Company number: 2857013 Charity number: 1047632 ROYAL CANOE CLUB TRUST TRUSTEES, REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ROYAL CANOE CLUB TRUST CONTENTS Trustees, report Independent axaminer's raport statement of financial activities {including income and expenditure account) Balance sheet Notes to the financial statements 9-16
ROYAL CANOE CLUB TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees {who are also directors of the company for the purposes of company law> present their report and the unaudited financial statements of Royal Canoe Club Trust for the year ended 31 December 2024. The trustees confirm that the report and financial statements of the charity comply with the current statutory requirements, the requirements of the governing document, and the provisions of "Accounting and Reporting by Charities.. Stalement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191 (Charities SORP {FRS 1021). Reference and administrative information Company number 2857013 (England and Wales) Registered charity number 1047632 Registered office and principal office address The Clubhouse 1 Trowlock Island Teddington Middlesex TW119QY Independent examiner J Mathieson Lindeyer Francis Ferguson Limited North House 198 High Stregt Tonbridge Kent TN9 18E Principal bank8rs NatW8St Bank plc 250 Bishopsgate London EC2M 4AA CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling ME19 4TA Structura, governance and management. Constitution Royal Canoe Club Trust is a charitable company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. The company was incorporated on 27 September 1993 and is governed by a memorandum and articles of association. It registered as a charity on 30 June 1995. b. Method of Appointment or Election of Trustees Th8 Royal Cano8 Club Trustees ar8 recruited from the membership of th8 Royal Canoe Club, they act as the Directors of the Royal Canoe Club Trust. The Skiff Club appoints two further Directors. The Directors may appoint additional Directors from Walbrook Rowing Club or Kingston Royals Dragon Boat Club depending upon the skills and knowledges required. They are appointed by majority vote at the Annual General Meeting and are inducted by their fellow truslees. c. Organisational Structure and Decision Making The trustees have overall responsibility for approval of strategy, policies. plans. risk managemont and finance. During the year charity has 2 employees to assist in delivering engagement with young people under 23. All other
ROYAL CANOE CLUB TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 administrative activities are delivered by the Directors on a voluntary basis as is the oversight of programmes of activity. All considerations have regard to the Charity Governance Code and the Directors adhere to the principles and detail of the UK Corporate Governance code. d. Trustees The trustees serving during the year were.. David Lawrence (Chair) Martin Bosher James Clark Roger Hughes Basil Pratt Jonathan Boyton Daniel Smith Jessica Walker Ir8signed 12 August 20251 Timothy Humphries (appointed 12 August 2025) Objectives and activities Objectlves The primary objective of the charity is the advancement of amateur sport, especially walersports, including.. Canoeing Skiffing Rowing Dragon boating The charitable objects for which the charity was eslablished include the organisalion and provision (either alone or in conjunction with other bodies) of facilities for waler-related and other physical recreation at Teddington land l or 81s8wh8r8 in the Unit8d Kingdom) for th8 public benefit. b. Publlc Beneflt The Trustees have had due regard to the guidance issued by the Charity Commission on public benefit when reviewing the charity's objectives and planning for the future. Sport England research shows that boosting participation in sport can generate a variety of socio-economic benefits. Sport can, and does, make a profound and positive impact on individuals, communities, and wider society. HEALTH IMPACT.. Physical activity, including sport, is linked to reduced risk of over tmenly illnesses, including cardiovascular disease, some cancers and the mental health of individuals. SOCIAL AND CULTURAL IMPACT= the positive effects of sport on education include improved attainment, lower absenteeism and drop-out, and increased progression to higher education. For instance, young people's participalion in sport improves their numeracy scores above non-participants. SOCIAL CAPACITY AND COHESION.. sports programmes have the potential to strengthen social networks and communily idenlity, according to several international studies. The charity considers that its activities lead lo significant public benefit in all areas highlighted by Sport England particularly following the physical, mental health and social impacts upon young people resulting from the Covid pandemic.
