DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 **Registered number: 04178631 Charity number: 1168067** ## **DORCHESTER SAILING CLUB** **(A company limited by guarantee)** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED DECEMBER 31, 2023** DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 ## **DORCHESTER SAILING CLUB** ## **(A company limited by guarantee)** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the Company, its Trustees and advisers**|1| |**Trustees' report**|2 - 9| |**Independent examiner's report**|10 - 11| |**Statement of financial activities**|12| |**Balance sheet**|13 - 14| |**Notes to the financial statements**|15 - 24| DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 ## **DORCHESTER SAILING CLUB (A company limited by guarantee)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED DECEMBER 31, 2023** |**Trustees**|L Martins (appointed December 2, 2002)| |---|---| ||L O'Donald (appointed June 28, 2020)| ||N Macdonald (appointed December 18, 2016)| ||D Lewis (appointed February 28, 2021)| ||C Wellbelove (appointed March 7, 2017, resigned February 19, 2023)| ||C Gregory (appointed February 19, 2023)| |**Company registered**
**number**
04178631
**Charity registered**
**number**
1168067
**Registered office**
73 Southern Road
Thame
OX9 2ED
**Chief executive officer**
Nicola Macdonald
**Independent auditors**
Wellers
Milweye Court
73 Southern Road
Oxon
Thame
Oxfordshire
OX9 2ED|| Page 1 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 ## **DORCHESTER SAILING CLUB (A company limited by guarantee)** ## **TRUSTEES' REPORT FOR THE YEAR ENDED DECEMBER 31, 2023** The Trustees present their annual report together with the financial statements of the Dorchester Sailing Club for the Year January 1, 2023 to December 31, 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. ## **Objectives and activities** ## **a. Policies and objectives** The objective of the charity (DSC/the Club) is the promotion of community participation in healthy recreation by the provision of facilities for the sport of sailing and other water sports which are capable of improving physical health and fitness. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. ## **b. Strategies for achieving objectives** All of DSC's activities are directed towards its objects. The Club enables members of the public (of all ages and abilities and genders) to take part in sailing and other water sports which are capable of promoting physical health and fitness. It has a 16 hectare lake, boat launching facility, secure boat storage, a modern (accessible) clubhouse with changing rooms, and a training room. The Club provides the following activities throughout the year: - Racing (competitive racing on Sundays throughout the year and some informal/novice racing on Wednesdays from April to September); - Leisure sailing (including during periods of racing or training provided that sailors give way to boats that are racing, and avoid sailing through training groups, where possible); and - Training - as a recognised Royal Yachting Association (RYA) Training Centre, offering a wide range of dinghy sailing courses to both adults and children from the age of 8 (at different skill levels) under the internationally recognised National Sailing Scheme and Youth Sailing Scheme. The Club also provides training for the RYA Level 2 Power Boat Certificate and Assistant Instructor training for members aspiring to become instructors. - Race Coaching – informal sessions on Sunday mornings before races and occasional more advanced one day sessions. Page 2 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 # **DORCHESTER SAILING CLUB (A company limited by guarantee)** **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED DECEMBER 31, 2023** ## **Objectives and activities (continued)** The Club has a wide range of club sailboats and safety equipment which is available for hire for racing, leisure sailing and training purposes. The Club also has a fleet of power boats for the provision of safety cover and instruction during training, racing and other organised activities. DSC provides its sailing facilities to other organisations and the facility of the lake and changing rooms to other water sports clubs. ## **c. Public Benefit** The Trustees have had regard to the Charity Commission’s guidance on public benefit. DSC's membership is open to all individuals (of all ages and genders) who wish to join the club, regardless of their sporting ability: there is no skill test for admission. This open membership is subject only to limitations on available facilities, equipment and resources. A waiting list for membership therefore exists when membership is oversubscribed, with the next available membership place being offered on a first come, first