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2022-03-31-accounts

River and Rowing Museum Foundation

Annual Report and Financial Statements for the year ended 31 March 2022

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RIVER AND ROWING MUSEUM FOUNDATION

Annual Report and Financial Statements for the year ended 31 March 2022

Contents
Message from the Chair of the Trustees 2
Thank you to our supporters 4
Trustees’ Annual Report
About River and Rowing Museum Foundation 5
Progress in 2021-22 7
Our priorities for 2022-23 8
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

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RIVER AND ROWING MUSEUM FOUNDATION

Annual Report and Financial Statements for the year ended 31 March 2022

Message from the Chair of Trustees

As I write in November 2022 it is difficult to comprehend just how much has happened over the past 12-18 months and how much is scheduled to happen over the next twelve.

The Museum was open to visitors throughout the 2021-2022 year and a near normal but reduced itinerary of activities were delivered, however, the widespread reduction in visitor numbers across our sector also affected the River & Rowing Museum. Most cultural organisations predicted visitor reductions of 20%, with several finding reality was further down on that prediction. Although income is slightly up on the previous year, it remains some 50% of what it was in pre-pandemic.

It has also been a period of flux with regards to staff and volunteers. The so-called ‘great resignation’ affected us as one or two staff members re-calibrated their working lives and a noticeable proportion of volunteers felt uncomfortable returning to the work environment with Covid still lingering. These issues and more led to frequent and sometimes relatively last-minute closures of the Museum and I can only apologise to people who may have made the journey to visit us, only to find our doors shut.

Given the staff challenges, we had little choice but to move to a structure of interim management, which on reflection has helped us accomplish much more than we expected, not least because we were able to employ the specific skills needed during a period of change. In which regard I want to thank Katy Ford, Paul Owen and David Sheen for the work they have been doing on both our business and our building. Their work has delivered an incomparable number of benefits from the updating archaic IT to a major roof project about to begin.

The staff and volunteer shortage has brought significant pressure on the day-to-day running of the organisation and I would like to thank the workforce – whether paid, volunteer or trustee - for their commitment during these very challenging times. Thank you all for stepping up to the plate!

Underpinning this year (as it did last year) is Project Sustainable Future (PSF), which has provided the backbone to the building and operational works we currently have underway, particularly during our period of temporary closure.

However, PSF is not just about building repairs; first and foremost we are a cultural asset and the care, maintenance and curation of our collections remain at the forefront of what we do. Our diligent curatorial team have been amongst the busiest of our people, whether demounting galleries to keep our collection safe during the roof works or playing catch-up with the relentless task of cataloguing everything we have - an activity which has been left unattended for many years. Well done to our curator Cate Tren, registrar Catherine Neale, Jess Romano and Colette Bodde, our technicians. Thank you also to the individuals who have helped fund the Collections Project!

All in all, we are slowly and steadily chipping through all the things that need to be done to get our organisation back on the front foot. I can understand that from the outside it may appear that we are doing very little, but I can assure you that lack of visibility is not lack of progress.

To perhaps illustrate the point, these are a few of the things we are attending to whilst we are closed: a new roof, mechanical and electrical systems, two floors of rentable offices in building 2, a new cloud-based IT system and a new CRM system, new kitchen and new lift… I could go on. Our investment is considerable and almost every item is a necessity – a roof that leaks, a kitchen that won’t pass food hygiene standards and a lift that constantly breaks down are not options.

All of this looks forward and not least because we have just launched the search for our new Director, aim to have the successful candidate confirmed in February and starting shortly after. He or she will have the benefit

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Annual Report and Financial Statements for the year ended 31 March 2022

of working alongside a board of trustees no longer focusing on the roof, and a revitalised work force of staff and volunteers, all of whom are looking forward to what a River and Rowing Museum of the future holds.

At the recent trustees’ away day we discussed the future direction of the charity, and in common with the staff away day a month later, each one of us felt strongly that in order to succeed, we must establish stronger links with our local community and re-focus our fabulous collection on providing exciting and engaging stories.

As I said last year I remain confident that we are on the route to a more sustainable future, which with a new director and revitalised offer will see us win through, plus we will soon have a building that no longer has buckets everywhere!

David Worthington Chair of Trustees

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Annual Report and Financial Statements for the year ended 31 March 2022

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 2021-22 we would like to especially thank the following for their support:

Invesco 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

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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

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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.

