2023-03-31-accounts

Docusign En¥ÈlopÈ ID." C4E6AA3849D14F88-880B-9A6524C3820B River and Rowing Museum Foundation Annual Report and Financial Statements for the year ended 31 March 2023

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Annual Report and Financlal Statements for the year ended 31 Marth 2023 Contents Chalr ofTrurtee5 report5 on the Museums prwess In 2022-23 Thank you to our 5UPPOrters Tru5tees' Annual Report About River and Rowing Museum Foundation Our priorities for 202>24 Organisational details Structure. govemance and management Financial Review li Independent Au&rtorfs Report 14 Flnan¢lal Ststements Con501idated statement of financial aLtivtties 18 Consolidatsd balance sheet 19 Balance sheet 20 Statement of Cash Flows arKI Consolidated Statement of Cash Flows 21 Notes formlng part of the financial statements 22

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Annual Report and Flnandal Stslements forthepar ended 31 March 2023 Chalr of Trustees reports on the Museums progress in 2022-23 Before commenting on the Museum's progress duringthe year, I must mention the sad passing of our President, Thoma5 Stonor, 7th Baron Camoy5 on 4th January 2023. The Lord Camoys wa5 a fervent supporter of the Museum and served as its President since 1997. We are grateful for all that he did for the institution. As essential building works took precedence over all other operations, our year ending in March 2023 and the months that followed, ¢ould be chararteri5ed as a year of huge activity and a¢hlevemenL but with very little public engagement. Perhaps therefore. there is little surprise that we are posting the worst financial perfomiance of the Museum's 25-year hi5tory- and indeed that our year ending in March 2024. will be Slmilar￿ affected by public closure. Closure and commitment to multi-mlllion-pound expendtture were dkfficult. and frankly brave, decisions. when the dust finally settles in a year or 50, we wlll have spent around half of our endowment both fixing the building and mitigating the damage from the1055 of income. However, 35 anyone who joined one of the tour5 of the bullding works in a wet late March, will attest... having to avoid the fifty or so rainwater buckets inside the building and hundreds of gallons of water being pumped off outside. meant there were no other optlons open to us. Sadly, the same urgency applied {and continues to apply) to many other mechanical and electrical sy5terns that have Come to the end of their useful Ilfe - we are twenty-fwe year5 old and that is the deslgned life of rnost modern components. Fast forward six months and the bulldinE is dry, the revitalised reception area has been opened up to a re-ftted shop and café, a refurbished Wind in the Willows gallery begins most family visits and upstairs the galleries and objects have been cleaned and refreshed. a new family area, Lsttle Willow5. completes just Part of the story. In Building 2, thè ground and second floors have been refitted to °Cat A" speciflcation offices, which when occupled will provide a consistent and essential income stream unlike most museums, we have zero government funding. Currently, the office market remains hung over from the pandemic, but RRM Studios are an attrartive place to work and we have our first tenant in residence. More prosaic Wor￿ have included revised mechanical and electrical systems. air handling, cooling, heatlng and water systems. Almost every light bulb in the building has been converted to LED; we are now brighter and le55 costly to run. The lift 15 new and most of the kitchen equipment too. Security and access systems have been replaced to enable new office tenants to come and go outside of Museum opening hours. Unit 3. our storage facility at Centenary Park. has Iliterallyl been made safe to work in again and the Kirkham Gallerfs climatic controls are to a standard where we can once again receive external exhibitions. Behind the 5cerhes we have migrated our dats to the Cloud. upgraded our financial systems, deployed an upgraded CRM system and launched a newwebstte. Our Collections Projert continues with in excess of 30,0￿ objects now recorded. This has been a huge team effort by trustees. colleagues and volunleers alike. Much of the re-decoration was done by Andy and lan. Debbie and her team designed and stocked the new shop and more, Mary painted the mural in the new children's area and Cate's curators and volunteers moved and clean@d almost every object on display.

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Annual Report and Flnanaal Ststements forthe yeaT ended 31 March 2023 We have been supported by several advi50r5, Including Paul Owen and David Sheen, particular thanks go to surveyor to the trustees, Simon Wood, who orchestrated the building project gratis. Around the building, trustee Moira Logie worked wlth Henley Town Council, Sonning Common Green Gym and the Greener Henley Wildlife Group. to cut back errant trees and generally tldy the site. Thank you to all three organisations for their Icontlnuedl support. Thank5 to trustees Michelle Thomas and Ken Arlett who stood down this year. Ken has served three temis as a trustee, his most recent as the four-year Henley Town Council representative. The Museum is bright and buzzy, visitor numbers are above budget, our new graphics present a confident modern impression Ino mistaking us from the river any longer). our new direttor Steve O'connor is finally in post and we are reveling in the afterglow of a joyous visit by HRH The Princess Royal. The Princess Royal'5 Visit launched a unique education lolnt venture between ourselves and the Rivertlme Boat Trust, which enables children with neurodivergent and severe learning and physica5 difficulties to understand how wonderful our river 15 and why it is so valuable. Commencing wth an interactive landside experience, the learning extends to a trip on the water to see first-hand the things they are learnin8 about. At the beginning of 2023 we took a further step forward in the Museum'5 journey and future sustainability with the appointment of our new Dirertor, Steve O'connor. A robust selection proces5 saw dozens of application5 and several rounds of interyiews, with the key dtfference for Steve being his clear vision for the future of the Museum and the potential opportunities that lay in front of bt. Steve is a rower and a Henley resident- for the past ten years he has built the Fulham Reach Boat Club into a well-respected charity which enables 2,500 disadvantaged children to get on the water annually. Steve's first public statement atthe Museum was a pledge to change Yhe" Museum into"Ourf Museum, an idea that the trustee board is firmly behind. So, as we enter our 25th year- a year of celebration and change - we lay the foundations for the next 25 year5. This is a journey, not a destination and there's always going to be more work to do, but for now, thunk you to everyone who ha5 SUPPQrted us throughout our closure and now we are open again. thank you for Coming back. To the future... David Worthington Chair of Trustee5

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Annual Report and Financlal Ststements for thè year ended 31 March 2023 Thank you to our supporters The River and Rowlng Museum Foundation is a registered charity- We have revenue streams from our trading subsidiary which provide5 venue hire facilities, our café and our shop, and admissions income. We also depend upon private donations, business sponsorship land support In kindl, grants from trusts and foundations and the 5UPPOrt of our benefactors donor5 and friends. In 2022-23 we would like to especially thank the following for their support.. Invesco American Friend5 of the River & Rowing Museum. Inc. Arts Council England Chris Dodd Fischer Family Trust Dpri5 Fleld Charitable Trust Friend5 of Rowing Henley Royal Regatta Henley Town Council Henley 100 Members Hobbs of Henley River& Rowing Museum Friend5 SoLrth East Museum Development Programme Thomas E. Weil Peter Mallory Thomas Compernolle Boyton Charity and those benefactors who wished to remain anonymous

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RWER AND ROWING MUSEUM FOUNDATION TN5tees' Annual Report The trustees repre5entthelrTrustees' Annual Reportvthich includesthe directors report as required by company law. About River and Rowing Museum Foundation The charltys objects and aims are the establishment, malntenance and operation of a Museum and gallery at Henley which collects, documents, preseNes, exhibits and interprets material evidence and associated information for the public beneflt and education relatlng to rivers, rowing and Henley-on-Thames. Also, the provision of facilities for research an(i education and Such other purposes for the benefit of the community as shall be exclusively charitable. A new vision and three-year strategy is currently being prepared bythe Museum and will be shared in 2024. Our Priorlties for 2023-24 The main challenge for the Museum is clear, become a ftnancially sustainable OTEanisation which Can stand on its own two feet. This is a challenge which has yet to be met by the day-to-day operation of the Museum, but it is a g031 which must be achieved over the next phase of grovrth. The appointmer)t of the new Dlrector. Steve Iyconnor, has given the organisatlon the chance to take stock and assess the opportunities which lay ahead of It. At the time of wrr(ing, the new strategy is being crafted with the team, but there are already four key theme5 emerging which will help us realise our ambition of financial sustainability. Putthe Museum back at the centre of the community. One of the main crititisms of the Museum over recent years 15 that Is has acted in i501ation from other members of the community in and around Henley. We want to address this and have the residents of Henley think of it as "Our Museum" instead of 'Yhe Museum". We will initially do this by engaging with local groups such as the Henley Business Partnership, Historical and Archaeological Group and Royal Regatta, to name just three, tD see how the Museum can bring value to each of these organisation5. Reimagine the Gallerie5. A Museum is defined by its collertion, and we are incredibly luckyto have a comprehen51ve one with over 30,000 objects in our inventory. The OPPDrtunity is to now reimagine both what stories each of the galleries is telling and, crucially, how we will tell them. It Is fair to say that it has been a while since any sort of refresh has taken place and is certainly time to give some of the objects on display a rest and bring others to the fore. We will also ensure that we are giving equal weighting to each of the galleries and that the stories behind the river, sport of rowlng and town of Henley are all heard equally. Lead the debate of the future health of our rivers. A5 one of the few Museums in the UK focussed on the river. we have the moral high ground to lead the debate on the future health of our river and waterway5 and help preditt what the future looks like in a rapidly changing cllmate. We wlll partner with organisations such a5 River Action UK, the Henley Mermaids, Greener Henley and others by using the MuseLtm's platFom to ampltfy their voices. We will also ensure that.as an organisation, we do all we c2n minimise OLJr impact on the environment.