served basis. In relation to the other water sport clubs and organisations which DSC permits to use its facilities for training and event purposes, such clubs and organisations must operate on a not-for-profit basis. Their activities undertaken at DSC must also be supervised by suitably trained and certified persons, and adequate safety cover and full insurance cover must be in place. As with individual membership, DSC decides which clubs and organisations to allow to use its facilities dependent on their availability, again with use being offered on a first come, first served basis. Other water sport clubs and organisations which DSC permits to use its facilities for training and event purposes are not members of DSC and so it is not necessary to be a member in order to be a beneficiary of the charity. In terms of individuals however, individuals must be members to participate in sailing at DSC in a personal capacity (rather than as a result of membership of another club or organisation). The criterion for membership is that the individual must be interested in, and keen to take part in, sailing. Individual, joint and family memberships are available. Benefits to members are the use of DSC's facilities, the ability to hire club boats and safety equipment, and the option to participate in racing, leisure sailing and/or training activities at the club. However, usually the Club offers four-day youth sail training courses twice a year- during the Easter and Summer school holidays – which are open to the children of non-members. Also, adult non-members may attend the 6-day adult sail training course for a supplementary fee (see below). DSC's facilities are open 7 days a week throughout the year. There are no restrictions on members in terms of which facilities and services members can access. Regarding other clubs and organisations, DSC agrees in advance with such clubs and organisations which facilities it can access depending on their needs and availability. DSC charged the following annual membership rates for 2023: - Joining Fee (one-off payment): £30 - Single Membership annual subscription: £140 - Joint/Family Membership annual subscription (meaning 2 adults and any dependent children - - of either adult): £165 - Annual Boat Registration (each craft): £10 Page 3 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 ## **DORCHESTER SAILING CLUB** # **(A company limited by guarantee)** **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED DECEMBER 31, 2023** ## **Objectives and activities (continued)** - Annual Berth fee (per occupied berth): £50 Non-sailing membership is available to persons who have been full members for at least 10 years and who are no longer able to participate in sailing activities. The annual fee is £25. In addition to the above, DSC charges include the following: - Hire of club boats: from £5 per boat for a half day and £7.50 per boat per full day - Adult training course (6 days): £240 for members and £300 for non-members - Adult training for RYA Powerboat Level 2 certificate: £50 for members Youth sail training courses are provided free of charge to children in family memberships, and safety equipment is always provided to all participants free of charge. The fees for the youth courses open to the public (during school holiday periods) are £160 for non-members and £144 for members. Youth members who are trained to be Assistant Dinghy Instructors are given training to obtain the RYA Powerboat Level 2 certificate at no charge. Grants are available for joining fees (for 100% of the joining fee), membership fees (for up to 50% of the membership fees) and also for certification training/coaching or participation costs (for up to 50% of the costs subject to a maximum of £300). Grants towards membership fees are available for single, joint or family memberships. The trustees consider that DSC's charges, to both members and clubs/organisations, are set at a level which are reasonable and that the ability to pay the fees charged will not unreasonably restrict those who can benefit. ## **Achievements and performance** ## **a. Membership** The Club’s membership fell from 196 memberships in 2022 to 181 in 2023. The number of Family Memberships fell from 112 to 103 and Joint Memberships dropped from 32 to 24. Single Memberships rose slightly from 52 to 54. The number of individuals included in the 181 memberships is made up by: 54 adults with Single Membership 48 adults with Joint Membership 199 adults with Family Membership 217 children in Family Memberships Page 4 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 ## **DORCHESTER SAILING CLUB (A company limited by guarantee)** **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED DECEMBER 31, 2023** ## **Achievements and performance (continued)** ## **b. Training during 2023** We ran a 4-day youth holiday course for members and non-members in the Easter school holidays and 2 more such courses in August. We continued with our Sunday youth sessions; volunteer instructors continue to be the limiting factor in expanding these. Once again, we were unable to run a full adult course, but we did run a number of successful refresher sessions for adults returning to sailing. In total 100 RYA Certificates were issued to children, many of whom had not sailed before. 