2024-08-31-accounts - Ilfracombe Pilot Gig Club

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Ilfracombe Pilot Gig Club

Charity No. 1187003

Trustees' Report and Unaudited Accounts

31 August 2024

CHARITY COMMISSION FOR ENGLAND AND WALES Trustees, Annual Report for the period From 0110812023 To 3110712024 Charity namo: Ilfracombe Pilot Gig Club Charity registration number: 1187003 Objectives and Activlties SORP r6fww)c Para 1.17 Summary of the putpo$es of the charity as set out in its goveming document To promote communlty parttcipation in healthy rocroallon by providing facilities to participate in the sport of sea rowing, In partlcular traditional pilot glgs. Summary of the main activities in relation to those purposes for the public benefit, in particular, the activFties, projects or servi identified in the accounts. Statemenl confiming whether the trustees have had regard to the guidance issued by the Charty Commission on public benefit Para 1.17 and 1.19 The Trusteos have been gulded by the charity commission advlca on publi¢ benèfiL Pora 1.18 Tho club has been able to run its nomial capaclty th1$ year followlng the covld pandemic. We have been able to run taster sessions to entlce now mom1$ along wlth our gular Ing sesslons as would happen in a nornial ear. Addltional Infornmtlon (optlonal) You ma choose to include further Statements where relevant about.. SC*P refErer Para 1.3B Policy on grant making Para 1.38 Policy on social InStment including program related investment Para 1.38 Contribution made by volunteers other

Achlevements and Perforniance SORP rofor•no• Increasing club membership to - 100 members with roughly a 60140 split between competitlve and recrnational squads. A tsster session wa6 held, where over 30 local peoplo were ablo to partlclpato In up to 3 rows. Enterlng numerous competftlve ovonts, with most notably strong results across all ¢lasso$. male. female. A, B, Vets (over 40s) and Super Vets (ovèr 50s). at tho Worfd Pllot Glg Championships, held In the Scllly Isles. Strong engagement across local North Dovon clubs, hold an annual regatta promoting the club and area. although to unfortunate Inclement weather thls had to be cancelled. Junior {U14116I Squad moklng a good comeback post covld, wlth 8-10 regular rowers. Fundraising events held for recognisèd charltles. MND fundralslng achleved rowing 1.296.335 mil08 in 24hrs. ralsing £1090. Summary of the main achievements of the charity. identifying the difference the charity's work has made to the circumstan$ of rts beneficiaries and any wider benefits to society as a whole_ Para 1.20 Addltlonal Inforniatlon (optlonall You ma choose to include further statements vthere relevant abouL' Achievements against objectives set Para 1.41 Performance of fvndraising activtties again8t objedive8 set P•r8 1.41 Investment performance against objectives 1.41 Other

Flnancial Review Review of the charity's financial position at the erKI of the Slatement explaining th8 poliGy for holding reserves Stating why they are held Pèra 1.21 Parn 1.22 Thls year is our flrst full year in our new home. Ilfracombe'8 Water Sports Centre, so expectlng our flrst bill of around £2000 for rent and utS1ilios. A balance of £5000 Is kept in reservo for the repair and malntenance of oars, boats and equlpmenL We aro also looking to plac• a deposlt 01 £3000 on a new wood•n gig. £13800.00 3110712024 Amount of reserves held Reasons for holding zero reserves Detai18 of fund materially in deficrt Explanation of any uncertainties about the charity continuing as a going concem Porn 1.22 Para 1.22 Parn 1.24 Para 1.23 Additional inforniatlon Ioptlonal) You ma ch¢Jose to include further statements where relevant about". Principal sources of fundlng arè membership feos, furbdraising events and charitable donations from local businessès. The charity's principal Sources of funds (including any fundraising) Para 1.47 Investrnent policy and objectives including any social investment poli adopted Para 1.46 A description of the principal risks facing th8 charity P8r8 1.46 Other