ROYAL CANOE CLUB TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Activities The charity invests in the provision of high-quality facilities for community recreation and has focused on making enhanced provision of facilities and leadership for children, young people and disadvantaged groups. The charity, together with the Skiff Club Trust, owns the freehold of a riverside sile at Teddington comprising boathouses, changing rooms, training and recreation facilities. These facilities, together with an adjacent sile on Trowlock Island (owned by Canoe Club Freehold Limited, trading as Teddington Watersports Centre), are used by four ¢lubs. Th8 Trust provides facilities for Teddingion W8t8rsports C8ntre which in turn delivers sporting activities and health I fitness programmes lo.. the Royal Canoe Club, the Skiff Club, Walbrook Rowing Club and Kingston Royals Dragon Boat Club and external organisations such as schools and youth groups. The freehold site also includes residential property, which is rented to individuals who provide services to the trust, to students and young athletes to generate funds. Th8 charity has a commercial mortgage with National Westminster Bank, which was taken out in 2007 to enable investment in a major project to rebuild the island sile at Teddington. The redevelopment work was completed in 2008 and substantially increased the changing room space, training area and provided extra space for coaching, preparation and olher activities, including access and facilities dedicated to physically disabled people {which were previously lacking). The new facilities allowed 8xpansion of the range and depth of activities, with increased membership and participation across the range of walersport and other leisure activities that the charity supports. This provision is being reviewed in order to ensure ils suitability for the current uses. The Charity makes grantslo Teddington Watersports Centre and lo the sporting clubs in accordance wilh its charilable purpose - primarily to improve the sporting facilities or to purchase sports equipment. Decisions on grants are made by the Board of Trustees, who have an expert understanding of one or more of the water sports activities. Target groups for increased participation are youth & juniors., women & girls- disadvantaged and other groups. Rowing and canoeing conlinue to attract a considerable number of junior participants through organised coaching programmes and links with local schools. The Trust continually examines ways it can further assist the Clubs in attracting mor8 young people to th8 activitl8s as a cons8quenc8 th8 Trust has 8mployed a furth8r 'animator' to18ad the programmes of instruction. Achievements and performance In the year ended 31 December 2024 the charity continued lo reduce the business mortgage debt (the repayment period has now been shortened as a consequence}. The Trust and Teddinglon Walersports Centre have undertaken extensive works to refurbish the facilities and ensure all the buildings are fit for purpose. This brought forward some of the planned maintenance items as it was convenient to undertake the works at the same time as the refurbishments. However, in the process this exposed asbestos that required removal prior to the replacemont of the heating systems which will follow. These works have reduced the Trust reserves considerably but ensured the facilities ar8 maintained at an appropriate standard. Our facilities are used by all age groups and by users who range from polential Olympic athletes lo complete beginners. Membership of each of the 4 Clubs based al Teddington continue to increase. the Trustees are pleased to identify a recovery in the numbers and the support for teaching and coaching programmes. The continuing support by the Governing Bodies of our sports is welcome.
ROYAL CANOE CLUB TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Up to December 2024 the specific activities carried out by the clubs based al Teddington, to benefit groups include.. young people.. free taster sessions encourage children from local schools lo join as junior members. older people. learn to row, courses attract older people and daytime rowing for those not in work is now very popular and being expanded further lo Friday mornings. disadvanlaged people.. clubs try to offer affordable fees or discounts for those on low incomes who cannot afford full fee levels. The Royal Canoe Club I Walbrook Rowing Club run programmes forjuniors consisting of water activities, land training and slrelching & flexibility over the internet which enjoyed considerable support. The extenl of these programmes and the delivery mechanisms have been reviewed during the year and the recommendations acted upon. The charity supports several open sporting events and regattas in canoeing, rowing, skiffing and dragon boating that are held at the Teddington site, using the facilities that we provide and managed by the resident clubs. The income generated provides revenues to support each of the activities. We have in the past made our facilities availabl8 for other sporting activities or activities with a public ben8fil, this activity is yet to fully recover from 2020 levels. Financial review In the year ended 31 December 2024.. Income was £144,375- which compares to £127,439 in 2023. This year's restricted funds were in the form of donations made towards coaching al Royal Can08 Club and equipment replacement by Walbrook Rowing Club. Total expenditure was £248,303- which compared lo £195,131 in 2023. A deficit arose of £103,928 compared to a deficit of £67,692 in 2023. Total funds at year-end were £577,496 which includes £20,750 of restricted funds. In 2023 funds carried forward were £681,424, of which £70,265 were restricted. The trustees consider the financial results for the year to be satisfactory. The charity continued to repay debt and invest in sporting facilities. The cash reserves position remains healthy and will enable the charity lo continue to achieve ils aims in the following years. Reserves The charity's poliGy on reserves is Gonservative. The trustees aim to hold al least 1500/0 of annual regular Gosts {¢a, £100,000} as a reserve, since there are substantial costs associated with the major works necessary at the site. At the balance sheet date, free unrestricted reserves (defined as unrestricted funds excluding tangible fixed assets and loans secured thereon} amounted to £70,179 (2023= £111,815}. As a consequence of the Mary Frampton bequest received in 2019 the Trust has reserves- sufficient to cover repayment of the mortgage. The Trust regularly reflects on the opportunities this level of reserves presents however determined efforts will be made lo recover the position the Trust enjoyed prior to the refurbishment programme.