27 RYA Stage 3 certificates were issued – representing young sailors capable of sailing independently and taking part in club activities. We consider these figures to be good, representing good progress by the students who attended our courses. DSC continued to maintain relationships with other clubs and groups in the region. The annual National Schools regatta was able to take place and DSC once again took a leading role in the Oxfordshire team, with our volunteers looking after the bookings for the entire team and a number of our sailors achieving good results. Some of our young sailors who took part in this event several years ago now volunteer as young adult helpers. DSC sailors continue to compete individually at University, National and World level. We have been working with a local sea scout group who are developing a small team of instructors with a plan for them to become self sufficient in 2 years’ time when their current qualified senior instructor retires. Two of our assistant instructors qualified as full Dinghy Instructors and two of our experienced Dinghy Instructors started on the training to become Senior Instructors. Our numbers of qualified instructors remain unusually high for a club of this size, however other pressures mean they are only able to give us limited time and training new instructors whilst making the best use of the resources we do have remains a long-term priority. We were able to run Powerboat courses for the first time since 2019. We trained 4 members and 2 Assistant Instructors at the end of 2023. We have put plans in place for another course early in 2024, which will help provide qualified drivers for general club activities. The level of training we were able to deliver in 2023 was slightly above the level in 2022. We remain extremely fortunate to have a pool of capable and determined volunteers but, with changing leisure patterns and ever more calls on people’s time, the availability of these volunteers can never be taken for granted and we continue to invest in broadening the team to ensure we can maintain our activities in the future. Page 5 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 ## **DORCHESTER SAILING CLUB (A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED DECEMBER 31, 2023** ## **Achievements and performance (continued)** ## **c. Facilities Use by Others** Oxfordshire County Scouts Association (OCSA) did not restart its sail training activities at DSC in 2023 because OCSA did not have a Senior Instructor available to supervise. However, DSC loaned a number of sailing dinghies to OCSA for its Aquacamp event in Summer 2023 . OCSA’s fleet of sailing dinghies and associated equipment continue to be stored at DSC. Abingdon Sea Scouts had not carried out any activities at DSC since 2019 (due to COVID) but resumed activities in 2023.. Oxford Paddlers for Life (a charity providing support for people who have been affected by cancer) continued to use DSC’s facilities for their Dragon Boat rowing activities. During 2023 City Barge Rowing Club have used DSC’s lake for rowing their Venetian style boats when the Thames has been closed to rowers. They have also stored two of their boats at DSC. ## **Financial Review** ## **a** . **Financial risk management objectives and policies** DSC has freehold ownership of the lake and all of the surrounding land that it occupies. It owns outright all of the facilities and equipment that the Club provides for sailing activities, and owns all the buildings (although there is an outstanding mortgage of £5,074 for the building of a new clubhouse in 2010). DSC maintains adequate insurance cover for the risks associated with its activities and for loss of its equipment and buildings. The principal financial risks are from loss of income, due to a reduction in memberships or income from training activities or from a significant increase in expenses. Any events that may lead to the lake being unable to be used for sailing pose risks to the club’s finances if the cause is sustained for a long time. This may include events such as a severe and prolonged drought reducing the water level of the lake and making a significant area of the lake un-sailable. A similar risk is posed by pond weed growth. Little can be done to reduce