Regtstered Charity No: 10868 Royal Benevolent and Educational Fund for Watennen and Lighternien of the River Thames Trustee's report and financial statements 30 June 2024 EDMUND CAR Chartered Accoun ered Audttors 146 New London Road Chelmsford Essex CM2 OAW
ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND UGHTERMEN OF THE RIVER THAMES FOR THE YEAR ENDED 30 JUNE 2024 Tntstees, advisors Indpriticipal staff Tnl¢¢'S report Independent audithr's iewrt 7-10 Statement of fin2Dcial activities li Balance sheet 12 13 Notes to the financial gtatements 14-26
ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES TRUSTEES, ADVISORS AND PRINCIPAL STAFF FOR THE YEAR ENDED 30 JUNE 2024 The Truste¢ The Court of The Compgny of Waternien Llghtern?en of the RtY¢r Thames *etlng through tbe Almshollses alld Charitie5 Committee TheAlmshouses and Charities ComDdttee of The Company of Watennffl and iagbtermell of Ihe River Thames Trusttt Members David Wootton Edward Gradosi¢tski Robert MgnDing Richard SpriDgford Derek Mat]n Jeremy R Randall (President from 12 Juty 2(Y23) (AppoiDted 2023) (ApIll1¢d 2023) Ordlnary members Ntcky snlIb0e Richard D Tue Rx¢bard G Turk David Beard Mark T¢lf¢r Robert Crouch Andrew Fencre Jones Jobn Potter 12TDbros Varnavides (Appoint 2023) Registered address Waterm¢n's Hall 16-18 St Mary at Hill Re8tstered Charlty No: 1086890 Advtsors and Princip staff Princip Slaff Julie Lithgow Ckrk to the Trustee Bankers HSBC 20 Fastcheap. W EC3M IED Audltors Investmellt Managers Rathbon¢s. Inco4x>rnting Investec 30 Gln Street 146 New Inndon Road Chel[[f0rd EsseL CM2 OAW EC2V 7QN
ROYAL BENEVOLEKf AND EDUCATIONAL FUND FOR WATERMEN AND UGHTERMEN OF THE RNER THAMES TRUSTEE'S REPORT FOR THE YEAR ENDED 30 JUNE 2024 Governitig Docum¢ As from l Juty 2011 and in accordance with tbe Charity Commission scheme dated 31 Match 2011 tbe harities of the Company of Wat¢nnen and Lightern]en- Royal Cottage Home forwaterrnen and LIgbtme the BenevolentFund of the Company of Wat¢rn]¢n and LIg&rnIen of the River Thames ar¢ known as Royal Benevolent and Educational Fund for w¢mIe and Lightennen and together with the Waternm's Hall Preservation Trustare jointly known a5 the Watctrncn 8ud Light¢rmen Cbatitses. The number of the new chartty is the registration foroKrlyused for the Royal Cottage Homes for Wat¢rn)¢n (1086890). The assets 8nd liabiliti¢s of the Philip HeDman Foundthon (1049085) w¢ trae[red into the new clwity as from l July 2011. The finaDcial Statements have Ettoprepared in accordance with the Accouoting and Repwtingby Chariti. Statement of Recommellded Prnctice applicablc to Chariti prepatiug their accounts ID accordallce with the FIrCial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)- (cborIti SORP (FRS 102)). the FI[wla1 Reporting StsDdard applicable in the United Kingdom and Reptthlic of Ireland (FRS 102). the ChaTitiesAct 2011 and UK GffleraUyAeeepted Accoullting Trllstees The Court of The conallY of Watennen and Lighternl of the River Thames is the Charitable Tnee of the Charity. Th¢ Company also acts &s clLaritable tntste¢ for Th¢ Poors Fund. The Court acts through the Alrnshouses and Charities Corrtmittee. the niemE[S of which are listed on page l. The Court h&s appoint¢d four nama Tte¢S to act on its behalf. Th¢ appointm¢nts are elected atsnually. The Court of the Company of Watern]en and Lighternxn of th¢ River Tham&s i8 comprised of Cr4ft Owming FreeDM whohave been el to the CoutL The Tnte¢ Members are kept itifornied of ally chanses to clwity legislatioll and are gtven the opportUDity to undertake ally further trainin8 that they migbt wish to do. All llew Tntstee Metnbezs are briefed as to th¢ir legal obligatiQDS under cILariry law. Organisatioll The AlhOuse8 and Clwitie5 Committee is ele¢tcd annually by the CourL The President and Chairnwi of the Committee is ap¥KJinted for a thre¢-yeaT terni of office. renewable for a furtherthree years. During the year. John Saltcr resigned as The President and ChaTrn)an of tbe Conjmittee and Davidwootton was appointed in his 51eaiL The CoMpanS Clerk as Se¢retary to the Colllltiittee. The Conunittee rneets quarterly. with on¢ annual Iv appwve the Trusiee's anllual stsrr The d&y-t041ay management of tbe Clwity is ddegated to Julie Lxthgow as Clak to the Trugtee. A staff of fiv¢ people is employed by Th¢ Company of Wat¢nnen and LighternKD and they pVIde services to the Charity as and when requir. Additionally, four staff ar¢ ¢J10yed directlyby the Charity aDdprovid¢ ovsIght and of the ChaTity's AInboU$¢S ill H&8ty.
