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2023-03-31-accounts

REGISTERED COMPANY NUMBER: CE013357 (England and Wales) REGISTERED CHARITY NUMBER: 1177297

Report of the Trustees and

Unaudited Financial Statements for the Period 1 March 2022 to 31 March 2023

for

NEWHAVEN GIG ROWING CLUB (SUSSEX)

Plus Accounting Chartered Accountants Preston Park House South Road Brighton East Sussex BN1 6SB

NEWHAVEN GIG ROWING CLUB (SUSSEX)

Contents of the Financial Statements for the period 1 March 2022 to 31 March 2023

Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6 to 7
Notes to the Financial Statements 8 to 14
Detailed Statement of Financial Activities 15 to 16

NEWHAVEN GIG ROWING CLUB (SUSSEX)

Report of the Trustees for the period 1 March 2022 to 31 March 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period 1 March 2022 to 31 March 2023. The trustees have adopted the provisions of 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).

Reflecting on the year since March 2022, Newhaven Gig Rowing Club (NGRC) has continued to expand with an ever-growing membership currently at 86 members, with 42 beginners signed up waiting to learn to row. Over the various age groups the membership is categorised as: 20 to 30 years - 6%, 31 to 40 years - 12%, 41 to 50 years -26%, 51 to 60 years 35%, 61 to 70 years - 14% and 70+ years - 7%.

According to East Sussex County Councils 'Deprivation Indices 2019' Newhaven is one of the most socio- economically and heath deprived areas of East Sussex and the Southeast as a whole. Local feedback from NGRC members has been very positive when describing their overall improvement in mental health and physical well-being. Our membership offers individuals the opportunity to participate in a sport which promotes the benefits of growing team spirit as well as strong links to the local community.

May saw the blessing and the launch of our newly purchased training gig, named in memory of our member John Carthew; supported partly by funding received from South East Business Boost. Equipping our new training gig in preparation for the roll out of junior rowing has been an ongoing project with a supplier sourced and delivery of junior oars scheduled ready for the go ahead with junior rowing in summer 2023. This being in collaboration with local youth organisations and promoted at our engagement and involvement at local community events such as the RNLI annual fete. We are grateful for the support the club has received from Lewes District Council, Newhaven Town Council and Sussex Community Foundation to help facilitate this.

Alongside this we have invested in the Club House to enable indoor rowing which has been invaluable during inclement winter months. We anticipate using this facility more to assist in the development of young rowers. This has included the overhaul of our ergometer rowing machines to provide a more consistent rowing opportunity all year round using the club house at the Railway Quay site.

Undoubtedly it was a good year for Amelie, our wooden gig boat who underwent a complete renovation and make over. As elm trees are being lost to disease, the club's focus was to look towards supporting sustainability of the environment and so renovate our existing wooden gig rather than look to scrap and replace. More cost effective and better for the natural environment; we are grateful for the support received towards this from Lewes District Council and The Housing Project Alongside our two current glass reinforced plastic training gigs, Amelie will further increase the capacity for NGRC to provide local inclusive rowing for members of all ages.

Over the year, the club has worked hard to widen the variety of rows available, from initial taster sessions, learn to row courses, technique and improver rows, social rows up the river Ouse and out into the bay, cake and picnic rows and more recently our race training crew rows in preparation for The Club's participation at the World Pilot Gig Championships at The Scillies in April 2023.

This year the club has also offered members opportunities to have great fun participating and supporting at rowing festivals and events. These have included: The Boat Race Day Festival of Rowing on the Thames; a trip to Dieppe to visit Club Nautique Dieppos Aviron to showcase rowing in a 4-oared Gig; Hamble River Raid; Bembridge Gig Fest and The Head of The Ouse Race.

Not all of our membership wish to participate in racing it is important to support social rowers and all members have had the chance to get involved in club activities to help run and support the club, meet new friends, and learn new skills. From building a new dock, to sanding oars to keeping our club house clean and our kit looked after to attending our popular Christmas party.

It is essential that the club retains a well-trained team of coxes and this year we have lost three valuable team members due to relocation. Continuity of rowing provision has been a priority where the club has empowered and trained three additional members of NGRC to take on coxing roles. This has been crucial for NGRC to continue to be able to both maintain and increase the participation of inclusive rowing opportunities available to our local community.

Page 1

NEWHAVEN GIG ROWING CLUB (SUSSEX)

Report of the Trustees for the period 1 March 2022 to 31 March 2023

An underpinning good governance structure has remained crucial for club expansion, where time has been allocated to reviewing and updating policies around Health and Safety Risk Assessment, to include junior rowing inclusion, safeguarding and increasing DBS checks being put in place. All committee members, coxes and competent rowers supporting Learn to row events have been successfully DBS checked.

