OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-03-31-accounts

River and Rowing Museum Foundation

Annual Report and Financial Statements for the year ended 31 March 2021

0

RIVER AND ROWING MUSEUM FOUNDATION

Annual Report and Financial Statements for the year ended 31 March 2021

Contents
Message from the Chair of the Trustees 2
Thank you to our supporters 5
Trustees’ Annual Report
About River and Rowing Museum Foundation 6
Progress in 2020-21 7
Our priorities for 2021-22 9
Organisational details 10
Structure, governance and management 11
Financial Review 14
Independent Auditor’s Report 17
Financial Statements
Consolidated statement of financial activities 21
Consolidated balance sheet 22
Balance sheet 23
Statement of Cash Flows and Consolidated Statement of Cash Flows 24
Notes forming part of the financial statements 25

1

RIVER AND ROWING MUSEUM FOUNDATION

Annual Report and Financial Statements for the year ended 31 March 2021

Message from the Chair of Trustees

On 23rd March 2021, as financial year 2020-21 drew to a close, the UK marked the anniversary of the first lockdown. At the outset of the pandemic even the most cautious amongst us had no conception of the extraordinary twelve months which were to follow, and the ongoing uncertainty that nearly twelve months later remains.

For a museum without public grants, the financial impact of the pandemic was potentially devastating and at one point early in the year a combination of prior year losses and depleted value of the endowment amounted to a £1m reversal in funds, an astonishing amount for a small institution.

However, as destructive as the pandemic has proved it has also acted as a galvanising force, providing both the impetus to respond to the immediate existential crisis and possibly more significantly, the resolve to tackle the long-standing and systemic deficit.

Pandemic aside, the River & Rowing Museum has lost money every year since inception and for the past ten years the deficit has averaged £300,000 a year – broadly the cost of operation is one and a half times that of achievable income. There is nothing new about this and many and several strategies have been deployed for over two decades to try and correct the situation – all, including our own, have been unsuccessful.

The net effect is that running costs are now taking between £400,000 and 500,000 annually from the endowment, even higher during the pandemic. Largely these drawings have been balanced by the endowment’s growth in value and interest, however, this has meant that total capital has remained static and is unable to fund increasingly essential building repairs without depleting its value to troubling levels.

Meanwhile, the building, which is a primary purpose of the charity’s objects, is becoming increasingly fragile as fabric and systems designed to last twenty-years, are beginning to fail.

Unhelpfully, it is also a surprisingly complex building – the thermal insulation is appalling, the rainwater drains run inside the building and parts of a leaking roof are inaccessible due to heating and chilling equipment.

In some senses, the decision for trustees was simple – we could either rely on the optimism of the past and consign ourselves to a probable 15-20 year lifespan before the charity ran out of money, or re-structure to create a sustainable enterprise going forward.

A comparatively radical plan was authored under the moniker ‘Project Sustainable Future’, with a target of balancing the budget within a target timescale of three years.

There are four key planks to the plan: an improved visitor and community offer; staff and operational costs more closely matched to income; monetisation of unaffordable real estate and a committed building refurbishment plan.

The Project commenced with a staff and operational restructure, undertaken in two phases in July 2020 and January 2021. The phases targeted total cost savings of £200,000 per annum, based on an increased reliance on volunteers, a re-evaluation of our approach to activities such as education, but also the introduction of strategically important new roles, ensuring a more relevant structure to take the Museum forward.

We also introduced unpopular measures such as charging for car parking – apologies, but we have no choice.

2

RIVER AND ROWING MUSEUM FOUNDATION

Annual Report and Financial Statements for the year ended 31 March 2021

More significantly, as part of the restructuring, long-standing members of the Museum stood down and their work of many years deserves acknowledgment: notably in the areas of education and curatorial expertise. The Director, Dr Sarah Posey, also stood down in March 2021 – she deserves recognition for having helped the Museum achieve record levels of popularity pre-pandemic, navigating Covid-19 and ultimately co-authoring the Project Sustainable Future plan, which included a re-evaluation of her own role.

Early rounds of emergency cultural funding were closed to the Museum, paradoxically because of our endowment, however, the furlough scheme, VAT reduction and rate rebates helped to significantly reduce the cost base. Whatever your views about the Government’s handling of the pandemic, for the Museum the support was gratefully received.

By contrast, the Museum’s business interruption insurance was much less satisfactory. In absence of a pay-out from our premiums, we joined the Hiscox Action Group, realising that our perceptions of being insured were naïve. In the event, we secured a payment from our insurance, which could be described as useful, but by no means equitable.

More positively we have a new leadership team under new Director, Dr Cathy Putz. Cathy was Head of Exhibitions at the National Gallery and at the RIBA, and more recently ran the renowned national and international exhibition programme at the V&A.

The Museum also received two Arts Council England, Cultural Recovery Fund awards of £152,000 in April 2021 and £151,000 in November 21. Thanks go to Sarah Posey and Cathy Putz respectively for each of those awards and of course to their teams of staff and trustees for helping secure the largest awards the Museum has received in well over a decade.

I also want to make particular mention of the extensive and extracurricular efforts of both staff and trustees alike. It has been a year which has demanded the best of us, and despite the lack of visitors, it has been busier than any year we have known. Many of the Museum’s staff have worked diligently up to their point of their role being redundant and many trustees have taken on more than they signed up for. To all of them, I thank you.

In a similar vein the Museum’s longest-standing trustee Tom Weil stood down in December 2020, after nearly 20 years of illustrious service, both as trustee and provider of much of our precious rowing collection. He will continue to be associated with the Museum as a Member of the Foundation. Thank you Tom.

One of Tom’s last actions was to introduce us to Eric den Besten, who has joined the board, taking up the role of Chair of the Investment Committee. Eric is Head of Investment at a family office, a former US national and international rowing champion and has a home in Henley.

In December 2021, we remain in what might be best described as a state of organised flux – simple plans to generate rent from parts of our estate have been delayed by several unpredictable legal obstacles, persistent building issues continue to consume staff time and as I type a new strain of the virus has been identified.

All in all, it has been a year of hard yards for everyone, but we are heading in the right direction and chipping away at the issues. The new team are energetically dealing with obstacles and creating real forward direction. There are exciting things to come, not least a repaired roof in early 2022 – no more buckets!

3

RIVER AND ROWING MUSEUM FOUNDATION

Annual Report and Financial Statements for the year ended 31 March 2021

The financial forecast for this current year ending March 2022 looks as unappealingly predictable as we said it would be, although the Arts Council England awards have somewhat alleviated the situation. Early sightings of year ending 2023 indicate that Project Sustainable Future could be having positive impact.

Will we balance the books in three years, or will it take longer? Who knows, but I believe the Museum is finally on the right track.

Last year I ended my report with the word “Onward” – and I repeat it for a second year!

David Worthington Chairman, Board of Trustees

4

RIVER AND ROWING MUSEUM FOUNDATION

Annual Report and Financial Statements for the year ended 31 March 2021

Thank you to our supporters

The River and Rowing Museum Foundation is a registered charity. We have revenue streams from our trading subsidiary which provides venue hire facilities, our café and our shop, and admissions income. We also depend upon private donations, business sponsorship (and support in kind), grants from trusts and foundations and the support of our benefactors donors and friends.

In 2020-21 we would like to especially thank the following for their support:

Invesco – our principal sponsor American Friends of the River & Rowing Museum, Inc. Arts Council England Chris Dodd Clive Radley Fischer Family Trust Doris Field Charitable Trust Friends of Rowing Henley Royal Regatta Henley Town Council Henley 100 Members Hobbs of Henley River & Rowing Museum Friends South East Museum Development Programme Thomas E. Weil and those benefactors who wished to remain anonymous

5

RIVER AND ROWING MUSEUM FOUNDATION

Trustees’ Annual Report

About River and Rowing Museum Foundation

The charity’s objects and aims are the establishment, maintenance and operation of a museum and gallery at Henley which collects, documents, preserves, exhibits and interprets material evidence and associated information for the public benefit and education relating to rivers, rowing and Henley-on-Thames. Also, the provision of facilities for research and education and such other purposes for the benefit of the community as shall be exclusively charitable.

A new Forward Plan (2019-2024) set out a shared Vision and Purpose, and clear Aims and Objectives to steer the Museum over the remaining three years.

Vision

Our Vision for what the Museum can achieve, and the difference we seek to make, is at the heart of the Plan: “ Bringing the river to life, to create a powerful sense of place, enhance the wellbeing of our communities and support a more sustainable natural environment ”. This is a confident expression of the role the Museum can play - creating a sense of belonging for our local communities, making people happier and healthier, and inspiring change to help protect our planet. Our vision describes what we hope to achieve – our reason to exist.

