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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4 0

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