The club website has been modernised and enhanced to project a welcoming inclusive invitation for the local community to get involved in rowing and join NGRC.

Alongside rowing activities, it has also been a pleasure for club members to get involved with community engagement and events and support other organisations. Some of our members supported Meeching and District Bonfire Society by acting as Marshalls at their procession and firework display. Additionally, we have collaborated with community event organisers to enable the use of our club house and the outside area for the Sea Magic community event at the Sidings in summer 2022 and more events are planned for the coming months.

We have also strengthened our links with neighbouring rowing clubs and are currently working together with both Affinity Rowing Club and Lewes Gig Rowing club to organise at the Seaford Bay Regatta planned for July 2023. Financially the club is both in a healthy position and clear on the commitments with our Donors with renewed focus around targeted fundraising.

Going forward, the challenges that the club continues to face are ever increasing running costs, such as berthing fees, comprehensive insurance cover, ongoing training costs for our coxswains, maintenance of boats and equipment renewals and servicing. With all best intentions the weather also affects how often the boats can get out to row, with bad weather forcing cancelations and loss of income especially during the autumn and winter months. We acknowledge and are thankful for the support we have received through the LDC Community Grant Award towards club expansion, and we look forward to another year successful year of continued club growth and inclusive rowing provision for our community.

Newhaven Gig Rowing Club The Sidings Railway Approach Railway Quay Newhaven East Sussex BN9 0DF admin@ngrc.co.uk https://ngrc.co.uk/

Registered Charity No: 1177297 Company Registration No: CE013357

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

CE013357 (England and Wales)

Registered Charity number

1177297

Registered office

Newhaven Gig Rowing Club The Sidings Railway Approach, Railway Quay Newhaven East Sussex BN9 0DF

Page 2

NEWHAVEN GIG ROWING CLUB (SUSSEX)

Report of the Trustees for the period 1 March 2022 to 31 March 2023

Trustees

M J Syrett (resigned 1.10.22) D A Allen (appointed 28.3.23) C A Dean C Powell (appointed 28.3.23)

Independent Examiner

Plus Accounting Chartered Accountants Preston Park House South Road Brighton East Sussex BN1 6SB

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ C A Dean - Trustee

Page 3

Independent Examiner's Report to the Trustees of Newhaven Gig Rowing Club (Sussex)

Independent examiner's report to the trustees of Newhaven Gig Rowing Club (Sussex) ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the period 1 March 2022 to 31 March 2023.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 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.

Chris Morey

Plus Accounting Chartered Accountants Preston Park House South Road Brighton East Sussex BN1 6SB

Date: .............................................

Page 4

NEWHAVEN GIG ROWING CLUB (SUSSEX)

Statement of Financial Activities for the period 1 March 2022 to 31 March 2023

Period
1.3.22
to Year Ended
31.3.23 28.2.22
Unrestricted Restricted Total Total
fund fund funds funds
as restated
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 3,021 20,581 23,602 36,017
Charitable activities
Charitable activities 14,278 - 14,278 8,746
Other trading activities 2 8,724 - 8,724 4,259
Investment income 3 67 - 67 1
Total 26,090 20,581 46,671 49,023
EXPENDITURE ON
Raising funds 5,776 183 5,959 489
Charitable activities
Charitable activities 18,906 11,440 30,346 25,188
Other - 5,531 5,531 -
Total 24,682 17,154 41,836 25,677
NET INCOME 1,408 3,427 4,835 23,346
Transfers between funds 13 (2,116) 2,116 - -
Net movement in funds (708) 5,543 4,835 23,346
RECONCILIATION OF FUNDS
Total funds brought forward
As previously reported 43,130 33,408 76,538 39,174
Prior year adjustment 7 - (14,018) (14,018) -
As restated 43,130 19,390 62,520 39,174
TOTAL FUNDS CARRIED FORWARD 42,422 24,933 67,355 62,520

The notes form part of these financial statements

Page 5

NEWHAVEN GIG ROWING CLUB (SUSSEX)

Balance Sheet 31 March 2023

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
8
33,260
CURRENT ASSETS
Debtors
9
-
Cash at bank
15,426
15,426
CREDITORS
Amounts falling due within one year
10
(2,882)
NET CURRENT ASSETS
12,544
TOTAL ASSETS LESS CURRENT
LIABILITIES
45,804
CREDITORS
Amounts falling due after more than one year
11
(3,382)
NET ASSETS
42,422
FUNDS
13
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
fund
£
12,879
-
17,585
17,585
(5,531)
12,054
24,933
-
24,933		 2023
Total
funds
as
£
46,139
-
33,011
33,011
(8,413)
24,598
70,737
(3,382)
67,355
42,422
24,933
67,355		 2022
Total
funds
restated
£
38,777
3,240
41,987
45,227
(16,607)
28,620
67,397
(4,877)
62,520
43,130
19,390
62,520

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 6

continued...

