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2021-12-31-accounts

Charity number: 1186490

THAMES SAILING CLUB

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

THAMES SAILING CLUB

CONTENTS

Page
Reference and administrative details of the charity, its trustees and advisers 1
Trustees' report 2 - 7
Independent examiner's report 8 - 9
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 12 - 21

THAMES SAILING CLUB

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021

Trustees Mr M J Kyte, Commodore Mr C W Gilbert, Vice Commodore Mr M J Hannaby, Rear Commodore (House) Mr M K Palmer Mrs C E Munday Mr J J Dunn Mr I P Rayner

Charity registered number 1186490 Principal office Portsmouth Road Surbiton Surrey KT6 4HH Accountants Wellden Turnbull Limited Albany House Claremont Lane Esher Surrey KT10 9FQ Bankers Barclays Bank PLC

Page 1

THAMES SAILING CLUB

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their annual report together with the financial statements for the year 1 January 2021 to 31 December 2021.

2021 was another disrupted year for the Club. Every activity was affected to a greater or lesser degree for the first 6 months, but we managed to return to a new normal during the Summer hosting some great events such as our 150th Pursuit Race and Regatta, a visit by HRH The Princess Royal, the SUP Battle of The Thames, and we reinstated Tuesday Suppers.

This report will seek to highlight what we have achieved in 2021 and the challenges that lay ahead for 2022 and beyond we will also outline how the trustees seek to deal with these.

OBJECTIVES AND ACTIVITIES

POLICIES AND OBJECTIVES

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the charity commission relating to public benefit. The Trustees have reviewed the charity's needs for reserves in line with the guidance issued by the Charity Commission and maintain sufficient unrestricted funds in order that the charity can run efficiently and continue to meets its aims.

What we are here to do:

It is worth repeating TSC’s charitable objects as this is what guides us as trustees, they are:

We will continue to achieve this by providing great sporting activity on the River Thames at Surbiton through the provision of Sailing and Stand Up Paddle boarding activities. These will include training, racing and general skills development and education.

ACHIEVEMENTS AND PERFORMANCE

REVIEW OF PROGRESS AND ACHIEVEMENTS

What did we achieve:

In 2021 our membership increased significantly in all areas as people continued to find Sailing and SUPing an outlet and a local alternative to further afield activities and holidays:

The year ended with 326 Memberships broken down into the following categories:

*Assumes 2 memberships for each Family membership

Page 2

THAMES SAILING CLUB

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

Membership numbers were boosted significantly in 2021 in the Full Sailing and Junior membership classes due to our policy of accepting trainees as members upon the successful completion of a training course. We find, year on year, that a high proportion of people choose not to renew. The challenge, as with previous years, is to engage with new members and to encourage them to continue to participate and to get involved with the Club. Although the responsibility for this lies mainly with our Sailing and SUPing Committee, we do look upon all members to actively participate here.

The membership ratio has increased to 35% female and 65% male (from 32/68%), and we continue to strive for a more balanced ratio.

Kingston University continues to be corporate member with a group of circa 15 water sport users. The students were able to return to use the facilities, but again lockdowns have restricted activity, and we hope that in 2022 the students can use the facilities to their full potential. It is still our intention to develop our associations with other local educational establishments to further promote water sports as powerful physical as well as overall wellbeing activity. This is likely to be a focus for growth in the near future, especially as we move toward fundraising for the Main Development Plan.

The training programme, whilst again initially constrained, was suitably expanded during the summer months and able to take advantage of many families being unable to go on holiday. As such we undertook 129 days of training (up from 73) to 337 individuals (up from 227). This was a significant increase on 2019 and 2020, and as such this has provided a significant boost into club funds (and club membership numbers).

We donated a number of training days to Kingston Hospital Trust in recognition of the fantastic work their staff undertook during the pandemic. We are looking to undertake a water sports challenge with them in 2022.

Whilst we secured planning permission in 2018 for the replacement of the boat shed and changing rooms, we had to re-apply for planning permission due to the time that had elapsed. Despite submitting this in Spring 2021, we are still awaiting the decision by our local Council.

HRH Prince Philip, The Duke of Edinburgh

The Club was saddened to hear of the passing in April of our Patron, HRH Prince Philip. He had been the patron of the Club since 1959 and last visited the Club in 2010 to support our 140th Anniversary. We were very fortunate in the week of his passing to receive a letter of congratulations from him that was incorporated as the forward to our 150th anniversary book.

We have applied to Her Majesty The Queen, for a successor to his patronage, for which we are awaiting a response.

150th Anniversary Celebrations

As we were not able to celebrate our 150th anniversary formally during 2020, we deferred this to 2021 when we were able to undertake a number of events.

