**Charity number: 1186490**
## **THAMES SAILING CLUB**
**UNAUDITED**
**FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2023**
## **THAMES SAILING CLUB**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the charity, its trustees and advisers**|1|
|**Trustees' report**|2 - 6|
|**Independent examiner's report**|7 - 8|
|**Statement of financial activities**|9|
|**Balance sheet**|10|
|**Notes to the financial statements**|11 - 18|
## **THAMES SAILING CLUB**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023**
**Trustees** Mr M J Kyte, Commodore (resigned 19 February 2024) Mr M F Laity, Acting Commodore, Vice Commodore (appointed 28 March 2023) Mr C W Gilbert, Vice Commodore (resigned 28 February 2023) Mr K Pearson, Rear Commodore (Events & Promotions) (appointed 28 February 2023) Mrs C E Munday Mr M K Palmer Mr I P Rayner Mr J J Dunn Mr B Johncey (appointed 28 March 2023) **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 2023**
The Trustees present their annual report together with the financial statements for the year 1 January 2023 to 31 December 2023.
This report highlights our achievements in 2023, and our outlook for 2024 and beyond.
## **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:
- to promote community participation in healthy recreation by providing facilities for water sports ("facilities" means land, buildings, equipment and organising sporting activities);
- to provide and assist in providing facilities for sport, recreation or other leisure time occupation of such persons who have need for such facilities by reason of their youth, age, infirmity or disablement, poverty or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving their conditions of life; and
- to advance education of the public through the provision of training courses in water sports and related activities.
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 IN 2023**
## **What We Achieved:**
2023 was a year of normal operations for the Club. Changes in key Flag Officer positions (Vice Commodore, and Rear Commodore (Events & Promotions)) brought stability to those roles and enabled more focus on the needs of our members. A revival in Friday after-school youth sailing activities was a welcome return, and was a popular addition to the Club’s normal activities, and the introduction of smart new branded merchandise proved popular.
Our 2023 membership numbers were down on last year. Mostly due to a decline in individual SUP members of 24, whilst there were increases in other categories, notably Family Sailing membership which increased by 7 to 30.
The year ended with 184 Memberships broken down into the following categories:
30 Family Sailing memberships of multiple persons
- 8 Family SUP memberships of two persons
- 41 Full Sailing memberships
- 13 Junior memberships
- 52 SUP individual memberships
- 39 Supporting memberships
- 1 Young Adult Sailing Memberships
Page 2
## **THAMES SAILING CLUB**
## **TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023**
Kingston University continues to be a Corporate member with a group of circa 15 water sport users. It continues to be our intention to develop associations with other local educational establishments to further promote water sports as powerful physical as well as overall wellbeing activity.
Training got off to a slow start due to river conditions, with all sailing courses cancelled until May, and went on to have a busy summer season. The total income was similar to 2022 with a change in mix of courses towards powerboat away from adult SUP courses. We undertook 98 days of training (112 in 2022) to 297 students (301 in 2022). This continues to contribute significantly to the Club’s income.
The planning permission that we had previously secured in 2018 was renewed in 2022, starting the project is now reliant upon fundraising. In early 2023, following a review with external advisors, it was apparent that previous sources of funding had diminished post-Covid, and the cost of works increased significantly. This led the Trustees to determine that an alternative path for the future was required, and options were sought on how to achieve this in a staged manner.
The delays we have experienced in moving forward due to Covid has meant investment in the existing changing room facilities has taken a backseat. This, unfortunately, has led to a negative impact on member satisfaction in this space and is one of the areas most in need of upgrading now.
Matt Kyte resigned as Commodore in February 2024 after 3 years in position, and a total of 10 years on various committees, we thank him for his contribution to the life of the club. Vice Commodore Mark Laity took on the role of Chair of Trustees and acting Commodore.
## **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. The Trustees greatly appreciate every hour that our members give back to the club and we have started to measure the contribution they make. During 2023 over 270 volunteer days were recorded, and we believe that the true total is significantly higher than this.
## **PRIORITIES FOR 2024**
The future of the Club depends on the continued support and dedication of its members, many of whom volunteer week in and week out without fail. Volunteering at the Club has always been very much appreciated and continues to be one of our principal assets contributing to our community spirit and ensuring the Club continues to operate.
