Registered number: 05659325 Charity number: 1113992
RIVERTIME BOAT TRUST LIMITED
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
RIVERTIME BOAT TRUST LIMITED
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its trustees and advisers | 3 |
| Trustees' report | 4 - 7 |
| Independent examiner's report | 8 - 9 |
| Statement of financial activities | 10 |
| Income and expenditure account | 10 |
| Balance sheet | 11 - 12 |
| Notes to the financial statements | 13 - 25 |
RIVERTIME BOAT TRUST LIMITED
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021
President
Mr Simon Nathaniel Davis
Trustees
Mr Christopher Robert Barrett DL, Chair of Trustees Mr Jonathan Hobbs Ms Judith Ann Diment MBE Mr Gregory Charles Wilkinson
Company registered number
05659325
Charity registered number
1113992
Registered office
Richmond House, Newlands Drive, Maidenhead, Berkshire, SL6 4LL
Principal operating office
Richmond House, Newlands Drive, Maidenhead, Berkshire, SL6 4LL
Managing Trustee
Mr Christopher Robert Barrett DL
Accountants
Theresa Bowers Accounting Ltd, 1 Charlotte Close, Caversham, Reading, Berkshire, RG4 7BY
Bankers
Lloyds Bank plc, 45 High Street, Maidenhead, Berkshire, SL6 1JS
Solicitors
Gardner Leader LLP, First Floor, 7 Frascati Way, Maidenhead, Berkshire, SL6 4UY
RIVERTIME BOAT TRUST LIMITED (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
OBJECTIVES AND ACTIVITIES
Policies & Objectives
Rivertime Boat Trust (“The Trust”) was established by Pat and Simon Davis in 2006. Their objective was to build and operate a boat for disabled and disadvantaged children and adults on the river Thames. At the time, no boat provided these facilities between Oxford and Windsor. The company and charity were formed for this purpose and Trustees were appointed to execute these plans.
Activities for achieving objectives
In 2008 they launched ‘Rivertime’, a specially constructed 42 foot passenger boat fitted with a ramp and a hydraulic lift for wheelchair users and providing a safe, caring and stimulating environment for both children and adults with all types of disability, however mild or profound.
Since the inception of the charity the ‘Rivertime’ cruiser has been used each year from Easter through to October to provide trips for disabled and disadvantaged children and adults. One full time skipper is employed and a cadre of volunteers provide support as additional skippers and crew members. Our volunteers are trained at the start of each annual season to ensure that appropriate levels of safety are maintained on every trip.
’Rivertime’ has now taken out over 26,000 disabled and disadvantaged passengers, travelled 17,500 miles, passed through 4,500 locks and benefitted from 12,000 volunteer hours.
The progress the Trust had made was recognised in 2012 when it was awarded The Queen’s Award for Voluntary Service. In 2018 the Trust was awarded the Canal and River Trust ‘Living Waterways Award for Learning & Skills’.
ACHIEVEMENTS AND PERFORMANCE
As a result of Covid-19, for the first time in its 15 year history this vital charity was not able to operate at all during the 2020 season and it launched an ‘Appeal for Financial Support’. Letters were written to traditional supporters and to businesses in the Thames Valley. The Trust also made full use of the Government Furlough Scheme. As a result of this income and the generous donations received from supporters we have been able to retain our salaried skipper and maintain ‘Rivertime’ throughout the pandemic.
The River and Rowing Museum (“RRM”)
The River & Rowing Museum and the Trust have worked collaboratively since 2013 to create ‘Museum on Thames’. This initiative supplements the service that the Museum provides for SEND children and young people and extends the Trust’s offer of a river cruise for the disadvantaged and disabled. Since the project was launched, ‘Museum on Thames’ has reached over 400 children aged 6 – 19 years and 249 teachers and helpers, with further SEND visits beyond the project.
Groups have visited from Buckinghamshire, Berkshire, Oxfordshire, Middlesex, Surrey, North London and Hampshire. This is a unique experience combining interactive museum workshops with a boat trip to enhance learning about the river and its wildlife, allowing pupils to enjoy the therapeutic effects that being on and around the water can bring. There is no other initiative like this in the UK.
During the pandemic the Trust has worked with the River & Rowing Museum to develop a new partnership that will offer new and unique educational opportunities for disabled and disadvantaged young people in the local area and beyond. Moving forward, the two charities will work together with SEND schools to provide a variety of new targeted programmes.
