## **Ilfracombe Pilot Gig Club** **Charity No. 1187003** ## **Trustees' Report and Unaudited Accounts** **31 August 2023** CHARITY COMMISSION FOR ENGLAND AND WALES, Trustees, Annual Report forthe period From 0110812022 To 3110712023 Charlty name: Ilfra¢ombe Pllot Glg Club Charity reglstration number: 1187003 Objectives and Activlties SORP ref6renc• Par81.17 Summary of the purposes of the charity as set oui in its goveming do¢ument To promote community participatlon In healthy rocreation by provldlng facilittos to partlclpate in the sport of soa rowing* In particular traditional Summary of the main activities in relation to those purposes for the publi¢ benefrt, in particular, the activities, projects or services identified in the a￿ounts. Statement confiming whether the trustees have had regard to the guidance ISSU8d by the Charity Cornmission on public benefft Para 1.178nd 1.19 Thé Trustees have ba•n guidod by the charlty commlssion advice on public benefiL PBra 1.18 The club hag been able to run in its nomial capaclty thls year following the covid pandemlc. We have beon able to run tastsr sèssions or rowing sesslon$ as would haP￿n in a nomial yoar. Additional inforn7atlon loptlonal) You ma choose to include fvrther statements where re18vant abouL RP fef8ren¢4 Policy on grant making Para 1.38 Policy on social investmènt including program related investment Para 1.38 Contrilxrtion made by volunteers Para 1.38 Other Achievements and Perforniance SORP refarenc Increaslng club mèmborship to- 100 membors wlth roughly a 50160 split batwaen competativo and recreational squads. Woyking with a local montal health charlty to promota exer¢lso and the outdoors. Entering numerous competitlve events most notsbly strong results across all our classes of competitive rowers at the Worfd Pilot Gig Championships hold on the Scllly18les. Strong engagement across our neighbourlng North Devon club Regattas. Junlor squad Is continuing to n7ak• a good comeback after covid and we are evidént In our fundraising for recognised charlties. Summary ofthe main achievements of the charity, identifying the differ8nce the charity's work has made to the ¢irGumstances of its beneficiaries and any wider beneffts to society as a whole. Para 1.20 Addltlonal infomiation (optional) You ma choose to include further statements wher& relevant abouL' Achievements against objectives $8t Para 1.41 Perfornance of fundraising activities against obje¢tives set Parn 1.41 Investment perfomian against objectives Para 1.41 Other Flnanclal Review Review of the charity's financial position at the end of the Statement explaining the policy for holding reserves stating why they are held Para 1.21 P*Ta 1.22 We are still getting settled after the covid pandemic and require funds for nèw equlpmert tho first belng a complete Set of oars at a Cost £3200 and with our Intentlon next to order a woodan glg of whlch will uiro a £3000 de osiL £7648.00 3110712023 Amourrt of reseryes held Reasons for holding zero reserves Details of fund materially in deficit Explanation of any uncertainties about the charity continuing as a going conom Para 1.22 Paro 1.22 Par• 1.24 P•rn 1.rj Addltlonal Infomiatlon (optional) You ma choose to include further ststements where ￿levant about.. Principal sources of fund ralslng arn Mombership f￿$. fundraislng events and charitabl• donations from local businossos. The charity's prin¢ipal sources of funds (includin9 any fundraising) Pgra 1.47 Investment policy and obj'ectives including any social investment policy adopted Para 1.46 A d8S¢riPtion of the principal ri$ks facing the charity Parn 1.46 other Structure, Governance and Management Description of Charity's trusts.. Type of governing document I trust (ieed. roval charter How is the charbty constituted? le.g unincorporated association, CIO) Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees Para 1.25 Constitutlon Pora 1.25 cio Para 1.25 By elecllon at annual AGM Addltional inforniation Ioptlonal) You ma choosé to include fijrther ststements wh8r8 relevant about: Policies and procedures adopted for the induction arbd training of trustees Para 1.51 The charity's organisational stnJ¢tUfe and any wider network with which th8 chaty works Pw8 1.51 Relationship with any related partiès rn1.51 other Reference and Administrative detsils Chari name Other name the cha uses istered chari number Chartty's principal address Ilfracombe Pilot Gi IPGC 1187003 APB Accountsnts 1-5 Market Square Ilfracombe EX34 9AU Club Names of tho charity trustees who manage tho charlty Datss act•d Ir notforwho year TTu8ts0 name 0ffl¢o Ilf any) Nam• ol pgrson {or body) •ntlU¢d to appolrt trusts*111 David Holby Recreational Rowers January 2020 - present Jack Tumer Jake Liversedge Adam Imlliamson Robert Thompson Sarah Eveleigh Simon Frost Karis Frost David Waters Sandy Hanson Jade Avery Ross Avery Stuart Dagley Zack Stevens Mens Captain Bosun M8mbership Safety cffi￿r Social Secretary Mens Captain Ladies Captain Juniors Captain Welfare