Registered Charity No: 1151990 Company No: CE000411
Shaldon Regatta Association (A Charitable Incorporated Organisation)
Annual Report and Financial Statements For the Year Ended 31 October 2022
Shaldon Regatta Association
Contents for the Year Ended 31 October 2022
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Trustees’ Annual Report | 2 – 3 |
| Independent Examiner’s report | 4 |
| Statement of Financial Activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 – 8 |
Shaldon Regatta Association
Legal and Administrative Information for the Year Ended 31 October 2022
| Trustees | Mark Pile |
|---|---|
| Alan Jones | |
| Stephen Astbury | |
| Susan Astbury | |
| Amanda Williams | |
| Paul Edworthy | |
| James Stoyle | |
| Claire Savva | |
| Principal and Registered Office | 40 Shoreside |
| Shaldon | |
| Devon | |
| TQ14 0BP | |
| Independent Examiner | K. L. Evans FCCA |
| The Hay Group | |
| Chartered Certified Accountants | |
| Berkeley House | |
| Dix’s Field | |
| Exeter | |
| EX1 1PZ | |
| Bankers | Natwest |
| University of Exeter | |
| Stocker Road | |
| Exeter | |
| EX4 4SZ | |
| Registered Charity Number | 1151990 |
| Company Number | CE000411 |
| Legal Status | A Charitable Incorporated Organisation |
| Registered from 10 May 2013 |
Page 1
Shaldon Regatta Association
Trustees’ Annual Report For the Year Ended 31 October 2022
The Trustees present their annual report and financial statements of the charity for the year ended 31 October 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and 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).
Structure, governance and management
The Shaldon Regatta Association is a Charitable Incorporated Organisation and was entered on the Register of Charities on 10 May 2013 (No: 1151990). The charity’s governing document is its Constitution dated 8 May 2013.
Objectives and public benefit
The promotion of community participation in healthy recreation for the benefit of the public by the provision of facilities for the sport of rowing and sailing to enable people to learn how to row and sail, to practise these skills and to develop seamanship. In addition to run a nine day annual Regatta with 130 separate events on the water and onshore.
Achievements and performance
This year was a fantastic comeback after two years without a Regatta. We were blessed with fantastic weather and great turnouts every day on the beach with some events achieving record entries. Again the Monday nights junior rowing that lead up to the Regatta were a great success and meant that some youngsters were able to progress into the races during Regatta week.
We are already looking forward to another fantastic Regatta in 2023.
Trustees
There must be a minimum of three Trustees but there is no maximum. The Trustees during the year were: Mark John Pile
Alan Horbury Jones Stephen Astbury Susan Astbury Amanda Lyn Williams Paul John Edworthy James William Stoyle Claire Sian Savva
Investment policy
The charity does not participate in high risk investments and merely uses Instant Access and Interest paying Savings Accounts for excess funds.
Reserves policy
The charity’s aim is to maintain liquid reserves which are adequate to run one year’s Regatta with a margin to cover costs should there be inclement weather when spectator numbers would be down.
Risk management
Annual risk assessments are undertaken for each and every event run by the charity.
Trustees’ responsibilities in relation to the financial statements
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
Page 2
Shaldon Regatta Association
Trustees’ Annual Report For the Year Ended 31 October 2022
Trustees’ responsibilities in relation to the financial statements (continued)
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website.
Approved by the Trustees on 22/11/2022 and signed on their behalf by:
Amanda Williams Treasurer
Page 3
Report of the Independent Examiner to the Trustees of Shaldon Regatta Association
I report to the trustees on my examination of the accounts of the above charity (the “Trust”) for the year ended 31 October 2022.
