RIVER AND ROWING MUSEUM FOUNDATION Annual Report and Flnancial Statements for the year ended 31 March 2025 River and Rowing Museum Foundation Annual Report and Financial Statements for the year ended 31 March 2025
RIVER AND ROWING MUSEUM FOUNDATION Annual Report and Flnancial Statements forthe year ended 31 March 2025 Contents Organlsational detalls Trustees, Annual Report Chairman's Report Structure, governance and management Trustees, Re5ponslbilities Financial Review io Independent Auditorfs Report 12 Flnan¢lal Statements Consolldated statement of financial activities 16 Consolid8ted balance sheet 17 Balance sheet 18 Statement of Cash Flows and Consolidated Statement of Cash Flows 19 Notes forming part of the financlal statements 20
RIVER AND ROWING MUSEUM FOUNDATION Annual Report and Financial Statements for the year ended 31 March 2025 Organlsatlonal detalls Deputy Presidents Sir M Arbib DL Sir H Djanogly CBE P G Nicoll Honorary Vlce-Presidents Sir S Redgrave DL CBE Sir M Pinsent C3E R C Cornick C Dodd J M Howell OBE MP U E Schwarzenbach Cstj O H J Stocken CBE D D Buckley Chalr D H Worthington Honorary Treasurer N Hotchin Trustees S Botterell T Bowen E Den Besten F Dennis S K Furlong N Hotchin RAHunt H R Jacobs (resigned 13 December 20241 M D Logie S P O'connor (resigned 17 May 20251 P A Reynolds D H Worthington LH Wymer K Hinton (resigned 13 May 2024) A Wilson (appointed 13 December 20241 M Luscombe (appointed 13 December 20241 S Mohanram (appointed 13 December 20241 L Plant {appointed 28 June 2024 and reslgned 12 May 20251
RIVER AND ROWING MUSEUM FOUNDATION Annual Report and Financial Statements for the year ended 31 March 2025 Registered office and princlpal place of the charity Mill Meadows, Henley on Thames RG9 IBF Company number 2548216 Charlty number 1001051 Audltors Gravita Audit Oxford LLP, First Floor, Park Central, 40-41 Park End Street, Oxford, OXI IJD Bankers C Hoare & Co, 37 Fleet Street, London EC4P 4DQ
RIVER AND ROWING MUSEUM FOUNDATION Annual Report and Flnancial Statements forthe year ended 31 March 2025 The trustees representtheirTru5tees' Annual Report which includesthe directors report a5 required by company law. Chalr of Trustees Report- April 2024 to March 2025 In 1988 The Museum of the Moving Image was opened by the then Prince Charles, MOMI, as it became known, wa5 the first privately funded national museum that has been built In the UK for over 100 years. Although not a national museum the River & Rowing Museum was quite possibly the second venture on such a scale that was being f unded largely by a private individual, Sir Martyn Arbib, Yet, despite being sited on London's Southbank and having 200,000 visitors in the first two months MOMI only lasted 11 years, effectively closing its doors to the public in 1999. By comparison, and despite being situated In a much less populated partof the country and with barely any government support, the River & Rowing Museum lasted nearly two and a half times as long. So today, as sad as it is, the lasting legacy of the now closed River & Rowing Museum is to be celebrated. Over 2,000,QOO visitors and tens of thousands of school children have learnt about our glorious river, its inhabitants and its environmental fragility. The same wlde eyes have marvelled at the Olympic achlevements of our great rowers and wondered how they manage not to fall out of boats so slim that they appear to defy all logic. Multiple generatlons have enjoyed the Wind in the Willows experience, learning from those special characters about the Interactlons of human life. And all of this wonder set in a landmark building, unexpectedly located in a small but special market town which is reflected in the wonderfully calm and serene Henley Gallery. Her)ley has always been just that bit more surprlsing than its near neighbours trlenley Royal Regatta, Henlev Festival, the Thames Traditional Boat Festival, the Henley Literary Festival and much more. Henley-on-Thames is a special place, but it wlll not be the same wlth the Museum no longer there. So, with great sadness, I paytribute and give thanks to the founders, Davld Lunn-Rockliffe, Chris Dodd, Tom Weil, Diana Wey and more,. to Sir Martyn Arbib who made the idea a reality and encouraged Urs Schwarzenbach, Lord Kirkham and other5 to lend their support. I than1< a long line of staff, for whom the Museum was a job unlike any other and one in which they believed in without any shadow of doubt. I thank too our hundreds of volunteers, Patrons, Henley 100 Members, Friends of Rowlng and countless Family Members whose support outstripped the Museum's ability to stay open. I thank our principal sponsors, notably Invesco and the consistently supportive Henley Royal Regatta. Although we have never received regular government funding, I would like to thank Arts Councll England for their 5UPPOrt through the pandemic, the National Lottery Heritage Fund and the Art Fund for their early support on varlous projects and their understanding when we had to re-purpose some of the spaces that they had originally fu nded. There is also a long list of trusts and foundations to thank, who have given generously to various projerts over the past 27 years and todaytoo, Arts Council England, the Museums Association and others contlnue to support us through the closure process.
RIVER AND ROWING MUSEUM FOUNDATION Annual Report and Financial Statements for the year ended 31 March 2025 Henley Town Councll deserve special mentlon fortheir partnership, which continues to thi5 day as we try to map out what might come next. Finally, I thank a long line of trustees, who I know have tried everythin8 since the Museum's first day of openlng to achieve a financially secure balance, an objective which has remained out of reach for every 5inEle year of the 27 years of the Museum's operation. And with that latter point in mind, we flnally arrived at a place where we knew that we could continue no further without risking our collections and our building, so on 21° September 2025, after 27 fabulous years, we took the extremely difflcult decision to close the building to the public, By contrast, we had started the year in April 2024 with hope: a new Museum Director, a newthree-year strategy, an energlsed team and a plan for plenty of actlvities. But we also knew that we would have to convert further gallery Space to offlces in order to shore up the perpetually out of kilter finances and that any tweaking of the offer was never going to be enough to counter the substantial imbalance of cost to income. Nevertheless, our achievements throughout the year demonstrated good progress and iys worth reminding ourselve5 of some of them: 25,988 visitors generating £118,499 of income, Eight community exhibitions and special shows, including the Henley Youth Festival Dozens of group events, such as networking breakfasts, arts trails and Henley in bloom Fam ily activities involving over 600 children Several successf ul sell-out adult worl<shops such as Print & Prosecco. Bringlng the café successfully in-house In the realm of education, we: Supported c.4,000 school children in the year, including 350 with Special Educational Needs and Disabilities ISENDI, who ranged from early years to higher education Worked with Pathways who provided eight SEND students from Henley College each week as volunteers at the Museum- something we are very proud to Support and flnd mutually beneficial. Hcwever, as the year progressed the three-year strategy struggled to deliver what we needed of it,. a reality that is clear to see in the results for financial year 2024-2025 with a loss of £976,293 exceeding the loss of £911,374 in the previous year, Future of the Museum Post closure and from October 2025 the museum has moved into a semi-mothballed state, in order to reduco the level of financial losses and explore options for the f uture direction of the building, the collectlons and the River & Rowing Foundation itself. We have instigated a process of putting the building up for sale and are exploring new homes for the collection. We have also decided to continue with our education programme, which enables us to deliver against our charltable objectives even as we begln the proces5 of closing the charity down. Under the banner of The Flowing Forward initiative, we will contlnue to deliver hands-on workshops to school groups and informal learning activities to families. These will be delivered from local venues and will focu5 on our very popular curriculum-led river workshops, which include hands-on exporiment5, object handling and a guided river walk will be delivered by our expert Education Team,
RIVER AND ROWING MUSEUM FOUNDATION Annual Report and Financial Statemerrts for the year ended 31 March 2025 The partnership with Rivertime Boat Trust, launched by HRH Prlncess Anne wlll also continue, offering SEND pupils a chance to find out more about the rlver environment through tactile learning before boarding an accessible boat, for a trip along the Thames. Another rea50n for continuing with our education programme is the hope that thrcugh the current period of uncertainty• a plan will emerge for a smaller, more affordable, but just a5 special museum in Henley, For now, thank you to everyone who is supporting us through this uncertain time. David Worthington (Chair of Trustees) About River and Rowlng Museum Foundation The River and Rowing Museum Foundation is a registered charity. Whilst open to the public we received revenue streams from venue hire, facilitles, café, shop and admission5. We also depend on private donations, business sponsorship land support in kindl, grants from trusts and foundations and the support of our benefactors, donors and f riends The charit¢s objects and alms remain unchanged and are the e5tabllshment, maintenance and operation of a museum and gallery at Henley which collects, documents, preserves, exhibits and interprets materlal evidence and associated information for the public benefit and education relating to rivers, rowing and Henley-on- Thames. Also, the provislon of facilities for resea rch and education and such other purposes fcr the benefit of the c¢mmunity as shall be exclusively charitable. Our priorities for 2024- 25 were as follows.. l. Place RRM at the centre of the community 2. Rationa lise and rejuvenate our galleries 3. Host the debate on healthy rivers and do all we can to protect our riverf5 future 4. Deliver a world-class educational product We dellvered on these priorities except for the Improvement to our galleries whlch was delayed due to the ongoing poor financial performance of the museum. Our priorities for 2025 -26 l. Continue to doliver a world-class educ3tlonal product 2. Seek a solution for the building which is acceptable to the Foundation, Henley Town Council and the local community Follow profe55ional standards to ensure that objects no longer required by the Foundation - or a new Henley Museum initiative- are rehomed appropriatelv.
