519).

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Phoenix Canoe Club Limited

Report of the trustees

For the year ended 31 December 2024 (continued)

Designated reserves are funds set aside from unrestricted reserves at the discretion of the trustees. In the case of Phoenix Canoe Club they represent:

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 2024 are £35,181 (31 December 2023: £50,379).

The charity seeks to maintain general reserves equivalent to approximately 3-4 months of expenditure and this policy suggests reserves of around £60,000 - £70,000 are needed. The trustees are aware that the level of reserves held at the end of the year of £35,181 continue to be below the amount suggested by the reserves policy. The fall was caused by the unavoidable impact on income from the reservoir repair project during 2023 and 2024. The trustees feel that the charity is still a going concern and will continue to be able to operate in the foreseeable future, but note that reduced reserve levels will mean income and expenditure will need careful monitoring in 2025 as we try to rebuild free reserves. In 2025 the charity has been awarded a 5 year grant from John Lyon’s Charity to contribute to seasonal instructing staff costs each year and encourage youth participants to become more involved with sport and the club. The funding will be very helpful in ensuring the charity can continue to provide a full range of activities.

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.

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Docusign Envelope ID: 7948E3F7-F902-427A-8EB6-9386A0DAB9C8

Phoenix Canoe Club Limited

Report of the trustees

For the year ended 31 December 2024

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 2024

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:

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:

Approved by order of the board of trustees on 17 September 2025 and signed on its behalf by:

………………………………………………………………………

Megan Chidlow

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Docusign Envelope ID: 7948E3F7-F902-427A-8EB6-9386A0DAB9C8

Independent examiner’s report to the trustees of Phoenix Canoe Club Limited

I report on the accounts for the year ended 31 December 2024 set out on pages 4 to 24.

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:

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:

have not been met; or

Capital Tax Accountants Limited

Kumail Walji (Director) Capital Tax Accountants Limited Suite 115, Devonshire House Manor Way Borehamwood Hertfordshire WD6 1QQ

Date:

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Docusign Envelope ID: 7948E3F7-F902-427A-8EB6-9386A0DAB9C8

Phoenix Canoe Club Limited

Statement of financial activities for the year ended 31 December 2024 (incorporating income and expenditure account)

----- Start of picture text -----
Unrestricted Restricted Total Total
Year to 31 Year to 31
December December
Notes Funds Funds 2024 2023
£ £ £ £
Income from:
Donations and grants 2 - 14,636 14,636 13,760
Charitable activities 3 143,602 - 143,602 156,923
Trading activities 4 1,502 601 2,103 5,359
Investment income - 326 326 263
Total Income 145,104 15,563 160,667 176,305
Expenditure on:
Costs of raising funds 5 510 - 510 219
Charitable activities 5 171,746 14,749 186,495 201,404
Total expenditure 172,256 14,749 187,005 201,623
Net income/(expenditure) (27,152) 814 (26,338) (25,318)
- - - -
Transfers in/(out) between funds
Net movement in funds (27,152) 814 (26,338) (25,318)
Reconciliation of funds:
Total funds brought forward 97,228 9,519 106,747 132,065
Total funds carried forward 70,076 10,333 80,409 106,747
----- 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.

The notes on pages 15 to 24 form part of these accounts

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Docusign Envelope ID: 7948E3F7-F902-427A-8EB6-9386A0DAB9C8

Phoenix Canoe Club Limited Balance Sheet As at 31 December 2024

Company no: 08002910

----- Start of picture text -----
31 31
December December
Notes 2024 2023
£ £
Fixed Assets
Tangible Assets 10 29,895 26,849
Current Assets
Debtors 11 16,727 24,354
Cash at bank and in hand 76,242 95,869
92,969 120,223
Creditors: amounts falling due within one year 12 (42,455) (40,325)
Net current assets 50,514 79,898
Net assets 80,409 106,747
Funds
Unrestricted funds
Designated funds 14 34,895 46,849
General funds 35,181 50,379
70,076 97,228
Restricted funds 13 10,333 9,519
Total funds 15 80,409 106,747
----- 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 2024.

The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2024 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 17 September 2025 and signed on their behalf by:

Megan Chidlow (Treasurer)

The notes on pages 15 to 24 form part of these accounts

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Docusign Envelope ID: 7948E3F7-F902-427A-8EB6-9386A0DAB9C8

Phoenix Canoe Club Limited Cash Flow Statement For the year ended 31 December 2024

