**REGISTERED COMPANY NUMBER: 12322612 (England and Wales) REGISTERED CHARITY NUMBER: 1188068**
## **Report of the Trustees and**
**Unaudited Financial Statements for the Year Ended 31 December 2021**
**for**
**Broxbourne Rowing Club**
**Broxbourne Rowing Club**
## **Contents of the Financial Statements for the Year Ended 31 December 2021**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|3|
|**Independent Examiner's Report**||4||
|**Statement of Financial Activities**||5||
|**Balance Sheet**|6|to|7|
|**Notes to the Financial Statements**|8|to|13|
|**Detailed Statement of Financial Activities**|14|to|15|
**Broxbourne Rowing Club**
## **Report of the Trustees for the Year Ended 31 December 2021**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of 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 2019).
## **OBJECTIVES AND ACTIVITIES Objectives and aims**
The Charity's objects ("Objects") are:
- the promotion of community participation in healthy recreation by the provision of facilities specifically for the sport of rowing and other related activities ("facilities" means land, buildings, equipment and organising sporting activities);
- providing and assisting in providing facilities for sports described above, recreation or other leisure time occupation of such persons who have need for such facilities by reason of their youth, age, infirmity or disablement, poverty or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving their conditions of life; and
- advancing the education of children and young people through such means as the Directors think fit in accordance with the Charities Act 2011.
## **Significant activities**
The charity is a rowing club and provides all the facilities, equipment, training and support services that members need to enjoy the sport of rowing.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **ACHIEVEMENT AND PERFORMANCE Charitable activities**
During 2021 the rowing club was closed for the first part of the year due to Covid-19 in line with government and British Rowing guidelines. While closed the rowing club used various and regular virtual activities, and loaned equipment in a fair way to support members. When permitted the rowing club reopened and members actively took part in rowing, operating with carefully calibrated rules; activities were in line with local and national Covid-19 guidelines throughout the year.
To encourage more people to participate in the sport of rowing we ran several learn to row courses in the second half of the year, once Covid-19 restrictions had been relaxed, we introduced 38 juniors and 20 adults to rowing through our learn to row courses.
As rowing races started again a wide selection of the club started taking part again, including a crew qualifying to compete at Henley Royal Regatta, three crews getting to the finals at Masters Henley, a win at the Fours Head, along with many crews winning and competing at local and national regattas and heads. The recreational squad took part in the British Rowing tour and other local tours. Haileybury School and the University of Hertfordshire also utilised our facilities for rowing.
-1-
**Broxbourne Rowing Club**
## **Report of the Trustees for the Year Ended 31 December 2021**
## **FINANCIAL REVIEW**
## **Reserves policy**
The rowing club has existed for 175 years. The trustees acknowledge their duty to maintain unrestricted funds, which have not been designated for a specific use at a level of £40,000 equivalent to six months essential expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. Reserves have been maintained well above this level throughout the year.
Covid-19 has had a significant impact on the charity including financial effects, members were offered reduced or suspension in fees last year to support them during this difficult time, the charity is grateful that many members continued to pay their full fees.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Historically Broxbourne Rowing Club was establish in 1847 and was registered as a Community Amateur Sports Club (CASC 04914 / CH06368) on 5 January 2008.
The charity is a company limited by guarantee and was incorporated on 19 November 2019 and registered as a charity on 20 February 2020 with the Charities Commission in England and Wales.
A vote of the members of Broxbourne Rowing Club (CASC) on 8 December 2020, with prior approval and clearance from HMRC agreed to transfer all assets and liabilities from Broxbourne Rowing Club (CASC) to Broxbourne Rowing Club (Charitable Company). The transfer was effective 31 December 2020.
The charity is governed by a Memorandum and Articles of Association as created at incorporation and adopted by members on 8 December 2020 and updated on 23 September 2021. The liability of the members in the event of the company being wound up is limited to a sum not exceeding £10.
