THE CANTERBURY P]I￿RIMs BOAT CLUB Charitable In¢orpoTat¢d Organisation Reg. No. 1175543 Trustees, Report and Annual Accounts for the year ended 31 st December 2023 Page l of16 The Canterbury Pilgrims Boat Club THE CANTERBURY PILCRIMS BOAT CLUB Charitable Incorporated Organisation Reg. No. 1175543 Contents Page Legal and Adn]inistrativ¢ inforniation Trustees, report Statement of financial activities Balance sheet Notes 10-14 Page 2 of 16 The Canterbury PIlgrin￿ Boat Club THE CANTERBURY PILGRIMS BOAT CLUB Charitable Incorporated Organisation Reg. No. 1175543 Legal and Administrative Information Charitable Ineoryorated Organisation Name The Canterbury Pilgrims Boat Club Charity Registration Number 1175543 Registered and Operatlng Address The Grange High Street Long Wittenham Abingdon OX14 4QH Trnstees Alastair Brown Angus Forbes Ben Loxton-Edwvdrds Ed Thomyds Vicky Spencer Ewan Pearson Nigel Press {Retired and re-elected) Andrew Rudkin (Retired and re-eleet¢d) Management Committ¢¢ Alastair Browtk (Hon. Treasurer) Ben Loxton-Edwards (Chair) Ewan Pearson {Inveslments) Freddie Allinson (Membership Secretary) Nigel Press {Westber¢ Development) Tom Wingfi¢ld (Captsin of Boats) Angus Forbes (Hon. Secretary) Andrew Rudkin (Membership Seuetary) Jon Willian]son (Director of Rowing, The King's School Canterbury Boat Club) Waler Safety Advisor (Helena Barton) Welfare Officer Bankers Lloyds Bank plc 40 High Street Canterbury CTI 2SE Charities Aid Foundation 25 Kings Hill Avenue West Malling ME19 4TA Page 3 of 16 The Canterbury Pilgrims Boat Club THE CANTERBURY PILGRIMS BOAT CLUB Charitsble Incorporated Or8anisatÈon Reg. No. 1175543 Report of the Trustees Structure, Governance & Management The charity was fjrst established &8 an unincorporated association in 1946 and was registered as a ChaTitable InCo￿orated Oi¥anisalioD (CIO) on 3, November 2017. The power to appoint new Trust¢¢s is vested in the rnemb¢rship of the CIO. One third of the existing Tn￿teeS retires at Annual General Meeting and may seek re-election. The day-to-day operations of the Charity are delegated by the Trustees to a Management Committee whose members consist of a Chair" the Hon. Tr￿Vrer. th¢ HOL Secretary. the Director of Rowing at The King's School, Cant¢rbury ("the school"); the Water Safety Advisor. the WelfaTe Offi¢er' and not more than six othcr paid up member8 of the CIO all of whom are elected by the membership of the CIO al an Annual General Meeting for a period not exceeding. five years; they are eligible for reappointment. The Management Commiitre also comprises the Captains of Boats of the school Boat Club ex officio. New Trustees arc informed of their duties and r¢sponsibilities as Trustees and a full explanation of the charity's activities and managiement of its assets is given. New Trusfres are recruited from among fornier members of the school who will probably have rowed for th¢ school at some time. and from among other persons who seck to promote the objects of the CIO. Objeets & Activities Th¢ objects of the CIO are primarily '*0 advance the physical education foT the public benefit of students of all abilities at The King's School, Cantcrbury by participation in the sport of rowing through the provision of facilities, equipmenL financial and other support" We work closely Mryth the Director of Rowing and the Captsins of Boats of the school Boat Club in the provision and maintenance of equipmenL principally racing boats. financial support of coaching and training catnps. 8nd advice and support wh¢r¢ and wh¢never appropriate. The main aim of our activiti¢s is to ¢nsure that the school Boat Club is enabled to participate in competitive rowfftng. The TTUStees have taken into account Charity Commission guidance on the public benefit of the charity's activities: admission to the school is open lo any individual who m¢¢ts admission criteria set by the school from time to time, and the sport of rowing at the school is open to any student to pursue. It has been recognised anecdotally that rowing instils a sense of discipline and ornmitmeDt probably greater than any other team sport: these qualities can be carried into an individual's professional life and for the benefit of society at larg¢. Page 4 of 16 The Canterbury Pilgrims Boat Club THF. CANTERBURY PILGRIMS BOAT CLUB Charitable Incorporated thbianisaiion Reg. No. 1175543 Report of the Trustees - continued All the activities of the Trustees and members of the Management Committee are COnd￿ted on a voluntary basis. Achievements and Performanee in 2023 Activities this year included a small amount of fundrdising both for restricted alld UDrestricÉed. Addltionally we claimed historic gift aid on some scholarship fund fimdraising. A group of 9 Pilgrims took part in the Pilgrims Sportive (April 2023), this is an annua[ cycle from Putney to Callterbury. Financial Review This year our unrestricted income and expenditure was less than last year. There w¢re no major purchases The main source of unrestricted income is membership donations from some 85 paid- up members" this a[nOunt￿ to £1,459. We Continue to seek donations and l¢ga¢i¢s. As at 31 December 2023. our unrestrirt¢d reserves amount to £39,590, an incre&sc of £1276. This increase was chiefly accounted for by the aforementioned donations as well as increase in the valuation of investments by £444.85. As at 31, December 2023, ow Testricted reserves amount to £49175 an increase of £1,987 over the previous year, the rnajority of this is accounted investment income of £724.85 and increase of investment valualion of £494.27. Gift aid has not been claimed on income for this year. Thts will be claimed in future. As at 31, December 2023, our total reserves amounted to £88,765. Page S of16 The CarÈterbury Pilgrims Boat Club THE CANTERBURY PILGIUMS BOAT CLUB Charitable Incorporated Organisation Reg. No. 1175543 Reserves and Inveslment Policy Our reserves policy is to ensu￿ that we have sufficient liquid funds to meet our ongoing activities with a small surplus where possible. Our reserves as at 31 st December 2023 were adequat¢ to meet ow conttnuing support for the school Boat Club over the course of the following fU￿qnCIal year. We do not employ staff nor have any commitments bcyond those already noted in these financial statements, so we do not consider that we need to keep fr¢¢ reserves beyond a minimum level to fund immediate requirements. Our current investment policy is to build up a level of investments over time so that the income generated from those investments will be sufficient to fund our nonnal activities. Our current investment strat¢gy is to invest on a lotal return basis by placing funds solely with CCLA in their COIF Charities Investment Fund. This strategy has been agreed by the Trustees after considerdtioll of oih¢r investment tnanagers and funds. The aim of this CCLA fund is to achieve a wsitive long-tern] return, comprising both growth in capital and distributions from a dtv¢rsified portfolio which is inv¢sted in overscas and UK equities, with th¢ balance in infrastructure, contractual income, cash, property, fixed int¢r¢sL private equity and other alternative investments that meet our criteria. Page 6 of16 The Cantetbury Pilgrims Boat Club THE CANTERBURY PILC.RIMS BOAT CLUB Charitable Incorporated Organisation Reg. No. 1175543 Statement of Trustees, Responsibilities The Charities Act 2011 requires the Trustees to prepare financial statements for each financial y¢aT which give a tru¢ and fair view of the state of affairs of the charity and of the surplus or deficit for that period. In preparAng those financial statements, the Truste¢s ar¢ required to: select suitable accounting policies and then apply them consistently. make judgements and estimates that are reason0 000 o_ooo rvOO ￿}￿0 u)00 oorTt￿o