COMPANY REGISTRATION NUMBER: 10768742 CHARITY REGISTRATION NUMBER: 1174446 Lakeland Rowing Club Company Limited by Guarantee Unaudited Financial Statements 31 December 2024 SAINT & CO Chartered Accountants Unit 7B Lakeland Business Park Cockermouth Cumbria CA13 OQT Lakeland Rowing Club Company Llmited by Guarantee Flnancial Statements Year ended 31 December 2024 Page Trustees, annual report (incorporating the directors, report) Independent examinees report to the directors Statement of financlal activitles (Including Income and expenditure account) Statement of financial position Notes to the tinanclal 5tstements Lakeland Rowlng Club Company Llmlted by Guarantee Trustee5' Annual Report (Incorporating the Dlrectors, Report) Year ended 31 December 2024 The directors, who are also the directors for the purposes of company law. present thelr report and the unaudited financial statements of the company for the year ended 31 December 2024. Reference and administrative detalls Registered charlty name Lakeland Rowing Club Charlty reElStration number 1174446 Company reElstratlon number 10768742 Prlncipal office and reglstsred BridEe End Farm office Ullock Worklngton CA14 4TP The dlrecto J A Mccumiskey A M Morgan D Pratt P R Eldridge Company secretary M F Hammond Independent examiner lan Thompson BAIHonsl FCA Unlt 7B Lakeland Business Park Cockermouth Cumbrla CA13 OQT Structure• governance and management The day to day activities of the Company are managed by a committee which is formed as a subcommittee of the Board and is made up of Board members and elected members. The terms of reference are set by the Board and matters reseryed to the board are set out in the terms of reference. Lakeland Rowing Club Company Llmited by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) fcon(thuedJ Year ended 31 December 2024 Objettives and activities The club objectives are the promotlon of communlty partlclpatlon In healthy recreatlon In particular by the provision of factlities for the 5POrt of rowing. The Clubs actfvities are the provision of facilities, equipment and coaching and competition support for members of the club and it makes recreational sport, in parkncular rowing available to members of the community. Achlevements and performance This year we contlnued to attract new members to both adult and junior sections through a successful learn to row season, and enjoyed significant success in the raclng calendar. A bursary has been established to support members in financial difficulty. Flnanclal revlew The committee are satisfied with the club's financial performance, especially after completing the major new slte bulld. Plans for future perlods The Club future plans are aimed at Increaslng access to rowlng for as wlde a range of people as is possible. to continue to encourage young people to take up the sport, to increase the Clubs profile and presence in the rowln8 world by growing its ability and experlence to host rowing events and to identify a venue whlch Is suitable for use as a permanent base for the club. Small company provlslons This report has been prepared in accordance wlth the provisions applicable to companles entitled to the small companies exemption. The trustees, annual report {incorporatin8 the directors, report) was approved on 17 March 2025 and signed on behalf of the board of trustees by: J A Mccumiskey Dlrector Lakeland Rowing Club Company Limited by Guarantee Independent Examiner's Report to the Directors of Lakeland Rowlng Club . Year ended 31 December 2024 I report to the dlrectors on my examlnatfon of the financial statements of Lakeland Rowing Club I'the company,) for the yearended 31 December 2024. Responsibilities and basls of report As the directors of the company (and also its directors for the purposes of company law) you are responsible forthe p￿paration of the financialstatements In accordancewith the requirements of the Companies Act 2006 ('the 2006 ACV). Having satisfied myself that the accountsof the company are not requlred 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 companVs accounts as carried out under settion 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 examlner's statement I have completed my examlnation. I confirm that no matters have come to my attention in connection wlth the examlnation giving me cause to belleve: accounting records were not kept in respect of the company a5 required by section 386 of the 2006 Act. or the financlal statements do not accord wlth those records; or the financial statements do not comply with the accountlng requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and falr, vlew which Is not a matter considered as part of an independent examlnation; or the flnanclal statements have not been prepared in accordance with the methods and principle5 Of the Statement of Recommended Practice for accountfng and reportin8 by charlties applicable to charities preparing their accounts In accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102). Lakeland Rowing Club Company Limited by Guarantee Independent Examlner's Report to the Director5 of Lakeland Rowlng Club(contlnuedJ Year ended 31 December 2024 I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in thls report in order to enable a proper understanding of the accounts to be reached. lan Thompson BAIHons) Fcq Independent Examlner Unit 7B Lakeland Buslness Park Cockermouth Cumbria CA13 OQT Lakeland Rowing Club Company Llmlted by Guarantee Statement of Financlal Activities (Includlng income and expenditure account) Year ended 31 December 20Z4 2024 2023 