LONDON CORINTHIAN TRUST TRUSTEES. REPORT AND UNAUDrfED ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
LONDON CORINTHIAN TRUST TRUSTEES. REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 INDEX Page Trust reference and admlnlstratFve detall8 24 Trust888' report Independent examlners. rnport Statement of flnandal actlvltl88 Includlng the Income and expendlture account Balance Sheet 8-16 Notes to the accounts
LONDON CORINTHIAN TRUST TRUSTEES, REPORT AND UNAUDITED AcCourS FOR THE YEAR ENDED 30 SEPTEMBER 2024 TRUST REFERENCE AND ADMINISTRATIVE DETAILS Charity Regi8tratlon Number 1084734 Company Registration Numb8r 04027792 Tru8te88 and company officers S M C AI8X8nder appolnted 27 June 2018 resigned 8 July 2024 appolntsd 22 June 2022 resigned 8 July 2024 appolnted 25 June 2020 re8lgned 8 July 2024 appoint8d 3 August 2021 appolnted 23 June 2021 appointed 27 June 2018 appointed 27 Jun8 2022 r881gned 8 July 2024 appolntsd 25 November 2021 appolnted 17 Octobar 2023 appolntsd 21 Jun6 2023 reslgned 31 July 2024 appointed 21 June 2023 reslgned 8 July 2024 appoint8d 21 June 2023 appolnted 23 October 2023 P N Blackadder J G De Lagarda D Gollancz P L Llncoln ITrea8urer) M Mcconway S Nunez De C8la J Tan (Chair) L Scrlne ( Company Secretsry) S J FzpatrIck E E S Rlccardl C J Saynor B Walnwrfght Registered offlce and principal 8ddre88 Llnden House 60 Upper Mall London W6 9TA Independent examlner DMB Davles Ltd Broyan House Priory Street Cardigan SA43 18Z Solicltors Russell-cooke LLP 2 Putney Hlll London SW156AB Bankers Metro Bank PLC 137 Chiswick Hlgh Road Chlswlck London W4 2ED P4e1
LONDON CORINTHIAN TRUST TRUSTEES. REPORT (INCLUDING THE DIRECTORS REPORTI The Trustees present their report and the unaudited acrx)unts of the Trust for the year ended 30 September 2024. The Truslees have adopted the provlslon5 of the Statement of Recommended Practice (SORP) "Aclunting and Reporting by Charities. (FRS 102) in preparing the annual report and accounls of the Trust. The accounts have been prepargd In accordance wlth the accounting policAes set out in notes to tho acwunts and MplY with the Trust's governing docum8nt, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Rec£¢mmended Practice applicable to charlties préparing their accounts in ac¢ordan¢e with Ihe Financial Reporting Standard applicable In the UK and Republic of Ireland published n October 2019. OBJECTIVES AND ACTIVITIES The objectives of the London Corfnthlan Trust ('th8 Trusv) are, In summary, lo:. l. provide water sports facilllies in Hammersmlth In th8 Int8r8sts of soclal welfare., 11. preserve bulldlngs of heritage value in Hammersmlth for the benef of the nallon at large., and 111. undertak8 any other chatable purpose. The Trust owns Llnden House, a Grade11 Ilsled bulldlng of beauty and hlstorfcAI Int8r8st sltuated on the rlverside in Hammersmith. It carrles out It8 purposes for the publlc benefit by m8lntalnlng and oper8ting Llnden House as a w8*8r sports centre, Th8 Trustees confirm that they have had regard to the gUIdar on Publlc Beneflt publlshed by the Charfty Commission in September 2013 when exerclslng any powers or undertaking any duties to whlch that guldance is relevant, ACHIEVEMENTS AND PERFORMANCE The Trust provldes water sports facilities at an affordable eo81 to a salllng club and a rowlng club by means of licen888. The yearly access charge for 2023r24 was set at the equlvalanl of £140 per member. The London Corlnthlan Sailing Club was establlshed In 1894 and has around 500 members. Th8 Club provides salling throughout the year, wlth dlnghy salllng on the Thames at Hammersmlth and Offsre salling on the Solent and further afleld. The dlnghy programme Includ88 rac88 and cruises most weekends and mld- we8k In the Summer. Dlnghy sallors also participate in trainlng and events away from the Thames, including weekends on the South Coast. The Offshore programm8 covers cruislng. raclng and tralnSng. member8 P8rt1¢ipate In established rogattas and events including Cowes Week, Round th8 Island Race and the Fastnel Race. The Club 81s0 has an èxiensive crulslng pr(h3ramme and runs several overseas trlps oach year. The Club Ss a Royal Yachting As50clatlon (RYA) training centre and provldes an extenslve rarge of RYA and non RYA tralnlng for dlnghle8. offs1)re 8nd powerboats. Sons of the Thames Rowlng Club ('Sons'l is a registered Communlty Amateur Sports Club though find8 th8 £520 partldpatlon cost limit almost impossible to achieve after the inflallon of expenses that has been experienced in recent y8ars. It offers affordab18 rowing to men and women of all ages, both competitivg and recreational. It has around 60 members. It provldes club boats for all members to use and coaching for those who wlsh to (x)mp8te. Crews fr8quenlly take part in local regattas on the tldal Thames and sometlmes futher afield. The committee's focus In 2023124 was to improve the coachlng slruclure 8nd reinslale the learn to row courses for beglnners. These objectives were both achleved and the benefit has been felt In tha current year. Both Clubs also have an active soclal schedule with Llnden House providing a superb venue for club nights, so(ial events and parties throughout the year. London Corinthian Services Ltd. the Trust's trading subsidlary. operates a bar for the sports club members and ralses funds for the Trust through provision of room hire and catering to external customers. Services donated £58.485 in the year (£84,524 in 2023). Extemal booklngs of communlty benefit Included The R Cross, RNLI & the Royal Yachting AssocAation. The trust rK)ntinued to ensure support to its members thrOh the modemisallon of the Llnd8n House faclllty. Major projects induded mainlenance to the building exierior and interior. refurbishment of Ihe18dies changlng rwms as well as efforts to $8cur8 8 long8r18as8 Period over the boat storag8 area.
LONDON CORINTHIAN TRUST TRUSTEES. REPORT (Contlnued) PLANS FOR THE FUTURE The Trust will continue to deliver on its objective8 by con8tantly looking for way8 to improve the facilities and participation in water sports in Hammersmith and by eXling a planned programme of maintenance to Linden House to ensure It$ ¢ontlnulDg preservatlon. The Trust wlll be refurbishlng the boat yard gates, continuing to improve fire securfty by removing redundant gas pipes and maklng improvements to the commerclal kltchen and functlon rooms as well as continuing Its programme of repairs and maint8nance. The Trust continu88 to support London Corlnthlan Sepilc88 Ltd as th8y 8voIv8 In a changlng market. FINANCIAL REVIEW The Trustees consider the financlal r8sutts for the ye8r, vthlch are summad88d on p8ge 8. to be good glven th8 chall8nging financial clrcum8tanc88 In year. Th8 Trust had taken advantagè of long t8mi IIx8d rats8 for It utilitla8 and was not therefore exp08ed to Increa8e8 In costs over the la8t year. Major malntenance projects Included the refurbS8hment of the ladles changlng room, extenslon of property leases and kltchen equlpment. Detslls are Included in Note 11 to the financlal Ststements, Capital Spend durfng the yearwas £31,129 {FY23 £43.220). The Trust's general fund target, l.e. the unr88trfct8d and r8adlly rea118abl8 financial re8eN88, remain8 unchanged. Thls target18 the total of'.- l. nlne months, operatlonal and govemance costs (excluding repair6 & maintenance and depreciation); 11, slx months, of cash 8XP8ndlture on repelrs, m81ntenence and addlUon8 to fixed assets aver8ged over a five vear Deriod,. and 111 a slnklng fund (for large longele replacement Items and Investrnent In new f8cllltle8) gThlng over time to £30,000. STRUCTURE, GOVERNANCE AND MANAGEMENT The Trust is incorporated as a company limited by guarantee and is governed by Its memorandum and artlde8 of association. The Ilability of Its members 18 limited to £1 each. The Trustses are the directors of the charltable company. The Trust has a wholly owned tradlng subsldlary, London Codnthlan SeNlces Ltd ('SeNlces'). Servlces occupl88 part of th8 Trust's freehold property under licens6 and carriès out commèrcial activities includlng the hire of rooms and provision of bar and c8terlng. It pays an anns lenoth occupattonal Ilcen88 fee to tha Trust, and. in addition, gifts its net profits to the TNst. The Servlces BoaTrd comprises dlrectors nomlnated by the Trusl and the clubs and, if considered appropriate. approved by the Trustoos. The Services Board is responslble for dlrectlon and overslght of all aclivities of S8Nicas in compliance with relevant regulations. The Services company employs 8 full-tim8 manager to manage ihe day to day operations of thg Trust end its trading subsidiary, including the ¢rUitment and oversight of staff and contraGtors. The Trust has established a group of volunteers to manage repairs and malntenance of Linden House. the adjoining leasehold property and the boating facilit188. Th8y are r88ponslb18 for manag8m8nt of all property- related work In compllance wtth relevant regulations. Pag8 3