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDAMON Trustee< Annual Report Have a world-leading educational producL For the last two decades the Museum has been the model example for how to deliver Museum-based education that slts within the curriculum. Ivs no secret that the Covid-19 pandemic had a significant negative imp3Ct on this team but wlth our new Edu¢atlon Manager in post, we are already seeing great progress to be back in thi5 position. We are currently welcoming around I,CKJO pupils through the doors every half term and the forward plan is already exploring how we can create both an outdoor and mobile classroom which will allow us to more than double thi5 number. The Museum's5tory has been one of challenge and opportunity, but we now believe the time is rightto capitali5e on the opportunities in front of u5 and finally put the Museum in a financially sustainable posltion.

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Trustees, Annual Report Organisational details Presldent The Rt. Hon. Lord Camoys GCVO DL Idecea5ed 4.01.20231 Deputy Presldents Sir Martyn Arbib DL P G Nicoll Sir Harry Djanogly CBE Honorary Vlce-Presldents Sir Steve Redgrave DL CBE R C Cornick J M Howell OBE MP O H J 5tocken CBE Slr Matthew Pinsent CBE C Dodd U E Schwarzenbach CStJ D O Buckley Chair D H Worthington Honorary Treasurer M M Jackson luDtil 30.09.221 N Hotchln (from 5.11221 Trustees K Arlett IresBned 31.05.20231 T Bowen F Dennis N Hotchin (appointed S.12.221 MM Jackson (res￿ 30.09.20221 H R Jacob5 M D Logie S L Miller (resigned 30.Q9.22. appDinted l JUW 20231 KNel S P O'connor lappoirted 24.07.20231 P A Reynolds M Thomas lappointed 10.6.22. resigned 31 May 20231 D H Worthington L H Wymer S Botterell E Den Besten S K Furlong R A Hunt (appointed 1.06.20231 Director s p (Yconnor lappjinted 24.07.20231 RegLstered office and prlncipal place of the tharlty Mill Meadows. Henley on Thames RG9 IBF Company number 2548216 Charlty number 1001051 Auditors Shipley5 LLP. 10 Orange StreeL Haymarket, London WC2H 7DQ BankeTS C Hoare & Co, 37 Fleet Street, London EC4P 4DQ

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Trustees, Annual Report Structure) governance and management Governlng Document River and Rowing Museum Foundation is a company limited by Euarantee, incorporated on 12 Ortober 1990, governed by Artlcles of Association whlch were updated and adopted by Special Resolution passed on 20 November 2015. It15 registered as a charity with the Charity Commi55i0n. Organlsation The River and Rowing Museum Foundatlon is managed by a Board of Trustees which meets four times a year. The Finance & General Purpose Committee. 3 sub-committee of the Board of Trustees, (which was renamed the Flnance and Investment Committee duringtheyearl also meetsfourtimes a yearand reports backtothe Board. A Directorls appointed by the Tru5tee5 to manage the day-to-day operations of the Foundation. Th5s role was vacant following the departure of Catherine Puts In De￿mber 2021. Interim arrangements were put in pSace from March 2022 and contlnued throughout the year. In July 2023 the Trustees appointed Steve O'connor as the new Director. The Foundation liaises with a legal firm when required and relies on the services of its audit flrm in respect of accounting matters. Appolntment of Trustee5 The Artlcles of Association specify that the number of members of the Board of TrLJStees shall be not less than five but shall not be 5ubjert to any maximum. The Annabel Arbib Foundation has the right to appoint three Trustee5, Henley-on-ThamesTown Council has the right to appoint two Trustees and Brrtish Rowing has the right to appoint one Trustee. The Board will consider nominatSons for new Trustees who can make a valuable contribLrtion to the strategy and management of the charity. Elected Tnjstees hold office for a tem of five years, after which they may offer themselves for re-appointment for a second flve year teTh. 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 experientr to support the Museum to achieve its future ambitions. The following changes in Trustees have occurred during the period- M M JaC￿On reslgned on 30 September 2022, K Arlett resigned on 31 May 2023, S L Miller resigned on 30 September 2022 and was reappointed on I July 2023, M Thomas was appointed on 10 June 2022 and resigmed on 31 May 2023, N Hotchin was appointed 5 December 2022. R Huntwa5 appointed l June 2023 and S Uconnorwas appointed 24July 2023 . Trustee Inductlon and Training A general introduction to the Museum, its organisation and structures is offered to all Trustees. Updates on slgnificant changes in charity law and tsxation including Trustees, responsibillties are covered at trustee meetings as appropriate. Pay Pollcy for Senlor stsff The pay of senior staff, and any annual staff pay award5, are reviewed annually by the Finance and Investment Committee. The Trustees also consider pay levels in comparnble organisations and in the local area.

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Tru51ee< Annual Report Dlsabled Employees The charity recognises it5 obligatlons toward5 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 stsff. Volunteers The charity benefit5 from the support of around 20 regular volunteers during the year from an overall cohort of approxlmately 50. They provide the Museum with specialist skills, expert knowledge and ger)eral assistan¢e. Support is provided for a wide range of attivities which include front of house, invigilating the galleries and special exhibitions. cataloguin& conservation, and assisting the educatlonal department. Rlsk Management The Trustees have implemented a risk management strate￿, comprlslng of a full annual risk assessment and assocSated controls for the safe ongoing operatlon of the charity. including a quarterly review by the Trustees of the charivs risk register. Related Partles The charity owns 100% of the share capitsl of RNer & Rowing TrAuseum {Trading) Limited, a company which carries out the commercial activlties situated wr(hin the River and Rowing Museum. wlth the aim of donatinE its profits to the charity. Details of transattions with the related parties are given in note 30 to the accounts, Publi¢ Beneflt The Trustee5 have complied wrth their duty to have due regard to the guidance on publlc benefit published by the Charity Commission. The Trustees have considered the requirements of the public benefit test and are satisfied that the chariW5 actlvities meet these criteria. Compliance A Designated Safeguarding Lead has been appointed and the safeguarding policies are regularly revlewed and updated. All relevant staff have undertaken child safeguarding training and enhanced DBS checks.

