Otley Sailing Club Trustees’ Annual Report 31 December 2021
The directors present their report with the financial statements of the company for the year ended 31 December 2021.
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 25 February 2022 and signed on its behalf by:
I White - Director
Otley Sailing Club (Company number: 08998602) Statement of financial activities
| Otley Sailing Club (Company number: 08998602) Statement of financial activities |
|
|---|---|
| Year ended 31 December 2021 Incoming resources Note Voluntary income Activities for generating funds Other incoming resources Total incoming resources Resources expended Cost of activities in furtherance of the charity's objectives Fund-raising costs Support & governance costs Total resources expended Net movement in funds Balances b/f at 1 January 2021 Balances c/f at 31 December 2021 |
UNRESTR ICTED FUNDS DESIGN ATED FUNDS TOTAL FUNDS 2021 2021 2020 £ £ £ 34,693 - 31,988 13,275 - 2,464 20,875 - 15,660 |
| 68,844 - 50,112 |
|
| 49,910 4,978 37,132 6,768 - 2,239 346 - 230 |
|
| 57,024 4,978 39,601 |
|
| 11,820 (4,978) 10,512 100,401 9,300 99,189 |
|
| 112,221 4,322 109,701 |
The notes on pages 7 to 9 form part of these accounts
| Otley Sailing Club (Company number: 08998602) Balance sheet 31 December 2021 Note FIXED ASSETS Tangible assets 2 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due in one year 3 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after one year 4 NET ASSETS Represented by Unrestricted funds Designated funds |
2021 2020 £ £ 67,725 79,765 UNRESTRICTED FUNDS |
|---|---|
| 81,501 65,279 |
|
| 10,747 9,880 |
|
| 70,755 55,399 |
|
| 138,480 135,164 21,937 25,463 |
|
| 116,543 109,701 |
|
| 112,221 100,401 4,322 9,300 |
|
| 116,543 109,701 |
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 (Company number: 08998602) Notes to the financial statements 31 December 2021
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. £4,072 of this has not yet been spent.
In 2020 the Club received a donation of £4,300 from the RYA towards the cost of a senior
for the Sail-Free programme. £250 of this has not yet been spent.
These amounts are being treated as Designated Funds until they are spent in full.
In 2020 the Club received a Covid-19 grant from Leeds City Council of £11,000. In 2021 the Club received a Covid-19 grant from Leeds City Council of £16,000.
Otley Sailing Club (Company number: 08998602) Notes to the accounts
31 December 2021
3. TANGIBLE FIXED ASSETS
| COST At 1 January 2021 Additions At 31 December 2021 DEPRECIATION At 1 January 2021 Charge for year At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 4. CREDITORS Amounts falling due within one year Accrued expenses Deferred income Deferred Grants 5. CREDITORS Amounts falling due over one year Deferred Grants |
Clubhouse Boats £ £ 76,583 126,663 990 |
Club Equipment Total £ £ 4,198 207,444 990 |
|---|---|---|
| 76,583 127,653 |
4,198 208,434 |
|
| 39,240 86,968 4,556 7,726 |
1,472 127,679 748 13,029 |
|
| 43,795 94,693 |
2,220 140,709 |
|
| 32,788 32,960 |
1,978 67,726 |
|
| 37,344 39,695 |
2,726 79,765 |
|
| 2021 2020 £ £ 351 299 6,870 6,055 3,526 3,526 |
||
| 10,747 9,880 |
||
| 2021 2020 £ £ 21,937 25,463 |
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 period ended 31 December 2021 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: 28 February 2022
Otley Sailing Club (Company number: 08998602) Notes to the accounts 31 December 2021
| Detailed Income & Expenditure account Turnover Subscriptions Training fees Boat hire Donations Social Club merchandise Cost of sales Social Club merchandise Training costs Gross surplus Other income Grants receivable Sundry receipts Expenditure Rent Insurance Light & heat RYA affiliation Telephone Post & stationery Rescue boats & motors Petrol Trophies Repairs & renewals Sundry expenses Finance costs Bank charges Depreciation & Impairment Clubhouse Rescue boats Club equipment NET SURPLUS |
£ £ £ £ 32,969 27,078 10,601 1,216 145 20 1,724 4,910 1,740 1,229 790 - 47,968 34,453 1,110 472 594 - 5,064 1,767 6,768 2,239 41,200 32,213 19,773 15,160 1,103 500 20,875 15,660 7,236 7,236 5,282 5,260 1,490 666 465 465 612 690 - 10 1,015 1,726 332 82 - 484 21,077 6,051 4,351 1,427 41,859 24,097 346 230 4,556 4,556 7,726 7,639 748 840 - 13,029 13,034 6,842 10,512 2020 2021 |
|---|---|
| 1,110 594 5,064 |
|
| 19,773 1,103 |
|
| 7,236 5,282 1,490 465 612 - 1,015 332 - 21,077 4,351 |
|
| 4,556 7,726 748 |
|
6. Detailed Income & Expenditure account
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 2021 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: 25 February 2022