LONDON CORINTHIAN TRUST TRUSTEES. REPORT (Contlnued> The Trusts8S 8Stabli8h th8 Strategy through whlch th8 Trust achl8v8s lis charltab18 obJ8CtIv8s. They approve the Trust's annual budget. review and approve key appointments and strategic decisions m8de by the Services Board. and review and approve key decisions of the Facilities Committee. They bear ultimate responsibility for the health arKI Safety of staff and visltor8 to Llnden Hou86. except In relation to the clubs, sports activities. The TN8t88s ar8 ultlmately r8sponslbl8 for th8 Id8ntlflcatlon of th8 major rlsks to whlch the charlty18 eXPO8ed, the assessment of those rlsks and the e8tsbli8hment of control procedure$ to mitlgate them. The Facilities Committe6 provides expert assistance on the propety-related risks. The SeNices Board provldes insight Into the commercial rfsks. The manager operates the malorfty of the control procedures. The Trusi888 r8Vi8w th8 major rfsks and controls at18ast y8arfy. Th8y conslder health and safety Incld8nts arKI nevAy identified h8zards (rf any) at e8¢h regular meeting. They arrange Insurance cover for the Tnjst and Services, includiro buildings all risks, employer Ilablllty and publlc Ilablllty. APPOINTMENT OF TRUSTEES N8w Truste88 are usually recrult8d from the member8hlp of the charfty by &mall advertls8ment or word of mouth. At18a8t three but no mor8 than fv481v8 of th8 Tw8t888 must be elected at 8n annual g8n8ral meetlThJ; up to flve more may bg COpted. Tru8tee8 mu8t retlre after three years but they remaln ellglble for rewelectS¢)n. The Tru8te88 who 88r¥ed during the accountlng pertod and to the date of th18 report are 8hown on page 1. The followlng Tru8te8 currently 88rve8 88 a dlrector on the Serwlces Board. C J Saynor The charttsble company has taken advantage of the 8mall companl88' exemptlon In preparfng the report above. The Tru8iee8 declare that they have approved the Trustees, report (Including dlrector8' report) above. Signed on behalf of the charlvs Trustees JTan Trustee Page 4
LONDON CORINTHIAN TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LONDON CORINTHIAN TRUST ON THE UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 I report to th8 charity trustees on my examination of th@ accounts of the company for the year ended 30 September 2024 which are set out on page6 6 to 16. Responslbllltles and ba818 of report As the charfty trustees of the ¢omp8ny (and also Its directors for th8 purpo888 of company law) you are responslble for the prepar8tlon of the accounts In accordance vAth the requlrements of the Compan188 Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of th8 company a not requlred to b8 auditsd under Part 16 of the 2006 Act and are ellglble for independent examination. l port In respect of my 8xamlnation of your company's accounts as carfed out under section 145 of the Charftles Act 2011 {'the 2011 Act,). In carrylng out my 8xamination I have followed the Dlrectlons glven by the Charfty Commisslon under Sectlon 145(SXb> of the 2011 Act. Indopondont 8xamlnar'8 stat•m•nt I have ¢ompletsd my 8xamlnatlon. I confimi that no matters have com8 to my attentlon in conn8Ctlon with the examlnation glvlng me cause to believe that In any material respect.. accountlng record8 were not kapt In respect of the company as requlred by section 386 of the 2006 Act: or 2. the accounts do not accord with th088 records; or the accounts do not comply with the accountlng requlrements of 8ectlon 396 of the 21x16 Act other than any requirement that the accounts gEve a 'true and falr VI8 whlch Is not a matter consldered as part of an independent examinatlon; or th8 account8 have not been prepared In accordanc8 wlth the method8 and principles of the Statemgnt of Recornmended Practic8 for accountlng and reporting by charllle8 applicable to charities preparlng their account8 in ac¢ordan¢e wlth the Flnanclal Reportlng Standard appllcable In the UK and Republlc of Ir8land (FRS 102). I have no Concems and have come across no other matters in Connectlon with the examlnatlon to which attantion should be drawn In th18 report In order to enable a proper understanding of th8 accounts to be reached. DMB Davies Limlted Broyan House, Prlory Stre Cardigan SA43 1 BZ Date: Page 5
