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Charity number: 311450
JESUS COLLEGE BOAT CLUB TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
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JESUS COLLEGE BOAT CLUB TRUST
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 - 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 17 |
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JESUS COLLEGE BOAT CLUB TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2022
| Trustees | Sir David Wootton, Chairman |
|---|---|
| Louise Couch, Secretary | |
| Reverend James Crockford | |
| Sheena Cassidy Hope | |
| Dr Jonathan Hutton | |
| Matthew Jones | |
| Ewan Pearson | |
| David Reid | |
| Richard Tett | |
| Helen Alice Tromans | |
| Danny White, Treasurer | |
| Charity registered number 311450 Registered office Jesus College Jesus Lane Cambridge CB5 8BL Independent Examiner M Hewett FCA DChA Peters Elworthy & Moore Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA Bankers Barclays Bank plc St Andrew's Street Cambridge CB2 3AA CAF Bank ltd Kings Hill West Malling Kent ME19 4JQ Investment Managers CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET |
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JESUS COLLEGE BOAT CLUB TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022
The Trustees present their annual report together with the unaudited financial statements of the Jesus College Boat Club Trust for the year 6 April 2021 to 5 April 2022. The Trustees confirm that the Annual Report and financial statements of the Trust comply with the current statutory requirements, the requirements of the Trust's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (second addition of the Charities SORP (FRS102) October 2019, effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Policies and Objectives
The main activities of the Trust in the year were the continued encouragement of high standards of rowing in the Club though the purchases of first class equipment and subsidising high quality training.
ACHIEVEMENTS AND PERFORMANCE
Review of activities
In undertaking the activities for the year the Trustees have borne in mind the Charity Commission guidance on public benefit. During the year the Trust continued to support the desired aim of the advancement of amateur sport, by giving support to the Jesus College Boat Club (JCBC) in the form of the provision of equipment. Although support is largely focused on a section of the public (namely university students who are members of the JCBC), it also reaches more widely in the rowing world through the Boat Club’s provision of a Head of the River race which is open to crews from a wide range of clubs and geographic regions. Jesus College itself attracts individuals from all backgrounds and all corners of the world. The Trust’s aim is to provide funds in order to increase access and reduce significantly any monetary restrictions that may arise within the sport for those it supports
The results for the year are summarised in the Statement of Financial Activities.
At the beginning of the year, the Trust held listed investment portfolios with a market value of £914,846 as well as £600,316 in cash at banks, the majority of which was pending investment as part of a restructuring of the Trust’s investments. At the year end the Trust’s listed securities were held within the CCLA COIF Investment Fund with a market value of £1,560,281 and cash at bank was £63,300. The Trust’s Capital Fund, which reflects overall investments was £1,606,942 at 5 April 2022 as compared to £1,415,547 at the end of the previous financial year.
The 2021/22 academic year saw more of a return to normality in the Cambridge rowing world after two years of disruption as a result of the Covid 19 pandemic, with all of the major end of term races (namely the Fairbairn Cup races, the Lent Bumps and the May Bumps) taking place. The year saw a number of successes, including the Men’s 1st VIII winning their category in the Fairbairn Cup. In the May Bumps races, generally seen as the highlight of the rowing calendar, eight Jesus crews took part with the Women’s 1st VIII moving from 2nd to 5th on the river while the Men’s 1st VIII moved from 12th to 11th.
Overall, and apart from the continued desire by the Trustees for a larger capital base to secure the level of investment income which inflation in the cost of the sport continues to demand, the Trustees consider the state of affairs of the Trust to be satisfactory in the current economic circumstances.