NEWHAVEN GIG ROWING CLUB (SUSSEX)

Balance Sheet - continued 31 March 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. C A Dean - Trustee

The notes form part of these financial statements

Page 7

NEWHAVEN GIG ROWING CLUB (SUSSEX)

Notes to the Financial Statements for the period 1 March 2022 to 31 March 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. OTHER TRADING ACTIVITIES

OTHER TRADING ACTIVITIES
Period
1.3.22
to Year Ended
31.3.23 28.2.22
as restated
£ £
Kit sales 2,874 2,542
Miscellaneous - 1,555
Event fees 5,527 -
Fundraising 323 162
Carried forward 8,724 4,259

continued...

Page 8

NEWHAVEN GIG ROWING CLUB (SUSSEX)

Notes to the Financial Statements - continued for the period 1 March 2022 to 31 March 2023

2. OTHER TRADING ACTIVITIES - continued

2. OTHER TRADING ACTIVITIES - continued
Period
1.3.22
to Year Ended
31.3.23 28.2.22
as restated
£ £
Brought forward 8,724 4,259
8,724 4,259
3. INVESTMENT INCOME
Period
1.3.22
to Year Ended
31.3.23 28.2.22
as restated
£ £
Deposit account interest 67 1
4. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Period
1.3.22
to Year Ended
31.3.23 28.2.22
as restated
£ £
Depreciation - owned assets 4,667 2,793

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the period ended 31 March 2023 nor for the year ended 28 February 2022.

Trustees' expenses

There were no trustees' expenses paid for the period ended 31 March 2023 nor for the year ended 28 February 2022.

continued...

Page 9

NEWHAVEN GIG ROWING CLUB (SUSSEX)

Notes to the Financial Statements - continued for the period 1 March 2022 to 31 March 2023

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund fund funds
as restated
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 17,777 18,240 36,017
Charitable activities
Charitable activities 8,746 - 8,746
Other trading activities 4,259 - 4,259
Investment income 1 - 1
Total 30,783 18,240 49,023
EXPENDITURE ON
Raising funds 489 - 489
Charitable activities
Charitable activities 14,449 10,739 25,188
Total 14,938 10,739 25,677
NET INCOME 15,845 7,501 23,346
Transfers between funds 5,000 (5,000) -
Net movement in funds 20,845 2,501 23,346
RECONCILIATION OF FUNDS
Total funds brought forward 22,285 16,889 39,174
TOTAL FUNDS CARRIED FORWARD 43,130 19,390 62,520

7. PRIOR YEAR ADJUSTMENT

In the year ended 28 February 2022, £14,018 was recognised as grant income. The conditions for receiving these grants were never met and as such should not have been recognised as receivable.

This has decreased the brought forward restricted reserves and other debtors by £14,018 at 1 March 2022.

continued...

Page 10

NEWHAVEN GIG ROWING CLUB (SUSSEX)

Notes to the Financial Statements - continued for the period 1 March 2022 to 31 March 2023

8.
TANGIBLE FIXED ASSETS
COST
At 1 March 2022
Additions
At 31 March 2023
DEPRECIATION
At 1 March 2022
Charge for year
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 28 February 2022
9.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 12)
Other creditors
Accrued expenses		 Plant and
machinery
£
46,046
12,029
58,075
7,269
4,667
11,936
46,139
38,777
2023
2022
as restated
£
£
-
3,240
2023
2022
as restated
£
£
1,414
14,332
5,531
-
1,468
2,275
8,413
16,607

continued...