LONDON CORINTHIAN TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unrestrfcted Restrlcted funds fund8 Total funds Total fund8 2024 2023 In¢om•: t)onatlons, grants and legacle8 Incoma from ch8n't8ble 8Ctivitles Op8ratlon of club f8cIIIti88- capltatlon f888 Income fmm other tradlng 8CtMtle8 Tradlng 8ub8ldlary operations Investments 25,000 58,746 58.746 87.285 87.285 113.324 15.828 15,828 8,502 T¢)tal Income 161.859 161,859 201,270 Expondlturn: Grant8 3,147 3,147 20,000 Expenditure on charltable 8ctlvltl88 OperatSon of club facllltle8 119,488 19,622 139,090 120.519 Total pendIturn 122,615 19,622 142,237 140,519 N•t In¢omo1(•xpgndlture) 39,244 119,6221 19.622 60.751 RoMnGlllatlon of fund8: Total funds brought forward 346.355 224.080 570.415 509.664 Total fund8 carrlod forward 385,599 204.438 590.037 570.415 All Income and expenditure derive from contlnuing activÉiies. The ststement of financlal actlvities Includes all gains and108888 reGcgni8ed during the year. Page 6
LONDON CORINTHIAN TRUST BALANCE SHEEf AS AT 30 SEPTEMBER 2024 Notes 2024 2023 Flxed assets Tangible assets Inve8tment 11 12 403,715 409.184 403,716 409,185 Currnnl as•gts Debtors Cash at bank 13 5.788 217,239 36.007 154,877 223,027 1),884 Credltor8: amounts falllng due wlthln one ar 14 36.707 29,654 Not ¢urr•nt as•ots 186,321 161.230 Not a880ts s.037 570.415 Charfty funds Unrostrlcted funds Rostrlcted funds 15 15 385,599 204,438 346,356 224,060 Total charlty fund$ 16 590,037 570,415 For the year endlng 30 September 2024 the company was entltled to exemptlon from audlt urKler 8ectlon 477 of the Companies Act 2006 relating to small (x>mr)AniflR. Trustees, ra8pon81blllU88: Tho m8mbers have not requlred the company to obtaln an audlt of It8 accounts for the vear in Question in accordance with section 476; The TN8teeB acknowledge their responsibilities for complying wilh the requlrements of the Act wlth respect to accountlng records and th8 preparation nf He.aunts. These accounts hav8 b8en prepared in accordance the provlslon8 appllcabl8 to companies Subject lo the small companies gIm0. Approved by the board of Trustees and slgned on their behalf by: JTAN TRUSTEE The notes on pag88 8 to 16 form part of th888 accounts. Company registration number. 04027792 Page 7
LONDON CORINTHIAN TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 1. Summary of slgniflcant accountlng pollclas al G•noral Informatlon and bas18 of preparatlon London Corfnthlan Trnst {Ihe Trust,) Is Incorporated as a private company Ilmlted by guarantee in England and Walés and is govemed by its memorandum and artlcles of assoclatlon. In the event of the Trust being wound up, the liabilty in respect of the guarantee is limited to £1 per member of the Trust. The address of the registered offic8 is given in th8 Trust infonnation on page 1. Th8 n8tur8 of the Trust's operatlons and pTlnclpal actlvities ar8 glv8n on page 2 of the Tru8ts88' report. The Trust con5tltutes a public benefft entty as defined by FRS 102. The accounts have been prepared In accordance with Accountlng and Reporting by Charities: Statement of Recommended Practice appllcable to charities preparing their accounts in accordance Wth th8 Flnanclal Reportlng Standard appllcable In the UK and Republlc of Ir81and (FRS 102)18Bued In October 2019, the Flnan¢lal Reporting Stsndard appllcable In the Unlted Klngdom and Republic of Ireland (FRS 102). the Charities Act 2011, th8 Companl8s Act 2006 and UK Generallv Accepted Practlce. The a¢tlvlti88 of the subsidlary company have not been been consolldated as the Trust has tsken advantsge of th8 exemptions avallab18 to it under the Companies Act and under the Charltles SORP (FRS 102) as a Small group. The Trust accounts do not Include a cash fiow statement on the grounds that it is a small charlty. The 8¢count8 are prepared on a golrKJ Concern bas[6 under the hlstortcal cost convention. The accounts ar8 prepared In 8t8rtlng whlch18 the functlonal currency of the Trust and rounded to the near88t pound, The 8ignlflcant acoountlng pollGles applled in tho pr8P8r8tlon of th88e accounts are sat out below. The88 pollcles have been