A powerful sense of place is about building an active appreciation of the Thames at Henley and an understanding of the town’s history. For our local communities, the Museum can play a vital role in creating a real sense of belonging, through their inclusion, participation and pride of place.

The wellbeing of our communities highlights the Museum’s capacity to inspire active lives through its telling of the story of rowing, and the opportunities to connect with nature and engage with art. It embraces our potential to provide opportunities for audiences to participate in the Five Ways to Wellbeing: Connect / Be active / Take notice /Keep learning / Give.

A more sustainable natural environment represents our ambition to inform and inspire our visitors to make change in the face of environmental challenges to protect the planet, which brings us back to the Museum’s extraordinarily special setting by the river.

‘ Bringing the river to life’ – a direct quote from a Forward Plan Workshop participant – emphasises the constant interconnection between the natural and human worlds. Central to our Vision is that the Museum ‘owns’ and tells the story of the Thames, from source to city, and creates a strong and special offer inspired by it. This distinctiveness is our USP, giving the Museum its competitive edge.

Mission and Purpose

Our Mission and Purpose express how we deliver this Vision: “ Using the Thames as our unifying theme we will work with our communities, collections and our riverside location to inspire learning, celebrate creativity, build participation and encourage active lives ”

The Forward Plan sets out how we will do this through three strategic Aims, to:

We want to use the special mix of our collections, building and location to provide outstanding visitor and learning experiences, and the theme of the river as a lens to explore and understand the world around us. ‘By the river and of the river’ – is again a direct quote from a Workshop participant – it directly points to what

6

RIVER AND ROWING MUSEUM FOUNDATION

Trustees’ Annual Report

makes RRM so distinctive. Linking all of these together, our Activities will have three themes: Community, Environment, and the Five Ways to Wellbeing.

Our values infuse our work –

We work with:

We are:

We bring our values to life –

What we offer is:

The themes of our galleries and collections, Activity Themes and values should permeate our spaces and the visitor experience, including the shop and café.

Progress in 2020-21

The Trustees and executive made the decision to close the Museum to visitors from 17 March, slightly ahead of the enforced closure and 23 March lockdown. Most staff were placed on furlough as part of the Government’s Job Retention Scheme. The Museum’s initial focus was the creation of downloadable digital content during the early stages of lockdown to support home-learning, family fun and an escape into the collections. As the lockdown developed and the potential scale of the pandemic’s impact became clear, the Trustees took urgent action in early summer 2020 to bolster against its financial effects and to accelerate the process to address the ongoing deficit, with a thorough review of the Museum’s financial position. In 2020-21 this has led to significant changes to our operating model and staff cuts, to bring costs down, in order to ensure the Museum’s long-term future. The Museum partially re-opened from 6 August, with the full building open again to the public from 10 September. We were again closed 3 November to 2 December for the second period of lockdown, re-opening 3 December 2020. The Museum closed again to general admission on 19 December and remained shut to the public from 24 December for the third period of lockdown until re-opening on 20 May 2021.

Our long term aims set out in the Forward Plan stood firm, and were indeed further strengthened by our experience of Covid. The actions of the Trustees in FY21 were focused on the Museum’s need to ‘Become a sustainable organisation’: as well as cutting costs we became more entrepreneurial and business-minded in raising income, building our team of volunteers, and growing our fund-raised income. We needed to

7

RIVER AND ROWING MUSEUM FOUNDATION

Trustees’ Annual Report

ensure that our infrastructure and assets are supported so that the charity is viable now and into the future: recognising the need to ‘Steward & celebrate our collections & building’ we prepared targeted investment in these areas (part-funded by the endowment, and part- externally-funded). Our core aim was to ‘Build engagement’: focused on strengthening our role at the heart of the Henley community and extending the relationships we have with local partners and residents.

Become a sustainable organisation

‘Project Sustainable Future’ was implemented with the aim of course correcting the ongoing deficit the Museum has been running and moving towards a cost neutral budget. There was a complete restructure resulting in a leaner team, which is simpler and stronger structurally and more resilient in terms of responsibilities and expertise. The restructure involved some redundancies and reduced staff hours as well as newly-created posts to support the Museum’s needs and ambitions. Three notable new roles were created: Volunteer Coordinator, Trusts & Foundations Coordinator, Head of Public Engagement.

Other developments following on from Project Sustainable Future included:-

Steward & celebrate our collections & building

The ‘Collections Project’ was initiated to ensure a complete database of all objects owned by the Museum. A project plan was prepared and a team created to take this forward. This has been funded as part of an Arts Council England grant with additional support from our American Friends as well as Tom Weil.

Mortice Consulting were engaged to assess substantial repair works needed to the fabric of the building, most notably the roof and other plant. It is anticipated this will be funded from the Museum’s endowment and the Trustees are committed to ensuring the building is ‘fit for purpose’ for a further 25 years. Work is ongoing to assess usage of all spaces in the Museum going forward.

By year-end maintenance was well underway on essential work to replace the Museum’s café and Thames Room outside decks ready for May 2021 re-opening.

Build engagement:

Despite the impact of the pandemic and resulting closure of the Museum, we continued to aim to build audience numbers and to grow our reach with a targeted community engagement programme and extending our formal and informal learning activities with increased digital content and social media activities.

8

RIVER AND ROWING MUSEUM FOUNDATION

Trustees’ Annual Report

On-line lectures were delivered for the first time combined with on-site learning activities. By the year end we had delivered our first virtual sessions for schools with work underway on a second virtual learning module.

Engaging volunteers remained important to the success of the Museum and their well-being was a particular area of focus given the pandemic

Our Priorities for 2021 - 2022

Our long term aims are being refined into a Vision document for the Museum, grounded on the Forward Plan and Project Sustainable Future. The actions of the Trustees in FY2021-2022 are focused on the Museum’s need to ‘Become a sustainable organisation’: as well as remaining focused on cost management we must become even more entrepreneurial and business minded in raising income, build our team of volunteers, and grow our fund-raised income. We must ensure that our infrastructure and assets are maintained and supported so that the charity is viable now and into the future: recognising the need to ‘Steward & celebrate our collections & building’ we plan to set in train targeted investment in these two areas (part-funded by the endowment, and part- externally-funded). A continued focus on Learning will remain central to the Museum’s ambitions. Our core aim is to ‘build engagement’: in the immediate future this will be focused on strengthening our role at the heart of the local community and extending the relationships we have with partners and residents

9

RIVER AND ROWING MUSEUM FOUNDATION

Trustees’ Annual Report

Organisational details

Organisational details
President The Rt. Hon. Lord Camoys GCVO DL
Deputy Presidents Sir Martyn Arbib DL Sir Harry Djanogly CBE
P G Nicoll
Honorary Vice-Presidents Sir Steve Redgrave DL CBE Sir Matthew Pinsent CBE
R C Cornick C Dodd
J M Howell OBE MP U E Schwarzenbach CStJ
O H J Stocken CBE D D Buckley
Chair D H Worthington
Honorary Treasurer P A Reynolds(until 25.02.21); M M Jackson(from 25.02.21)
Trustees K Arlett S Botterell
T Bowen E Den Besten
F Dennis S K Furlong
M M Jackson H R Jacobs
G Lambert(resigned 24.06.21) M D Logie
S L Miller(appointed 24.06.21) K Nel
Dr S Posey(resigned 31.03.21) Dr A C Putz(appointed 24.06.21)
P A Reynolds D H Worthington
Finance & General P A Reynolds(Chair until 25.02.21)H R Jacobs
Purpose Committee M M Jackson(Chair from 25.02.21)D H Worthington
Director Dr S Posey(resigned 31.03.21)
Dr A C Putz(appointed 24.06.21)
Registered office and Mill Meadows, Henley on Thames RG9 1BF
principal place of the charity
Company number 2548216
Charity number 1001051
Auditors Shipleys LLP, 10 Orange Street, Haymarket, London WC2H 7DQ
Bankers Barclays Bank plc, 10 Hart Street, Henley on Thames RG9 2AX

10

RIVER AND ROWING MUSEUM FOUNDATION

Trustees’ Annual Report

Structure, governance and management

Governing Document

River and Rowing Museum Foundation is a company limited by guarantee, incorporated on 12 October 1990, governed by Articles of Association which were updated and adopted by Special Resolution passed on 20 November 2015. It is registered as a charity with the Charity Commission.

Organisation

The River and Rowing Museum Foundation is managed by a Board of Trustees which meets four times a year. The Finance & General Purpose Committee, a sub-committee of the Board of Trustees, also meets four times a year and reports back to the Board. An Investment Committee, reporting into the Finance & General Purpose Committee, previously managed the Endowment Fund but following a change in the investment policy in September 2017, the investment performance is now monitored directly by the Finance & General Purpose Committee.