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Progress in 2021-22

The buildings and Project Sustainable Future (PSF)

PSF has underwritten almost every activity that the Museum has engaged with over the past two years. There are four key planks to the plan:

Building 1 which hosts the Collection has become increasingly fragile as fabric and systems designed to last twenty-years failed, resulting in an inability to either cool or heat the building along with a leaking roof. During the 2021-2022 year the Museum began the arduous task of engaging consultants and commissioning condition reports. During the latter part of the year it successfully engaged a Buildings Contract Manager to oversee the building refurbishment works. Costs for the roof replacement and mechanical engineering replacement in Building 1 will be in the order of £1.4m. The improvements in building infrastructure will enable the charity to be more environmentally friendly and will enable it to reduce operating costs due to more efficient systems.

The curatorial team continued to make progress with the Collections Project during the year under review, supported by a small band of volunteers however the project was suspended in June 2022 whilst the team focussed on the various museum gallery and store relocations needed to prepare for the roof replacement works.

In addition to the capital projects detailed above the Trustees agreed that it was necessary to undertake some operational improvements to enable the Museum to survive and thrive. A key aspect of PSF was the creation of a series of ‘task and finish’ projects, the delivery of which was managed by an interim Finance and Business manager who joined in March 2022. These include the migration of paper and in house server filing to cloud based storage, improved cyber security systems and less duplication of records

Our education programme has continued as before, focused largely on primary school visits of up to 60 children and utilising the Thames Room as the main ‘classroom’, which has proved a far brighter and better space to work in. Meanwhile, we invested in an external report which will help us re-frame our provision and alongside that have recruited a new education manager, whose brief is to revitalise and modernise our programme and delivery. The Education Development manager will join the museum in January 2023.

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Our Priorities for 2022 - 2023

The actions of the Trustees in FY2022-2023 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

The Museum was closed to the public on 30[th] September 2022 to enable preparatory work to be undertaken on the building prior to the roof repair works to commence . Whilst the museum is closed to visitors, additional refurbishment works will be carried out. This includes replacement of the internal mechanical engineering, itself as old as the building and therefore inefficient, replacement of the lift to improve disability access and an upgrade of the kitchen and café area, to make this revenue generating asset more attractive to an outsourced catering firm. Other works will also be undertaken to give the reception and shop area a face lift ready for the re-opening in April 2023.

Curve Workplaces were appointed to refurbish the ground floor and 2nd Floor of the former education block (Building 2). Curve began work in October 2022. The conversion will see the ground floor of the building changed into 3 office suites and a flexi space, all suitable for letting to local businesses. The refurbishment will take approximately 4 months at a cost of c.£450k.

The Collections Project which was initiated in 2020-21 to ensure a complete database of all objects owned by the Museum continued to make progress with the Collections Project during the year under review, supported by a small band of volunteers. The project was suspended in June 2022 whilst the team focussed on the various museum gallery and store relocations needed to prepare for the roof replacement works but was recommenced in October 2022, alongside the digitisation of the curatorial records and review of the acquisition, disposal and other curatorial policies. RRM’s re-accreditation as an accredited museum is due for renewal in early 2024. As part of the process RRM will need to implement a strong Curatorial Governance process including the review/writing of strong curatorial policies and procedures to implement and follow them.

The front of house team have joined forces with the curatorial team to boost the workforce focussed on achieving these important tasks which will in due course culminate in the ability to dispose of some of the assets held in the warehouse and to make way for revitalised galleries.

The charity owns a warehouse in which it stores excess curatorial assets. A Project Manager was engaged at the beginning of April 2022 to establish alternative storage for the assets. Various options were explored however the conclusion of the exercise was that none of the alternative solutions were considered suitable in the short term and that in order to properly preserve the Collection, the Trustees decided to invest c.£70k in improving the warehouse to make it fit for purpose.

There remains an intention to dispose of the warehouse in due course in order to realise the funds forecast within PSF. In order to achieve this room needs to be made in the museum for a permanent store. This will likely involve the relocation of one or more of the galleries. Investigation into options for this are underway .

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Following the redundancies made in 2021 the Charity did not have a dedicated marketing function. The Trustees decided to engage the services of a local Public Relations firm to help RRM to manage its reputational risk as it prepared to close its doors for 6 months and to support the remaining team in their marketing activity efforts. A part time marketing officer was appointed, his role to focus initially on using social media to promote the activities throughout the period between June and the end of September 2022 and into the closure period, in order to keep the Museum alive with its external stakeholders. All other marketing responsibilities were shared across the team including the finalisation of a refreshed website, which was launched in late summer.

