**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**
## **CONTENTS**
||**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.
- 1 -
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.
- 3 -
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|**Total**Unrestricted
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.
- 5 -
## **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.
- 6 -
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.
- 8 -
## **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.
- 9 -
## **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|**Total**Unrestricted
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.
None of this remuneration and expenses were received in relation to the role as Trustee.
## S Cinamon
S Cinamon received remuneration of £4,750 (2019 £5,000) and £nil (2019: £35) of club expenses were reimbursed to S Cinamon during the year.
None of this remuneration and expenses were received in relation to the role as Trustee.
## M Cushway
£948 (2019: £755) of club expenses were reimbursed to M Cushway during the year.
None of this remuneration and expenses were received in relation to the role as Trustee.
## D Porter
£417 (2019: £nil) of club expenses were reimbursed to D Porter during the year.
None of this remuneration and expenses were received in relation to the role as Trustee.
## L Stackpool-Moore
£Nil (2018: £35) of club expenses were reimbursed to L Stackpool-Moore during the year.
None of this remuneration and expenses were received in relation to the role as Trustee.
All other Trustees have received no remuneration or reimbursement of expenses during the year.
No trustees have received any other benefits from the charity during the year.
## **10 Employees**
## **Number of employees**
The average monthly number of employees during the year was:
||**2020**|**2019**|
|---|---|---|
||**Number**|**Number**|
||11|11|
|**Employment costs**|**2020**|**2019**|
||**£**|**£**|
|Wages and salaries|63,797|60,750|
- 14 -
## **LEA ROWING CLUB LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2020**_
## **11 Tangible fixed assets**
|**Cost**
At 1 July 2019
Additions
At 30 June 2020
**Depreciation and impairment**
At 1 July 2019
Depreciation charged in the year
At 30 June 2020
**Carrying amount**
At 30 June 2020
At 30 June 2019|**Leasehold**
**land and**
**buildings**
**£**
997,864
17,344
1,015,208
59,863
20,334
80,197
935,011
938,001|**Plant and**
**equipment**
**Fixtures and**
**fittings**
**Motor vehicles**
**£**
**£**
**£**
494,170
40,959
23,368
19,246
595
-
513,416
41,554
23,368
376,420
32,036
9,347
46,689
2,380
4,674
423,109
34,416
14,021
90,307
7,138
9,347
117,750
8,923
14,021|**Total**
**£**
1,556,361
37,185
1,593,546
477,666
74,077
551,743
1,041,803
1,078,695|
|---|---|---|---|
## **12 Investment property**
|**Investment property**||
|---|---|
||**2020**|
||**£**|
|**Fair value**||
|At 1 July 2019 and 30 June 2020|148,325|
On transition to FRS 102 the market value has been shown as deemed cost. The valuation at the end of the period is not considered to be materially different.
There has been no valuation of investment property by an independent valuer.
- 15 -
## **LEA ROWING CLUB LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 30 JUNE 2020**_
## **13 Fixed asset investments**
||||**Other**|
|---|---|---|---|
||||**investments**|
|**Cost or valuation**||||
|At 1 July 2019|||1|
|Additions|||1|
|At 30 June 2020|||2|
|**Carrying amount**||||
|At 30 June 2020|||2|
|At 30 June 2019|||1|
|||**2020**|**2019**|
|Other investments comprise:|**Notes**|**£**|**£**|
|Investments in subsidiaries|**14**|2|1|
- 16 -
## **LEA ROWING CLUB LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2020**_
## **14 Subsidiaries**
These financial statements are separate charity financial statements for Lea Rowing Club Limited.
Details of the charity's subsidiaries at 30 June 2020 are as follows:
||**Name of undertaking**|**Registered**|**Nature of business**|**Class of**|**Class of**|**% Held**|
|---|---|---|---|---|---|---|
|||**office**||**shares held**||**Direct Indirect**|
||Lea Rowing Club|UK|Dormant|Ordinary|
100.00||
||Construction Limited||||||
||Lea Events Limited|UK|Dormant|Ordinary|
100.00||
|**15**|**Stocks**||||||
||||||**2020**|
**2019**|
||||||**£**|
**£**|
||Raw materials and consumables||||2,336|
3,700|
|**16**|**Debtors**||||||
||||||**2020**|
**2019**|
||**Amounts falling due within one year:**||||**£**|
**£**|
||Trade debtors||||687|
5,438|
||Other debtors||||3,088|
11,935|
||Prepayments and accrued|income|||19,161|
15,866|
||||||22,936|
33,239|
|**17**|**Finance lease commitments**||||||
||Future minimum lease payments due under||finance leases:||||
||||||**2020**|
**2019**|
||||||**£**|
**£**|
||Within one year||||5,913|
5,285|
||Within two and five years||||6,262|
12,482|
||||||12,175|
17,767|
- 17 -
## **LEA ROWING CLUB LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2020**_
## **18 Creditors: amounts falling due within one year**
|**Notes**
Obligations under finance leases
**17**
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
**Creditors: amounts falling due after more than one year**
**Notes**
Obligations under finance leases
**17**
Other loans
Bonds
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**Unrestricted
funds
**2020**
**2020**
**2020**
2019
**£**
**£**
**£**
£
Fund balances at 30
June 2020 are
represented by:
Tangible assets
247,397
794,406
1,041,803
259,024
Investment properties
148,325
-
148,325
148,325
Investments
2
-
2
1
Current assets/
(liabilities)
78,120
12,143
90,263
76,393
Long term liabilities
(164,257)
-
(164,257)
(198,477)
309,587
806,549
1,116,136
285,266||**2020**
**£**
5,913
-
14,913
10,287
30,039
61,152
**2020**
**£**
6,262
28,000
129,995
164,257
Restricted
funds
2019
£
819,671
-
-
-
-
819,671|**2019**
**£**
5,285
3,944
5,035
4,065
49,713
68,042
**2019**
**£**
12,482
56,000
129,995
198,477
Total
2019
£
1,078,695
148,325
1
76,393
(198,477)
1,104,937|
|---|---|---|---|
|||||
|||||
|||||
|||||
## **19 Creditors: amounts falling due after more than one year**
## **20 Analysis of net assets between funds**
## **21 Related party transactions**
There were no disclosable related party transactions during the year (2019 - none).
- 18 -