A Director is appointed by the Trustees to manage the day to day operations of the Foundation and a qualified accountant is appointed as Finance Director. The Foundation liaises with its lawyers and accountants. Dr Sarah Posey was appointed Director of the Museum in June 2018 and left on 31 March 2021. Dr Posey has a long and well established career in the museums and heritage sector, having worked for over 17 years at the British Museum before completing 13 years in her previous role at Royal Pavilion & Museums, Brighton & Hove. Dr Catherine Putz was appointed Director of the Museum on 1 June 2021. Following a high-profile publishing career, Dr. Putz has over 20 years’ experience working in senior commercial and programming roles for worldleading museums including the National Gallery, Tate and V&A.

Appointment of Trustees

The Articles of Association specify that the number of members of the Board of Trustees shall be not less than five but shall not be subject to any maximum. The Annabel Arbib Foundation has the right to appoint three Trustees, Henley-on-Thames Town Council has the right to appoint two Trustees and British Rowing has the right to appoint one Trustee.

The Board will consider nominations for new Trustees who can make a valuable contribution to the strategy and management of the charity. Elected Trustees hold office for a term of five years, after which they may offer themselves for re-appointment for a second five year term.

During the year there have been a number of changes on the Board of Trustees and the Trustees are always looking to recruit new Trustees who bring skills and experience to support the Museum to achieve its future ambitions.

The following changes in Trustees have occurred during the period:

L Wymer resigned as trustee on 26 June 2020, T Weil on 11 December 2020 and Dr S Posey on 31 March 2021. M Logie was appointed as trustee on 16 April 2020, S Furlong on 17 April 2020, K Nel on 23 April 2020 and E Den Besten on 11 December 2020. Since the year end, G Lambert resigned as a trustee on 24 June 2021 and S Miller and A C Putz were appointed.

11

RIVER AND ROWING MUSEUM FOUNDATION

Trustees’ Annual Report

Trustee Induction and Training

A general introduction to the Museum, its organisation and structures is offered to all Trustees. Updates on significant changes in charity law and taxation including Trustees’ responsibilities are covered at trustee meetings as appropriate.

Trustees' Responsibilities

The Trustees (who are also directors of River and Rowing Museum for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charity and of the income and expenditure of the group for that period.

In preparing these financial statements, the Trustees are required to:

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 Companies Act 2006. 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.

Auditors

All of the current Trustees have taken all the steps that they ought to have taken to make themselves aware of any information needed by the company's auditors for the purposes of their audit and to establish that the auditors are aware of that information. The Trustees are not aware of any relevant audit information of which the auditors are unaware.

Pay Policy for Senior Staff

The pay of senior staff, and any annual staff pay awards, are reviewed annually by the Nominations Committee. The Trustees also consider pay levels in comparable organisations and in the local area.

Disabled Employees

The charity recognises its obligations towards disabled persons and gives full and fair consideration to all applications for job vacancies. Training and career progression are available for disabled employees on the same basis as for any other member of staff.

12

RIVER AND ROWING MUSEUM FOUNDATION

Trustees’ Annual Report

Volunteers

The charity benefits from the support of around 20 regular volunteers during the year from an overall cohort of approximately 75. They provide the Museum with specialist skills, expert knowledge and general assistance. Support is provided for a wide range of activities which include invigilating the galleries and special exhibitions, cataloguing, conservation, assisting with school group visits, maintaining the nature trail, assisting with mail-outs and answering enquiries.

Risk Management

The Trustees have implemented a risk management strategy, which comprises:

This work has identified key risks relating to:

  1. achieving commercial and fundraising income targets, which is mitigated by the strengthening of the staff team and Trustee board, an increased focus and regular scrutiny;

  2. the impact of a wider economic downturn, which is mitigated through realistic planning, regular review and scrutiny, and the investment of the endowment fund in accordance with the Investment Policy;

  3. the delivery of the Forward Plan activities and targets, which is mitigated by careful and realistic planning of team and individual work plans, and the regular review and monitoring of progress.

  4. The ongoing impact of the Covid19 pandemic – which is mitigated by ongoing review of the situation, scenario planning regarding potential staff shortages, Museum closures and lack of visitor confidence, and strengthening the staff team and Trustee board which individuals who have the skills to operate in this dynamic and uncertain environment

Related Parties

The charity owns 100% of the share capital of River & Rowing Museum (Trading) Limited, a company which carries out the commercial activities situated within the River and Rowing Museum, with the aim of donating its profits to the charity. Details of transactions with the related parties are given in note 30 to the accounts.

Public Benefit

The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission. The Trustees have considered the requirements of the public benefit test and are satisfied that the charity’s activities meet these criteria.

Covid-19

The impact of Covid-19 directly on the Museum has been significant. The Museum was closed following Government guidelines from 16 March 2020 to 5 August 2020, from 3 November 2020 to 3 December 2020 and from 23 December 2020 to 21 May 2021. During this time The Trustees and Management have performed a rolling programme of review and forecasting of financial sustainability which included two restructures of the organisation with a view to save costs, and use of the Government Job Retention Scheme and other Covid related grants.

13

RIVER AND ROWING MUSEUM FOUNDATION

Trustees’ Annual Report

Financial Review

Review of Financial Result

Supported by its endowment fund, the Museum has operated at a deficit since it opened in 1998, and the Trustees have committed to significantly reducing this. After the transfers from the designated fund, the deficit for the year in unrestricted funds stood at £611,177 compared with £528,300 in 2020, and this amount has been transferred from the endowment fund.

The Forward Plan developed during the previous year includes the aim of achieving long term financial sustainability with reduced dependence upon the endowment fund. An interim target has been set by the Trustees to reduce the operating deficit towards £200,000 over three years.

In 2021 the Foundation had a loss of £35,123 which included £714,804 of profit on the value of investments. In 2020 the Foundation had a loss of £1,050,281 which included a loss on the value of investments of £376,456. The Operating loss for the two years including depreciation was £749,927 in 2021 and £673,825 in 2020. The difference of £76,102 was due largely to a loss of income due to the museum shutting early for Covid rather than increased expenditure in the year

Going Concern

The Trustees are of the opinion that the Foundation has adequate resources to continue to operate for the foreseeable future, being not less than one year from the date of approval of these financial statements. For this reason, the Trustees believe it is appropriate to prepare the financial statements on a going concern basis.

Covid-19 has severely impacted the Charity in 2020/2021 since the Museum has been closed for large parts of the year. The Trustees and Management have forecast future financial performance for a number of scenarios for the next two years, including utilising government support in the form of the Job Retention Scheme and cutting costs where possible. While the closures of the Museum have severely impacted our income in the current year, the Museums is fortunate to have reserves to get us through this difficult time, and has also been awarded additional grants after the year end totally £303,000 specifically aimed at Covid recovery.

The Trustees are confident that there is no adverse impact on the Going Concern assumption in these accounts, at the present time.

Review of Fundraising Activities

While the pandemic has meant we lost more Friends, Henley 100 Club and Friends of Rowing memberships than usual, the support of the far greater number who have stayed with us, and those who newly joined, has been incredibly heartening. These ongoing memberships schemes have been an important source of fundraising throughout lockdown closures while visitor income was wiped out, and plans are in place to develop a new membership scheme to broaden appeal and boost numbers.

Invesco, Henley Town Council and the Fischer Family Trust have all renewed their funding agreements with the Museum despite Covid, demonstrating their belief and support of our work. Similarly, Henley Royal Regatta have again provided annual funding and expressed the intention to maintain this relationship. Volunteers are of great importance to us as we build back up to strength, and this aspect has been recognised with dedicated funding from South East Museum Development and the Doris Field Charitable Trust, facilitating growth and diversification of our volunteer programme.

14

RIVER AND ROWING MUSEUM FOUNDATION

Trustees’ Annual Report

Overseas funding from American supporters has been very welcome during this difficult period, and in particular we have seen generous donations towards our vital Collections Audit Project. This enables us to undertake crucial work auditing and inventorying every single item in our 30,000+ strong Museum collection in order to resolve a number of collections issues and to direct our revised Collections Development Policy, required for our Museum Accreditation.

Review of Subsidiary Trading Activity

A summary of the results of the trading subsidiary is given in note 4. The Trustees were satisfied with the loss for the year of £2,305 given the exception circumstances of Covid.

Reserves Policy

The Foundation’s policy is to endeavour to maintain Unrestricted Funds at or around a level which enables the ongoing activities of the Museum to be funded for a period of approximately one year looking forward, in the light of current forecasts and budgets. This amount is budgeted to be £361,892 for the coming year and the Trustees have committed to significantly reducing this over the next three years. While this exceeds the free reserves, the Trustees can approve the use of Endowment funds to cover any specific expense of the Museum. The Foundation had free reserves of £444,176 at 31 March 2021 (2020: £431,518). These reserves exclude restricted, endowment and designated funds, and tangible fixed assets held for the charity’s use.