Unrestricted funds Restricted funds Total funds Total funds Note Income and endowments Donations and legacies Charitable activities Investment Income 310 10.671 202 21.997 22,307 10,671 202 3,133 15,305 Total Income 11.183 21,997 33,180 18,438 Expenditure Expenditure on charitable activities &9 18,817 3.488 22,307 23,214 Total expendlture 18.817 3.488 22,307 23,214 Net Income/(expendlture) and net movement In funds (7.634) 18,509 10,873 (4,776) Reconclllatlon of funds Total funds brought forward Total funds carrled forward 66.767 66,767 71,543 59,133 18,509 77,642 66,767 The ststement of financial act(vities Includes all Bains and losses recognised In the year. All income and expenditure derive from continuing attivities. The notes on pages 8 to 15 form part of these financial statements. Lakeland Rowing Club Company Limited by Guarantee Statement of Flnancial Position 31 December 2024 2024 2023 Note Flxed assets Tangible fixed assets 12 49,411 49,095 Current assets Debtors Cash at bank and in hand 13 9,488 19,041 17,972 28.529 17,972 Credltors: amounts falllng due within one year 14 300 Net current assets 28,229 17,672 Total a55ets less current liabilhles 77,640 66,767 Net assets 77,640 66,767 Funds of the charlty Restrirted funds Unrestricted funds 18.509 59,133 66,767 Total charity funds 15 77,642 66,767 For the year endlng 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companles Act 2006 relating to small companies. Directors, responslbilities: The members have not required the company to obtain an audit of its financlal statements for the year in question in accordance with section 476; The directors acknowledge their re5ponsibiltties for complylng wlth the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance wlth the provisions applicable to companies subject to the small companie< regime. The statement of financial position continues on the following page. The note5 on pages 8 to 15 form part of these financial sL*ements. Lakeland Rowing Club Company Limited by Guarantee Statement of Financial Position (¢ondnuedJ 31 December 2024 These financial statements were approved by the board of trustees and authorised for issue on 17 March 2025, and are signed on behalf of the board by: J A Mccumiskey Director The notes on pages B to 15 fomi part of these financlal statements. Lakeland Rowlng Club Company Limlted by Guarantee Notes to the Finandal Statements Year ended 31 December 2024 General inforniation The company is a public benefft entity and a private company limited by guarantee. registered in England and Wales and a registered charity in England and Wale5. The address of the registered office is Bridge End Farm. UllocL Workington, CA14 4TP. Statement of cornplian These financial statements have been prepared in Complian￿ with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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) (Charities SORP (FRS 102)) and the Companies Act 2006. Accountlng pollcles Basls of preparation The financlal statements have been prepared on the hlstorical c05t basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterlin& which is the functional currency of the entity. Going con￿rn There are no material uncertainties about the charitvs abillty to continue. Judgements and key sources of estimation untrrtalnty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estirnates and judgements are continually reviewed and are based on experien￿ and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the directors for partlcular future project or commitment. Restricted funds are subjected to restrictions on their expenditure decla￿￿ by the donor or through the terms of an appeal, and fall into one of two sub-classes: restrlcted income funds or endowment funds. Lakeland Rowing Club Company Limited by Guarantee Notes to the Flnancial Statements (continued) Year ended 31 December 2024 AccountlnE pollcles (co￿l￿￿ed) Incomlng resources All incoming resources are Included in the statement of financial activities when entitlement has passed to the charity. It Is probable that the economic benefit5 a550ciated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policie5 are applied to particular categor5es of Income: income from donations orgrants Is recognised when there Is evidence of entitlement to the glft, receipt is probable and Its amount can be measured reliably. legacy Income Is recognised when receipt is probable and entitlement 15 established. income from donated goods Is measured at the fair value of the goods unless this is impractical to measure reliably, in which case thevalue Is derived from the cost to the donor orthe estimated resale value. Donated facilities and sen11￿S are recognised in the accounts when recelved if the value can be reliably measured. No amounts are Included for the contrlbution of general volunteers. income from contracts for the supply of ServI￿S is recognised wlth the delivery of the contracted service. This is classified as unrestrlcted funds unless there is a contractual requirement for itto be spent on a particular purpose and returned if unspent, in which case It may be ￿garded as restricted. Lakeland Rowing Club Company Limited by Guarantee Notes to the Financial Statements IMnthiuedJ Year ended 31 December 2024 Accounting policies Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VATwhich cannot be fully recovered, and is classified under headingsof the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising attivities, events, non- haritable trading activities. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity In undertaking activities that further its charitable aims for the benefit of its beneficiaries. including those support costs and costs relating to the governance of 'the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct cost5 attributable to a single activity are allocated directly to that act7vity. Shared costs are apportioned between the activities they contribute to on a reasonable. justifiable and consistent basis. Tangible assets Tangible assets are initialty recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depieciation and subsequent accumulated impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset. less its residual value. over the useful economic life of that asset as follows: Plant and machinery IO% straight line Impalrment of fixed assets A review for indicators of impairment Is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. whe￿ the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. 10 Lakeland Rowing Club Company Limited by Guarantee Notes to the Financial Statements 1¢onth￿￿) Year ended 31 December 2024 Accounting pollcies leonth￿l Flnancl31 Instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial Instruments are initially recognised at the amount receivable or payable includlng any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised atthe present value of thefuture paymentsdiscounted at a market rate of interest for a simllar debt Instrurnent. Current asset5 and current Ilabilities are subsequently measured at the cash or other consideration expected to be pald or re￿iVed and not dlscounted. Debt Instruments are subsequently measured at amortised cost. Llmlted by guarantee The Ilablllty of the members Is Ilmited to a sum not exceeding £1, being the the amount that each member undertakes to contribute to the assets of the charlty In the event of its belng wound up while he, she or it is a member or within one year after he. she or it ceases to be a member, for payment of the charity's debts and liabilities incurred before he, she or it ceases to be a member; payment of the costs, charges and expense5 of wlndlng up; and adjustment of the rights of the contributorle5 among themselves. Donations and legacles Unrestricted Funds Restricted Total Funds Funds 2024 Donations Donations 310 310 Grants Grants receivable 21,997 21,997 310 21,997 22,307 Unrestritted Fund5 Restricted Total Fund5 Funds 2023 Donatlons Donations 3,133 3,133 li Lakeland Rowing Club Company Limited by Guarantee Note5 to the Finanaal Statements fcontlnuedj Year ended 31 December 2024 Donatlons and legacles fcontknuedj Unrestricted Funds Restricted Total Funds Funds 2023 Grants Grants receivable 3,133 3,133 Charitable actlvltles Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Direct charitable artivities- rowing club 10,671 10,671 15.305 15,305 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Fund5 2023 Bank Interest receivable 202 202 Expendlture on charitable actlvltles by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Lakeland rowing club Support costs 17.889 928 3,488 21,378 929 18,817 3,488 22,307 Unrestricted Fund5 Restricted Total Funds Fund5 2023 Lakeland rowing club Support costs 22,301 913 22,301 913 23,214 23,214 12 Lakeland Rowlng Club Company Limited by Guarantee Notes to the Flnancial Statements f(onth￿l Year ended 31 December 2024 Expenditure an charitable actlvltles by actlvlty type Activities undertaken directly Support Total funds costs 2024 Total fund 2023 Lakeland rowing club 21,378 929 22,307 23,214 10. Net Income/(expenditure) Net income/{expenditure) Is stated after charging/(crediting): 2024 2023 Depreclation of tan8ible fixed assets Loss on dlsposal of heritsge assets 10,470 9,391 1,183 11. Trustee remuneration and expenses No trustee recelved remuneratlon durln8 the perS0d. Number of employees in the year: O (2023: 0) 12. Tanglble fixed assets Plant and machinery Cost At l January 2024 Additions 96,054 10,786 At 31 December 2024 106,840 Depreclatlon At l January 2024 Charge for the year At 31 December 2024 46,959 10,470 57,429 Carrying amount At 31 De￿rnber 2024 49,411 At 31 December 2023 49,095 13 Lakeland Rowlng Club Company Limited by Guarantee Notes to the Flnancial Statements {eonirnuedJ Year ended 31 De￿rnber 2024 13. DelJtor5 2024 2023 Prepayments and accrued income 9,488 l& Creditors: amounts falling due wlthln one year 2024 2023 Accruals and deferred income 300 300 15. Analysls of charitable funds Unrestrlcted funds At l January 20 24 At 310ecembe r 2024 Income Expendlture Transfers General funds John Inman Fund 66,767 11,183 (18,647) (170) (18,8171 (800) 800 58.503 630 66,767 11,183 59,133 At ljanuary 20 23 At 31 December 2023 Income Expenditure Transfers General funds John Inman Fund 71,543 18,438 {23,214) 66,767 71,543 18,438 (23,2141 66,767 14 Lakeland Rowing Club Company Limited by Guarantee Notes to the Flnancial Statements fconiinuedj Year ended 31 December 2024 15. Analysis of charltable funds Restrlcted funds At l January 20 24 At 31 Decembe r 2024 Income Expenditure Transfers Rowing Foundation equlpment grant 21,997 13,488) 18.509 At l January 20 At 31 December 2023 Income Expenditure Transfers Rowing Foundation equipment grant 16. Analy515 of net assets between funds Unrestricted Fund5 Restricted Total Fund5 Funds 2024 Tangible fixed assets Current assets Creditors less than l year Net assets 39,704 19,727 (300) 59.131 9,707 8,802 49.411 28,529 (300) 77,640 18,509 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Credltors less than l year 49,095 17.972 (300) 66,767 49,095 17,972 (300) Net assets 66.767 15