Charity registration number 1157S63 Company r•glstratlon nUm￿r 07368256 (England and Wal•s} LEA ROWING CLUB LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 ACOE(QZT* A14 CON*ANIES HOUSE LEA ROWING CLUB LIMITED LEGAL AND ADMINISTRATIVE INFORMATION President A ￿d(er Tru$t8os CBwry S Clark M Cushway DRNEIIi* A Jucker M Pooley D J Porter F She8rer Charity number 115T563 Company n￿rn￿r 07368256 R•glster•d office The Boathc¥Jse SpriThJ Hill Claptc London UK ES 98L Independ#nt •xamin•r Thornas Quinn Thè Station House 15 Statlon Road St Ives Cambndgeshire PE27 5BH LEA ROWING CLUB LIMITED CONTENTS Pay• Trustees, report Stslement of trustees. responsit#ltbes IndeFendenl exarninerfs report Statem8nl of ffinancial acbvibes Balan￿ sheel Notes to th8 financial slatgmènts 10-20 LEA ROWING CLUB LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORD FOR THE YEAR ENDED 30 JUNE 2022 The trustees present their rewt and financial slaterrthts for the year ended 30 June 2022. The financial statèmenls ITaV8 been kvepared ￿ accMlarKe with th& ac¢ountmg wlicitis set oui in note 1 to thg rinancial slalements and c4)mrAy with the tharity5 goveming IkKument, the Companies Aci 2006 and "Accounting and Reporting by CharilJ"es: Statement of Recommended Pra¢ti¢e applicable to charities Pre￿rirtg their accounts in accofdance with the Finanaal Repyting Standard app]Kab￿ in the UK and Republic of Ireland IFRS 1021 leffecti¥6 l January 2019)". Objeetlves and actlvltlès The purposes of the chafty are: 111 The promotion ol community partippaknon in heatthy wreation In particular by the prows¢on ol facilib.es for rowng. sculling and other sports Iyaulibos" mèans land. buikjinys, equipment and organising sporb.ng acttvitiesl,. 121 Providing and assists.ng in providing facil￿￿$ f¢x sport, reer*abJn or other leisur8 bme occupation ol such persons who have nÈed for such facililjes by rèason of their y¢xrth. 39e, infimirty or disablement. poverty or social and economic ur¢umstsncgs or for the publi¢ at lar￿ in tho interg$1s of sotyal welfarè and with thg objoct of #nproving thèir conditths of lrfè. Publ￿ B•n•fit Statement The tnjsiees have paKI due regard lo gum1a￿e issu&Y by the Chanty Cowrmission in deathng what activit￿ the thafity slwld undertake. The charity is an amateur rowing dub, which provides equipment, coachiTrJ and faalities to enable members of the local community to partiapate in the sport of fomng in theif Spa￿ time. As weil as training locally, the charity's mbefs compele national￿ and intemalionalty in rowirrfJ Competitic￿S. Achlevements and perfomiance The 2021-22 season, which these accounts cover. was about getting back up to speed. after 18 months of lockdowns and restrictions. 11 was a challenge.. Ihe season stsrted just a covpje of weeks after a lalér-Ihan4ssual Henley Royal Regatta, leaving littl8 tirne io gei pioper plans in ￿aCe, but we did prètty wèll! At the Lea we make the srxjrt available to both adults an¢J Child￿￿. We have thri￿n9 recyeational and club squads, prcxjrammes for cwr lo¢al schools arvj rommunitses. learn to row opportunibe$. arKJ aro taking a¢tions to wi¢J*n parbcipation and provKle accèss ￿ the whde of our cornmunty. Al Henloy Royal Regatta. the most prest¢giws regalts in chjb rwing. three ¢rews altended the Hènley qualifyirKJ races including tsur first ever enty in the Wargrave Cup. the new event for women's club eights, which just missed the cut. meanwhi￿ our development men s eight. top men's four and girfs, quad pre-quahfied for the regalta proper_ ￿1 of them did us proud! A particular disappointment was fell for thè men's Wyfold14-1 crew which was knocked out by èventual *inners Thames RC in a rematth of last year's final., Thèy will be backl oss our racing programme. roughty 200 athlete5 raced in orange. There We￿ wns at national. regional and local regatta5. This included meda15 al the Bribsh Junky Championships IJM15 2x - Gold, JW18 4x Silver, JM16 4x Bronzel, Top 40 finishes at both Tideway Eights Head Races. a Lea Clean sweep at the Eastem Region Junior Championships, and the first away from home regatta for our Jewish Women's