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Trustee< Annual Report Trustees, Respon51bilities The Trustees (who are also dlrectors of River and Rowing Museum for the purposes of company lawl are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Company law requlre5 the TrL￿tee5 to prepare flnanual statements ft>r each financial year In accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law the Trustees must not approve the financial #atements unless they are satisfied that they give a true and fair view of the state of offair5 of the group and charity and of the income and expenditure of the group for that period. In preparing these fir)ancial statements. the Trustees are required to: select suitable accounting policies and then appty them conslstently: obseNe the method5 and principles in the Charitie5 SORP; make judgements and accounting estimates that are reasonable and prudent,, prepare the finanaal statements on the goin8 con￿rn bas￿ unless it Is inappropriate to presume that the charity will contlnue in business. The Trustees are responsible for keeplng adequate accounting record5 that are SLrfficient to show and explaln the charivs tran5action5 and disclose with reasonable accuracy at any time the financial posfcion of the charlty and enable them to ensure that the financial statements comply wrth the Companies Act 2006. They are a150 responsible for safeguarding the assets of the charty and hence for tsking reasonable steps forthe prevention and detertion of f￿ud and other irregularFbes. 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 audlt and to establish that the auditors are aware of that information. The Tnjstees are not aware of any relevant audlt information of which the auditors are unaware. io

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Trustees, Annual Report Flnancial Review Review of Flnanclal Result Supported by its endowment fund. the Museum has operated at a deficit slnce it opened in 1998, arbd the Trustees have committed to S18nificant￿ reducing this. The deficit for the year in unrestrlcted funds stood at £868,732 compared with £365.875 in 2022, and thi5 amount has been transferred from the endowment fund. A Strateglc Plan is being devised which will bring the Museum back to a financially sustainable position, clearlv demonstrating how the Museum will achieve a break-even position and over what timescale. In 2023 the Foundation had a loss of £1,159,IixI12022- £226,210) which included a loss of £70,197 on the value of investments12022- 8ain of £283,795). The Operating loss for the year includlng depreciation was £1,088,903 12022 - £510,0051. The difference of £578￿98 is due largely to costs related to essential bullding work, closure of the Museum for 6 months and in the prior year the th3rlty received a £303,205 Art5 Councll Covid Recovery Grant. Goln8Concern The Trustees are of the opinion that the Foundation has adequate resources to continue to operate for the foreseeable future, being rtot less than oneyearfrom the date of approval of these financial statements. For thls reason. the Trustees believe it is appropriate to prepare the financial statements on a going concern basls. Revlew of Fundrnlsing Activities During the Museum c105ure, the support from Friends, Henley 100 Club and Friends of Rowing memberships who have stsyed with us has been incredibly heartening. These ongoing membership Schemes have been an important source of fundraising while the Museum continues to recover from both the covid era and the essential building works. Plans are in place to develop a new membership scheme to broaden appeal and boost income generated via these strategies. Further. we are in the fina5 stages of implementing a new Customer Relationship Management system, which will deliver the insight and structure to maxim15e customer fundraisin8 3nd supporter relationships. Henley Town Council and the Fischer Family Twst continue to support U5 Wlth fundin& and we are currently reapplyinE for a further three years of funding from each. Henley Royal Regatta have again provided annual fundlng and expressed the intention to maintain this relationship, Overseas funding from American supporters has also continued to be very welcome during this dtfficult period. We are registered with the Fundraising Regulator and follow its Code of Fundraising Practite. Review of Subsidiary Trading Actlvlty A Summary of the resuh5 of the trading subsidiary is gNen in note 4. The Trustees were satisfied with the prof(t for the year of £8.982. This amount will be donated by gift aid to the parent company within 9 months of the year end. ReseNes Policy The Foundation's wlicy is to endeavour to maintain Unrestricted Funds at or around a level whlth enable5 the ongoing attivitles of the Museum to be funded for a period of approximately one year looking forward. Given the museum remained closed to the public until July 2023, the amount budgeted is equivalent to that of thls year and the Trustees have committed to significantly redurin8 this overthe next three year5. While this exceeds li

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Trustees. Annual Report 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 £nil at 31 March 202312022: £506,535). These reserves exclude restricted, endowment and desl8nated fund5, ond tanglble fixed assets held for the chariws use. There are currently tsvo deslgnated funds: Representing the Foundation's interest in long leasehold land and buildings whlch were bullt from previously donated funds- currentty £3,905,741. Thls designated fund h35 been amortised by an amountof £138,229 being eqltivalentto the depreciation charge for the year on long leasehold land and buildings. In this Way the fund will be amortised over a 50 year perlod. Representing the value of the Foundation's interest in freehold land donated in a previous year, valued at £50,000. A further designated fund comprising the settlement received in respett of the failure In the glazln& w35 expended during the year against the building WO￿$. 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 ofthe ongoing costs ofthe Museum. Sources of Funding Signlficant sources of funding include grants and donations from 8rant-8iving bodies, charitie5, individuals and businesses, together with investment Income and profts from fundraislng and commerclal artivitles, Investmenl Policy and Revlew of Inve51ment Perfomiance The Endowment Fund is invested for growth and capital preservatlon and achieved an average income of 1.72% during the year. The Endowment Fund made a Ios5 on revaluation of £70,197 at the year end12022 gain of £283.7951. Durlng the year the Endowment Fund was managed under the auspices of the Finance and Investment Committee. A significant part of the Endowment Fund is invested in a Balanced Fund, the remalnder being invested in cash, gilts and equity unit trusts. A significant proportion of the liquid funds were utilised to fund the propeity renovation works that were undertaken durlng the year. Subsequent events After the year end, the Museum remained c105ed for a further three month5 while the essential building works were completed. The Museum reopened rfs doors to the public on l July 2023. 12

Docusign En¥ÈlopÈ ID." C4E6AA3849D14F88-880B-9A6524C3820B RIVERAND ROWING MUSEUM FOUNDATION Trustees, Annual Report The Trustees have taken advantage of the small companies. exemption within Part IS of the Companies Act 2006 in preparing the Report of the Trustees. By order of the Board 1]1MJ•- D Worthington Chair of the Tru Date= N Hotchin Honorary Treasurer tees 13

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Independent Audltorfs report to the Trustees and Members of Rlver and Rowlng Museum Foundatlon Oplnlon We have audited the financial statements of River and Rowing Museum Foundation Ithe"parent companf l and its subsldiaries (the "group") for the year ended 31 March 2023, which comprise the consolidated and parent Statement of Flnancial Attivitie5 (incorporating the Income and Expenditure AccoLtntl, the consolidated and parent Balance Sheets, the con501idated and parent Statement of Cash flows and the related notes, including summary of slgnificant accounting policies. The financial reporting framework that has been applled In thelr preparation is applicable law and Unlted Kingdom Accounting Standards, including The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (United Kingdom GenerallyAccepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 March 2023, and of the group's and parent charitable companvs incoming resources and application of resources, including its income and expenditure, forthe ye3r then ended; have been properly prepared in accordance wlth United Klngdom Generally Accepted Accountlng Practice- and have been prepared in accordance with the requirements of the Companies Act 2006 Basi5 for oplnlon We conducted our audit in accordance with International Standards on AudFtlng {UKI IISAS IUKII and applicable Saw. Our responsibilities under those standards are further described in ihe audltor's responsibilitles for the audlt of the financlal statements 5ectlon of our report. We are independent of the group and parent charltable cornpany accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, irbcluding the FRC'S Ethical Standard, ar)d we have fulfilled our other ethical responsibilr(ie5 in accordance with these requirernents. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusion5 relatln8 to golng concern In auditlng 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 approprlate. Based on the WOTk we have perfomied. we have not identified any material Un￿rtaIntieS relating to events or conditions that, indlvidually or colleLtively, may cast significant doubt on the River and Rowir)g Museum Foundation's ability to continue as a going concem for a period of at least 12 rnonths from when the flnancial statements are authorised for issue. Our responsibilitles and the responslbilities of the trustees with respect to going con￿rn are descrlbed In the relevant section5 of this report. Other Information The other information comprises the infomation included in the annual report, other than the financlal statements and our auditorfs reportthereon. The trustees are responsible forthe other Information. Our opinion on the financial statements does not tover the other information and. except to the extent otherwlse explicltly stated In our report. we do not express any fom of assurance conclusion thereon. 14

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Indepèndent Audltorfs repcvt to thè Trustees and Members of River and Rowing Museum Fo'undatlon Our responsibility is to read the other InfO￿atIOn and, in doing so, consider whether the other informatlon is rnaterially Inconsistent with the flnancial 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 requlred to determine whether there is a material mlsstatement in the financial Statements or a material misstatement of the other information. If, based on the work WÈ have performed. we conclude that there Is a material misstatement of this other infomiation. we are required to report that fact. We have nothing to report in this regard. Oplnlon on other matter pre￿￿bed by the CompanSe5 Act 21x16 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees Annual Report, which includes the directors, report prepared for the purposes of company13w, for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the dlrettors. report included wlthin the Tru5tee5 Annual Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light of the knowledge and understandlng of the group and parent charitable company Énd thelr environment obtained in the £ourse of the audit. we have not identified material mi55tatements in the directors, report included within the Trustees Annual Report. We have nothing to report in respect of the following matter5 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate and proper accounting records have not been kept by the parent charitable company. or returns adequate for our audit h2ve not been receNed from branches not visited by us,. or the parent charitable company financial statements are not in agreement with the accounting records and returns,. or certaln disclosures of trustee5' ￿muneratIon specified by law are not made- or we have not received all the infomiation and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance wlth the small companies regime and take advantage of the small companies. exemption5 in preparing the trustees. report and from the requirement to prepare a strateglc report. Responslbllltles of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the director5 of the charitable company for the purp)ses of company law} are responsible for the preparation of the flnancial statements and for being satisfied thatthey give a true and falrview, and for such interD31 control as the tTU5tees 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 tmstees are responsible for assesslng the group's and parent charitable company's ability to continue as a going contern, disclosir)& as applicable. matter5 related to golng concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charltable company or to cease operations, or have no realistic alternative but to do so.