----- Start of picture text -----
Year to 31 Year to 31
December December
2024 2023
£ £
Cash flows from operating activities:
Net (expenditure)/income for the financial year (26,338) (25,318)
Adjustments for:
Depreciation of tangible assets 8,796 6,434
Investment income (326) (263)
Decrease/(increase) in debtors 7,627 (13,376)
Increase in creditors 2,130 16,126
Net cash generated from operating activities (8,111) (16,397)
Cash flows from investing activities:
Income from investments 326 263
Purchase of plant and machinery (11,842) (10,523)
Proceeds from the disposal of fixed assets - 980
Net cash from investing activities (11,516) (9,280)
Change in cash and cash equivalents in the year (19,627) (25,677)
Cash and cash equivalents at the beginning of the year 95,869 121,546
Cash equivalents at the end of the year 76,242 95,869
Cash and cash equivalents at the end of the year comprise:
Cash at bank and in hand 76,242 95,869
----- End of picture text -----

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Docusign Envelope ID: 7948E3F7-F902-427A-8EB6-9386A0DAB9C8

Phoenix Canoe Club Limited Notes to the Financial Statements For the year ended 31 December 2024

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.

d) Taxation

No liability to UK corporation tax arose on ordinary activities for the period ended 31 December 2024 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 2024

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

Buildings - over 7 years on cost straight line basis for temporary structures and over 20 years for permanent structures

Slipway - over 20 years on cost straght 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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Docusign Envelope ID: 7948E3F7-F902-427A-8EB6-9386A0DAB9C8

Phoenix Canoe Club Limited Notes to the Financial Statements (continued) For the year ended 31 December 2024

2. Income from donations and grants

Current year
Donations
Grants - trusts and foundations
Prior year
Donations
Grants - trusts and foundations
3. Income from charitable activities
Current year
Fee income: courses for schools, groups and individuals
Prior year
Fee income: courses for schools, groups and individuals		 Year to 31
December
2024
Unrestricted
Restricted
Total
Funds
Funds
Funds
£
£
£
-
203
203
-
14,433
14,433
-
14,636
14,636
Year to 31
December
2023
Unrestricted
Restricted
Total
Funds
Funds
Funds
£
£
£
-
2,776
2,776
-
10,984
10,984
-
13,760
13,760
Year to 31
December
2024
Unrestricted
Restricted
Total
Funds
Funds
Funds
£
£
£
143,602
-
143,602
143,602
-
143,602
Year to 31
December
2023
Unrestricted
Restricted
Total
Funds
Funds
Funds
£
£
£
156,923
-
156,923
156,923
-
156,923

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Docusign Envelope ID: 7948E3F7-F902-427A-8EB6-9386A0DAB9C8

Phoenix Canoe Club Limited Notes to the Financial Statements (continued) For the year ended 31 December 2024

4. Income from other trading activities

Current year
Membership income
Income from fundraising events and activities
Prior year
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
2024
Unrestricted
Restricted
Total
Funds
Funds
Funds
£
£
£
1,500
-
1,500
2
601
603
1,502
601
2,103
Year to 31
December
2023
Unrestricted
Restricted
Total
Funds
Funds
Funds
£
£
£
1,880
-
1,880
2,409
1,070
3,479
4,289
1,070
5,359
Year to 31
December
2024
Staff costs
Non Staff
Support
Total
Costs
Costs
Costs
Funds
£
£
£
£
111,436
33,606
26,704
171,746
-
510
-
510
111,436
34,116
26,704
172,256
5,650
9,099
-
14,749
5,650
9,099
-
14,749
117,086
43,215
26,704
187,005

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Docusign Envelope ID: 7948E3F7-F902-427A-8EB6-9386A0DAB9C8

Phoenix Canoe Club Limited Notes to the Financial Statements (continued) Phoenix Canoe Club Limited

5. Expenditure by activity type (continued)

Prior year
Unrestricted funds:
Charitable activities
Activities for raising funds
Total unrestricted funds
Restricted funds:
Charitable activities
Total restricted funds		 Year to 31
December
2023
Staff costs
Non Staff
Support
Total
Costs
Costs
Costs
Funds
£
£
£
£
125,019
31,355
26,089
182,463
-
219
-
219
125,019
31,574
26,089
182,682
9,184
9,757
-
18,941
9,184
9,757
-
18,941
134,203
41,331
26,089
201,623

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Docusign Envelope ID: 7948E3F7-F902-427A-8EB6-9386A0DAB9C8

Phoenix Canoe Club Limited Notes to the Financial Statements (continued) For the year ended 31 December 2024

6. Support costs

Property and related costs
Office expenses
Professional fees and subscriptions
IT costs
Marketing costs
Governance costs		 Year to 31
December
2024
Year to 31
December
2023
Total
Total
Funds
Funds
£
£
11,750
15,495
1,849
1,397
9,009
3,867
1,422
2,309
162
344
2,512
2,676
26,704
26,088

Professional fees includes architect fees incurred in the planning stage of the project to create a new building.

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
2024
Year to 31
December
2023
£
£
111,792
127,181
3,981
5,310
1,314
1,712
117,087
134,203
7.9
8.1
4.1
4.0

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Docusign Envelope ID: 7948E3F7-F902-427A-8EB6-9386A0DAB9C8

Phoenix Canoe Club Limited Notes to the Financial Statements (continued) For the year ended 31 December 2024

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 2024 or the year to 31 December 2023.

