Charity nuntr. 1186490 THAMES SAILING CLUB UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEPIBER 2024 WELLDEN TURNBULL An indepondent fim of Chartered Accountonts. Chartered Tax A(fvisers and Statutory Audtt
THAMES SAILING CLUB R•f•ronc• and IdnnIStratIve d8ts118 crfth• Ghwlty. tts tnAta•6 and advlw• Ind•pwthrt 0mIn•t$ r•port 81•t•rnrtof fin•n¢ial acdvltl•8 8•In• *h•Dt 10 N¢th8 to th• flnand•l •tat•m•nt•
THA8 SAIUNG CLU8 REFERENCE AND ADMINISTrATIVE DAlLs OF THE cHilTy, TRUSTEES AND ADVISERS FOR THE YEAR ENt)ED 31 DECEMBER 2024 Mr M F Laity, Commodore Mr T A E Wlson. Vicè CommoJore18ppointed 23 June 2024) Mr K M Pearson, Rear cornnre (Events) Mrs C E Munday, Treasurer MrJJDunn Mr D B Wes( Membership laFpomted 4 AvJust 20241 nunknr 11W90 PrlnclpHI offlc• Surbil¢)n Surrey Kr6 4HH Wdlden Tumbull Llmltexl bany House Claren1 Lane Esher Surrey Kf10 9FQ Bank•rn Bardays Bank PLC Pa3e 1
TFL4MES SAIUNG CLUB TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present tt)eir nUal repJrt together wth the finanaal statennts ft)rthg year 1 January 2024 to 31 Dmer 2024. This report hlJhlohts our achh8vThnt8 in 2024, and our cu¢xk fc( 2025 and OBJECTIVES AND ACTMTIES POLICIES AND ¢)BJECTIVES In setting otpclives and pLgnning for actlirithes, the Trust have given due c£nderation to general guld8nce published by the Charity Comrnissi relating io wblic teneflt The Trusttes have rewewed the charl$ needs lor reserves in line wlh the guidance issued by the Chanty Commission and mainlan 8uffiryenl unrestricted funds in order that the charity Can run efficienlly and continue to meets its aims. What we are horn to do: It is worttt repeatlng TSC'S charitable oblects as Ihiy is vthat guides u8 as Iru$tee8, they are.. - to yomote eommunlty Partia'cffl In heaf(hy recreatic by providing faul8¥ for water ¥h)rts I'yacilitles" rran813rKI, bulldings. wulpment and OrganIrY4 Spbn9 xts"vitie81.' - to wovide and assist In providing faolltles for $wt, recreation or other leisure lime Qupatn of 8uth persons ho have need for suth fa¢llili88 by reason of thar youth, age, infimity or disablernnl. p)verty or ¥Kial and ecoronlc uroJm8tances or for tr puUic al lary in the interests of socAal %%elfare and with the object of Improvlng thèir condrfons of life,, and - to avance edues¥on ol the publlc through thè provis1 of tralnlng cour8es In watsr spts arKI rBlat• ties. We wlll continue to achleve Ihls by providlng great sportlrYJ actIty on the River Thames at Surblton through tha prcsvlsDn of Sailing and Stand Up Paddle boarding activities. These will indude training. Ing and general skllls devehJpment aTrJ educAJ. ACHIEVEMENTS AND PERFORPA4NCE REVIEW OF PROGRESS AKfl ACHIEVEMENTS IN 2024 Ythat W• Achl•vod: There wpre sgnificant changes in key FI Offlcer po9k]nS Ythth18 (nirj the to evc4ulrJn In th• club's approaches while retainlng more focus the ngeds of our members. The 2023 revwal in Friday after- 8th001 youth sailing activlties has conOnLd wth grnat Suc5 and 18 a pJwlar ajdilion to Ihe Club's actiwli8¥. Our 2024 membership numbers tre dolyn on last year, vAth the increase in family sailing Memrship seen in 2023 not $u$t•'ned in 2024, and the year endèj %Mth 144 M&nberships (Some calegcfie5 are of mulllp persons, reF¥esenkn"ng approximately pecyle in totall. 11 conlinugs to be our inttiOn to devdcy asswalon¥ vthh other Itjcal &Jucation4 estsblishrrthts to further pronijte water SlXKts as pDvErful physiol as well as overall lIt¢Ing thity. To wme extent this deperKly ¢Jn inyrovements lo our tsulities. whtch * now und. This year Ihg FQngston & Surrey Marib"me Vdunleer ser, a charltable inytitubon prcfflotirvJ maritirre thtse$ became a corpyate nEmber, asswating other community bcxjies of this kind 15 rA)rne. Pe2