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDAnoN Independent Audltorfs report to the Trustees and Members of River and Rowlng Museum Foundation Audltor's responslbllltles for the audlt of the financial statements Our objectives are to obtain reasonable assuran￿ about whether the financi31 statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but 15 not a guarantee that an audit conducted in accordance with ISA5 IUKI wlll always detect a material mi5Statement when it ex15ts, Misstatement5 can arise from fraud or error and are considered material if. inéividually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basls of these financial statements. Irregularities, including fraud, are instances of non<ompliance with laws and regulations. We deslgn procedure5 in line with our responsiblllties, outlined above, to detect material misstatements In respect of irregularlties, including fraud. The extent to whlch our procedures are capable of detecting $￿egularItIeS, induding fraud Is detailed below: The extent to whlch the audit was consldered cupuble of detecllng iffegularltle5 Includingfvud.. We obtained an understanding of the group'5 and parent charitable company's activities, controls and law5 and regulations and assessed the susceptibility of the group's and parent charitable cornpan15 financial statements to material misstatement from irregularitie5, including fraud. We determined that the laws and regulation5 that are most significant to the group and parent charitable company are the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Accounting and Reporting by Charities: Statement of Recommended Prartice applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 1021}, Companies Act 2006, Charlries Act 2011, and the charitable companvs Articles of Association. Based on this understanding we designed our audtt procedures to detetting irregularities, including fraud. Te5tin8 undertaken included making enquiries on the management and those charged with governance; journal entry testing; review of bank letters, Investments reports, trustee board minutes and the Articles of Association; review of transactiorLS for any undisclosed related party tran5actions,' reviewing financial statement disclosures and testing to supporting documentation to assess compliance wfth applicable laws and regulations. These procedures V￿re designed to provide reasonable assurance that the financial statements were free from fraud or error. As part of an audit in accordance with ISA5 IUKI, we exercise professional judgment and maintain professlonal sceptlelsm throughout the audit. We also- Identify and assess the risks of material mis5tstement of the financial statements, whether due to fraud or error, design and perform audit prO￿dureS responsive to those risk5. and obtain audit evidence that Is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentiona5 omlssions, misrepresentations. or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the clrcumstances, but not for the purpose of expressing an oplnion on the effectNene5s of the group's or the parent companws internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accountin8 estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the goingconcern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to event5 or conditions that may cast slgnificant doubt on the group's or parent charitable company's abillty to continue as a 16

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Independent Auditoes report to the Trustees and Members of Rlver and Rowlng Museum Foundatlon going concern. If we conclude that a material uncertainty exists. we are required to draw attention In our auditorfs report to the related disclosures in the financial statements or, rf Such dlsclosures are inadequate. to modify our opinion. Our conclusions a￿ based on the audit evidence obtained up to the date of our auditorfs report. However, future events or conditions may cause the group or parent charitable company to cease to continue a5 a going concem. Evaluate the overall presentation. structure and content of the financlal statements. Includlng the disclosures, ané whether the financial statements represent the underlyingtran5actlons and events in a manner that achieves fair presentation. Obtaln sufficient appropriate audit evidence regarding the financial informatlon of the entities or business activities within the group to expres5 an opinion on the consolidated financial Statements. We are responsible for the direction, supeNision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regardin& among other mattets, the planned scope and timing of the audlt and slgnificant audit findings, including any slgniflcant deficiencies in internal control that we identify during our audit. Use of our report This report Is made solely to the charrtable company's members, as a body, in accordante 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 audltor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume resF)onsibillty to anyone other than the charitable company and the charitsble company's members a5 a body, for our audit worl for this report, or for the opinions we have fomied. ri•M Tim Hardy Isenior statutory auditor} For and on behalf of SHIPLEYS LLP Chartered Accountants and Statutory Auditor 10 Orange Street Haymarket London WC2H 7DQ 19 December 2023 17

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Consolidated statement of financlal act5vltles {tncorpwatlng the Income and eyndlture account) for the year ended 31 Marth 2023 Unrestricted Des1￿￿ted Restricted Endowment fvnds funds funds fund5 Total 2023 Totsl 2022 Notes Income from Donations and legacies Trading activlties Investment income Charitable activities 59,188 63,337 90.536 96,476 59,188 63,337 90,536 96,476 76,461 101,239 59,083 468,836 6.9,24 Total income 309,537 309,537 705,619 Expenditure on Raising funds Donations and legacies Fundraising trading Investment management Charitable activities 115.644 49,355 115,644 49.355 5,074 1,228,367 157,996 93,557 4,230 959,841 22 ,9,23,24 1.013,270 5,074 138,974 76,123 Total expenditure 1,178,269 138.974 76,123 5,074 1,398,440 1,215,624 Net expenditure income before gains on investments 1868.7321 1138,9741 176,1231 {5,074111,0889031 1510,C()51 Net Ilossesl Bains on investments 170,1971 170,1971 283,795 Net lexpendlturel I Income 1868.7321 {138,9741 176,1231 175,271) (1,159,100) 1226,2101 Transfers Transfer from endowment fiJnd5 22 870.032 432,873 11,302,905) Net movement In funds 1,3(KJ 293,899 (76,1231 11,378,176111.159.100) 1226,2101 Total funds brought forward 751.919 3,661,842 577,584 7.603,092 12,594,437 12,820,647 Total funds ¢arrled forward 753,219 3,955,741 501,461 6.224,916 IIA35,337 12,594,437 The net movement in funds for the year arises from the Foundation'5 continuing operations. The notes on pages 22 to 43 form part of these.financial statements. 18

Docusign En¥ÈlopÈ ID." C4E6AA3849D14F88-880B-9A6524C3820B RIVER AND ROWING MUSEUM FOUNDATION Consolidated balance sheet at 31 March 2023 Company number 2548216 Notes 2023 2023 2022 2022 Fixed assets Tangible assets Heritage assets Investments 15 15 16 5,199.051 55,690 5,164,288 4,235,614 55,690 5,434,485 10,419,029 9,725,789 Current a55ets Stocks Debtors Investments Cash 17 18 19 20 28,684 170,034 93.251 887,018 19,818 125,080 1,951,515 912,372 1,178,987 3,008,785 Creditors: amounts talling due within one year 21 162,679 140,137 Net current assets 1.016.308 2,868,648 Total assets less current liabilities 11,435,337 12,594,437 Endowment fund Designated fund Restricted funds Unrestricted funds 22 23 24 6,224,916 3.955,741 501.461 753,219 7,603,092 3,661,842 577,584 751,919 11.435.337 12,594,437 These financial statements have been prepared in 3ccord3nce with the provisions applicable to companies subject to the small companies, regime within Part 15 of the Companies Act 2006. oved by the board on £ 1121.23 IljllJ¥ D Worthington Chair of the Trustees N Hotchin Honorary Treasurer The notes on pages 22 to 43 form part of these financial statements. 19

Docusign En¥ÈlopÈ ID." C4E6AA3849D14F88-880B-9A6524C3820B RIVER AND ROWING MUSEUM FOUNDATION Balance sheet at 31 March 2023 Company number 2548216 Notes 2023 2023 2022 2022 Fixed asset5 Tangible assets Heritage asset5 Investments 15 15 16 5,199.051 55,690 5,164,290 4,235,614 55,690 5,434,487 10.419.031 9,725,791 Current assets Debtors Investments Cash at bank 18 19 20 192,639 93,251 872A49 266,435 1,951,515 771,299 1,158.339 2,989,249 Creditors: amounts falling due within one year 21 155,878 133,146 Net current a55ets 1,002,461 2,856,103 Total assets less current liabllities 11.421,492 12,581,894 Endowment fund Designated fund Restricted funds UnrestTlCted funds 22 23 24 6,224.916 3,955,741 501,461 739,374 7,603,092 3,661,842 577,584 739,376 11.421,492 12,581,894 The loss for the financial year of the parent charitable company was £1,060,40212022.. Ioss of £233,8921. 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. Approved by the board o D Worthington Chair of the Trustees N Hotchin Honorary Treasurer The notes on pages 22 to 43 form part of these financial statements. 20