group. Wè also had succes5 at the Home Internationals.. Women's squad athletes filda Donnachie, CarolirE Newbury and ¢oa¢h Gill Parker won Gold for England in the Sprint EvJht. and Evetyn Pakule and coach Yewande Adesia won Gokl in the Junsor Beach Sprints doLbbk. Our popular Leam to Row programme ha5 been stepp8d up. As a result, membership is at rts largest in some years. In particular. we've grown both adult and junior reerealion31 squads", and they hav8 found plenty lo keep them busy. There have been tour5 in stable boars to Ely. Weybridge. Broxbwme, Limehgusg. and France. A growing ￿nti￿gent have been dipping their toes into raung. both on the Lea and at local regattss. We hope lo see MO￿ ol this in the comirvJ year. LEA ROWING CLUB LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Thanks to Leam to Row income, sponsorship. ￿ generosty of the Friends ol the Lea. and growth in incorntr from facilities hire, we have been able to invesi s￿nIf￿nIty in our agirvJ fleet for the firsl time in many years. W8 have already bought brand-new quad5, a four and a pair, seni variou5 boats to be refurbished, and bought a stack of new sculliny oars. This is a key part of our puqn to get as many people as possible on the watèr to share in our love of the sport of Rowing. Our iBeh)ng project has created new oppNtunikn•s lor our local divers• community lo lry our sport. We have njn funded sessions and outreach events ￿th great success. as well as developing our partnerships with organisations including YES, Hackney Council. Lovg Rowng. Ihè Canal & Rr￿r Trust. and the Hacknoy Migrant Project. The rest of the rowing communily seems to have noiiced our success! The iBelong proiecl was nominated lor a nalH)nal award, and the cthjb was named runnef-up for British Rowing Club of the Year in 2022. This was in recognition of our to buikl a successfiJl perfomiance TO￿￿j programme while promknrrfJ diversity, inclusion and community. Going into 2022-23, we are kjoking to step forwards into a year of unrestricteLI rowing to a norrnal schèdu￿, enjoying gach othels company f05terin9 the Lea Cornmunity to grow even WKJe¥_ Wg are planning mor8 s(￿l31S and busy nwhts in the bar. morè nèw boals relurbishmenL more ¢)prx)rtunitiès to lep4n ar￿ ehangè. more meda15.' and a return to the Henley podiuml Our club is volunteer run.. None of the atL)ve Suc￿sS wthJk1 be pos&b￿ wIl￿rt our vol¢Jnteers an¢Y there are loo many of them lo count, let alone name he￿. Our tharty would not function without peopk to pay ￿.11$, make race gntri$$. swèèp sh8ds, fix boats. drivg traikn. buy ¢x>a¢h. cox and rep￿5¢nI our dub. thank t￿M all! Water Safèty Zonès The Club has engaged with and sup￿rted Ihe implementation by the Canal & River Trust of Water Safety Zones on the Lower Lee. Through the year we have pa￿aPated in the Lea Navigation Fonjm set up by ihe Trust to facilitat& Iheir *itfodurtion Flnanclal rèvi It is the poliry of the i*anty that Un￿strICted fvrM1s which have not been designated for a spectfic use should be maintained al a level èquivaent to betr￿n thrèè and six month's èxpènditu￿. The tnjstees ￿nSider ihat rèsèrvès at this level will ensurè that. in the event of a signfficant drop in fundin9, thèy will be abl* to continue the chanty's current actwilie5 VthI￿ Ixx)sKlerab"on is gNen to ways in addrtwl fvnds may be raise{1. This level ol re$¥ws has boon maintsined througlvjut the year. The truslees has assessed the major risks to vthich the chaiity is exposed. a￿ salisffied ihat systems are in place to rnitigate exposure to the mafror risks. Strn¢turo, gov•mance and man4geinent Lea Rowing Club Lirniièd is a company limrted by guarantèè govemed by itsArl"rdès ofAssoaation dated 16 March 2014 as amended on 5 June 2014, 23 October 2015. 