Investment policy and performance
All the Trust's Capital Fund income is derived from its investments and interest earned on bank deposits held to meet the Trust's financial commitments. The investments held by the Trust are for the generation of income consistent with the preservation and continued growth of capital to fund future charitable expenditure using a total return investment strategy. The Trust completed a review of its investments in 2020 and a new investment approach was approved at the Trustees’ meeting in October 2020; this plan involved selling down the Trust’s holdings in the BNY Mellon/Newton UK Equities Fund and investing the proceeds 50/50 in two listed infrastructure funds. However, there were significant challenges in finding a platform who could offer the Trust access to listed stocks (as opposed to funds) and as a result the Trust has, as a stopgap measure, instead
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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
invested the proceeds in the CCLA fund that the Trust already has a significant holding in. This investment decision, along with the overall investments, will be reviewed at the next Trustees’ meeting in October 2022.
Financial review
Donations and legacies to Trust (excluding gift aid) were £71,883 (2021: £191,114). This drop is due to the receipt of several significant legacies in the 2020/21 tax year that were not matched in the 2021/22 tax year. If these legacies and other significant one off donations are stripped out, the total donations received in 2021/22 were £12,637 compared to £15,381 in 2020/21.
The Trustees are very grateful to the continued generosity of all donors, many of whom are former rowers from the College both in the UK and overseas. Each donor to the Trust receives a free parking voucher for the May Races and regular email reports on the JCBC.
Income from the investments increased by 8% from £35,544 in the 2020-21 tax year to £38,439 in the 2021/22 tax year.
Expenditure in the year was £118,460 (2021: £29,200), with the increase being due to the purchase of two eights in the year (one of which the Trust had accumulated a provision for over several years from investment income, the other being funded by donors) as well as a large contribution towards the cost of a Novice Coach (which was paid for using part of the large cash buffer that the Trust had built up over the last few years).
Reserves policy
The Trustees are satisfied that the current level of reserves is sufficient to meet the needs of the Trust.
The majority of the Trust’s reserves are unrestricted, however the Trustees’ intention is for the Capital Fund to grow over time through the capital appreciation of the investments held within the Capital Fund in order to produce a rising stream of income for the Revenue Fund. As a result, direct spending from the Capital Fund is generally avoided. The Trust’s free reserves are therefore equal to the Revenue Fund, which had a balance at 5 April 2022 of £23,522.
The Trustees aim to maintain free reserves at least equivalent to the annual governance costs of running the charity, which are about £2,000. Once those costs have been covered, the investment income earned during the year is spent on fulfilling the charitable objects of the organisation as shown on page 13 and allows for the periodic purchase of boats and oars. The overall aim of the Trustees is to spend the income that is available in the Revenue Fund on charitable activities and to not commit to costs that cannot be met from the Revenue Fund.
Going concern
After making appropriate enquiries to satisfy themselves of the stability and financial health of the Trust, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For that reason, they continue to adopt the going concern basis in preparing the financial statements.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The Trust is an unincorporated charity and was formed under a Trust Deed dated 22 October 1971. The principal objective of the Trust is to provide financial support to the Jesus College Boat Club in Cambridge. There have been no changes in the objectives since the last annual report.
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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
Methods of appointment or election of trustees
The board of Trustees endeavours to appoint trustees who will provide valuable and practical skills for the Trust. The Trustees who served during the year to 5 April 2022 were:
Sir David Wootton, Chairman Louise Couch, Secretary Rev James Crockford Sheena Cassidy Hope Dr Jonathan Hutton Matthew Jones Ewan Pearson David Reid Richard Tett Helen Alice Tromans Danny White, Treasurer
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales 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 charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Danny White Trustee
29 October 2022 Date:
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INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2022
Independent Examiner's Report to the Trustees of Jesus College Boat Club Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2022.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
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INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed:
31 October 2022 Dated:
M Hewett FCA DChA Peters Elworthy & Moore Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA
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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022
| Note INCOME FROM: Donations and legacies 2 Investments 3 TOTAL INCOME EXPENDITURE ON: Charitable activities 4 TOTAL EXPENDITURE NET INCOME/ (EXPENDITURE) BEFORE NET GAINS ON INVESTMENTS Net gains on investments 6 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds TOTAL FUNDS CARRIED FORWARD |
Capital Fund 2022 £ 80,586 - 80,586 - - 80,586 110,809 191,395 1,415,547 191,395 1,606,942 |
Restricted Fund 2022 £ - - - 56,000 56,000 (56,000) - (56,000) 56,000 (56,000) - |
Revenue Fund 2022 £ - 38,439 38,439 62,460 62,460 (24,021) - (24,021) 47,543 (24,021) 23,522 |
Total funds 2022 £ 80,586 38,439 119,025 118,460 118,460 565 110,809 111,374 1,519,090 111,374 1,630,464 |
Total funds 2021 £ 196,742 35,544 |
|---|---|---|---|---|---|
| 232,286 | |||||
| 29,200 | |||||
| 29,200 | |||||
| 203,086 249,202 |
|||||
| 452,288 | |||||
| 1,066,802 452,288 |
|||||
| 1,519,090 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 17 form part of these financial statements.
