Bradford Amateur Rowing Club
Charity number 1164951
A company limited by guarantee number 09662095
Annual Report and Financial Statements
for the year ended 31 August 2020
Bradford Amateur Rowing Club
Annual Report and Financial Statements for the year ended 31 August 2020
| Contents | Page |
|---|---|
| Trustees' report | 2 to 4 |
| Examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the accounts | 8 to 11 |
Prepared by West Yorkshire Community Accounting Service
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Bradford Amateur Rowing Club
Trustees' report for the year ended 31 August 2020
Reference and administrative details of the charity, its trustees and advisors
The trustees during the financial year and up to and including the date the report was approved were: Name Position Dates
Position Dates Celia Hickson Chair Alan Keith Myers Treasurer Ronald Drake Secretary Charity number 1164951 Registered in England and Wales Company number 09662095 Registered in England and Wales
Charity number Company number
Registered and principal address
Bankers
4 Warren Avenue Santander Bingley Bootle West Yorkshire Merseyside BD16 3BZ L30 4GB
Independent examiner
Simon Bostrom FCIE
West Yorkshire Community Accounting Service
Stringer House 34 Lupton Street Leeds LS10 2QW
Structure, governance and management
The charity is a company limited by guarantee and was formed on 29 June 2015. It is governed by a memorandum and articles of association as amended 27 September 2016. The liability of the members in the event of the company being wound up is limited to a sum not exceeding £10.
Method of recruitment and appointment of trustees
The trustees of the charity are also the directors for the purposes of company law and are appointed by the members at the AGM.
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Bradford Amateur Rowing Club
Trustees' report (continued) for the year ended 31 August 2020
Objectives and activities
The charity's objects
The promotion of community participation in healthy recreation by the provision of facilities specifically for sweep oar rowing, sculling and other related sports ('facilities' means land, buildings, equipment and organising sporting activities);
providing and assisting in providing facilities for sports described as above, 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;
and advancing the education of children and young people through such means as the directors think fit in accordance with the Charities Act 2011.
The charity's main activities
The charity is a rowing club and provides all the facilities, equipment, training and support services that members need to enjoy the sport of rowing.
The charity maintains a stretch of the river Aire to ensure that it remains rowable.
Public benefit statement
In setting our objectives and planning our activities our trustees have given serious consideration to the Charity Commission’s general guidance on public benefit and in particular the provision of sports facilities for rowing.
Achievements and performance
For the first 6 months of our year the charity continued as a very active and successful rowing club with members racing at local and national events and the continuation of our “learn to row” programme improving the skills of our latest cohort and integrating them into the mainstream activities of the club.
For the second six months the club has successfully operated within local and national Covid guidelines and reopened for single sculling and doubles with carefully calibrated rules. In addition, there have been rowing machine usage competitions with the club loaning members rowing machines to allow them to continue their training and club involvement at home. There have also been club quizzes and meeting via group video calls.
This engagement has been successful and led to a very good renewal of members for our new year.
Financial review
The net expenditure for the year was £13,766.
Reserves policy
The rowing club has existed for over 150 years. The trustees acknowledge their duty to maintain sufficient reserves to make it likely that they can maintain the club for the benefit of future generations. The policy of the charity is to retain free reserves of approximately £20k, being about half of the annual income of the charity. The charity's free reserves, excluding fixed assets, at the year end were £121,880. Work is continuing on the weir repair and in managing the work so that it is affordable.
At the time of approving the accounts we are having to consider the financial effects of the Coronavirus on the charity. We have considered this impact as best we can and we believe that there are no material uncertainties regarding going concern.
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Bradford Amateur Rowing Club
Trustees' report (continued) for the year ended 31 August 2020
Statement of trustees' responsibilities
The trustees (who are also the directors for the purposes of company law) are responsible for preparing the Trustees report and the financial statements in accordance with the applicable law and UK Accounting Standards.
Company law requires the trustees to prepare financial accounts for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the trustees are required to:
select suitable accounting policies and 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;
prepare the accounts on a going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial accounts 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.
This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (Charities SORP (FRS102)), and in accordance with the special provisions of the Companies Act 2006 relating to small companies.
Signed on behalf of the board of trustees on 21/01/2021
Keith Myers (Trustee)
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Bradford Amateur Rowing Club
Independent examiner's report to the trustees of Bradford Amateur Rowing Club
I report to the charity trustees on my examination of the accounts of the charitable company for the year ended 31 August 2020, which are set out on pages 6 to 11.
Responsibilities and basis of report
As the charity's trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no material 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 company as required by section 386 of the 2006 Act; or 2 the accounts do not accord with those records; or
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3 the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or
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4 the accounts 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 accounts 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 accounts to be reached.