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Statement of Cash Flows and Consolldated Statement of Cash Flows for the year ended 31 March 2023 Group 2023 Group 2022 Company 2023 Company 2022 Cash flows from (yerating artlvltles: Net expenditure Adjustment5 for: Depreciation Loss on disposal of flxed assets Losses / Igainsl on investments DiTrAdends and interest receivable Ilncreasel / decrease In stock 1ncrease / (decrease) in debtors Increase in credrfors 11,159,1(WJ) 1226,2101 (L160A02) {233,8921 197.169 14,IX17 70,197 190.536) 18,865) 146,354) 541 190,444 197,169 14,007 70,197 190,5361 190,444 1283,7951 159,083 12,181 116,4901 37,647 1283.7951 {59,0831 72,396 22,732 161,5901 43,4(M) Nel cash used in operating artlvltle5 (I,cxx)yi) {345,306) 1874437) 1404,5161 Cash flows from investing actmlles: Dividends and interest received Purchase of tanglble fixed assets Procee(ts from sale of Investments 91,936 11.174,613) 2,058.264 64,759 91,936 1148.1231 (1,174.613) 113,763 2,058,264 64,759 1148,1231 113,763 Net cash provlded by investing actlvltles 975,587 30,399 975,587 30,399 {Decrease) I Increase in rash and cash equivalents 125354) 1314,9071 101,150 {374,1171 Cash and cash equivalents at the start of the year 1,227,279 771,299 1,145.416 Cash and cash equlvalents at the end of the year 887￿18 912,372 872.449 771,299 The notes on pag& 22 to 43 fomi part of these financial statements. 21

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Notes formlng part of the financlal sLitementsfortheyearended 31 Mar¢h 2023 A<countin8 policies General Informatlon River and Rowing Museum Foundation is a prtvate company limited by guarantee incorporated in England under the Companies Act 2LKJ6. The address of its registe￿d Offi￿ is Mill Meadows, Henley on Thames, RG9 IBF. The objectlves of the charty are set out on page 5. The principal accounting poliaes adopted. judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follovts: Ba￿S ol preparatlon The financial statements have been prepa￿d In Complian￿ with "Accounting and Reporting by Charities.. Statement of Recornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- (Charities SORP FRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Art 2006. River & Roimng Museum Foundation meet5 the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at hlstorical cost or transaction value unless otherwise stated in the relevant accounting policy note. The funttlonal currency of the charrty is consldered to be pounds sterfing because that is the currency of the primary economic environment in which the charity operates. The financial ststement5 are also presented in unds sterling. The amounts in the financial ststements are presented to the nearest £, unless otherwise stated. Basls of consolidatlon Consolidated financial statements have been prepared for the charity 2nd its wholly own@d subsidiary, River & Rowing Museum ITradingl Limited. The Trustees have tsken advantage of the exemption under s408 of the Companie5 Act 2006 not to prepare a separ3te 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. Prepwatlon of the accounts going concem basls The accounts of the charity have been prepared on a golng concem basis. The Trustees are of the opinion that the Foundation h35 adequate resources to continue to operate for the foreseeable future, being not le5S than one year from the date of approval of these financial ststements. For this reason, the Trustees believe it15 appropriate to prepare the finanaal ststements on a going concem basis. Whilst the closure of the Museum has severely irnpacted our income in the current year, the charity 15 currently devising a 5trateglc plan to become a financialfy sustainable organisatlon and is fortunate to have reseNes to get it through thi5 difficu￿ time. The Trustees are confident that there is no a(fverse impart on the Going Concern assumptlon in these accounts, at the present time. There are no material uncertaintie5 about the charivs abillty to continue as a going concem.

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDAnoN Notes fomilng part of the flnancial statements for thè year ended 31 March 2023 Accountlng pollcles (continuedj Income Income is recognised when the tharlty has entitlementto the funds, any performance condltlons attached to the iterTr of income have been met. it Is probable that the income will be received and the amount can be reliably measured. Where grft5 are prowded 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 benefrt be measured ￿liab￿- Income received by way of donations, gtfts, sponsorship and grants that provide Eore funding or a￿ 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 charfty, are recognised when the charity becomes unconditionally entitled to the grant. Grants, including grarrt5 for the purchase of fixed assets, are recognised in hjll In the financial statements in the year in which they are receNable. Income from Government and other grants. whether'capital. grants or'revenug grants, is recognised when the charity has entitlement to the funds. any performance conditions attached to the grdnts have been met, it is probable that the income wlll be receNed and the amount Can be measured reliably and is not deferred. In respect of the Arts Council England IACEI Covid Recovery Scheme Brdnt; all eonditions, wlth 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, rt is probable that the income will be received and the amount 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 signiflcant risks and rewards of ownership of the goods have transferred to the buyer. usualty on despatch of the goods, the amount of revenue can be measured reliabty, it is probable that the associated economic benefrts will flow to the entity. and the costs incurred or to be incurred in re5pett of the transaction5 tan be measured reliably. Income from Investments is included in the year in which it Is re￿1vable and the amount can be reliably measured. This is nomially upon nottfication of the interest paid or payable bythe bank. The charity benefits greatly from the involvement and enthusi35tlc 5UPPOrt of tts many voluntee￿, details of which are given in our annual reFM)rt. In accordance with FRS 102 and the Charities SORP FRS 102, the economic mntribution of general volunteers 15 not reco8ni5ed in the accounts. Funds Funds which are to be used for purposes specified by the donor are credited to restrict￿ income when recognised. Where amounts are not Spent in full in that yearthe balance is carried forward in restricted funds and used in subsequent years in line with the restrictions ￿aCed by the donor. Designated fund5 ￿MprISe amounts that have been set a51de for speclfic purwses identified by the trustees. Unrestricted funds are funds available for tharttable purposes within the objertive5 of the charity. The endowment funds have been Invested to provide a source of unrestrirted interest income to the Museum and the gene￿1 endowment fund may also be used towards the ongoing costs ofthe Museum. 23

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Notes forming part of the financlal statemènts for theyear ended 31 Marth 2023 Accounting poli¢ies (contlnued) Expendlture 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 relatlon to a particularartrvity. they are allocated In full to that actlvity. Support costs have been allocated to activity cost categories on the basis of time spent 5UPPOrtlng each of those artiwties. The basls 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 a¢tivitles to raise funds. Charit3ble attlvities include expenditure associated with the operation of the Museum and the provision of education Servi￿5. Governance costs consist of costs incurred in ensuring compliance with constitutional and statutory requirements. and in ensuring public accountability, and are included wlthSn charltable activities a5 a 5UPPQrt cost. Pertslon contributions Pension contributions are charged to the Ststement of Financial Activities in the year in which they are due. Operatlng lease5 Rentals under operatlng leasesare charged to the Statement of Financial Activlties on a straight line ba515 over the term of the lease. Tangible flxed assets Fixed asset5 are stated at historical cost less depreciation. Item5 of equipment are capitalised where the purchase price exceeds £1,000. Depreciation is provided on all tsnglble fixed assets other than freehold land at rates calculated to write each asset down to tts estimated residual value, evenly over its expected useful lrfe, as follows: Computer equipment Offlce equipment Plant and machinery Freehold building Leasehold bulldings Exhibitions (heritage assets) Other tsngible assets 33V3% per annum 20% per3nnum IO% per annum 4% perannum 2% per annum 2(M perannum at the rate relevant to each Ind[￿dual a55et based OA Its useful Ilfe Heritage assets The Mu5eurn has a collection of heritage assets which are held in support of the charity5 objects. Acqui51tions are made by purchase or donation. Purchases are initialty retorded 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 capttalised 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 impairmenL e,g. physical deteriO￿tIOn or breakage, and any impairment identified is recognised in the ststement of financial activities. ExpenditLJre which, in the Trustees, view, is required to preserve or prevent fvrther deterioration of individual items, is recognised in the Statement of Financial Actiwties (SOFA) when it is incuThed. There tre a number of herltage assets which have not been capttali5ed as a turrent value for these items is not readily available and cannot be obtained at 3 cost commensurate to the benefit of including these items. 24