TPIAJAES SAILING CLUB TRUSTEES, REPORT Icontiwod FOR THE YEAR ENtED 31 DECEMBER 2024 ACHlEVEmETr AND PERFORMAIKE REVIEW OF PROGRESS AND ACHIEVEMENfs IN 2024 Iccfidnal In 2024, as in 2023, Iralniry got off to a skw start due to river dItIonS went on lo ha% a $Y sumfffjr season, bul with further disrupts'on due to river ts)ndib"ong * the end of the seascx). The total Incle was th8Yefore do on 2023 arKI tralne(1216 participanl81297 in 20231. This c£Jnb'nues to tribUte significanty to the Club's income. As we ended 2024, are dIUS51n9 a change in stslus wth our training partner, KeepSailirKJ, vthere they 11 be wistered training inslilu1l, urY our fvry'lities and then Wmdlng a proportion of the incorr. The planning FemissKJn that had previously Secured ift 2018 was rend In 2022, starting the prgect 18 now rdiant upcffl fundraising. In line wth decisions nwle in 2023, en the 81 of the original F4an made ils ccjntinuance unfeasle. the trustees are stlll on an allematlve path for the future. What is clear is that it will have to be more nTr)Jest, and gradual. The delays we experien¢%d in nvjving forwgrd had Sn pwts'cular meant investm8nt in the a$11n9 changlTrJ room facilitS has taken a backseat. This led to a negatlve impact on mèmber satisfaction in thts gard and also COnrrY6 from our trainlng partner. It could also k a disincentive to other extemal bodi8s using the club. Reutynlslng this, sonifieanl progress has made agreernnl on a refurbishment of the changirNJ rooms ¢)ver tho wnter of 202412025. EncL)uragingly. eady rk h88 shwi the b88ic struGtural eA)ndrtlon 15 better than exsxted, so the works Should not only Improve Ihelr appearancts lyjl years to lrfe, and al an ecommlc Prf. Th 8houkl a180 help aB we plan further devdopment. In looking at future devdopffEnl, one i88ue has teen the role of dub-chwed I. A nabonal trend has seen dirKJhy sailoTg movbng way from their w boats and irtstead hiring club boats. TSC'S exisn9 fleet was of mixed age and C¢diti. A strategic deCiOn ha8 made to upgrJa our dub fleet to make 11 more attractive lo e$'ng and future rrembors. Some okler tr#)ats Chwasl were Sold, and at our AGM and a later SFecial general meeting members agreed to buy three further Fuwon 1 sirYJl&hander¥ to add to the existlro three, and abo Fusicn 2 per dinghies. Schtrjubd to arrfve fc the start of the 2025 season. It Is bellevej that the comInatIon of upgraded d)anOThJ rwms ard a modern club fknl vthll b8 a signlficant Immediats LNxst to the dub a5 wè C¢tinUe to th on l¢)nger-terrn devek)pmenL K•y Volunteers TSC Is buitt on the bas18 th all of ils rmmbers are volunteers hdping wth the day to * QFerallon and maintenance of the site. The Trustee5 greaty appreciate every hr Ih8t our memters give back to the club. A8 In previous years estimate than 270 vdunteer days were urwlertaken. PRIORMES FOR 2026 The luture of the Club deFends on the continued support and dedication of ils members. many of whom voILmteer week in and c1 without fall. Volunleeriry al the Club has ay5 been very much apPlated and conts'nu88 to one of our princip assets CntributIng to our community ¥)irll and ensuring that the dub continue5 to oFerate. In order for the Club to grow, V wll seek to divgrsrfy fijrther and other groups who ean u8e cur fxilil and ccmplewent ow current xtivities. In 2025, the Club needs to delemiine next step5 in the physical redevelopment of our srte. The fact that it Icoks as rf the changlng rc$ still have rnany years of life in them will be a significant fact¢x in this. The Stale of sail shed will now be the key priority. To thts end V wll be sUItirKj vAth the memtership cr¢ the future aM.On8 of srte. Pffje3
THIE8 SAIUNG CLUB TRUSTEES. REPORT {¢ontlnuod) FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW REVIEW OF FINANCIAL ACTMTIE8 AKI AFFAIR8 The (yrating surplus of £27,W Is more in line wth 2U22 than 23. Gross Inc¥y decreased slighly., I main improvernont is due to reduced costs, [k?Y due to some one-off costs IndLJed in 2023. mtership incxyne C("nueS to dec¥&3se wth a d1 of 10% on tre prewous yew12023 7%). Hovrtver, there were increase5 in other areas of actiwty. The hire of the dubhouse and carpatk shNed 8 gcLbJ increa58 on the previous year. There Vre fewer trainlng courses overall in 2024 with reduced inconx, however the net income held up as courses that ran tre well attended. The margin from Caleriry inyowj and