## **REPORT OF THE DIRECTORS AND** **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **FOR** **DURHAM AMATEUR ROWING CLUB 1860 LIMITED** **DURHAM AMATEUR ROWING CLUB 1860 LIMITED** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ||**Page**| |---|---| |**Company Information**|1| |**Report of the Directors**|2| |**Statement of Income and Retained Earnings**|3| |**Balance Sheet**|4| |**Notes to the Financial Statements**|6| |**Chartered Accountants' Report**|10| |**Detailed Income and Expenditure Account**|11| **DURHAM AMATEUR ROWING CLUB 1860 LIMITED** ## **COMPANY INFORMATION FOR THE YEAR ENDED 31 MARCH 2023** **DIRECTORS:** B Hudson P Rutter A Golightley **SECRETARY:** H Gravatt **REGISTERED OFFICE:** City Boathouse Green Lane Old Elvet Durham City DH1 3JU **REGISTERED NUMBER:** 12532589 (England and Wales) **ACCOUNTANTS:** Ribchesters Chartered Accountants Finchale House Belmont Business Park Durham DH1 1TW Page 1 **DURHAM AMATEUR ROWING CLUB 1860 LIMITED** ## **REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2023** The directors present their report with the financial statements of the company for the year ended 31 March 2023. ## **PRINCIPAL ACTIVITY** The principal activity of the company in the year under review was that of preparing to commence trade as an amateur rowing club. ## **DIRECTORS** The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. B Hudson P Rutter Other changes in directors holding office are as follows: A Golightley was appointed as a director after 31 March 2023 but prior to the date of this report. H Gravatt ceased to be a director after 31 March 2023 but prior to the date of this report. This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. ## **ON BEHALF OF THE BOARD:** B Hudson - Director 13 July 2023 Page 2 ## **DURHAM AMATEUR ROWING CLUB 1860 LIMITED** ## **STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 MARCH 2023** |Notes
**TURNOVER**
Cost of sales
**GROSS SURPLUS**
Administrative expenses
Other operating income
**OPERATING (DEFICIT)/SURPLUS**
4
Donations received
5
Income from shares in group undertakings
Interest payable and similar expenses
**SURPLUS BEFORE TAXATION**
Tax on surplus
6
**SURPLUS FOR THE FINANCIAL YEAR**
Retained earnings at beginning of year
**RETAINED EARNINGS AT END OF**
**YEAR**|2023
£
133,435
12,998
120,437
239,238
(118,801)
85,138
(33,663)
1,373,100
1,339,437
74,000
1,413,437
9,455
1,403,982
-
1,403,982
3,741
1,407,723|2022
£
-
-
-
1,259
(1,259)
5,000
3,741
-
3,741
-
3,741
-
3,741
-
3,741
-
3,741| |---|---|---| The notes form part of these financial statements Page 3 **DURHAM AMATEUR ROWING CLUB 1860 LIMITED (REGISTERED NUMBER: 12532589)** ## **BALANCE SHEET 31 MARCH 2023** |Notes
**FIXED ASSETS**
Tangible assets
7
Investments
8
**CURRENT ASSETS**
Stocks
Debtors
9
Cash at bank
**CREDITORS**
Amounts falling due within one year
10
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one
year
11
**NET ASSETS**
**RESERVES**
Income and expenditure account|2023
£
281
19,738
5,476
25,495
13,010|£
1,796,037
1
1,796,038
12,485
1,808,523
400,800
1,407,723
1,407,723
1,407,723|2022
£
-
-
4,341
4,341
600|£
-
-| |---|---|---|---|---| |||||-
3,741| |||||3,741
-| |||||3,741| |||||3,741| |||||3,741| The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for: - (a) ensuring that the company keeps accounting records which 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 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 company. The notes form part of these financial statements continued... Page 4 ## **DURHAM AMATEUR ROWING CLUB 1860 LIMITED (REGISTERED NUMBER: 12532589)** ## **BALANCE SHEET - continued 31 MARCH 2023** The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Board of Directors and authorised for issue on 13 July 2023 and were signed on its behalf by: B Hudson - Director The notes form part of these financial statements