RIVER AND ROWING MUSEUM FOUNDATION Trusteel Annual Report Structure, governance and management Governlng Document River and Rowing Museum Foundation Is a company limlted by guarantee, Incorporated on 12 october 1990, governed by Articles of Association which were updated and adopted by Special Resolution passed on 20 November 2015. It is registered as a charity with the Charlty Commisslon. Organlsatlon The River and RowinE Museum Foundation is managed by a Board of Trustees which meets four times a year. The Finance and Investment Committee, a sub-committee of the Board of Trustees, also meets fourtimes a year and reports back to the Board. A DSrector is appointed by the Trustee5 to manage the day-to-day operation5 of the Foundation. An interim arrangement was put in place from March 2025 following the announcement of the resignation of Steve O'connor. The Foundation liaises wlth a legal firm when requlred and property advisors for the sale of the bulldlng. An external accounting firm for is used for the preparation of Year End accounts, Appointment of Trustees The Articles of Association specify that the number of members of the Board of Trustees shall be not less than five but shall not be subject to any maxlmum. Henley-on-Thame5 Town Councll has the right to appoint two Trustee5 and British Rowing has the right to appoint one Trustee. The Board will consider nominations for newTrustees who can make a valuable contribution to the strategy and management of the charity. Elected Trustees hold office for a term of five years, after which they may offer themselves for re-appointment for a second five year term. The following changes in Trustees have occurred during the period.. H R Jacobs {resigned 13 December 20241, S P O'connor (resigned 17 May 2025},1( Hinton (resigned 13 May 20241, A Wilson lappointed 13 December 2024), M Luscombe (appointed 13 December 20241, S Mohanram (appointed 13 December 2024}, L Plant (appointed 28 June 2024 and resigned 12 May 20251. Trustee Induction and Tralning A general introduction to the M useum, its organisation and structures is offered to all Trustees. Updates on significant changes in charity law and taxation including Trustees, responsibilities are covered at trustee meetings as appropriate. Pay Policy for Senlor Staff The pay of senior staff, and any annual staff pay awards, are revlewed annually by the Finance and Investment Committee, The Trustees also consider pay levels in comparable organlsations and in the local area. Disabled Employees The charity recognises its obligations towards disabled persons and gives full and fair consideration to all applications forjob vacancies. Training and career progression are available for disabled employees on the same basis as for any other member of staff,
RIVER AND ROWING MUSEUM FOUNDATION Trustees, Annual Report Volunteers The charlty benefits from the support of around 50 regular volunteers during the year from an overall cohort of approxlmately 80. They provide the Museum with speclalist skills, expert knowledge and general assistance. Support Is provided for a wide range of activities which include visltor welcome front of house, auditlng and catalogulng, conservation and condition checking, gardenlng as part of the 'green team, and assisting the educatlonal department. In addition, we offer work experience and work placements. Rlsk Management The Trustees have implemented a risk management 5trategy& comprising of a full annual risk assessment and assoclated controls for the safe ongoing operation of the charity, including a quarterly revlew by the Trustees of the charity's risk register. Related Partles The charlty owns 100% of the share capital of River & Rowing Museum ITradlng) Limlted, a company which carries out the commercial actlvities situated within the River and Rowing M useum, with the aim of donating it5 profits to the charity. Details of transactions with the related parties are given in note 29 to the accounts, Public Beneftt The Trustees have complied with their duty to have due regard to the guidance on public beneflt published by the Charity Commission. The Trustees have considered the requirements of the public benefit test and are satisfied that the charity's activltles meet these criteria. Compllance A Designated Safeguardlng Lead has been appointed and the safeguarding policles are regularly reviewed and updated. All relevant Staff have undertaken chlld safeguarding tralning and enhanced DBS check5.