Structure. Governance and Management Description of charity's trusts.. Type of goveming document Ilrusl deed. ro al charter How is the charity constituted? (e.g unincorporated association. CIO) Trustee selection meth(*Js including details of any consttlutional provisions e.g. election to post or name of any person or body entItd to appoint one or more trustees Parn 1.25 ConStituon Par4 1.25 cio Para 1.25 By Elecllon at annual AGM Addltlonal Infomiatlon loptionall You ma choose to includ8 further statements where relevant aboui.. Policies and procedures adopted for the induction and training of trustees Para 1.51 The charity's organtsational structure and any wider network with which the charity works Para 1.51 Relationship with any rèlated parties P8r8 1.51 oth8r Reference and Administratlve details Cha name Other name the chari uses Registered charity number Charity's principal address Ilfracombe Pilot Gi IPGC 1187003 IPGC. CIO Lyme Kiln Cafe, Larkstone Watersports Hub, Larkstone Cove, Ilfracombe. EX34 9FQ. Club

Names of the charity trusteos who manage the charlty Tn*ta• rnmo Offlce Ilfary} Nam• of p•rnon lor body) •ntltl•d to •ppolnt tru¥tse {5f y•ar R8cr8ational Rowers Representative. David Holby January 2020 - present Paul South Men's Captain October 2023- present Jake Liversedgej 808un Secretsry Inc. Membership January 2021- present Zack St8vens Robert Thompson November 2022 - rKesent Safety Officer January 2020- present Karis Frost Ladies Captsin January 2020- present David Waters Juniors Captain January 2020- present David Liversedge Welfare Officer October 2023 - present Malcolm MorTiS Treasurer October 2023- present Ross Avery Bosun January 2021- present Stuart Dagley Chairperson January 2021- present orate trustees- names of the directors at the date the re rt was a Dlrector namè roved

Declarations Tha trustees declarn that have approvod the trustses. report above. aigned on bohalf of tho charity's tru$tè•s Slgnatufels) Fullname(s)W l /fvf Positlon log Secretary, Chair, etc) Dats

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	11
Detailed Statement of Financial Activities	12 to	13

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 2024.

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 2024

Page 2

Ilfracombe Pilot Gig Club Statement of Financial Activities

for the year ended 31 August 2024

Unrestricted funds 2024 £ 500 23,337	Restricted funds 2024 £ 11,500 -	Total funds 2024 £ 12,000 23,337	Total funds 2023 £ - 26,261
23,837 18,668 1,180	11,500 - 2,300	35,337 18,668 3,480	26,261 14,355 3,258
19,848 -	2,300 -	22,148 -	17,613 -
3,989 -	9,200 -	13,189 -	8,648 -
3,989	9,200	13,189	8,648
3,989 19,026	9,200 -	13,189 19,026	8,648 10,378
23,015	9,200	32,215	19,026

Page 3

Ilfracombe Pilot Gig Club Summary Income and Expenditure Account

for the year ended 31 August 2024

Income Gross income for the year Expenditure Depreciation and charges for impairment of fixed assets Total expenditure for the year Net income/(expenditure) before tax for the year Net income /(expenditure )for the year	2024 £ 35,337 35,337 19,028 3,120 22,148 13,189 13,189	2023 £ 26,261
		26,261
		29,206 -
		29,206
		(2,945)
		(2,945)

Page 4

Ilfracombe Pilot Gig Club Balance Sheet

at 31 August 2024

Company No. Notes 2024 £ Fixed assets Tangible assets 9 21,582 21,582 Current assets Debtors 10 1,455 Cash at bank and in hand 9,898 11,353 Creditors:Amount falling due within one year 11 (720) Net current assets 10,633 Total assets less current liabilities 32,215 Net assets excluding pension asset or liability 32,215 Total net assets 32,215 The funds of the charity Restricted funds 12 Restricted income funds 9,200 9,200 Unrestricted funds 12 General funds 23,015 23,015 Reserves 12 Total funds 32,215	2023 £ 11,592
	11,592 - 7,793
	7,793 (359)
	7,434 19,026
	19,026
	19,026
	-
	- 19,026
	19,026
	19,026

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 2024 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 2024

And signed on its behalf by:

M. Morris Trustee

31 August 2024

Page 5

Ilfracombe Pilot Gig Club Notes to the Accounts

for the year ended 31 August 2024

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.

