This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Charity Registration No. 1157563

Company Registration No. 07368256 (England and Wales)

LEA ROWING CLUB LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

LEA ROWING CLUB LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

President	A Jucker
Trustees	C Barry	(Appointed 1 November 2020)
	J Brotherston
	S Cinamon
	S Clark	(Appointed 1 November 2020)
	M Cushway
	D R N Ellis
	A Jucker
	M Pooley	(Appointed 1 November 2020)
	D J Porter
	F Shearer
Charity number	1157563
Company number	07368256
Registered office	The Boathouse
	Spring Hill
	Clapton
	London
	UK
	E5 9BL
Independent examiner	Thomas Quinn
	The Station House
	15 Station Road
	St Ives
	Cambridgeshire
	PE27 5BH

LEA ROWING CLUB LIMITED

	Page
Trustees' report	1 - 2
Statement of trustees' responsibilities	3
Independent examiner's report	4
Statement of financial activities	5
Balance sheet	6 - 7
Notes to the financial statements	8 - 18

LEA ROWING CLUB LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 JUNE 2020

The trustees present their report and financial statements for the year ended 30 June 2020.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 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 2019)".

Objectives and activities

The purposes of the charity are:

(1) The promotion of community participation in healthy recreation in particular by the provision of facilities for rowing, sculling and other sports ("facilities" means land, buildings, equipment and organising sporting activities);

(2) Providing and assisting in providing facilities for sport, recreation or other leisure time occupation of such persons who have need for such facilities by reason of their youth, age, infirmity or disablement, poverty or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving their conditions of life.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance Financial review

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

Lea Rowing Club Limited is a company limited by guarantee governed by its Articles of Association dated 16 March 2014 as amended on 5 June 2014, 23 October 2015, 4 November 2017 and 5 September 2019. It is registered as a charity with the Charities Commission in England and Wales (No: 1157563). Anyone may become a member of the charity, each of whom undertakes to contribute £1 0 to the assets of the company in the event of it being wound up.

LEA ROWING CLUB LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORn (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020 The Irustees. awe a150 the th"rectors fc* the wrpose of rpanY law. and swved during the year an up lo the dale of slgn8ture of Ihe fin8ncl81 Statem were.. C Barry J 8TOtherston S Cin8mon S Clark M Cushway DRNEIIi8 S Griffin A Jucker S Lawren¢• D Mltra Pooley D J Porter F Shearer L Slackpookmoore {Wnted 1 November 20201 IApFointed 1 November 20201 (Resigned 12 O&ob8r 20191 IR8slgned 1 M8y 2020) (Apw'ntsd 5 ma 2020 arKI reslgned 1 Novomber 20201 IApp¢¥'nted 1 Novemb6r 2020) (Resigned 12 0th 20191 N8 of the Irustees have any benefiryal in19Tt wi th• e4)mpany. el the trusta8s are members of the )mpany and guaranle• to Conlribute £10 in the 6¥ent of 8 wnding up. The glees, report was aPFNDved by the Board ol Trusl88S. A Ju¢k•r President

LEA ROWING CLUB LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 JUNE 2020

The trustees, who are also the directors of Lea Rowing Club Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law 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, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that 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. They 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.

LEA ROWING CLUB LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LEA ROWING CLU8 LIMITED I report to tru8tee6 on my ex8min8tk)n of the financi81 statemer%ts of Lea Rtrlhng Club Lth¢ted (the charity) for the year endéd 30 June 2020. Rgsponslbllltles and bas15 of report AS the Iruslees of the charlty land also 118 dlrectors lor the purposes of company lawl you are responsible for the preparalitsn of the financial slalemenls in accordance with the requirements of the Companies Act 2006 Ilhe 2006 Acll. Hawng satisfied myself that the financial statements of the charity are ty)t required to be audited undèr Part le of Ihe 2006 Act and are 8llgible for Independent exarnlnalion, I report in respect of my examination of Ihe charity's financial statements carried out under section 145 of the Charities Act 2011 Ilhe 2011 Acll, In carrying out my oxaminalion I have followed all the appli¢8ble Dirgctions giv8n by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlnerfs stat8mont Slnce the charity'5 gross income èxctsed•d £250,000 your exominer mu81 a member of a body listed in section 145 01 the 2011 Act. I confirm that l am qualthed to undertake thè examInal becau88 18m member ol ICAEW, which is one of the lisl8d bodies. I have completed my ex8ming1ion. I confirm that no rnallers have come lo my att8nllon In connecllon th the 8xamlnalion glvlng me cause lo belleve that In any mal8rlal respe¢l'. accounting records were not kept In respect of the charlly a5 r¢qulr8d by 8ethon 386 of the 2006 Act., or the financial slalemenls do not accord wSlh th08e record8', or th8 financlal statements do not comply with th8 accounllng requirfjments ol section 396 01 tha 2006 Act other than any requirement that the aecounls glve a true 8nd fair view which is not a mattar considered a$ part of an indepfrndent ex8minalion', or the financial stgtements have not been prepared in accordance with the rnelhods and principles of the Slalemenl of Recommended Pracllee lor accounting and reporting by ch8rllies appllcable lo charitle8 preparing their accounts in accordance th the Financial Reporting Standard applbcable in the UK and Republic of Ireland IFRS 1021. I have no ¢oncerns and have come across no other matters In conneclbon with the examinallon lo whlch attention should be drawn In Ihls report in order lo ¥nablg a proper understanding of the financial slalemenls lo be reached. nw (Ari Thoma6 Quinn Thg S181ion Hou8e 15 Station Road Sl Ives Cambridgeshire PE27 5BH Dated.. 31 March 2D21