The PSF business model relies heavily on a volunteer workforce. Volunteers are needed for the Collections project, Front of House, Curatorial, Marketing and other roles in the museum. The Museum will be appointing a Volunteer Co-ordinator in order to manage the volunteer workforce. Ideally, the new Volunteer Co-Ordinator will be in post in time for re-opening the museum’s doors to visitors in April 2023.

Work has started on the procurement of a Customer Relationship Management System to replace the existing outdated software. The results of the new CRM and cloud-based storage will in due course improve efficiency and reduce costs. In addition, a proposal to introduce a digital membership scheme, attractive to virtual visitors looking for specialist content is being considered.

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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 M M Jackson(until 30.09.22) N Hotchin (from 5.12.22)
Trustees K Arlett S Botterell
T Bowen E Den Besten
F Dennis S K Furlong
M M Jackson(resigned 30.09.2022)
H R Jacobs G Lambert (resigned 24.06.21)
M D Logie
S L Miller(resigned 30.09.22) K Nel
Dr A C Putz(resigned 31.03.2022)
P A Reynolds D H Worthington
M Thomas(appointed 10.6.22)
N Hotchin(appointed 5.12.22)
L H Wymer(appointed 10.12.2021)
Finance & General
Purpose Committee M M Jackson(Chair until 10.06.22)
H R Jacobs(Chair from 10.06.22 to 5.12.2022)
N Hotchin(Chair from 5.12.2022)
D H Worthington
S Botterell
Director Dr A C Putz(resigned 31.03.2022)
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 C Hoare & Co, 37 Fleet Street, London EC4P 4DQ

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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. This role was vacant following the departure of Dr Catherine Putz in December 2021. The role of Finance Director was also vacant during the year. Interim arrangements were put in place from March 2022. The Trustees expect to recruit a new Director in January 2023. The Foundation liaises with a legal firm when required and relies on the services of its audit firm in respect of accounting matters.

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: G Lambert resigned on 24 June 2021, C Putz resigned on 31[st] March 2022, M M Jackson resigned on 30 September 2022, S L Miller resigned on 30 September 2022, L Wymer was appointed on 10 December 2021, M Thomas was appointed on 10 June 2022, N Hotchin was appointed 5 December 2022.

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.

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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 Finance and General Purposes 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.

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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 and maintaining the nature trail.

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 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.

Compliance

A Designated Safeguarding Lead has been appointed and the safeguarding policies were updated. And all relevant staff have undertaken child safeguarding training and have undertaken enhanced DBS checks. The Teaching Outside the Classroom Accreditation was renewed.

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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 £365,875 compared with £611,177 in 2021, 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 2022 the Foundation had a loss of £226,210 (2021 -£35,123) which included £283,795 (2021 £714,804) of profit on the value of investments. The Operating loss for the year including depreciation was £510,005 (2021 - £749,927). The difference of £239,922 due largely to the £303,205 Arts Council Covid Recovery Grant and income generated through increased visitor income.

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 2021/2022, not only because the Museum was closed for part of the year but also because visitor confidence remained low. Changes in the education offering meant that the museum was closed to the general public 2 days per week and the new volunteer dependant model has proved more of a challenge than originally envisaged resulting in the need to close the museum’s doors at short notice. While the closures of the Museum have severely impacted our income in the current year, the Museums is fortunate to have reserves to get it through this difficult time, alongside its’ success in securing a covid recovery grants in the year.

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 while the museum continues to recover from the covid era. Plans are in place to develop a new membership scheme to broaden appeal and boost income generated via these strategies.

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.

Overseas funding from American supporters has continued to be very welcome during this difficult period, and in particular we have seen generous donations towards the Collections Project. This project is enabling the Museum to undertake crucial work auditing and inventorying every single item in the museum’s collection in

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order to resolve a number of collections issues and to direct our revised Collections Development Policy, required for our Museum Accreditation.

The £303k ACE grant was fully spent in line with guidelines. In addition to supporting the museums operating costs, some of the ACE funds were used to pay a portion of the consultancy fees for the Roof and Mechanical Engineering Project Manager.

An expression of Interest for £500,000 from the Art’s Councils MEND2 Grant was submitted but the museum was unsuccessful in this bid.

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.

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 profit for the year of £7,682. This amount will be donated by gift aid to the parent company within 9 months of the year end.

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 £584k 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 £506,535 at 31 March 2022 (2021: £444,176). 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

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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.

Investment Policy and Review of Investment Performance

The Endowment Fund is invested for growth and capital preservation, and achieved an average income of 0.79% during the year. The Endowment Fund made a profit on revaluation of £283,795 at the year end (2021 £714,804).