Simon Bostrom FCIE
25/01/2021
West Yorkshire Community Accounting Service
Stringer House 34 Lupton Street Leeds LS10 2QW
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Bradford Amateur Rowing Club
Statement of Financial Activities
(including summary income and expenditure account) for the year ended 31 August 2020
| Notes 2020 Unrestricted funds £ Income from: Grants and donations (2) 11,176 Subscriptions 31,797 Race entry and regattas 3,566 Bank interest received 631 Property income (3) 1,704 Other Income 9 Total income 48,883 Expenditure on: British Rowing Levy 1,041 Boat maintenance 7,582 Equipment maintenance 2,004 Property maintenance 7,353 Heat, light and water 2,678 Council Tax and refuse 837 Telephone and Internet 524 Insurances 6,314 Cleaning 510 Administration 138 Race entries and travel 4,531 Miscellaneous 165 Weir maintenance - Independent examination 600 Depreciation 28,372 Total expenditure 62,649 Net income / (expenditure) (13,766) Fund balances brought forward 626,056 Fund balances carried forward (4) 612,290 |
2020 Restricted funds £ - - - - - - - - - - - - - - - - - - - - - - - - 22,009 22,009 |
2020 Total funds £ 11,176 31,797 3,566 631 1,704 9 48,883 1,041 7,582 2,004 7,353 2,678 837 524 6,314 510 138 4,531 165 - 600 28,372 62,649 (13,766) 648,065 634,299 |
2019 Total funds £ 1,270 32,335 6,280 677 4,165 305 45,032 816 7,784 1,869 2,511 3,364 1,226 359 6,884 960 176 6,092 1,047 11,111 600 29,078 73,877 (28,845) 676,910 648,065 |
|---|---|---|---|
All incoming resources and resources expended derive from continuing activities.
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Bradford Amateur Rowing Club
Balance sheet
| as at 31 August 2020 2020 Unrestricted £ Fixed assets Tangible assets (5) 490,410 Total fixed assets 490,410 Current assets Debtors and prepayments (6) 5,648 Cash at bank 119,187 Total current assets 124,835 Current liabilities: amounts falling due within one year Creditors and accruals (7) 2,955 Total current liabilities 2,955 Net current assets / (liabilities) 121,880 Net assets 612,290 Funds Unrestricted funds 612,290 Restricted funds - Total funds 612,290 |
2020 Restricted £ - - - 22,009 22,009 - - 22,009 22,009 - 22,009 22,009 |
2020 Total £ 490,410 490,410 5,648 141,196 146,844 2,955 2,955 143,889 634,299 612,290 22,009 634,299 |
2019 Total £ 516,782 516,782 8,879 123,207 132,086 803 803 131,283 648,065 626,056 22,009 648,065 |
|---|---|---|---|
For the year ending 31 August 2020 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the charitable company to obtain an audit of its accounts for the year in question in accordance with section 476. The trustees (who also the directors for the purposes of company law) acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime and with FRS 102 (effective January 2019).
The financial statements were approved by the board of trustees on 21/01/2021
Keith Myers (Trustee)
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Bradford Amateur Rowing Club
Notes to the accounts
for the year ended 31 August 2020
1 Accounting policies
Basis of accounting
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by 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) and with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102. There has been no change to the accounting policies since last year. No changes have been made to the accounts for previous years.
Going concern
The trustees are satisfied that there are no material uncertainties about the charity's ability to continue.
Incoming resources
All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity becomes entitled to the resources, it is more likely than not that the trustees will receive the resources and the monetary value can be measured with sufficient reliability.
Grants and donations
Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Where grants are related to performance and specific deliverables, they are accounted for as the charity earns the right to consideration by its performance.
Expenditure and liabilities
Expenditure is recognised on an accrual basis as a liability is incurred. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out the resources and the amount of the obligation can be measured with reasonable certainty.
Taxation
As a charity the organisation benefits from rates relief and is generally exempt from income tax and capital gains tax but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.
Tangible fixed assets
Tangible fixed assets are capitalised and included at cost including any incidental expenses of acquisition. Gifted assets are shown at the value to the charity on receipt.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight line basis over their expected useful economic lives as follows:
Freehold land: nil Freehold buildings: over 50 years Boats: over 10 years Fixtures and fittings: over 10 years Plant and machinery: over 4 years
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
Further explanation of the nature and purpose of each fund is included in the notes to the accounts.