## **Recruitment and appointment of new trustees**
The trustees of the charity are also the directors for the purposes of company law and are appointed by the members at the AGM, in accordance with the Articles of Association.
## **Induction and training of new trustees**
New Trustees are introduced with a full range of relevant Charity Commission guidance and appropriate information on their responsibilities.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Company number**
12322612 (England and Wales)
## **Registered Charity number**
1188068
## **Registered office**
The Clubhouse Old Nazeing Road Broxbourne EN10 6QU
-2-
**Broxbourne Rowing Club**
## **Report of the Trustees for the Year Ended 31 December 2021**
## **Trustees**
J A Hill A T Hosking P J Breheny D Brown (appointed 8/12/2021) P A Mckellar (appointed 31/12/2021) A Stokes (appointed 8/12/2021) T W M Smith (appointed 1/12/2021)
## **Company Secretary**
P J Breheny
## **Independent Examiner**
Cartwrights Chartered Accountants and Business Advisors Regency House 33 Wood Street Barnet Hertfordshire EN5 4BE
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees (who are also the directors of Broxbourne Rowing Club for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
29th September 2022
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
## Amanda Hosking
........................................................................ A T Hosking - Trustee
-3-
## **Independent Examiner's Report to the Trustees of Broxbourne Rowing Club**
## **Independent examiner's report to the trustees of Broxbourne Rowing Club ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2021.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company 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 accounts 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 confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts 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 accounts to be reached.
Matthew Brown Cartwrights Chartered Accountants and Business Advisors Regency House 33 Wood Street Barnet Hertfordshire EN5 4BE
Date: .............................................
-4-
**Broxbourne Rowing Club**
## **Statement of Financial Activities for the Year Ended 31 December 2021**
|**Notes**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Other trading activities
2
Investment income
3
Other income
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Rowing club expenses
Other
**Total**
**NET INCOME/(EXPENDITURE)**
**Other recognised gains/(losses)**
Gains on revaluation of fixed assets
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|**31/12/21**
**Unrestricted**
**funds**
**£**
59,418
29,124
4
2,600
91,146
-
75,160
9,671
84,831
6,315
-
6,315
1,259,069
1,265,384|**31/12/20**
**Total**
**funds**
**£**
70,398
13,663
29
884
84,974
942
90,960
1,763
93,665
(8,691)
340,924
332,233
926,836
1,259,069|
|---|---|---|
The notes form part of these financial statements
-5-
**Broxbourne Rowing Club**
## **Balance Sheet 31 December 2021**
|**Notes**
**FIXED ASSETS**
Tangible assets
7
**CURRENT ASSETS**
Stocks
8
Debtors
9
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
10
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
11
Unrestricted funds
**TOTAL FUNDS**|**31/12/21**
**Unrestricted**
**funds**
**£**
1,165,888
-
5,290
109,727
115,017
(15,521)
99,496
1,265,384
1,265,384
1,265,384
1,265,384|**31/12/20**
**Total**
**funds**
**£**
1,163,003
890
5,553
92,806
99,249
(3,183)
96,066
1,259,069
1,259,069
1,259,069
1,259,069|
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
-6-
continued...
**Broxbourne Rowing Club**
## **Balance Sheet - continued 31 December 2021**
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 29th September 2022
## Amanda Hosking
............................................. A T Hosking - Trustee
The notes form part of these financial statements
-7-
**Broxbourne Rowing Club**
**Notes to the Financial Statements for the Year Ended 31 December 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
As at 1st January 2021 the Club trading as a Community Amateur Sports Club with the same name transferred all assets and liabilities to this company limited by guarantee with charity status.
This represented a change in the legal form of the Club and as its purposes and beneficiary class remain unchanged has been treated as a merger for accounting purposes as required under the SORP.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost Motor vehicles - Straight line over 5 years
The freehold of the Club and Boathouse has not been depreciated on the basis that it is not thought appropriate to do so.
The freehold was valued at £1,000,000 by Paul Wallace Professional on 14 January 2021.
