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. 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 Docusign EnvÈlope ID." C4E6AA384gDl4F￿88O&9A6s24C382oB ¢ J ¢) c rn ¥bWO ¥b O ts￿C ow NS NJ Ln owo u)0 *Js O￿LD oujo UJ (n WNJO Il! tsJ Ln t¥) In 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