4 November 2017 and 5 September 2019. It registergd as a charity the Charities CommissKsn in E￿land and Wales {No.' 11575631. Anyone may becom a mernber of the tharily, each ofwhom undertakes to crmtsibute £10 lo the assets of the company in ¢he event of it being wound up. LEA ROWING CLUB LIMITED TRUSTEE5' REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Go¥•mlng body The rnember5 of the Board, who are the charity trustees and company directors. are the charity's principal decision-rnaking body. The Board eyercises 811 powers of the company. except as ￿$tricted by Sperial Resolulvjn of the members or the Artic￿. In parth%lar. the Board cannol borrow rn0￿ than £10,(KK) in lotal without prior approval ol a resdution agreed by Ihe mefflbers in a general meeting. Most Board members are etecte(I by the charity's members at the knnu81 General meekn.ng IAGMI. The President, who is also the chair of Ihe Board, serves a thre*-year twm and is nominat￿ solely by Ihe Board. Th8ir appointment must be agreed by a Iwo-thirds majority at th• AGM. AongsKlè this. there arè six named Board positions- Secrètsry, Finance Dirèctor. Captain. Facilities Direcfor. Junior RowirrfJ Co-ordinator. Health and Salèty Co-ordinator- and one additional diFÈCtor t*ho are ewed at each AGM. Any mernber agèd over 16 who has hekl membership for 12 months conb"rbuousty may be nominated and elected to these Board posibons. ThÈ immediate previous Captan and President are also elvJible to be elected to conlinue on the Board by Ihe AGM. In addition to the elected directors, the Board may annuafy co-opt tsyo further pe￿On$ to join Ihe 8oard. 8oard membefs are limited to a maximum of nine consecutivè years on thè Board. except for the Presidènt where this limit is 12 eorsecutive years. and the Captsin wher• the limrt is Ihr¢¥ conse¢utwe yaars. Board nwmbars are not ￿MUn￿rated ft>r their w￿￿On3. Other struttures and roles The Board is supported in ils work by a range of Y￿Untary wiihin the tharity. Prinapal ￿OngS1 these are the Men'5 and w£￿en,$ WI￿c3plaInS. who a￿ &￿cted by the AGM. Other r￿es. such as coathing positsons. are appointed by the Board or on their ¢Jelegaied authonty. e.g., by the Caplain. To manage this $tru¢ture. the Bo*d have adopt•d a G0Veman￿ Manual to p￿￿be a frameth of winciples and rul8s for the 0￿ra1￿)n of the ¢harity in furtMr delail. Mtrmbers aro organi5￿1 for th$ wrFWS of training and cy)athir¥J into various rowiNJ squads, which differ e.g. by training intensity, required time commitrnent and levd of iechnical ability. In partiC￿lar, adults and children train in different squads 8nd dtfferent coathe5. The Board is entitled to delegate its powers lo ¢ommitiees. Al the prèsent time, the Board have established ts¥o formal committees. The Rowing Committee is de￿gated authority lo manage all day404ay matter5 relating to the organisation of rowing al the charity, such as setting goals and ofy'ectives for the rowing squads. It is chaired by the Captain and attended by the Men's and Women's Vic&Capiains and oiher voluntary rdes. The Facilities Committee is delegated atJthmI￿￿ subsrdTary trading company. Loa Events Limited Icompany numb8f 12443966}, to 5UPPOrt fundin9 ra15iwwJ arisirvJ from its faulth"ès. dirg¢tots of Lea Ev&nts Limited are appointed by the Board of th& ¢harty- The tDJstees, who a￿ also directors fty the ￿rF￿¢ ol ¢(xnpany bw. ar*J seThed durin9 the year 8nd up to thg date of $ign8bJre ofthg firtancial 5tstemonts were.. CBary J Brolherslon S Cinamon S Clark M Cushway ORNEIIIS A Jucker M Pooley (Resigned 6 November 2021} (Resigned 6 November 2021) LEA ROMNG CLUB LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI (C.ONTINUED> FOR THE YEAR ENDED..30 JUNE 2022 LEA ROWING CLUB LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2022 Thè trustees. who are also thè directors of Lea Rowlng Club Limited for the purpose of company law. are responsible for prèparing ths Truslees. Report and thè finanaal slatsments in accordance with appli¢ablg law and United Kingdom Accountwfj Slandards (United ￿.