Page 11

NEWHAVEN GIG ROWING CLUB (SUSSEX)

Notes to the Financial Statements - continued for the period 1 March 2022 to 31 March 2023

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023 2022
as restated
£ £
Bank loans (see note 12) 3,382 4,877
12. LOANS
An analysis of the maturity of loans is given below:
2023 2022
as restated
£ £
Amounts falling due within one year on demand:
Bank overdrafts - 12,918
Bank loans 1,414 1,414
1,414 14,332
Amounts falling between one and two years:
Bank loans - 1-2 years 2,829 2,829
Amounts falling due between two and five years:
Bank loans - 2-5 years 553 2,048
13. MOVEMENT IN FUNDS
Prior Net Transfers
year movement between At
At 1.3.22 adjustment in funds funds 31.3.23
£ £ £ £ £
Unrestricted funds
General fund 43,130 - 1,408 (2,116) 42,422
Restricted funds
Restricted fund 33,408 (14,018) 3,427 2,116 24,933
TOTAL FUNDS 76,538 (14,018) 4,835 - 67,355
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 26,090 (24,682) 1,408
Restricted funds
Restricted fund 20,581 (17,154) 3,427
TOTAL FUNDS 46,671 (41,836) 4,835

continued...

Page 12

NEWHAVEN GIG ROWING CLUB (SUSSEX)

Notes to the Financial Statements - continued for the period 1 March 2022 to 31 March 2023

13. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net Transfers
movement between At
At 1.3.21 in funds funds 28.2.22
£ £ £ £
Unrestricted funds
General fund 22,285 15,845 5,000 43,130
Restricted funds
Restricted fund 16,889 7,501 (5,000) 19,390
TOTAL FUNDS 39,174 23,346 - 62,520

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 30,783 (14,938) 15,845
Restricted funds
Restricted fund 18,240 (10,739) 7,501
TOTAL FUNDS 49,023 (25,677) 23,346

Restricted grants received in the year are as follows:

  1. Sussex Community Foundation grant of £5,000. This grant was received with the purpose of investing into another training boat and junior specific kit. In the year, no expenses have been recognised for this purpose, leaving a balance of £5,000 remaining.

  2. Lewes District Council Community grant of £10,000. This grant is to support the expansion of the rowing club by developing the existing Railway Quay. Expenses incurred with respect to this grant totalled £6,797. This leaves a balance of £3,203 remaining

  3. The Housing Project grant if £2,000. This grant was used for investing into equipment for the new training boat as well as replacement equipment for older boats. In the year, £2,000 was expensed, therefore no balance is carried forward.

  4. The final restricted grant received during the period is from Newhaven Town Council of £3,579.45, which was granted during the year. The grant is to be used towards the purchase of a 4 oar Cornish Gig. During the year, £1,455 was expensed, meaning that a balance of £2,124.45 remains to be carried forward.

continued...

Page 13

NEWHAVEN GIG ROWING CLUB (SUSSEX)

Notes to the Financial Statements - continued for the period 1 March 2022 to 31 March 2023

14. RELATED PARTY DISCLOSURES

There were no related party transactions for the period ended 31 March 2023.

Page 14

NEWHAVEN GIG ROWING CLUB (SUSSEX)

Detailed Statement of Financial Activities for the period 1 March 2022 to 31 March 2023

Period
1.3.22
to Year En ded
31.3.23 28.2.22
as restated
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 1,723 381
Grants 20,579 34,836
Use of Clubhouse 1,300 800
23,602 36,017
Other trading activities
Kit sales 2,874 2,542
Miscellaneous - 1,555
Event fees 5,527 -
Fundraising 323 162
8,724 4,259
Investment income
Deposit account interest 67 1
Charitable activities
Membership fees 5,532 2,861
Row fees 8,746 5,885
14,278 8,746
Total incoming resources 46,671 49,023
EXPENDITURE
Other trading activities
Event fees 5,767 -
Event overheads - 371
Bank loan interest 192 118
5,959 489
Charitable activities
Rent & marina fees 6,719 3,111
Insurance 601 330
Government body memberships - 305
Boat maintenance 9,086 1,139
Sundries 24 1,711
Repairs and renewals 1,011 256
Rowing equipment 1,455 636
Carried forward 18,896 7,488

This page does not form part of the statutory financial statements

Page 15

NEWHAVEN GIG ROWING CLUB (SUSSEX)

Detailed Statement of Financial Activities for the period 1 March 2022 to 31 March 2023

Period
1.3.22
to Year En ded
31.3.23 28.2.22
as restated
£ £
Charitable activities
Brought forward 18,896 7,488
Kit 2,742 2,906
Travel expenses 1,211 87
Plant and machinery 4,667 2,793
27,516 13,274
Other
Grants refunded 5,531 -
Support costs
Management
Light and heat 76 -
Training and coaching courses - 6,780
Accountancy 1,800 1,440
Publicity & advertising 53 -
Web services 149 220
Professional fees 336 3,474
2,414 11,914
Finance
Telephone 170 -
Bank charges 246 -
416 -
Total resources expended 41,836 25,677
Net income 4,835 23,346

This page does not form part of the statutory financial statements

Page 16