In order for the Club to continue to grow, we must diversify further and embrace other groups who can use our facilities and complement our current activities. To achieve this, we must also think about broadening our Trustee base outside of our traditional membership base, and bring in external expertise in other fields who can assist in our path forward.
In 2024, the Club needs to determine whether its previous ambition of a comprehensive development plan to replace the sail sheds and changing rooms is still feasible in today’s post-Covid climate, or whether a more simple, staged plan, replacing what we have on a like-for-like basis is more achievable.
To this end we will be consulting with the membership on the future ambitions of the site now more is known about the feasibility of fund raising, and rising construction costs.
Page 3
## **THAMES SAILING CLUB**
## **TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **FINANCIAL REVIEW**
## **REVIEW OF FINANCIAL ACTIVITIES AND AFFAIRS**
The operating surplus of £11,098 is approximately half that in 2022. Gross Income decreased slightly; the main change is due to increased costs.
The general club activities have increased. However, membership income was down by 7% on the previous year the hire of the clubhouse and carpark decreased slightly. Training income remained flat year-on-year.
Direct Costs of Training increased due to the mix of courses, repair costs, cost of boat rental etc. A reduced margin from Catering and the Bar had the largest effect in reducing our surplus.
## **PRINCIPAL RISKS AND UNCERTAINTIES**
The main risks 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. During the year regular Trustee meetings seek to mitigate these risks. Also, the employment of professional trainers and service providers aids the mitigation of these risks.
Financial Risks: Primarily these are around the good and safe management of club funds. A professional bookkeeping service was employed in 2023 which, together with the use of the cloud accounting system, has improved internal controls in this area. We are vigilant of various frauds and attempts to extract bank account details which we monitor. The principal areas of income are Membership, Training, Berthing & Storage, and Catering & 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 continue to address.
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. In February 2024 the Trustees approved the opening of a CCLA deposit account which provides a better return than the existing deposit accounts.
Page 4
**THAMES SAILING CLUB**
## **TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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.
**Vice Commodore** responsible for maintaining and developing the water sport activities. Is chair of the Sailing and SUP subcommittee 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 (Estate)** : responsible for the maintenance of the site and buildings.
**Rear Commodore (Events & Promotions)** acts as chair of the House subcommittee, responsible for running events and activities within the Club such as Tuesday suppers, and club bonding events.
**Treasurer** acts as chair of the Finance & Membership subcommittee responsible for all day to day financial matters for the Club, the generation of the accounts, and financial planning.
**Elected Trustees** There are up to 4 elected trustees whose responsibilities can vary from time to time but help ensure that the club is driving towards its goals and help the Flag Officers on particular projects or activities. Miles Palmer is chairing the Development Committee, Carolyn Munday is Treasurer, Justin Dunn and 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 generally appointed by the members at AGM, and are appointed for a limited period, in accordance with Charity guidelines as laid out in the constitution. 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 5
## **THAMES SAILING CLUB**
## **TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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 31 May 2024 and signed on their behalf by:
Mr M F Laity **Chair of the Trustees**
Page 6
## **THAMES SAILING CLUB**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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 2023.
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 7
## **THAMES SAILING CLUB**
## **INDEPENDENT EXAMINER'S REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023**
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 June 2024
Robin John, FCA CTA
## **WELLDEN TURNBULL LIMITED**
Albany House Claremont Lane Esher Surrey KT10 9FQ
Page 8
## **THAMES SAILING CLUB**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023**
|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 OTHER RECOGNISED GAINS AND**
**LOSSES**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
2023
£
1,537
101,518
49,974
1,436
154,465
101,553
41,814
143,367
11,098
11,098
1,180,976
1,192,074|Total
funds
2023
£
1,537
101,518
49,974
1,436
154,465
101,553
41,814
143,367
11,098
11,098
1,180,976
1,192,074|Total
funds
2022
£
751
101,112
54,680
132|
|---|---|---|---|
||||156,675|
||||89,182
42,897|
||||132,079|
||||24,596
24,596
1,156,380|
||||1,180,976|
The notes on pages 11 to 18 form part of these financial statements.