￿Orn Generally Acttpled Accounb"ng Practice). Company Law requires the Irustees to prepare finanaal statements for eath financial year which give a true and falr view ol the stale ol affairs of the charity and of the incoming resources and applicathm of Tesources, irKluding Ihtr income and expenditure, of the charitable company for that year. In p￿paring thase financkal statem?nts. the trust￿ are required trtr: - select suitable 8cix)unting pol￿￿ and ihen apply Ihem ￿nsiSten￿Y,. - obserye the meth¢x15 and wnciples in the Chaiilies SORP" - makejudgements and estimat•s that are rnasonat>l8 and - prepare Ihe financial statements on Ihe wng concem basis Lmless it is inappnjpriate to presume Ihat the charity will continue in operation. The truslees arè r8sponsible lor keeping adequate accounting records thal disclosè with reasonablè accuracy at any tirne the finan¢ial Fx>sitson of the charity and enable them to ensure that Ihe finanaal slalements comply with th• Companie5 A¢t 2006. They are also responsible safeguarding the assets of the tharity hen¢e for taking reasonab￿ steps for the prgvenlion and detection ol fraud and other irregularities. LEA ROWING CLUB LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LEA ROWING CLUB LIMITED I rèport to the trustèès on my eX￿￿nal10n of the knni>al statements of Lea Re￿Ag Club Limiied Ith• ehaiity) for the year ended 30 June 2022. R•sponsibilitiÈ$ and ba$ls of report As the trustoos ol Ihe charity larKI also rfs dif8Ctors for th$ puws of company law) ycyj are rosF*jns￿1e for th8 preparalion of the financial statermnts in accordance tmth thè r•quirnm8nts of the Companies Act 21XJ6 {the 2006 Act). Hawng satisfied myself that the financial stslements of the tharity a￿ rKJt required lo be audited undèr Part 16 of th8 2006 Act and are eligible for independent examinafion, I report in respect of my examination of the charity's financAal staiements carried out under section 145 of the charib.es Act 2011 (the 2011 Acl). In carrying out my examination I have folkjwed all th• applicatjle Dwecbons given by thè Charity Commission under section 145(Sllbl of the 2011 Act. Indèpèndtnt •xamin•rfs statement sir￿ the charity's gross income exceeded £250,000 your Oxaminer mLtst b& a membor of a body tssted in section 145 of the 2011 Act. I confirni that I ￿ qualif*d to tsndertakè thè examination becaus• l am a member of ICAEW. which is one of the listed bod￿$. I have compl¢W my éxaMrnal￿n. I confirm Ihal no matters have (ryne to my attention in wrK*ction with Ihe examinabon gbving me cause to believe Ihal in any material respecl.. accounting records were not kèpt in r•spèct of the charty as réquir8d by sedion 386 of Ihè 2006 Act., or the financial stateryEnts do not accord wth those records", or the financial statem￿t$ do not comply with Ihg accounting requirements olse￿lon 396 of the 2006 Acl Ot￿r Ihan any requirement that the awjunls gNe a true and fair view which is not a matter conSKIèr￿ as part of an independent examination.. or the firwntsal ststements have r￿t been prepared in accrydance tho meihods and prin¢iples of thtr Statement of Récommended Practice for accounting and rermxting by ¢hari￿e5 applicabb to ¢harilies preparing Iheir accounts in awdance wilh the Financial Rep)rlirwJ Stand¥d appI￿Ab￿ in thg VK and Republic of Irdand (FRS 102). I have no concems and have come across no other malters in connection With the examinat*)n to which attention should be drawn in this report in order to enable a proper und•tstsnding of the financial statements to be reached. Thomas Inn The Slation House 15 Ststion Road St Ives Cambridgeshire PE27 5BH Dated.. 2810312023 LEA ROWING CLUB LIMITED STATEMENT OF FINANCIAL ACTMTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2022 Unrestr5cted RestrScted funds funds 2022 2022 Total Unrestrfcted Restrict•d funds funds 2021 2021 Totsl 2022 2021 Mot•s wments from: Don8b'gn$ and legacies Chariiable activities Other ITading a¢tivii8S Investrnents Other incom8 25.932 177.591 87,484 76.094 59,671 41.627 67.559 177.591 87.484 76.094 S9.671 29,477 123,452 20,624 67,619 1.209 49,873 79.350 123,452 20,624 67,619 1.209 Total into 426,772 41,627 468.399 242,381 49,873 292,254 Charitable adivibes 4(M).517 49,359 449,876 234.194 59.11X) 293.294 Net incomol(?xpgnditur•l for the yearl Nèt m¢*v•m•nt in funds 26.255 {7.7321 18.523 8.187 19.2271 11.0401 Fund balances at 1 Juty 2021 317.774 797,323 1.115.097 309.587 806,550 1.116.137 Fund tsalanc￿ at 30 Jun• 2022 344,029 789.591 1.133.620 317.774 797.323 1.115.097 The stalement of