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 poI￿leS and Ihen apply them Gonsislently. obser4e tho molhods and principles in the Charities SORP. make judgments and arr￿UnlIn￿ ostim8le5 that 8re reasonable and prudent. and w¥parv ihe financial Slate￿Ents on tha golng conc*m basis unless it is inappropr￿te 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 compan*5 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 end*J 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 PU￿089$ of ¢ompany19wI you are responslble for the preparalion of the attC￿nts In accordance wrth Iho requi￿rn¢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 a￿OuntIng and reporting by ch8ritses applic£ble 1¢ Gh8rltie5 Pr￿parIng Ihelr a