There are currently three designated funds:

Endowment Funds are recorded separately and used in accordance with the wishes of the donor. The general endowment fund has been invested to provide a source of unrestricted interest income to the Museum and to help cover some of the ongoing costs of the Museum. The separate education endowment fund provides a source of interest income to fund some of the education activities.

Sources of Funding

Significant sources of funding include grants and donations from grant-giving bodies, charities, individuals and businesses, together with investment income and profits from fundraising and commercial activities.

The Museum worked with an external fundraising specialist in the preparation of an Outline Fundraising Strategy as part of the Forward Plan, to ensure our budget projections and ambitions are based on a realistic approach to fundraised-raised income. The Museum’s Director and specific staff, supported by the Chair and Trustees, work on the delivery of this strategy. It does not currently work with anyone external to the charity acting on its behalf. We are registered with the Fundraising Regulator and follow its Code of Fundraising Practice. We are alert to protecting vulnerable people and other members of the public from behaviour which is an unreasonable intrusion on a person’s privacy; is unreasonably persistent; or places undue pressure on a person to give money or other property. The Trustees approved its Anti Money Laundering Policy in June 2019. No complaints were received in the year about the Museum’s fundraising activities.

15

RIVER AND ROWING MUSEUM FOUNDATION

Trustees’ Annual Report

Investment Policy and Review of Investment Performance

The Endowment Fund is invested for growth and capital preservation, and achieved an average income of 0.76% during the year. The Endowment Fund made a profit on revaluation of £714,804 at the year end (partially offsetting the 6% loss on revaluation of £342,385 in the previous year).

During the year the Endowment Fund was managed under the auspices of the Finance & General Purpose Committee. A significant part of the Endowment Fund is invested in a Balanced Fund, the remainder being invested in cash, gilts and equity unit trusts with consideration being given to the congruence of potential investments with the charitable objectives of the Foundation.

The Trustees have taken advantage of the small companies’ exemption within Part 15 of the Companies Act 2006 in preparing the Report of the Trustees.

By order of the Board

D Worthington Chair of the Trustees 14/12/2021 Date: ……………………..

M M Jackson Honorary Treasurer

16

RIVER AND ROWING MUSEUM FOUNDATION

Independent Auditor’s report to the Trustees and Members of River and Rowing Museum Foundation

Opinion

We have audited the financial statements of River and Rowing Museum Foundation (the “parent company”) and its subsidiaries (the “group”) for the year ended 31 March 2021, which comprise the consolidated and parent Statement of Financial Activities (incorporating the Income and Expenditure Account), the consolidated and parent Balance Sheets, the consolidated and parent Statement of Cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the River and Rowing Museum Foundation’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

17

RIVER AND ROWING MUSEUM FOUNDATION

Independent Auditor’s report to the Trustees and Members of River and Rowing Museum Foundation

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the Trustees Annual Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

18

RIVER AND ROWING MUSEUM FOUNDATION

Independent Auditor’s report to the Trustees and Members of River and Rowing Museum Foundation

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud:

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

19

RIVER AND ROWING MUSEUM FOUNDATION

Independent Auditor’s report to the Trustees and Members of River and Rowing Museum Foundation

going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

10 Orange Street Haymarket London WC2H 7DQ

Simon Robinson (senior statutory auditor) For and on behalf of SHIPLEYS LLP Chartered Accountants and Statutory Auditor

16/12/2021

………………………

20

RIVER AND ROWING MUSEUM FOUNDATION

Consolidated statement of financial activities (incorporating the income and expenditure account) for the year ended 31 March 2021

Unrestricted Designated
funds
funds
Notes
£
£
Income from
Donations and legacies
3
100,475
-
Trading activities
4
82,055
-
Investment income
5
55,148
-
Charitable activities
6,9,24
208,381
-
_ _
Total income
446,059
-
_ _
Expenditure on
Raising funds
Donations and legacies
7
98,202
-
Fundraising trading
4
84,360
-
Investment management
22
-
-
Charitable activities
8,9,23,24
874,674
134,065
_ _
Total expenditure
1,057,236
134,065
_ _
Net (expenditure) / income before
gains / (losses) on investments
(611,177)
(134,065)
Net gains / (losses) on investments
-
-
_ _
Net (expenditure) / income
(611,177)
(134,065)
Transfers
Transfer from endowment funds 22
600,752
-
_ _
Net movement in funds
(10,425)
(134,065)
Total funds brought forward
754,660
3,778,316
_ _
Total funds carried forward
744,235
3,644,251
 Restricted Endowment
funds
funds
£
£
-
-
-
-
-
-
43,600
-
_
_
43,600
-
_
_
-
-
-
-
-
6,551
41,734
-
_
_
41,734
6,551
_
_
1,866
(6,551)
-
714,804
_
_
1,866
708,253
-
(600,752)
_
_
1,866
107,501
580,958
7,741,836
_
_
582,824
7,849,337

 Total
Total
2021
2020
£
£
100,475
112,054
82,055
258,634
55,148
107,085
251,981
368,027
_
_
489,659
845,800
__
_
98,202
127,480
84,360
250,514
6,551
3,518
1,050,473
1,138,113
__
_
1,239,586
1,519,625
__
_

(749,927)
(673,825)
714,804
(376,456)
__
_
(35,123)(1,050,281)

-
-
__
_
(35,123)(1,050,281)
12,855,77013,906,051
__
_
12,820,64712,855,770
___

The net movement in funds for the year arises from the Foundation’s continuing operations.

The notes on pages 25 to 46 form part of these financial statements.

21

RIVER AND ROWING MUSEUM FOUNDATION

Consolidated balance sheet at 31 March 2021

Company number 2548216
Notes
2021
£
Fixed assets
Tangible assets
15
Heritage assets
15
Investments
16
Current assets
Stocks
17
31,999
Debtors
18
114,266
Investments
19
2,065,278
Cash
20
1,227,279
___
3,438,822
Creditors: amounts falling due
within one year
21
102,490
___
Net current assets
Total assets less current liabilities
Endowment fund
22
Designated fund
23
Restricted funds
24
Unrestricted funds		 2021
2020
£
£
4,301,935
31,690
5,150,690
___
9,484,315
38,340
135,733
1,793,520
2,118,463
_
4,086,056
164,886
_
3,336,332
___
12,820,647
___
7,849,337
3,644,251
582,824
744,235
__
12,820,647
__		 2020
£
4,452,511
46,203
4,435,886
_
8,934,600
3,921,170
_
12,855,770
_
7,741,836
3,778,316
580,958
754,660
_
12,855,770
_____

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime within Part 15 of the Companies Act 2006.

14/12/2021

Approved by the board on ………………………

D Worthington M M Jackson Chair of the Trustees Honorary Treasurer

The notes on pages 25 to 46 form part of these financial statements.

22

RIVER AND ROWING MUSEUM FOUNDATION

Balance sheet at 31 March 2021

Company number 2548216
Notes
2021
£
Fixed assets
Tangible assets
15
Heritage assets
15
Investments
16
Current assets
Debtors
18
210,521
Investments
19
2,065,278
Cash at bank
20
1,145,416
___
3,421,215
Creditors: amounts falling due
within one year
21
89,746
___
Net current assets
Total assets less current liabilities
Endowment fund
22
Designated fund
23
Restricted funds
24
Unrestricted funds		 2021
2020
£
£
4,301,935
31,690
5,150,692
___
9,484,317
194,456
1,793,520
2,048,161
_
4,036,137
130,255
_
3,331,469
___
12,815,786
___
7,849,337
3,644,251
582,824
739,374
___
12,815,786
___		 2020
£
4,452,511
46,203
4,435,888
_
8,934,602
3,905,882
_
12,840,484
_
7,741,836
3,778,316
580,958
739,374
_
12,840,484
___

The loss for the financial year of the parent charitable company was £24,698 (2020: loss of £1,016,717).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime within Part 15 of the Companies Act 2006.

14/12/2021

Approved by the board on …………………

D Worthington Chair of the Trustees

M M Jackson Honorary Treasurer

The notes on pages 25 to 46 form part of these financial statements.