We were very grateful to be visited by HRH The Princess Royal in her capacity of President of the RYA at the end of June. We were we able to undertake a number of races for sailors in various classes, including our junior members, as well as a SUP megaboard race with her awarding the prizes. She subsequently provided us with a supporting letter for our Main Development Plan.

Following this, we undertook a 150th Anniversary Pursuit Race and our 150th Anniversary Regatta, both of which were a success. The Pursuit Race is now a fixture on our annual sailing calendar, and thanks to a donation from Mark Laity, we have a new recurring trophy to award each year.

Page 3

THAMES SAILING CLUB

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

150th Anniversary Book

Mark Laity, our Club Historian, assisted by Christine Vranze, wrote and produced a book on behalf of the Club entitled ‘A Very Little Happy World – One hundred and fifty years of sailing on The Thames’. This was a centre piece of our 150th celebrations and became a great talking point.

Funded by the Club and donations from an article written for Classic Boat magazine along with a speaking engagement fee, as well as another donation from the Rater Association, 500 copies of the book were produced; a mixture of hard and softback. A total outlay of £7,418 .

We are pleased to report that we have sold and gifted over 300 copies in 2021, including many sales abroad; United States, Canada, Australia, New Zealand, Switzerland, Germany, France, Netherlands, and Italy to name but a few. Bringing in an income of £6,672 in 2021. Additionally, we have been able to channel sales through a local bookshop in Surbiton, as well as through local sailing clubs

Sales of the book to date, and the donations received, have been sufficient to cover the cost of production. We are now starting to make a profit. This is a remarkable achievement for only 6 months of sales. We have retained a block of books for promotional activities and have stock in hand of approximately 140 copies that will generate additional sales.

FUNDRAISING ACTIVITIES AND INCOME GENERATION

Fundraising for our Main Development Plan, replacing the boat storage and changing rooms, was unable to commence in 2021. This was due to the general climate of fund raising, Covid, and the focus on day-to-day activities.

We will restart fundraising in 2022 and we are intending to engage professional fundraisers to help us take forward these efforts. In return for a fee, such a company will help us to establish goals, find charitable bodies, companies, and individuals who will be willing to donate towards our project, as well as help us see this through to a staged completion. A legacy, received from one of our late Club members, has been allocated to this project.

FINANCIAL REVIEW

REVIEW OF FINANCIAL ACTIVITIES AND AFFAIRS

Total income has risen significantly, principally as a result of:

Page 4

THAMES SAILING CLUB

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

We did incur increased expenditure in the form of boat repairs, and maintenance works to the Club’s facilities ahead of the HRH Princess Royal visit in June:

We achieved a surplus for the year of £51,930 which is an exceptional result in light of the slow start to 2021. It remains to be seen however, with foreign summer holidays being more accessible and Covid restrictions being lifted, whether we can repeat the same levels of income and activity in 2022.

We have taken the decision as the Trustees and General Committee to apply increases to the Membership Fees from 1st January 2023. This last time this was increased was January 2019, four years ago. We believe that the increases still represent great value for money for all our members, and on the whole are less than inflation over this four-year period. Any additional income gained by the Club will continue to go towards the upkeep of the Club, our facilities, our equipment, and supporting the use of our unrivalled extensive river frontage. Continuing to improve these areas is clearly of great benefit to all our members and makes us more attractive to prospective members.

For 2022, we have agreed to invest in three new club sailing boats, and to start a programme of annual renewal of our older craft to spread out the cost of investments required. Additionally, we are looking to replace the SUP boards that were purchased in 2021 with new boards. These will be offered for sale to Club members at competitive rates and helps to ensure the Club’s equipment is kept up to date and attractive for usage.

PRINCIPAL RISKS AND UNCERTAINTIES

The Trustees undertook an exercise in 2020/21 looking at the main risks that TSC has. These broadly fall into three categories: Reputational, Financial and Physical risks.

Reputational risks: These relate to the good governance of the club and of its activities, these are constantly reviewed and the presence of a monthly General Committee meeting seeks to mitigate these risks. Also the employment of professional trainers and service providers also aids the mitigation of these risks.

Financial risks: Primarily these are around the good and safe management of club funds. As previously outlined the use of a transparent accounting system has aided this process. We are vigilant of various frauds and attempts to extract back account details which we monitor carefully. The principal areas of income are Membership, Training, Berthing and bar income. We continue to have risk relating to the lack of diversity within the club and the age profile of the club which we are actively mitigating.