financial activities indudes all gans and losses recowised in the year. I Income arKI expenditure dwive from CL￿tiN￿ng a¢tivibes. Th¥ statemtrnt of finanrial acti￿￿"eS also compl￿ th the requireft￿ts ts an and ex[￿id￿tUre account under the Companies Act 2006. LEA ROWING CLUB LIMITED BALANCE SHEET AS AT30 JUNE 2022 2022 2021 14otes Flxed assèts Tangible assets Invostment prop8rlies Inveslment$ 11 12 13 1.007.685 186.078 986,398 190,306 1.193.765 1,176.706 Curr•nt as$•ts Stocks Debtors Cash at bank and i) har 14 15 2.324 18.458 145.258 33.565 124,284 157,849 166.040 Cr￿lt￿r5. amounts fallww du• wilhin one year 17 187.9951 197,6541 Nel curr¢nt a$sots 69.854 88.386 Totsl a$sets1055 currenl Nabllltles 1.263,619 1.245,092 Creditors.. amounts falllng due after more than on8 year 18 {129.9991 1129,995) Net aswts 1.133,620 1.115.097 Incom• funds Restricted funds Unrèstricled funds 789.591 344.029 797.323 317.774 1.133.620 1.115.097 The company is enlilled lo the exernption from the audil requirewl o￿l¥lned in section 47T of thtr Companies A¢1 2006. ftsr the year ended 30 June 2022. The directors 8¢knowledge their re4￿nsibIlit￿ for Cornpl￿n9 with Iho requirernents of the Companie$ Act 2Cw)6 wrth respect to accounlirvJ records and the preparat￿ of finanoal stalements. LEA ROWING CLUB LIMITED BALANCE SHEEf (CONTINUED) ASAT30 JUNE 2022 AJuth LEA ROWING CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Aecountlng pollel•s Charity Inforn)atlon Lea Rowing Club Limited 1$ 8 prbvate cThnpany limited by guaranlee in￿rpOra￿l in E￿land and Wales. Tha registered office is The Boathouse. Spring Hill, Clapton. London. E5 9BL, UK. 1.1 Accounting convention The financial statements have been prepwed in a¢xordance with the thantys goveming d￿UmeThI. th& Companies Act 2006 and "AcctyJnti"ng and Reporb"n9 by Charitses.. Statement ol Reo)mmended Practsce applicable to tharits.ès prepanng their awurtts in a￿Or￿ariCe with Ihe Financial Reporting Standard applieable in thÈ UK and Republi¢ of Ireland IFRS 102) {effe¢tNe 1 January 20191.. The charity ts a Public Benofit Entity as defined by FRS 102. The ¢harily has tsken advantage of the provisK¥ns in the SORP for tharibes apptyirvJ FRS 102 Update Bulletin 1 not lo prepare a Ststement of Cash Flows. The financial statements are prepared in SIerfN￿. vthich is the functonal currency of the tharity. Monelary arnounis in these financial stalements ara iounded to the naaresl £. The finwcial stsl¢m8nts have been prepared Under the histryiral cost ￿￿Vention. [M￿￿￿e￿ to in¢lude the revaluation of freehojd prO￿rtieS and lo incJuLle investmenl properties and certain financial instruments at fair valuel. The prinripal accounknng poh'aes adopte(l are sel out below. 1.2 Golng conc•m Al the time of approviry Ihe finanual slaternents, the tfU5tees have a reasonable expectation Ihat th8 charity has adequate resources to wnlinue in 0￿rat￿)nal existence for the foreseeable fvtur¢. Thus the Irusl¢g$ ntinue to ad¢Jpt the going basis of accounting in wepwing the financial stalements. 1.3 Charitable funds Unrastricteol fun¢Js"ar8 aValab￿ lor use at the dis(¥etiM of the trustees in fvrth8rance of their charitable objedivè$. Restricted lunds are subject lo Spe(i￿ c(y)dib"ons by donors as lo hcffw they may be used. The PUfF¥)ses and uses of th& restri¢t¢d fvnds set OLrt in th$ notes to the finan¢ial statements. Er¥Jowmenl fund$ are $ubJ"¥t to Sp￿fiC c¢ndrf]"on5 by donors Uwt Ihe ca￿1 must be maintsined by the charity. 1A Incom• Incorne is recognised when Ihe charity is legalty enbued to it after any perf<)miance condit*)ns have been met, the amounts ¢an be measured relobty. and it is probable thal ￿11 be re¢¢tved. Cash donattons aw ffj¢¢9nls￿ on receipL Olher donations are reco9nised onc&.th& ¢harity.ha$ bgtrn not*fied of th¥ donation, vnkss ￿rt￿nDance condiiws requi￿ deferral of the amounl. Incomè tax reo)verable in relalion to donations received under or deeds of covenant is recconised at the b'me of receipt. Legacie5 are recognised on receipt oc Othenvi￿ rf lh8 charity has been notified of w impendirvj dislribub'on, the amount is known. and re￿Ipl Trs expected. W Ihe amount is Th)t knomm. Ihe Wcy is treated as ¢￿tingent asset. 