This is an exciting and unique relationship where each side brings distinctive resources, skills, experience and networks to the partnership.
Learning Outside the Classroom (LOtC)
The Rivertime Boat Trust was awarded the Learning Outside the Classroom (LOtC) Accreditation during the year. This will enable us to develop educational programmes during the 2021 season where children from SEND settings can learn about the River Thames and its wildlife.
Investment policy and performance
The Trust has invested funds with CCLA in the Listed COIF Charities Investment Fund Accumulation Units and the Trustees regularly review investment policy.
Funds and factors relevant to achieve objectives
The Trustees, recognising that in order to continue to provide the range of services currently offered, will continue to set aside funds to replace the ‘Rivertime’. Further funds are required and the Trust will continue to seek support from generous donors and grant making bodies to ensure the charity is able to develop its service offering in the coming years.
Reserving policy
The Trustees consider that a minimum reserve in cash and liquid investments of £65,000 should be maintained in order to:
(i) enable the charity to continue to function in the event of a reduction in income from either boat letting or grants and donations as a result, for example, of a major breakdown or other loss of use of ‘Rivertime’ for an extended period, including any unanticipated major repair costs;
(ii) finance major replacements of mechanical and electrical equipment that may become necessary due to the age of the boat;
(iii) to finance proposed work with the Government to replicate the Charity’s service nationwide; and
(iv) to provide for repayment of the loan from Simon Davis (see note 20), should the need arise.
The Trustees have also created an additional Designated Reserve of £102,207, equivalent to the accumulated depreciation of Rivertime, in order to replace it in due course at the end of its useful life. The Trustees aim to secure sufficient cash and investments to finance this reserve over time.
As at 31 March 2021, the value of unrestricted cash and liquid investments to support these objectives was £82,276.
RIVERTIME BOAT TRUST LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT Continued
FINANCIAL REVIEW
Financial performance
The Trust had a deficit of £3,526 of expenditure over income before investment returns during the year (2020: surplus of £20,950). This may be analysed by activity as follows:
| Year ended Grants and donations Income from charitable activities Direct costs Net movement in resources Less: Governance Surplus (Deficit) |
31 March 2021 Rivertime Accessible boating TOTAL 68,450 0 68,450 0 0 0 (44,561) (22,208) (66,769) 23,889 (22,208) 1,681 (5,207) 0 (5,207) 18,682 (22,208) (3,526) |
31 March 2020 Rivertime Accessible boating TOTAL 50,689 18,000 68,689 31,958 5,615 37,573 (55,473) (21,837) (77,310) 27,174 1,778 28,952 (8,002) 0 (8,002) 19,172 1,778 (20,950) |
|---|---|---|
In the year ended 31 March 2021, Rivertime did not operate as a result of restrictions imposed due to the COVID 19 epidemic and therefore earned no income from charitable activities.
Grants and donations for Accessible boating in the year ended 31 March 2020 comprised a grant of £18,000 by the Edward Gostling Foundation to be used to buy a NEO 495 adapted sailing dinghy. In the year ended 31 March 2021, with the agreement of the Foundation, this dinghy was transferred to a related CIO, Rivertime Accessible Boating, (operating as Accessible Boating Thames) and this amount has therefore been recorded as an Expenditure in the year ended 31 March 2021.
In the year ended 31 March 2021, Grants and Donations for ‘Rivertime’ included £23,966 of Government grants from the ‘furlough’ scheme operated in response to issues created by COVID 19. Direct costs of operating ‘Rivertime’ reduced from £55,473 to £44,561 as a result of lower direct running and promotional costs of £7,201 and reduced pension and other support costs of £3,517.
Going concern
In March 2021, following the spread of the coronavirus around the world, the Government adopted a ‘lockdown’ policy that has prevented ‘Rivertime’ from operating at all in the 2020/21 season. However, as a result of successful fundraising to cover a proportion of the resulting shortfall in income, the Trustees are confident that the Charity will be able to continue as a going concern and accordingly the financial statements have been prepared on this basis.
