Lakeland Rowing Club Unaudited Financial Statements for the year ended 31 December 2025 Company Registration Number 10768742 .£iAINT&CO qARTERED ACCOUNTANTS
LAKELAND ROWING CLUB LEGAL AND ADMINISTRATIVE INFORMATION Directors J A Mccumiskey A M Morgan D Pratt P R Eldridge Trustees J A Mccumiskey P R Eldridge V Gibson J McLeish (Appointed 7 April 20251 (Appointed 7 April 20251 Secretary M F Hammond Country of Incorpofatlon United Kingdom (England and Wales) 10768742 CharSty rezlstratlon England and Wale5 1174446 Reilstered office Bridge End Farm Ullock Workington CA14 4TP Independent ex3mlner lan Thompson BAIHons}, FCA Unit 78 Lakeland Business Park Lamplugh Road Cockermouth Cumbria CA13 OQT
LAKELAND ROWING CLUB CONTEKrs Page Directors, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financlal statements 6-15
LAKELAND ROWING CLUB DIREcfoRS' REPORT (INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their annual report and financial statements for the year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting polities set out in note I to the financial statements and compty with the club's 8overnin8 document, the Companies Art 2C(J6, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accountin8 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 IFRS 1021" Ob5ertives and actl¥ltles The club objectives are the promotion of community Participation in healthy recreation in particular by the provision of facilities for the sport of rowing. The club's activities are the provision of facilities, equipment, coaching, and tompetition 5UPPOrt for members of the club and it makes creatIOnal 5POrt, in particular rowing, available to members of the community. The directors have paid due regard to 8uldance issued by the Charity Commission in deciding what activities the club should undertake for the public benefit. Achlevements and perforn)ance This year we continued to attract new members to both adult and lunior sections through a successful learrb to row season, and enjoyed si8nificant success in the racing calendar. A bursary has been established to support members in financial difficulty. Fln•nclal revlew The committee are satisfied with the club's financial perfomance. Grants have been obtained to facilitate the purchase of additional equipment. notably racin8 boat5. The club aims to hold 12 month5 Worth of running costs in free reserves. Runnin8 Costs were around £18,000 this year, and the amount of free reserves (unrestricted funds not tied up in fixed assets) at the year end was £25,413. Plans for future perfod5 The club's future plans are aimed at increasing access to rowing for as wide a range of people as is possible, to continue to encourage young people to take up the sport. to increase the club's profile and presence in the rowing world by 8rowing its ability and experience to host rowing events on Derwent Water, and to identify a venve which is suitable for use as a permanent base for the club. stnule, go¥ernance and management The day to day attivities of the Company are managed by a committee which is formed as a subcommittee of the Board of Directors 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 DIRECTORS. REPORT (INCLUDING DIREcfoRS' REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 The direttors who served during the year and up to the date of signature of the financial statements were.. l A Mtcumiskey A fvl Morgan D Pratt P R Eldridge V Gib50n J MtLeish (Appointed 7 April 2025) (Appointed 7 April 20251 Trustees are appointed by the committee members. Small company pro¥lslon5 This report has beerb prepared in accordance with the provision5 applicable to companies entitled to the small companies exemption. The directors, report Wa5 approved by the Board of Directors. J A Mccumiskey Dlrector 17 March 2026
LAKELAND ROWING CLUB INDEPENDENf EXAMINER'S REPORT TO THE DIREcfoRS OF LAKELAND ROWING CLUB I report to the direttors on my examination of the finantial statements of Lakeland Rowing Club (the clubl for the year ended 31 December 2025. Responslbllities and basls of report As the directors of the club land also it5 directors for the purposes of company lawl, you are responsible for the preparation of the financial statements in actordance with the requirement5 of the Companies Act 2006. Having satisfied myself that the financial statements of the club are not required to be audited under Part 16 of the Companie5 Act 2CK16 and are eligible for independent examination, I report in respect of my examination of the club's financial statements carried out under section 145 of the Charities Act 2011. In carrying out ffly examination I have followed the Directions given by the Charity Commission under section 14515llbl of the Charities Act 2011. Independent examlner's ststernent I have completed my examination. I confirm that no matters have come to my attention in connection with Ihe examination giving rne cause to believe that in any material respect: accountin8 records were not kept in re5pert of the club as required by section 386 of the Companies Act 2IXI6. the financial statements do not accord with ihose record5.' or the financial statemenis do not comply with the accounting requirements of section 396 of the Companies Act 2(K16 other than any requirement thal the financial statements 8ive a true and fair view, which is not a matter considered as part of an independent examination,. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and Teporting by charities applicable to charities preparin8 their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concern5 and have come across no other matters in connertion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements lo be reached. lan Thornpson BAIHonsl, FCA Unit 7B Lakeland Busine55 Park Lamplugh Road Cockermouth Cumbria CA13 OQT 17 March 2026
LAKELAND ROWING CLUB STATEMEKf OF FINANCIAL AcnviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestrfrted Restrlcted fvnds fufids 2025 2025 Total Unre5trfcted Restrirted funds funds 2024 20Z4 Total 2025 2024 Notes Income from: Donations and legacies Charitable activities Investments 450 23,348 629 13,874 14.324 23.348 629 310 10.671 202 21,997 22,307 10,671 202 Total Income 24,427 13,874 38,301 11.183 21,997 33,180 Expendlture on: Charitable activities 27,484 2,759 30.243 18,817 3,489 22,306 Total expendlture 27,484 2.759 30.243 18.817 3,489 22.306 Net Incomellexpendlture) 13.0571 11.115 8.OS8 17,6341 18,508 10,874 Transfers between funds 16.lJXII N•t movement In lunds 2,943 5.115 8.058 17,6341 18,508 10,874 Retondllatlon of funds: Fund balances at l January 2025 59.133 18,508 77,641 66,767 66,767 Fund balances at 31 December 2025 62.076 23.623 85.699 59,133 18,508 77,641 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing actNities.