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Notes forming part otthe flnancial statements fortheyear ended 31 Marth 2023 Accountlng pollcles (continued) Investment5 Investments are a form of baslc finanaal instrument and are inEtial￿ recognised at their transaction value and subsequently measured at theirfair value as at the balance sheet date using the closing quoted market prlce. The statement of flnanclal artNities includes the net galns and losses arising on revaluatlon and d15P05als throughout the year. All gains and losses are tsken to the Ststement of Financial Activities as they arise. Realised galns and losses on investnients are calculated as the difference between sales proceeds and their opening carNng value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the dffference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and10sses are combined in the Statement of Financial Activities. Subsldiary undertakings have been Included at cost. le55 impairnient. Stock Stock is valued at the lower of cost and net realisable value. Cost 15 based orb the cost of purchase on a first in. first basis. Net reallsable value is based on estimated selling price less additional Costs to completion and disposal. Provision is made for obsolete, slow-moving or defectNe items where appropriote. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are walued 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-tem fdsh 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 ir)ve5trnents with a short maturity of three month5 or less from the date of atquisition or opening of the deposit or similar account. Credltors and pro)Aslons Creditors and provisions are recognised wherethe charity has a present obligation resulting from a past event that will probably result in the tr3nsFer of funds to a third party and the amount due to settle the obllgation can be measured or estimated reliably. Credttors and provisions are nomially recogni5ed at their settlement amount after allowing for any trade discounts due. Flnanclal Instruments The charity only has financial assets and financial liabillties of a kind thar qualify as basic financial instruments. Basic financial instruments are initially recognised at tran￿ctIOn value and subsequently measured at their settlement value.

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDAT50N Notes forming part of the tlnanclal statements foi the year ended 31 March 2023 Financlal perforrnan￿ of the charlty The Consolidated Statement of Financial Activttles includes the results of the charitls wholly owned subsidiary. River & Rowng Museum (Trading} Limited. which operates the commercial activities of the group. The summary financial perfomance of the charity alone is: 2023 Z022 Income Glft aid donation from subsidiary company 251,200 7,682 604.380 258,882 (115,644} 15,074} (1.228,3691 604,380 Expenditure on raising funds Expendlture on investment management Expenditure on charitable activities 1157,9961 14,2301 1959,8411 Net expendFture Net11055es} / gains on investments 11,090,205) (70.197) 1517,6871 283,795 Net movement In funds Total funds brought forward 11.160,402) 12,581,894 1233,8921 12,815,786 Totsl funds carried forward 11,421A92 12,581,894 Represented by: Endowment fund Designated fund Restricted funds Unrestrirted funds 6224,916 3,955,741 501A61 739,374 7,603,092 3,661,842 577,584 739,376 IIA21.492 12,581.894 Income from donalions and legacles 2023 2022 Unreslrlrted funds: Donations. beAekLtions and piivate patron scheme Income tax reclaimed 44,736 14,452 62,613 13,848 59,188 76,461 26

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Notes forming of the Ilnandal ststements for the year ended 31 Marth 2023 Income from tradlng actlvities Unre5trirted funds: Thè wholly owned trading 5ubsldlary, River & Rowing Museum ITradingl Lbmited (company number 28563191, carrie5 Out the commercial actNlties situated within the River & Rowing Museum wlth the alm of donating its proffts tothe River and Rowing Museum Foundatlon. The trading 5ub51dlary operates the shopi café and venue hire facilities. The registered office of the trading subsidiary is River & Rowing Museum. Mill Meadows, Henley-on-Thames. RG9 IBF. A summary of the trading results included within the consolidated ststement of financial activities and details of the assets and liabilities of the subsidiary are shown below. Audited accounts are filed wtth the Registrar of Companies. 2023 2022 Turnover C05t of sales 63,337 {16,2181 101,239 117,4231 Gross prof1t Extemal administrative costs Internal management, establishment and admini5tratNe costs 47,119 {1,650) (36N87) 83,616 11,5021 174,6321 Profit to be donated under Grft Aid 8,982 7,682 Analysed In consolidated accounts a5: Income from trading actiwties Expendlture on fundraising trading 63337 1543551 101,239 193,5571 Current 35sets Current liabilities 49,993 {36,1481 170,312 1157.7671 Total net assets 13.845 12,545 Aggregate share capital and reserves 13,845 12,545 The Trading Company made a small profit of £8,982 forthe year ended 31st March 2023. This profit will be gifted to the parent company. 27

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Notes formlng part of the finan¢lal statements for the year ended 31 Marth 2023 5 Investment Income 2023 2022 Unrestricted fund Income from listed investments Bank interest recelvable 62,543 27,993 57,313 1,770 .536 59,083 6 Income from charitable artivities 20Z3 2022 Unrestrlcted fund Admissions income Grants Coronavirus Job Retention Scheme Other income Restrlcted funds: For specific projects Isee note 241 43,953 IsJJoo 96,672 3,000 2,790 53,919 37,523 312,455 96,476 468,836 7 Allocation of support costs The breakdown of 5UPPOrt costs, all of which have been allocated on a time spent basis, is shown below.. Cost of Charltable artivlties ralsing fundraislng Imffestmènt donatlDns tradlngmanagement Total 2023 Finance and management Sales and marketing Facilities Operations Depreciation Governance costs 26.71XI 11,210 51,313 11,902 541 13.179 5,866 5.074 185,371 44,301 442.847 229,047 56,052 507,339 5,866 28,T14 37,661 2,879 25,895 37,661 Total support costs Dirett costs 92.102 23.542 31,488 17,867 5.074 736,075 492,292 864,739 533,701 Totsl expenditure I￿.6£￿ 49,355 5,074 1.228,367 1.398,440 Included in governante costs are finance and management support Costs of £37,66112022- £31.7251, legal costs of £nil12022 - £2.6261 accountancy fees of £3.351 {2022.. £3,850} ond audit fees of £7,00012022 - £7,000}. giving total governan￿ costs of £48.01212022: £45,201) as dlsclosed in note 8. 28

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Notes forniing part of the ffinanaal statements for theyear ended 31 Marth 2023 Allocation of support costs (contlnued) Cost of Cost of ralslng fvndrdising In￿stMent donatlons trndingmanagement C(tst of th4rrtablÈ artivltles Total 2022 Finano and management Sales and marketing Facilitie5 Operations Depreciation Governance costs 21,150 17.685 40,631 18,408 3.418 38,946 8.287 4,230 122,507 70,739 320,235 166,295 91,842 399,812 8,287 28,126 31,725 2,813 25,313 31.725 Total support Costs Dlrect costs 82.279 75.717 69,059 24,498 4,230 570.519 389.322 7Z6.087 489,537 Totsl expenditure 157.996 93557 4,230 959,841 1215,624 Expenditure on charltsble artivlties Dlrert costs Support ¢osts 2023 Curatorial and collect￿n5 management Education Facilitie5 Sales and marketlng Operations Finance and management Depreciation Governance costs 183,110 20,559 7.773 183,110 20,559 450,620 44,aoi 102,103 185,371 194,291 48,012 442,847 44,301 102.103 185,371 25,895 37,661 168.396 10,351 492,292 736,075 1,228,367 Expenditure on charitable activities was £1.228,367 {2022= £959,841) of which £1,013,270 12022: £507,486) was unrestricled, £138.97412022: £134,660) was designated and £76,12312022: E317,6951 was restrTCted. 29

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Notes formlng part of the financlal Statements for the year ended 31 Mar¢h 2023 Expendfture on charitable actlvlties {contlnuedJ Diiert ￿$ts Support Costs 2022 Curatorial and collections management Educatlon Facilities Sales and marketing Operation5 Finance and management Depreciation Governance costs 64,710 23,673 64,no 23,673 320,235 70,739 125,142 122,507 187,634 45,201 320,235 70.739 125,142 122,507 25,313 31,725 162,321 13,476 389,322 570,519 959,841 9 Summary analysls of expenditure and related Income for charitsble activitie5 Thetsble below show5thetostof charitable activitiesand the sources of income derived from th05È activities: 2023 2022 Costs (1,228,367} 1959,8411 Admlssions income Grants CoronavirusJob Retention Scheme Other income Restricted funds for specific projects 43,953 15,(rfJO 96,672 3,OC 2,790 53,919 312.455 37,523 Net cost funded from other income 11,131,891) 1491,0051 10. Government Grants Income from Government grants comprises grants received under the Government Coronavirus Job Retention Scheme of £nil12022: £2.7901. This grant was provided to support the cost of furloughed staff. £nll has been allocated to income from charitable attivities Inote 6}12022: £2,790). The company also received grantsfrom the Arts Counal England relating to the Govemmenys Culture Recovery Fund totalling £nil12022: £303,205). 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 durlng the turrent or prior year. 30