the overall Mt income frcffi Catsring and th8 Bar a small irse. PRNCIPAL RISKS AND UNCERTAIfrITIES The main ri$k¥ brc>&Jly fall into Ihree categori85'. Reputatthal, Finanual Physic81 risks. Reputat(onal rfsks.. These to thè good govemance of the dub of its activttles. ring thè year regular rneth'ngs of the trustee5 and committees 8eek to mlllgale thesg rlsks. Ajso. thts effployrnenl ol professional trainers and servKe provlders aids the mitigation of these risks. Flnancial Risks". Primarily these are arjd the good arKI safe m8roJemenl of club funds. Thls 1$ the lir full year of our professional beokkwng seNice which, together th the use of the cloud ac£ountiThJ system, h88 Improv&J Internal conlrds in this area. We are vKJilant of vari5 frauds and attempts to exlraGt bank account detall8 whlch we monitor. The prinapal area5 of Income are Memtership. Training, Berthing & Storage, and Catering & 88r incorfft. We continue to have rfsk relattng to the thk of diversity wthin the club and Ihe ag profile of the club which we c4Jnllnue lo dreSS. Physical flsks.. There is a rlsk of flojding which has been minlmSsed by the buSldlrYJ of fadllties at approprlate levels, and we will continue wlh this approach in t future. We have al80 previously conduct&a corr¢)rehensive agbe810s survey and remov8J any Irrffd and slgnfflt threats of CCMInalK)n. GOING C4CERN The Trustees tske the view that the levd of ri¥k reserve and c48h hekl Is acceptable given the rrent economlc dlmate In vknlch the charity 1$ operating. The Trustees have a reasOnae expectatlon Ihat there are adequate resrceS to continue in operational existence for the foreseeable fijture. As Sh in our ac£ount5, our cash polion ¢ontsnues to ¢Jet7Knstrate that are able lo lund our revenue exkdrtUre and Invest in modemisation of our facilities. We beIve that there a no material uncertainties that call into doubt the charity's ability to continue and the accounts havg therefore teen Prepar the that the charity Is a golng Conn. INVESTMENTS POLICY Our reserves have been hda in bank deposit COunt8 as thls prowdes the fleb apyoth. In addltion to the regular deposl account the is a de$It account for the development of the boat storaJE and changing f&ililie8, and rKW there a also fuTrds in a COIF Charilles Dept FuThJ wth CCLA Page 4
THAMES SAILING CLU8 TRUSTEES. REPOF¥f lcontinuedl FOR THE YEAR ENDED 311)ECEMBER 2024 STRUCTURE GOVERNAtrKE ANfl MANAGEMENT CONSTTfirnoN Con8tltutlonal structure Tha$ Sailing Club. register8J as a Charity cn 20 Novwits 2019. Charity No 1186490 and 18 incorpjrabj as Charitable Inoxporated Organbsation. Ch•rbtablb objects and Publlc Bongfft The Trustees confirm that they have eomplied the duty In Section 4 {4} of the Chari.8$ Ad 2011 by referring to the Charrty Commission's general guidance on public tonef¢t vthen revi9 the aim and objectives of the Club and in planning ils fvlure alties. The oppo¥tunity lo benefit is not reslrthd by any constralnt other th8n our capaaty lo an arty or se at Portsmouth Ro, Surbiton, l(r6 4HH. r Tnjstees have urna re$wnbIlity for direrAJ'ng our charity, ensuring that 11 is sont, 11 run. and delivering the charitatle outcorrns for benefit of the publlc for vknlch11 ha8 been set up. In addItiC to the Constitution. mrye detsll of the OFerab'on is contained in the Rules and By. These wgre updated al the AGM July 2023 to reflect changes In organl$ational structure and operabon. The key area of change wa5 the di5sdution of the 'General Committ88' to be replaced wlh rnre fwssed sutrKommittees, plus soffe upjallng in other areas, The Trust at the end of the year and slnce the year end are Set out on the Ial and adnlnistrative infom)atK)n page. In 3ddltlon Mr M J Ke served as Commodore unlll 19 February 2024 and Mr M F Laty sewj as Ve Corrnrndore until the appOintrn1 of Mr T A E Wilson. Mr M K Palmer, Mr I P Rayner, and Mr B Johncey 8eryed as trustees until 23 June 2024. The post of Rear ComrrTr>S)re (Eglatel remain5 vxant and reswwh'lity for this Is shared armng trustees arKI merrters arKI is ¢)verseen ty Mr K M