Offi￿r Treasurer Bosun Chair Secretary January 2020- present January 2021- present January 2020- present January 2020- present January 2021- present January 2020- present January 2020 - present January 2020 - present January 2020 - present March 2020- present January 2021- present January 2021- present November 2022 - present 10 11 12 13 14 orate trustees- names of the directors at the date the re Director nam• rtwasa roved Name of trustees holdin9 titte to propety belonging to the chaiity TA￿ts• nome Datm act￿ rf not forTAhole Funds held as custodian trustees on behalf of others Description of the assets held in this capa￿ty Name and objects of the harity on whose behalf the assets are held and how this falls within the custodian charity's objects Details of arrangements for safe custody and segregakn'on of such assets from the Charity's own assets Additlonal infomiatlon (optlonal) Namos and addressos of advisars (Optional Infomiatlon) Type of Name Address advlser Name of chlef executive or names of Senior staff mem￿r8 (Optional Infomallon) Exemptions from disclosure Reason for non4is¢losure of ke ersonnel detsils Other o tional inforniation Declarations The trustee8 declare that they have approved the trustees, report above. Slgned on bohalf of tha ¢harlty'8 tru8t•e8 Slgnature(8) JJ Full name(s) Posftlon (eg Secretary. Chalr, etc 24- **Ilfracombe Pilot Gig Club Contents** ||Pages|| |---|---|---| |Independent Examiner's Report||2| |Statement of Financial Activities||3| |Summary Income and Expenditure Account||4| |Balance Sheet||5| |Notes to the Accounts|6 to|10| |Detailed Statement of Financial Activities||11| Page 1 **Ilfracombe Pilot Gig Club Independent Examiners Report** ## **Independent Examiner's Report to the trustees of Ilfracombe Pilot Gig Club** I report to the charity trustees on my examination of the financial statements of Ilfracombe Pilot Gig Club for the year ended 31 August 2023. ## **Responsibilities and basis of report** As the charity's trustees of the company you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act. Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe: - accounting records were not kept in accordance with section 386 of the 2006 Act ; or - the financial statements do not accord with those records; or - the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or - the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Cheryl Manning FFA Institute of Financial Accountants Cloud Accountancy Solutions 94 Lower Cross Road Bickington Barnstaple EX31 2PJ 31 August 2023 Page 2 **Ilfracombe Pilot Gig Club Statement of Financial Activities** ## **for the year ended 31 August 2023** |**Notes**
**Income and endowments**
**from:**
Charitable activities
3
**Total**
**Expenditure on:**
Charitable activities
4
Other
5
**Total**
Net gains on investments
**Net income**
6
Transfers between funds
**Net income before other**
**gains/(losses)**
**Other gains and losses**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
26,261|**Total funds**
**2023**
**£**
26,261|**Total funds**
**2022**
**£**
16,152| |---|---|---|---| ||26,261
14,356
3,258|26,261
14,356
3,258|16,152
12,251
1,280| ||17,614
-|17,614
-|13,531
-| ||8,647
-|8,647
-|2,621
-| ||8,647|8,647|2,621| ||8,647
10,378|8,647
10,378|2,621
7,757| ||19,025|19,025|10,378| Page 3 **Ilfracombe Pilot Gig Club Summary Income and Expenditure Account** ## **for the year ended 31 August 2023** |Income
**Gross income for the year**
Expenditure
Depreciation and charges for
impairment of fixed assets
**Total expenditure for the year**
Net income before tax for the year
**Net income for the year**|**2023**
**£**
26,261
26,261
14,716
2,898
17,614
8,647
8,647|**2022**
**£**
16,152| |---|---|---| |||16,152| |||13,531
-| |||13,531| |||2,621| |||2,621| Page 4 **Ilfracombe Pilot Gig Club Balance Sheet** ## **at 31 August 2023** |**Company No.**
**Notes**
**2023**
**£**
**Fixed assets**
Tangible assets
7
11,592
11,592
**Current assets**
Cash at bank and in hand
7,793
7,793
**Creditors:**Amount falling due within one year
8
(360)
**Net current assets**
7,433
**Total assets less current liabilities**
19,025
**Net assets excluding pension asset or liability**
19,025
**Total net assets**
19,025
**The funds of the charity**
**Restricted funds**
9
**Unrestricted funds**
9
General funds
19,025
19,025
**Reserves**
9
**Total funds**
19,025|**2022**
**£**
-| |---|---| ||-
10,378| ||10,378
-| ||10,378