Physical risks: There is a risk of flooding which has been minimised by the building of facilities at appropriate levels and we will continue with this approach in the future. We have also previously conducted a comprehensive asbestos survey and removed any immediate and significant threats of contamination.

GOING CONCERN

The Trustees take the view that the level of risk reserve and cash held is acceptable given the current economic climate in which the charity is operating. The Trustees have a reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future. As shown in our accounts, our cash position continues to demonstrate that we are able to fund our revenue expenditure and invest in modernisation of our facilities. We believe that there are no material uncertainties that call into doubt the charity’s ability to continue and the accounts have therefore been prepared on the basis that the charity is a going concern.

INVESTMENTS POLICY

At this time our principal investments sit in a bank deposit account as this provides the most flexible approach. We have a deposit account for the development of the boat storage and changing facilities. As funds accumulate, we may choose to invest these in investment products that provide a better return, but with appropriate access notice.

Page 5

THAMES SAILING CLUB

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

CONSTITUTION

Constitutional structure

Thames Sailing Club, registered as a charity on 20 November 2019, Charity No 1186490 and is incorporated as a Charitable Incorporated Organisation.

Charitable objects and Public Benefit

The Trustees confirm that they have complied with the duty in Section 4 (4) of the Charities Act 2011 by referring to the Charity Commission’s general guidance on public benefit when reviewing the aim and objectives of the Club and in planning its future activities.

The opportunity to benefit is not restricted by any constraint other than our capacity to provide an activity or service at Portsmouth Road, Surbiton, KT6 4HH.

Board of Trustees

Our Trustees have ultimate responsibility for directing our charity, ensuring that it is solvent, well-run, and delivering the charitable outcomes for the benefit of the public for which it has been set up.

Statement of Trustees' responsibilities and Management of TSC

Commodore Acts as Chair of Trustees and manages the overall direction and operation of the Club. He chairs monthly General committee meetings and quarterly Trustee meetings.

Vice Commodore Responsibility is to maintain and develop the water sport activities. He chairs the Sailing and SUPing Committee which organises and manages all water sport activities including training, participation and major events such as Battle of The Thames and TSC Open sailing regattas, as well as the maintenance of all club craft.

Rear Commodore (House) Responsible for the maintenance of the site and buildings.

Rear Commodore (Events) Responsible for running activities within the club such as sailing suppers and club bonding events.

Elected Trustees There are up to 4 elected trustees whose responsibility can vary from time to time but help ensure that the club is driving towards its goals and help the flag officers from time to time on particular projects or activities. Miles Palmer is chairing the Development Committee, Carolyn Munday is Treasurer.

As stated on page 1, Matthew Kyte, Christopher Gilbert, and Matthew Hannaby (resigned 23 May 2022) held the office of Commodore, Vice Commodore and Rear Commodore (House) respectively from 28 February 2021, having taken over from Miles Palmer, Matthew Kyte and Ian Patrick Rayner.

ORGANISATION

The Trustees who have served during the year and since the year end are set out on the legal and administrative information page. Trustees are appointed by the board of trustees and are appointed for a limited period in accordance with Charity guidelines. New trustees, if required, would be recruited on a 'skills required' basis and would be inducted and trained by attending Trustee meetings. The Trustees meet regularly and, in any event, at least once a year, As long as there are not less than a quorum of trustees, decisions can be made by a majority of the trustees and any action or decision of that majority becomes effectual and valid.

Page 6

THAMES SAILING CLUB

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

KEY VOLUNTEERS

TSC is built on the basis that all of its members are volunteers helping with the day to day operation and maintenance of the site.

TRUSTEES' RESPONSIBILITIES STATEMENT

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Trustees, on 21 July 2022 and signed on their behalf by:

Mr M J Kyte, Commodore Trustee

Page 7

THAMES SAILING CLUB

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THAMES SAILING CLUB (the 'charity')

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2021.

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.

RESPONSIBILITIES AND BASIS OF REPORT

As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

INDEPENDENT EXAMINER'S STATEMENT

Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

Page 8

THAMES SAILING CLUB

INDEPENDENT EXAMINER'S REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

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.