LAKELAND ROWING CLUB BALANCE SHEET AS AT 31 DECEMBER 2025 2025 2024 Notes Flxed assets Tan8ible assets 12 60.286 49,411 Current assets Debtors Cash at bank and in hand 13 2,924 23,449 9,488 19,042 26.373 28,530 Cfedltors: amounts falllnl due withln one year 14 19601 13CQI Net current assets 25,413 28,230 Totsl assets less current Ilablliti•s 85,699 77,641 The funds of the club Restricted income funds Unrestricted funds 15 16 23.623 62.076 18,508 59,133 85,699 77,641 The company is entitled to the exemplion from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2025. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2iJ16 with respert to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the directors on 17 March 2026. J A Mccumiskey Dlrector
LAKELAND ROWING CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2025 Accountlng pollcies Charlty Infomi3tlon Lakeland Rowing Club is a private company limited by guarantee incorporated in England and Wales. The registered office is Bridge End Farm. Ullock. Workington, CA14 4TP. 1.1 Basls of preparatlon The financial statements have been prepared in accordance with the club's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Charities SORP "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 IFRS 1021" The club is a Public Benefit Entity as defined by FRS 102. The club has taken advantage of ihe provisions in the SORP for charities not to prepare a statement of cash flows. The financial statements are prepared in sterling, which is the functional currency of the club. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical c05t convention. The principal accountin8 policies adopted are set out below. 1.2 Golni con¢em At the time of approving the financial statements. the directors have a reasonable expectation that the club has adequate resources to continue in operational existence for the foreseeable future. Thu5 the directors continue to adopt the going concern basis of accounting in preparin8 the financial statements. 1.3 Char5tsble funds Unrestricted fund5 are available for use at the discretion of the directors in furtherance of their charitable objectives. Designated funds are unrestricted funds eamiarked by the direttor5 for particular future project or commltment. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purpose5 and uses of the restrbcted funds a set out in the notes to the financial statements. 1.4 Income Income is recognised when the club is legally entitled to it after any perforniance conditions have been met, the amounts can be measured reliably. and it is probable that income will be received.
LAKELAND ROWING CLUB NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 310ECEMBER 2025 A(countlng policles Cash donations are recognised on receipt. Other donations are recognised once the club has been notified of the donation. unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the tlme of the donation. Legacies are recognised on receipt or otherwise if the club has been notified of an impendin8 distribution, the amount Is known, and receipt is expected. If the amount is not known, the legacy is treated as a contin8ent asset. Income from donated goods is measured at the fair value of the 8oods unle55 this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are reco8nised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. 1.5 Expendlture Expenditure is reco8nised once there is a legal or constructive obli8ation 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. Expendilure is classified by activity. The costs of e•ch actNity are made up of the total of direct costs and shared costs, including support cost5 involved in undertakin8 each activity. Direct COSts attributable to a single activity are allocaled 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 conslstent with the use of resources. Central Siaff costs are allocated on the basi5 of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Tanilble flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so a5 to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Plant and equipment IO% straight line The gain or1055 arising on the disposal of an asset is determined as the difference between the sale proceeds and the carryin8 value of the asset. and 15 recognised in the statement of financial activities. 1.7 lrnpalmlent of fixed assets At each reporting end date. the club reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any).
LAKELAND ROWING CLUB NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2025 Accounting policies 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months Of less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Flnanclal Instruments The club has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the club's balance sheet when the club becomes party to the contrartual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements. when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Baslc Ilnanclal assets Basic financial asset5, which include debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate ol interest. Financial asset5 classified a5 receivable within one year are not amortised. Baslc financlal1Sabllltles Basic financial liabilitie5, including creditor5 and bank loans are initially reco8ni5ed at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amort15ed. Debt instruments are subsequently carried at amortised cost. using the effectNe interest rate method. Trade creditors are obligations to pay for 8oods or services that have been acquired in the ordinary course of operation5 from supplier5. Amounts payable are classified a5 current liabilities if payment IS due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost Using the effective interest method. Derecognition of financial liab•lities Financial liabilities are derecognised when the club's contractual obligations expire or are discharged or cancelled.
