Otley Sailing Club Trustees’ Annual Report 31 December 2020
The directors present their report with the financial statements of the company for the year ended 31 December 2020.
The legal and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice – Accounting and Reporting By Charities (revised 2005).
Objectives of the Charity
The aims and objectives of the charity are to promote community participation in healthy recreation by providing facilities to participate in water-based amateur sports, and to advance education for the public benefit in the subject of water-based sports
This is primarily achieved by running the activities of Otley Sailing Club.
Review of activities and future strategy
The club has continued in much the same way as before.
Reserves policy
Reserves representing the necessary investment in fixed assets will always be required, and these are expected to remain healthy for the foreseeable future. Subject to that, reserves will be retained to cover six month’s operational costs.
Risk Review
During the period the Directors have reviewed the risks to which the company is exposed, both internally and externally, and heave reviewed the controls in place to mitigate those risks. The review of risks will continue on a regular basis to ensure appropriate controls are maintained.
Organisation
The company is run by the board of directors, assisted by the committee of Otley Sailing Club as required.
Public Benefit
By advancing the knowledge of sailing the public are able to enjoy and appreciate the benefits of sailing in a safe environment.
Statement of trustees’ responsibilities
The trustees are responsible for preparing the financial statements in accordance with applicable law and regulations.
This report has been prepared in accordance with the Statement of Recommended Practice – Accounting and Reporting by Charities, and in accordance with the special provisions of the Companies Act 2006 relating to small companies.
This report was approved by the Board of Trustees on 22 February 2021 and signed on its behalf by:
I White - Director
Otley Sailing Club (Company number: 08998602) Statement of financial activities
| Statement of financial activities | |||||
|---|---|---|---|---|---|
| UNRESTRIC | DESIGNATED | TOTAL | TOTAL | ||
| Year ended 31 December 2020 | TED FUNDS | FUNDS | FUNDS | FUNDS | |
| 2020 | 2020 | 2020 | 2019 | ||
| Incoming resources | Note | £ | £ | £ | £ |
| Voluntary income | 2 | 27,688 | 4,300 | 31,988 | 38,650 |
| Activities for generating funds | 2,464 | - | 2,464 | 12,605 | |
| Other incoming resources | 2 | 15,660 | - | 15,660 | 3,526 |
| Total incoming resources | 45,812 | 4,300 | 50,112 | 54,781 | |
| Resources expended | |||||
| Cost of activities in furtherance of the charity's object | 37,132 | - | 37,132 | 47,486 | |
| Fund-raising costs | 2,239 | - | 2,239 | 5,136 | |
| Support & governance costs | 230 | - | 230 | 361 | |
| Total resources expended | 39,601 | - | 39,601 | 52,982 | |
| Net movement in funds | 6,212 | 4,300 | 10,512 | 1,799 | |
| Balances b/f | 94,189 | 5,000 | 99,189 | 97,390 | |
| Balances c/f | 100,401 | 9,300 | 109,701 | 99,189 |
The notes on pages 7 to 9 form part of these accounts
Otley Sailing Club (Company number: 08998602) Balance sheet
| 31 December 2020 Note FIXED ASSETS Tangible assets 3 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due in one year 4 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after one year 5 NET ASSETS Represented by Unrestricted funds Designated funds |
2020 2019 £ £ 79,765 92,304 UNRESTRICTED FUNDS |
|---|---|
| 65,279 45,527 |
|
| 9,880 9,653 |
|
| 55,399 35,874 |
|
| 135,164 128,178 25,463 28,988 |
|
| 109,701 99,189 |
|
| 100,401 94,189 9,300 5,000 |
|
| 109,701 99,189 |
|
| - |
In preparing these financial statements the directors are of the opinion that:
-
(a) The company is entitled to exemption from auidt under S. 477 of the Companies Act 2006 for the year ended 31 December 2020
-
(b) There is no requirement for the company to obtian an audit of its financial statements for the year ended 31 December 2020 in accordance with S. 476 of the Companies Act 2006
The directors acknowledge their responsibility for:
(a) Ensuring that the company keeps accounting records which comply with S. 386 and S. 387 of the Companies Act 2006; and
(b) Preparing financial statements which give a true and fair view of the state of the company's affairs as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of S. 394 & S. 395 and which otherwise comply with the requirements of the Companies Act 2006, so far as applicableto the company.
The financial statement have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by the board of directors on_______ and signed on their behalf by
I White Director
Otley Sailing Club Independent Examiner's Report on the unaudited financial statements To the Board of Directors of Otlet Sailing Club
This report on the financial statements of Otley sailing Club for the period ended 31 December 2020 is in respect of an examination carried out under s.145 of The Charities Act 2011 (“the Act”).
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND EXAMINER
The directors are responsible for the preparation of the financial statements. The directors consider that an audit is not required for this period under s.144(2) of the Act and that an independent examination is needed.
It is my responsibility to
(1) Examine the financial statements (under s. 145(5) (b) of the Act);
(2) Follow the procedures laid down in the General Directions given by the Charity Commission; and
(3) To state whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINER’S REPORT
My examination was carried out in accordance with the General Directions given by the Charity Commissioners under s.145 of the Act. An examination includes a review of the accounting records kept by the directors and a comparison of the financial statements with those records. It also includes considering any unusual items or disclosures in the financial statements and seeking explanations from the directors concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the financial statements.