23

RIVER AND ROWING MUSEUM FOUNDATION

Statement of Cash Flows and Consolidated Statement of Cash Flows for the year ended 31 March 2021

Cash flows from operating activities:
Net income / (expenditure)
Adjustments for:
Depreciation
(Gains) / losses on investments
Dividends and interest receivable
(Increase) / decrease in stock
(Increase) / decrease in debtors
Increase / (decrease in creditors)
Net cash used in operating activities
Cash flows from investing activities:
Dividends and interest received
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at the start of the year
Cash and cash equivalents at the end of the year		 Group
Group
2021
2020
£
£
(35,123)
(1,050,281)
210,835
219,548
(714,804)
376,456
(55,148)
(107,085)
6,341
157
(15,937)
(13,629)
(62,396)
(32,248)
__
_
(666,232)
(607,082)
__
_
92,552
102,166
(45,746)
(17,240)
-
2,044,245
(271,758)
-
__
_
(224,952)
2,129,171
__
_
(891,184)
1,522,089
2,118,463
596,374
__
__
1,227,279
2,118,463
__
 Company
Company
2021
2020
£
£
(24,698)
(1,016,717)
210,835
219,548
(714,804)
376,456
(55,148)
(107,085)
-
-
(53,469)
(31,285)
(40,509)
(32,780)
__
_
(677,793)
(591,863)
__
_
92,552
102,166
(45,746)
(17,240)
-
2,044,245
(271,758)
-
__
_
(224,952)
2,129,171
__
_
(902,745)
1,537,308
2,048,161
510,853
__
__
1,145,416
2,048,161
__

The notes on pages 25 to 46 form part of these financial statements.

24

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2021

1 Accounting policies

General information

River and Rowing Museum Foundation is a private company limited by guarantee incorporated in England under the Companies Act 2006. The address of its registered office is Mill Meadows, Henley on Thames, RG9 1BF. The objectives of the charity are set out on page 6.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The financial statements have been prepared in compliance 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) – (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

River & Rowing Museum Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

The functional currency of the charity is considered to be pounds sterling because that is the currency of the primary economic environment in which the charity operates. The financial statements are also presented in pounds sterling.

The amounts in the financial statements are presented to the nearest £, unless otherwise stated.

Basis of consolidation

Consolidated financial statements have been prepared for the charity and its wholly owned subsidiary, River & Rowing Museum (Trading) Limited. The Trustees have taken advantage of the exemption under s408 of the Companies Act 2006 not to prepare a separate Income and Expenditure account and the consolidated statement of financial activities is in a format which complies with FRS 102. The summary financial performance of the charity alone is shown in note 2.

Preparation of the accounts on a going concern basis

The accounts of the charity have been prepared on a going concern basis. The Trustees are of the opinion that the Foundation has adequate resources to continue to operate for the foreseeable future, being not less than one year from the date of approval of these financial statements. For this reason, the Trustees believe it is appropriate to prepare the financial statements on a going concern basis.

Covid-19 has severely impacted the Charity in 2020/2021 since the Museum has been closed for large parts of the year. The Trustees and Management have forecast future financial performance for a number of scenarios for the next three years, including utilising government support in the form of the Job Retention Scheme and cutting costs where possible. While the closures of the Museum have severely impacted our income in the current year, the Museums is fortunate to have reserves to get us through this difficult time, and has also been awarded additional grants after the year end totally £303,000 specifically aimed at Covid recovery.

The Trustees are confident that there is no adverse impact on the Going Concern assumption in these accounts, at the present time. There are no material uncertainties about the charity’s ability to continue as a going concern.

25

Notes forming part of the financial statements for the year ended 31 March 2021

RIVER AND ROWING MUSEUM FOUNDATION

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be reliably measured.

Where gifts are provided for the charity to sell and use the proceeds, income is recognised when the charity has control over the item, the receipt of economic benefit from the use by the charity of the item is probable and the economic benefit can be measured reliably.

Income received by way of donations, gifts, sponsorship and grants that provide core funding or are of a general nature are recognised when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Grants, including grants for the purchase of fixed assets, are recognised in full in the financial statements in the year in which they are receivable.

Income from Government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. In respect of the Coronavirus Job Retention Scheme grant; all conditions, with respect to the eligible costs being claimed, need to be met.

Admissions and trading income is recognised when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Income is deferred when monies are received in advance of the event or period to which they relate.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income from investments is included in the year in which it is receivable and the amount can be reliably measured. This is normally upon notification of the interest paid or payable by the bank.

The charity benefits greatly from the involvement and enthusiastic support of its many volunteers, details of which are given in our annual report. In accordance with FRS 102 and the Charities SORP FRS 102, the economic contribution of general volunteers is not recognised in the accounts.

Funds

Funds which are to be used for purposes specified by the donor are credited to restricted income when recognised. Where amounts are not spent in full in that year the balance is carried forward in restricted funds and used in subsequent years in line with the restrictions placed by the donor.

Designated funds comprise amounts that have been set aside for specific purposes identified by the trustees.

Unrestricted funds are funds available for charitable purposes within the objectives of the charity.

The endowment funds have been invested to provide a source of unrestricted interest income to the Museum and the general endowment fund may also be used towards the ongoing costs of the Museum.

26

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2021

1 Accounting policies (continued)

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Where costs are incurred specifically in relation to a particular activity, they are allocated in full to that activity. Support costs have been allocated to activity cost categories on the basis of time spent supporting each of those activities. The basis for and allocation of support costs is analysed in note 7.

Costs of raising funds are those costs incurred in attracting income and in carrying out trading activities to raise funds. Charitable activities include expenditure associated with the operation of the museum and the provision of education services. Governance costs consist of costs incurred in ensuring compliance with constitutional and statutory requirements, and in ensuring public accountability, and are included within charitable activities as a support cost.

Pension contributions

Pension contributions are charged to the Statement of Financial Activities in the year in which they are due.

Operating leases

Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the term of the lease.

Tangible fixed assets

Fixed assets are stated at historical cost less depreciation. Items of equipment are capitalised where the purchase price exceeds £1,000.

Depreciation is provided on all tangible fixed assets other than freehold land at rates calculated to write each asset down to its estimated residual value, evenly over its expected useful life, as follows:

Computer equipment - 331/3% per annum
Office equipment - 20% per annum
Plant and machinery - 10% per annum
Freehold building - 4% per annum
Leasehold buildings - 2% per annum
Exhibitions (heritage assets) - 20% per annum
Other tangible assets - at the rate relevant to each individual asset based on its useful life

Heritage assets

The Museum has a collection of heritage assets which are held in support of the charity’s objects. Acquisitions are made by purchase or donation. Purchases are initially recorded at cost and assets that are donated to the Museum and meet the definition of a heritage asset will be recorded at a best estimate for current value.

Exhibition heritage assets are capitalised on the balance sheet and depreciated at a rate of 20% per annum. Heritage asset acquisitions are not depreciated if they are judged to have an indefinite life. However the carrying amount is reviewed annually for evidence of impairment, e.g. physical deterioration or breakage, and any impairment identified is recognised in the statement of financial activities. Expenditure which, in the Trustees' view, is required to preserve or prevent further deterioration of individual items, is recognised in the SOFA when it is incurred.

There are a number of heritage assets which have not been capitalised as a current value for these items is not readily available and cannot be obtained at a cost commensurate to the benefit of including these items.

27

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2021

1 Accounting policies (continued)

Heritage assets (continued)

There were no additions to heritage assets during the year. Additions over the previous five years comprise spend of £15,000 on the 1829 Boat Race Letter, £9,530 on display cases and systems and £53,504 on the new Piper Gallery. There have been no disposals of heritage assets during this period.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Subsidiary undertakings have been included at cost, less impairment.

Stock

Stock is valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Current asset investments

Current asset investments include cash or cash equivalents with a maturity date of less than one year which are held for investment purposes rather than to meet short-term cash commitments as they fall due.

Cash at bank and in hand

Cash at bank and cash 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.

Creditors and provisions

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.

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.

28

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2021

2 Financial performance of the charity

The Consolidated Statement of Financial Activities includes the results of the charity’s wholly owned subsidiary, River & Rowing Museum (Trading) Limited, which operates the commercial activities of the group.

The summary financial performance of the charity alone is:

Income
Gift aid donation from subsidiary company
Expenditure on raising funds
Expenditure on investment management
Expenditure on charitable activities
Net income / (expenditure)
Net gains/(losses) on investments
Net movement in funds
Total funds brought forward
Total funds carried forward
Represented by:
Endowment fund
Designated fund
Restricted funds
Unrestricted funds
3
Income from donations and legacies
Unrestricted funds:
Donations, benefactions and private patron scheme
Income tax reclaimed		 2021
£
407,604
8,120
__
415,724
(98,202)
(6,551)
(1,050,473)
__
(739,502)
714,804
__
(24,698)
12,840,484
___
12,815,786
__
7,849,337
3,644,251
582,824
739,374
___
12,815,786
___
2021
£
48,855
51,620
__
100,475
__		 2020
£
587,166
41,684
_
628,850
(127,480)
(3,518)
(1,138,113)
_
(640,261)
(376,456)
_
(1,016,717)
13,857,201
__
12,840,484
_
7,741,836
3,778,316
580,958
739,374
_
12,840,484
_
2020
£
58,442
53,612
_
112,054
__

29

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2021

4 Income from trading activities

Unrestricted funds:

The wholly owned trading subsidiary, River & Rowing Museum (Trading) Limited (company number 2856319), carries out the commercial activities situated within the River & Rowing Museum with the aim of donating its profits to the River and Rowing Museum Foundation. The trading subsidiary operates the shop, café and venue hire facilities. The registered office of the trading subsidiary is River & Rowing Museum, Mill Meadows, Henley-on-Thames, RG9 1BF. A summary of the trading results included within the consolidated statement of financial activities and details of the assets and liabilities of the subsidiary are shown below. Audited accounts are filed with the Registrar of Companies.