Pearson. Stalemgnt of Truste. reBponBlbSlltl•s •nd Managomgnt of TSC G¢)nWIOre xts as Char of Trustee$ and manages Ihe overall dlreclon and cFeratth ofthe Club. Vlca Commodore responsible for maintaining and developing the water sFKJrt activib'es. Is chair of the Saillrrfj and SUP subcommittee thich organises and manages all vRter swrt acti}e5 including trainirKJ, parb'ripatiOII, and major events such as Battle of The Thames and TSC OF salliThJ regattas, as well as the m•nlgnance of all club crafL Ro•r ComTrd0 IE•tst•).' reswnsitAe ftr the maintenance ofthe * and bulldings. R••r C(¥nmodor• (Events & Promcllons) acts as chair of the Hous8 sutrthmmittee, respJnsik4e for runnirKJ events ac11vie3 within the Club such as Tuesday SUPFers. club bcffldirYJ events. Trna5urnr * as chair of the Finan & Memtership Sutwmmlttee res&ble for all day to day finawal matter5 for Club, the generaticffj of the xc¢)unts, and financial p5anning. Elected Tntste88 There are up to 4 dected trustees wtrtrjse Te5ponsbilities can vary from tin to titr£ but hdp ensure thai the club is dNng towards ts goals and help the Flag Officers on pwticular projects or actiwb'e5. Cardyn Munday is TTea5urer, Dw'd West is Membership Swetsry, Justin Dunn continues as a general trustee. Page S
THAMES &41UNG CLUB TRUSTEES. REPIJiT lcontinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 CXiG4NIS4TION Trustees we generally app(Mnted by the members al AGM, and we appointed for a limrted perioj, in ¥cordar vAth Chanty guidelines as laid out in the consltution. New trustees, if required, would be fecruiled on a '5klll8 required, basis and Ul be inducted and trainod by attending Trustee meeting$. The Trustees nwt regularfy arKI, In any event. at least once a year. As long as there are not less than a quorum of trustees. dwsions can te mad8 by a majwty ol the trustees aTra any or d8uSfv of that majority I)orneS atUal and val. TRUSTEES. RESPONSIBIUTIES STATEMENT The Trustses are resp)ngble prepariry the Tru81ee8' and the financial Statements in ac£orde applicab Unrted Klngd¢Jm AUnlIn9 Standw(Is (United rjdoM Gralty knepted knunt Pracb'cel. The law applicable lo eharib.es in EnglarKI & Wales requi the Trustee8 to prepare financiatr aternenls for each finanoal year whkh give a true and fair VEW of tr state of affairs of the charity and of the Inc£mirg resources and apFYlcalion of rexre89 of the charlty for th period. In kyeparing these financLal Statements, the Tru8tees are requlred to.. gelect sultable counting pcddes ¢j Ihén ap them con$tenY,. ob9erve the and principles In the Charities SORP., make ludgments and aoUnting esllmale5 that are reasonabl8 and jt whether applicable UK Accounlng Stsndard6 have keen fc41(yhed, sut4.ecl to any materfal departures disclosed and explalned in the fina81 statements., prepare the financial statements on the golng conc8rn basis unle88 It is InaFprowate to pre8ume thgt Ihe charity will continue in OFeralion. The Tru8te85 are resFortsit4e keeF4ng proper aCttnn9 rwds that are Sufficient to sh¢y•V and eyP'n the ch8dVs transaction6 and disGlose with reaSonae uraCY at any t)me the financlal PlI10n of the charity and enatje them to en8ure thai the financial stment8 comply wth the Chari5 Act 2011, the Charty IAcLounts and Reports) Regulations 2008 and the provlsions of Ihg trust deed. They are a180 responsible for safeguardlrrfj the assets of the tharty and hence for ng reascfflatAe Step8 for the preventi and ettion of fra and other Irregularilkes. This rep)rt was approwj Truglee3, on and on tlT behaw ty., Page 6