the risks from drought; but DSC has an annual programme to restrict and control the problem of pond weed through the use of dye to inhibit growth and, if required, cutting and clearing the weed. In 2023 there was significant early weed growth despite using dye at a higher than normal concentration. The lake water level also fell during the summer. Hence we had to contract for 10 days of weed cutting, over the whole of the summer, to try to keep the lake sailable. During midsummer the lake became quite difficult to sail on over much of the area, though the weed then died away fairly quickly and did not regrow after a second cut and clear. This meant the annual budget for weed management proved insufficient and the club spent £5,014 more than budgeted on weed management. An annual budget of £7,875 is reserved for weed operations in 2024; this is to purchase dye and add it at a double concentration in the hope this will reduce the likelihood of having to cut the weed. The budget also allows for 3-4 days of cutting if required. Though we have seen a squeeze on personal finances, the Committee is proposing, at the upcoming AGM, a rise in membership and other club charges. These rises are due to the costs increasing for all utilities and services required to run the club. The Committee believe the rises are reasonable, but increase cost of membership coupled with deterioration in many people's financial situation may lead to a reduction in membership. Lastly the club is not immune to pressures from inflation, though inflation is expected to ease somewhat in 2024. Page 6 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 ## **DORCHESTER SAILING CLUB (A company limited by guarantee)** **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED DECEMBER 31, 2023** ## **Achievements and performance (continued)** Hence, the Committee believes the Club has the financial position to survive the risks stated above for the next financial year. The Club operates a general reserves policy of retaining £20,000 cash as a contingency reserve. DSC also retains £20,000 in a designated fund for infrastructure development. ## **b. Review year to 31/12/2023 income and costs** The year 2023 saw a return to normal for the club. The club ran an Easter Holiday and Spring training course as well as two Summer Holiday courses and an Autumn Weekend youth training. The take up was very good. Hence revenue from training is back to pre-pandemic levels. Membership numbers (both renewals and new members) reduced in the year, but not as much as forecast in our budget. Hence operating income exceeded the budget for the year at £68,163 . This included £5,803 of income, versus a similar amount in costs, from funding the NSSA regatta for members of DSC and other local sailing clubs. Operating costs increased in the year to £70,791 including depreciation. In 2023 we saw increases in insurance cost (up £1,272), water (up £2,717), telephone, electricity, power boat costs and many other inflation linked increases. The water increase comes from the significant increase in water costs hitting the club this year, coupled with a water leak which has now been fixed. Maintenance costs of the club property and boats is a fairly volatile item, though these costs are slightly lower than average on the year. Cash at bank increased by £698 to £144,618 including reserves. The club bought one Topper dinghy hull and three second hand Tera dinghies, increasing the capital account by £4,840. Depreciation in the year was £10,284, and mortgage repayments totalled £2,601 . Nearly 80% of the assets are accounted for by tangible fixed assets mainly consisting of freehold land (including the lake), buildings, boats and equipment used to provide the facilities for sailing and other water sport activities. Overall, the financial position of the Club worsened slightly over the year, with the club making a loss of £2,551 prior to mortgage repayments. This loss was caused by some exceptional items (a water leak and significantly increased cost of weed control), which are unlikely to re-occur. But the Club has sufficient reserves to offset this slight loss and any more significant downturn in revenues and costs in the next financial year. Hence, the trustees consider that the Club remains a going concern for the next twelve months at the minimum. ## **Structure, Governance and Management** ## **a. Organisation structure and decision making** The governing document is the Articles of Association as last amended on 28th February 2016. Dorchester Sailing Club is incorporated as a company limited by guarantee, has no employees and is run by volunteers. The charity has a minimum of three trustees (five in 2022) who are recruited from the body of members of the Club and elected by the members at the Annual General Meeting to serve for one year. Trustees may stand for re-election each year with no limit on the number of terms of office. The trustees are directors of the company. Page 7 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 # **DORCHESTER SAILING CLUB (A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED DECEMBER 31, 2023** ## **Achievements and performance (continued)** Day to day management of the Club and its activities is managed by the Management Committee comprising the trustees and other members of the Club elected at the AGM or co-opted. There were five non-trustee members of the Management Committee in 2022. ## **a. Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. ## **a. Constitution** Dorchester Sailing Club is registered as a charitable company limited by guarantee and was set up by a Trust deed. ## **b. Methods of appointment or election of Trustees** The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Page 8 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 ## **DORCHESTER SAILING CLUB (A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED DECEMBER 31, 2023** ## **Statement of Trustees' responsibilities** The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial Year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP (FRS 102); - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by: **----- Start of picture text -----**
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................................................ ................................................ **L O'Donald N Macdonald** Trustee Trustee Date: 21-03-24 Page 9 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 ## **DORCHESTER SAILING CLUB (A company limited by guarantee)** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED DECEMBER 31, 2023** ## **Independent examiner's report to the Trustees of Dorchester Sailing Club ('the Company')** I report to the charity Trustees on my examination of the accounts of the Company for the Year ended December 31, 2023. ## **Responsibilities and basis of report** As the Trustees of the Company (and 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 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 the Company's accounts carried out under section 145 of the Charities Act 2011 ('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 matters have come to my attention in connection with the examination giving me cause to believe: 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 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 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. This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report. Page 10 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 **DORCHESTER SAILING CLUB (A company limited by guarantee)** ## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED DECEMBER 31, 2023** Signed: Stuart P Crook Dated: FCA ## **Wellers** Milweye Court 73 Southern Road Oxon Thame Oxfordshire OX9 2ED Page 11 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 ## **DORCHESTER SAILING CLUB** ## **(A company limited by guarantee)** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED DECEMBER 31, 2023** |**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Investments
5
**Total income**
**Expenditure on:**
Charitable activities
6
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
**77**
**66,503**
**1,660**
**68,240**
**70,791**
**70,791**
**(2,551)**
**563,039**
**(2,551)**
**560,488**|**Total**
**funds**
**2023**
**£**
**77**
**66,503**
**1,660**
**68,240**
**70,791**
**70,791**
**(2,551)**
**563,039**
**(2,551)**
**560,488**|_Total_
_funds_
_2022_
_£_
_311_
_71,965_
_126_| |---|---|---|---| ||||_72,402_| ||||_69,462_| ||||_69,462_| ||||_2,940_| ||||_560,099_
_2,940_| ||||_563,039_| The Statement of financial activities includes all gains and losses recognised in the Year. The notes on pages 15 to 24 form part of these financial statements. Page 12 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 ## **DORCHESTER SAILING CLUB (A company limited by guarantee) REGISTERED NUMBER: 04178631** ## **BALANCE SHEET AS AT DECEMBER 31, 2023** |**Note**
**Fixed assets**
Tangible assets
9
**Current assets**
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within one
year
11
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
12
**Net assets excluding pension asset**
**Total net assets**
**Charity funds**
Restricted funds
14
Unrestricted funds
14
**Total funds**|**200**
**144,618**
**144,818**
**(6,987)**|**2023**
**£**
**425,843**
**425,843**
**137,831**
**563,674**
**(3,186)**
**560,488**
**560,488**
**-**
**560,488**
**560,488**|_200_
_143,919_
_144,119_
_(6,987)_|_2022_
_£_
_431,287_
_431,287_
_137,132_
_568,419_
_(5,380)_
_563,039_
_563,039_
_-_
_563,039_