Page 9
## **THAMES SAILING CLUB**
## **BALANCE SHEET AS AT 31 DECEMBER 2023**
|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**|2023
£
£
1,026,429
3,450
12,323
165,847
181,620
(15,975)
165,645
1,192,074
1,192,074
1,192,074|2022
£
£
1,031,187
2,655
18,281
150,154
171,090
(21,301)
149,789
1,180,976
1,180,976
1,180,976|2022
£
£
1,031,187
2,655
18,281
150,154
171,090
(21,301)
149,789
1,180,976
1,180,976
1,180,976|
|---|---|---|---|
||||1,180,976|
||||1,180,976|
||||1,180,976|
The financial statements were approved by the Trustees on 31 May 2024 and signed on their behalf, by:
**Mr M F Laity Mrs C E Munday Trustee Trustee**
The notes on pages 11 to 18 form part of these financial statements.
Page 10
**THAMES SAILING CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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 11
**THAMES SAILING CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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 cost, net of depreciation and any provision for impairment. Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to write off the cost 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 12
**THAMES SAILING CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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.
## **2. INCOME FROM DONATIONS AND LEGACIES AND GRANTS**
|Donations
Total 2022|Unrestricted
funds
2023
£
1,537
751|Total
funds
2023
£
1,537
751|Total
funds
2022
£
751|
|---|---|---|---|
|||||
Page 13
## **THAMES SAILING CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
|**CHARITABLE AND TRADING ACTIVITIES**
Charitable activities:
Membership, training, storage, events and fundraising income
Trading activities:
Club hire, catering and bar income
Total
**3.**
**EXPENDITURE ON DIRECT ACTIVITIES**
Direct expenditure on charitable activities
Direct expenditure on fundraising activities
Direct expenditure on other activities
**ACTIVITIES**
Boat operating costs
Training
Sub total
Books and Merchandise
Bar and catering costs
Main development plan
Total|2023
£
101,518
49,974
151,492
2023
£
62,160
1,417
37,976
101,553
10,953
51,207
62,160
1,417
31,976
6,000
101,553|2022
£
101,112
54,680|
|---|---|---|
||||
||||
|||155,792|
|||2022
£
52,650
443
36,089|
||||
||||
|||89,182|
|||9,705
42,945|
||||
||||
|||52,650
443
29,315
6,774|
||||
||||
|||89,182|
|**4.**
**INVESTMENT INCOME**
Bank interest received
Total 2022|Unrestricted
funds
2023
£
1,436
132|Total
funds
2023
£
1,436
132|Total
funds
2022
£
132|
|---|---|---|---|
|||||
Page 14
## **THAMES SAILING CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **5. ANALYSIS OF OTHER EXPENDITURE ON CHARITABLE ACTIVITIES**
|Other expenditure on activities (see note 6)
Total 2022
**SUPPORT AND GOVERNANCE COSTS**
Support costs
Office costs
Premises costs
Governance costs
Legal and professional costs
Total 2022|Unrestricted
funds
2023
£
41,814
42,897
Unrestricted
funds
£
5,054
33,771
2,989
41,814
42,897||Total
funds
2023
£
41,814
42,897
Total
2023
£
5,054
33,771
2,989
41,814
42,897|Total
funds
2022
£
42,897|
|---|---|---|---|---|
|||||Total
2022
£
5,470
31,260
6,167
42,897|
||||||
||||||
||||||
||||||
## **6. SUPPORT AND GOVERNANCE COSTS**
## **7. NET INCOME/(EXPENDITURE)**
This is stated after charging:
||2023|2022|
|---|---|---|
||£|£|
|Depreciation of tangible fixed assets:|||
|- owned by the charity|7,414|7,342|
|Loss/(Profit) on sale of fixed assets|-|506|
|Independent Examiner's fees|2,376|2,268|
During the year, no Trustees received any remuneration (2022 - £NIL). During the year, no Trustees received any benefits in kind (2022 - £NIL).
During the year, 6 Trustees received reimbursement of purchases and direct costs made on behalf of the Club totalling £1,557 (2022 - £2,977).