10- LEA ROWING CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Aeeounting polici•s IContinu•dl 1.5 Expendltur• All expenditure 15 rerogni58(l once there 15 ¥ legal or ￿nstruCtiVe obligab.on lo that expenditurè. it is probablè Sett￿Ment is required and the amounl can be mèasured reliably. ¢osts are allocatèd to the applicable expendilure heading that aggregate similar cosls lo Ihal category. Where ¢XJsts cannol be directly attributed to particular headings they have been allocated on a basis consislenl wilh the use of ￿sourCes, with central staff Costs allocaled on the basis of tsme spent, and depreciation charges allocated on the portion ol the asset's use. 1.6 Tangibl• fixod ass•ls Tangible fixeil assets are initialty measured at ¢osl and sub5equenVy measured at t>)st or vaknalion. nat of dèpfeaation and any impairmenl losses. Depreciation Trs r*co9nrsed so as to writs off Ihe cosl or ValuatK￿ ol assèts less their rèsidual valu&$ ov8r thoir us•ful lives on the folkjwing bases.. Leasehold land and buldiros PL8nl and eq¢Jipment Fixturès and fittsngs Motor vehicles 50 y¢ars straKJht line 20% straight line ba￿$ 25% reducing balance basi5 20% Straighl line ba&s The gain or loss arising on the disposal of an ayset is determined as Ihe difference be￿een Ihe 3aSe proceeds and Ihe carfying value of the asset. and is ￿cogniSed in the statement of financkal activities. 1.7 Investment properties Invèstment property. whi¢h is propety held to eam renla15 andlor for capital apprgoation, is inbts.ally rècogni5ed at ¢osl. which indudes the purchase ojst and any direclly ailributable e￿nditUre. Subsequently il is measured at fair value ai the reporbng end date. The surplus or defiot on revaluation is recognised in profit or loss. 1.8 Flx•d assèt Inv•slmonts Fixed asset inveslments are inib.alty m•asured at transath.on pri￿ excluding transaction costs. and are subsequently measured al fair value at each reP￿ing date. Changes in fair value are reco9nised in net incomel{expendiILs￿I for the year. Transacti￿ costs a￿ expensed as incurred. A subsidiary is an •ntity controlkd by thè charity. Control is thè power to govwn the finanaal ar#1 operating policies of the entity so as to obtsin benefits from lis •di￿be$. 1.9 Impalrni•nt of flx•d ass•ts At ea¢h reporting end date. the charity reV￿wS the carrwng amounts of ils tangib18 assets to delermine whether there is any indicat￿ Ihat those assets have suffered an impaiment bss. If any such indicai¢on exists. the recoverable-anx￿nl of.thè a￿1 is esb"m8ted in order.to detemiinè the extent of.t￿ Impaimient loss Irf any). 1.10 Stoeks Stocks afe stated at tho lower of t>)st and asb"mai&a sellwwJ ￿lce less Costs to completo and $911. Co$1 comprise$ th.rècl matertals and. where applrcable. direct labour costs those ovgrheads thal h8ve betrn incurred in bringing Ihe 5tc¢ks to thwr presenl k¢ats'on and condib"on. Items hehj fw distribution at no or nominal consideralion are measured the lower of feplacemenl cost and cost. Net realisablo walu8 is Ihe estirn¥ted wce less all ¥stimated costs of and costs to bg incurred in markets"ng, selling and di51ribub"on. 11 LEA ROWING CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Accounting pollcl•s IContlnu•dl 1.11 Cash and cash •qulval•nts Cash and cash equivalents indude cash in hand. deposits held al call W￿￿h banks. other short-tem) liquid invostmenis Mth original maturitsès of three monihs or less. and bank ovetdrafts. Bank overdrafts are shown ithin borro￿IngS in Current liabiliti8s. 1.12 Flnandal Instrum•nts Thè charity has elected to appty thè promsions of Seclion 11 '8asbc Financ4al Instruments. and Secthm 12 'Olher Finan¢i41 Instrum*nts155ues' of FRS 102 to all of ts finan¢ial instrnments. Financial instruments are recognised in the charitys b￿ance sheet Wtr￿n the charity becornes paty to Ihe contractual provis￿5 ofthe instrument. Financtal assets and I￿lbilItieS a￿ offsel. with ￿ net amounls presented in the financial slatemenls. when the￿ is a legalty enforceable right to set off the ￿0xjnI$ed amounis and the￿ is an intention io settle on a nel basis or to realise the asset and settle the liab￿lty swnujtaneousty. Basic fin•n¢ial amets Basie financial assets, indude debtors a￿1 cash ar￿ bank balances. are initialjy measwed at transactK)n price including transaction costs and a￿ 5ubsequéntty carried at amtirttsed cost using the effecttve interest Method unless the arrargement conslrtute5 a finanong transaction, wherè the transaction is measurgd at the present value of thg future rec￿pts di￿ounted at a rnart(et rate of intgrest. Financial ass¥ts dassffiÈd as T•￿1vats￿ within one year are not #M￿tiSed. 