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BALANCE SHEET AS AT 5 APRIL 2022
| Note FIXED ASSETS Investments 6 CURRENT ASSETS Debtors 7 Cash at bank and in hand Creditors: amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES TOTAL NET ASSETS CHARITY FUNDS Capital Fund 9 Restricted Fund 9 Revenue Fund 9 TOTAL FUNDS |
8,703 63,300 72,003 (1,820) |
2022 £ 1,560,281 1,560,281 70,183 1,630,464 1,630,464 1,606,942 - 23,522 1,630,464 |
5,628 600,316 605,944 (1,700) |
2021 £ 914,846 |
|---|---|---|---|---|
| 914,846 604,244 |
||||
| 1,519,090 | ||||
| 1,519,090 | ||||
| 1,415,547 56,000 47,543 |
||||
| 1,519,090 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Danny White Trustee
Date: 29 October 2022
The notes on pages 9 to 17 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1. ACCOUNTING POLICIES
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements 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) (second edition - October 2019, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Jesus College Boat Club Trust meets the definition of a public benefit entity under FRS 102.
There were no significant estimates or judgements made by management in preparing these financial statements, except the valuation of investments which have been directly obtained from the unit fund.
1.2 GOING CONCERN
The Trustees have reviewed the financial position of the Charity, including assessing the impact of Covid-19, and have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concern basis.
1.3 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1. ACCOUNTING POLICIES (CONTINUED)
1.4 INCOME
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Interest of funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.5 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of obligation can be measured reliably. Expenditure is classified by activity.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Governance costs are those incurred in connection with the administratio of the Charity and compliance with constitutional and statutory requirements.
All expenditure is inclusive of irrecoverable VAT.
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1. ACCOUNTING POLICIES (CONTINUED)
1.6 FOREIGN CURRENCIES
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of Financial Activities.
1.7 FINANCIAL INSTRUMENTS
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
1.8 INVESTMENTS
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
1.9 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.10 CASH AT BANK AND IN HAND
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.11 LIABILITIES
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
2. INCOME FROM DONATIONS AND LEGACIES
| Donations Legacies Gift aid tax refunds TOTAL 2021 |
Capital Fund 2022 £ 42,642 29,241 8,703 80,586 140,642 |
Restricted Fund 2022 £ - - - - 56,100 |
Total funds 2022 £ 42,642 29,241 8,703 80,586 196,742 |
Total funds 2021 £ 31,481 159,633 5,628 |
|---|---|---|---|---|
| 196,742 | ||||
3. INVESTMENT INCOME
| Investment income TOTAL 2021 |
Revenue Fund 2022 £ 38,439 35,544 |
Total funds 2022 £ 38,439 35,544 |
Total funds 2021 £ 35,544 |
|---|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
4. ANALYSIS OF CHARITABLE EXPENDITURE BY ACTIVITIES
| Purchase of boats and oars Freight & packaging Purchase of other equipment Training costs Trustee expenses Sundry Bank charges Bookkeeping fee Independent examination fees Repairs and related expenses Novice coach TOTAL 2021 |
Restricted funds 2022 £ 56,000 - - - - - - - - - - 56,000 100 |
Revenue Fund 2022 £ 17,979 19 1,397 10,770 407 43 325 500 1,320 3,300 26,400 62,460 29,100 |
Total funds 2022 £ 73,979 19 1,397 10,770 407 43 325 500 1,320 3,300 26,400 118,460 29,200 |
Total funds 2021 £ 23,335 103 3,880 - - 108 74 500 1,200 - - |
|---|---|---|---|---|
| 29,200 | ||||
5. TRUSTEES' REMUNERATION AND EXPENSES
The charity considers its key management personnel to be the Trustees. The Trustees all give their time and expertise without any form of remuneration or other benefit in kind (2021: £NIL).