THlEs SAILING CLUB INDEPENDETr EXPlalNEFfS REPORT FOR THE YEAR ENDED 31 OECEMBER 2024 IM)EPENDENf EXAMINER'S REpoirr TO THE TRUSTEES OF THAMES SAILING CLUB (tho'charll I report to the dwrity TrLtstees on my exWrir0n of the xcounts of th8 charity for th8 year end1 31 tknmber 2024. Thls repJt is mth solety to the charitys Trustees, as a bojy, In wdanc Part 4 of the Charities {kcoun15 and Rep)rtsl Regulatlons 2W8. work has teen undertaken so that I might sLe to the charity8 Trustees those matters l am required lo stale to them in an indeFendent examinerfs and for no other purpose. To the fullest exlent permitted by law, I do not wjt or assurrE re8p)nslbility to anyone other than the charity and the charitys Trusleeg as a W. for rywork or for this repo RESPONSIBIUTIES AND BASIS OF REPORT As the Tntstee8 of the chanty you are r8SFon8lt4e for pYeF4ratic of thè aco)unts In &eordanc8 wth the requirements of the Charitie5 Act 2011 I'the 2011 Adl. I rewt In resFect of my examinat of the Gharftys accnts rria wl undw section 145 of 2011 kt and n carying oui examinats'on I h8ve follfftd 811 the appllcAt4e DIrecti8 gNen by the Charity ComnIson under tIOn 1451511bl of the 2011 Act. INDEPENDENT EXAMINEW8 STATEMEMr Y¢JJr attenu( is drawn lo the fact that the charity has prepargd the arUnts in accordan 1 Ar£nng and Rew)rting by Charfties.. St*ment of ReCommenj practi 8ppllcable lo charities preparing their acmunts accordanee wlh tho FInala1 Re'r@ Standard appllcable in the UK and Rewbli¢ of Irdand IFRS 1021 in preference lo the Acojunllng and Reportlng by Charilles.. Statement of Rteomiended Prath"ce issued cfi 1 ADrtI 2005 which18 referred lo in the extant reguLqtIS bul has been thdra. l understand that this ha5 been done In order for the accounts to provide a true and fair vlew in accordan with Generally kcepted Ac£ounling Practlce effectivg for repcrb'ry periols beginning on e¢ after 1 January 2015. I have completed my examination. I can Gonflm that no matters have corrt to my attonlion in OntiOn Ihe examination giving cause to believe that Sn any material respert accounting records were not kept In resFect of the chaty as wuired by l¢fi 130 of the 2011 Art or the aecounts do not aecord wlh those records., or the xcounts do not c¢)mply wth the applicab requirements ccKttming the form contsnt of accounts set out in the Charits"es (Accounts and Reports) Regulations 2008 other than any requirement that the antS gNe a 'lrue aTrJ faif wew thich is not a ryotter considered as part of independent examinalh?n. Page 7
THAMES &41LING CLUB INDEPENDEKf EXAMINEifs PEPORT IcontlrnMII FOR THE YEAR ENDED 31 DECEMBER 2024 I have no concerns have cc*rn $5 no other matters in connection wth the examination lo Yknich atttion slKJuld te draym in tris reFUt in order to enable a sYr understaTrJing of the a¢xounts to be reachgj. SlgMJ'. Dated.. 27 W 2025 Robin John, FCA CTA VELLDEN TURNBULL UMITED bany HSe ClarenryJnt La Esher Surrey Kr10 9FQ
TFWaES SAILING CLUB STATEMENT OF FWNCIAL ACTiiffnES FOR THE YEAR ENDED 31 DECEMBER 2024 Unstriad funds 2024 Total fundg 2024 Total fund5 2023 INfOME FROM: Donatlons and legadBs and grants 1.649 1,649 1.537 Charitae advities Trading xkn"vikn"es 1r+ve¥trrt1& 88.703 53,616 2,528 88,703 53,616 2.528 101,518 49.974 1,436 TOTAL INCOME 146, 146. 154,465 EXPENDITURE Direct expenditure IndifKt expendlture 77,004 41,W28 101,S53 41.814 41,828 TOTAL EXPENDITURE 118,832 118,832 143,367 NET INCOME BEFORE OTHER RECO(*ISED GAINS AND LOSSES NET MOVEME IN FUNDS 27,664 27,664 27,864 27,664 11,098 11,098 RECONCIUATION OF FUNDS: T¢)tal funds brought fomard 1,1¥2,074 1,192,074 1,180,976 1,219,738 1.219,738 1.192.074 TOTAL FUNDS CARRIEO FORWARD The notes on pages 11 to 19 form part of these finandal Statennts. P4e9
TF14MES SAJUNG CLU8 BALANCE SHEEr AS AT 31 DECEMBER2024 224 2023 FIXED ASSETS Tangille assets CURRE ASSEf8 Stocks 08btors Cash al bank and in hd 1,020,076 1,026,429 2.266 10,487 2fJ),888 3.450 12,323 165,847 10 213,639 181,&0 CREDITORS: arnnts fallir4J due vhthln cne year 11 (13,9771 115.9751 NET CURRENT ASSET8 199,2 165,645 1,219.738 1.192,074 CHARITY FUNDS Unrestrtcted funds 12 1.219.738 1,192,074 TOTAL FUNflS 1.219,738 1,192,074 The finandal 8tatgmènts Nlere apwoved by Trues on and dgrd on thdr teh0, by.. Mf VLat 025 ',? 47>mi ',hYra4>e Trea8uror The notes C pages 11 to 19 fomi wt olthe8e flnancxal statenwnts. PaJe 10