INDEPENDENT EXAMINER’S STATEMENT
In the course of my examination, no matter has come to my attention:
(1) Which gives me reasonable cause to believe that in any material respect the requirements
a. to keep accounting records in accordance with 2. 130 of the Act; and
b. to prepare financial statements which accord with the accounting records and which comply with the regulations,
have not been met; or
(2) to which, I my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Malcolm V Walker B Mus FCA CTA Chartered Accountant Lencett House 45 Boroughgate Otley West Yorkshire LS21 1AG Date: 22 February 2021
Otley Sailing Club (Company number: 08998602) Notes to the financial statements 31 December 2020
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 " The Financial Reporting Standard applicable to the Micro Entities Regime".
Turnover
Turnover represents subscriptions for the year, and the provision of all goods and services during the year, excluding Value Added Tax.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Clubhouse - over the life of the lease
Rescue boats & motors - 10% on reducing balance Club equipment - 15% on reducing balance
Grants received
Grants in respect of capital equipment are initially rcorded as deferred revenue. These grants are recognised in the SOFA to match the related depreciaton.
Grants in respect of revenue expenditure are recognised in the SOFA when received.
2 INCOMING RESOURCES
In 2019 the Club eceived a donation of £5,000 from Lloyds Bank towards new disabled entrance and ramp.
In 2020 the Club received a donation of £4,300 from the RYA towards the cost of a senior for the Sail-Free programme.
Neither of these amounts have yet been spent.
These amounts are being treated as Designated Funds until they are spent.
In 2020 the Club received a Covid-19 grant from Leeds City Council of £11,000.
Otley Sailing Club (Company number: 08998602) Notes to the accounts
31 December 2020
3 TANGIBLE FIXED ASSETS
| COST At 1 January 2020 Additions Disposals Transfers Retirements At 31 December 2020 DEPRECIATION At 1 January 2020 Charge for year Impairement Eliminated on Disposal Transfers Retirements At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
Clubhouse Boats Club Equipment Total £ £ £ £ 76,583 126,168 4,198 206,949 495 495 - - - |
|---|---|
| 76,583 126,663 4,198 207,444 |
|
| 34,684 79,329 632 114,645 4,556 7,639 840 13,034 - - - - |
|
| 39,240 86,968 1,472 127,679 |
|
| 37,344 39,695 2,726 79,765 |
|
| 41,899 46,839 3,566 92,304 |
| 4 CREDITORS Amounts falling due within one year Accrued expenses Deferred income Deferred Grants 5 CREDITORS Amounts falling due over one year Deferred Grants |
2020 2019 £ 299 48 6,055 6,080 3,526 3,526 |
|---|---|
| 9,880 9,653 |
|
| 2020 2019 £ £ 25,463 28,988 |
Otley Sailing Club (Company number: 08998602) Notes to the accounts 31 December 2020
| 6 Detailed Income & Expenditure account Turnover Subscriptions Training fees Boat hire Donations Social Club merchandise Cost of sales Social Club merchandise Training costs Other cost of sales Gross surplus Other income Grants receivable Covid-19 grant Sundry receipts Deposit account interest Expenditure Rent Insurance Light & heat RYA affiliation Telephone Post & stationery Rescue boats & motors Petrol Trophies Repairs & renewals Sundry expenses Legal fees Finance costs Bank charges Depreciation & Impairment Clubhouse Rescue boats Club equipment NET SURPLUS |
£ £ £ £ 27,078 31,120 1,216 10,311 20 155 4,910 7,530 1,229 1,698 - 441 34,453 51,255 472 1,247 - 844 1,767 3,046 - - 2,239 5,136 32,213 46,119 4,160 3,526 11,000 - 500 - - - 15,660 3,526 7,236 7,236 5,260 4,875 666 2,223 465 450 690 658 10 128 1,726 3,331 82 714 484 462 6,051 9,033 1,427 3,132 - 1,642 24,097 33,883 230 361 4,556 4,772 7,639 8,533 840 297 13,034 13,602 10,512 1,799 2020 2019 |
|---|---|
| 472 - 1,767 - |
|
| 4,160 11,000 500 - |
|
| 7,236 5,260 666 465 690 10 1,726 82 484 6,051 1,427 - |
|
| 4,556 7,639 840 |
|
Otley Sailing Club Independent Examiner’s report on the unaudited financial statements To the Board of Directors of Otley Sailing Club
This report on the financial statements of Otley sailing Club for the year ended 31 December 2020 is in respect of an examination carried out under s.145 of The Charities Act 2011 (“the Act”).
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND EXAMINER
The directors are responsible for the preparation of the financial statements. The directors consider that an audit is not required for this period under s.144(2) of the Act and that an independent examination is needed.
It is my responsibility to
-
(1) Examine the financial statements (under s. 145(5) (b) of the Act);
-
(2) Follow the procedures laid down in the General Directions given by the Charity Commission; and
-
(3) To state whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINER’S REPORT
My examination was carried out in accordance with the General Directions given by the Charity Commissioners under s.145 of the Act. An examination includes a review of the accounting records kept by the directors and a comparison of the financial statements with those records. It also includes considering any unusual items or disclosures in the financial statements and seeking explanations from the directors concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the financial statements.
INDEPENDENT EXAMINER’S STATEMENT
In the course of my examination, no matter has come to my attention:
(1) Which gives me reasonable cause to believe that in any material respect the requirements
-
a. to keep accounting records in accordance with 2. 130 of the Act; and
-
b. to prepare financial statements which accord with the accounting records and which comply with the regulations,
have not been met; or
- (2) to which, I my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Malcolm V Walker B Mus FCA CTA Chartered Accountant Lencett House 45 Boroughgate Otley West Yorkshire LS21 1AG
Date: 22 February 2021