STRUCTURE, GOVERNMENT AND MANAGEMENT Structure. governance and management Constitution The company is constituted under a Memorandum of Association dated 20 December 2005 and is a registered charity number 1113992. The objects for which the company is established are: To provide and maintain a specially constructed boat or other laolities for the disabled. To work with other charities involved with the disabled similar objectives. To organise boat trips on the middle Thames for dIsaed and disadvantaged children and aijults. Method of appolntment or ele¢tlon of Tru$tee$ The management of the cA)mpany is the reswnsilylrty of the Trustees who are elected and cwpted under the terms of the Articles of Associalion. Organisational structure and decision making There are a number of Trustees". all of whom have the experien and relevant skills to carry OLrt the functions of managing the charity. The Tru51ees meet quartedy and are able lo make the relevant decisions. A Trustee is responsible fof the bell ix)ating activity at Bisham Abbey and a committee formed of Trustees and C(pted members is responsible for ptanning and managing the Rwertime Accessible Regatta. A Trustee is responsible for selects'ng and managing skippers and uew involved in running our cruiser'Rivertime'. The Trustees are responsible for keeping adequate accounting records that are suffiuent to Show and explain the charitable company's transactions and disdose with reasonable accuracy at any ts'me the financial position of the charitable company and enable them to ensure that the financial statements comply the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable company and hence for taking reasonable steps for the preventson and detects'on of fraud and olher irwuLArib"es. This report Was approved by the Tru51ee5, on .. ................... and signed on their behalf by= Mr Chrl$topher Robert Barrett DL Managing Trustee
RIVERTIME BOAT TRUST LIMITED (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RIVERTIME BOAT TRUST LIMITED (the 'company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 March 2021.
This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.
RESPONSIBILITIES AND BASIS OF REPORT
The Trustees (who are also directors of Rivertime Boat Trust Limited for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgments and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
RIVERTIME BOAT TRUST LIMITED (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Theresa A Bowers Dated: 9th November 2021
Theresa Bowers FIFA FCCA
Theresa Bowers Accountancy Ltd 1 Charlotte Close Caversham Reading Berkshire RG4 7BY
RIVERTIME BOAT TRUST LIMITED (A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted funds Restricted funds Total funds INCOME FROM: Note 2021 £ 2021 £ 2021 £ Donations and grants 2 63,950 4,500 68,450 Charitable activities 3 0 0 0 TOTAL INCOME 63,950 4,500 68,450 EXPENDITURE ON: Raising funds Charitable activities: Other charitable activities 4 43,953 22,816 66,769 Governance 7 5,207 - 5,207 TOTAL EXPENDITURE 49,160 22,816 71,976 NET INCOME/(EXPENDITURE) BEFORE INVESTMENT GAINS 14,790 (18,316) (3,526) Net gains on investments 12 9,820 0 9,820 NET INCOME / (EXPENDITURE) BEFORE 24,610 (18,316) 6,294 TRANSFERS Transfers Between Funds 162,248 (2,248) - NET INCOME / (EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND LOSSES 26,858 (20,564) 6,294 NET MOVEMENT IN FUNDS 26,858 (20,564) 6,294 RECONCILIATION OF FUNDS: Total funds brought forward 127,116 59,664 186,780 TOTAL FUNDS CARRIED FORWARD 153,974 39,100 193,074 The notes on pages 13 to 26 form part of these financial statement SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021 Total funds Note 2021 £ GROSS INCOME IN THE REPORTING PERIOD 78,270 Less: Total expenditure 71,976 NET INCOME FOR THE FINANCIAL YEAR 166,294 |
Unrestricted funds Restricted funds Total funds 2021 £ 2021 £ 2021 £ 63,950 4,500 68,450 0 0 0 |
Total funds 2020 £ 68,689 37,573 106,262 0 77,310 8,002 85,312 20,950 659 21,609 - 21,609 21,609 165,171 186,780 Total funds 2020 £ 106,921 85,312 21,609 |
|---|---|---|
| 63,950 4,500 68,450 |
||
| 43,953 22,816 66,769 5,207 - 5,207 |
||
| 49,160 22,816 71,976 | ||
| 14,790 (18,316) (3,526) 9,820 0 9,820 |
||
| 24,610 (18,316) 6,294 2,248 (2,248) - |
||
| 26,858 (20,564) 6,294 26,858 (20,564) 6,294 127,116 59,664 186,780 |
||
| 153,974 39,100 193,074 |
RIVERTIME BOAT TRUST LIMITED
(A company limited by guarantee)
BALANCE SHEET AS AT 31 MARCH 2021
| Note FIXED ASSETS Tangible assets 11 Investments 12 CURRENT ASSETS Debtors 13 Cash at bank and in hand CREDITORS:amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS:amounts falling due after more than one year 15 NET ASSETS CHARITY FUNDS Restricted funds 16 Unrestricted funds 16 TOTAL FUNDS |
£ 890 53,211 |