During the year, Trustees had expenses equal to £407 reimbursed by the Trust (2021: £NIL).
6. FIXED ASSET INVESTMENTS
| MARKET VALUE At 6 April 2021 Additions Revaluations AT 5 APRIL 2022 |
Listed securities £ 914,846 534,626 110,809 |
|---|---|
| 1,560,281 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
6. FIXED ASSET INVESTMENTS (CONTINUED)
All the fixed asset investments are held in the UK.
All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
The Trust is operating an investment policy that aims to maintain a high level of diversification in the Trust’s investments. To achieve this, the Trust has invested in an established unit trust that has a high degree of diversification across asset classes, sectors and geographies.
The Trust does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer term growth and annual income.
The Trust has no material investment holdings in markets subject to exchange controls or trading restrictions.
7. DEBTORS
| Tax (gift aid) recoverable | 2022 £ 8,703 8,703 |
2021 £ 5,628 |
|---|---|---|
| 5,628 |
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Accruals | 1,820 | 1,700 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
9. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| UNRESTRICTED FUNDS Revenue Fund DESIGNATED FUNDS Capital Fund RESTRICTED FUNDS Purchase of boats TOTAL OF FUNDS |
Balance at 6 April 2021 £ 47,543 1,415,547 56,000 1,519,090 |
Income £ 38,439 80,586 - 119,025 |
Expenditure £ (62,460) - (56,000) (118,460) |
Gains/ (Losses) £ - 110,809 - 110,809 |
Balance at 5 April 2022 £ 23,522 |
|---|---|---|---|---|---|
| 1,606,942 | |||||
| - | |||||
| 1,630,464 |
The Restricted Fund was established to meet the requirements of certain donors that we purchase new racing VIIIs with their donations. Two racing VIIIs were purchased during the 2021-22 tax year.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
9. STATEMENT OF FUNDS (CONTINUED)
STATEMENT OF FUNDS - PRIOR YEAR
| Balance at 1 April 2020 £ Income £ Expenditure £ UNRESTRICTED FUNDS Revenue Fund 41,099 35,544 (29,100) DESIGNATED FUND Capital Fund 1,025,703 140,642 - RESTRICTED FUNDS Purchase of boats - 56,100 (100) TOTAL OF FUNDS 1,066,802 232,286 (29,200) 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR Capital Fund 2022 £ Fixed asset investments 1,560,281 Current assets 46,661 Creditors due within one year - TOTAL 1,606,942 |
Gains/ (Losses) £ - 249,202 - 249,202 Revenue Fund 2022 £ - 25,342 (1,820) 23,522 |
Balance at 5 April 2021 £ 47,543 1,415,547 56,000 1,519,090 Total funds 2022 £ 1,560,281 72,003 (1,820) 1,630,464 |
|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
10. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
| Fixed asset investments Current assets Creditors due within one year TOTAL |
Capital Fund 2021 £ 914,846 500,701 - 1,415,547 |
Restricted funds 2021 £ - 56,000 - 56,000 |
Revenue Fund 2021 £ - 49,243 (1,700) 47,543 |
Total funds 2021 £ 914,846 605,944 (1,700) 1,519,090 |
|---|---|---|---|---|
11. RELATED PARTY TRANSACTIONS
There were no related party transactions in the current or previous year.
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