8a$k Ilnanclal liabililies Basic financi31 liabilities, induding creditors and bank k)ans are initially recognised at transaction price unless the arrangement constitutes a finanaThJ transacfKJn, Whe￿ the debt instrumsnl is measurentinu•dl 1.14 L•as•s Leases are classified as finance leases ￿eneVer the terms of Ihe lease transfer substanlialty all the wisk$ and rewards of ownetship to the lessees. All other leases are dassified as operating kases. Asseis held undèr finance leases are recognised as assets 31 the lower of the asset5 fair value at the dale of inceplion aThJ the present valu• of the minimum *ase payments. Thè rdated Iiabilty is included in the balance sheet as a finaneA Itase obligation. Lèase payn￿t$ are treated as consistiThJ of Ca￿al and interest glem8nts. Tha interest is tharged to net incomèllèxpanditure) f(Y the yaar so as to [KodL￿a a constant p¢ricdic rat¢ ￿ inlere51 ￿ Ihe ￿Mal￿n9 balance of the liaknlrty. CritScal accountlng estlmales and lydgements In the apF4ication of the thwiVs accounting policies. ts truslee5 are required to make judgements, estimatès and assumptions aboul the carrying arnounl of assels and liatA'lities that are not readily apparent from other sources. The estimatas and associaied assumplions are based on historKal experience and other factors thai are considered to bè relevant. Actual results may diller these eslimates. The estimales •KI undèrfyin9 assumptions arè rev*wed on an ongoing b￿$. Revisx)ns to ￿l￿ntir￿a èstimates are recognised in thè period in whKh the estimate is reviwl wherè Ihe ￿vISion affects only that period. or in the pgritid of th• fevision arKI ftrture periods wher¢ thè rwsion affects both current and future pefiods. Donations and legacies Vnr•strl¢ted R•str5cted funds fvnds Totsl Unreslricted ftJn¢J$ Reslricled ftjnds Total 2022 2022 2021 2021 2021 Donalions ¥n(J gifts Grants receivable 13,562 12.370 26.435 15,192 39.997 27.S62 255 29.222 20.313 29,560 20,568 58.782 25.932 41,627 67.WJ 29.477 49,873 79.350 Charitablg activltS•5 Charitabl¢ Charltabl• Income Incom• 2022 2021 Sales within charitable acmies 177.591 123,452 13- LEA ROWING CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Oth•r tradlng act5viti*s Unr•strlctsd Unrestricted lunds funds 2022 2021 Trading activity income.. other 87,484 20,824 Investrn•nts Unr•$trlcted Unrestricted funds funds 2022 2021 Rèntsl income Inte￿$t receNable 76,083 11 67.617 76.094 67.619 Othèr incom• UNestri¢tsd Unr&stsict&d funds funds 2022 2021 Other income 59.671 1.209 14- LEA ROWING CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Charltabl• activitl•s Chorltabk Charltable Expendlluro Expèndlture 2022 2021 Staff costs Depreciation and impaimwnt Coaching costs Rent arKI rates Ub'lib"8s Insurance 0￿er rowing ¢xpen(littJ Boat repaiis and spa lirecoverable VAT Office costs and sundry Motor expgnses Travel and subsistwce Customer entertaining Premises ¢osts Bai and club expenses Adverb'sing Management charges payab Other charitable èxpenditure 83.131 84.418 19,182 7.503 7,145 23.333 51.111 21,582 12.297 12.934 9.228 3.513 1.232 26.258 46.538 616 72.838 71.900 5,608 3.010 10,644 20,708 3.928 11.941 16.249 5.078 10.263 24.249 1,831 4.595 5.529 2,627 414.648 269.893 sha￿ of support costs1kn3al profe5wnal coslsl 35.228 23.401 449,876 293,294 Analysis by fvnd Unrestridgd (untls Restn"cied lunds 400.517 49.359 234,194 59,100 449.876 293,294 15- LEA ROWING CLUB LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR fHE YEAR ENDED 30 JUNE 2022 Trust••s