Newbury Canoe Club Annual Report and Financial Statements for the Year Ended 31 May 2022
Newbury Canoe Club
Contents
| Reference and Administrative Details | 2 |
|---|---|
| Statement of Trustees' Responsibilities | 2 |
| Trustees' Report | 3 |
| Statement of Financial Activities | 5 |
| Notes to the Financial Statements | 6 |
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Newbury Canoe Club
Reference and Administrative Details
Trustees
Mr David Seward
Mr Michael Richman Mr Clive Williams Mr Edmund Cooper
Ms Lynne Hutcheon (Appointed 21 January 2022)
Secretary Mr Luke Moss Principal Office Newbury Canoe Club, The Wharf, Newbury, RG14 5DF Charity Registration Number 1180755
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and regulations.
Charitable law requires the trustees to prepare financial statements for each financial year. 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 charitable organisation and of its incoming resources and application of resources, including its income and expenditure, for that period.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable organisation's transactions and disclose with reasonable accuracy at any time the financial position of the charitable organization. They are also responsible for safeguarding the assets of the charitable organisation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the charity on
3[rd] April 2023
and signed on its behalf by:
Ed Cooper, Chairman and Trustee
David Seward, Trustee
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Newbury Canoe Club
Trustees' Report
The trustees, present the annual report together with the financial statements of the Charitable Incorporated Organisation (CIO) for the year ended 31 May 2022.
Objectives and activities
The objects for which the Club is established are:
The promotion of community participation in healthy recreation for the benefit of the inhabitants of Newbury and the surrounding neighbourhood by the provision of facilities for canoeing
Public benefit
Newbury Canoe Club provides facilities and training that enable individuals to experience the sport of canoeing. Canoeing can contribute towards the health and wellbeing of individuals through exercise and the contact with the outdoor environment.
The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and performance
The Income and Expenditure Account shows a surplus of £3,827.71 during the year. The canoe club has £40,056.67 available.
The Waterside series resumed post Covid-19 restrictions, resulting in a surplus of £7,947.04 on the Waterside series.
The club held three beginner training courses, bringing income of £3,385.00.
Membership fees generated £7,340.25 which is a 61% increase on last year. The members fees received covered the running cost of the club. The number of members at end of the year was 64
The club continues to build a healthy mix of leisure paddlers and marathon racing paddlers. The social aspect of the club has been developed considerably during this year.
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Structure, governance and management
Nature of governing document
Newbury Canoe Club (NCC) is a Charitable Incorporated Organisation (CIO) governed by its Memorandum and Articles of Association, registered at the Charities Commission in October 2018. NCC registered as a charity with the Charity Commission on 19[th] November 2018, Reg No. 1180755.
Trustees' Report
The annual report was approved by the trustees of the charity on;
3[rd] April 2023
and signed on its behalf by:
Ed Cooper, Chairman and Trustee
David Seward, Trustee
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Newbury Canoe Club - Year End Accounts - 31/5/2022
| Opening Balances Main Account £27,892.61 Waterside account £355.50 Membership account £7,980.85 Income: Waterside Entries £19,959.95 Membership £7,430.25 Training Courses £3,385.00 Donations £450.00 Events £2,514.50 Interest £1.09 Expenditure Waterside costs £12,012.91 Events £2,514.50 Rent £1,000.00 Insurance £2,011.74 BCU membership £353.20 Expenses £2,702.73 Equipment £4,817.09 Operational costs £2,305.41 Training Costs £2,090.50 Income/exp balance for the year Closing Balances Main Account £20,731.63 Waterside account £4,419.60 Membership account £14,905.44 |
£36,228.96 | |
|---|---|---|
| £33,650.79 | ||
| £29,823.08 | ||
| (£3,827.71) | ||
| £40,056.67 |
For the financial year ending 31 May 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The financial statements on pages 5 to 7 were approved by the trustees, and authorised for issue on 3[rd] April 2023 and signed on their behalf by:
Ed Cooper, Chairman and Trustee
David Seward, Trustee
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Newbury Canoe Club
Notes to the Financial Statements for the Year Ended 31 May 2022
1 Charity status
The charity is a Charitable Incorporated Organisation
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
As a small charitable incorporated organisation we have prepared a straightforward Income and Expenditure Account and provided details of the cash balance in the clubs bank accounts. In preparing this we have followed basic good accountancy practice.
Statement of compliance
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Newbury Canoe 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 notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.
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Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
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