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 2023
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Bradford Amateur Rowing Club
Annual Report and Financial Statements for the year ended 31 August 2023
| 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 Accountancy Service CIO
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Bradford Amateur Rowing Club
Trustees' report for the year ended 31 August 2023
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
Celia Hickson Chair resigned 3 Oct 2023 Keith Myers Treasurer Ronald Drake Secretary Carlo Smith appointed 3 Oct 2023 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 Accountancy Service CIO 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, amended 27 Sept 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 2023
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
The club is managing to attract new members and retain and with the retained loyalty of our members and hard work by the committee the club continues to thrive. This engagement has been successful and lead to a very good renewal of members for our new year.
Financial review
The net expenditure for the year was £18,918, including net expenditure of £16,607 on unrestricted funds and net expenditure of £2,311 on restricted funds.
Reserves policy
The charity's free reserves, excluding fixed assets, at the year end were £173,127.
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 half of the annual income of the charity. The current high level of reserves (£173k) are funds built up to fund the completion of the weir work which is expected in July 2024.
Work is continuing on the weir repair and in managing the work so that it is affordable.
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Bradford Amateur Rowing Club
Trustees' report (continued) for the year ended 31 August 2023
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.
Approved by the board of trustees on 27/01/2024
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 2023, 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:
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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
29/01/2024
West Yorkshire Community Accountancy Service CIO
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 2023
| Notes 2023 Unrestricted funds £ Income from: Grants and donations (2) 1,570 Membership Fees 34,601 Race entry and regattas 10,254 Bank interest received 837 Property income (3) 6,295 Surplus on disposal of fixed assets - Other Income 2,055 Total income 55,612 Expenditure on: British rowing levy 893 Boat maintenance 1,485 Equipment maintenance 7,186 Property maintenance 10,368 Heat, light and water 3,349 Council tax and refuse 315 Telephone and internet 563 Insurances 8,856 Cleaning 1,742 Administration 268 Race entries and travel 7,093 Miscellaneous 390 Weir maintenance - Independent examination 726 Depreciation 28,985 Loss on disposal of fixed assets - Total expenditure 72,219 Net income / (expenditure) (16,607) Fund balances brought forward 604,204 Fund balances carried forward (4) 587,597 |
2023 Restricted funds £ 10,000 - - - - - - 10,000 - - - - - - - - - - - - 12,311 - - - 12,311 (2,311) 20,509 18,198 |
2023 Total funds £ 11,570 34,601 10,254 837 6,295 - 2,055 65,612 893 1,485 7,186 10,368 3,349 315 563 8,856 1,742 268 7,093 390 12,311 726 28,985 - 84,530 (18,918) 624,713 605,795 |
2022 Total funds £ 13,696 30,557 6,800 66 4,598 - 1,443 57,160 878 831 1,539 4,191 2,905 367 435 6,479 799 299 6,242 139 750 600 29,622 2,040 58,116 (956) 625,669 624,713 |
|---|---|---|---|
All incoming resources and resources expended derive from continuing activities.
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Bradford Amateur Rowing Club
Balance sheet
| as at 31 August 2023 2023 Unrestricted £ Fixed assets Tangible assets (5) 414,470 Total fixed assets 414,470 Current assets Debtors and prepayments (6) 12,519 Cash at bank and in hand 181,205 Total current assets 193,724 Current liabilities: amounts falling due within one year Creditors and accruals (7) 20,597 Total current liabilities 20,597 Net current assets / (liabilities) 173,127 Net assets 587,597 Funds Unrestricted funds 587,597 Restricted funds - Total funds 587,597 |
2023 Restricted £ - - 10,000 8,198 18,198 - - 18,198 18,198 - 18,198 18,198 |
2023 Total £ 414,470 414,470 22,519 189,403 211,922 20,597 20,597 191,325 605,795 587,597 18,198 605,795 |
2022 Total £ 430,924 430,924 14,905 199,739 214,644 20,855 20,855 193,789 624,713 604,204 20,509 624,713 |
|---|---|---|---|
For the year ending 31 August 2023 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 are 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 27/01/2024
Keith Myers (Trustee)
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Bradford Amateur Rowing Club
Notes to the accounts
for the year ended 31 August 2023
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, if 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 2023
| Grants and donations Yorkshire Water John Holroyd Bequest Donation from trading subsidiary Other donations |
2023 Unrestricted funds £ - - 299 1,271 1,570 |
2023 Restricted funds £ 10,000 - - - 10,000 |
2023 Total funds £ 10,000 - 299 1,271 11,570 |
2022 Total funds £ - 10,000 2,732 964 13,696 |
|---|---|---|---|---|
2 Grants and donations
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).