9. Net income is stated after charging

Depreciation of owned fixed assets
Independent Examiner's remuneration
10. Tangible fixed assets
Cost
Brought forward
Additions
Disposals
Carried forward
Depreciation
Brought forward
Charge for the year		 Year to 31
December
2024
Year to 31
December
2023
£
£
8,796
12,684
1,200
1,200
Buildings and
slipway
Plant and
Motor
31 December
2024
31 December
2023
equipment
vehicles
Total
Total
£
£
£
£
£
3,174
109,006
19,026
131,206
143,893
11,842
-
-
11,842
10,523
-
(1,120)
-
(1,120)
(23,210)
15,016
107,886
19,026
141,928
131,206
453
88,703
15,201
104,357
120,153
1,046
6,475
1,275
8,796
6,434
Depreciation on disposal -
(1,120)
-
(1,120)
(22,230)
Carried forward
Net book value
As at 31 December 2024
As at 31 December 2023		 1,499
94,058
16,476
112,033
104,357
13,517
13,828
2,550
29,895
26,849
2,721
20,303
3,825
26,849
23,740

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Docusign Envelope ID: 7948E3F7-F902-427A-8EB6-9386A0DAB9C8

Phoenix Canoe Club Limited Notes to the Financial Statements (continued) For the year ended 31 December 2024

11. Debtors

Trade debtors
Other debtors
Prepayments
12. Creditors
Trade creditors
Other creditors
Accruals
Deferred income		 31 December
2024
31 December
2023
£
£
13,574
19,185
-
17
3,153
5,152
16,727
24,354
31 December
2024
31 December
2023
£
£
620
140
184
144
23,203
21,565
18,448
18,476
42,455
40,325

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Docusign Envelope ID: 7948E3F7-F902-427A-8EB6-9386A0DAB9C8

Phoenix Canoe Club Limited Notes to the Financial Statements (continued) For the year ended 31 December 2024

13: Restricted funds

Current year
New Building fund
John Lyon's Charity - SHAF
Port of London Authority - Thames Active
Staff training		 Balance at
Balance at
1 January
31 December
2024
Income
Expenditure
Transfers
2024
£
£
£
£
£
7,719
1,130
(8,849)
-
-
-
4,100
(4,100)
-
-
1,550
10,083
(1,550)
-
10,083
250
250
(250)
-
250
13: Restricted funds
Prior year
New Building fund
RYA
John Lyon's Charity - SHAF
Port of London Authority - Thames Active
Barnet Council
Staff training		 9,519
15,563
(14,749)
-
10,333
Balance at
Balance at
1 January
31 December
2023
Income
Expenditure
Transfers
2023
£
£
£
£
£
16,541
4,109
(9,757)
(3,174)
7,719
-
4,320
(4,320)
-
-
-
4,100
(4,100)
-
-
-
1,550
-
-
1,550
-
764
(764)
-
-
-
250
-
-
250
16,541
15,093
(18,941)
(3,174)
9,519

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 Funds raised towards the long-term project of a new centre building for the charity. Barnet Council Innovation Fund grant for providing inclusive watersports. John Lyon's Charity - SHAF School Holiday Activity Fund (SHAF). RYA Royal Yachting Association / Sport England "Together Fund" Port of London Authority Active Thames "Watersports Inclusive" funding. Staff training Funds received for staff training to take place in 2024 and 2025.

Page 23

Docusign Envelope ID: 7948E3F7-F902-427A-8EB6-9386A0DAB9C8

Phoenix Canoe Club Limited Notes to the Financial Statements (continued) For the year ended 31 December 2024

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
2024
2023
£
£
29,895
26,849
5,000
20,000
34,895
46,849

15: Analysis of net assets between funds

Current year 31 December
2024
31 December
2024
31 December
2024
31 December
2024
Restricted
Unrestricted
Unrestricted
Total
Designated
General
Funds
Funds
Funds
Funds
£
£
£
£
Tangible fixed assets -
29,895
-
29,895
Current assets
Creditors due within one year		 10,333
5,000
77,636
92,969
-
-
(42,455)
(42,455)
10,333
34,895
35,181
80,409
Prior year 31 December
2023
31 December
2023
31 December
2023
31 December
2023
Restricted
Unrestricted
Unrestricted
Total
Designated
General
Funds
Funds
Funds
Funds
£
£
£
£
Tangible fixed assets -
26,849
-
26,849
Current assets
Creditors due within one year		 9,519
20,000
90,704
120,223
-
-
(40,325)
(40,325)
9,519
46,849
50,379
106,747
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 £1,314 in the year to 31 December 2024 (year to 31 December 2023: £1,712). Contributions totalling £184 (31 December 2023: £184) were payable to the fund at the balance sheet date of 31 December 2024 and are included in creditors.

Page 24