ROYAL CANOE CLUB TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of tru$t•e responslblllll•s The trustees, who are also the dlrectors of th8 company for Ihe Pufwses tsT LL)Iripkiny law. aro responslble for prepanng the Tru5tees' Repurl and Ihc financial statemenis In accordance with applicable law and United Kiwdom Accounllng Standards (Uniled Kingdom Generally AGGepled ALcuuriling Practice). Company19w requires the frustees to prepare financial %18lements for each financlal year. Under that law the trustees mu.%t not fipprove the flnanclal ststernenls unless they ara salisfied that they give a true and fair viftw of tho slate of attairs af the charftable Gompany and Df the incnming resoiirces and applicallon of resources, including the Income and oxpenditure, of the chantable Company IDr that period. In preparing these financi81 sl8tem8nls. tho trLlStees a require(J tv. select suitable accounting poIleS and Ihen apply them Gonsislently. obser4e tho molhods and principles in the Charities SORP. make judgments and arrUnlIn ostim8le5 that 8re reasonable and prudent. and w¥parv ihe financial SlateEnts on tha golng concm basis unless it is inapproprte to presume that the charitable company wlll conts'nue in operatK)n. The trustees are responsible for keeplng adequate accourillng recor(Js thsl are suffldenl lo shDW and explain the cliaril(Ible company's trans8Ctions 8nd dEsdo3e with reasonable accuracy at any time the fiiiancwl positson of the chariiable company and enable Ihem lo ei)sure Ili¥l Ihe financial slatements comply wlth lh8 Companies Acl 2006. They ar8 81s0 responsibl8 for safeguarding Ihe a8sets of the charft8ble company and hence for taking reasonable slops for the prevenllon and delection of fraud and other irrggulanties. This report has been prepared in accordance with the proviwons applicable lo small compan5 5uty.ect to the small ¢ornpanies' regime th Part 15 of the Companios Act 2006, Approved by the board ol trustees signed on its behalf by: Davld Lawrence Chair of the Board of Truste88
ROYAL CANOE CLU8 TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 I report lo Ihe ¢harity trustees on my examlnatson of the accounts ol the Royal Cinoe Club Trust (th• Company) for tr yeor endJ 31 Decembei 2024. R••ponslbiliti•s and ba•ls of r•port AS the charity's trustees uf tlie Company (and also its diredors for the PU089$ of ¢ompany19wI you are responslble for the preparalion of the attCnts In accordance wrth Iho requirn¢nts of th¢ Companios Act 2W6 {'the 2CK)e A¢!'). Having sa¢isfie(I mysell thal11)e accouiits of the Comp8ny ¥Te riot wequired to be audited under Parl 16 of th8 2006 Act and are 8ligibl8 lor ind8P6ndgnt &xamirialion. I reporl in respecl of my examSnatlon ol ycur charity's accpunts as CaThi out under section 145 Df the Charities Act 2011 (Ihe 2011 Aot.). In carrying oul my ex8minatJon I have fdlowed the Dlreciions given by Ihe Charity Commission under JoGlion 14951 Ib} of Iho 2011 Act. Independent •xamln•r'• •tat•m•nt I have Gomplelad my examin81ion. I conflmi that no rnatters have ccffie to rny attention in exJThnQCtion wilh Ihe ex•rnination giving me cause to believ•- attountlng recDfds were not kept in fèSPgCt of Ihe Company as required by secb'on 386 of the 2008 Att; or 2. Ihe 8ccoun15 do not accord wilh those cecords,. or 3. the accounts do not comply wilh the accounting requirements o189dion 396 ot the 2G06 AGI other than an, fequirpment thal Ihe accounts glve a 'lrue and f81r view which b& not a matt•r considorod as part of an iThJependenr oyarninalion,. or 4. the have not been weparad in accordanca th the methods ahd principles tsf Ihe Sthlement Df Recommended Prxli¢g for aOuntIng and reporting by ch8ritses applic£ble 1¢ Gh8rltie5 PrparIng Ihelr a<xounts In accordance with the Financial Roporting Standard applicablo in tho UK and Republic of Ireland (FRS 1021. I have no concems and have corne across no other matters In conneclion wilh Ihe examination to vthicli allenlion should be dru%Yn in Ihiz report in ordjr to gnab19 a proper underslanding of the accounts to be reached. James Mathiegon FCA Llnd•y•r FranciB Forgu8on Llmllod NDrtlI Huubv. 198 High Street Tonbrid9e K•nt TN9 1 BE Dated.. 1g1th |2.5... .....