TFL4MES SAILING CLUB NOTES TO THE FINANCIAL STATEMErs FOR ThE YEAR ENDED 31 DECEMBER 2024 ACCOUtrrnNG POLICIES 1.1 Basis of pryratlon ol financlal statements The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities IAccounts and Rewrtsl Regulations 2008 onty to the extent fquired to provKSe a 'true fa'rf view. This departure has involved followng the Charities SORP IFRS 102} published on 16 Juty 2014 rather than the Ac£ounb"ng and Repong by Charity'e5.' Statement of Reccmmended Prth effective from 1 A71 2005 which has sin been withdr. The fInal staterynts have teen prep¥èJ under the historical cost conventtran wth items reccgnised at cost or transathon unless otherwse stated in the relevant notes to these acojunls. The finandal strrEnts have been prepared in acc£Jrdartt wlh the Statement 91 Recommended Practice.. AeLounting and Reporting by Charities preparing their accounts In accordants with the Financial RepgTting Standard apICable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and Financial Reporting Slandafd appiicable in the United JQngdom and Republic of Irdand IFRS 102) a)d Charibes Act 2011. TharrS Saillng Club consltutss a wbllc 8ntty 86 defined by FRS 102. The flrrarKlal statement8 are pre8enl&J in sterfing vknkh 18 the funthn81 currency of the charity and rourKled to the nearest £1. 12 Income Al IrMe is reccqnised onee tr charity has entitlement to the income, it is probable Income wll be rec4veJ and affount of irKonp receivable can be rrSure lIab. For lege5, enlillernent 18 taken as the earfier of the date on %thich eiltrpr. the charity is mre that probate has been grrnled, the estate hgs been flnalised and notrficalion has been by the executorfsl to the Trust that a dlstrfbution will be made, or vknen a distri1 1$ receed from the estsle. Recdpt of a legacy, in vthole or in part, is only considered probable when the amount can be mea$ur&l rèliably and the ch8rity has teen notified of the executc¢s inlenlion lo make a distribution, Where l&J&ies have teen notified to the dBrity. or the chartty is aware of the granting of probate, and the crilerla for iru)me recognition have not teen met, then the legacy is trea a5 a conlingenl asset disdosed rf material. InveStnnI income LI accounbj for In the in vthich the charity is enfjU&J to recave it. PaJe11
THAMES SAILING CLUB NOTES TO THE FINANCIAL STATEMEPWJ FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOU1ING POLICIES Icontlnu•dl 1J Exp•ndituYe Expenditure is recogni1 On there is a legal or cthstruclive oblKJallon to transfer econon beneffil lo a third paty, it is probable that a transfer of econow4c benefits will be required in Settment aThJ the )Unt of the oblfvJation can bg rasurl relabty. Expend(ture is classified ty tivty. Fundraising costs are those incurred in 8eeking vduntary ctributiO and do not trlde the costs of dlsseminaling infom811c in support of the charitable aCtivrts. Support costs are th08e costs incurred dlrectly in support of experKliture on the objects of the charity. Govern costs are thoge IrUrred In nneth"on with &Jministration of the charty and compl1an wth ¢onstilLrtK)nal and statutory rffjuirenpnts. C08ts of generatlng fuTrJs are (>Jsl8 Incurred in attrath'rwj vc4untary inoime, and thoge incurred In tIng &tivTrUes that raise funds. Charliable and Governa costs are eogts incufred on the charitys operattJn8, induding supwrt cost5 and costs relating to the 9)Vernan of the chamty aWtiord to charItae actr'vities. AJI exFendire is induslve of Irrecoverab VAT. 1A Tanglbl• fix•d a•ts and daproclatk DeprttialI is not provided on tho freehold propety %thlch ly fijlty Thintairtsa and revdu&J on regular bags by the Trustees. A review for Inyirment of a fixed asset Is earried out if events or changes In drcUmstare¥ indicate that the rArryirrfJ value of any fixèJ asset may not be recoverable. Shortfalls befvn the carying of fixed as8ets and thwr recoverable anK)unts are rwnised as inyaimients. Impaimwnt losses we Tnise In the stslemenl of finarrial activit. On the transfer of assets from the Thar8 Sallirrfj Club ty its rremters lo the chty, the Charity vdued the freehdd propety to its faif value which wkl be nwsured reliabty. TrÈ revaluaty'ong are made guffiaent regularty to ensure that the carrylng armunl