RIVER AND ROWING MUSEUM FOUNDATION Trustees, Annual Report Trustees, Responsibilities The Trustees (who are also directors 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 requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charity and of the income and expenditure of the group for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then a pply them consistently,. observe the method5 and prlnclples in the Charitles SORP; make judgements and accounting estimates that are reasonable and prudent; prepare the fi nancial statement5 on the going concern basis unless it is inappropriate to presume that the charity will continue in buslnes5, The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose wlth reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statement5 comply with the Companles Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Audltors All of the current Trustees have taken all the steps that they ought to have taken to make themselves aware of any information needed by the company's auditors for the purposes of their audit and to establish that the auditors are aware of that information. The Trustees are not aware of any relevant audit Information of which the auditors are unaware,
RIVER AND ROWING MUSEUM FOUNDATION Tru$teeg Annual Report Finantial Review Revlew of Flnanclal Result Supported by its endowment fund, the Museum has operated at a deficit since it opened in 1998. The deficit for the year in unrestrlcted funds stood at £809,501 compared with £985,111 In 2024. £699,743 has been transferred from the endowment fund to cover part of this shortfal5. The museum ha5 decided to close to the public as of 21" September 2025. The decislon to make most staff redundant was made 26 June 2025, with a small number of essential st'aff retained. The Foundation will try to sell the building. The Foundation may explore a new premises, depending on the outcome of the sa5e. In 2025 the Foundatlon had a loss of £976,29312024 - £911,372) which included a loss of £46,021 on the value of investments (2024.. gain of £254,486). Golng Concern The post year end closure to the pvbSic has resulted in reduced operating costs. From September 2025 trading Income from shop, café and venue hire will cease although some revenue Streams will continue, most notablv the com mercial sublets and paid school vislts. The comblnatlon of this means that operatin81055e5 should be reduced going forward. The Trustees are of the opinion that the Foundation has adequate resources to continue to cperate for the foreseeable future, being not less than one year from the date of approval of these financial statements. Forthis reason, the Trustees believe it is appropriate to prepare the financial statement5 on a going concern basis. Review of Fundraising Activltles The support from our Patrons has enabled the Museum to deliver its objectives and is very much appreciated. Henley Tcwn Council and Henley Royal Regatta once again provided annual fundlng. We are registered with the Fundraising Regulator and follow its Code of Fundraising Practice. Review of Subsidiary Tradlng Actlvity A summary of the results of the trading subsidiary is given in note 4. The Trustees were satisfied with the profit for the year of £9,518. This amount will be donated by gift aid to the parent company within 9 months of the yearend. Reserves Pollcy The Foundation's policy 15 to endeavour to maintain Unrestricted Funds at or around a level which enables the ongoing activities of the Museum to be funded for a period of approximately one year looking forward. Although the museum has now entered into a mothball strategy, the deficit for 2Q25-2026 is likely to be in line with previous years. This exceeds free reserves (reserves excluding restricted, endowment and designated funds, and tangible fixed a55ets held for the charity's usel, which were in deficit at 31 March 2025. The Trustees can approve the use of expendable endowment funds to cover any specific expense of the Museum. There are currently two designated funds: Representing the Foundation's Interest in long leasehold land and buildings which were built from previously donated funds - currently £4,235,931. This designated fund has been amortised by an amount of £160,884 being equivalent to the depreciation charge for the year on long leasehold land and buildings. In this way the fund will be amortlsed over a 50 year period. io
RIVER AND ROWING MUSEUM FOUNDATION Trustees, Annual Report Representing the value of the Foundation's interest in freehold land donated in a previous year, valued at £50,000. This land has been revalued at £IIO,000, which was the sale price it achieved in June 2025. Endowment Funds are recorded separately and used in accordance with the wishes of the donor. The general endowment fund has been invested to provide a source of unrestricted interest income to the Museum and to help cover some of the ongoing costs of the Museum. Sources of Funding Significant sources of funding include grants and donations from grant-giving bodies, charities, individuals and businesses, together with investment income and profits from fundraising and commercial activitie5. Investment Policy and Review of Investment Performance The Endowment Fund is invested for growth and capital preservation. The Endowment Fund made a loss on revaluation of £46,021 at the year end {2024: gain £254,486). During 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 remainder being invested in cash, gilts and equity unit trusts. The Trustees have taken advantage of the small companies. exemption within Part 15 of the Companies Act 2006 in preparing the Report of the Trustees. By order of the Board D Worthington Chair of the Trustees N Hotchin Honorary Treasurer Date- .).qii |2( li
RIVER AND ROWING MUSEUM FOUNDATION Independent Audltor's reportto the Trustees and Members of River and Rowing Museum Foundation Oplnlon We have audited the financial statements of River and Rowing Museum Foundation Ithe "parent company") and its subsidiaries (the "group") for the year ended 31 March 2025, which comprise the consolidated and parent Statement of Flnancial Activities lincorporatln8 the Income and Expenditure Account), the consolidated and parent Balance Sheets, the consolidated and parent Statement of Cash flows and the related notes, including a summary of signif icant accounting policles. The financial reporting framework that has been applied in their preparation Is applicable law and Unlted Kingdom Accounting Standards, including The Financial Reporting Standard appl icable in the UK IFRS 1021 (U nited Kingdom Generally Accepted Accounting Practice}. In our opinion the f inancial statements: give a true and fair view of the state of the group's and the parent char1table company's affairs as at 31 March 2025, and of the group's and parent charitable company's incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with Unlted Kingdom Generally Accepted Accountlng Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006 Basis for opinion We conducted our audlt In accordance wlth International Standards on Auditing (UK) {ISAs IU Kll and applicable law. Ou r responsibilities under those standards are further described In the auditor's respon5ibllities for the audit of the firiancial statements section of our report, We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the f inancial statements in the UK, includlng the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requlrements. We believe that the audit evldence we have obtained 15 suff iclent and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concern In audltlng the flnanclal statements, we have concluded that the trustees, use of the golng concern basis of accounting in the preparation of the financial Statements Is appropriate. Based on the work we have performed, we have not identifled any material uncertalntle5 relating to events or conditions that, individually or collectivelyi may cast significant doubt on the group and parent charitable compan¢s ability to continue as a going concern for a period of at least 12 month5 from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon, The trustees are responsibleforthe other information. Our opinion on the financlal statements does not cover the other information and, except to the extent otherwise explici tly stated in our report, we do not express any form of assurance conclusion thereon, 12