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. A significant proportion of the liquid funds will be utilised to fund the property renovation works that will be undertaken in late 2022 and 2023.

Subsequent events

Since the year end the investment portfolio has decreased in value by £205k due to volatile market conditions. The trustees are monitoring the portfolio and taking investment advice as necessary.

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 Date: …………………….. 16/12/2022

H R Jacobs Vice Chair

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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 2022, 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

16/12/2022

………………………

20

RIVER AND ROWING MUSEUM FOUNDATION

Consolidated statement of financial activities (incorporating the income and expenditure account) for the year ended 31 March 2022

Unrestricted Designated
funds
funds
Notes
£
£
Income from
Donations and legacies
3
76,461
-
Trading activities
4
101,239
-
Investment income
5
59,083
-
Charitable activities
6,9,24
156,381
-
_ _
Total income
393,164
-
_ _
Expenditure on
Raising funds
Donations and legacies
7
157,996
-
Fundraising trading
4
93,557
-
Investment management
22
-
-
Charitable activities
8,9,23,24
507,486
134,660
_ _
Total expenditure
759,039
134,660
_ _
Net expenditure income before
gains on investments
(365,875)
(134,660)
Net gains on investments
-
-
_ _
Net (expenditure) / income
(365,875)
(134,660)
Transfers
Transfer from endowment funds 22
373,559
152,251
_ _
Net movement in funds
7,684
17,591
Total funds brought forward
744,235
3,644,251
_ _
Total funds carried forward
751,919
3,661,842
 Restricted Endowment
funds
funds
£
£
-
-
-
-
-
-
312,455
-
_
_
312,455
-
_
_
-
-
-
-
-
4,230
317,695
-
_
_
317,695
4,230
_
_
(5,240)
(4,230)
-
283,795
_
_
(5,240)
279,565
-
(525,810)
_
_
(5,240)
(246,245)
582,824
7,849,337
_
_
577,584
7,603,092

 Total
Total
2022
2021
£
£
76,461
100,475
101,239
82,055
59,083
55,148
468,836
251,981
_
_
705,619
489,659
__
_
157,996
98,202
93,557
84,360
4,230
6,551
959,841
1,050,473
__
_
1,215,624
1,239,586
__
_

(510,005)
(749,927)
283,795
714,804
__
_
(226,210)
(35,123)

-
-
__
_

(226,210)
(35,123)
12,820,64712,855,770
__
_
12,594,43712,820,647
___

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 2022

Company number 2548216
Notes
2022
£
Fixed assets
Tangible assets
15
Heritage assets
15
Investments
16
Current assets
Stocks
17
19,818
Debtors
18
125,080
Investments
19
1,951,515
Cash
20
912,372
___
3,008,785
Creditors: amounts falling due
within one year
21
140,137
___
Net current assets
Total assets less current liabilities
Endowment fund
22
Designated fund
23
Restricted funds
24
Unrestricted funds		 2022
2021
£
£
4,235,614
55,690
5,434,485
___
9,725,789
31,999
114,266
2,065,278
1,227,279
_
3,438,822
102,490
_
2,868,648
___
12,594,437
___
7,603,092
3,661,842
577,584
751,919
__
12,594,437
__		 2021
£
4,301,935
31,690
5,150,690
_
9,484,315
3,336,332
_
12,820,647
_
7,849,337
3,644,251
582,824
744,235
_
12,820,647
_____

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.

16/12/2022

Approved by the board on ………………………

D Worthington H R Jacobs Chair of the Trustees Vice Chair

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

22

RIVER AND ROWING MUSEUM FOUNDATION

Balance sheet at 31 March 2022

Company number 2548216
Notes
2022
£
Fixed assets
Tangible assets
15
Heritage assets
15
Investments
16
Current assets
Debtors
18
266,435
Investments
19
1,951,515
Cash at bank
20
771,299
___
2,989,249
Creditors: amounts falling due
within one year
21
133,146
___
Net current assets
Total assets less current liabilities
Endowment fund
22
Designated fund
23
Restricted funds
24
Unrestricted funds		 2022
2021
£
£
4,235,614
55,690
5,434,487
___
9,725,791
210,521
2,065,278
1,145,416
_
3,421,215
89,746
_
2,856,103
___
12,581,894
___
7,603,092
3,661,842
577,584
739,376
___
12,581,894
___		 2021
£
4,301,935
31,690
5,150,692
_
9,484,317
3,331,469
_
12,815,786
_
7,849,337
3,644,251
582,824
739,374
_
12,815,786
___

The loss for the financial year of the parent charitable company was £233,892 (2021: loss of £24,698).