ROYAL BENEVOLEKfAND EDUCATIONAL FUND FOR WATERMEN AND LIGFnERMEN OF THE RIVER THAMES TRUSTEE'S REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2024 Objects of tbe Charity The objects of the C1wity are: l) the relief of t1 PTincxpal bellefi¢iari¢s of the Charity in need of reawn by age. ill&ealt disability. financial ])arthhip or other disadvantage bT, a) the PTOViSiOll of fmancial wistance" b) the provision of advice. guidan Orcounselli. c) the provision. or assistan¢¢ with the cost. of accommodatio includyng nursing or care homes and any other forni of residential accomtion appropriats to the needs of the beDeficiarics' and such othercharitable meaDs as th¢ TTUStee shAII from time to time detett; 2) the education and traiDing of th¢pTin¢ipal and other beneficiaries of the a)arity includmg education in ski115 a&socTated with the of inland and estiwiai waterways and in the history atyd traditions of the Compally, 3) the provision of Almshouse accomm0 for the ptinciFMI bEnefiCiar1 of tbe Clwity who are in nee<L hardship or diqtro8s. Objectives alld actlvltles for publ1¢ benefit Th¢ principal betteficiaries of the Charity are the Freemeu of the Conyy ofWat¢rnrn and Lightcrm¢n and their widows. widowers. children or other dependants. The Charity provides accommodation for needy Freemen who have r¢ached retirent age aDd who fmd thellLselves in reduced ¢ircumstallces by way ofbuDgalows at its site In Hastin8s. The bungalows are to a high standatd to provide affordable accommcthiion itt pl¢asaat and safe surroundings. Properties that are surplus to indiate requirements are let on short-hold tenan¢ie& vknicb assist with providing the additional fiw(ts nece&sary for the overall maintenancc and up8Tadin8 of tb¢ properties. The Chatity provides & con]munity centre at H&stings. which the residents as well as visitOLS within the local cornty use for ¢1&] fijndiolls and othtt activities. The Charity is available to wovid¢ a tKnefit to the l(Kal comtnurrity by being able to offersome accommodation on short hold ten01¢$. The Cbarity tries to beaefit many relevant people a5 tA)ssible according to its objectives and artiviti¢s. The Cllarity assists with the training aDd edu¢ation for its appmyticts and otller interesied parties wishingto learn the skills associatd with the use of inland and estuatial watetivays and in the history and traditions of the Company. The Clwity bas an obligation to preserve for the benefit of the Public WateMn.9 Hall (the building) and to encourage reasonabl¢publi¢ to view its historic and arcbitecturaI features. wokn of ar¢ furniture and art¢fa¢ts and records (the colltioD). Durin8 th¢ year guided hall touts were arranged for int¢rte] parties as well as participating ia the OtKn HO Weekend held each year. Th¢ Trustee bas referred to the guidance contsit)ed in the Charity Commission's genernl guidallce on public benefitwh¢n Teviewing its ain and obj¢ctives and in plattning future activitia%. In particular, the Trttee will coJsid¢r how planned activities will contribut¢to the aints and objectives set.
ROYAL BENEVOLEKf AND EDUCATIONAL FUND FOR WATERMEN AND UGHTERMEN OF THE RIVER THAMES TRUSTEE'S REPORT (con¢lnuod) FOR THE YEAR ENDED 30 JUNE 2024 A¢hlevem¢nts aDd Performance Site Management Strutt aud Park¢r have been appointcd sinc¢ Sept¢mr2o08 to llk2nage at Ditebb and it is fully letto commercial tetwit& Dwing the year several of the properttes at both sites have undergone a refurbislllnent to impro therD and to ensure that they comply with cumt legislatiots Thisprogrdtllrne is beillg contillued as alld when aproFKrty b¢¢omu vacanL The Tn1¢¢$ 81 pmfwional advict as to the best n)etbods to improve the housing stock. During the year the Tn 8nd m¢n)btrs of sff made re]1&r visits to Ilastings to meet the K8idents. Future activit The Trnstee intends to keep all the properties at both sites in a go(xl stste of repaiT and has during the year upgraded the kitchens and bathroott in several propertits as they bave becon]c vacant. The Trustee intends to contitiue to facilitate training alld ¢thtion fortho5¢ iutrrested in a La on the Tbames 2nd &sswiated waterways. During th¢ year new apprentice5 continued to be ix)und to the Company of Waternn and LightameD of the River Thames and are cligiblc lo participate in ongoing Financial Review The income derived frimi maintenance cbarges paidby Watermen and rents from PTivate tenatrts cov¢rJ the wst of maintenance including a r¢s¢rve for fvture exp¢nth'tur¢. This is divided into routine annual maintenance and an eXtraordinaryTeIrfull& The latter is under the management of M&G Securities as agents for the Nationat A$sltiOn0f Alnkn. The CIMTits4s inveslmo)ts ar¢ T by investment managers Rathbrn and M & G S¢curities. The Trustee's investment werS arc ¢ontsineA in Clwity Comrriwon Schemes forthe Charity and statutes. RathErf)nes provide qu8rterlyTeport5 to the Tntstee in addition to attending at least one m#ting a year to discuss the perft1rnwe ond investmentEK)licy. Th¢ attached fjnancial stat¢nMts show the current statc of thc finan. which the Comtnittee considers to b¢ sound. The statements comply with current statutory requIrets. The Charity is able to meet its financial obligatioThs. As the fiDallcial swcments show, the total fvnds for fuA)re use as at30 June 2024 were £4.653.634 (2023: £4364,144).
ROYAL BENEVOLEKf AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES TRUSTEE'S REPORT (continugd) FOR THE YEAR ENDED 30 JUNE 2024 The Trustee wishes to kw sufficient reserves to nllitittin the AJmshous¢s to a high standard of I)r d provide an acceptsble level of ¢are for its resid¢nts. The Trustee is satisfied with the adequacy of the rcscrv¢s at this tinK but 8iven the age and condits.on of the proFrti&8 at Ditchling and Hastings some concern could arise in the fubjre. The Trustee has revi¢w¢d the amounts invested ID the Extraordinary AllnI of restsirf funds held at the year4nd- £1,043,2 (2023: £957,881). Anx)unt of free reserve5 available- £3.6lJ9,732 (2W23: £3.406263). Investment policy During the year the portfolio ad)i¢v¢d a return of (2023: 3.6/•) bGfor¢ att upwrdrevaluation of 10.40/r (2023- 1.80/0). The policy setby the TtU5t¢e mwi1 seeks to matntain the valu¢ ofthe fimd in Thl tern)s by investing in a combination of inwm¢ and capital growth itivestmts. Th¢ Tnjstee reviewed Its investment policy ID 2012 and the guidelines given to Rathb)nesc set an objective of mainly capital growth but with a rwoDabl¢ expectation of dividend generation. The Tnts undertooka review in 2017 and intend to Ethiul IDYestznent Poliey The Trustee covexs ally ethical issues when reviewing the Frfomw)ce of its t0]10 witb Rathbones and is satisfied with the ethical approacb to inwting adopted by that company. Risk Management The Tnstee h&8 considered the major risks faced by the Clwity 8Dd has taken approwiate action to manage thellL This p)licy is rcview¢d r¢guIarly to identify any new risbts th¢ Charity rnay face. Thc Ttustee implementd pro¢edw¢s d¢sigDui to Mini any pot¢nlial risks should they nterIall
ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGFrrERMEN OF THE RIVER THAMES TRUSTEES REPORT {contlnued) FOR THE YEAR ENDED 30 JUNE 2024 Siatemellt of Tntee,8 responsibllitie5 The TrLL8tee is responsible for pr¢paring the Trust¢e's Report and the financial statements in a¢wrdanc¢ with applicable law and United Kingdom A¢¢ounting Standards (United Kingdom Generally Accepted Accounting Practice). The Law applicable to cEtarities in England and Wales requires the Tnts to prepare accounts for e8¢b financial year, which give a true and fair vi¢w of the stat¢ of affair5 of the Charity and its incoming resourc and application of resources forthat period. tn the Prepatatiffj of these accounts the Tntee is rquired kn.. ert suitabl¢ atingpoliCl and apply these CQDSi5tently• observe the methods and principles ofthe Clwities SORP 2019 (FRS 102): ' makeiudgements and estimates that are reasonable and pNden¢ stat¢whether applicable accounting standards have been followel subject to any matuial departsires disclosed and explained in the fllwlcial ststements" prepare th¢ a¢¢ounts on the going concern basis unl&ss it is inappropriate lo pr¢sum¢ that the Chariry will Continue in operalio The Tnte¢ is Twonsible for kwing accounting records that disclose with reasonable a¢¢uTacy at any time the fllwicial position of the Charity aJ)d enable it to ensure that the financial statements comply with the Charitles Act 2011, Chariti&s (Accounts Report%) Regulations2008 and the tnt d¢ed. The TnLStee is a]so responsible for SafrgUa1ng the assets of the Charity and hence taking msonable st for the prevention a1 detection of fraud and other irregulatities. Approved by the Trustee and signed on its belf by. thgojv e Clerk to th¢Ttee
ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGFrrERMEN OF THE RIVER THAMES INDEpENDEr AUDrroR'S REPORT TO THE TRUSTEE OF ROYAL BENEVOLEKf AND EDUCATIONAL FUND FOR WATERMEN AND UGHTERMEN OF THE RIVER THAPAES FOR THE YEAR ENDED 30 JUNE 2024 Opllllon We have audited the financial statemfflts of the Roy81 Benevolent and E(tiJca¢ioDai Fund for WaternKn and Li8ht¢rni¢n of tbe River ThallKs (the'cTrwity') for the year ¢Jded 30 June 2024 which comprise the Stat¢m¢nt of FiDancial Activities. the Balance Shee( the Statement ofc&sh Flow and notes to the financial statments. includiJg significant accountingpolicies. Th¢ fanCIal reporting frdmmrk that h&8 be applied ill their prepardtion is applic8bl¢ law and United Kingdom Accounting Standards. including Finatlcial Reportlng StkndaTd 102 The Financial Rewiing Stawlard applicable in the UK and Republic of Ir¢Iattd (United KiDgdom GenerallyAc¢epted Aeeouttting practi). Tn our opinion the financial statements: give a tn and fair view of the stste of the cbarity'8 affairs as at 30 June 2024. and of its incoming resources and applieation of resources. ]ludIng its illcoll and exwdituré forthe year then ende(L' have beets prowty prepared in accordance with UnitrA Kingdom Generalty Accepknj Accowiting have been prepared in accordance with the r4u1remts of the Charities Act 2011. Basis for opini( We conducted our audit in accordance with Internation Standards on Auditing IUK) (ISAS (UK)) and applicable law. Our responsibilities under those slattd are finther descrJl)ed in the Auditofs responsibilities for the audit of th¢ finanriaI statenwits section of our report. W¢ are independent of the charity in accordance with the ethical requirements that are rel¢vdllt to our audit of the fti¢la1 statements in the UK including the FRC'S Ethical Standarf and we have fifilled our otherethi¢ responsibilitie5 in accordaDC¢ with these rcquir¢D)ents. W¢ believe that the audit evidence we have obtsilled is sufficientand approwiate to provid¢ ab8sis for our opinioL Conclusions r¢]atlng to golng concern In auditing the fuwcial Statemell we hav¢ wn¢luded that thc trustee's us¢ of th¢ going concern basis of ac(%)uniiThg in th¢ preparation of the financial ststemeDts is appropriate. B&8ed Oll the work we have perfornied, we have nol identifi¢d any terIal UnCette8 rclatiDg to ev¢nts or conditions tha( 1ndiwthllY or colledively, cast significant doubt on the charitys ability to ntInue as a going conc¢rn for aFriod of 41 least twelve nmmtkn from wb¢ll the fman¢Aal 5tstements arc authoriscd for issue. Our rwnslbillti and th¢ rwonsil)ilities of the tnth WAth r¢sFct to going Concern ar¢ des¢nl)ed in the relevant se¢tioDS of this reporL Other ImformatioA The other information comprises the infomjation included in the TTUStee's Report. other than the fjnancial slatenThll5 and our auditor'5 [crt thern)L The In1¢¢ is r¢stM)n5ible for th¢ otr InforntiOll. Our opillion on the financial statenrnts does not coverthe oth¢rinfoTmation and we do Dot
ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND UGHTERMEN OF THE RIVER THAMES INDEPENDENT AUDITOR% REPORT TO THE TRUSTEE OF ROYAL BENEVOLENT AND EDUCATIONAL FUND FQR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES (Gontsnuedj FOR THE YEAR ENDED 30 JUNE 2024 Our Tesp0Tr8ibility is to read the oth¢r infoTmation an¢ in doing so. Consider wheth¢rthe other infonnation is materiaIly inconsist¢tit with the financial statements or our knowledge obtsined in the coutse of the audit or otherwise aptats to bc matlalIY rni&statc& If w¢ identify such material innsiStenc]eS or apparentMaterI misstatetlleDts. we are r¢quired to determine whetherthis gives rise to a material misstatenwit itL the financial statements themselves. If. bAsed on the workwe have rfornied, we conclude thai there is a material Misstatem ofthis other infonnatiOD, we arc required to report that facL We bave nothing to reprt in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following FItterS in relation to which the ChaTities (Accounts and Rerts} Regulatio8 28 rniuir¢ us to r4Jortto you if, in our opinio the infortnation gtven intb¢ tnt, report is ino)t)sistent in aay ntsterial res with the fin9la] statrnts: or sufficientaccounting records have not been kq)L or the fit)ancial statements are not in awtnent with the aC(y)untingre¢o8. or have not receiv all th¢ infonnation and explanations we require for our audiL Responsibilltles of the tnutee As ¢xplainedny)re fully in the tTUSt¢e's responsibilities stat¢m¢ni the trustL% is responsible for the preparation of the financial st8lements and for being satiSfithat they give a true and fairview, and for sucb int¢mal Control 8$ the tnltt determine5 is nece&8ary to enable the preparntion of fmancial stalements that are free from Mla1 misstslctn¢nL whether due to fraud OT Crn. In preparing the financial statetn¢nts, the trustee is TespotJsibl¢ for &wingthe clwity'8 abilityto continue as a going Conce disclosin& &8 applithlè matters rclated to going ¢on¢ern and using the going concern basis of aecountinE unless the trt]stee either intends to liquidal¢th¢ chatity or to cease operations, or have no realistic alternatiyebut to do so. Alldltor's responsibllities for the audlt of the fwn¢lal statements W¢ have been appointed as auditor under section 145 of the Cjwities Act2011 atyj ieport in ac¢ordance with the Act and relevantregulations made or having effect th¢reuth. Our objectiS are to obtain rea)thI¢ assur aboutvknether the financial staternents a5 a whole are free from rnatrrial mi5StatemenL wh¢ther due to fraud or aTor. and to issue an auditor's r¢port that includes our opinion. Re&sonable assurance is a high level of assurance. but is not a guarantee t11 an audit conducted in arcordance with ISAS (UK) will alwaJB detect a matrrial mi&stsknent when it exists. MisstOt¢rnents can arise from fraud or ¢ffOT and arc consid¢r¢d material i£ individually or in the aggregate. they could reasonobly b¢ expth to iDfiueDc¢ th¢ ecoDomic decisions of us¢rs taken on the basis of th¢se fjnanciaI staterncDts.
ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES INDEPENDEKf AUDITOR'S REPORT TO THE TRUSTEE OF ROYAL BENEVOLEPtr AND EDUCATIONAL FUND FOR WATERMEN AND UGHTERIIIEN OF THE RIVER THAMES (continu FOR THE YEAR ENDED 30 JUNE 2024 Irrwlartties, InchIng frauc are iLstances of non4ompiiance with laws and regulations. We d&4ign procedures in line with our resp)nsxbititi4 outlined a]x)ve, to"detect materxal mlsstatements in spe of irresularities. including frau(L The ext¢Dt to which ourprowlures are cyble of detecting irregulatitie4 including fraud is detsiledbelow. Our approach to tdenitfyingand e&$Ing the riwkv ofmalenalmwlalementin r&fpecl of irregularities. includingfraud ld non-complitmcewith Imvs andregm1atioI, asfollow$.' Th¢ ogdg¢ment partner ensured the ¢ngagan¢ot team cOlltiVelY Iwd th¢ appropriat¢ cornpetence, capabilities and skills to ideDtify or re(x)gnise notrcompliallc¢ with applithl¢ laws and regulations. We focused on SIfiC ]aws and rwilatiolls which we coDsidered nmy hav¢ a dircct material efft on the fmancial statements OT the operations for the chartty, includitig the Cl]arities Act2011. tsx legislation and data prntectio antiljriby, eMployn viron1 and and safety legislation. lye assessed¢he swceplibilityofthe charity sfindneials¢alants lo Malerialmi1Qternent, iNcluding obtthning an undentandingofhowfvudmight oeturby." aking enquiries of management as to where they nsIdered there w&$ suswtsl>ility to frnu¢ their knowledge of a¢ttMI. stw¢¢t¢d and alleged fraud. CotL8idered the internaI controls in plac¢ to miti8xts the risks of fraud and non40nw]iallce with law5 To addreJs the riykoffvMdÈhrough mapwgejnent bias and0rrIde ofeontrols, we.. PerfornKd anaiytieal procedures to identify any UDwual or urtexpectedrclationships . Tested journal entries to identify unw1 transactions In ruponse io ihe rifk0firregularit% aTh4non-complianee with laws thregulariot, we duigned proceduray which included. bui were noi liniiied to.. Reading the mtnutes of n)¢etings of those charged wilh governance ELquirxllg of management to actual and potential litigation and clain)s Because of the inherent IiTuitstions of an audiL there is a risk that we will Thot detect all irr¢8ularities. including those leadingto a matsrial misslateDt in the finaJcial stateMts or DonOmpli8nce with regulation. This risk ]reaSeS the more that con)pli8nce with a law or r¢gulatiott is removed from the events and tratLsactions retlected in the fiDan¢ial staterncnts, as we will be less likely to become aware of instances of non<ompliance. The risk is aIso [egardIng iwlaTities oCCu1ng due to ftaud Tatherthan error. as fr4ud iavolvw intentional conce4knL forgery. Collusio omission or
ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES INDEPENDENT AUDrroFrs REPORT TO THE TRusfEE OF ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND UGFrrERMEN OF THE RIVER THAMES (conllnued) FOR THE YEAR ENDED 30 JUNE 2024 As part of an audit in accord8ncewith ISAS (UK), we exc1 professionat judgmentand maintain professional scepticismthroughout the audiL We also: Identify 2nd assess the riskg of Mat1*1 misslatement of the fitJAnciai statements, vlbether due to fixud or etror, desisn and perforni audit proLzdures rcsFrf)nsive to thos¢ risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our OPiDion. The risk of Dot detecting a material misstatement resulting from frwd is higher thAll for one resulting from etror, as frd may involve Collusio forgery. intentional omissions, misTeprcsentation4 or the ov¢ftid¢ of inten)al control. Obtaitl an utLderstanding of internal control relevant to the audit in orderto d¢sign audit proG¢dures that are appropriate in the circunk8tan but not for the PUTpose of exprossing an OPiDi¢)n on th¢ effectiv¢D¢SS of tbe clwity's internal control. Bvaluat¢ the appropTiateness of accounting policies used atMI the rrasonablene&s of accounting estimates and related disclosures made by tbc Conclude on the appropriateness of the tte¢s. us¢ of tbe going eon¢¢rn basis of accounting an based on the audit evidence Obtaine whether a materxal uncertainty exists related to events or ndilions that tnay cast significant doubi on th¢ charity's ability to continue as a going conc¢nL If we coIKlud¢ a n)at¢rial uDcertainty exists. we ate TequiTed to draw att¢ntion in our auditor's report to the related disclosuTES ID th¢ fAnanciai statements or. if such disclosures are inad¢quat¢. to modify OUT Opinio Our Concl9108 are bas&J on the audit evidence obtsined up to the date of our auditor's report. However. fvttue events or ¢onditiow may cause the chtity to Cease to continue as a going Bvaluate the overall preSentstiO Struc and contentof the financial statements, includin8 the disclosures, and Htrther th¢ fmancial staterts represent the underlying tranwtii)ns events in a n)ann¢r that achieves fair presentation (ie. gives a tru¢ and fair view). We conimuwcate with those charpj with governance reWd1 2DKJng other matters, the planned scope and timills of th¢ audit and significant audit findings, includillg any sigDificallt deficienci in intern81 ¢ontrol that we identify dwing ouraudiL Use of our report This report is made solely to the clwity's trustee, as a body, in aordance with Part 4 of the Charities (A¢wunts al Rep)rts) Regulations 2008. Our audit work has beem undertaken so that we might state to the chaTity's trust¢¢ those matters we are required to state to them in an auditor's report and for no other puSe. To the fullest extent Fwnjitted by Jaw. we (k) not accryt or assume rponsibIlity kn anynne other than the ¢harity and th¢ charity's trstee as a LM)dy, forour audit wo& for this reEM)rL or forthe opinions we have fornied. Ljna Curr LLP Ethnund CaTr LLP Chartered A¢countsnts & Statutory AuditOZ5 146 New Lonthn Road ChelnJsford CI12 OAW 08110 I£oL4 io
ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 30 JUNE 2024 Total 2023 Notes fnnds fndS 2024 Income from: Donation and legaci Charitable activities ber trading activitie5 Irtvestments Fundraising activitieg 9,670 38.039 532,092 27.463 775 2.420 10,445 40.459 532,092 74.797 6.575 60,570 56,318 466245 70,218 7.947 47.334 6,575 Totsl income 14 607,264 57,104 664J68 661298 Expenditllre on: Raising funds Charitsble activiti Grattts Oth¢r tradtQ8 acttvities 4.841 155,583 4.841 495.679 2.460 397,114 1527 234.027 267.164 267.164 Total expendlture 14 607260 160.424 767.684 635,128 Net income l (expettdlthre) {103 J20) {103316) 26.170 Gaills l Oosses) on inves1llt &5sets Realised 10,346 193.119 18.506 170,835 28.852 363954 54.993 62,844 li 1¥4et mov¢ment Rn funds 203.469 86.021 289.49%) 144.007 Fund balances brOllt forward 14 3,406,263 957,881 4.364.144 4.220,137 Fwid balances canled forward 14 3,609,732 1,043902 4,653.634 4,364,144 All of the Charitys activiti¢s ate wntinuin& The notes on pag¢s 14 to 26 fornpart of these financial slatemcnts.
ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND UGHTERMEN OF THE RIVER THAMES BALANCE SHEET AS AT 30 JUNE 2024 Unrestrlcted Restrlcted funds funds TotAI 2024 Totsl 2023 Notss ed assets Tangible a&%ets List¢d itiv¢sttnents Other investu)euts io li 6062 L964,845 944.806 37.578 943,328 643.868 2.8.173 684207 2.665.845 847.199 3515,941 980,906 4,496,847 4.197251 Current Assets Debtors Cash at bank and in hand 12 115.313 62264 115.313 125.260 127.098 110.120 177577 240.573 237218 Creditorj. Amounts falling due witbin one y¢or Net current assets 13 (83.786) (83.786) (70J25) 93.791 62.996 156.787 166.893 Totsl A&s¢ts ltti liAbUiti 3.609,732 1,043,902 4.653,634 4J64.144 Fund b•l¥nces Unrestricted funds: General fund Designated funds Total utsrestiicted funds 2.664.926 944.806 14 3.609.732 2,664,926 944.806 3,flJ9,732 2559,064 847.199 3.406263 Restricted funds 14 1.043.902 I.043.2 957.881 Total fund¥ 14 3.609.732 I,U43,902 4.053,634 4J64,IH The f]ll¢ statements Oll pages I I to 26 w¢ appmved and authori for issue ty the T1¢¢ on 2024 and $id on its bebalf by. D. WOOThON The Pzesidellt LrrHGOW The Clerk to tb¢ Ttuste¢ Th¢ nota8 onpagu 14 to 26 forn of financial statemts. 12
ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES CASH FLOW STATEMEKr FOR THE YEAR ENDED 30 JUNE 2024 Notss 2023 Cash tlows from operatlng aedvliies Net movement in fun(Ls 289.490 144.007 AdJustm¢ntrfor.' Revaluation of inv&stJnents Profit on sale of invesmcnts Depreciation li (363.954) (28,852) 57,735 (62.844) (54.993) 52,017 io Changes in.. Trdde aDd other debtors Ttad¢ and other crrylityrs 11.785 13,461 (104292) (73,185) C&8h u8ed in OPer10S (20J35) (99290) Jnvesththt incorne receivable Bonk illter¢st r¢1Vable (73,342) (1,455) (69589) (629) Net cash used in opernting a¢tivitt¢s 95,132 (169.508) Cash flows from investing a¢tivitie5 Purchase of fixed asset5 Purchase of investsnents Proceeds from sale of investtMIts [nV&%tm income receivable Bark interest receivable io li (17.396) (524,048) 576.919 73.342 1.455 (160.170) (404,250) 553.144 69,589 629 Net cash from inv¢stin8 activiti 110272 58.942 Net (dttreayfincre kn csh ¢gsh eqllivalents 15,140 (110.566) Cash and L7sh 4uiva1ets at beginDin8 of the year 110,120 220.686 C*sh and ¢¥sh eqlllvalents at end of the year 125260 110,120 The not&S OD pages 14 to 26 fotm part of these fin2nwl statements. 13
ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND UGHTERMEN OF THE RIVER THAMES NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 30 JUNE 2024 l) Accounthig poucles a) Basis of a¢couDtin£ Th¢ fAn2ttciai statements have been prepared in accordance with tbe StatrnTht of Rttonmxnded Prdctice.. AccouTLtirtg and Reporting by Charities preparing their accoullts in accordance with the Financial Rorting Stsndard appli¢abl¢ in the UK and R¢publi¢ of ]reland (FRS 102) and the Fitmncial Reporting Standard llpplicable in the Unitd Kingdorn and Rwublic of Irelalld (FRS 102) and the Chariti¢s Act 2Ql l. nmydified to include catsin iter at fair valu& The fiDan¢ial staterllts at¢ PT¢pared in sterling whi¢h is b) Ass¢ssm¢nt of golng concern The TTUStee is of the opinion that the Clwityhas sufficit resou lo continue opernting for the next 12 months from th¢ date of signing these financial Statell. c) Income IAeomefn•m rut4landmqinlenan¢¢ JnconK fromrentsl and llMintenaDce is taken to th¢ statemott of fitwncial artiViti as it arises. InVments Incoll from lnvesttnts in¢ludes th¢ net incomingTesoU of M&G Secutities alld Investec ]Dcomes from donations. Wdnts aThl legacies are accou for as S( as receipt is probable. alld the amount w b¢ reliablyestimatr d) E4)enditsre Grants Grallts to indivithlals are onty payable provided the individuals meet the relevant iyiteria and provided the Chatity Iw suifi¢ient fi]nds. However. ants are recognis irt tbeir tota]ity as soon as these are offered to the re¢ipifflL on the grounds that the lpsents have Teasonable expectations that they will re¢¢iv¢ the grants in fu]L Where gtants bave not been taken , a1 the [lplt has breach th¢ tern of the they are written back Th¢ Trustee con5idets grant applications for futtding from the Committees of Ihe CoJJJpany of WaternKn and LIghtern for cljaritsbk adivitits and the Board of Wat¢nll¢ Hall IAmit¢(L 14