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Bradford Amateur Rowing Club
Notes to the accounts continued
for the year ended 31 August 2020
| 2 Grants and donations City of Bradford Met. District Council Victor Ludorum Donation of profits from trading subsidiary Other donations |
2020 Unrestricted funds £ 10,000 500 - 676 11,176 |
2020 Restricted funds £ - - - - - |
2020 Total funds £ 10,000 500 - 676 11,176 |
2019 Total funds £ - - 1,166 104 1,270 |
|---|---|---|---|---|
3 Property income
Bradford Amateur Rowing Club, the charitable company, receives income for property costs from Bradford Amateur Rowing Club (Trading) Limited. The property costs are assessed at 60% (Bradford Amateur Rowing Club) and 40% (Bradford Amateur Rowing Club (Trading) Limited). However, this recharge was reduced this year in light of the limited use of the premises by the subsidiary company due to the Covid 19 restrictions.
| 4 Restricted funds Weir maintenance fund Fund name Weir maintenance fund |
Balance b/f Incoming £ £ 22,009 - 22,009 - Purpose of restriction See detailed note below: |
Outgoing £ - - |
Transfers £ - - |
Balance c/f £ 22,009 22,009 |
|---|---|---|---|---|
Bradford Amateur Rowing Club (company number 09662095, charity number 1164951) raised money from members, external individuals and organisations specifically to carry out substantial repairs to the weir which is needed to keep the river suitable for rowing.
The company (Hirst Weir Limited, company number 04827629) owns the weir and monies are transferred as and when required.
| **5 ** | Tangible assets Cost At 1 September 2019 Additions Disposals At 31 August 2020 Depreciation At 1 September 2019 Charge for year At 31 August 2020 Net book value At 31 August 2020 At 31 August 2019 |
3,000 2,000 - 5,000 2,374 813 3,187 1,813 626 Plant and machinery |
20,000 - - 20,000 8,000 2,000 10,000 10,000 12,000 Fixtures and fittings |
£ 201,587 - - 201,587 75,831 20,159 95,990 105,597 125,756 Boats |
£ 400,000 - - 400,000 21,600 5,400 27,000 373,000 378,400 Land and buildings |
Total £ 624,587 2,000 - 626,587 107,805 28,372 136,177 490,410 516,782 |
|---|---|---|---|---|---|---|
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Bradford Amateur Rowing Club
Notes to the accounts continued
for the year ended 31 August 2020
| 6 Debtors and prepayments Trading company profit owed to charity Share of property costs owed by trading company to charity Inter company trading account Prepayments 7 Creditors and accruals Accruals Inter company trading account Income received in advance |
2020 £ - 1,704 39 3,905 5,648 2020 £ 639 - 2,316 2,955 |
2019 £ 1,166 4,165 - 3,548 8,879 2019 £ 700 103 - 803 |
|---|---|---|
8 Related party transactions
Trustee expenses
No trustee received any expenses during this year or the previous year.
Trustee remuneration and benefits
No trustee received any remuneration or benefit during this or the previous year.
Other related party transactions
BARC has control over the wholly owned subsidiary Bradford Amateur Rowing Club (Trading) Limited (company number 09784699).
During the year BARC charged this company £1,704 in respect of use of the charity's property (2019: £4,165). No donation was made to the charity this year (2019: £1,166).
BARC is also the sole member of Hirst Weir (company number 04827629). There were no related party transactions involving this company during the year.
There were no other related party transactions during this year or the previous year.
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Bradford Amateur Rowing Club
Statement of Financial Activities including comparatives for all funds (including summary income and expenditure account) for the year ended 31 August 2020
| 2020 2019 Unrestricted Unrestricted funds funds £ £ Income Grants and donations 11,176 1,270 Subscriptions 31,797 32,335 Race entry and regattas 3,566 6,280 Bank interest received 631 677 Property income 1,704 4,165 Other Income 9 305 Total income 48,883 45,032 Expenditure British Rowing Levy 1,041 816 Boat maintenance 7,582 7,784 Equipment maintenance 2,004 1,869 Property maintenance 7,353 2,511 Heat, light and water 2,678 3,364 Council Tax and refuse 837 1,226 Telephone and Internet 524 359 Insurances 6,314 6,884 Cleaning 510 960 Administration 138 176 Race entries and travel 4,531 6,092 Miscellaneous 165 1,047 Weir maintenance - 100 Independent examination 600 600 Depreciation 28,372 29,078 Total expenditure 62,649 62,866 Net income / (expenditure) (13,766) (17,834) Fund balances brought forward 626,056 643,890 Fund balances carried forward 612,290 626,056 |
2020 Restricted funds £ - - - - - - - - - - - - - - - - - - - - - - - - 22,009 22,009 |
2019 Restricted funds £ - - - - - - - - - - - - - - - - - - - 11,011 - - 11,011 (11,011) 33,020 22,009 |
2020 Total funds £ 11,176 31,797 3,566 631 1,704 9 48,883 1,041 7,582 2,004 7,353 2,678 837 524 6,314 510 138 4,531 165 - 600 28,372 62,649 (13,766) 648,065 634,299 |
2019 Total funds £ 1,270 32,335 6,280 677 4,165 305 45,032 816 7,784 1,869 2,511 3,364 1,226 359 6,884 960 176 6,092 1,047 11,111 600 29,078 73,877 (28,845) 676,910 648,065 |
|---|---|---|---|---|
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