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.

16/12/2022

Approved by the board on …………………

D Worthington H R Jacobs Chair of the Trustees Vice Chair

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 2022

Cash flows from operating activities:
Net expenditure
Adjustments for:
Depreciation
Gains on investments
Dividends and interest receivable
Decrease in stock
Increase 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
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
2022
£
(226,210)
190,444
(283,795)
(59,083)
12,181
(16,490)
37,647
__
(345,306)
__
64,759
(148,123)
113,763
-
__
30,399
__
(314,907)
1,227,279
__
912,372
__		 Group
2021
£
(35,123)
210,835
(714,804)
(55,148)
6,341
(15,937)
(62,396)
_
(666,232)
_
92,552
(45,746)
-
(271,758)
_
(224,952)
_
(891,184)
2,118,463
__
1,227,279
 Company
2022
£
(233,892)
190,444
(283,795)
(59,083)
-
(61,590)
43,400
__
(404,516)
__
64,759
(148,123)
113,763
-
__
30,399
__
(374,117)
1,145,416
__
771,299
__		 Company
2021
£
(24,698)
210,835
(714,804)
(55,148)
-
(53,469)
(40,509)
_
(677,793)
_
92,552
(45,746)
-
(271,758)
_
(224,952)
_
(902,745)
2,048,161
__
1,145,416

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 2022

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 5.

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 2021/2022, not only because the Museum was closed for part of the year but also because visitor confidence remained low. Changes in the education offering meant that the museum was closed to the general public 2 days per week and the new volunteer dependant model has proved more of a challenge than originally envisaged resulting in the need to close the museum’s doors at short notice. While the closures of the Museum have severely impacted our income in the current year, the Museums is fortunate to have reserves to get it through this difficult time, alongside its’ success in securing a covid recovery grants in the year.

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

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2022

1 Accounting policies (continued)

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 Arts Council England (ACE) Covid Recovery 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 2022

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 Statement of Financial Activities (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 2022

1 Accounting policies (continued)

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 2022

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 on investments
Net movement in funds
Total funds brought forward
Total funds carried forward
Represented by:
Endowment fund
Designated fund
Restricted funds
Unrestricted funds
come from donations and legacies
Unrestricted funds:
Donations, benefactions and private patron scheme
Income tax reclaimed		 2022
£
604,380
-
__
604,380
(157,996)
(4,230)
(959,841)
__
(517,687)
283,795
__
(233,892)
12,815,786
___
12,581,894
__
7,603,092
3,661,842
577,584
739,376
___
12,581,894
___
2022
£
62,613
13,848
__
76,461
__		 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
__

3 Income from donations and legacies

29

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2022

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		 2022
£
101,239
(17,423)
__
83,616
-
(1,502)
(74,632)
-
__
7,682
__
101,239
(93,557)
170,312
(157,767)
__
12,545
__
12,545
__		 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
_

The Trading Company made a small profit of £7,682 for the year ended 31st March 2022. This profit will be gifted to the parent company..

30

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2022

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 24)		 _
_
 2022
£
57,313
1,770
_
59,083
__
2022
£
96,672
-
3,000
2,790
53,919
312,455
_
468,836
_		 2021
£
39,209
15,939
_
55,148
_
2021
£
23,789
3,166
22,286
110,729
48,411
43,600
_
251,981
_

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 2022
£ £
£		 £ £
Finance and management 21,150 18,408
4,230		 122,507 166,295
Sales and marketing 17,685 3,418
-		 70,739 91,842
Facilities 40,631 38,946
-		 320,235 399,812
Operations - 8,287
-		 - 8,287
Depreciation 2,813 -
-		 25,313 28,126
Governance costs - -
-		 31,725 31,725
_ _
_		 _ _
Total support costs 82,279 69,059
4,230		 570,519 726,087
Direct costs 75,717 24,498
-		 389,322 489,537
_ _
_		 _ _
Total expenditure 157,996
_		 93,557
_
4,230

_		 959,841
_		 1,215,624
_

Included in governance costs are finance and management support costs of £31,725 (2021 - £49,130), legal costs of £2,626 (2021 - £6,583) accountancy fees of £3,850 (2021: £3,300) and audit fees of £7,000 (2021 - £7,000), giving total governance costs of £45,201 (2021: £66,013) as disclosed in note 8.