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Noles formlry part otthe ftnancial ststements for the year ended 31 March 2023 li stsff usts Group Companv 2023 Number 2023 Numljer 2022 Number 2022 Number The average monthly full-time equNalent number of persons employed by the company during the yearwas.. Front of house, ofrice and management li li The average head count for employees during the year was 1912022: 241. 2023 202Z 2023 2022 Staff costs for the above per50ns'. Wages and salaries Social 5ecurlty costs Pension cost5 371,601 26,346 8318 458,197 34,549 6,857 371,601 26,346 8,318 452,948 34,293 6,789 406265 499,603 406265 494,030 There were no employees eaming In excess of £EA),OCKI per annum12022- none). Pension costs are allocated to aCt￿ltIeS in proportion to the related staffing costs inturred and are wholly charged to unrestrlrted fund5. The key management personnel of the group and parent charity comprise the trustees, Including the Director. the Head of Curatorial. Head of Education, Head of Marketing & Communications. Head of Property and Commercial and the Head of Finan￿. The total employee benefits of key management personnel of the group and charity were £37,504 (2022: £181,214>. 31

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Notes t￿rnIng part of the finan¢lal statsments for the yearended 31 March 2023 12 Tru5tees' remunEratlon 2023 2022 Trustees, emoluments Company contributions to pension xheme 48,763 550 Trustees, emoluments and pension contributions 49,313 Expenses reimbursed to Trustee5 194 In the prior year. Dr A C Putz recewed remuneration and expenses during the year in her capacty as Director. This is permitted under clause 52IA} of the Articles of Association. There were no Trustees in the companvs stskeholder pension plan during the year12022 - nill. The above contributions were to a personal pension plan. The emoluments and pension contributions ￿late to the only, and therefore the hlghest paid, Trustee. Included in expenses reimbursed to Trustees was £nil12022-. £194} reimbursed to no trustee In respett of travel expenses incurred on behalf of the tharlty12022: one). Net Income / (expendlture) 2023 2022 Thls Is arrived at after charging: Depreclation- owned assets Audrcors remuneration - audrt serwce5 - other services 197,169 190,444 7,000 3,850 7,050 1,700 7,050 Operating leases 14 Taxatlon The charity is exempt from tax on income and gains to the extent that these a￿ applled to its charltable 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 wrporation tax liabilty on the subsidiary arises in the accounts. 32

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Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Notss formlng part of the financial statsments forthe yearended 31 Marth 2023 16 Hxed asset Investments Group Equity unit trusts Gllts Unllsted Total ValurJtlon At l April 2022 Disposals Revaluation in year 4,223,882 1,210,603 1200,OWI {25,8271 {44.3701 5,434,485 1200,000) 170,197) At 31 March 2023 3.998.055 1,166,233 5,164,288 The charity holds the investment5 wlth a vlew to generdting an Income stream to cor)tribute towards the operatlng costs of the Museum and with a view to achieving capital growth in the longertemi. 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 transartion value). The following investments represented more than 5% of the value of the portfolio as at 31 March 2023: Number of units Markel value £ %of portfollo Jupiter Merlin Balanced Portfolio Fundsmith Equity Fund Income shares SPDR Barclays 1-5 Year Gilt 1,659,668 2,645,842 239,839 1,352,213 24,246 1,166.233 51% 26% 23% Companv Equlty unlt trusts Gilts Unllsted Valuation At l Aprll 2022 Disposals Revaluation in year 4.223.882 1.210.603 1200.(K)01 {25,8271 144,3701 5,434,487 1200,0001 170,1971 At 31 March 2023 3.998,055 1,166,233 5,164,290 The unlisted investment of £2 represents a ItJ)% hokling in River & Rowing Museum ITradingl 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.

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Notes fomiing part of the financlal ststements for the year ended 31 March 2023 17 Stock5 Group 2023 Group 2022 Compar 2023 Company 2022 Goods for resale 19.818 There is no material differen￿ between the rep1a￿rnent cost of stocks and the amount5 Stated above. 18 Debtors: amounts falllng due within one year Group 2023 Group 2022 Companv 20Z3 Company 2022 Trade debtors Other debtors Prepayments and accrued income Amounts due from group undertakings 14,983 102,597 7,500 5,562 102,597 7,500 150,776 151,834 12.913 150,380 12,913 29,346 170,034 125,080 192.639 266,435 19 Current asset Investments Gnwp 2023 Group 2022 Company 2023 Compary 202Z Short term deposlts 93,251 1.951,515 93251 1,951,515 20 Cash Group 2023 Companv 2022 Company 2023 Company 2022 Cash at bank 887,018 912.372 872A49 771.299 35

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Notes formlng part of the ftnancial statements for the ￿ar end￿ 31 Marth 2023 21 Credltors: amounts falli￿ due withln one year Group Group 2022 Companv 2023 Company 2022 Trade creditor5 Other creditors and accrua15 Taxation and social securty I24,￿5 31.141 6,633 86,667 41,786 11,684 121,041 28,204 6,633 85,513 39,560 8,073 162.679 140,137 155,878 133,146 Deferred income relating to venue hire, caterin& touring exhibitions and rent received in advance is included within creditors as follows: Gn)up 2023 Group 2022 Company 2023 Company 2022 At 31 March 2022 Amount released to income Amount deferred in the year 2.Z26 {2,2261 2.937 20,692 120,6921 2,226 8.000 18,0001 At 31 March 2023 2,226 22 Endovmient funds Group and company 2023 2022 General Endowment Fund brought forward Revaluation of investments nvestment management costs Transfer to unrestricted funds 7,195,857 170,197) (5,074) {1,302,905) 7,442,102 283,795 14,2301 1525,8101 Education Endowment Fund brought *orward 407235 407.235 Funds carried forward 6224,916 7,603,092 The Endowment Fund has been invested to provide a 50urce 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 endowm&nt fund balance should be adjusted annually so that tt is matched by the value of assets that represent it. An amount of £1,302.91312022: £527,060) has been transferred from the endowment fund to unrestricted funds. 36

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Notes lom)ing part of the financlal statements for the year ended 31 Marth 2023 23 Designated Funds Group and ¢ompany LarKI & Freehold bulldinBS land Total 2023 Glazlng At 31 March 2022 Charges Transfers 3.503,291 {138,2291 540.679 50,OQM) 108,551 3,661,842 17451 1138,9741 1107,8061 432,873 At 31 March 2023 3.905,741 SOJ￿1 3,955,741 Group and company Land & Freehold bulldlngs land Total 2022 Glazlng At 31 March 2021 Charges TTrnsfer5 3,485,7C(I 1134,6601 152,251 50.CK)O 108,551 3,644.251 1134,6601 152,251 At 31 March 2022 3.503,291 50,(KKI 108,551 3,661,842 It was resolved by the Tnjstees in 2LKII that a designated fund be created from the unrestricted fund In the sum of £6,167,004 as at 31 March 2(X)l. The creation of this fund ￿presents 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 ha5 been amortised by an amount equivalent to the depreciation charge for the year on long leasehold land and buildings of £138,229. Trdn5fers relate to fixed asset additions during the year of £540,679. In 2005 the Foundation re￿iVed a gift of land which is valued at £50,QM)o. A settlement of £431.227 was previously receNed in respect of the failure in the glazlng. The remainlng balance of £108.551 has been carried forward as a deslgnated fund to pay for future replacen)ent and rertification costs. The glazing w85 replaced 35 part of the essential building works that took place during the year and therefore the designated fund is no longer required and the funds were released. 37