RIVER AND ROWING MUSEUM FOUNDATION Independent Auditor's report to the Trustees and Members of River and Rowing Museum Foundatlon Our responsibility is to read the other information and, in dolng so, consider whether the other information Is materially inconsistent with the financlal statements or our knowledge obtained in the audit Or otherwise appears to be materially misstated. If we identify such material incon5iStencies or apparent material mlsstatements, we are requlred to determine whether there is a material misstatement In the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there Is a material misstatement of thls other information, we are required to report th£t fact. We have nothing to report in this regard. Opinion on other matter prescrlbed by the Companles Act 2006 In our opinlon, based on the work undertaken In the course of the audlt: the information given in the Trustees Annual Report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the f inancial statements are prepared is consistent with the financial statements; and the directors, report included within the Trustees Annual Report has been prepared in accordance with a ppllcable legal requirements. Matters on which we are requlred to report by exceptlon In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material m isstatements in the directors, report i ncluded within the Trustee5 Annual Report. We have nothing to report in respect of the followlng matters 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 companyi or returns adequate for our audit have not been received from branches not visited by us; or the parent charitable company financial statements are not in agreement with the accounting records and returns- or certain disclosures of trustees, remuneratlon specified by law are not made; or we have not received all the inform3tion and explanations we requlre for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the d irectors of the charitable company for the purposes of company lawl are responsible for the prepa ration of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustee5 are responsible for assessing the group's and parent charitable company's ability to continue as a going concern, disclcsing, as applicable, matters related to going concern and using the gDing concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so. 13
RIVER AND ROWING MUSEUM FOUNDATION Independent Audltor's reportto the Truttees and Members of Rlver and Rowing Museum Foundation Audltor's responslbllltles for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole, are free from material mlsstatement, whether due to f raud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is 3 h igh level of a55urance, but is not a guarantee that an audit condutted in accordance with ISAS {UKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggre8ate, they could reasonably be expected to inf luence the economic decislons of users taken on the basis of these f inancial statements. Irregularities, including f raud, are instances of non-compliance with laws and regulations. We desiEn procedures in line with our responslbllities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting Irregularities, including fraud is detailod below,. The extent to whlch the audlt was consldered capable OA detecting irregularftles Includlngfraud.. We obtained an understanding of the group's and parent charitable companV5 actlvities, controls and laws and regulations and assessed the susceptibility of the group's and parent charitable compan¢s f ina ncial statements to material mlsstatement from irregularities, includlng f raud, We determined that the laws and regulations that are most significant to the group and parent charltable company are the Financial Reportlng Standard applicable in the UK 2nd Republic of Ireland IFRS 1021, the Accounting and Reporting by Charities: Statement of RecDmrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) (Charities SORP IFRS 10211, Companles Act 20Q6, Charities Act 2011, and the charltable company's Articles of Association. Based on thls understanding we designed our audlt procedures to detecting irregularities, includlng fraud. Testing Ljndertaken included making enquiries on the management and those charged wlth governance; journal entry testingi review of bank letters, investments reports, trustee board minutes and th@ Articles of Association; review of transactions for any undisclosed related party transactions,. revlewing financial statement disclosures a nd testing to supporting documentation to assess compliance with applicable laws and regulations. These procedures were designed to provide reasonable assurance that the financial Statements were free from fraud or error. As part of an audit in accordance with 15As (UK), we exercise professional judgment and maintain profe55ional scepticism throughout the audit, We also: Identify a nd assess the risks of material misstatement of tho consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for Dur opinion, The risk of not detecting a material misstatement resulting f rom fraud is hlgher than for one resulting from error, as fraud may i nvolve collusion, forgery, intentlonal omissions, 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 circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's or the parent compan¢s internal control. Evaluate the approprlateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basisof accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditic)ns 14
RIVER AND ROWING MUSEUM FOUNDATION Independent Auditorfs report to the Trustees and Members of River and Rowing Museum Foundatlon that may cast significant doubt on the group's or parent charitable compa ny's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attentlon in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our oplnion. Our concluslons are based on the audlt evidence obtalned up to the date of our auditor'5 report, However, future events or condition5 may cause the group or parent charltable company to cease to Continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufflcient appropriate audit evldence regarding the financial information of the entltles or business actlvities withi n the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remaln solely responsible for our audit opinion. We communicate with t'hose charged with governance regarding, among other matters, the planned scope and timing of the audit and significa nt audit findlngs, Including any slgnlflcant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company'5 members those matters we are requlred to state to them in an auditor's report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed, Katherine Wilkes Senior Statutory Auditor For and on behalf of Gravita Audlt Oxford LLP Chartered Accountants Statutory Audltor First Floor, Park Central 40-41 Park End Street Oxford OXI IJD 15
RIVER AND ROWING MUSEUM FOUNDATION Consolidated statement of financial activitles Ilncorporating the income and expenditure account) for the year ended 31 March 2025 Unrestrlcted Designated Restrlcted Endowment funds funds funds funds Total 2025 Total 2024 Notes Income from Donatlons and legacies Tradln8 activities Investment income Charitable activities 83,859 185,638 83,441 6,9,23 291,870 83,859 185,638 83,441 304,195 63,169 81,897 117,560 149,154 12,325 Total income 644,808 12,325 657,133 411,780 Expenditure on Raising funds Donations and legacies Fundraising trading Investment management Charitable activities 7 123,794 193,389 123,794 103,297 193,389 90,625 8,304 595 1,261,918 1,383,121 8,304 8,9,22,23 1,137,126 100,884 23,908 Total expenditure 1,454,309 100,884 23,908 8,304 1,587,405 1,577,638 Net expenditure income before gains on investments {809,501) 1100,8841 {11,5831 18,3041 1930,272111,165,858} Net Ilossesl gain5 on investments 146,0211 146,021} 254,486 Net (expendlturel / Income {809,501} 1100,8841 (11,5831 154,325) 1976,2931 1911,372} Transfers Transfer from endowment funds 21 684,938 19,547 14,5421 {699,9431 Net movernent In funds 1124,563} {81,337} 116,1251 1754,268} 1976,2931 1911,3721 Total funds brought forward 339,663 4,427,268 478,227 5,278,807 10,523,965 11,435,337 Total funds carried forward 215,100 4,345,931 462,102 4,524,539 9,547,672 10,523,965 The net movement in funds for the year arises from the Foundation's contlnuing operations. The notes on pages 20 to 42 form part of these financial statements. 16
RIVER AND ROWING MUSEUM FOUNDATION Con501idated balance sheet at 31 March 2025 Company number 2548216 Notes 2025 2025 2024 2024 Fixed assets Tangible assets Heritage assets Investments 14 14 15 5,851,376 55,690 3.473.009 6.011,619 55,690 4,218.774 9,380,075 10,286,083 Current assets Stocks Debtors Investments Cash at bank 16 17 18 19 22.563 59.004 3.540 281.969 32,874 99.719 4,075 328,849 367,076 465,517 Creditor5: amounts falling due within one year 20 199.479 227,635 Net current assets 167,597 237,882 Total assets less current liabilities 9,547,672 10.523,965 Endowment fund Designated fund Restricted funds Unrestritted funds 21 22 23 4,524,539 4,345,931 462,102 215,100 5,278,807 4,427,268 478,227 339,663 9,547,672 10,523,965 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 on Il Iijzr D Worthington Chair of the Trustees N Hotchin Honorary Treasurer The notes on pages 20 to 42 form part of these financial statements. 17