Page 5 **DURHAM AMATEUR ROWING CLUB 1860 LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## 1. **STATUTORY INFORMATION** Durham Amateur Rowing Club 1860 Limited is a private company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. ## 2. **ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ## **Related party exemption** The 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. ## **Turnover** Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Land and buildings - 2% on cost and not provided Plant and machinery etc - 25% on reducing balance and 10% on cost ## **Investments in subsidiaries** Investments in subsidiary undertakings are recognised at cost. ## **Stocks** Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. ## **Taxation** Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. ## **Deferred tax** Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Page 6 continued... **DURHAM AMATEUR ROWING CLUB 1860 LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023** ## 2. **ACCOUNTING POLICIES - continued** ## **Hire purchase and leasing commitments** Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease. ## 3. **EMPLOYEES AND DIRECTORS** The average number of employees during the year was 6 (2022 - NIL). ## 4. ## 5. |2023
£
Directors' remuneration
-
**OPERATING (DEFICIT)/SURPLUS**
The operating deficit (2022 - operating surplus) is stated after charging:
2023
£
Depreciation - owned assets
38,520
**EXCEPTIONAL ITEMS**
2023
£
Donations received
1,373,100|2022
£
-
2022
£
-| |---|---| ||2022
£
-| Included within exceptional items is the trade and assets transferred from Durham Amateur Rowing Club. More information is found within note 13 of the accounts. ## 6. **TAXATION** ## **Analysis of the tax charge** No liability to UK corporation tax arose for the year ended 31 March 2023 nor for the year ended 31 March 2022. ## 7. **TANGIBLE FIXED ASSETS** |**COST**
Additions
At 31 March 2023
**DEPRECIATION**
Charge for year
At 31 March 2023
**NET BOOK VALUE**
At 31 March 2023|Land and
buildings
£
1,710,708
1,710,708
25,143
25,143
1,685,565|Plant and
machinery
etc
£
123,849
123,849
13,377
13,377
110,472|Totals
£
1,834,557| |---|---|---|---| ||||1,834,557| ||||38,520| ||||38,520| ||||1,796,037| continued... Page 7 **DURHAM AMATEUR ROWING CLUB 1860 LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023** ## 8. **FIXED ASSET INVESTMENTS** |**COST**
Additions
At 31 March 2023
**NET BOOK VALUE**
At 31 March 2023
9.
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Other debtors
10.
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Bank loans and overdrafts
Trade creditors
Other creditors
11.
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE**
**YEAR**
Bank loans
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal
12.
**SECURED DEBTS**
The following secured debts are included within creditors:
Bank loans|2023
£
10,459
9,279
19,738
2023
£
6,880
3,907
2,223
13,010
2023
£
400,800
370,662
2023
£
407,680|Investment
in
subsidiary
company
£
1
1
1
2022
£
-
-
-
2022
£
-
-
600
600
2022
£
-
-
2022
£
-|Investment
in
subsidiary
company
£
1
1
1
2022
£
-
-
-
2022
£
-
-
600
600
2022
£
-
-
2022
£
-| |---|---|---|---| ||||| ||||| ||||| ||||| ||||| ||||| The above bank loans are secured on the Land to which they relate. continued... Page 8 **DURHAM AMATEUR ROWING CLUB 1860 LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023** ## 13. **RELATED PARTY DISCLOSURES** During the year donations received from Durham Amateur Rowing Club totalled £1,440,676, of which £67,576 was received as a specific donations, and £1,373,100 was received by way of transferring its trade and assets, detailed below. On 31 March 2022 the trade and assets of the charity Durham Amateur Rowing Club were transferred to this company, for the following amounts:- |company, for the following amounts:-|| |---|---| |Property|1,257,152| |Fixtures, Fittings