con8iStentlv appll8d to all year8 pr88ented unle88 0thorwi88 8tatod. bl Incom• Income from donations and grants18 re¢ogn18ed when the Trust18 entltled to the fvnds, the recelpt 18 probable and the amount can be measured rellably. For donations, th1818 usually on re¢aSpL For grants. thls Is usually when a fonnal offer is made In wrlting, unl8ss the grant contalns tenn8 and condltions outslde of the Tru8t'8 control vthlch must be met before the Trust IB entltled to the funds. For legacies, entitlement18 tsken 88 the earller of tt18 d8t8 on whlch 8lth8r: the charbty 58 aware that probate has been granted. the 88tate h88 b66n finallsed and notlficatlon has been made by th8 executorf6) to the Trust that a dlstrfbutlon 11 be made, or whan a dlstribution is received from the e8tste. Recelpt of alegacy, In whol8 or in part, Is only considered probab18 when th8 amount can be mea8ur8d rellably and the chadty h88 been notlfled of the executorfs Intention to make a dlstslbutlon, Income from charftable actlvltl8s18 made up of capltatlon fees rKelvable from the clubs whlch occupy the Trusvs freehold propety under licance. Incom818 r8cognl8ed when receivable. In¢i)me from other trading actlvltle8 are made up of income from the sub8idlary company to generate funds for th8 charltab18 objects. O¢cupational licence fees are r8cognlsed when receivable and donations from the subsldlary company are r8cogni8d wh8n thay ar8 received. Income from investrnents is made up of rental Income and bank interest, Bank Interest Is r8cognised when receivable and rental Income Is re¢ognised over the period to which it relate8. No amount is included In th8 accounts for volunteer tlme in line with the SORP (FRS 102). Further detall Is given in th8 Trust888' raport. c) Expendlturo All expenditure is accounted for on an accruals basis and has been classlfted under heedlngs that aggregale all costs relat6d to the category. Expondlture is recognised where therè is a legal or constructive obligation to make payments to third parties, it is probabl8 that the Settlement wlll bo required and the amount of the obligation can be mgasured reliably. Any attributable Irrecoverable VAT is charged as an expens8 and where Idendfabl8 against the activlty for which exponditure arose. Grants payable are recognised when the grant has been fonnally approved by the Trustees and ¢onfimied to the grantee. Page 8
LONDON CORINTHIAN TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (Contlnued) 1. Summary of slgnlflcant accountlng pollclès (continuod) d) Fund accountlng Unrestricted funds are avallable for use 8t the discretion of the Trustees in furth8ranc8 of th8 general obiectlves of the Trust and vthich have not been designated for other purposes. Funds held by the company ar8 8ither unrestricted general or designated funds, vthich Can b8 U88d in 8¢¢0rdanc8 wilh the charitable obiects at the di8cretlon of the trustees. Deslgnated funds comprf8e unrestricted funds that have been set aside by the Trust888 for partlcular purposes. The alrn and u68 of each deslgnated fund Is set out In the notss to the a¢¢ounts. Restrlcted funds can only b8 used for partlcular restrfcted purposes h1n th8 obl8cts of th8 Tru8t. Re8trf¢tlons arfse when Splfied by the donor or grantee or when funds are r8ised for particular r88tricte(I purposes. The alm and use of each restrfct8d fund18 Set out In the notes to the 8ccounts. Further d8tall8 of 8ach fund ar8 d18cIo88d In not8 15. el Tanglble fixed as8•ts and d•pMclallon Tanglble fixed ass&ts ara Stated 8t co8t1888 accumulatsd deprecl8tion and accumulated impalrment1088e8. C08t includes c08ts dlrectly attrlbutable to maklng the asset capable of OP8ratlng 88 Intended and where appllcable any attribuiable Srrecoverabl8 VAT. All assets c08tlng more than £1,000 are cap1ts118ed and valued at h18todc cost. Depreci8tion is provlded on all tsnglble fixed a88ets. at rat88 calcul8t8d to writ8 off th8 c08t,1888 estlmated residual value, of each a8set on a 8yStematlc ba818 OV8r its expected u8eful IEfe a8 follows: Freehold bulldlng8 Freehold building improvements Fixiures and ftttlngs fj Inve8lmont Investm8nt In the sub81dlary Is measured at cost le88 impaiment. g) Debtorn Pr8P8yrnents are valued 8t th8 amount prepald net of any trade d18¢0unts. h) C88h at bank Cash at bank includes ¢8sh held in current accounts and Instant aCC988 depostt accounts. l) Credltor8 Creditors are recognlsed wh&n a pr8sent legal or con8tructlv8 obllgatlon exists at the balance sheet date as a result of a past evenl. It is probable that a transfer of economlc b8nefiis will be r8quir8d to S8tt18 th8 obigation and can be estimated rellably. 