LAKELAND ROWING CLUB NOTES TO THE FINANCIAL STATEMENTS ICONnNUED} FOR THE YEAR ENDED 31 DECEMBER 2025 Crftlcal accounting estimates and ludgements In the application of the club's accounting policies. the director5 are required to make judgements. estimates and assumption5 about the carrying amount of assets and liabilities that are not readily apparent from other source5. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donatlons and legacles Unrestrlrted Restrlrted fund5 funds 2025 2025 Total Unrestrlrted Restrlcted funds funds 2024 2024 Totsl 2025 2024 Donations and gifts Grants 450 6.450 7,874 310 310 21,997 7.874 21,997 450 13.874 14,324 310 21.997 22,307 Income from charltable attSvltles Unrestrlcted Unrestrlcted funds funds 2025 2024 Rowing club Memberships, sale5 and racing fees 23,348 10,671
LAKELAND ROWING CLUB NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Income from investments Unrestricted Unrestricted funds funds 2025 2024 Interest receivable 629 202 Empendlture on charitable actl¥ltOes RowSng club Rowlng club 202S 2024 Dlrect costs Depreciation and impairment Purchases Rent Repairs and maintenance Insurance IProfitl/loss on disposal of fixed assets 12,685 9,227 10,470 5,752 6C(I 1,894 2,661 3,631 3,159 li.(M)01 28,302 21,377 Sh•re of support and governance costs (see note 71 Support 1,941 929 30,243 22,306 Analysls by fund Unrestricted funds Restricted funds 27,484 2,759 18,817 3,489 30,243 22.306 10-
LAKELAND ROWING CLUB NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Support costs allocated to activities 2025 2024 Other office costs 1,941 929 Analysed between: Rowing club 1,941 929 Net movement in fvnds 2025 2024 The net movement in funds is stated after chargin{Creditingl- Fees payable for the independent examination of the charity's financial Statements Depreciation of owned tangible fixed assets 540 12,685 260 10,470 Dlrertors None of the directors lor any persons connected with them) received any remuneration or benefits, or had any expenses 1MbUrSed from the club during the year. 10 Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number Total There were no employees whose annual remuneration was more than £60.LKKI. 11 Taxation The charity is exempt from taxatK)n on its activities because all its income is applied for charitable purposes.
LAKELAND ROWING CLUB NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 12 Tanilble fixed assets ant and equlpment Al l January 2025 Additions Disposals 106,840 24,160 I1,5} At 31 December 2025 129,5(KJ Depreclatlon and lrnpalrnlent At l January 2025 Depreciation charged in the year Eliminated in respect of disposals 57,429 12,685 19(M)I At 31 December 2025 69,214 Carrylng amount At 31 December 2025 60,286 Al 31 December 2024 49,411 13 Debtors 2025 2024 Amounts fall1 due wlthln ont year: Prepayments and accrued income 2,924 9,488 14 Creditors: amounts falllng due withln one year 2025 2024 Accruals and deferred income 960 3CM) 12-
LAKELAND ROWING CLUB NOTES TO THE FINANCIAL sfATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 15 Restrfcted funds The restricted funds of the charity comprise the unexpended balances of donation5 and grants held on trust subject to specific condition5 by donors as to how they may be used. At l January 2025 Incomln8 resource5 Resources expended Transfers At31 December 2025 Rowing foundation equipment grant Donation for Filippi boat 18,508 7,874 12,7591 23,623 16,(KL)I I8.)8 13.874 12.7591 16,C#J)I 23,623 Prevlous year: At l January Incornini Resource$ 2024 resources empended Transfers At31 Dettmber 2024 Rowing foundation equipment 8rant 21.997 13.4891 18,508 The transfer from restricted fund5 to general funds relates to a donation for a new boat, which has been transferred to unrestricted funds after it was spent on the capilal asset for which it was intended. 13-
LAKELAND ROWING CLUB NOTES TO THE FINANCIAL sfATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 16 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific condilions by donor5 and grantors as to how they may be used. These include designated funds which have been set aside out of unre5trided funds by the trustees for specific purposes. At l January Incoming 2025 resources Resources expended Transfers At31 December 2025 John Inman Fund General funds 630 58.503 630 61,446 24,427 127,4841 59,133 24.427 127,4841 62,076 Pr•¥lous year: At l January 2024 Incomiry Re51)urce5 resources expended Transfers At31 December 2024 john Inman Fund General funds 11701 118,6471 630 58,503 66.767 11,183 18(M)I 66.767 11,183 118.817) 59,133 17 Analysls ol net assets between funds Unrestricted funds 2025 Restrirted funds 2025 Total 2025 At 31 December 2025: Tangible assets Current assetsllliabilitiesl 36,663 25.413 23.623 60,286 25,413 62,076 23,623 85,699 14-
LAKELAND ROWING CLUB NOTE5 TO THE FINANCIAL STATEMEpifs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 17 Analy515 of net assets between funds Unrertrfrted funds 2024 Restrlcted funds 2024 Total 2024 At 31 December 2024: Tangible assets Current assetsllliablliliesl 39,704 19,429 9,707 8,801 49,411 28,230 59,133 18,508 77.641 IB Related party transartlons The club's trustees are all members of the rowing club and pay annual membership fees at the Standard rate. 15-
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