ROYAL CANOE CLUB TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2023 Total funds Note Income from: Donations and legacies Charitable activities Investments.. Rental income Bank interest 37,875 37,875 73,335 8,330 91,180 73,335 32,520 645 32,520 645 27,673 256 Total income 106,500 37,875 144,375 127,439 Exp8ndlture on: Investment management costs: Rental property costs Charitable activities 24,883 136,030 24,883 223,420 15,118 180,013 87,390 Total expenditure 160,913 87,390 248,303 195,131 Net expendlture and net movement In funds 10 154,4131 149,5151 (103,9281 { 67,6921 Reconclllatlon of funds: Total funds brought forward.. 611,159 70,265 681,424 749,116 Total funds carried forward 16 556,746 20,750 577,496 681,424
ROYAL CANOE CLUB TRUST AS AT 310ECEIA8ER 2024 2024 Flxad •••ts TangIbla$sets Inveslment property 11 12 2e6,567 279.344 Cuirent assets Debtorn C•h at tk gr¥J kn Ipr¥J 13 10,300 1e6,977 19.134 234.141 177.2T7 253,275 CuTT•nt IlaMIIIo9 CreAlknr8.' amaurts fallir¥J hin one yw 14 (47,9tr2) (21,911) N•t curmt 40••ts . 129,375 231,364 cr101•.. aMrth falliry due aflef morn tsn one 15 { 38,448) (49,284) Totsl n•t •••ts 577,498 681,424 Thg fund• of tho ¢harlty UnTe8lr¢ted fil8 Inwmg lurwj 16 s,746 20,750 611,159 5T7,496 681.424 The dHrW8 flmndal 8latJnents have bwn weFogd In wxdanca the wovwlom 8P¢4ble to Mrn1•1 •utJ"ed t¢ th• •mall ccffiwl6s r•gwne Tt truth•s c¢rohJw that the ¢PtY l¥ •ntllknd to exemKtsn from the requlrernwrt to have an Lmder the ovffjl(m8 of seollon 477 01 Ihe Cunpanie8 Act 2( I'lhe Acr'l 8r¥Y merntrArn have rnt requir•J the charity to otrAain 4n aLh¥rt for th• y•Ai In questk In acc¢fdwK• 88dlon 476 of the The tTUStee8 8c*r+utho thelr Mn81118• for M[n9 K4llh the rewlremerrt• ol the Comp•nlM 20C6 wlh reBpeQ to records Ihe preparatlon ol the fln8n¢lal ststementj IInale1 &elements were ard 8ulhoiwl for knue lyrf the TruJts& on . . ed n Viwr bthalf ty.. J•w Clark Tru8ree Chlr Company numtrf. 2857013
ROYAL CANOE CLUB TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATUS Royal Canoe Club Trust is a charitable company limited by guarantee incorporated in England and Wales. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is The Clubhouse, 1 Trowlock Island, Teddington, Middlesex TW119QY. ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sourGes of estimation uncertainty in the preparation of the financial ststements are as follows.. 2.1 Basis of preparation The financial statements have been prepared in accordance with "Accounting and Reporting by Charities.. Stat8ment of R8comm8nded PractlC8 applicab18 to charit18s preparing th8ir accounts in accordanc8 Wlth th8 Financial Reporting Standard applicable in the UK and Republi¢ of Ireland {FRS 1021" {effe¢tive 1 January 20191 {Charities SORP {FRS 1021}, Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Royal Canoe Club Trust meels the definition of a public benefit entity under FRS 102. Assets and liabililies are initially recognised al historical cost or transaction value unless otheiSe slated in the relevant accounting policy not&{s). There are no material uncertainlies about the charily's ability to continue, and so the going concern basis of accounting has been adopted. The financial slatements are presented in pounds sterling and rounded to Ihe nearest pound. 2.2 Income Income from donations and grants is recognised when the charity is entitled lo the funds, the receipt is probable and the amount can be measured reliably. For donations, this is usually on receipt. For grants, this is usually when a formal offer is made in writing, unless the grant contains terms and condilions outside of the charitls control which must be met before the charity is entitled to the funds. Income from charitable activities and investments comprise rental income from renlals in the furtherance of the charitable objects or to generate funds for the charitable objects respectively, bank interest and Cross charges to the Royal Canoe Club I'RCC'I. Rental income is recognised over the period lo which il relates. Bank interest is recognised when receivable. Cross charges lo RCC relate lo income received lo cover coaching costs for watersports. It is recognised in line with the period to which it relates. The charity is not VAT-regist8red. 2.3 Expenditure Expenditure is recognised when a present legal or Gonstructive obligation exists at the balan sheet date as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and the amount can be estimaled reliably. Expendilure has been classified under headings that aggregate all costs related to the category and includes irrecoverable VAT.