Ovring the year the charity madè Ihe fdlowirvj transadI￿￿ *ryth trustees". Richar(1 Ellis £121.5012020 £2.0851 of dub expenses *Ere reirnbursed to Rithard Ellis dLwing Ihè ye None of ttr¥s remunerat'on and expenses were received in relat•￿ to Ihe role as Tru$te8. Mark Cuslway £73.6112020 £948) of dub gxpènsos were re1M￿l$ed to ma￿ Cushway during the YW None of thls remuneration and expenw wer¢ re¢eived in relatth to lh¢ fole as TnJst8e. Oave P(>rlèr £945.3612020 £4171 of dub expenses Were ￿1mbur$ed to Dave Porter d￿r￿j Ihe year None ol rernuneration and ewses *Ere rerEived ￿ relat￿ lo the rc4e as Tru$tee. All oth8r Trustees ha￿ r•c•w•d no remuneralion or rgiMburs•rr￿I of expenses during ￿1. No trustees have fecgive11 any other be￿fits from charity during the year. 10 Empl(*y••$ The average monthty number of empknyees during Ihe year was: 2022 Number 2021 Number Empbye•s 16 10 Employmènt eosts 2022 2021 Wage5 aThJ salariès 83,131 72.838 There were no empknyees vthose anrojal remuneration was more than £60.(￿. 16- LEA ROWING CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 11 Tanglbl? fixed ass•ts Leasehold land and buikllng¥ p￿￿1 and Fithrns andM•torTrtIA¢i•s Total Cost At 1 July 2021 Additions 1,015.206 522.916 97,434 43.146 4,040 23.368 1.604.638 101,474 AI 30 Junt 2022 1.015,208 620.350 47.188 23,368 1.706.112 Depreclatlon and Impalmw At 1 Juty 2021 Dèpreaation charged in tho y 120.849 463.304 52.322 35.717 2,867 18,694 4.674 638,564 59,863 AI 30 June 2022 120.849 515.626 38.584 23.368 698.427 Carying amount At 30 June 2022 894.359 104.724 8,602 1,007,685 At 30 June 2021 914.685 59,611 7,429 4,673 986.398 12 Investment woporty 2022 Fair valu• Al 1 July 2021 Deprèciat40n 194,$36 18.4581 At 30 June 2022 186.078 On transition to FRS 102 Ihe rn8Jket value has been Shown as deemed cJ)st. The ¥a￿allOn al the end of the period is nol w)SKlered to be materially different. Theft has been no ValUabc￿ of inveslment propety by an independenl vahjer. 17- LEA ROWING CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 13 FIX￿ ass•t Inv•stm•nts Inv•stment$ Cost or valuation At 1 July 2021 & 30 June 2022 Carrylng amount At 30 Juntr 2022 At 30 June 2021 2022 2021 Other investments ujmprise: Notes Investments in Subs￿l￿rIeS 21 18- LEA ROWING CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 14 Stocks 2022 2021 . Raw malerials aThY consumables 2,324 15 Debt¢ 2022 2021 Amounts lallSng due wrthin on• y•ar. Trad8 debto Other debto Prepayments and a¢¢nJed income 8.351 221 24.993 2.255 544 15,659 33,565 18,458 16 Flnanu lease commitm•nts Future M￿lMuM lease payments du¢ under fThrth19a￿'. 2022 2021 Within one year 6.262 17 Cr•dltors: amounts falling du• wilh5n on• year 2022 2021 Obltgations under finance lease5 Other t¥xation and security Trade credilors Amounts owed to a&8ociate undertakings Other crèditors A¢¢ruals and dèf•rr•d incoff 16 6.262 3.097 7.761 4.626 10.816 20,021 6.111 46.421 46,651 33,883 87.995 97.654 18 Cr•dltors'. *)￿unts falling dytr aft•r morn than ono y 2022 2021 Olher I0￿S 8oniJs 129.995 129.995 129.999 129.995 19- LEA ROWING CLUB LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 19 Analysls of nèt ass•ls b•iw••n funds Unfestrlcted R•strlcted funds funds 2022 2022 Total Unrnstricted Restricted fLEnds funds 2021 2021 Totsl 2022 2021 Fund balances at 30 June 2022 are represented by.. Tangible assets Investmenl prop8rtie$ 'Investrner Currènt assètsllliatslitie51 Long lern7 liabl￿￿.￿S 1.W7,685 186.078 1.007.68S 186,078 189,075 190.3C 797.323 986,398 190.306 69,854 1129,9991 69.854 {129,9991 (129.9951 68,386 (129.9951 1.133,620 1.133,620 317.774 797.323 1.115,097 20 R•lat•d party tf3nsactions Thère were no di5¢k)saNè related paity transaclb*s dwing thè year12021 - n￿$1. 21 Subsidiarios These financial ststomenis are separale charity finanaa statements Lea Rowing CILt* Limited. Details of the charivs subgdFaries at 30 J￿e 2022 are a$ folh)ws: Namè ol undertaking Rtgistèred Nalure of busi￿ Class ot % Hèld shares h•ld Direct Indlr•ct Léa Rowing Club Constructie4) knmited Lea Events Limiteil UK Omni Ordinary 100.IJO UK D(vmant Ordinary 100.IXI