Signed:

Dated: 3 August 2022

Robin John, FCA CTA

WELLDEN TURNBULL LIMITED

Albany House Claremont Lane Esher Surrey KT10 9FQ

Page 9

THAMES SAILING CLUB

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Note
INCOME FROM:
Donations and legacies and grants
2
Charitable activities
2
Trading activities
2
Investments
4
TOTAL INCOME
EXPENDITURE ON:
Direct expenditure
3
Indirect expenditure
5
TOTAL EXPENDITURE
NET INCOME BEFORE INVESTMENT GAINS
Net gains on revaluation of Charity's property
NET INCOME BEFORE OTHER RECOGNISED GAINS AND
LOSSES
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2021
£
38,183
105,259
26,885
12
170,339
82,095
36,314
118,409
51,930
-
51,930
51,930
1,104,451
1,156,381		 Total
funds
2021
£
38,183
105,259
26,885
12
170,339
82,095
36,314
118,409
51,930
-
51,930
51,930
1,104,451
1,156,381		 Total
funds
2020
£
258,430
35,005
1,893
31
295,359
23,201
21,497
44,698
250,661
853,790
1,104,451
1,104,451
-
1,104,451

The notes on pages 12 to 21 form part of these financial statements.

Page 10

THAMES SAILING CLUB

BALANCE SHEET AS AT 31 DECEMBER 2021

Note
FIXED ASSETS
Tangible assets
8
CURRENT ASSETS
Stocks
9
Debtors
10
Cash at bank and in hand
CREDITORS:amounts falling due within
one year
11
NET CURRENT ASSETS
NET ASSETS
CHARITY FUNDS
Unrestricted funds
12
TOTAL FUNDS		 2021
£
£
1,026,679
1,500
6,698
131,636
139,834
(10,132)
129,702
1,156,381
1,156,381
1,156,381		 2020
£
£
1,010,917
712
4,661
94,662
100,035
(6,501)
93,534
1,104,451
1,104,451
1,104,451		 2020
£
£
1,010,917
712
4,661
94,662
100,035
(6,501)
93,534
1,104,451
1,104,451
1,104,451
1,104,451
1,104,451
1,104,451

The financial statements were approved by the Trustees on 21 July 2022 and signed on their behalf, by:

Mr M J Kyte Mrs C E Munday Trustee Trustee

The notes on pages 12 to 21 form part of these financial statements.

Page 11

THAMES SAILING CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.

Thames Sailing Club constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.

1.2 Income

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

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Investment income is accounted for in the period in which the charity is entitled to receive it.

Page 12

THAMES SAILING CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES (continued)

1.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation 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. Expenditure is classified by activity.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

All expenditure is inclusive of irrecoverable VAT.

1.4 Tangible fixed assets and depreciation

Depreciation is not provided on the freehold property which is fully maintained and revalued on a regular basis by the Trustees.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the statement of financial activities.

On the transfer of assets from the Thames Sailing Club by its members to the Charity, the Charity revalued the freehold property to its fair value which could be measured reliably. The revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period

Tangible fixed assets are carried at costor valuation , net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the costor valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property - not depreciated (see note above)
Plant and machinery - 10% p.a straight line
Fixtures, fittings and equipment - 20% p.a straight line
Safety boats - 10% p.a straight line
Club boats and boards - 20% p.a straight line

1.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

1.6 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Page 13

THAMES SAILING CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES (continued)

1.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.8 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.9 Creditors and Provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for and trade discounts due.

1.10 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the statement of financial activities as the related expenditure is incurred.

1.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

1.12 Taxation

The Thames Sailing Club is recognised as a charity by HMRC and benefits from exemption on income and gains to the extent they are applied for Charitable purposes.

1.13 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Page 14

THAMES SAILING CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. INCOME FROM DONATIONS AND LEGACIES AND GRANTS

Donations
Legacies
Government and other grants
Transfer of Thames Sailing Club's assets by its members to
the Charity
Total donations and legacies and grants
Total 2020
CHARITABLE AND TRADING ACTIVITIES
Charitable activities:
Membership, training, events and fundraising income
Trading activities:
Club hire, catering and bar income
Total		 Unrestricted
funds
Total
funds
2021
£
2021
£
6,255
6,255
20,000
20,000
11,928
11,928
-
-
38,183
38,183
258,430
258,430
2021
£
105,259
26,885


132,144		 Total
funds
2020
£
3,979
-
10,000
244,451
258,430
2020
£
35,005
1,893
36,898

Page 15

THAMES SAILING CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

3. EXPENDITURE ON DIRECT ACTIVITIES



Direct expenditure on charitable activities
Direct expenditure on fundraising activities
Direct expenditure on other activities
ACTIVITIES

Boats
Training
Sub total

Books and merchandising
Bar and catering costs

Total
4.
INVESTMENT INCOME
Unrestricted
funds
2021
£
Bank interest received
12
Total 2020
31
5.
ANALYSIS OF OTHER EXPENDITURE ON CHARITABLE ACTIVITIES
Unrestricted
funds
2021
£
Other expenditure on activities (see note 6)
36,314
Total 2020
21,497
2021
£
53,322
11,317
17,456
82,095