RIVER AND ROWING MUSEUM FOUNDATION Balance sheet at 31 March 2025 Company number 2548216 Notes 2025 2025 2024 2024 Fixed assets Tangible assets Heritage assets Investments 14 14 15 5,851,376 55,690 3,473,011 6,011,619 55,690 4,218,776 9.380.077 10,286,085 Current assets Debtors Investments Cash at bank 17 18 29 152,216 3.540 179,422 106,301 4,075 326,653 335,180 437,029 Creditor5.' amounts falling due within one year 20 181.964 217,548 Net current assets 153.216 219.481 Total assets le55 current liabilities 9,533,291 10.505,566 Endowment fund Designated fund Restricted funds Unrestricted funds 21 22 23 4,524,539 4,345,931 462,102 200,719 5,278,807 4,427,268 478,227 321,264 9,533.291 10,505.566 The loss for the financial year of the parent charitable company was £972,27412024.. loss of £915.9261. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies. regime wit in Part 15 of the Companies Act 2006. Approved by the board on ....... D Worthington Chair of the Trustees N Hotchin Honorary Treasurer The note5 on pages 20 to 42 form part of these financial statements. 18
RIVER AND ROWING MUSEUM FOUNDATION Statement of Cash Flow5 and Consolldated Statement of Cash Flows for the year ended 31 March Z025 Group 2025 Group 2024 Company 2025 Company 2024 Cash flows from operating actlvftles: Net expenditure Adjustments for: Depreciation (Profit} on dlsposal of fixed assets Losses / Igainsl on investments Dividend5 and interest receivable Decrease / lincreasel in stock Decrease /lincreasel in debtors (Decrease} / increase in creditors 1976,293} 1911,3721 1972,274} (915,926} 233,354 14931 46,021 183,4411 10,311 40,715 {28,155} 267,838 233,354 1493} 46,021 183,4411 267,838 1254,4861 1117,5601 {4,1901 70,315 64,956 1254,486) 1117,560) 145,9151 135,5841 86,338 61,67Q Net cash used In operating artivities {757,9811 1884,4991 1858,3321 1872,126) Cash flows from investing activities: Dividends and interest received Purchase of tangible fixed assets Purchase of investments Proceeds from sale of investments Proceeds from sale of flxed assets 83,441 117,560 {93,174} 11,081,009) (I,orJo,000) 1,699,743 20,556 83,441 117,560 193,1741 {1,081,0091 11,000,000} 1,699,743 20,556 1,200,000 603 1,200,000 603 Net cash provided by investlng a¢tlvlties 710,566 237,154 710,566 237,154 (Decrease) / Increase In cash and cash equlvalents 147,4151 1647,3451 1147,756) 1634,9721 Cash and cash equivalent5 at the start of the year 332,924 980,269 330,728 965,700 Cash and cash equivalents at the end of the year 285,509 332,924 182,962 330,728 The notes on pages 20 to 42 form part of these financial statements. 19
RIVER AND ROWING MUSEUM FOUNDATION Notes forming part of the financlal statements for the year ended 31 March 2025 Accounting policie5 General Informatlon Rlver and Rowing Museum Foundation is a prlvate company Ilmlted by guarantee incorporated In England under the Companies Act 2006. The address of its reglstered office is Mill Meadows, Henley on Thames, RG9 IBF. The objectives of the charity are set out in the trustee report. The princlpal accounting policles adopted, judgements and kèy sources of estimatlon uncertainty in the preparation of the f inancial statements are as follows.. Basls of preparation The financial statements have been prepared in compliance with "Accounting and Reporting by Charities: Statement of Recommended Prartice appllcable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland {FRS 102}- (Charities SORP FRS 102) effective l Jan 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. River & Rowing Museum Foundation meetsthe definition of a public benefit entity under FRS 102. A55ets and liabilities are initially recognlsed at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The functional currency of the charity 15 considered to be pounds sterling because that is the currency of the primary economic environment in which the charity operates. The financial statements are also presented in pounds Sterllng. The amounts in the financial statements are presented to the nearest £, unless otherwise stated. Basls of consolidatlon Consolidated flnancial statements have been prepared for the charity and its wholly owned subsidiary, River & Rowing Museum (Trading) Limited. The Trustees have taken advantage of the exemption under s408 of the Companies Act 2006 not to prepare a separate Income and Expenditure account and the consolidated Statement of financial activities is in a format which complies with FRS 102. The summary financial performance of the charity alone is shown in note 2, Preparation of the accounts on a going concern basis The accounts of the charity have been prepared on a golng concern ba515. The Trustees are of the opinion that the Foundation has adequate resources to continue to operate for the foreseeable future, being not less than one year from the date of approval of these financial statements. For thls reason, the Trustees believe it 15 appropriate to prepare the f inancial statements on a going concern ba515. For further information about the impact from the closure of the museum on going concern, please refer to page 9 on the Trustees, report. The Trustees are confident that there 15 no adverse Impact on the Going Concern assumptlon in these accounts, at the present time. There are no material uncertainties about the charity's ability to continue as a going concern. 20
RIVER AND ROWING MUSEUM FOUNDATION Notes forming part of the flnan¢ial statements for the year ended 31 March 2025 Accounting policles {contlnuedJ Incorne Income is recognlsed when the charlty has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be reliably measured. Where gifts are provided for the charity to sell and use the proceeds, Income is recogni5ed when the charity has control over the item, the receipt of economic beneflt from the use by the charity of the Item Is probable and the economic benefit can be measured reliably, Income received by way of donatlons, gifts, sponsorship and grants that provide core funding or are of a general nature are recognised when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Grants where entitlement Is not conditlonal on the dellvery of a specific performance by the charity, are recognised when the charity becomes unconditiona11y entitled to the grant. Grant5, including grants for the purchase of f ixed asset5, are recognised in full in the financial statements in the year in which they are receivable. Income from Government and other grants, whether 'capital' grants or'revenue, grants, Is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Admi55ions and trading income is recognised when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Income Is deferred when monies are received in advance of the event or period to which they relate. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the good5, the amount of revenue can be measured reliably, it is probable that the associated economic benefits wlll flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Incorne from investments is included in the year in which it is recelvable and the amount can be reliablv measured, -fhis is normally upon notification of the interest paid or payable by the bank. The charity benef its greatly from the involvement and enthusiastic support of its many volunteers, details of which are given in our annual report, In accordance with FRS 102 and the Charitie5 SORP FRS 102, the economic contribution of general volunteers is not recognised in the accounts. Funds Funds which are to be used for purposes speciFied by the donor are credited to restricted income when recognlsed. Where amounts are not spent in full in that year the balance is carried forward in restrlcted funds and used in subsequent years in line with the restrlttions placed by the donor. Designated funds comprise amount5 that have been set aside for specific purposes identified bythe trustees. Unrestricted funds are funds available for charitable purposes within the objectives of the charity, The endowmentfunds have been invested to provide a source of unrestricted interest income to the Museum and the general endowment fund may also be used towards the ongoing costs of the Museum. 21