Responsibilities and basis of report
As the charity’s Trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
…………………………… K. L. Evans FCCA The Hay Group Chartered Certified Accountants Berkeley House Dix’s Field Exeter EX4 1AX
Date: 21/11/2022
Page 4
Shaldon Regatta Association
Statement of Financial Activities (Including Profit and Loss Account) for the Year Ended 31 October 2022
| Unrestricted Funds Restricted Funds £ £ Incoming resources Voluntary income Donations including rowers and others 12,605 Patrons and collections 3,735 Grants 201 Activities for generating funds Regatta events and activities 12,158 Sale of goods for resale Product sales 550 Investment income Bank interest 29 - Total incoming resources 29,278 - Resources expended Activities and expenditure Regatta events and activities 15,047 Rent 340 Boat repairs and equipment costs 1,790 Goods for resale 445 Insurance 1,947 Postage, stationery and office equipment 450 Advertising 124 Donations 300 Sundry expenses 832 Professional fees 360 Depreciation of fixed assets 5,526 Bank and other charges 52 - Total resources expended 27,213 - Net movement in funds 2,065 - Reconciliation of funds Opening funds 52,533 Movement in year 2,065 - Total funds carried forward 54,598 - |
Total 2022 £ 12,605 3,735 201 12,158 550 29 29,278 15,047 340 1,790 445 1,947 450 124 300 832 360 5,526 52 27,213 2,065 52,533 2,065 54,598 |
Total 2021 £ 6,743 2,778 1,645 - - 16 11,182 |
Total 2021 £ 6,743 2,778 1,645 - - 16 11,182 |
|---|---|---|---|
| 512 300 57 - 731 - 76 250 440 240 4,501 7,107 4,075 48,458 4,075 |
512 300 57 - 731 - 76 250 440 240 4,501 |
||
| 7,107 | |||
| 4,075 | |||
52,533 |
Page 5
Shaldon Regatta Association
Balance Sheet As at 31 October 2022
| Notes Fixed assets Tangible assets 3 Current assets Cash at bank and in hand Creditors: amounts falling due within one year Deferred income 2 Professional fees Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year Deferred income 2 Net assets Accumulated funds Unrestricted funds Restricted funds Total funds |
2022 £ 18,990 35,968 - 360 360 35,608 54,598 - 54,598 54,598 - 54,598 |
2021 £ 22,089 |
|---|---|---|
| 30,885 201 240 441 30,444 |
||
| 52,533 - 52,533 |
||
| 52,533 - |
||
| 52,533 |
Approved by the Trustees on 21/11/2022 and signed on their behalf by:
Amanda Williams Treasurer
The notes form part of the financial statements Page 6
Shaldon Regatta Association
Notes to the Financial Statements for the Year Ended 31 October 2022
1. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities and with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) and with the Charities Act 2011.
Incoming resources
All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of resources.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Assets with a value below £400 are not capitalised but are written off within the Statement of Financial Activities.
Depreciation is provided so as to write off the cost of assets over their estimated useful lives as follows:
Asset class Depreciation method and rate Store 10% straight line Equipment 15% reducing balance
Unrestricted funds
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.
Restricted funds
Restricted funds are funds that can only be used for restricted purposes within the objects of the charity.
2. DEFERRED INCOME
Deferred income relates to funds received in 2011 and 2013 from Sport England for the purchase of fixed assets and is brought in to the Statement of Financial Activities over the expected useful lives of these assets.
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling | due within one year | - | 201 |
| - | 201 |
Page 7
Shaldon Regatta Association
Notes to the Financial Statements for the Year Ended 31 October 2022
3. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | ||
|---|---|---|
| Cost At 1 November 2021 Additions At 31 October 2022 Depreciation At 1 November 2021 Charge for the year At 31 October 2022 Net book values At 31 October 2022 At 31 October 2021 |
Store Equipment £ £ 25,657 48,763 - 2,427 _ _ 25,657 51,190 _ _ 17,447 34,884 3,080 2,446 _ _ 20,527 37,330 _ _ 5,130 13,860 _ _ 8,210 13,879 |
Total £ 74,420 2,427 _ 76,847 _ 52,331 5,526 _ 57,857 _ 18,990 |
| _ 22,089 |
Page 8