_563,039_| |---|---|---|---|---| The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the Year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: Page 13 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 ## **DORCHESTER SAILING CLUB (A company limited by guarantee) REGISTERED NUMBER: 04178631** ## **BALANCE SHEET (CONTINUED) AS AT DECEMBER 31, 2023** **L O'Donald N Macdonald** Trustee Trustee Date: 21-03-24 The notes on pages 15 to 24 form part of these financial statements. Page 14 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 **DORCHESTER SAILING CLUB (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2023** ## **1. General information** Dorcheser Sailing Club is a company limited by guarantee. The registered office is 73 Southern Road, Thame, Oxfordshire, OX9 2ED. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Dorchester Sailing Club meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **2.2 Income** All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. ## **2.3 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. Page 15 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 **DORCHESTER SAILING CLUB (A company limited by guarantee)** # **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2023** ## **2. Accounting policies (continued)** ## **2.4 Tangible fixed assets and depreciation** Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis: |Freehold property|-|not depreciated| |---|---|---| |Plant and machinery|-|2% Straight line| |Motor vehicles|-|10% Reducing balance| |Fixtures and fittings|-|15% Reducing balance| |Computer equipment|-|33% Straight line| ## **2.5 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **2.6 Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **2.7 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. Page 16 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 ## **DORCHESTER SAILING CLUB (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2023** ## **2. Accounting policies (continued)** ## **2.8 Financial instruments** The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **2.9 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. ## **3. Income from donations and legacies** |**Unrestricted**
**funds**
**2023**
**£**
Donations
77
_Total 2022_
_311_
**Income from charitable activities**
**Unrestricted**
**funds**
**2023**
**£**
Provision of sailing & other watersports activities
66,503
_Total 2022_
_71,965_|**Total**
**funds**
**2023**
**£**
**77**
_311_
**Total**
**funds**
**2023**
**£**
**66,503**
_71,965_|_Total_
_funds_
_2022_
_£_
_311_| |---|---|---| |||_Total_
_funds_
_2022_
_£_
_71,965_| |||| ## **4. Income from charitable activities** Page 17 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 ## **DORCHESTER SAILING CLUB** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2023** ## **5. Investment income** |**Unrestricted**
**funds**
**2023**
**£**
Investment income
1,660
_Total 2022_
_126_|**Total**
**funds**
**2023**
**£**
**1,660**
_126_|_Total_
_funds_
_2022_
_£_
_126_| |---|---|---| |||| ## **6. Analysis of expenditure on charitable activities** ## **Summary by fund type** |**Unrestricted**
**funds**
**2023**
**£**
Direct costs
23,294
Repairs and maintenance
6,435
Insurance
7,363
Weed control
12,264
Printing, postage and stationary
307
Expenditure on governance
2,413
Telephone
999
Legal and professional
35
Rates
5,024
Cleaning
1,966
Bank charges
407
Depreciation
10,284
**Total 2023**
70,791
_Total 2022_
_69,462_|**Total**
**2023**
**£**
**23,294**
**6,435**
**7,363**
**12,264**
**307**
**2,413**
**999**
**35**
**5,024**
**1,966**
**407**
**10,284**
**70,791**
_69,462_|_Total_
_2022_
_£_
_26,427_
_10,854_
_6,091_
_7,416_
_37_
_2,813_
_857_
_40_
_2,136_
_1,872_
_282_
_10,637_| |---|---|---| |||_69,462_| |||| Page 18 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 ## **DORCHESTER SAILING CLUB (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2023** ## **7. Independent examiner's remuneration** ||**2023**|_2022_| |---|---|---| ||**£**|_£_| |Fees payable to the Company's independent examiner for the independent||| |examination of the Company's annual accounts|**2,400**|_2,400_| ## **8. Trustees' remuneration and expenses** During the Year, no Trustees received any remuneration or other benefits _(2022 - £NIL)_ . During the Year ended December 31, 2023, no Trustee expenses have been incurred _(2022 - £NIL)_ . ## **9. Tangible fixed assets** |**Cost or valuation**
At 1 January 2023
Additions
At December 31,
2023
**Depreciation**
At 1 January 2023
Charge for the Year
At December 31,
2023
**Net book value**
At December 31,
2023
_At December 31,_
_2022_|**Freehold**
**property**
**£**
**189,483**
**-**
**189,483**
**-**
**-**
**-**
**189,483**
_189,483_|**Plant and**
**machinery**
**£**
**283,735**
**-**
**283,735**
**81,533**
**5,675**
**87,208**
**196,527**
_202,202_|**Motor**