2Vh straight Ilne basls 50kn stralght Ilne ba618 50h. 10 %. 20% or 25 /0 stralght Ilne bas18 All creditors are Inltlelly recognlsed at a transactlon price. Accrua18 ar8 subseqently measured at the setUem6nt amount. J> Tax The Trust is an axempt charity within the meaning of schedule 3 of the Charities Act 2011 and Is considered lo pass the tests set out In Paragraph 1 Schedule 6 Flnance Act 2010 and, th8r8fore it meets the definition of a charitable company for UK corporation tax purposes. k) Going concern The accounts have been prepared on a going concem basis as the truste88 belleve that no material uncertainties exist. The Trustees hav8 considered the level of fvnds held and the expected level of Income and expendlture for 12 months from authorising these accounts. The budgeted income and 8XP8nditure 1$ sufficient with the level of reserves for thg charfty to be able to continue as a going ¢onorn. Page 9
LONDON CORINTHIAN TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 {Contlnued) 1. Summary of slgnlllnt accountlng pollcles (conllnued) l) Flnanclal Instruments The Trust only has financial instruments assets and liabillties of a klnd that whlch qualify as basic financlal instruments. Basic financial instwments are initially recognised at transaction value and subsequently measured at their settlement Value. rn) Penslon8 The Trust operates a defined contributlon plan for the benefit of its employees. Contrlbutlons are expensed as they become payable. Unre8trlcted Ro8trlctod Total fund8 Total funds funds fund8 2024 2023 2. Income from donatlon81 grants and l•ga¢l•• Donallons Legacles 25,000 25,000 The donatlon8 received durtng the year are detslled In Restrlcted funds note 15. In 2023 Income from donatlon8 wa8 from the Madon SGrlne Memorfal Fund. 3. Income from othor tradlng actlvltl•4 Tradino sub81dlary operatlon8 Glfted from the trading 8ub8idiary (note 12) Occupational Ilcence fee8 recelvable from the dlna subsidiarv Inota 121 58,485 58,485 84,524 28.800 28,800 28,800 87,285 87,285 113,324 4. Incomo from InStM•nt8 Rental Income 12,000 3,828 12,000 3.828 5,850 2,652 Bank deposlt Interest recelvable 15,828 15,828 8.502 Rental income derives from the rental of the managerfB flat in Llnden House used by a London Corfnthlan Trust employee under a licence agreement beeen London Corlnth18n Trust and London Corinthian S8rvice$ Ltd. 5. Grants Marlon Scrfne Memorial Fund London Corlnthlan Salllng Club 20,000 3,147 3,147 3,147 3.147 20.000 Page 10
LONDON CORINTHIAN TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (Continu4d) Unr•8trlct•d RostriGled Total funds Total funds funds funds 2024 2023 6. Expendituro on oporation of club facilitle• Prernlses oxpandlturo Rates and water Buildings and maritime Insurance Heat and light Repair8 and malntenance Waste disposal Pontoon fee$ a88ning. in¢ludlng wages costs £2477.50 {202& £796.50) Depreclauon - premlses 5,228 9,440 20,846 33.779 2.772 6,445 3,679 8,030 5,226 9.440 20,846 33,779 2,772 6.288 8.674 17,865 26.534 2.380 5.492 2.057 14.901 3.679 15.717 7,687 90,218 7,687 97.905 84,191 Admlnl8trntlon •xp&ndfturo S818ry C08ts Légal and profe66ional fee8 Consultancy Gener81 expan888 Independent examIne8 r8muneralh)n P•fgon81 DonallonB Eliglble for Gfft Depreclatlon - flxtur88, flttlng8 and equlpment 2,228 2,228 1.500 4.596 2.750 1,500 4,596 2,750 9.229 20.881 4.231 2,750 9.229 2.706 18,175 21,898 29,249 11,935 41.184 36,328 Total costs 119,488 19,622 139,090 120.519 In 2024 eypendlture on sts of op8r8tlon of dub factiit188 w8$ £139,090 1¢h £119,488. was from unrestrictsd furKl$ and £19,622 from rethd8d fund8. 7. N•t oxp•ndlturn for tho ygar The net eypendlture for the year is stsled after charglng: Independent examlnerf8 remuneration Depreciation 2,750 26,205 2,750 36,598 2,750 36,799 10,393 8. Ind•pond•nt •xamlnorf8 rnmun•rntlon The independent examlners MuBration amounts to an independent examlnatlon fee of £1,150 12023- £1150) and 8ccountan¢y Servlces of £1,600 {2023- £1,600). Page 11