LEA ROWING CLUB LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2020

Unrestricted Restricted funds funds 2020 2020 Notes £ £ Income and endowments from: Donations and legacies 3 40,614 23,480 Charitable activities 4 160,426 - Other trading activities 5 70,564 - Investments 6 68,315 - Other income 7 9,447 - Total income 349,366 23,480 Expenditure on: Charitable activities 8 325,045 36,602 Net income/(expenditure) for the year/ Net movement in funds 24,321 (13,122) Fund balances at 1 July 2019 285,266 819,671 Fund balances at 30 June 2020 309,587 806,549	TotalUnrestricted funds 2020 2019 £ £ 64,094 17,962 160,426 203,960 70,564 56,423 68,315 68,603 9,447 1,284 372,846 348,232 361,647 320,128 11,199 28,104 1,104,937 257,162 1,116,136 285,266	Restricted funds 2019 £ 34,897 - - - - 34,897 60,605 (25,708) 845,379 819,671	Total 2019 £ 52,859 203,960 56,423 68,603 1,284 383,129 380,733 2,396 1,102,541 1,104,937
Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investments 6 Other income 7 Total income Expenditure on: Charitable activities 8 Net income/(expenditure) for the year/ Net movement in funds Fund balances at 1 July 2019 Fund balances at 30 June 2020

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

LEA ROWING CLUB LIMITED

BALANCE SHEET

AS AT 30 JUNE 2020

Notes Fixed assets Tangible assets 11 Investment properties 12 Investments 13 Current assets Stocks 15 Debtors 16 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 19 Net assets Income funds Restricted funds Unrestricted funds	2020 £ £ 1,041,803 148,325 2 1,190,130 2,336 22,936 126,143 151,415 (61,152) 90,263 1,280,393 (164,257) 1,116,136 806,549 309,587 1,116,136	2019 £ £ 1,078,695 148,325 1 1,227,021 3,700 33,239 107,496 144,435 (68,042) 76,393 1,303,414 (198,477) 1,104,937 819,671 285,266 1,104,937

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2020.

The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LEA ROWING CLUB LIMITED BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2020 The members have not requ11 the cpaThy to (thin an audit of its finanaal staternents for the year In question in accordance wlh sec11 478. These finBnual statements have been w8pared On accordanrn tho wovlsknns appIlble to compani85 subjecl to the smam cpanIeS regirne. Th• financial statemerts were approved by the Tfustees on .. A Jucker Comp•ny R•glitr•tlon No. 07368256

LEA ROWING CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

1 Accounting policies

Charity information

Lea Rowing Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Boathouse, Spring Hill, Clapton, London, E5 9BL, UK.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 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 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of receipt.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

LEA ROWING CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020

1 Accounting policies

(Continued)

1.5 Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings 50 years straight line Plant and equipment 20% straight line basis Fixtures and fittings 25% reducing balance basis Motor vehicles 20% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.10 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

LEA ROWING CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020

1 Accounting policies

(Continued)

1.11 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.13 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

10 -

LEA ROWING CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020

1 Accounting policies

(Continued)

1.14 Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to net income/(expenditure) for the year so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Restricted funds funds 2020 2020 £ £ Donations and gifts 2,978 10,443 Grants receivable 37,636 13,037 40,614 23,480	TotalUnrestricted Restricted funds funds 2020 2019 2019 £ £ £ 13,421 17,962 17,237 50,673 - 17,660 64,094 17,962 34,897	Total 2019 £ 35,199 17,660 52,859

4 Charitable activities

	Charitable	Charitable
	Income	Income
	2020	2019
	£	£
Sales within charitable activities	160,426	203,960

11 -

LEA ROWING CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020

5 Other trading activities

		Unrestricted	Unrestricted
		funds	funds
		2020	2019
		£	£
	Trading activity income: other	70,564	56,423
6	Investments
		Unrestricted	Unrestricted
		funds	funds
		2020	2019
		£	£
	Rental income	68,297	68,587
	Interest receivable	18	16
		68,315	68,603
7	Other income
		Unrestricted	Unrestricted
		funds	funds
		2020	2019
		£	£
	Other income	9,447	1,284

12 -

LEA ROWING CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020

8 Charitable activities

	Charitable	Charitable
	Expenditure	Expenditure
	2020	2019
	£	£
Staff costs	63,797	60,750
Depreciation and impairment	74,075	84,534
Coaching costs	9,140	24,223
Rent and rates	8,766	3,961
Utilities	7,717	11,171
Insurance	18,139	16,169
Other rowing expenditure	12,841	6,802
Boat repairs and spares	13,874	15,354
Irrecoverable VAT	13,299	21,586
Office costs and sundry	2,582	15,791
Motor expenses	5,768	12,382
Travel and subsistence	869	3,867
Customer entertaining	-	100
Premises costs	30,199	23,908
Bar and club expenses	54,960	49,081
Advertising	3,952	691
Management charges payable	4,021	3,352
Other charitable expenditure	14,072	4,899
	338,071	358,621
Share of support costs (legal and professional costs)	23,576	22,112
	361,647	380,733
Analysis by fund
Unrestricted funds	325,045	320,128
Restricted funds	36,602	60,605
	361,647	380,733

13 -

LEA ROWING CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020

9 Trustees

During the year the charity made the following transactions with trustees:

D R N Ellis

D R N Ellis received remuneration of £2,085 (2019 £5,068) and £488 (2019 £1,931) of club expenses were reimbursed to D R N Ellis during the year.