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Charity registration number 1157563 (England and Wales) Company registration number 07368256

LEA ROWING CLUB LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

LEA ROWING CLUB LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

President	D J Porter
Trustees	D R N Ellis
	A Jucker
	D J Porter
	T Kwiecinska	(Appointed 29 October 2023)
	G M Conneely	(Appointed 29 October 2023)
	D Slavin	(Appointed 17 June 2024)
	L Nickerson	(Appointed 27 October 2024)
	C Carson	(Appointed 13 January 2025)
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 - 3
Statement of trustees' responsibilities	4
Independent examiner's report	5
Statement of financial activities	6
Balance sheet	7 - 8
Notes to the financial statements	9 - 18

LEA ROWING CLUB LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024

The trustees present their report and financial statements for the year ended 30 September 2024.

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.

Public Benefit Statement

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

The charity is an amateur rowing club, which provides equipment, coaching and facilities to enable members of the local community to participate in the sport of rowing in their spare time. As well as training locally, the charity's members compete nationally and internationally in rowing competitions.

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.

LEA ROWING CLUB LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

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 £10 to the assets of the company in the event of it being wound up.

Governing body

The members of the Board, who are the charity trustees and company directors, are the charity’s principal decision-making body. The Board exercises all powers of the company, except as restricted by Special Resolution of the members or the Articles. In particular, the Board cannot borrow more than £10,000 in total without prior approval of a resolution agreed by the members in a general meeting.

Most Board members are elected by the charity’s members at the Annual General Meeting (AGM). The President, who is also the chair of the Board, serves a three-year term and is nominated solely by the Board. Their appointment must be agreed by a two-thirds majority at the AGM. Alongside this, there are six named Board positions – Secretary, Finance Director, Captain, Facilities Director, Junior Rowing Co-ordinator, Health and Safety Co-ordinator – and one additional director who are elected at each AGM. Any member aged over 16 who has held membership for 12 months continuously may be nominated and elected to these Board positions. The immediate previous Captain and President are also eligible to be elected to continue on the Board by the AGM.

In addition to the elected directors, the Board may annually co-opt two further persons to join the Board.

Board members are limited to a maximum of nine consecutive years on the Board, except for the President where this limit is 12 consecutive years, and the Captain where the limit is three consecutive years.

Board members are not remunerated for their positions.

Other structures and roles

The Board is supported in its work by a range of voluntary roles within the charity. Principal amongst these are the Men’s and Women’s Vice-Captains, who are elected by the AGM. Other roles, such as coaching positions, are appointed by the Board or on their delegated authority, e.g., by the Captain.

To manage this structure, the Board have adopted a Governance Manual to prescribe a framework of principles

and rules for the operation of the charity in further detail.

Members are organised for the purposes of training and coaching into various rowing squads, which differ e.g. by training intensity, required time commitment and level of technical ability. In particular, adults and children train in different squads and with different coaches.

The Board is entitled to delegate its powers to committees. At the present time, the Board have established two formal committees. The Rowing Committee is delegated authority to manage all day-to-day matters relating to the organisation of rowing at the charity, such as setting goals and objectives for the rowing squads. It is chaired by the Captain and attended by the Men’s and Women’s Vice-Captains and other voluntary roles.

The Facilities Committee is delegated authority to manage all day-to-day matters relating to the charity’s facilities, such as the maintenance of its buildings. It is chaired by the Facilities Director.

LEA ROWING CLUB LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Related parties

In February 2020 the charity incorporated a wholly-owned subsidiary trading company, Lea Events Limited (company number 12443966), to support funding raising arising from its facilities. The directors of Lea Events Limited are appointed by the Board of the charity.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

C Barry (Appointed 27 October 2024 and resigned 29 October 2023) S Clark (Resigned 1 October 2024) M Cushway (Resigned 29 October 2023) D R N Ellis A Jucker M Pooley (Resigned 27 October 2024) D J Porter T Kwiecinska (Appointed 29 October 2023) G M Conneely (Appointed 29 October 2023) E Stephen (Appointed 29 October 2023 and resigned 27 October 2024) D Slavin (Appointed 17 June 2024) L Nickerson (Appointed 27 October 2024) C Carson (Appointed 13 January 2025)

None of the trustees have any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

The trustees' report was approved by the Board of Trustees.

D J Porter President Dated: 23 June 2025

LEA ROWING CLUB LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 SEPTEMBER 2024

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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 CLUB LIMITED

I report to the trustees on my examination of the financial statements of Lea Rowing Club Limited (the charity) for the year ended 30 September 2024.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1 accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
2 the financial statements do not accord with those records; or
3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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 financial statements to be reached.