10,378| ||10,378| ||10,378| ||10,378| ||10,378| ||10,378| These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. For the year ended 31 August 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. Approved by the board on 31 August 2023 And signed on its behalf by: M. Morris Treasurer 31 August 2023 Page 5 **Ilfracombe Pilot Gig Club Notes to the Accounts** ## **for the year ended 31 August 2023** - 1 **Accounting policies** ## **Basis of preparation** The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. ## **Change in basis of accounting or to previous accounts** There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. ## **Fund accounting** - Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. - Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. - Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal. ## **Income** - Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. - Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income. - Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets Page 6 **Ilfracombe Pilot Gig Club Notes to the Accounts** ## **Expenditure** - Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates. - Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. - Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. - Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. - Other expenditure These are support costs not allocated to a particular activity. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Tangible fixed assets and depreciation** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: Equipment 20% Straight line ## **Cash and cash equivalents** Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. ## **Trade and other creditors** Short term creditors are measured at the transaction price. Other 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 any trade discounts due. ## **Receipt of donated goods, facilities and services** All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. ## 2 **Company status** The company is a Charitable Incorporated Organisation Page 7 **Ilfracombe Pilot Gig Club Notes to the Accounts** ## 3 **Income from charitable activities** |4
**Expenditure on charitable activities**
_Expenditure on charitable_
_activities_
_Governance costs_
5
**Other expenditure**
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
Legal and professional costs
6
**Net income before transfers**
This is stated after charging:
Depreciation of owned fixed assets|**Unrestricted**
**£**
26,261
26,261
**Unrestricted**
**£**
14,356
14,356
**Unrestricted**
**£**
2,898
360
3,258
**2023**
**£**
2,898|**Total**
**2023**
**£**
26,261
26,261
**Total**
**2023**
**£**
14,356
14,356
**Total**
**2023**
**£**
2,898
360
3,258|**Total**
**2022**
**£**
16,152| |---|---|---|---| ||||16,152| ||||**Total**
**2022**
**£**
12,251| ||||12,251| ||||**Total**
**2022**
**£**
-
1,280| ||||1,280| ||||**2022**
**£**
-| Page 8 **Ilfracombe Pilot Gig Club Notes to the Accounts** - 7 **Tangible fixed assets** |**Cost or revaluation**
At 1 September 2022
Additions
At 31 August 2023
**Depreciation and**
**impairment**
At 1 September 2022
Depreciation charge for the
year
At 31 August 2023
**Net book values**
At 31 August 2023
At 31 August 2022
8
**Creditors:**
amounts falling due within one year
Accruals
9
**Movement in funds**
**Restricted funds:**
**Unrestricted funds:**
**General funds**
**Total funds**
10 **Analysis of net assets between funds**
Fixed assets
Net current assets|**At 1**
**September**
**2022**
10,378
10,378|**2023**
**£**
360
360
**Incoming**
**resources**
**(including**
**other**
**gains/losses**
**)**
**£**
26,261
26,261|**Equipment**
**£**
10,248
14,490
24,738
10,248
2,898
13,146
11,592
-
**Resources**
**expended**
**£**
(17,614)
(17,614)
**Unrestricted**
**funds**
**£**
11,592
7,433
19,025|**Total**
**£**
10,248
14,490| |---|---|---|---|---| |||||24,738| |||||10,248
2,898| |||||13,146| |||||11,592| |||||-| |||||**2022**
**£**
-| |||||-| |||||**At 31**
**August**
**2023**
**£**
19,025| |||||19,025| |||||**Total**
**£**
11,592
7,433| |||||19,025| Page 9 **Ilfracombe Pilot Gig Club Notes to the Accounts** ## 11 **Reconciliation of net debt** |**Reconciliation of net debt**|||| |---|---|---|---| |Cash and cash equivalents
Net debt|**At 1**
**September**
**2022**
**£**|**Cash flows**
**£**|**At 31**
**August**
**2023**
**£**| ||10,378|(2,585)|7,793| ||10,378
10,378|(2,585)
(2,585)|7,793| ||||7,793| Page 10 **Ilfracombe Pilot Gig Club Detailed Statement of Financial Activities** ## **for the year ended 31 August 2023** |**Income and endowments from:**
Charitable activities
**Total income and endowments**
**Expenditure on:**
Charitable activities
**Total of expenditure on charitable**
**activities**
General administrative costs,
including depreciation and
amortisation
Depreciation of Equipment
Legal and professional costs
Audit/Independent examination
fees
**Total of expenditure of other costs**
**Total expenditure**
Net gains on investments
**Net income**
**Net income before other**
**gains/(losses)**
Other Gains
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
26,261
26,261
26,261
14,356
14,356
14,356
2,898
2,898
360
360
3,258
17,614
-
8,647
8,647
-
8,647
10,378
19,025|**Total funds**
**2023**
**£**
26,261
26,261
26,261
14,356
14,356
14,356
2,898
2,898
360
360
3,258
17,614
-
8,647
8,647
-
8,647
10,378
19,025|**Total funds**
**2022**
**£**
16,152| |---|---|---|---| ||||16,152| ||||16,152
12,251| ||||12,251| ||||12,251
-| ||||-| ||||1,280| ||||1,280| ||||| ||||1,280| ||||13,531
-| ||||2,621| ||||2,621
-| ||||2,621| ||||7,757| ||||10,378| Page 11