and Equipment|37,172| |Boats and Oars|69,387| |Fixed Asset Investments|1| |Motor Vehicles|9,388| On 31 March 2022 the company purchased 100% of the share capital in Durham Amateur Rowing Club Limited for £1.00. This is included within investments in Fixed Assets. All income received from this company is shown within Income from shares in group undertakings. ## 14. **CALLED UP SHARE CAPITAL** The company is limited by guarantee and therefore does not have any issued share capital. Page 9 ## **CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE UNAUDITED FINANCIAL STATEMENTS OF DURHAM AMATEUR ROWING CLUB 1860 LIMITED** In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Durham Amateur Rowing Club 1860 Limited for the year ended 31 March 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Durham Amateur Rowing Club 1860 Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Durham Amateur Rowing Club 1860 Limited and state those matters that we have agreed to state to the Board of Directors of Durham Amateur Rowing Club 1860 Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Durham Amateur Rowing Club 1860 Limited and its Board of Directors, as a body, for our work or for this report. It is your duty to ensure that Durham Amateur Rowing Club 1860 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Durham Amateur Rowing Club 1860 Limited. You consider that Durham Amateur Rowing Club 1860 Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Durham Amateur Rowing Club 1860 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. Ribchesters Chartered Accountants Finchale House Belmont Business Park Durham DH1 1TW 13 July 2023 This page does not form part of the statutory financial statements Page 10 **DURHAM AMATEUR ROWING CLUB 1860 LIMITED** ## **DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023** |**Turnover**
Membership
Corporate membership
Private racking and storage
Trailerage
Learn to row
School rowing sessions
Durham City regatta
Clothing
Autumn SBH
Durham SBH
Explore rowing
Room hire
**Cost of sales**
Purchases
Trailerage
Learn to row
Durham City regatta
Allcomers regatta
Sprint regatta
Autumn SBH
Durham SBH
Closing stock
**GROSS SURPLUS**
**Other income**
Donations received
Sundry receipts
Insurance claims
Government grants
Income from investment
**Expenditure**
Rent
Rates and water
Light and heat
Wages
Manager wages
Coach wages
Postage and stationery
Motor expenses
Travelling
Insurance
Equipment hire
Carried forward|2023
£
83,110
360
13,727
8,473
6,882
2,550
2,070
192
4,095
10,215
288
1,473
105
5,531
236
3,340
18
61
1,649
2,339
13,279
(281)
72,345
250
1,843
10,700
74,000
79
2,605
19,721
52,587
65,380
4,250
2
3,512
201
15,142
2,252
165,731|£
133,435
12,998
120,437
159,138
279,575
279,575|2022
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|£
-
-| |---|---|---|---|---| |||||-
5,000| |||||5,000| |||||5,000| This page does not form part of the statutory financial statements Page 11 ## **DURHAM AMATEUR ROWING CLUB 1860 LIMITED** ## **DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023** |Brought forward
Repairs and renewals
Rowing equipment repairs
Computer costs
Sundry expenses
Cleaning
Training
Accountancy
Subscriptions
Professional fees
Legal fees
**Finance costs**
Bank charges
Arrangement fees
Credit card fees
Bank loan interest
HMRC interest
**Depreciation**
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
**Exceptional items**
Donations received
**NET SURPLUS**|2023
£
165,731
2,978
8,193
505
693
4,477
111
4,206
2,754
4,120
-
545
6,150
255
9,242
213
25,143
7,313
3,717
2,347|£
279,575
193,768
85,807
16,405
69,402
38,520
30,882
1,373,100
1,403,982|2022
£
-
-
-
-
-
-
-
600
-
-
652
7
-
-
-
-
-
-
-
-|£
5,000
1,252| |---|---|---|---|---| |||||3,748
7| |||||3,741
-| |||||3,741
-| |||||3,741| This page does not form part of the statutory financial statements Page 12