ROYAL BENEVOLEKf AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES NOTES TO THE FINANCIAL sfATEMEKfs {contInu FOR THE YEAR ENDED 30 JUNE 2024 l) Accounting po]icles (eontlnued) Depreciation is provided on a straigbt.line basis so as to write off th¢ 51 of lan%1¢ fixed assets ov their eXpted usefjjl ecoDomic lives. The aDllu81 depreciation rdtes used for ¢¥h catergory of fixed a&4et are as follows: FTeLhold property Freehold PD)Ftrty irr0vents Mots)r vehicles Fixtures and fittings Company bar8¢ 1% strai8ht4in¢ l(Ph strdight.line 21PA straight-line 2(P/o strdight-line 4Y• strlligbt-line Other ¢xp¢nditur¢ is recolls¢d OD an a¢1$ basis. Manag¢t costs are ¢1]arg to the Charity by The Company of Watermen and Lighternn of the RiverThames and administration cosLs are recharged to thc clwities from Waiermens Hall Lin)iied These r¢present the costs of wing the Clwity includingnwintsining its reLords. Jrre¢overable VA T The Clwity is not reed forVAT so wmot recovtt the VAT on any expenditure incurred. This irr¢coverable VAT is included in the relcwdnt costs shown in tbc StatcnKnt of FinatLcial Activitics. e) Tan2iThle fixed a&sets TangiTrJl¢ assets ar¢ strt at $t less accuDwlated depreciatio Only capital expenditsre over £l.(M)O is eapitalised" Iten C[ting below this anUrtt are written off immediately. Homsingproperties Houing properties are 8tated at tFLeir cos4 plus the cost of capitslised imp0VeICnts. Donated Properti are included at a £nil valuation as a Y¢liabl¢ c8tll)Mt¢ of tb¢ir valu¢ as at thc datc of gift is not obtainable beuse of tbe natsw¢ of th¢ pro1rtIeS and theputpose to which they are ed by the Jmpairn¢Ht Any tale fixed &wts, inchInghOuslDg prop¢ni¢4 which are inwaire(L are vnitten down to their stimated economic value to the ChaTity. As at the year-end no assets were impaired in V9h oruse. Investments InYc3tllnts are sbown at nwk¢t valu¢. The change in invest[[ market vaill during the year ill¢lude$ gains and los on inT4estllts sold as well as Ullrealis¢d gains and losses in the value of illvestrKnts held as at the y¢8r-¢nd. 15
ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND UGHTERMEN OF THE RIVER THAMES NOTES TO THE HNANCIAL STATEMEKfs {ntInued1 FOR THE YEAR ENDED 30 JUNE 2024 l) Accoundng policles (tonthiued) g) Debtors Debtors ore r¢cognis¢d initially at tb¢ tranwtion price. A p1810n for the impairment of debtors is stablis1 when there is eviden(z that the Charity will not be able to collect all anu)unts due. h) Creditors Cttditors 8r¢ recognised wbete th¢ Charity had a present ob]igation resultillg from a past event that will probably result in the tratLsfcr of fjJr¥Js to a third party and tb¢ atnount due can be Measu reliably. Creditors are noTmally rwnised at their sl¢mt amouaL i) Fund accouDtillg Funds h¢ld by th¢ ajarity either. Unrestrictedgeneralfthds - th¢s¢ ar¢ fidS that call be uwj in a¢¢ with the chgritable obj¢¢tiv¢s at the disryetion of the Tnth. Designat¢dfun&s -these aTe fimds inclutsj witbin th¢ UDr¢stricteAI fjJnd5 8nd represent sun)s that Set aside by the Tnthee for specific fijture Purpos or projects. Reslric¢edfvn&f - these are funds that can onty be used forparticu]ar restricted pulp0 wrythin the objects of the Charity. Restriction5 arkse when speLifieJJ by th¢ donor or when are raiwj for particular restricted pu[pos. j) Financi Instruments Finallcial assets and fllwJc1 liabilities are Tecognis wbell the Ch8Tityb¢coDw apaTty to the ¢ontractual provisions of the iDstrumenL Financial liabilities are c]wified according to the substan¢¢ of the contractual anangemts enter¢d into. All financial ets and liabilities are initdty Measu at traDsaction PTice GudIng transaction costs). ¢x¢ept for those financial &ssets clas51fi as at fair value througtL profit or lob3. which arc initially measuTrd at fair value (which is norn]alty the tratisaction price excluding trdJL%action ¢osts). Investments in non-convathk prcf¢r¢nce ghares and non-puttable ordin8ry or preferee slwTrs {vth¢rc shares Are publiclytraded or their f&ir Wdlue is Teliablynr&4urable) are ll%asu at fairvalue through profit or loss. Where fair Val ¢at be nllred reliably, itivesinxnts are rneaS at cost less 16
ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES NOTES TO THE FINMCL4L STATEMENfs (contlnued) FOR THE YEAR ENDED 30 JUNE 2024 2) Illme from dotttlons legacies ef ofpfftrty Trini#g & Tot & Other Edurdtion Presrntlon 2024 Totsl 2023 9,670 9,670 T15 10,445 10,445 60,570 60,570 775 UnrestricteAI funds 9,670 9,670 775 10.445 26,086 34,484 60.570 T75 775 9.670 3) llltome earned from o¢lw g¢tlvlths Relkf of Poverty Tralnlng & & Other TotAI 2024 Total 2023 Charitable tiVitieS Provision of social bousing Training ¢ourses Other chatitabie activiti 35.808 35.808 36.529 445 19,3M 56,318 2,231 38.039 2,420 1420 4,651 40,459 Other trading a¢tivities atket rentsls 532.092 532,092 532,092 532,092 466.245 466,245 Inve5tmcnt incon Investmellt incotTre intetest 53298 1,162 54,460 20.044 220 20264 73J42 1.455 74.797 69,589 629 70,218 73 Furtdraising 6,575 6.575 6.575 6.575 7,947 7,947 624.591 22.684 6,fv18 653.923 61.728 Unrestrided funds RtrIcted fi]nd5 S1.594 26.wl 624.591 597.594 56329 653.923 545,159 55,569 6IX).728 22.684 17
ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES NOTES TO THE FINANCIAL STATEMETrrfs (contind) FOR THE YEAR ENDED 30 JUNE 2024 4) Employee and 2dministratloD costs Housing Tot*1 21124 Tot41 21J23 Salaries Social sewity Costs Pension ¢onfTibutions SJ40 359 61.414 4.131 1.290 66.835 66.754 4,490 50,366 3.280 335 53,981 5.811 72.646 15.633 179.785 195.418 20,544 288.608 180.436 18363 252.780 Strutt & Parker mallag¢m¢nt fees 21,444 267.164 Prioryear." Houslng Totsl 2023 TotAI 2022 Sknies 4.029 262 27 4J18 46.337 3.018 308 49,663 50.366 3,280 335 53,981 55,858 3245 551 59,654 Pwion contributions Administration expenses Strutt & Pther manag¢nKDt fees 14.435 166.(N)i 18.363 234.027 180,436 18.363 252,780 230,968 13.338 303.9(K 18.753 The Clwitylw fivc ¢nwloyees (2023: four) reprr5¢Dtin8 a fi1 time equivalcnt of four employees (2023: four). No cmploycc received remunerntion of rnor¢ thon £60.OCK) duTing the year. Neither the Tn1£¢ nor connected per>5 rxeived eiih¢r fe or enlUrneDts for their services or have bad ¢xpenses reimbursed to them in the year (2023: £Dii). Trustee indettwty insuraa¢e &$ purcb&8ed during the year at a cost of £1,374 QtT23.. £753). the in5uraJce covers this Charity and its associated cl)ariry. The AdmiDtstration exp¢ns¢s have been allocated on a per¢entag¢ basis of total income from markd rentals and provision of SLKial hougx costs from note 7. 18
ROYAL BENEVOLEKfAND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RNER THAMES NOTES TO THE FINANCIAL STATEMENTS (¢ontinued) FOR THE YEAR ENDED 30 JUNE 2024 5) Expendlture on tharltabk activities fllndratsi Rem of Poverty Trainillg & Total & Othtt Edua¢ion Preservadon 2024 Totxl 2023 FundrAistng 4,841 4,841 4.841 4.841 2,460 2,460 Charitable activities Apprentices & training otTic¢rs Apprentices & training costs 29,652 55,774 10535 29.652 55,774 10.535 29,727 34.292 10.427 Support costs: Repairs and maintenance Otber expenditure on PTOP Rates Insurance 215,816 63342 1097 33.496 215,816 63.342 156.S28 64.186 7,516 36.373 1,723 8.485 18,753 29,104 3265 1,723 957 36.761 1.723 25.914 21,444 32,621 Sundry csts HousiDg nllnag¢tnent support 4 GovemarLce costs 24,957 21.444 19,799 12. 380951 114.728 495,679 397,114 380.951 114,728 4,841 500,520 399,574 Unrestricted fun& R&Strict fun 340.096 40,855 340.096 160,424 260,948 138,626 114,728 4,841 380.951 114,728 4.841 500,520 399.574 6) Tgi*tion The CEwity is exenipt from Corporation Tax on its income and gains to the tellI that thes¢ arc 4lled for charitable puw. 19
ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES NOTES TO THE FINANCIAL STATEMENTS (continu) FOR THE YEJR ENDED 30 JUNE 2024 T) Recharges from Watennens H•ll Limited Rollef of Tot & Other FAlucation Presemtiott 2•24 Total Included in HoIngManagerneAt andServi¢e Costs MaDagennt fe 67541 53,616 67,541 53,616 83,283 36.622 Includedin support Costs Mallagement fx5 5,873 4.662 5.873 7242 3,185 &Tlaries andrelatedcayts 29,652 40,187 29,652 161.344 29,727 160.059 121.157 8) GovernCe costs Total 2024 2023 Audit fee Jnvestment management fS 12,630 19.991 32,621 8298 20.806 29,104 Unre5tri¢ted RestrACted 19,799 12,822 32.621 15,759 13,345 29.104 9) Crnnts p8y4ble T•tl 21J24 Tot 2023 Grants made during theyear." Library Committee 1,527 1,527 1.527
ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGFrrERMEN OF THE RIVER THAMES NOTES TO THE FINANCIAL STATEMENTS (continugd) FOR THEYEAR ENDED 30 JUNE2024 10} Tanglble fixed assets Freeknld Frethld knusiDg PToperty Mrfor Ilttlkny COmnY Ttstsl Totsl 2023 C•st or Y41llAtlon At l July2¢J23 394243 7.844 626.546 17396 ,844) (207.$18) 43.074 6,542 12?0250 17396 {241S53) ,110,080 160.170 DispKal 12A191) At311 Ju#e2024 394243 165.810 436.424 43,074 6.542 1.046,093 1270250 At l July2023 Cetsthes DisExw15 94.633 3.912 50.047 7144 4232IM 16J80 33.490 Q6.L91) CIJM) P07.518) IOJ15 586.043 57,735 (241 J53) 534.026 51017 At30 Je2024 98575 40,436 251.176 L2,038 402225 586,043 CrylMg gJIIODlIt Al 30 Jun¢21ll4 295,668 125J74 185,248 31,036 6542 643.868 684.207 At30 Jun¢ 2023 299.610 141.954 203J42 31759 6,542 684207 576.054 21
ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES NOTES TO THE FINANCIAL STATEIAEKfs (continued) FOR THE YEAR ENDED 30 JUNE 2024 11) Investments Totsl Totsl 2024 2023 Cos¢ or v4lllation At l Juty 2023 Additio8 Disposa]s at cost or brought foTward valuation ReValu10ll 1665.845 524.048 (548,067) 266,347 1734.653 404250 (498,151) 25.093 At 30 June 21n4 2.W8.173 1665.845 Net book value At 30 Jllne 2024 I)8,173 1665,845 At l July 2023 1665.845 1734.653 UDrestricted Restricted 1.964.845 943 228 1.819.403 846,442 1908,173 1665.845 At the balance sheet dat4 the historical cost of th¢ inva51TtKnts w&9 £1201227 (2023: 4196,998). OiherIn1m¢Nts-Eth Orthnar)knReprffrfvnd. Designale4 Total 2024 Totsl 2023 Cost or Vll4110 At l July 2n23 Revaluation 847.199 1.607 809.448 37,751 At 30 June 2024 944.806 847.199 Net book Ye AI 30 Jun¢ 2024 9U,806 847,199 At l July2 847,199 809.448 At 30 Julle 2024: 7,967 (21r23: 7.967) aCcumul10ll sharts were held in th¢ A(latiOn of A1house8 Common InvestnTht Fund Their cost at 30 Jull¢ 2024 was £253,076 {2023: £253,076). Th¢ income from the fund is d¢S1ted for the repairs aJJd mainte[llee of the Al$bOuse5.
ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGFrrERMEN OF THE RIVER THAMES NOTES TO THE FINANCIAL STATEMEKfs {continu•d) FOR THE YEAR ENDED 30 JUNE 2024 12) Debtors 2024 2023 Trade debtor5 Amounts due from related parties (Note 15) Prepayments and accrued income Other debtors 1.012 111516 1.785 io 120234 2.839 4,015 127.098 115,313 13) Credltors: amounts f1£ due within one yeAr 2024 2023 Trade creditors Amounts due to related parties (Not¢ 15) TaxatioD and social security Accruals and defetted incon Other creditors 4.937 45.690 1301 31.858 28.712 3,901 2.131 33599 1.982 83.786 7D.325 Deferred income 2024 2023 D¢f¢rred income at l July 2023 Resources deferred iti the peri(MJ Ajuouuts r¢l¢as¢d from previous perii)ds 8.809 16.988 (8.809) 50,141 8,809 (50.141) Defetted itic4)tJe at 30 June 2024 16,988 8.809 The deferred incon]e ¢aryied fonyard amounts to £16,988 (2023: £8,8IW) and rclales to reLtai incorne received in advaDce at the year en(t
ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGFrrERMEN OF THE RIVER ThAMES NOTES TO THE FINANCIAL STATEMEKfs (contthued) FOR THE YEAR ENDED 30 JUNE 2024 14) Funds Current ye9r: Total 2023 Otber gains 1 IJKom¢ ExpendlMr¢ (IDsse5) Totsl 2024 Restrieledf¥nds.' 8) TO of E8stLondon b) Dr HerLtt]all initial investment c) Philip H¢llThll Foundation- Other donations d) Mrs M Holt leg e) John Dudm Brown Trust Q Watlln,5 Hall Preservation Trust 3,576 2285 30,533 643 (3.253) (2,079) (27.776) 2,288 1,462 19532 3254 2.079 27.781 S,41 89,724 756.940 74,823 16,E38 26,997 7,423 (81.620) (40,855) (4.841) 57J97 108.662 81,639 851.744 77,405 Totsl r¢strl£ted funds 957,881 57.104 {160,424) 607264 (607260) 203.465 3,609.732 664,368 (767.684) 392.806 4,653,634 189Jl 1,043902 UDrestricted funds 3.406.263 Tot fuknds 4.364,144 a) Tour of East LDndon-fundin8 for training for apprentic¢s ]iviJJ8 in the FAst London Boroughs. b) The Philip Henman Foundtition founded by deed in 1961 with a gift from Dr Hentwi of shares of the Trnnsport D¢v¢lopment Group wi)rth £IO,O(M). The Incoll is used to pronKgte and cncournge post 8ch(KJl ¢ducatioD and training forpets0% engaged in the port transtM)rt industy. c) The donations from th¢ Philip Henman Foundation included th¢ assets and iiabiliti¢s trallsferro1 to the new Charity at l July 2011. Funds specifically received throughout the year for tr2iniog and education of apptic and Ot1 Illtered in a career on th¢ River. d) Legacy- The Late Mrs Minnie Holt left £188.000 to the Philip Henmaa Foundation for training aud education of appretttic¢s wbi¢h was recei1 during the year to 30 June 2013. The funds left by the lato Mrs Minni¢ Holt are ¢har8e41 with a pert¢nthge of th¢ Cost of training and educatiou calculated on the splil of total iDC¢)ll* received for training and education. e) Jobn Dudin Bmwn Tn-A deed of gift fromthe Iate MrJolm Dudin Browll for funding repairs and maint¢nance of the Charity's AhL8houses. Q Wotermi's Hall Preserv3tioD Trnst. The Tht formed in 20(r2 to: - preserve for the benefit of the public Waternm's Hall at 16- 18 St Mary at HilL" works of arL filL. artefacts ond (the colle¢tton)' a1 - adYattc¢ the education of the public in the history of tbe bu11th the collection and the River ThaTD¢S. 24
ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES NOTES TO THE FINANCIAL STATEMENTS {¢ontinued) FOR THE YEAR ENOED 30 JUNE 2024 14) Fllnds (continued) Prior yeAr: Totsl 2022 Other g*ins 1 Ineome Esptlldttwe (knses) Total 2023 Reslridedfunds.. a) Tour of Fx8t London b) Dr Henrn initial investmellt c) Philip Henn)ao Foundation- Oth¢r donatiOZLS d) Mrs M Hol¢ leg e) Jolm Dudin Brown Trost fj Watetmen's Hall Preservation TThst 4,151 1652 35.435 1565 {2,760) (1.763) (23.560) 620 396 5299 3.576 2,285 30,533 13J59 104.128 740.698 68.024 39254 25.616 9259 (69229) (38.854) {2.460) 15,571 29.480 89,724 756,940 74.823 Totwl restri¢ted funds 955,088 90.053 (138,620 571245 (496502) 661298 {635,128} 51J66 957.881 untricted funds 3265.049 66,471 3,406.263 Totsl funds 4220.137 117.837 4.364,144 IS) Related party transacflon5 The reIated paTti¢s ar¢ as follows: The Cornpany of Watuntt and LIghtern of the River Tham Watenllens Hall Limited The CoMpanS Poors Fund Tr ¢onnection between tbese related partie8 is that the Court of The Companyof W8ten))¢n gnd L1t¢[Mell of tbe Rlvtt Than5 conttol th¢llL At the year.d the followingbalallces woe outslandin 2023 Due (to) the Company ofwalermen and Lightetrnen (43.816) 112,516 1.874) (3,901) I I2.108 8.126 Due (to) / from The CompAlly'S Poors Fund During the year the rnalaI tranwtioJs with thae related parties were: 2024 2023 73.414 90,525 Rowing Officer, Training Offi¢¢r 8od others Accommodatiott Costs retharged from Wrnns Hall Limited Sbare of the cost for the reapir on the lift at waternn'S Hall 29.652 58,278 66,885 29,727 39,807
ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND UGHTERMEN OF THE RIVER THAMES NOTES TO THE FINANCL4L STATEMEKfs (continu•d) FOR THEYEAR ENDED 30JUNE 2024 16) Mthnate controlling party The Trustee msiders the ultimate controllxn8 p8rty to be tbe Court of The Conw of watern and Light¢rn)¢n of the River Thames. 17) Donated asset$ The land and buildingg at Ditcb]xng were donated to The Cott48e Honw, Dttcbling in 1888. Th&%e financial statements have not disclosed the cutrent value of the wets at th¢ date th<%e were reLeived beCase a reliable &8timate 15 not available. 26