Page 15
## **THAMES SAILING CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **8. TANGIBLE FIXED ASSETS**
|**Cost**
At 1 January 2023
Additions
At 31 December 2023
**Depreciation**
At 1 January 2023
Charge for the year
At 31 December 2023
**Net book value**
At 31 December 2023
At 31 December 2022|Freehold
property
£
1,000,000
-
1,000,000
-
-
-
1,000,000
1,000,000|Fixtures,
fittings and
equipment
£
36,988
2,056
39,044
27,350
2,717
30,067
8,977
9,638|Safety boats
Club boats and
boards
£
£
26,461
41,823
-
600
26,461
42,423
18,799
27,936
1,237
3,460
20,036
31,396
6,425
11,027
7,662
13,887|
Total
£
1,105,272
2,656
1,107,928
74,085
7,414
81,499
1,026,429
1,031,187|
|---|---|---|---|---|
Freehold property which had an original cost of £146,210 has been valued at £1,000,000 on an open market value basis by the Trustees as at 31 December 2023.
## **9. STOCKS**
|Bar stock for resale
**10.**
**DEBTORS**
Debtors
Prepayments and accrued income|2023
£
3,450
2023
£
8,320
4,003
12,323|2022
£
2,655|
|---|---|---|
|||2022
£
14,716
3,565|
|||18,281|
## **11. CREDITORS: Amounts falling due within one year**
|Creditors
Other creditors
Accruals and deferred income|2023
£
7,195
964
7,816
15,975|2022
£
13,655
863
6,783|
|---|---|---|
|||21,301|
Page 16
**THAMES SAILING CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **12. STATEMENT OF FUNDS**
## **STATEMENT OF FUNDS - CURRENT YEAR**
|Balance at 1
January 2023
£
**Designated funds**
Designated Funds - all funds
-
**General funds**
General Funds - all funds
1,180,976
Total Unrestricted funds
1,180,976
Total of funds
1,180,976|Income
£
-
154,465
154,465
154,465|Expenditure
£
-
(143,367)
(143,367)
(143,367)|Transfers
in/out
Balance at 31
December
2023
£
£
1,045,636
1,045,636
(1,045,636)
146,438
-
1,192,074
-
1,192,074|
|---|---|---|---|
The transfer of funds from the general fund to a designated fund by the Trustees relates to fixed assets of £1,026,429 and a designated capital fund of £19,207.
## **STATEMENT OF FUNDS - PRIOR YEAR**
|General Funds - all funds
Total of funds
|Balance at
1 January
2022
£
1,156,380
1,156,380|Income
£
156,675
156,675|Expenditure
Balance at 31
December
2022
£
£
(132,079)
1,180,976
(132,079)
1,180,976|
|---|---|---|---|
## **SUMMARY OF FUNDS - CURRENT YEAR**
|Balance at 1
January 2023
£
Designated funds
-
General funds
1,180,976
1,180,976|Income
Expenditure
£
£
-
-
154,465
(143,367)
154,465
(143,367)|Transfers
in/out
Balance at 31
December
2023
£
£
1,045,636
1,045,636
(1,045,636)
146,438
-
1,192,074|
|---|---|---|
## **SUMMARY OF FUNDS - PRIOR YEAR**
|Balance at|||Balance at 31|
|---|---|---|---|
|1 January|||December|
|2022|Income|Expenditure|2022|
|£|£|£|£|
|1,156,380|156,675|(132,079)|1,180,976|
General funds
Page 17
**THAMES SAILING CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **12. STATEMENT OF FUNDS (continued)**
All assets and liabilities within the CIO are allocated as shown in note 13.
## **13. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR**
||Unrestricted|Unrestricted|
|---|---|---|
||funds||
||2023||
||£||
|Tangible fixed assets|1,026,429||
|Current assets|181,620||
|Creditors due within one year|(15,975)||
||1,192,074||
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR**
||Unrestricted|Unrestricted|
|---|---|---|
||funds||
||2022||
||£||
|Tangible fixed assets|1,031,187||
|Current assets|171,090||
|Creditors due within one year|(21,301)||
||1,180,976||
## **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 18