Trade and other debtors

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

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 Statement of Financial Activities - prior year

3 Statement of Financial Activities - prior year
Income and endowments from: Charitable activities Total Expenditure on: Charitable activities Other Total Net income 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 26,261 28,846 360 29,206 (2,945) (2,945) (2,945) 10,378 7,433	Total funds 2023 £ 26,261
		26,261 28,846 360
		29,206
		(2,945)
		(2,945)
		(2,945) 10,378
		7,433

4 Income from donations and legacies

5 Income from charitable activities

Unrestricted £ 500 500	Restricted £ 11,500 11,500 Unrestricted £ 23,337 23,337	Total 2024 £ 12,000 12,000 Total 2024 £ 23,337 23,337	Total 2023 £ -
			-
			Total 2023 £ 26,261
			26,261

Page 8

Ilfracombe Pilot Gig Club Notes to the Accounts

6 Expenditure on charitable activities Expenditure on charitable activities Governance costs 7 Other expenditure Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets Legal and professional costs 8 Net income before transfers This is stated after charging: Depreciation of owned fixed assets 9 Tangible fixed assets Cost or revaluation At 1 September 2023 Additions Disposals At 31 August 2024 Depreciation and impairment At 1 September 2023 Depreciation charge for the year Disposals At 31 August 2024 Net book values At 31 August 2024 At 31 August 2023	Unrestricted £ 820 360 1,180	Unrestricted £ 18,668 18,668 Restricted £ 2,300 - 2,300 2024 £ 6,120	Total 2024 £ 18,668 18,668 Total 2024 £ 3,120 360 3,480 £ 24,738 16,110 (5,094) 35,754 13,146 6,120 (5,094) 14,172 21,582 11,592	Total 2023 £ 14,355
				14,355
				Total 2023 £ 2,898 360
				3,258
				2023 £ 2,898 £ 24,738 16,110 (5,094)
				35,754
				13,146 6,120 (5,094)
				14,172
				21,582
				11,592

Page 9

Ilfracombe Pilot Gig Club Notes to the Accounts

2024 £ 1,455 1,455 2024 £ 720 720 Incoming resources (including other gains/losses ) £ 11,500 11,500 23,837 35,337	Resources expended £ (2,300) (2,300) (19,848) (22,148)	2023 £ -
		-
		2023 £ 359
		359
		At 31 August 2024 £ 9,200
		9,200
		23,015
		32,215



Unrestricted funds £ 10,082 10,633 20,715	Restricted funds £ 11,500 - 11,500	Total £ 21,582 10,633
		32,215

Page 10

Ilfracombe Pilot Gig Club Notes to the Accounts

14 Reconciliation of net debt

Reconciliation of net debt
Cash and cash equivalents Net debt	At 1 September 2023 £	Cash flows £	At 31 August 2024 £
	7,793	2,105	9,898
	7,793 7,793	2,105 2,105	9,898
			9,898

Page 11

Ilfracombe Pilot Gig Club Detailed Statement of Financial Activities

for the year ended 31 August 2024

Income and endowments from: Donations and legacies 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 Profit on disposal of tangible fixed assets 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	Unrestricte d funds 2024 £ 500 500 23,337 23,337 23,837 18,668 18,668 18,668 3,820 (3,000) 820 360 360 1,180 19,848 - 3,989 3,989 - 3,989 19,026	Restricted funds 2024 £ 11,500 11,500 - - 11,500 - - - 2,300 - 2,300 - - 2,300 2,300 - 9,200 9,200 - 9,200 -	Total funds 2024 £ 12,000 12,000 23,337 23,337 35,337 18,668 18,668 18,668 6,120 (3,000) 3,120 360 360 3,480 22,148 - 13,189 13,189 - 13,189 19,026	Total funds 2023 £ -
				-
				26,261
				26,261
				26,261 14,355
				14,355
				14,355 2,898 -
				2,898
				360
				360

				3,258
				17,613 -
				8,648
				8,648 -
				8,648
				10,378

Page 12

Ilfracombe Pilot Gig Club Detailed Statement of Financial Activities

Total funds carried forward

23,015 9,200 32,215 19,026

Page 13