Thomas Quinn The Station House 15 Station Road St Ives Cambridgeshire PE27 5BH 23 June 2025

LEA ROWING CLUB LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income and endowments from: Donations and legacies 3 59,244 38,035 Charitable activities 4 218,558 - Investments 5 82,019 - Other income 6 62,220 - Total income 422,041 38,035 Expenditure on: Charitable activities 7 393,721 37,209 Total expenditure 393,721 37,209 Net income and movement in funds 28,320 826 Reconciliation of funds: Fund balances at 1 October 2023 376,172 803,189 Fund balances at 30 September 2024 404,492 804,015	Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 97,279 89,776 40,130 218,558 239,532 - 82,019 99,878 - 62,220 63,455 - 460,076 492,641 40,130 430,930 460,498 26,532 430,930 460,498 26,532 29,146 32,143 13,598 1,179,361 344,029 789,591 1,208,507 376,172 803,189	Total 2023 £ 129,906 239,532 99,878 63,455
		532,771 487,030
		487,030
		45,741 1,133,620
		1,179,361

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

LEA ROWING CLUB LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2024

Notes Fixed assets Tangible assets 11 Investment properties 12 Investments 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 16 Net assets Income funds Restricted funds 17 Unrestricted funds	2024 £ £ 1,009,454 176,587 2 1,186,043 37,248 187,630 224,878 (72,414) 152,464 1,338,507 (130,000) 1,208,507 804,015 404,492 1,208,507	2023 £ £ 942,910 180,792 2 1,123,704 46,126 202,434 248,560 (62,903) 185,657 1,309,361 (130,000) 1,179,361 803,189 376,172 1,179,361

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 September 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

LEA ROWING CLUB LIMITED

BALANCE SHEET (CONTINUED)

AS AT 30 SEPTEMBER 2024

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 23 June 2025

D J Porter

Trustee

Company Registration No. 07368256

LEA ROWING CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

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 Reporting period

The previous period of accounts is for a period of 15 months which aligned the charity's year end with other group entities and the rowing calendar. As a result the comparative information is not entirely comparable.

1.2 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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3 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.

1.4 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 or grantors 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.

1.5 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 SEPTEMBER 2024

1 Accounting policies

(Continued)

1.6 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.

1.7 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 the statement of financial activities.

1.8 Investment property

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.

1.9 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.

1.10 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).

1.11 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.

10 -

LEA ROWING CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

1 Accounting policies

(Continued)

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 payments 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.

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.

11 -

LEA ROWING CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

3 Income from donations and legacies

Unrestricted Restricted funds funds 2024 2024 £ £ Donations and gifts 59,244 11,235 Grants - 26,800 59,244 38,035	Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 70,479 89,776 12,730 26,800 - 27,400 97,279 89,776 40,130	Total 2023 £ 102,506 27,400
		129,906

4 Income from charitable activities

		Unrestricted	Unrestricted
		funds	funds
		2024	2023
		£	£
	Sale of goods	218,558	239,532
5	Income from investments
		Unrestricted	Unrestricted
		funds	funds
		2024	2023
		£	£
	Rental income	80,878	99,223
	Interest receivable	1,141	655
		82,019	99,878
6	Other income
		Unrestricted	Unrestricted
		funds	funds
		2024	2023
		£	£
	Other income	62,220	63,455

12 -

LEA ROWING CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

7 Charitable activities

	Charitable	Charitable
	Expenditure	Expenditure
	2024	2023
	£	£
Staff costs	70,311	90,766
Depreciation and impairment	75,529	79,818
Coaching costs	45,215	46,862
Rent and rates	14,681	14,420
Utilities	23,746	19,739
Insurance	19,277	20,627
Other rowing expenditure	52,447	55,328
Boat repairs and spares	42,454	34,950
Irrecoverable VAT	4,357	7,708
Office costs and sundry	10,409	13,280
Motor expenses	14,130	9,532
Travel and subsistence	1,913	5,064
Customer entertaining	1,291	2,375
Premises costs	13,952	21,014
Bar and club expenses	10,418	9,265
Advertising	-	4,908
Other charitable expenditure	716	3,714
	400,846	439,370
Share of support costs (legal and professional costs)	30,084	47,660
	430,930	487,030
Analysis by fund
Unrestricted funds	393,721	460,498
Restricted funds	37,209	26,532
	430,930	487,030

13 -

LEA ROWING CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

8 Trustees

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

Richard Ellis

£547 (2023 £892) of club expenses were reimbursed to Richard Ellis during the year and remuneration of £5,212 (2023 £6,255) was received during the year.