## **Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
-8-
**Broxbourne Rowing Club**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2021**
## **2. OTHER TRADING ACTIVITIES**
|**2.**|**OTHER TRADING ACTIVITIES**|||
|---|---|---|---|
|||**31/12/21**|**31/12/20**|
|||**£**|**£**|
||Fundraising events|4,263|-|
||Racking income|5,361|4,782|
||School fees|6,340|6,009|
||Learn to Row|11,670|2,669|
||Bar income|-|203|
||Kit sales|140|-|
||Insurance claims|1,350|-|
|||29,124|13,663|
|**3.**|**INVESTMENT INCOME**|||
|||**31/12/21**|**31/12/20**|
|||**£**|**£**|
||Deposit account interest|4|29|
|**4.**|**NET INCOME/(EXPENDITURE)**|||
||Net income/(expenditure) is stated after charging/(crediting):|||
|||**31/12/21**|**31/12/20**|
|||**£**|**£**|
||Depreciation - owned assets|32,066|46,804|
||Surplus on disposal of fixed assets|(2,600)|(884)|
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
||**Unrestricted**|
|---|---|
||**funds**|
||**£**|
|**INCOME AND ENDOWMENTS FROM**||
|Donations and legacies|70,398|
|Other trading activities|13,663|
|Investment income|29|
|Other income|884|
|**Total**|84,974|
|**EXPENDITURE ON**||
|Raising funds|942|
continued...
-9-
**Broxbourne Rowing Club**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2021**
## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
|**Charitable activities**
Rowing club expenses
Other
**Total**
**NET INCOME/(EXPENDITURE)**
**Other recognised gains/(losses)**
Gains on revaluation of fixed assets
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**
**7.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1 January 2021
Additions
Disposals
At 31 December 2021
**DEPRECIATION**
At 1 January 2021
Charge for year
Eliminated on disposal
At 31 December 2021
**NET BOOK VALUE**
At 31 December 2021
At 31 December 2020|**Freehold**
**property**
**£**
1,000,000
-
-
1,000,000
-
-
-
-
1,000,000
1,000,000|**Plant and**
**machinery**
**£**
503,512
40,351
(9,000)
534,863
346,709
30,516
(3,600)
373,625
161,238
156,803|**Motor**
**vehicles**
**£**
7,750
-
-
7,750
1,550
1,550
-
3,100
4,650
6,200|**Unrestricted**
**funds**
**£**
90,960
1,763
93,665
(8,691)
340,924
332,233
926,836
1,259,069
**Totals**
**£**
1,511,262
40,351
(9,000)
1,542,613
348,259
32,066
(3,600)
376,725
1,165,888
1,163,003|
|---|---|---|---|---|
continued...
-10-
**Broxbourne Rowing Club**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2021**
|**8.**
**STOCKS**
Stocks
**9.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
VAT
Other creditors
Accruals and deferred income
**11.**
**MOVEMENT IN FUNDS**
**At 1/1/21**
**£**
**Unrestricted funds**
General fund
1,259,069
**TOTAL FUNDS**
1,259,069
Net movement in funds, included in the above are as follows:
**Incoming**
**resources**
**£**
**Unrestricted funds**
General fund
91,146
**TOTAL FUNDS**
91,146|**31/12/21**
**£**
-
**31/12/21**
**£**
-
2,088
-
3,202
5,290
**31/12/21**
**£**
1
647
-
14,873
15,521
**Net**
**movement**
**in funds**
**£**
6,315
6,315
**Resources**
**expended**
**£**
(84,831)
(84,831)|**31/12/20**
**£**
890
**31/12/20**
**£**
181
-
5,372
-
5,553
**31/12/20**
**£**
-
-
3,183
-
3,183
**At**
**31/12/21**
**£**
1,265,384
1,265,384
**Movement**
**in funds**
**£**
6,315
6,315|
|---|---|---|
continued...