| 4 Restricted funds Weir maintenance fund |
Balance b/f £ 20,509 20,509 |
Incoming £ 10,000 10,000 |
Outgoing £ 12,311 12,311 |
Transfers £ - - |
Balance c/f £ 18,198 18,198 |
|---|---|---|---|---|---|
Fund name Weir maintenance fund
Purpose of restriction
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.
| Tangible assets Cost At 1 September 2022 Additions At 31 August 2023 Depreciation At 1 September 2022 Charge for year At 31 August 2023 Net book value At 31 August 2023 At 31 August 2022 |
£ 5,800 999 6,799 3,763 1,263 5,026 1,773 2,037 Plant and Machinery |
£ 20,000 - 20,000 14,000 2,000 16,000 4,000 6,000 Fixtures |
£ 191,687 11,532 203,219 131,000 20,322 151,322 51,897 60,687 Boats |
£ 400,000 - 400,000 37,800 5,400 43,200 356,800 362,200 Land and Buildings |
Total £ 617,487 12,531 630,018 186,563 28,985 215,548 414,470 430,924 |
|---|---|---|---|---|---|
5 Tangible assets
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Bradford Amateur Rowing Club
Notes to the accounts continued
for the year ended 31 August 2023
| 6 Debtors and prepayments Debtors Amounts owed by subsidiary company Prepayments Other debtors 7 Creditors and accruals Accruals Subscriptions received in advance Other creditors |
2023 £ 10,000 6,594 5,925 - 22,519 2023 £ 968 19,629 - 20,597 |
2022 £ - 9,034 3,601 2,270 14,905 2022 £ 805 19,984 66 20,855 |
|---|---|---|
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 £8,394 in respect of use of the charity's property (2022: £4,598). At the year end the trading subsidiary owed a net amount of £8,394 to the charity (2022: £8,968). The trading subsidiary made a loss in the year ended 31 August 2023, and therefore there were no profits to donate to the charity (2022: £2,732).
BARC is also the sole member of Hirst Weir (company number 04827629). During the year BARC made its annual contribution to Hirst Weir towards maintenance costs.
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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 2023
| 2023 2022 Unrestricted Unrestricted funds funds £ £ Income Grants and donations 1,570 13,696 Membership Fees 34,601 30,557 Race entry and regattas 10,254 6,800 Bank interest received 837 66 Property income 6,295 4,598 Surplus on disposal of fixed assets - - Other Income 2,055 1,443 Total income 55,612 57,160 Expenditure British rowing levy 893 878 Boat maintenance 1,485 831 Equipment maintenance 7,186 1,539 Property maintenance 10,368 4,191 Heat, light and water 3,349 2,905 Council tax and refuse 315 367 Telephone and internet 563 435 Insurances 8,856 6,479 Cleaning 1,742 799 Administration 268 299 Race entries and travel 7,093 6,242 Miscellaneous 390 139 Weir maintenance - - Independent examination 726 600 Depreciation 28,985 29,622 Loss on disposal of fixed assets - 2,040 Total expenditure 72,219 57,366 Net income / (expenditure) (16,607) (206) Fund balances brought forward 604,204 604,410 Fund balances carried forward 587,597 604,204 |
2023 Restricted funds £ 10,000 - - - - - - 10,000 - - - - - - - - - - - - 12,311 - - - 12,311 (2,311) 20,509 18,198 |
2022 Restricted funds £ - - - - - - - - - - - - - - - - - - - - 750 - - - 750 (750) 21,259 20,509 |
2023 Total funds £ 11,570 34,601 10,254 837 6,295 - 2,055 65,612 893 1,485 7,186 10,368 3,349 315 563 8,856 1,742 268 7,093 390 12,311 726 28,985 - 84,530 (18,918) 624,713 605,795 |
2022 Total funds £ 13,696 30,557 6,800 66 4,598 - 1,443 57,160 878 831 1,539 4,191 2,905 367 435 6,479 799 299 6,242 139 750 600 29,622 2,040 58,116 (956) 625,669 624,713 |
|---|---|---|---|---|
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