does not differ materially from thatIch would be determined using fair value at the er¥J of the reporting peritsj Tangible ftxed assets are carrted at e£Jsl. not of dewecialion and any provision for ImpalrmenL Depreaation Is not charged on freehdd land. Depreciation is provided al rates calculated to write off the cost of fixed assets, less their eslimaled SiduaL value, over their expected usehjl lives on Ihe foll(Miry bases,, Freehold propety Plant and M1nY Fixture5, flttirvjs and equipment Safety boats Club boats and bed8 not dePreatsd (see ncts ab)vel 10¥• p.a straiqht line 20Vfr p.a straight line 10% p.a 51raight lir 20Yo p.a strawJht lir 1.5 Intefg$1 r9¢9ivablo Interest on funds held on depc6il is included vknen receivJle and the amwnt can be nwred reliabty by the charity,. this is normaly upon notific81ion of the Interest paid or payabbe by the &ink. PaJe12
THAMES SAILING CLUB NOTVJ TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNfiNG POLICIES (contlnued) 1.6 Stocks Stcrks are valued al the lower of ct ar net reallsable value after makirg due alovance for ob5018ts and slow-moving stcd(s. Trade aNI other debtots are re3nIsed at the settlement armunt after any trade dlseount offerog. PpayentS are valued * the amount prepaid nel of any trade discounts e. 1.8 Cash al Bank and In hand Cash at bank and In hand ir1e3 cash and short tem hlghty liquid InVeStnlS wth a Short maturty of Ihree months or less from tha dats of acquisition or opening of dep)gt or simllar account. 1.9 Crnditorn and Prov1 Creditors and provisths aro r8(>Jgnlsed sthere the charity has o pregent obligalon resuknng from past event that wll prctsbly result In the transfer of funds to a third p and the amount due to sett the obllgatton can be measured cf eskn"nKqled reliab. Creditors and prowsions are normalty reGognlsed at Ihdr setUerrrt amwnl after allwrvj for and Ir&Je disccunts due. 1.10 Govemmonl grant• Govwnrrtnt gr8nls relalng to tangible fixtrj a88ets are treated as deferr&J Inojmg and released to the $latemenl of finanaal activities over the exFrfted L18eful I of the assets wncefr. Other grants are credrted to the statement of financlal ath'vib"es as the related &xpendilure 15 incuffed. 1.11 Fund xcountlng General fundg are unrestrieted funds ¥thich are availab for u8e al Ihg discretson of the Trustees in fvrtheranee of the general oblectlves of the charity and which have not teen degignaled for other purpose8. 1.12Taxatlon The Thams Sailirg Club 18 reccgnised as a charity by HMRC arKI tenefits from exeriw'on on income and gains to the extent they are applied tr Charftable purposes. 1.13 Flnanclal Instrumoni• charity only has finanrAal ats and financial liabilftie8 of a kind that qualify as basic financial Instrunts. Basic fina[al instruments are initially recognised at tranwtion value and subsequenlly measur&1 at their settlement value. PaJe 13
TFL4MES SAJUNG CLUB NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2024 INCOME FROM D(XIATIONS AND LEGACIES AND GRANTS Unreslricted funds 21r24 Total funds 2023 2024 ttjnadons 1.649 1.537 Total 2023 1,537 1,537 CHARrrABLE AND TRADING ACTivmES 2024 2023 CharfrAble ath'vibes.. Member¥hip, tralnkng, 8thge, 8vents and fundraislng ifwm 88.703 101.518 Tradlng xt&ties.. Club hire, calerir¥J bar 53,816 49,974 Tot81 142,319 151,492 EXPENDITURE ON DIRECT ACTNmE3 2024 2023 rxt expendllure on Gharitable activiti85 'r&t èXFendllure on fundralsiryj adivits'es DIrt exwsiture on other xtlwties 47,397 62,160 1,417 37,976 29,607 Boat operating c#sts Trainir 7.678 38,919 10,953 51,207 Sub total 46,597 e2,1PAI Bc*)k8 and Merchandise Bar and tering eosts Main d1¢Pt F&n 1,417 31,976 6,0) 30.407 Total 101,553 Paje 14
THAMES SAILING CLUB ¥)TES TO THE FINANCIAL STATEMEtrirs FOR THE YEAR EN[0 31 DECEMBER 2024 INVESTMEKf INCOME Unrestricled fund8 2024 Total Total funds 2023 2024 Bank interest reLe 2,528 2,528 1,436 Total 2023 1,436 ANALYSIS OF OTHER EXPENDfwRE ON CHARITABLE AGllvmES Unre8trfthd funds 224 Total furxls 2024 Total 2023 C*her exp8ndfture cn athvities18ee note 61 41,828 41,828 41,814 Total 2023 41,814 41.814 SUPPORT AND GOVERNANCE COSTS Unrestrfcted funds Totsl 2024 Totol 2023 Fjjpwt costs Offi'ce oJ8ts Premiges costs 5,950 29.182 5,950 29, 182 5.054 33,771 Legal arvj wofessicnal ¢>)$15 6,6 6,6 2,989 41,828 41.828 41,814 T¢)tal 2023 41,814 41,814 Page 15