RIVER AND ROWING MUSEUM FOUNDATION Notes forming part of the financial statements for the year ended 31 March 2025 Accounting policies (continuedj 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 reliablv, Where costs are incurred specifically in relatlon to a particular activity, they are allocated In full to that activity. Support costs have been allocated to activlty cost categories on the basis of time spent supporting each of those activities. The basis for and 311ocatlon of support costs is analysed in note 7. Costs of raising funds are those costs incurred in attracting income and in carrylng out trading activities to raise funds. Charitable activitles include expenditure associated with the operation of the Museum and the provision of education services. Governance costs con515t of costs incurred In ensuring compliance with constitutional and statutory requirements, and in ensuring public accountability, and are included within charitable artlvlties as a support C05t. Penslon contributions Pension contribution5 are charged to the Statement of Flnancial Activltles in the year in which they are due, Operatlng leases Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the term of the lease, Tangible fixed assets Fixed assets are stated at historical cost less depreclatlon. Items of equipment are capitalised where the purchase price Èxceeds £1,000. Depreciation is provided on all tangible fixed assets other than freehold land at rates calculated to write each asset down to its estimated residual value, evenly over its expected useful life, as follow5,' Computer equlpment Office equipment Plant 3nd machlnery Freehold bulldlng Leasehold bulldlngs Exhibitions (heritage assets) Other tangible assets 33V3 % per annum 20% per annum IO% per annum 4Yo per annum 2Yo perannum 200A per annum at the rate relevant to each individual asset based on its useful life Heritsge assets The Museum has a collection of heritage assets which are held in support ofthe charitf s objects. Acquisitions are made by purchase or donation. Purchases are initially recorded at CDSt 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 capitali5ed on the balance sheet and depreciated at a rate of 20go per annum. Heritage asset acquisitions are not depreciated if they are judged to have an indefinite life. However, the carrying amount is reviewed annually for evidence of Impairment, e.g. physical deterioration or breakage, and any impairment identified is recognised in the statement of f inancial activities. Expenditure which, in the Trustees, view, is required to preserve or prevent further deterioration of individual items, is recognised in the Statement of Financial Activities ISOFAI when it 15 incurred. There are a number of heritage assets which have not been capitalised as a current value for these items is not readily available and cannot be obtained at a cost commensurate to the benefrt of including these items. 22
RIVER AND ROWING MUSEUM FOUNDATION Notes formlng part of the financlal statements for the year ended 31 March 2025 Accounting pollcles (contlnuedj Investments Investments are a form of baslc flnancial instrument and are Snitially recognised at thelr transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and 1055es arising on revaluation and disposals throughout the year. All gains and losses are taken to the Statement of Financial Activitles as they arise. Realised gains and10sses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financlal year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and Ios5e5 are combined in the Statement of Financial Activities. Subsldiary undertakings have been included at cost, less Impairment. Stock Stock is valued at the lower of cost and net rea1153ble value. Cost Is based on the cost of purchase on a flrst in, first out basis. Net realisable value is based on egci mated selling price less additional costs to completlon and disposal. Provision is made for obsolete, slow-movlng or defective items where appropriate. Debtors Trade and other debtors are recognised at the settlement amount due after any trade dlscount offered. Prepayment5 are valued at the amount prepaid net of any trade discounts due. Current asset Investments Current asset investment5 include cash or cash equivalents with a maturity date of le55 than one year which are held for investment purposes rather than to meet short-term cash commitments as they fall due, Cash at bank and In hand Cash at ban1< and cash in hand includes cash a nd short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposSt or similar account. Creditors and provislons Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of fund5 to a third party and the amount due tc settle the obligation can be measured or estimated reliably. Creditors and provision5 are normally recognised at their settlement amount after allowlng for 2ny trade discounts due, Flnancial instruments The charity only has flnancial assets and financlal Ilabilities of a klnd that qualify as basic flnancial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 23
RIVER AND ROWING MUSEUM FOUNDATION Notes forming part of the financlal statements for the year ended 31 March 2025 Financial performance of the charlty The Consolidated Statement of Flnancial Activities includes the results of the charity's wholly owned subsidiary, River & Rowing Museum (Tradin8} Limited, which operates the commercial activities of the group. The summary financial performance of the charity alone is.. 2025 2024 Income Gift aid donation from subsidlary company 526,497 13,536 372,771 8,982 540,033 1196,064} 1168,4491 18,3041 (5951 (1,261,918) {1,383,121} 381,753 Expenditure on raising funds Expenditure on investment management Expenditure on charitable activities Net expenditure Net1105sesl / gains on investments [1,466,286) 11,552,165) 146,0211 254,486 Net movement in funds Total fund5 brought fonmard {972,2741 10,505,556 1915,9261 11,421,492 Total funds carried forward 9,533,291 10,505,566 Represented by: Endowment fund Designated fund Restricted funds Unrestricted funds 4,524,539 4,345,931 462,102 200,719 5,278,807 4,427,268 478,227 321,264 9,533,291 10,505.566 Income from donatlons and legacies 2025 2024 Unrestrlcted funds: Donations, benefactions and private patron scheme Income tax reclaimed 64,505 19,354 52,857 10,312 83,859 63,169 24
RIVER AND ROWING MUSEUM FOUNDATION Notes forming part of the flnancial statements for the year ended 31 March 2025 Income from tradlng artlvltles Unrestrfcted funds: The wholly owned trading subsidlary, River & Rowing Museum (Trading) Limited (company number 28563191, carries out the Commercial activities situated within the River & Rowing Museum with the alm of donating its profits to the Riverand Rowing Museum Foundatlon. Thetrading subsidiaryoperates the shop, cafe and venue hlre facilities. The registered office of the trading subsidiary Is River & Rowing Museum, Mill Meadows, Henley-on-Thames, RG9 IBF, A summaryof the trading results included within the consolidated statement of financial activities and deta115 of the assets and 5iabllities of the subsidiary are shown below. Audited accounts are filed with the Registrar of Companles. 2025 2024 Turnover Cost of sales 185,638 171,878} 81,897 {24,445} Gross profit External administrative costs Internal management, establishment and admin istrative costs 113,760 149,2371 155,0051 57,452 11,029} 142,887) Profit to be donated under Gift Aid 9,518 13,536 Ana lysed in consolidated accounts as: Income from trading activities Expenditure on fundraising trading 185,638 1121,1151 81,897 168,3611 Current assets Current liabilities 129,747 1115,3661 38,411 120,0121 Total net assets 14,381 18,399 A8gre8ate share capital and reserves 14,381 18,399 The Trading Company made a small profit of £9,51812024: £13,536) for the year ended 31st March 2025. This profit will be gifted to the parent company. 25
RIVER AND ROWING MUSEUM FOUNDATION Notes forming part of the financial statements for the year ended 31 March 2025 5 Investment income 2025 2024 Unrestricted fund Income from listed investments Ban1< interest receivable 82,960 481 117,124 436 83,441 117,560 6 Income from charltable actlvltles 2025 2024 Unrestrlcted fund Admissions incDme Grants Other income Restricted funds: For specific projects (see note 231 91,603 1,950 198,317 70,904 2,100 76,150 12,325 304,195 149,154 7 Allocation of support costs The breakdown of support costs, all of whlch have been allocated on a time spent basis, is shown below: Cost of Cost of ralsing fundraislng Investment donatlons trading management Cost of charitable activities Total 2025 Finance and management Sales and marketlng Facilities Operations Depreciation Governance costs 41,519 13,491 73,376 13,491 8,304 326,645 40,472 449,844 67,454 66,321 2,463 106,522 530,273 703,116 2,463 57,643 57,643 Total support costs Direct costs 306,885 306,885 Total expenditure 123,794 193,389 8,304 1,261,918 1,587,405 Included in support and governance costs is auditor remuneration totalling £15,92012024: £13,500) 26
RIVER AND ROWING MUSEUM FOUNDATION Notes formlng part of the financlal statements forthe year ended 31 March 2025 Allocatlon of support costs Icontlnuedj Cost of Cost of raising fundraising Investment donatlons trddin8mana8ement Cost of charltable artivities Total 2024 Finance and management Sales and marketlng Facilitie5 Operations Governance costs 29,760 12,175 6,703 46,275 25,472 12,175 6,703 46,275 595 312,166 36,525 53,621 282,737 57,407 367,993 60,875 67,027 375,287 57,407 Total support costs Direct costs 94,913 8,384 90,625 595 742,456 640,665 928,589 649,049 Total expenditure 103,297 90,625 595 1,383,121 1,577,638 Expendlture on charltable actlvltles Direct costs Support costs 2025 Curatorial and collections management Education Sales and marketing Operations Flnance and management Governance costs 80,818 67,470 80,818 67,470 40,472 688,870 326,645 57,643 40,472 530,273 326,645 57,643 158,597 306,885 955,033 1,261,918 Expenditure on charitable activities wa5 £1,261,91812024: £1,383,121) of which £1,137,126 12024: £1,202,969) was unrestricted, £100,88412024: £156,918) was designated and £23,90812024.' £23,234) was restricted. 27
