## **Otley Sailing Club**
## TRUSTEES ANNUAL REPORT - 31 December 2023
The directors present their report with the financial statements of the company for the year ended 31 December 2023. 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 sportsThis 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 and other water sports, the public are able to enjoy and appreciate the benefits of these sports 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 2023 and signed on its behalf by:
I White, Chair and 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 2023**
**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**
**TOTAL**
**FUNDS**
**2023**
**2022**
**£**
**£**
47,940
65,751
14,700
9,889
4,702
6,828|
||67,342
82,468|
||50,000
81,133
11,743
9,637
572
404|
||62,315
91,174|
||5,027
(8,706)
107,837
116,543|
||112,864
107,837|
The notes form part of these accounts
|**Otley Sailing Club (Company number: 08998602)**
**Balance sheet**
**31 December 2023**
**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|**2023**
**2022**
**£**
**£**
69,017
70,551
**UNRESTRICTED FUNDS**|
|---|---|
||71,854
69,263
324
-|
||72,178
69,263
13,721
13,565|
|||
||58,457
55,698|
||127,474
126,249
14,610
18,412|
|||
||112,864
107,837|
||112,864
107,837|
||112,864
107,837|
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 2023
- (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 28 February 2024 and signed on their behalf by
**I White Director**
**Otley Sailing Club (Company number: 08998602) Notes to the financial statements 31 December 2023**
## **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 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 2023**
## **3. TANGIBLE FIXED ASSETS**
|**COST**
At 1 January 2023
Additions
At 31 December 2023
**DEPRECIATION**
At 1 January 2023
Charge for year
At 31 December 2023
**NET BOOK VALUE**
At 31 December 2023
At 31 December 2022
**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
143,513
11,794|**Club**
**Equipment**
**Total**
**£**
**£**
4,198
224,294
11,794|
|---|---|---|
||76,583
155,307|4,198
236,088|
||48,351
102,454
4,556
8,055|2,938
153,743
718
13,329|
||52,907
110,509|3,656
167,072|
||23,676
44,798|542
69,017|
||28,232
41,059|1,260
70,551|
|||**2023**
**2022**
**£**
**£**
100
50
10,095
9,990
3,526
3,525|
|||13,721
13,565|
|||**2023**
**2022**
**£**
**£**
14,610
18,412|
## **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 2023 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 Chartered Accountant Rivington 11 Falcon Road Bingley West Yorkshire BD16 4DP
Date: 21 February 2024