ROYAL CANOE CLUB TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES contlnued 2.3 Expenditure continued Grants payable are recognised when the grant has been formally approved by the trustees and confirmed to the grantee. Support cosls. which are those costs relating to functions which assist the work of the charity bul do not directly relate to its activities, have been allocated between charitable activities and investment management activities on the basis of income generated. 2.4 Fund accountlng Unrestricted funds can be used in accordance with the charitsble objectives at the discretion of the trustees. Restricted funds can only be used for the particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 2.5 Tanglble flxed assets and depreclatlon Tangible fixed assets are stated at cost less deprecialion. Depreciation is provided at rates calculated to write off the cost less estimated realisable value of each asset over its expected useful life, as follows.. Freehold land Freehold buildings Equipment Not depreciated 2°/0 Straight line 10°/o Straight line 2.6 Investment property Investment properties are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date. Changes in fair value are shown in the statement of financial activities. 2.7 Financial instruments The charity only has financial ass8ts and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instrumenls are initially recognised al Iransaction value and subsequenlly measured at Iheir settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 10
ROYAL CANOE CLUB TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INCOME FROM DONATIONS AND LEGACIES 2024 2023 Donations 37,875 8,330 37,875 8,330 In 2023 restricted donations totalling £8,330 were received. INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity." supporting water-ralatéd and other amatèur sports Provision of facilities for the benefit of watersports clubs Cross charge from Royal Canoe Club 13,200 60,135 13,200 77,980 73,335 91,180 RENTAL INCOME 2024 2023 Rent of studenl a¢¢ommodalion at Rob Roy House 32,520 27,673 32,520 27,673 RENTAL PROPERTY COSTS 2024 2023 Light and heat Water and council rates Allocation of support costs 4,821 4,111 15,951 5,058 3,755 6,305 Note 8 24,883 15,118
ROYAL CANOE CLUB TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 EXPENDITURE ON CHARITABLE ACTIVITIES 2024 2023 Activity.. supporting water-related and other amateur sports Grants to institutions Gift of equipment to other institutions Repairs and maintenance Staff costs - coaching Travel and accommodation Boat fuel Allocation of support costs 85,141 8,403 31,519 62,385 19,444 57,055 80.060 1,050 1,628 20,776 Note 10 Note 8 35,972 223,420 180,013 Grants to institutions comprise £49,516 to Teddington Walersports Centre12023.' £13,194) and £35,625 to Walbrook Rowing Club12023'. £6,250). In addition the watersports equipment owned by the charity, and holding a net book value of £8,403, have been gifted to Royal Canoe Club. During the prior period 8xpenditure on charitable activities included restricted expenditure of £21,524. 8 SUPPORT COSTS 2024 2023 Other administrative expenses Legal and professional Depreciation Bank loan inter8St Insurance Bad debt expense Governance costs.. Accountancy and ind8p8ndent 8xamination 462 3,452 4,374 3,890 1,229 5,443 4,172 13,117 35,215 4,530 3,120 51,923 27.081 STAFF COSTS 2024 2023 Wages and salaries Employer's NIC Pension costs Contracted coaches 58,587 1,470 1,128 1,200 72,040 2,431 1,787 3,802 62,385 80,060 Included within wages and salaries are termination costs of £13,49012023: £nil). The average number of employees on a headGount basis, during the year was 212023.. 2). No employee received employee benefits of more than £60,000 in the current or preceding year. 12