LONDON CORINTHIAN TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (Conllnued) Unrestrlcted Restrfcted Total funds Total funds fund funds 2024 2023 g. Staff costs Wages and salarles Sodal security ¢o$ts Defin conlributlon pensk)n c08ts 7,588 545 113 11 15 11 15 4.706 4.706 8,246 The average number ofemployees Involv8J In management aNI administration were part time employees12023- same). There are 8180 P8rt-tlme cleanlng 8t8ff. An estimate of equlvalent full tlma employees is one12023- same). No employees had emoluments In exGess of£60.000 {2023- same). 10. Trusteo•' expenses and remunorntlon Th8 Iru8tees all gave frealy Ihelr tlme and exp8tho thOut any form of remunwalton, other benefft In cash or klrKI or exp86 durlng tha year12023- same). 11. T•nolbl• fix•d ass•t• Fr•ehold land and bulldlngs Flxtur•• and flttlng• Totsl At 30 September 2023 Addltlons 498,943 24,948 523,891 318.720 6.181 817,663 31,129 At 30 September 2024 324.W1 848.792 Depreclalkin At 30 Septemb8r 2023 Charge for year 199,583 15.717 208,896 20,881 408,479 36,598 At 30 Septembor 2024 215.300 229,777 44S,077 Net book value At 30 Seplembar 2024 308,591 95.124 403.715 Nei book value At 30 September 2023 299.380 109,824 409,184 C8pltal pro¢1$ laddluons) durlng the year InclthJ8d the refurblshmant ol thè ladles charrfJlng room (£20,906), extenslon of the lea88 of the boat storage are81£4.0421. heotéd gsnty1£1,8981 & new freezer 1£4,4831. 2024 2023 12. Invo8tm•nt Investment In sub8ldlary MpanY 8t cost The sub81dlary company, London Corinthlan ServlGes Llmlted18 reglstered in ErvJland and Wales. company number 04306827, aTrd Is reswnslble for Ih commerclal 8Ctfvlle8 Involved in the operation of LirKlen House. IncIlIng runnlng a bar and provldlng catering. The Trust holds one ordlnary shares of £1 In thls subsldlary, belng 100Vo of the issued Share capital of thal rnpanY. A 8ummary of the tradlng results Is shown below. Turnover Less: Cost of sales, admlnlstratlva expen888, grants and inlerast retèlv8bl6 Occup8tlonal Ilcence fees paid to the Trust 403.510 317,632 316224 28.800 Net profit OpgnlrvJ relaln&J eamings GWI aid paymnt to the Trusl Retslwj profit In the subsidiary 38,472 65,047 158,485) 45.034 58,486 91.085 {84.524) 65,047 Pago 12
LONDON CORINTHIAN TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (Continued) 2024 2023 12. Invo8tment (contlnued) All the profits for the current year wrll be paid up to the Trust under the Gift Aid scheme bv 30 June 2025. Th8 assets and Ilabllities of the sub8idlary were: Current assets Prepayments and accrued income Credltors.. amounts f811ing due within one y8ar Creditors.. amounts falling after mor8 than on8 year 107,180 143.582 {50,728) <11,418) (59.740) {18,795) 45,034 65.047 Share capttal and reserves Share capitsl Profit and108s account 45,033 65,046 45.034 65,047 13. Debtors Amounts owed by subsidiary company other debtors Prepayments and accrued Income 10,590 20.562 4.855 36,007 5.788 5,788 14. Crodttor•: amount8 falllng du• wlthln one ar Other creditor8 Othertsx and soclal Securfty Amounts owed to Subsidiary company Accruals 5,416 18,363 8,605 4,323 6,562 19,278 3,814 38.707 29.654 15. Fund roconclllallon Unrestrfctod fund8 Balance blfwd Bolanc• clfwd Income Exp•ndltur• Tran•fers General fund Deslgnated tanglble fixed 8888t8 fund 150,068 196,287 161.859 (122,615) (4,924) 4,924 184,388 201.211 346,355 161,859 (122,615) 385,599 Prevlous yoar General fund Deslgnated tangible fixed assets fijnd 100,738 179,041 176,270 (109,694) {17,246) 17,246 150,068 196,287 279.779 176.270 (109,694) 346.355 The Trustees have set aside a designated fijnd which represents a88ets tied up in tsngib18 f8d ass8ts other than those tangible fixed assets alrea(ty included in restricted funds. These fijnds being tied up in essentlal flxed assets are not therefore avallable as free reserves. The transfer repre8ents a movement of £4.924 (2023 £17,246) from the general fund to the designated tsngible fixed assets fund. Page 13