-11-
**Broxbourne Rowing Club**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2021**
## **11. MOVEMENT IN FUNDS - continued**
**Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|**Net**
**movement**
**At**
**At 1/1/20**
**in funds**
**31/12/20**
**£**
**£**
**£**
926,836
332,233
1,259,069
926,836
332,233
1,259,069|
|---|---|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
84,974
84,974|**Resources**
**expended**
**£**
(93,665)
(93,665)|**Gains and**
**Movement**
**losses**
**in funds**
**£**
**£**
340,924
332,233
340,924
332,233|
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|**At 1/1/20**
**£**
926,836
926,836|**Net**
**movement**
**in funds**
**£**
338,548
338,548|**At**
**31/12/21**
**£**
1,265,384|
|---|---|---|---|
||||1,265,384|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||**Incoming**|**Resources**|**Gains and**|**Movement**|
|---|---|---|---|---|
||**resources**|**expended**|**losses**|**in funds**|
||**£**|**£**|**£**|**£**|
|**Unrestricted funds**|||||
|General fund|176,120|(178,496)|340,924|338,548|
|**TOTAL FUNDS**|176,120|(178,496)|340,924|338,548|
Within the funds carried forward a balance of £593,973 (2020: £593,973) relates to the revaluation of the freehold within the accounts.
continued...
-12-
**Broxbourne Rowing Club**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2021**
## **12. RELATED PARTY DISCLOSURES**
The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
## **13. ULTIMATE CONTROLLING PARTY**
There is no ultimate controlling party of the company.
-13-
**Broxbourne Rowing Club**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2021**
|**Detailed Statement of Financial Activities**
**for the Year Ended 31 December 2021**|||
|---|---|---|
||**31/12/21**|**31/12/20**|
||**£**|**£**|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations|2,612|2,287|
|Grants|-|10,600|
|Membership income|56,806|57,511|
||59,418|70,398|
|**Other trading activities**|||
|Fundraising events|4,263|-|
|Racking income|5,361|4,782|
|School fees|6,340|6,009|
|Learn to Row|11,670|2,669|
|Bar income|-|203|
|Kit sales|140|-|
|Insurance claims|1,350|-|
||29,124|13,663|
|**Investment income**|||
|Deposit account interest|4|29|
|**Other income**|||
|Gain on sale of tangible fixed assets|2,600|884|
|**Total incoming resources**|91,146|84,974|
|**EXPENDITURE**|||
|**Other trading activities**|||
|Opening stock|-|1,206|
|Purchases|-|406|
|Closing stock|-|(670)|
||-|942|
|**Charitable activities**|||
|Rates and water|765|1,656|
|Insurance|7,678|10,550|
|Light and heat|4,379|2,896|
|Telephone|919|869|
|Postage and stationery|135|133|
|Sundries|991|878|
|Repairs to boats and equipment|4,108|3,134|
|Boat refurbishment|1,000|2,765|
|Repairs to club and grounds|3,034|8,571|
|Cleaning and refuse collection|2,314|2,300|
|Carried forward|25,323|33,752|
This page does not form part of the statutory financial statements
-14-
**Broxbourne Rowing Club**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2021**
|**Detailed Statement of Financial Activities**
**for the Year Ended 31 December 2021**|||
|---|---|---|
||**31/12/21**|**31/12/20**|
||**£**|**£**|
|**Charitable activities**|||
|Brought forward|25,323|33,752|
|Van running costs|1,364|2,100|
|Coaching expenses|13,456|6,621|
|Kit expenses|1,867|430|
|Subscriptions|1,084|1,253|
|Depreciation of tangible fixed assets|32,066|46,804|
||75,160|90,960|
|**Other**|||
|Fundraising event costs|4,136|-|
|**Support costs**|||
|**Governance costs**|||
|Accountancy fees|2,580|1,750|
|Professional & Legal fees|2,955|13|
||5,535|1,763|
|Total resources expended|84,831|93,665|
|**Net income/(expenditure)**|6,315|(8,691)|
This page does not form part of the statutory financial statements
-15-