**vehicles**
**Fixtures**
**and fittings**
**£**
**£**
**81,968**
**60,148**
**4,840**
**-**
**86,808**
**60,148**
**50,976**
**51,537**
**3,319**
**1,292**
**54,295**
**52,829**
**32,513**
**7,319**
_30,992_
_8,611_|**Office**
**equipment**
**£**
**442**
**-**
**442**
**442**
**-**
**442**
**-**
_-_|**Total**
**£**
**615,776**
**4,840**| |---|---|---|---|---|---| ||||||**620,616**| ||||||**184,488**
**10,286**| ||||||**194,774**| ||||||**425,842**| ||||||_431,288_| Page 19 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 ## **DORCHESTER SAILING CLUB** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2023** ## **10. Debtors** |**Trade debtors**
**Due within one year**
Other debtors|**2023**
**£**
**200**
**200**|_2022_
_£_
_200_| |---|---|---| |||| |||_200_| ## **11. Creditors: Amounts falling due within one year** |Bank loans
Other creditors
Accruals and deferred income
**12.**
**Creditors: Amounts falling due after more than one year**
Bank loans
**13.**
**Financial instruments**
**Financial assets**
Financial assets measured at fair value through income and expenditure|**2023**
**£**
**1,888**
**2,700**
**2,399**
**6,987**
**2023**
**£**
**3,186**
**2023**
**£**
**144,618**|_2022_
_£_
_1,888_
_2,700_
_2,399_| |---|---|---| |||| |||_6,987_| |||_2022_
_£_
_5,380_| |||_2022_
_£_
_143,919_| Financial assets measured at fair value through income and expenditure comprise of cash and cash equivalents. Page 20 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 ## **DORCHESTER SAILING CLUB (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2023** ## **14. Statement of funds** |**Statement of funds - current Year**
**Balance at**
**January 1,**
**2023**
**£**
**Unrestricted funds**
**Designated funds**
Designated Funds - all funds
**-**
**General funds**
General Funds - all funds
**563,039**
**Total Unrestricted funds**
**563,039**|**Income**
**£**
**Expenditure**
**£**
**-**
**-**
**68,240**
**(70,791)**
**68,240**
**(70,791)**|**Transfers**
**in/out**
**£**
**10,000**
**(10,000)**
**-**|**Balance at**
**December**
**31, 2023**
**£**
**10,000**| |---|---|---|---| |**Unrestricted funds**
**Designated funds**
Designated Funds - all funds
**General funds**
General Funds - all funds
**Total Unrestricted funds**|||| ||||**550,488**| ||||**560,488**| Page 21 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 ## **DORCHESTER SAILING CLUB (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2023** ## **14. Statement of funds (continued)** ## **Statement of funds - prior Year** |**Unrestricted funds**
**Designated funds**
Designated Funds - all funds
**General funds**
General Funds - all funds
**Total Unrestricted funds**|_Balance at_
_January 1,_
_2022_
_£_
_-_
_560,099_
_560,099_|_Income_
_£_
_-_
_72,401_
_72,401_|_Expenditure_
_£_
_-_
_(69,461)_
_(69,461)_|_Transfers_
_in/out_
_£_
_10,000_
_(10,000)_
_-_|_Balance at_
_December_
_31, 2022_
_£_
_10,000_| |---|---|---|---|---|---| ||||||_553,039_| ||||||_563,039_| ## **15. Summary of funds** ## **Summary of funds - current Year** |Designated funds
General funds|**Balance at**
**January 1,**
**2023**
**£**
**-**
**563,039**
**563,039**|**Income**
**£**
**Expenditure**
**£**
**-**
**-**
**68,240**
**(70,791)**
**68,240**
**(70,791)**|**Transfers**
**in/out**
**£**
**10,000**
**(10,000)**
**-**|**Balance at**
**December**
**31, 2023**
**£**
**10,000**
**550,488**| |---|---|---|---|---| |||||**560,488**| Page 22 DocuSign Envelope ID: FF324C3B-882E-4648-A3EA-A763568722A1 ## **DORCHESTER SAILING CLUB** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2023** ## **15. Summary of funds (continued)** ## **Summary of funds - prior Year** |Designated funds
General funds|_Balance at_
_January 1,_
_2022_
_£_
_-_
_560,099_
_560,099_|_Income_
_£_
_-_
_72,401_
_72,401_|_Expenditure_
_£_
_-_
_(69,461)_
_(69,461)_|_Transfers_
_in/out_
_£_
_10,000_
_(10,000)_
_-_|_Balance at_
_December_
_31, 2022_
_£_
_10,000_
_553,039_| |---|---|---|---|---|---| ||||||_563,039_| ## **16. Analysis of net assets between funds** ## **Analysis of net assets between funds - current year** |**Unrestricted**
**funds**
**2023**
**£**
Tangible fixed assets
425,843
Current assets
144,818
Creditors due within one year
(6,987)
Creditors due in more than one year
(3,186)
Difference
1
**Total**
560,489
**Analysis of net assets between funds - prior year**
_Unrestricted_
_funds_
_2022_
_£_
Tangible fixed assets
_431,288_
Current assets
_144,119_
Creditors due within one year
_(6,987)_
Creditors due in more than one year
_(5,380)_
Other unallocated
(3)
**Total**
_563,037_|**Total**
**funds**
**2023**
**£**
**425,843**
**144,818**
**(6,987)**
**(3,186)**
**(1)**
**560,489**
_Total_
_funds_
_2022_
_£_
_431,288_
_144,119_
_(6,987)_
_(5,380)_
_(3)_
_563,037_| |---|---| Page 23