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVERAND ROWING MUSEUM FOUNDATION Notes forming part of the financial statements lorthe year ended 31 March 2023 24 Restricted Funds Group and company Openlng Balan Apr Z02Z Income Expenditure Transfer5 aoslng Balance Mar 2023 Education Centre Plper Gallery Rowing Gallery River Gallery Acquisitions Education Henley Gallery Access Fund Boat Restoration ConservatlQD Sports Heritage Partnershlp projects Collections project Volunteering initiatives 436.939 2,479 13.515 7,122 57,224 19,468 1.993 2,691 3.385 1,177 1.857 322 28,412 115,741} {2,4791 {6,7141 421,198 6,801 7,122 57,224 119,468) {1,174) 819 2,691 2335 92 I￿57 322 (1.0501 11.0851 128,4121 577,584 176,1231 501,461 Groupand Company Openir Balance Apr 2021 Closlng Balance Mar 2022 Income Expendlture Trdnsfers Education Centre Piper Gallery Rowing Gallery River Gallery Acquisitions Education Henley Gallery Access Fund Boat Restoration COnse￿ation Sports Heritage Partnership projerts Collections project Volunteering initiatives Culture recovery fund Jetty repairs 450.179 2,479 13.515 7,122 49,224 19,468 1,993 2,691 3,385 1,177 1.857 322 28,412 113,2401 436,939 2,479 13,515 7,122 57,224 19,468 1,993 2,691 3,335 1,177 1,857 322 28,412 1,000 303,205 1,250 1303,2051 11,2501 582,824 312,45S 1317,6951 577,584

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Notes forn)Ing part of the financial statemerrt5 for the year ended 31 Marth 2023 24 Restrirted Fun(ts {continued) A major grant was received from the Heritage Lottery Fund in 2005106 towards the redevelopment and extension of the Education Centre.The depreciation on the Education Centre is charged against the restrlcted fund balance each year. In 2016117, a fundra151ng campaign under the Art Fund's Art Happens platfonn ralsed funds to create a permanent John Piper Gallery. The Rowing Gallery benefrts from support from Henley Royal Regatta togetherwith a number of supporters. Funding was received towards the River Gallery upgrade programme from Biffa, Grundon Waste Management, LaFarge Tamiac. Thames Water, The J Paul Getty Jr Charitable Trust and the Suva Foundation. The Acquisitions Fund con5iSts of private fundlng and publlc grdnts and enables the River & Rowing Museum to respond quickly and acquire r(emsforthe collertion that will contribute to the Museum's aims of education and inspiration. It can ¢over the whole cost of acquisftion or provide the match funding required for grant requests. Donations to this fund will ensure that the Rtver & Rowlng Museum Can continue to develop its local, n?tional and world dass collettions. The Education Fund has come from individual sponsors. largely The Ath)ib Foundation which gave funds to build and maintain the Learnlng Centre, fundraising events to support the learning programme includlng supporting travel costs for 5choo15 from areas of disath3ntage, and grants for specific education projects. Further funding for education projects was received from the Fischer Famity Trust, The P F Charitable Trust, the Henley Municipal Chartlies and the Museum Development Fund. Small donatiolls have been received towards the Henley gallery. Support for special exhibktions 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 Projett. This enables the Museum to undertake crucial work auditing and inventorying every single itern in our 30,OW+ strong Museu collection in orderto resolve a number of collections issues and to dirett our revised Collettions Development Policy, required for our Museum AccredÉtation. Funding was received from Arts Council England's Culture Recovery Fund to support the charity wlth operating costs during the Covid19 Pandemic. Thi5 grant was re￿iVed and fully expended during the prlor year. A donation of El,250 was given by Rivertime Boat Trust in respect of repair5 to the jetty. Thi5 donation was received and fully expended during the prior year. 25 ShaTe capltal The River and Rowing Museum Foundation is a company limited by guarantee and has no share capltsl. The liability of each member of the company upon dissolution is limited to a maximum of £1. 39

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Notes formln8 part of the financial statements for the year ended 31 March 2023 26 Analysls of net assets between funds Consglidated fund balances at 31 March 2023 are represented by. De5i8nated Unrestricted funds funds Restrirted Endowment fvnds fun(ts Totsl funds Tangible fixed assets Investments Current assets Current liabilities 3,955,741 822,112 476,888 5,2S4,741 5.164,288 1,178,987 1162,6791 5,164,288 1.060,628 93.786 1162,679) 24,573 Total net asset5 3,955.741 753.219 501A61 6,224.916 11,445,337 Consolidated fund balances at 31 March 2022 are represented by. Restricted Endowment fvnds funds Total funds fvnd5 funds Tangible fixed assets Investments Current assets Current liabilities 3.553.291 245.384 492,629 4.291,304 5.434.485 3.008,785 1140,1371 5,434A85 2,168,607 108,551 646,672 1140,1371 84.95S Total net assets 3,661,842 751.919 5T1.584 7.603,092 12,594A37 27 Pension commitments The Foundation operates defined contribution schemes open to all employee5. Contribution5 are charged in the accounts a5 incurred and there were outstanding tontributions at the balance sheet date of £nil12022- £nill. Penslon costs charged in the year were £8,31812022- £6.8571. 28 Capltal commltments The company has capital commitinents as at 31 Mardi 2023 of £647,3CKJ12022: Énll l.

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Notes fornilng part of the financial statements for the year ended 31 March 2023 29 Operating lease commltments The total minimum lease payments under nor￿ancelIable operating leases a￿ as follows.. Land & Land & ljuildings bulldln8S 2023 2022 Other 2023 Other 2022 Group and charfty Within one year Within one and five years After more than five years 1,148 4,018 7,050 28,200 465,300 28.200 493,5(Kl 5,166 500,550 30 Related party transactions No tr?nsactlons with related parties were undertaken such as are required to be disc105ed under FRS 102 or the Charities SORP FRS 102. 41

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Notes forming part of the financial statements for the year ended 31 Marth 2023 31 Financial instNments Group 2023 Group 2022 Company 2023 Company 2022 Financial assets measured at fair value through 5tstement of flnanclal actlvttles: Investments 5,164.288 5.434,485 5.164,290 5,434,487 Financial assets that are debt Instrumen15 measured at amort15ed cost- Trade debtor5 5.287 14,983 Amounts due from group undertakings Current asset investments Cash at bank 5,562 150,776 1.951,515 771,299 29,346 93,251 872A49 93251 887.018 1,951.515 912,372 Financial liabilitie5 measured at amortlsed cost- Trade creditor5 124.905 86,667 121,041 85,513 The income, expenses, gains and losses in respert of the financial instruments are summarised below.. Gain on investment Income frorn listed investments Bank interest receivable Investment management expenses 170.197) 62,543 27.993 5.074 283,795 57,313 1,770 4,230 {70,1971 62,543 27,993 5,074 283,795 57,313 1,770 4,230 The group and company are exposed to interest rate risk on tts 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 liquidty risk for the group and charity is reduced by holding highly liquid current asset investments. The group rnanages these risks through regular review by the Finance & General Purpose Committee. 32 Analysls of changes in debt AtIApr 2022 At 31 Mar 2023 Cash flow5 Net cash Group- Cash at bank and in hand Company- Cash at bankand in hand 912,372 771,299 125.3541 lo1,￿0 887,018 872,M9 AtlApr 2021 At 31 Mar 2022 Cash flows Net cash Group- Cash at bank and in hand Company- Cash at bank and in hand 1.227,279 1,145,416 I314.￿7) 1374,1171 912,372 771,299 42

Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB RIVER AND ROWING MUSEUM FOUNDATION Notes formlng part of the finan¢lal statements for the year ended 31 March Z023 33 Comparatlve Consolidated Statement of Flnandal Activltles Unrestrlcted Deslgnated Restrlrted Endowment nds funds funds funds Total 2022 Notes Income from t)onations and legacies Trading activities Investment income Charitable activities 76,461 101,239 59,083 IS6,381 76,461 101,239 59,083 468,836 6,9,24 312,455 Total Income 393.164 312.455 705,619 Expendlture on Raising funds Donation5 and legacles Fundraising trading Investment management Charltable activities 157.996 93.557 157,996 93,557 4,230 959,841 22 8,9,23,24 4,230 507,486 134,660 317,695 Total expenditure 759,039 134.660 317,695 4,230 1.215,624 Net expenditure before gains on investments 1365.875) 1134,6601 15.2401 14,2301 1510,005) Net gains on Investments 283,795 283,795 Net expenditure 1365.8751 1134,6601 15,2401 279.565 1226.2101 Transfers Transfer from endowment funds 22 373,559 152,251 1525.8101 Net movement in funds 17,591 15,240) 1246,2451 1226,2101 Total funds brought forward 744,235 3,644.251 582,824 7,849,337 12,820,647 Total funds carrled fO￿ard 751,919 3,661￿42 577,584 7,603,092 12,594,437 43