Turnover
Cost of sales
Gross profit
Other operating income – Coronavirus Job Retention Scheme
External administrative costs
Internal management, establishment and administrative costs
Net interest receivable
Profit to be donated under Gift Aid
Analysed in consolidated accounts as:
Income from trading activities
Expenditure on fundraising trading
Current assets
Current liabilities
Total net assets
Aggregate share capital and reserves		 2021
£
71,672
(12,277)
__
59,395
10,356
(1,384)
(70,699)
27
__
(2,305)
__
82,055
(84,360)
123,338
(118,475)
__
4,863
__
4,863
__		 2020
£
258,442
(110,896)
_
147,546
-
(4,631)
(134,987)
192
_
8,120
_
258,634
(250,514)
133,800
(118,512)
_
15,288
_
15,288
_

Due to the impact of the global Covid pandemic the Trading Company made a small loss for the year ended 31st March 2021. The Trading Company was able to cover the loss with brought forward reserves and is expected to return to profit in the current financial year. The Foundation has not had to subsidise the Trading Company.

30

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2021

5
Investment income
Unrestricted fund
Income from listed investments
Bank interest receivable
6
Income from charitable activities
Unrestricted fund
Admissions income
Membership income
Grants
Coronavirus Job Retention Scheme
Other income
Restricted funds:
For specific projects (see note 23)		 _
_
 2021
£
39,209
15,939
_
55,148
__
2021
£
23,789
3,166
22,286
110,729
48,411
43,600
_
251,981
_		 2020
£
89,070
18,015
_
107,085
_
2020
£
224,555
3,101
5,500
-
70,598
64,273
_
368,027
_

7 Allocation of support costs

The breakdown of support costs, all of which have been allocated on a time spent basis, is shown below:

Cost of Cost of Cost of
raising fundraising Investment charitable Total
donations trading management activities 2021
£ £
£		 £ £
Finance and management 32,756 14,116
6,551		 208,099 261,522
Sales and marketing 12,901 2,686
-		 51,605 67,192
Facilities 33,332 33,753
-		 265,952 333,037
Depreciation 3,460 -
-		 31,137 34,597
Governance costs - -
-		 49,130 49,130
_ _
_		 _ _
Total support costs 82,449 50,555
6,551		 605,923 745,478
Direct costs 15,753 33,805
-		 444,550 494,108
_ _
_		 _ _
Total expenditure 98,202
_		 84,360
_
6,551

_		 1,050,473
_		 1,239,586
_

Included in governance costs are finance and management support costs of £49,130 (2020 - £26,384), legal costs of £6,583 (2020 - £2,594) accountancy fees of £3,300 (2020: £nil) and audit fees of £7,000 (2020 - £7,000), giving total governance costs of £66,013 (2020: £35,978) as disclosed in note 8.

31

Notes forming part of the financial statements for the year ended 31 March 2021

RIVER AND ROWING MUSEUM FOUNDATION

7 Allocation of support costs (continued)

Cost of Cost of Cost of
raising fundraising Investment charitable Total
donations trading management activities 2020
£ £
£		 £ £
Finance and management 17,588 23,524
3,518		 95,279 139,909
Sales and marketing 24,732 -
-		 98,928 123,660
Facilities 41,600 51,272
-		 320,529 413,401
Depreciation 3,830 -
-		 34,470 38,300
Governance costs - -
-		 26,384 26,384
_ _
_		 _ _
Total support costs 87,750 74,796
3,518		 575,590 741,654
Direct costs 39,730 175,718
-		 562,523 777,971
_ _
_		 _ _
Total expenditure 127,480
_		 250,514
_
3,518

_		 1,138,113
_		 1,519,625
_

8 Expenditure on charitable activities

Direct costs Support costs
£
£
Curatorial and collections management
79,599
-
Education
98,503
-
Facilities
283
265,952
Sales and marketing
-
51,605
Operations
73,044
-
Finance and management
-
208,099
Depreciation
176,238
31,137
Governance costs
16,883
49,130
__
__
444,550
605,923
__
__		 2021
£
79,599
98,503
266,235
51,605
73,044
208,099
207,375
66,013
__
1,050,473

Expenditure on charitable activities was £1,050,473 (2020: £1,138,113) of which £874,674 (2020: £931,833) was unrestricted, £134,065 (2020: £134,065) was designated and £41,734 (2020: £72,215) was restricted.

32

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2021

8 Expenditure on charitable activities (continued)

Direct costs Support costs
£
£
Curatorial and collections management
144,956
-
Education
138,148
-
Facilities
2,596
320,529
Sales and marketing
-
98,928
Operations
85,979
-
Finance and management
-
95,279
Depreciation
181,250
34,470
Governance costs
9,594
26,384
__
__
562,523
575,590
__
__		 2020
£
144,956
138,148
323,125
98,928
85,979
95,279
215,720
35,978
__
1,138,113

9 Summary analysis of expenditure and related income for charitable activities

The table below shows the cost of charitable activities and the sources of income derived from those activities:

2021 2020
£ £
Costs (1,050,473) (1,138,113)
Admissions income 23,789 224,555
Membership income 3,166 3,101
Grants 22,286 5,500
Coronavirus Job Retention Scheme 110,729 -
Other income 48,411 70,598
Restricted funds for specific projects 43,600 64,273
_ _
Net cost funded from other income 798,492
_		 770,086
_

10. Government Grants

Income from Government grants comprises grants received under the Government Coronavirus Job Retention Scheme of £121,085 (2020: £nil). This grant was provided to support the cost of furloughed staff. £10,356 has been allocated to income from trading activities (note 4) and £110,729 to income from charitable activities (note 6). The company has not benefited from any other kinds of government assistance during the current or prior year.

33

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2021

11
Staff costs
Group
2021
2020
Number
Number
The average monthly full-time equivalent number
of persons employed by the company during the year was:
Front of house, office and management
17
21
_
_
The average head count for employees during the year was 29 (2020: 36).
2021
2020
Staff costs for the above persons:
£
£
Wages and salaries
581,280
578,254
Social security costs
39,091
43,987
Pension costs
31,125
43,654
_
_
651,496
665,895
_
_		 Company
2021
2020
Number
Number
16
19
_
_
2021
2020
£
£
562,537
521,558
38,023
41,236
30,791
42,910
_
_
631,351
605,704
_

There was one employee earning in excess of £100,000 per annum (2020 – one earning in excess of £80,000). This employee is the trustee disclosed in note 12.

Pension costs are allocated to activities in proportion to the related staffing costs incurred and are wholly charged to unrestricted funds.

The key management personnel of the group and parent charity comprise the trustees, including the Director, the Head of Collections & Exhibitions, Head of Learning, Head of Marketing & Communications, Head of Operations & Commercial and the Director of Finance. The total employee benefits of key management personnel of the group and charity were £364,286(2020: £273,426).

34

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2021

12
Trustees’ remuneration
Trustees’ emoluments
Company contributions to pension scheme
Trustees’ emoluments and pension contributions
Expenses reimbursed to Trustees		 2021
£
107,728
12,010
_
119,738
_
-
_		 2020
£
80,000
8,000
_
88,000
_
260
_

Sarah Posey received remuneration and expenses during the year (and in 2020) in her capacity as Director. This is permitted under clause 52(A) of the Articles of Association. There were no Trustees in the company’s stakeholder pension plan during the year (2020 – nil). The above contributions for the current year were to a personal pension plan. The emoluments and pension contributions relate to the only, and therefore the highest paid, Trustee.

Included in expenses reimbursed to Trustees was £nil (2020: £260) reimbursed to no trustees in respect of travel expenses incurred on behalf of the charity (2020: one).

13 Net income / (expenditure)

This is arrived at after charging:
Depreciation – owned assets
Auditors remuneration - audit services
- other services
Operating leases		 2021
£
210,835
7,000
3,300
7,050
_		 2020
£
219,548
7,000
500
7,050
_

14 Taxation

The charity is exempt from tax on income and gains to the extent that these are applied to its charitable objects. No tax charge arose in the period.

The subsidiary company makes qualifying donations of all taxable profit to River and Rowing Museum Foundation within nine months of the year end. No corporation tax liability on the subsidiary arises in the accounts.