12,854
37,518
53,222

11,317
17,456

82,095
Total
funds
2021
£
12
31
Total
funds
2021
£
36,314
21,497		 2020
£
21,607
-
1,594
23,201
4,911
16,696
21,607
-
1,594
23,201
Total
funds
2020
£
31
Total
funds
2020
£
21,497

Page 16

THAMES SAILING CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

6. SUPPORT AND GOVERNANCE COSTS

Unrestricted
funds
Total
2021
£
£
Support costs
Office costs
4,922
4,922
Premises costs
28,849
28,849
Governance costs
Legal and professional costs
2,543
2,543
36,314
36,314
Total 2020
21,497
21,497
7.
NET INCOME/(EXPENDITURE)
This is stated after charging:
2021
£
Depreciation of tangible fixed assets:
- owned by the charity
5,321
Profit on sale of fixed assets
(500)
Independent Examiner's fees
2,160
During the year, no Trustees received any remuneration (2020 - £NIL).
During the year, no Trustees received any benefits in kind (2020 - £NIL).
During the year, no Trustees received any reimbursement of expenses (2020 - £NIL).		 Total
2021
£
4,922
28,849
2,543
36,314		 Total
2020
£
3,453
14,786
3,258
21,497
21,497 2020
£
5,701
-
1,800

Page 17

THAMES SAILING CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

8. TANGIBLE FIXED ASSETS

Cost or valuation
At 1 January 2021
Additions
Disposals
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
On disposals
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Freehold
property
£
1,000,000
-
-
1,000,000
-
-
-
-
1,000,000
1,000,000		 Fixtures,
fittings and
equipment
£
26,512
10,476
-
36,988
21,044
3,125
-
24,169
12,819
5,468		 Safety boats
Club boats and
boards
£
£
20,139
27,158
5,827
4,780
-
(500)
25,966
31,438
16,386
25,462
1,188
1,008
-
(500)
17,574
25,970
8,392
5,468
3,753
1,696		 Total
£
1,073,809
21,083
(500)
1,094,392
62,892
5,321
(500)
67,713
1,026,679
1,010,917

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THAMES SAILING CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

8. TANGIBLE FIXED ASSETS (continued)

Cost or valuation at 31 December 2021 is as follows:

At valuation
Freehold property has been valued on an open market value basis by the Trustees as at
31 December 2021.
 Land and
buildings
£
1,000,000
-
1,000,000

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

Cost
Accumulated depreciation
Net book value
9.
STOCKS
Bar stock for resale
10.
DEBTORS
Debtors
Prepayments and accrued income		 2021
£
146,210
-
146,210
2021
£
1,500
2021
£
3,803
2,895
6,698		 2020
£
146,210
-
146,210
2020
£
712
2020
£
2,550
2,111
4,661
11.
CREDITORS: Amounts falling due within one year
Creditors
Other creditors
Accruals and deferred income		 2021
£
5,674
863
3,595
10,132		 2020
£
1,283
863
4,355
6,501

Page 19

THAMES SAILING CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

12. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

Balance at 1
January 2021
£
Unrestricted funds
General Funds - all funds
1,104,451
STATEMENT OF FUNDS - PRIOR YEAR
Balance at
20 November
2019
Income
£
£
General Funds - all funds
-
295,359
Total of funds
-
295,359
SUMMARY OF FUNDS - CURRENT YEAR
Balance at 1
January 2021
£
General funds
1,104,451
SUMMARY OF FUNDS - PRIOR YEAR
Balance at
20 November
2019
Income
£
£
General funds
-
295,359		 Income
£
170,339
Expenditure
£
(44,698)
(44,698)
Income
£
170,339
Expenditure
£
(44,698)		 Expenditure
Balance at 31
December
2021
£
£
(118,409)
1,156,381
Gains/
(Losses)
Balance at 31
December
2020
£
£
853,790
1,104,451
853,790
1,104,451
Expenditure
Balance at 31
December
2021
£
£
(118,409)
1,156,381
Gains/
(Losses)
Balance at 31
December
2020
£
£
853,790
1,104,451

All assets and liabilities within the Trust are allocated as below.

Page 20

THAMES SAILING CLUB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Tangible fixed assets
Current assets
Creditors due within one year
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
Tangible fixed assets
Current assets
Creditors due within one year		 Unrestricted
funds
2021
£
1,026,679
139,834
(10,132)
1,156,381
Unrestricted
funds
2020
£
1,010,917
100,035
(6,501)
1,104,451

14. RELATED PARTY TRANSACTIONS

There were no related party transactions other than disclosed in the notes to the accounts.

15. CONTROLLING PARTY

There is no ultimate controlling party.

Page 21