LONDON CORINTHIAN TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (Continued) 15. Fund reconclllatlon {¢onllnuad) The target lev81 frjr the general fund at 30 Soptembgr 2024 In accordance with the reserves pollcy. as stated in the Twstees, report. was £99,000 calculatsj as follow5: 2024 2023 Elemgnt Annua118ad eosts TorAet Op8rations and 8dmini8trallon £58,215 (2023- £57.1861 9 months 52.IX)O 43,000 D.a. - see rK)te 6. Repairs arnl malnt8nane8 £71,006 (2023- £67,235) average p.a. over five year8. 6 months 39,000 33.000 Sinklng fund £30.000 99.000 84.(KJO Re•trlcled fund• Balance Balanc• Incim• Expondlturn Bulldlng 8PP8al fund Sport ErwJlaThJ Lottery bulldlng fund Sport ErKJland Lottery F4)ntoon fund Roiln John80n l&Jacy fund Salllng fund Bruce Maclachlan rowlng equlrynant fund Marion Scr1 Memorlal Fund Fell¢lty Dunn memorlal fund 61,305 125,176 26,418 587 1.347 3,750 5,000 479 (2.576) (5.1111 {2,7061 58,729 120,065 23,710 587 1.347 (3,750) (5.000) 1479) {19,622) 224,060 204,438 Prevlou• yoar Bulldlng appeal fund Swrt England Lottery bulldlng fvThJ Swrt England Lottery ponloon fund Robln Johnson le9a¢y fund SalllTrJ furKI Bruc8 Maclachlan rowlro equipment fd Marion Scrinè Memorial Fund Fellclty Dunn meffKirial fund 63,881 130.719 29,122 587 1.347 3,750 12,5761 {5,543) {2.706) 61,305 125,176 26,416 587 1,347 3.750 5,(KJO 479 25.ociI {20,000) 229.885 25,000 {30,825) 224,060 The Sport Eng18nd Lottery bulldlng fund represents lottery funds rècelved to purchase and re1$h the freehold DfoDertv at Linden How, UDDer Mall. London W6. The Swrt England Lottery Fontoon fund represents lottay funds recelved to furMI the construcllon of a third pn on the waterfront at Linden House. The Robln Johnson legacy fund represents a bequest received for $alllno purposes. The Salllro fund represents don8tions re1Ve S¢IfICallY for salllng wrp0s6S. The Bruce Madachlan rowing equipment fund and Ihe Marion Scrfne Memorial FurKI represerrts donatlons recelved specifically for rowing equipment purposes. Th8 Felicity Dunn memorial fund represents a donation received swifically for kitch g]uitwnent purposes. Page 14
LONDON CORINTHIAN TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (Continued) 16. Analy818 of net assets between funds Goneral Designatsd Rastrictèd funds funds fundg Total funds Tanglble fw assets Investments D8btors Cash at bank Creditors 201211 202.504 403.715 5.788 215.305 (36.707) 5.788 217,239 (36,707) 1.934 184.388 201.211 204.438 590.037 Provlou• yg•r Tangible fixed assets Investments Debtors Cash at bank Credrtors 196,287 212.897 409.184 28,778 152,943 (29,654) 9,229 1,934 38.007 154.877 {29,654) 150.068 196,287 224,080 570,415 17. R•lat•d party tranucllons The Trust has a elose relallonship wlth the London Corfnlhlan Salling Club and the Sons of the Thames Rowing Club. Both clubs occupy the Trusl's freeId property under IlcenGe. The Tru81 has a subsldlary company London Cortnthlan Servlc88 Llmited as detailed in note 12. The followlng tran8adlons took place durlng the year.. 2024 2023 London Corlnthlan 8alllng Club Capltstlon f8 recalvable from the club by the Trust Grant pald by the Trust to the club 50,378 3.147 46.688 Sons ofth• Tham• Rowlng Club Capltatlon fees recetvable from the club by the Trust Granl pald by the charlty to the club 8.368 8.750 7,756 20,000 LorKlon Corfnthlan 8orvlce8 Llmltod Licence fees payable to tha Trust Donation paid by the subsidiary to the Trust Net recharges made by Ihe subsidiary on behalf of the Trust 28,800 58,485 16,954 28,800 84.524 26,145 Atthe yoarand tho balan¢o8 wor¢: London Corlnthlan Services Limited {induded in debtors) London Corinthian SeThlces Limited (included in craditors) 10,590 8,605 The licence fees due from thè subsidiary company are payable on dem8nd and Interest Is charged at 4% above base on all outstsrxling amounts until pald. Donations due from the subsidiary company are paid withln nlne monlhs of the year end. Capitation fees due from the clubs are due on nonnal (x)mmerdal temis. A commercial IT consultancy contract exlsts belweon trustee Mr Mark McConwaY5 Comp8ny and London Corinthian Servlces Limited. th8 value of this contract for 2024 was £2529. Page15
LONDON CORINTHIAN TRUST NOTES TO THE AccouKfs FOR THE YEAR ENDED 30 SEPTEMBER 2024 (Contlnued) 18. Control The charitsble company is under the control of lis dlrectors and TnBtees. 19. Capital commitments The Trust had no contracts for capltal expendlture not provlded forthe year er#J {2023 - Same). 20. P•n81on8 Th8 Trust oparates a defined Contrlbuilon penslon plan f¢x Its empk)yees. The amount recognlsed as an exp8ns8 In th8 year w88 £15 (2023- £113). The defined Contributlon Ilablllty18 allocated to unrestrlcted funds. Page 16