THANES SAILING CLUB NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENtED 31 DECEMBER 2024 INCONEI(EXPENDITURE> Th18 55 std aftw charging.. 2024 2023 Deprwation oftsngible fixed assets.. . owned ty the charfty lThJependenl Examinerfs fees 7,898 2,4 7.414 2,376 ring the year, no Trustees recelved any remuneraUon12023- £NILI. DJring the year, no Trustees r1Ved any benefits in kind12023- £NILI. thjring the year, 412023 - 61 Trustee5 rewv&J reIrntrusennt of purchase8 aThJ dlrecl costs made c ehalf of the Club totalling £1,04412023 - £1,557). TANGIBLE FIXED ASS3 Flxtuw, Freehotd fltt+ngs and proFety equipmènt Safety Lts Club toats and t¢ards At 1 January 2024 Additions tJsp)sals 1,0,000 39,044 1,545 2fj,461 42,423 1,107,928 19,9511 19,9511 At 31 Decem 2024 1,00),000 40,589 26,461 32.472 1,099,522 Doprnclatlon At 1 January 2024 Charge fcf the year Cn diswsals 30.067 3.121 20, 1,237 31,396 3,540 19,9511 81,499 7.898 19.951) At 31 Oecember 2024 33,188 21,273 24.985 79,446 Ngt book value At 31 Decanlw 2024 1,OCK),000 7,401 5,188 7.487 1,020,076 31 December 2023 1,000.OCQ 8.977 6,425 11,027 1,026,429 Fregh¢J proFerty which had an Qginal cost of £146,210 has vaued at £1,OW.000 on an open market value basis by the Tru81ee8 as at 31 Dec4mber 2024. STOCKS 2024 2023 Bar stc¢k for resa 2,266 3,450 16
THAMES SAIUNG CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEER 2024 10. DEBTORS 2024 2023 Debtors PreP3ynnts and rUed incfjme 6.557 3,930 8,320 4,003 10,487 12,323 11. CREDITORS: Amnts falllng duo wlthln ono yr 2024 Credltrs Cxher creditors AcLruals a1 defeffe(I Irtome 4,428 7,195 8,585 7,816 13,977 15,975 12. STATEME1 OF FUTrA>8 STATENT OF FUNDS. CURRETrif YEAR Bdar£e at 31 Translern Decen*er Inloul 2024 Balance at 1 January 2024 Incfjme Expenditure Doslgnatad fund• De$lgnat&4 Funds- all funds 1,04S,636 {6,353} 1,039,283 G•n•rnl fundB General Funds- all fund8 146,438 146.495 1118.832) 6,3S3 180,455 Total Unresthcd funds 1,192,074 146,4 1118,832) 1,219,738 Totsl of funds 1,192,074 146,496 1118,8321 1.219,738 The transfer of fvnds frorn the gereral fund to a deSnabl furKI by thè Trustees relatss to fix&J assets of £1,020,076 and a (Jesignated fuThJ of £19.207. Page 17
THAMES SAILING CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DEGEM8ER 2024 12. STATEMEKf OF FUNDS Iccffjllnu STATEMEKf OF FUND8- PRIOR YEAR Balance at 1 Januwy 2023 Balance at 31 Transfers December inlout 2023 Income Expenditure Oesignat•J Funds- all funds Gerra1 FurKls- all funds 1,045,636 1.045.636 146,438 1,180,976 154,465 1143,367} I1.045,6) T¢)tal of fvnds 1,180,976 154,465 1143,367 1,192,074 SUPbYaARY OF FUNDS- CURREKf YEAR Balance al 31 December 2024 Balan at 1 J8nuary 2024 Transfers iolrt Ino)me Expen¢J((ure Degnat fvnd8 General funds 1.lJ45,6&8 146,438 16.3531 1,039.283 6,353 180,455 146,496 1118,832) 1,192,074 146,496 1118,8321 1.219,738 Balance al 1 Jenuary 2023 Balance at 31 Transfers Decemter Inloul 2023 IrKorre ExFenditure Deslgnatej funds General fund8 1,045,636 1143,3671 11,045,636 1.045,636 146,438 1,180,976 154,465 1,180.978 1 $4.465 1143,3671 1,192,074 1093ets and lithlloes thIn the CIO arg allc¢ated as strwi in note 13. PaJe 18
THAMES SAILING CLUB NOTES TOTHE RNANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2024 13. ANALYSIS OF NEf ASSEfs BEThEEN FIDs ANALYSIS OF NEf ASSEfs BETWEEN FUNflS- CURRENT YEAR UnStricted funds 2024 TgIe fixed a898ts Current assets Credltors due thIn one year 1,020,076 213,639 113,977 1.219,738 ANALYSIS OF ASSETS BETWEEN FUNDS. PIIIOR YEAR Unre8trlcted funds 2023 Tangle fixeAI assets cUrt assets Creditors due witNn om ye 1,026,429 181,620 115,9751 1,192,074 Therethwe no relaw paty transactions ather than di8cIoged in the rth8 to the actounts. 1& COKMLLING PARTY There is no U.rnate controlling paty. p19