35

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2021

15
Tangible fixed assets
Group and company
Long lease-
hold land
& buildings
£
Cost
At 1 April 2020
6,703,265
Additions
29,746
_

At 31 March 2021
6,733,011
_
Depreciation
At 1 April 2020
3,083,502
Charged in the year
134,065
_
At 31 March 2021
3,217,567
_

Net book value
At 31 March 2021
3,515,444
__
At 31 March 2020
3,619,763
 Freehold
land &
buildings
£
610,500
-
_
610,500
_
344,200
14,420
_
358,620
__
251,880
_
266,300
 Education
centre
£
797,047
-
_
797,047
_
333,628
13,240
_

346,868
_
450,179
__
463,419
 Plant &
machinery
£
246,016
-
_
246,016
_
200,029
13,004
_
213,033
_
32,983
__
45,987
 Computer
and office
equipment
£
131,512
-
_
131,512
_
107,433
15,000
_
122,433
_
9,079
__
24,079
 Heritage
assets
£
1,224,707
-
_
1,224,707
_
1,178,504
14,513
_

1,193,017
_

31,690
__
46,203
 Other
tangible
assets
£
387,240
16,000
_
403,240
_
354,277
6,593
_
360,870
___ _
42,370
_____
32,963
 Total
£
10,100,287
45,746
__
10,146,033
___
5,601,573
210,835
__
5,812,408
___
4,333,625
___
4,498,714

The net book value represents fixed assets used for direct charitable purposes.

36

Notes forming part of the financial statements for the year ended 31 March 2021

RIVER AND ROWING MUSEUM FOUNDATION

16 Fixed asset investments

Group
Equity
unit trusts
£
Valuation
At 1 April 2020
3,189,884
Revaluation in year
714,183
_
At 31 March 2021
3,904,067
__		 Gilts
£
1,246,002
621
_
1,246,623
__		 Unlisted
£
-
-
_
-
_		 Total
£
4,435,886
714,804
_
5,150,690
_

The charity holds the investments with a view to generating an income stream to contribute towards the operating costs of the Museum and with a view to achieving capital growth in the longer term. A portion of two of the holdings was sold during the year, the proceeds being shown under disposals. All investments are carried at their fair value. Investments are traded in quoted public markets, primarily the London Stock Exchange. The basis of fair value for quoted investments is equivalent to the market values, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (their transaction value).

The following investments represented more than 5% of the value of the portfolio as at 31 March 2021:

Number Market % of
of units value £ portfolio
Jupiter Merlin Balanced Portfolio 1,659,668 2,496,640 49%
Fundsmith Equity Fund Income Shares 277,676 1,407,427 27%
SPDR Barclays 1-5 Year Gilt 24,246 1,246,623 24%
Company
Equity
unit trusts
£
Valuation
At 1 April 2020
3,189,884
Revaluation in year
714,183
_
At 31 March 2021
3,904,067
 Gilts
£
1,246,002
621
_
1,246,623
 Unlisted
£
2
-
__
2
 Total
£
4,435,888
714,804
__
5,150,692

The unlisted investment of £2 represents a 100% holding in River & Rowing Museum (Trading) Limited, a company incorporated and trading in the United Kingdom. The trading results and details of the assets and liabilities are shown in note 4.

37

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2021

17 Stocks
Goods for resale		 Group
2021
£
31,999
 Group
2020
£
38,340
 Company
2021
£
-
 Company
2020
£
-

There is no material difference between the replacement cost of stocks and the amounts stated above.

18 Debtors: amounts falling due within one year

Trade debtors
Other debtors
Prepayments and accrued income
Amounts due from group undertakings
19
Current asset investments
Short term deposits
20
Cash
Cash at bank		 Group
2021
£
526
98,794
14,946
-
__
114,266
__
Group
2021
£
2,065,278
__
Group
2021
£
1,227,279
__		 Group
2020
£
37,012
51,747
46,974
-
_
135,733
_
Group
2020
£
1,793,520
_
Company
2020
£
2,118,463
_		 Company
2021
£
96
89,748
14,946
105,731
__
210,521
__
Company
2021
£
2,065,278
__
Company
2021
£
1,145,416
__		 Company
2020
£
11,854
51,747
46,974
83,881
_
194,456
_
Company
2020
£
1,793,520
_
Company
2020
£
2,048,161
_

38

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2021

21 Creditors: amounts falling due within one year

Trade creditors
Other creditors and accruals
Taxation and social security		 Group
2021
£
31,015
61,801
9,674
__
102,490
__		 Group
2020
£
72,446
79,899
12,541
__
164,886
 Company
2021
£
30,962
49,110
9,674
__
89,746
__		 Company
2020
£
66,613
51,503
12,139
__
130,255

Deferred income relating to venue hire, catering, touring exhibitions and rent received in advance is included within creditors as follows:

At 31 March 2020
Amount released to income
Amount deferred in the year
At 31 March 2021
22
Endowment funds
Group and company
General Endowment Fund brought forward
Revaluation of investments
Investment management costs
Transfer to unrestricted funds
Education Endowment Fund brought forward
Funds carried forward		 Group
2021
33,922
(33,922)
20,692
_
20,692
_		 Group
Company
Company
2020
2021
2020
£
£
33,128
6,610
9,181
(20,628)
(6,610)
(9,181)
21,422
8,000
6,610
_
_
_
33,922
8,000
6,610
_
_
_
2021
2020
£
£
7,334,601
8,242,875
714,804
(376,456)
(6,551)
(3,518)
(600,752)
(528,300)
407,235
407,235
__
_
7,849,337
7,741,836
__
_

The Endowment Fund has been invested to provide a source of unrestricted interest income to the Museum and to help cover some of the ongoing costs of the Museum. The trustees have decided that the endowment fund balance should be adjusted annually so that it is matched by the value of assets that represent it. An amount of £600,752 (2020: £528,300) has been transferred from the endowment fund to unrestricted funds.

39

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2021

23
Designated Funds
Group and company
At 31 March 2020
Charges
At 31 March 2021
Group and company
At 31 March 2019
Charges
At 31 March 2020		 Land &
buildings
£
3,619,765
(134,065)
_
3,485,700
_
Land &
buildings
£
3,753,830
(134,065)
__
3,619,765
 Freehold
land
£
50,000
-
_
50,000
__
Freehold
land
£
50,000
-
_
50,000
 Glazing
£
108,551
-
_
108,551
_
Glazing
£
108,551
-
__
108,551
 Total
2021
£
3,778,316
(134,065)
_
3,644,251
_
Total
2020
£
3,912,381
(134,065)
__
3,778,316

It was resolved by the Trustees in 2001 that a designated fund be created from the unrestricted fund in the sum of £6,167,004 as at 31 March 2001. The creation of this fund represents the value of the River and Rowing Museum Foundation’s interest in long leasehold land and buildings which were built from previously donated funds. The designated fund has been amortised by an amount equivalent to the depreciation charge for the year on long leasehold land and buildings of £134,065.

In 2005 the Foundation received a gift of land which is valued at £50,000.

A settlement of £431,227 was previously received in respect of the failure in the glazing. The remaining balance of £108,551 has been carried forward as a designated fund to pay for future replacement and rectification costs.

40

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2021

24
Restricted Funds
Group and company
Education Centre
Piper Gallery
Rowing Gallery
River Gallery
Acquisitions
Education
Henley Gallery
Access Fund
Boat Restoration
Conservation
Sports Heritage
American Friends
Partnership projects
Collections project
Volunteering initiatives
Group and company
Education Centre
Piper Gallery
Rowing Gallery
River Gallery
Acquisitions
Education
Henley Gallery
Access Fund
Boat Restoration
Conservation
Sports Heritage
American Friends
Partnership projects
Special Exhibitions
Training		 Opening
Balance
Apr 2020
£
463,419
13,431
18,515
7,122
33,399
16,635
3,868
2,691
3,385
1,177
1,857
15,137
322
-
-
_
580,958
_
Opening
Balance
Apr 2019
£
476,659
23,976
20,124
7,950
18,399
17,606
4,299
2,691
3,385
1,177
1,857
15,137
322
(732)
(3,950)
__
588,900
 Income Expenditure
£
£
-
(13,240)
325
(11,277)
-
-
-
-
16,000
(175)
18,000
(15,167)
-
(1,875)
-
-
-
-
-
-
-
-
-
-
-
-
8,275
-
1,000
-
_
_
43,600
(41,734)
_
_
Income Expenditure
£
£
-
(13,240)
500
(11,045)
20,627
(22,236)
-
(828)
15,000
-
18,466
(20,412)
-
(431)
-
-
-
-
-
-
-
-
-
-
-
-
5,730
(4,023)
3,950
-
_
_
64,273
(72,215)

 Transfers
£
-
-
(5,000)
-
-
-
-
-
-
-
-
(15,137)
-
20,137
-
_____
-
__
Transfers
£
-
-
-
-
-
975
-
-
-
-
-
-
-
(975)
-
_____
-
 Closing
Balance
Mar 2021
£
450,179
2,479
13,515
7,122
49,224
19,468
1,993
2,691
3,385
1,177
1,857
-
322
28,412
1,000
_____
582,824
__
Closing
Balance
Mar 2020
£
463,419
13,431
18,515
7,122
33,399
16,635
3,868
2,691
3,385
1,177
1,857
15,137
322
-
-
_____
580,958
__

41

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2021

24 Restricted Funds (continued)

A major grant was received from the Heritage Lottery Fund in 2005/06 towards the redevelopment and extension of the Education Centre. The depreciation on the Education Centre is charged against the restricted fund balance each year.