RIVERAND ROWING MUSEUM FOUNDATION Notes fom)1 part of the flnanclal statements for the year ended 31 March 2025 Expenditure on charfrtable activltles (contlnuedj Direct costs Support costs 2024 Curatorial and collections management Education Facilities Sales and marl(eting Operations Finance and management Depreciation Governance costs 110,526 74,672 110,526 74,672 53,621 36,525 470,366 312,166 267,838 57,407 53,621 36,525 282,737 312,166 187,629 267,838 57,407 640,665 742,456 1,383,121 9 Summary analysis of expenditure and related income for charftable activities The table below shows the cost of charitable actlvltles and the sources of income derived from those activities: 2025 2024 Costs (1,261,918} 11,383,121> Admisslons income Grants Other income 91,603 14,275 198,317 70,904 2,100 76,150 Net costfunded from other Income 1957,723) 11,233,967) 28
RIVER AND ROWING MUSEUM FOUNDATION Notss forming part of the financial statements for the year ended 31 March 2025 10 Staff costs Group Company 2025 Number 2025 Number 2024 Number 2024 Number The average monthly full-time equlvalent number of persons employed by the company during the year was., Front of house, office and management 14 13 io 13 The average head count for employees during the year was 28 {2024: 201, 2025 2024 2025 2024 Staff costs for the above persons., Wages and salaries Social security costs Pension costs 512,659 37,805 15,205 446,455 32,182 9,900 481,009 35,796 15,067 446,455 32,182 9,900 565,669 488,537 531,872 488,537 The number of employeeswhose employee benefits lexcludingemployer pension costs) exceeded £60,000 was: Group 2025 Group 2024 £70,001- £80,000 Pension costs are allocated to activities in proportion to the related stafflng costs incurred and are wholly charged to unrestricted funds. The key management personnel of the group and parent charity comprise the trustees, including the Director, the Head of Curatorial, Head of Educatlon. The total employee benefits of key management personnel of the group and charity were £188,339 {2024: £129,501). 29
RIVER AND ROWING MUSEUM FOUNDATION Notes forming part of the flnancial statements for the year ended 31 March 2025 11 Trustee5' remuneratlon 2025 2024 Trustees, emoluments Company contributions to pension scheme Trustees, emoluments and pension contributions Expenses reimbursed to Trustees S P O'connor received remuneration during the year In his capacity as CEO (Dlrectorl and not as a Trustee. There were no Trustees Sn the companVs stakeholder pension plan during the year {2024- nil} Included In expenses reimbursed to Trustees was £nil12024,. £nlll reimbursed to no trustee in respett of travel expenses incurred on behalf of the charity {2024: £nil). 12 Net Income / (expendlture) 2024 2024 This is arrived at after charging.. Depreciation- owned assets Reversal of Impalrment losses Audltor remuneration audit services other services 296,013 160,0001 10,970 4,950 9,911 267,837 9,000 4,500 8,763 Operating leases 13 Taxation The charity is exempt from tax on income and gain5 to the extent that these are applied 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 corporation tax liability on the subsidiary arises in the accounts. 30
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RIVER AND ROWING MUSEUM FOUNDATION Notes formlng part of the financial statements for the year ended 31 March 2025 15 Flxed asset Investments Group Equltv unit trusts Gilts Unlisted Total Valuation At l April 2024 3,048,938 1,169,836 4,218,774 Purchase5 Disp05als Revaluation In year 1,000,000 11,699,743} 1,000,000 11,699,743) At 31 March 2025 2,299,274 1,173,735 3,473,009 The charity holds the Investments with a view to generating an income stream to contrlbute towards the operating costs of the Museum and with a view to achievingcapital growth in the lonEerterm. All investments are carried at their fair value, Investments are traded in quoted public markets, primarlly the London Stock Exchange. The basis of fair value for quoted inv@stments is equivalent to the market values, using the bid price. Asset sales and purchases are recognised at the date of trade at cost Ithelr transaction valuel. The following Investments represented more than 5% of the value ofthe portfollo as at 31 March 2025: Number of units Market value £ portfolio Jupiter Merlin Balanced Portfclic Federated Hermes Short Term SPDR Barclays 1-5 Year Gllt 773,188 1,299,110 822,774 1,000,165 24,246 1,173,734 37% 29% 34Yo Company Equlty unit trusts Gilts Unlisted Total Valuotion At l April 2024 3,048,938 1,169,836 4,218,776 Purchases Disposals Revaluation in year 1,000,000 11,699,743} 1,000,000 {1,699,7431 At 31 March 2025 2,299,274 1,173,735 3,473,011 The unlisted investment of £2 represents a 100% holding in River & Rowing Museum (Tradingl Limited, a company incorporated and trading in the United Kingdom. The tradin8 results and details of the assets and liabilities are shown in note 4. 34
RIVER AND ROWING MUSEUM FOUNDATION Notes formlng part of the flnanclal statements for the year ended 31 March 2025 16 Stocks Group 2025 Group 2024 Company 2025 Company 2024 Goods for resale 22,563 32,874 There Is no material difference between the replacement cost of stocks and the amounts stated above, 17 Debtors: amounts falling due within one year Group 2025 Group 2024 Company 2025 Company 2024 Trade debtors Other debtors Prepayments and accrued income Amounts due from group undertakings 7,477 11,193 40,334 15,772 67,150 16,797 3,100 19,795 40,333 88,988 13,818 65,761 16,797 9,925 59,004 99,719 152,216 106,301 18 Current asset Investments Group 2025 Group 2024 Companv 2025 Company 2024 Short term deposits 3,540 4,075 3,540 4,075 19 Cash Group 2025 Company 2024 Company 20Z5 Company 2024 Cash at bank 281,969 328,849 179,422 326,653 35
RIVER AND ROWING MUSEUM FOUNDATION Notes formlng part of the financial statements for the year ended 31 March 2025 20 Credltors: amounts falllng due wlthin one year Group 2025 Group 2024 Company 2025 Company 2024 Trade creditors Other creditors and accruals Taxation and social security 71,668 116,975 10,836 109,719 107,092 10,824 63,010 108,118 10,836 107,466 101,731 8,351 199,479 227,635 181,964 217,548 Deferred income relatin8 to venue hire, catering, touring exhibitions and rent received in advance is included within creditots as follows., Group 2025 Group 2024 Company 2025 Company 2024 At 31 March 2024 Amount released to income Amount deferred in the year 5,361 15,361} 5,807 2,937 12,9371 5,361 At 31 March 2025 5,807 5,361 21 End(NJment funds Group and company 2025 2024 General Endowment Fund brought forward Revaluation of investments Investment management costs Transfer to unrestricted funds 4,871,572 5,817,681 {46,0211 254,6 {8,3041 {595} 1699,9431 11,200,000) Education Endowment Fund brought forward 407,235 407,235 Funds carried forward 4,524,539 5,278,807 The Endowment Fund has been invested to provide a source of unrestricted interest income to the Museum and to help cover some of the ongoing costs of the Museum. An amount of £699,94312024: £1,200,000) has been transferred from the endowment fund to unrestricted funds. 36
RIVER AND ROWING MUSEUM FOUNDATION Notes formlng part olthe financial statements for the year ended 31 March 2025 22 Deslgnated Funds Group and company Land & Freehold bulldlngs land Total 2025 Gla21ng At 31 March 2024 Charges Transfers 4,377,268 1160,8841 19,547 50,000 60,000 4,427,268 1100,884) 19,547 At 31 March 2025 4,235,931 110,000 4,345,931 Group and companv Land & Freehold bulldings land Totsl 2024 Glazlng At 31 March 2023 Charges Transfers 3,905,741 {156,9181 628,445 50,000 3,955,741 1155,9181 628,445 At 31 March 2024 4,377,268 50,000 4,427,268 It was resolved by the Trustees in 2001 that a designated fund be created from the unrestricted fund in the sum of £6,167,Q04 as at 31 March 21)01. The creation of thi5 fund represents the value of the River and Rowing Museum Foundation's interest in long leasehold land and buildings which were built from previously donated funds, The designated fund has been amortised by an amount equivalentto the depreciation charge for the year on long leasehold13nd and buildings of £160,884, Transfers relate to f ixed asset additions during the year of £19,547. In 2005 the Foundation received a gift of land which, following a reversal of previously recognised impairment (£50,000), is valued at £llO,000. 37