ROYAL CANOE CLUB TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10 NET EXPENDITURE 2024 2023 Net expenditure is stated after charging.. Independent examiner's fees- examination Independent examiner's fees- accounts Depreciation 1,000 3,530 4,374 1,000 2,120 5,443 11 TANGIBLE FIXED ASSETS Freehold property Equipment Total Cost At 1 January 2024 Disposals 388,014 10,690 110,690) 398,704 110,690) At 31 December 2024 388,014 388,014 Depreclatlon At 1 January 2024 Charge for the year Disposals 117,073 4,374 2,287 119,360 4,374 12,287} 12,287) At 31 Dec8mb8r 2024 121,447 121,447 Net book value At 31 December 2024 266,567 266,567 At 31 December 2023 270,941 8,403 279,344 Freehold property includes land valued at £169,31012023.. £169,310} which is not depreciated. 12 INVESTMENT PROPERTY Market value as at 1 January 2024 and 31 December 2024 220,000 The investment property was valued at the year end by the trustees based upon its location and also its situation above the Boat House. 13
ROYAL CANOE CLUB TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13 DEBTORS 2024 2023 Gift aid recoverable Other debtors 10,300 2,825 16,309 10,300 19,134 14 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans Net wages control account Other tax and social security Other creditors Granls payable Accruals 10,794 2,171 650 168 27,500 6,619 10,114 3,128 8,669 47,902 21,911 15 CREDITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Bank loans 38,446 49,284 The bank loan is the charitls only financial instrument measured at amortised cosl. The interest expense for the year recognised on the bank loan was £3,89012023'. £4,172). The bank loan is secured by way of a first legal charge over the freehold property. The loan bears interest at rate of 2010 above base rate and is repayable over 25 years. 14
ROYAL CANOE CLUB TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16 MOVEMENT ON FUNDS At1 Jan 2024 At31 Dec 2024 Income Expenditure Transfers Current year: Unrestricted funds General fund 611,159 106,500 (160,9131 556,746 611,159 106,500 1160,9131 556,746 Restrlcted funds Walbrook Rowing Club- equipment Coaching costs Teddinglon Watersports C8ntre - n8W facilities 1,075 35,625 2,250 135,6251 12,2501 149,5151 1,075 69,190 19,675 70,265 37,875 187,3901 20,750 681,424 144,375 1248,3031 577,496 The restrictad funds arise from grants and donations to fund particular projects or items of expenditure, and unused income is carried forward to cover future expendilure on those areas. At1 Jan 2023 Gains I (Losses) At31 Dec 2023 Income Expendltur8 Prlor year: Unrestrlcted fund8 General fund 665,657 119,109 (173,6071 611,159 665,657 119,109 (173,6071 611,159 Restricted funds Walbrook Rowing Club- equipment Coaching Teddinglon Watersports Centre - new facilitl8S 1,075 6,250 2,080 16,2501 12,0801 113,1941 1,075 82,384 69,190 83,459 8,330 121,5241 70.265 749,116 127,439 1195,1311 681.424 15
ROYAL CANOE CLUB TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17 ANALYSIS OF NET ASSETS BETWEEN FUNDS Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Current year: Fixed assets Net current assets Creditors due in more than one year 486,567 108,625 138,446} 486,567 129,375 138,446} 20,750 20,750 556,746 577,496 Restrlcted Unrestrlcted funds funds 2023 2023 Total funds 2023 Prior year: Fixed assets Net current assets Creditors due in more than one year 499,344 161,099 149,284) 499,344 231,364 149,284) 70,265 70,265 611,159 681,424 18 OPERATING LEASE RECEIVABLES As shown in income from charitable activities the charity rents out its freehold property for watersport activities. The charity has future minimum18ase payments receivable of £13,200 which are due in not later than one year 12023.. £13,200). 19 FINANCIAL COMMITMENTS At 31 December 2024 the charity was committed to costs of £nil. In 2023 it was committed to costs of £27,505 (including VAT} in relation to works at Rob Roy Hous8. 20 RELATED PARTY TRANSACTIONS The trustees are considered to be the charitls key management P8rsonn81. None of the trustees received any remuneration, reirnbursed expenses or other benefit5 during the Gurrent or prior period. Expenses waived are not considered lo be material. One trustee made donations in the year of £1,800 (2023.. £1,800) to contribute to the coaching costs of the charity. 16