31

Notes forming part of the financial statements for the year ended 31 March 2022

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 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
_

8 Expenditure on charitable activities

Direct costs Support costs
£
£
Curatorial and collections management
64,710
-
Education
23,673
-
Facilities
-
320,235
Sales and marketing
-
70,739
Operations
125,142
-
Finance and management
-
122,507
Depreciation
162,321
25,313
Governance costs
13,476
31,725
__
__
389,322
570,519
__
__		 2022
£
64,710
23,673
320,235
70,739
125,142
122,507
187,634
45,201
__
959,841

Expenditure on charitable activities was £959,841 (2021: £1,050,473) of which £507,486 (2021: £874,674) was unrestricted, £134,660 (2021: £134,065) was designated and £317,695 (2021: £41,734) was restricted.

32

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2022

8 Expenditure on charitable activities (continued)

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

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:

Costs
Admissions income
Membership income
Grants
Coronavirus Job Retention Scheme
Other income
Restricted funds for specific projects
Net cost funded from other income		 2022
2021
£
£
(959,841)
(1,050,473)
96,672
23,789
-
3,166
3,000
22,286
2,790
110,729
53,919
48,411
312,455
43,600
_
_
(491,005)
798,492
_
_

10. Government Grants

Income from Government grants comprises grants received under the Government Coronavirus Job Retention Scheme of £2,790 (2021: £121,085). This grant was provided to support the cost of furloughed staff. £nil has been allocated to income from trading activities (note 4) (2021: £10,356) and £2,790 to income from charitable activities (note 6) (2021: £110,729). The company also received grants from the Arts Council England relating to the Government’s Culture Recovery Fund totalling £303,205 (2021: £nil). These have been included in restricted funds for specific projects in note 6 and have been expended in full. 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 2022

11
Staff costs
Group
2022
2021
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
11
17
_
_
The average head count for employees during the year was 24 (2021: 29).
2022
2021
Staff costs for the above persons:
£
£
Wages and salaries
458,197
581,280
Social security costs
34,549
39,091
Pension costs
6,857
31,125
_
_
499,603
651,496
_
_		 Company
2022
2021
Number
Number
11
16
_
_
2022
2021
£
£
452,948
562,537
34,293
38,023
6,789
30,791
_
_
494,030
631,351
_
 Company
2022
2021
Number
Number
11
16
_
_
2022
2021
£
£
452,948
562,537
34,293
38,023
6,789
30,791
_
_
494,030
631,351
_
_
2021
£
562,537
38,023
30,791
_
631,351

There were no employees earning in excess of £60,000 per annum (2021 – one earning in excess of £100,000). 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 £ 181,214 (2021: £364,286).

34

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2022

12
Trustees’ remuneration
Trustees’ emoluments
Company contributions to pension scheme
Trustees’ emoluments and pension contributions
Expenses reimbursed to Trustees		 2022
£
48,763
550
_
49,313
_
194
_		 2021
£
107,728
12,010
_
119,738
_
-
_

Dr A C Putz received remuneration and expenses during the year (2020: Dr S Posey) 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 (2021 – nil). The above contributions 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 £194 (2021: £nil) reimbursed to one trustee in respect of travel expenses incurred on behalf of the charity (2021: none).

13 Net income / (expenditure)

This is arrived at after charging:
Depreciation – owned assets
Auditors remuneration - audit services
- other services
Operating leases		 2022
£
190,444
7,000
3,850
7,050
_		 2021
£
210,835
7,000
3,300
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 2022

15
Tangible fixed assets
Group and company
Long lease-
hold land
& buildings
£
Cost
At 1 April 2021
6,733,011
Additions
122,507
Transfers
-
_

At 31 March 2022
6,855,518
_
Depreciation
At 1 April 2021
3,217,567
Charged in the year
134,660
_
At 31 March 2022
3,352,227
_

Net book value
At 31 March 2022
3,503,291
__
At 31 March 2021
3,515,444
 Freehold
land &
buildings
£
610,500
-
-
_
610,500
_
358,620
14,420
_
373,040
__
237,460
_
251,880
 Education
centre
£
797,047
-
-
_
797,047
_
346,868
13,240
_

360,108
_
436,939
__
450,179
 Plant &
machinery
£
246,016
4,188
-
_
250,204
_
213,033
13,004
_
226,037
_
24,167
__
32,983
 Computer
and office
equipment
£
131,512
13,428
-
_
144,940
_
122,433
9,077
_
131,510
_
13,430
__
9,079
 Heritage
assets
£
1,224,707
-
24,000
_
1,248,707
_
1,193,017
-
_

1,193,017
_

55,690
__
31,690
 Other
tangible
assets
£
403,240
8,000
(24,000)
_
387,240
_
360,870
6,043
_
366,913
___ _
20,327
_____
42,370
 Total
£
10,146,033
148,123
-
__
10,294,156
___
5,812,408
190,444
__
6,002,852
___
4,291,304
___
4,333,625

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

There were additions of £8,000 to heritage assets during the year relating to a transfer from assets under construction. Additions over the previous five years comprise spend of £24,000 on a bust of Sir Martyn Arbib, £15,000 on the 1829 Boat Race Letter and £9,530 on display cases and systems. There have been no disposals of heritage assets during this period.