RIVER AND ROWING MUSEUM FOUNDATION Notes forming part of the financial statements for the year ended 31 March 2025 23 Restricted Funds Group and company Opening Balance Apr 2024 Closing Balance Mar 2025 Income Expendlture Transfers Educatlon Centre Rowlng Gallery River Gallery Acquisitions Henley Gallery Access Fund Boat Restoration Conservation Sports Heritsge Education Ratty Refuge 400,978 5,601 6,822 57,124 820 2,691 2,335 120,4081 {900} 380,570 4,701 6,822 57,124 820 12,686) 2,335 1,856 11,8561 2,600 9,725 12,500} 9,725 478,227 12,325 123,9081 (4,5421 462,102 Group and Company Opening Balance Apr 2023 Closlng Balance Mar 2024 Income Expenditure Transfers Education Centre Rowlng Gallery River Gallery Acquisltlons Henley Gallery Access Fund Boat Restoration Con5ervatlon Sports Heritage Partnership projects Volunteering initiatives 421,198 5,801 7,122 57,224 819 2,691 2,335 92 1,857 322 1,000 120,2201 {1,2001 {300) (ioo) 400,978 5,601 6,822 57,124 819 2,691 2,335 1921 1,857 (322} 11,000} 501,461 {23,2341 478,227 38
RIVER AND ROWING MUSEUM FOUNDATION Notes forrning part of thefinancial statements for the year ended 31 March 2025 23 Restricted Funds (continued) A major gr3nt 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 restricted fund balance each year. In 2016/17, a fundraising campalgn under the Art Fund's Art Happens platform raised fund5 to create a permanent John Piper Gallery. The Rowing Gallery beneflts from support from Henley Royal Regatta together with a number of supporters. Funding was received towards the River Gallery upgrade programme from Biffa, Grundon Waste Management, L3Farge Tarmac, Thames Water, The J Paul Getty Jr Charitable Trust and the Suva Foundation, The Acqulsltlons Fund consists of private funding and public grants and enable5 the Rlver & Rowing Museum to respcnd qulckly and acquire items for the collection that will contribute to the Museum's aim5 of education and inspiration, It can cover the whole cost of acquisition or provide the match funding required for grant requests. Donations to this fund will ensure that the River & Rowing Museum can continue to develop its local, national and world class collections. The Education Fund has come from individual sponsor5, largely The Arbib Foundation which gave funds to build and maintain the Learning Centre, fundraising events to support the learnlng programme including supporting travel costs for schools from areas of disadvantage, and grants for specific education projects. Further funding for education projects was recelved from the Fischer Family Trust The P F Charitable Trust, the Henley Municipal Charities and the Museum Development Fund. Donations of £9,725 for Ratty's Refuge were received from South Oxfordshire District Council, D&K and NGP Limited. Support for special exhibitions was received from Heritage Lottery Fund, Arts Council and The P F Charitable Trust, and for 3 number of other project5, including funding from the University of Reading and the American Friends of the River & Rowing Museum. Generous donations have been recelved toward5thevttal CollectionsAudit Project. This enable5 the Museum to undertake crucial work auditing and inventorying every single item in our 30,000+ strong Museum collection in orderto resolve a number of collections Issues and to direct our revised Collections Development Policy, required for our Museum Accreditation. 24 Share capltal The River and Rowing Museum Foundation is a company limited by guarantee and has no share capital. The liability of each member of the company upon dissolution is limited to a maximum of £1. 39
RIVER AND ROWING MUSEUM FOUNDATION Notes formlng part of the financial ststements for the year ended 31 March 2025 25 Analysis of net assets between funds Consolidated fund balances at 31 March 2025 are represented by., Desl8nated Unrestrlcted funds funds Restricted Endowment funds funds Total funds Tangible fixed assets Investments Current assetsllliabilitiesl 4,345,931 1,113,716 447,419 5,907,056 3,473,009 167,597 3,473,009 1,051,530 1898,6161 14,683 Total net assets 4,345,931 215,100 462,102 4,524,539 9,547,672 Consolidated fund balances at 31 March 2024 are represented by: Deslgnated Unrestricted funds funds Restricted Endowment funds funds Total funds Tangible fixed assets Investments Current assets Illiabllities} 4,427,268 1,181,933 458,102 6,067,309 4,218,774 237,882 4,218,774 1,060,033 1842,2701 20,125 Total net assets 4,427,268 339,663 478,227 5,278,807 10,523,965 26 Penslon commltments The Foundation operates defined contribution schemes open to all employees. Contributions are char8ed in the accounts as incurred and there were outstanding contributlons atthe balance sheet date of £2,54712024 - £2,003). Pension costs charged in the year were £15,20512024- £9,900). 27 Capttal ¢ommltments The company has capital commitments as at 31 March 2025 of £Nil12024,. £Nil). 40
RIVER AND ROWING MUSEUM FOUNDATION Notes formlng part of the flnanclal statements for the year ended 31 March 2025 28 Operatlng lease commitments The total minimum lease payments under non-cancellable operating leases are as follows: Land & Land & buildings bulldlngs 2025 2024 Other 2025 other 2024 Group and charity Within one year Within one and five years After more than five years 8,763 35,052 552,069 1,148 1,722 8,763 35,052 560,832 1,148 2,870 595,884 2,870 604,647 4,018 29 Related party transactions No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 or the Charities SDRP FRS 102. 30 Analysis of changes In debt AtIApr 2024 At 31 Mar 2025 Cash flows Net cash Group- Cash at bank and in hand Company- Cash at bank and in hand 332,924 330,728 147,4151 1147,766} 285,509 182,962 AtIApr 2023 At 31 Mar 2024 Cash flows Net cash Group- Cash at bank and in hand Company- Cash at bank and in hand 887,018 872,449 1554,094} 1541,721) 332,924 330,728 31 Post balance sheet event Subsequentto the balance sheet date, theTrustees madethe difficult decision to closethe River& Rowing Museum to the public from September 2025. Thi5 declsion followed a comprehensive review of the Museum's financial position, operational sustainability, and the significant capital Investment required to maintain and improve the Museum'5 facilities, The closure will allow the Trustees and management team to focus on securingthe long-term future of the Museum through the development of a revised business model, financial strategy, and potentially a new locatlon. During the closure period, the Museum wlll continue to safeguard Its collections and deliver educational programmes via an outsourced model that continue to meet the charitable objectives. Most of the trading activitie5 of the subsidlary, Rlver & Rowlng Museum Trading Limited, were also ceased with effect from September 2025. 41
RIVER AND ROWING MUSEUM FOUNDATION Notes formlng part of the financial statements for the year ended 31 March 2025 As the subsldlary's trading income is dependent on the Museum being open to the publlc, the closure of the Museum has resulted in the suspension of most trading actlvltles, includin8 the shop, café, and venue hire operatlons. The leasing of the jetty and income from the car parl< wlll continue. The Directors are working Wlth the Trustees of the River & Rowing Museum Foundation to ensure that all obligations to staff, suppliers, and customers are appropriately managed during the closure period. As the decision to close occurred after the year end, it Is treated as a non-adjusting post balance sheet event. Accordingly, no adjustments have been made to the financial statements for the year ended 31 March 2025. However, the Trustees recognise that the closure and associated activities may have a material impact on the Museum's operations and financial performance In future accounting periods 42
RIVER AND ROWING MUSEUM FOUNDATION Notes fomiing part of the financlal statements for the year ended 31 March 2025 31 Comparative Consolidated Statement of Flnanclal Actlvltles Unrestrlcted Designated Restricted Endowment funds funds funds funds Total 2024 Notes Income from Donations and legacies Tradlng activities Investment income Charltable activitles 63,169 81,897 117,560 149,154 63,169 81,897 117,560 149,154 6,9,23 Total income 411,780 411,780 Expendlture on Raising funds Donatlons and legacies Fundralsing trading Investment management Charltable activities 103,297 90,625 103,297 90,625 595 1,383,121 595 8,9,22,23 1,202,969 156,918 23,234 Total expenditure 1,396,891 156,918 23,234 595 1,577,638 Net expenditure income before gains on investments (985,1111 1156,918> 123,234) {595)11,165,858} Net {losse51 gains on investments 254,486 254,486 Net {expenditure) / income 1985,111} (156,9181 (23,234) 253,891 {911,3721 Transfers Transfer from endowrnent funds 21 571,555 628,445 11,200,000) Net movement in funds 1413,556) 471,527 123,2341 194 6,109) (911,372} Total funds brought forward 753,219 3,955,741 501,461 6,224,916 11,435,337 Total funds carried forward 339,663 4,427,268 478,227 5,278,807 10,523,965 43