## **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 mom￿1$ 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 In￿Stment 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 entIt￿d to appoint one or more trustees Parn 1.25 ConStitu￿on 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** |**Notes**
**Income and endowments**
**from:**
Donations and legacies
4
Charitable activities
5
**Total**
**Expenditure on:**
Charitable activities
6
Other
7
**Total**
Net gains on investments
**Net income**
8
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**
**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** |10 **Debtors**
Prepayments and accrued income
11 **Creditors:**
amounts falling due within one year
Accruals
12 **Movement in funds**
**At 1**
**September**
**2023**
**Restricted funds:**
**Restricted income funds:**
National Lottery Grant
-
_Total_
-
**Unrestricted funds:**
**General funds**
19,026
**Total funds**
19,026
Purposes and restrictions in relation to the funds:
Restricted funds:
National Lottery Grant
Purchase of Gig boat
13 **Analysis of net assets between funds**
Fixed assets
Net current assets|**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