36

Notes forming part of the financial statements for the year ended 31 March 2022

RIVER AND ROWING MUSEUM FOUNDATION

16 Fixed asset investments

Group
Equity
unit trusts
£
Valuation
At 1 April 2021
3,904,067
Revaluation in year
319,815
_
At 31 March 2022
4,223,882
__		 Gilts
£
1,246,623
(36,020)
_
1,210,603
__		 Unlisted
£
-
-
_
-
_		 Total
£
5,150,690
283,795
_
5,434,485
_

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. 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 2022:

Jupiter Merlin Balanced Portfolio
Fundsmith Equity Fund Income Shares
SPDR Barclays 1-5 Year Gilt
Company
Equity
unit trusts
£
Valuation
At 1 April 2021
3,904,067
Revaluation in year
319,815
_
At 31 March 2022
4,223,882
 Number
of units
1,659,668
277,676
24,246
Gilts
£
1,246,623
(36,020)
_
1,210,603
 Market
value £
2,687,666
1,536,216
1,210,603
Unlisted
£
2
-
__
2
 % of
portfolio
49%
28%
23%
Total
£
5,150,692
283,795
__
5,434,487

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 2022

17 Stocks
Goods for resale		 Group
2022
£
19,818
 Group
2021
£
31,999
 Company
2022
£
-
 Company
2021
£
-

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
2022
£
14,983
102,597
7,500
-
__
125,080
__
Group
2022
£
1,951,515
__
Group
2022
£
912,372
__		 Group
2021
£
526
98,794
14,946
-
_
114,266
_
Group
2021
£
2,065,278
_
Company
2021
£
1,227,279
_		 Company
2022
£
5,562
102,597
7,500
150,776
__
266,435
__
Company
2022
£
1,951,515
__
Company
2022
£
771,299
__		 Company
2021
£
96
89,748
14,946
105,731
__
210,521
__
Company
2021
£
2,065,278
_
Company
2021
£
1,145,416
_

38

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2022

21 Creditors: amounts falling due within one year

Trade creditors
Other creditors and accruals
Taxation and social security		 Group
2022
£
86,667
41,786
11,684
__
140,137
__		 Group
2021
£
31,015
61,801
9,674
__
102,490
 Company
2022
£
85,513
39,560
8,073
__
133,146
__		 Company
2021
£
30,962
49,110
9,674
__
89,746

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

At 31 March 2021
Amount released to income
Amount deferred in the year
At 31 March 2022
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
2022
20,692
(20,692)
2,226
_
2,226
_		 Group
Company
Company
2021
2022
2021
£
£
33,922
8,000
6,610
(33,922)
(8,000)
(6,610)
20,692
-
8,000
_
_
_
20,692
-
8,000
_
_
_
2022
2021
£
£
7,442,102
7,334,601
283,795
714,804
(4,230)
(6,551)
(525,810)
(600,752)
407,235
407,235
__
_
7,603,092
7,849,337
__
_

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 £527,060 (2021: £600,752) 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 2022

23
Designated Funds
Group and company
At 31 March 2021
Charges
Transfers
At 31 March 2022
Group and company
At 31 March 2020
Charges
At 31 March 2021		 Land &
buildings
£
3,485,700
(134,660)
152,251
_
3,503,291
_
Land &
buildings
£
3,619,765
(134,065)
__
3,485,700
 Freehold
land
£
50,000
-
-
_
50,000
__
Freehold
land
£
50,000
-
_
50,000
 Glazing
£
108,551
-
-
_
108,551
_
Glazing
£
108,551
-
__
108,551
 Total
2021
£
3,644,251
(134,660)
152,251
_
3,661,842
_
Total
2020
£
3,778,316
(134,065)
__
3,644,251

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 £134,660.