In 2016/17, a fundraising campaign under the Art Fund’s Art Happens platform raised funds to create a permanent John Piper Gallery and the depreciation on this gallery is charged against the restricted fund balance.

The Rowing Gallery benefits from support from Henley Royal Regatta together with a number of supporters.

Funding was received towards the River Gallery upgrade programme from Biffa, Grundon Waste Management, LaFarge Tarmac, Thames Water, The J Paul Getty Jr Charitable Trust and the Suva Foundation. The depreciation on the River Gallery upgrades is charged against the restricted fund balance.

The Acquisitions Fund consists of private funding and public grants and enables the River & Rowing Museum to respond quickly and acquire items for the collection that will contribute to the Museum’s aims of education and inspiration. It can cover the whole cost of acquisition or provide the match funding required for grant requests. Donations to this fund will ensure that the River & Rowing Museum can continue to develop its local, national and world class collections.

The Education Fund has come from individual sponsors, largely The Arbib Foundation which gave funds to build and maintain the Learning Centre, fundraising events to support the learning programme including supporting travel costs for schools from areas of disadvantage, and grants for specific education projects. Further funding for education projects was received from the Fischer Family Trust, The P F Charitable Trust, the Henley Municipal Charities and the Museum Development Fund.

Small donations have been received towards the Henley gallery.

Support for special exhibitions was received from Heritage Lottery Fund, Arts Council and The P F Charitable Trust, and for a number of other projects, including funding from the University of Reading and the American Friends of the River & Rowing Museum.

Generous donations have been received towards the vital Collections Audit Project. This enables us to undertake crucial work auditing and inventorying every single item in our 30,000+ strong Museum collection in order to resolve a number of collections issues and to direct our revised Collections Development Policy, required for our Museum Accreditation.

Transfers during the year are authorised by the Museum Director, and expenditure under the receiving fund is in line with the original restriction.

25 Share capital

The River and Rowing Museum Foundation is a company limited by guarantee and has no share capital. The liability of each member of the company upon dissolution is limited to a maximum of £1.

42

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2021

26 Analysis of net assets between funds

Consolidated fund balances at 31 March 2021 are represented by:

Designated Unrestricted Restricted Endowment Total
funds funds funds funds funds
£ £ £ £ £
Tangible fixed assets 3,535,700 300,059 497,866 - 4,333,625
Investments - - - 5,150,690 5,150,690
Current assets 108,551 538,666 92,958 2,698,647 3,438,822
Current liabilities - (94,490) (8,000) - (102,490)
__ __ __ __ __
Total net assets 3,644,251 744,235 582,824 7,849,337 12,820,647
__ ____ ___ _____ __ ____ __ __

Consolidated fund balances as at 31 March 2020 were as follows:

Designated Unrestricted Restricted Endowment Total
funds funds funds funds funds
£ £ £ £ £
Tangible fixed assets 3,669,765 323,142 505,807 - 4,498,714
Investments - - - 4,435,886 4,435,886
Current assets 108,551 596,404 75,151 3,305,950 4,086,056
Current liabilities - (164,886) - - (164,886)
__ __ __ __ __
Total net assets 3,778,316 754,660 580,958 7,741,836 12,855,770
__ ____ ___ _____ __ ____ __ __

27 Pension commitments

The Foundation operates defined contribution schemes open to all employees. Contributions are charged in the accounts as incurred and there were outstanding contributions at the balance sheet date of £nil (2020 - £nil). Pension costs charged in the year were £31,125 (2020 - £43,654).

28 Capital commitments

The company has capital commitments as at 31 March 2021 of £nil (2020: £nil ).

43

Notes forming part of the financial statements for the year ended 31 March 2021

RIVER AND ROWING MUSEUM FOUNDATION

29 Operating lease commitments

The total minimum lease payments under non-cancellable operating leases are as follows:
Land &
Land &
buildings
Other
buildings
Group and charity
2021
2021
2020
£
£
£
Within one year
7,050
-
7,050
Within one and five years
28,200
-
28,200
After more than five years
472,350
-
479,400
_
_
__
507,600
-
514,650
__

__		 Other
2020
£
-
-
-
__
-

30 Related party transactions

The aggregate donations made by Trustees during the year were £9,159 (2020: £15,000).

During the year, Nigel Worlidge, the husband of the Director, Sarah Posey, provided consultancy fees to the charity for £nil (2020: £992).

44

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2021

31 Financial instruments
Group Group Company Company
2021 2020 2021 2020
£ £ £ £
Financial assets measured at fair value through statement of financial activities:
Investments 5,150,690 4,435,886 5,150,692 4,435,888
Financial assets that are debt instruments measured at amortised cost:
Trade debtors 526 37,012 96 11,854
Amounts due from group undertakings - - 105,731 83,881
Current asset investments 2,065,278 1,793,520 2,065,278 1,793,520
Cash at bank 1,227,279 2,118,463 1,145,416 2,048,161
Financial liabilities measured at amortised cost:
Trade creditors 31,015 72,446 30,962 66,613
The income, expenses, gains and losses in respect of the financial instruments are summarised below:
Gain on investment 714,804 (376,456) 714,804 (376,456)
Income from listed investments 39,209 89,070 39,209 89,070
Bank interest receivable 15,939 18,015 15,939 18,015
Investment management expenses 6,551 3,518 6,551 3,518

The group and company are exposed to interest rate risk on its bank balances and current asset investments. There is also exposure to price risk on the investment portfolio held as there is a risk that the value of the investments could fall. The liquidity risk for the group and charity is reduced by holding highly liquid current asset investments. The group manages these risks through regular review by the Finance & General Purpose Committee.

32 Analysis of changes in debt

At 1 Apr At 31 Mar
2020 Cash flows 2021
Net cash
Group – Cash at bank and in hand 2,118,463 (891,184) 1,227,279
Company - Cash at bank and in hand 2,048,161 (902,745) 1,145,416
At 1 Apr At 31 Mar
2019 Cash flows 2020
Net cash
Group – Cash at bank and in hand 596,374 1,522,089 2,118,463
Company - Cash at bank and in hand 510,853 1,537,308 2,048,161

45

Notes forming part of the financial statements for the year ended 31 March 2021

RIVER AND ROWING MUSEUM FOUNDATION

33 Comparative Consolidated Statement of Financial Activities

Unrestricted Designated
funds
funds

Notes
£
£

Income from
Donations and legacies
3
112,054
-
Trading activities
4
258,634
-
Investment income
5
107,085
-
Charitable activities
6,9,24
303,754
-
_
_
Total income
781,527
-

_
_
Expenditure on
Raising funds
Donations and legacies
7
127,480
-
Fundraising trading
4
250,514
-
Investment management
22
-
-
Charitable activities
8,9,23,24
931,833
134,065
_
_
Total expenditure
1,309,827
134,065
_
_
Net expenditure before
losses on investments
(528,300)
(134,065)

Net losses on investments
-
-

_
_
Net expenditure
(528,300)
(134,065)

Transfers
Transfer from endowment funds
22
528,300
-
_
_
Net movement in funds
-
(134,065)

Total funds brought forward
754,660
3,912,381

_
_
Total funds carried forward
754,660
3,778,316


 RestrictedEndowment
funds
funds
£
£
-
-
-
-
-
-
64,273
-
_ _
64,273
-
_ _
-
-
-
-
-
3,518
72,215
-
_ _
72,215
3,518
_ _
(7,942)
(3,518)
-
(376,456)
_ _
(7,942)
(379,974)
-
(528,300)
_ _
(7,942)
(908,274)
588,900 8,650,110
_ _
580,958 7,741,836
 Total
2020
£
112,054
258,634
107,085
368,027
_
845,800
__
127,480
250,514
3,518
1,138,113
__
1,519,625
__
(673,825)
(376,456)
__
(1,050,281)
-
__
(1,050,281)
13,906,051
__
12,855,770
___

46