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 2022

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
Partnership projects
Collections project
Volunteering initiatives
Culture recovery fund
Jetty repairs
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		 Opening
Balance
Apr 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
_
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
 Income Expenditure
£
£
-
(13,240)
-
-
-
-
-
-
8,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
303,205
(303,205)
1,250
(1,250)
_
_
312,455
(317,695)
_
_
Income Expenditure
£
£
-
(13,240)
325
(11,277)
-
-
-
-
16,000
(175)
18,000
(15,167)
-
(1,875)
-
-
-
-
-
-
-
-
-
-
-
-
8,275
-
1,000
-
_
_
43,600
(41,734)

 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
_____
-
__
Transfers
£
-
-
(5,000)
-
-
-
-
-
-
-
-
(15,137)
-
20,137
-
_____
-
 Closing
Balance
Mar 2022
£
436,939
2,479
13,515
7,122
57,224
19,468
1,993
2,691
3,385
1,177
1,857
322
28,412
1,000
-
-
_____
577,584
__
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
__

41

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2022

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 the museum 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.

Funding was received from Arts Council England’s Culture Recovery Fund to support the charity with operating costs during the Covid19 Pandemic. This grant was received and fully expended during the year.

A donation of £1,250 was given by Rivertime Boat Trust in respect of repairs to the jetty.

Transfers during the prior 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

Notes forming part of the financial statements for the year ended 31 March 2022

RIVER AND ROWING MUSEUM FOUNDATION

26 Analysis of net assets between funds

Consolidated fund balances at 31 March 2022 are represented by:

Designated Unrestricted Restricted Endowment Total
funds funds funds funds funds
£ £ £ £ £
Tangible fixed assets 3,553,291 245,384 492,629 - 4,291,304
Investments - - - 5,434,485 5,434,485
Current assets 108,551 646,672 84,955 2,168,607 3,008,785
Current liabilities - (140,137) - - (140,137)
__ __ __ __ __
Total net assets 3,661,842 751,919 577,584 7,603,092 12,594,437
__ ____ ___ _____ __ ____ __ __

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
__ ____ ___ _____ __ ____ __ __

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 (2021 - £nil). Pension costs charged in the year were £6,857 (2021 - £31,125).

28 Capital commitments

The company has capital commitments as at 31 March 2022 of £nil (2021: £nil ).

43

Notes forming part of the financial statements for the year ended 31 March 2022

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
2022
2022
2021
£
£
£
Within one year
7,050
-
7,050
Within one and five years
28,200
-
28,200
After more than five years
465,300
-
472,350
_
_
__
500,550
-
507,600
__

__		 Other
2021
£
-
-
-
__
-

30 Related party transactions

The aggregate donations made by Trustees during the year were £nil (2021: £9,159).

44

RIVER AND ROWING MUSEUM FOUNDATION

Notes forming part of the financial statements for the year ended 31 March 2022

31 Financial instruments
Group Group Company Company
2022 2021 2022 2021
£ £ £ £
Financial assets measured at fair value through statement of financial activities:
Investments 5,434,485 5,150,690 5,434,487 5,150,692
Financial assets that are debt instruments measured at amortised cost:
Trade debtors 14,983 526 5,562 96
Amounts due from group undertakings - - 150,776 105,731
Current asset investments 1,951,515 2,065,278 1,951,515 2,065,278
Cash at bank 912,372 1,227,279 771,299 1,145,416
Financial liabilities measured at amortised cost:
Trade creditors 86,667 31,015 85,513 30,962
The income, expenses, gains and losses in respect of the financial instruments are summarised below:
Gain on investment 283,795 714,804 283,795 714,804
Income from listed investments 57,313 39,209 57,313 39,209
Bank interest receivable 1,770 15,939 1,770 15,939
Investment management expenses 4,230 6,551 4,230 6,551

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
2021 Cash flows 2022
Net cash
Group – Cash at bank and in hand 1,227,279 (314,907) 912,372
Company - Cash at bank and in hand 1,145,416 (374,117) 771,299
At 1 Apr At 31 Mar
2019 Cash flows 2020
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

45

Notes forming part of the financial statements for the year ended 31 March 2022

RIVER AND ROWING MUSEUM FOUNDATION

33 Comparative Consolidated Statement of Financial Activities

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 before
losses on investments
(611,177)
(134,065)

Net losses on investments
-
-

_
_
Net expenditure
(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


 RestrictedEndowment
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
2021
£
100,475
82,055
55,148
251,981
_
489,659
__
98,202
84,360
6,551
1,050,473
__
1,239,586
__
(749,927)
714,804
__
(35,123)
-
__
(35,123)
12,855,770
__
12,820,647
___

46