2021 £ £ 104,980 49,735 154,715 1,380 45,584 46,964 (2,378) 53,359 208,074 (15,000) 193,074 39,100 153,974 193,074 |
2020 £ 117,279 39,915 157,194 44,586 201,780 (15,000) |
|
|---|---|---|---|---|
54,101 (742) |
||||
186,780 |
||||
| 59,664 127,116 |
||||
| 186,780 |
RIVERTIME BOAT TRUST LIMITED {A company limited by guarantee) BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2021 The companys financial statements have been prepared in aecordanee wilh the provisions applicable lo companies subject lo the small eompanies regime. The Trustees consider that the company is entrtled to exemption from the requ1Ment lo have an audit under the provisions of section 477 of the Companies Act 20{ Ilhe Acri an¢J rnembers have not required the company lo obtain an audit for the year in question in accordance wth sects.on 476 of the Act. The Trustees acknowledge their responsibilities for cornplying with the requirements of the Companies Act 2006 wth respect lo accountsng records and the preparats.on of financial statements. The financial slalements were approved and authorised for issue by the Tnjstees on ............................... and signed on their behalf, by.. Mr Chrlstopher Robert Barrett DL The notes on pages 11 to 24 fr)mi part of these ffinancial ststements.
RIVERTIME BOAT TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Rivertime Boat Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
In March 2020, following the spread of the coronavirus around the world, the Government adopted a ‘lockdown’ policy that has prevented ‘Rivertime’ from operating at all in the 2020 season. However, as a result of successful fundraising to cover a proportion of the resulting shortfall in income, the Trustees are confident that the Charity will be able to continue as a going concern and accordingly the financial statements have been prepared on this basis.
1.2 Company status
The company is a company limited by guarantee, incorporated in the United Kingdom and registered in England and Wales, registered number 05659325. The address of the registered office is Richmond House, Newlands Drive, Maidenhead, Berkshire, SL6 4LL. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
1.3 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the value of general volunteer time of friends is not recognised.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
RIVERTIME BOAT TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
1. ACCOUNTING POLICIES (CONTINUED)
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Support costs are those costs incurred directly in support of expenditure on the objects of the company. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
All expenditure is inclusive of irrecoverable VAT.
1.5 Tangible fixed assets and depreciation
All assets costing more than £250 are capitalised.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Boats - 5% straight line Equipment - 10% straight line
1.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities incorporating income and expenditure account.
RIVERTIME BOAT TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
1. ACCOUNTING POLICIES (CONTINUED)
1.7 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.
1.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.9 Cash at Bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
1.11 Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.12 Pensions
The company contributes to the skipper's defined contribution personal pension plan. The pension charge represents the amounts payable by the company to the fund in respect of the year. No amounts were due at the year end.
RIVERTIME BOAT TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
1. ACCOUNTING POLICIES (CONTINUED)
1.13 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
1.14 Judgements in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements, the trustees are required to make judgements, estimates and assumptions about the carrying amount of the assets and liabilities that are not obtainable from other sources. Judgements, estimates and assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates, but are unlikely to be material.
RIVERTIME BOAT TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
2. INCOME FROM DONATIONS AND GRANTS
| Donations Grants Government grants Total donations and grants Total 2020 |
Unrestricted funds 2021 £ 33,484 10,000 23,966 |
Restricted funds 2021 £ - 1,000 - |
Restricted funds 2021 £ - 1,000 - |
Total funds 2021 £ 33,484 11,000 23,966 68,450 68,689 |
Total funds 2020 £ 50,689 18,000 0 |
|
|---|---|---|---|---|---|---|
67,450 |
1,000 | 68,689 | ||||
45,689 |
23,000 |
Government grants comprise amounts received from the ‘furlough’ scheme operated in response to issues created by COVID 19.
3. INCOME FROM CHARITABLE ACTIVITIES
| Rivertime - Boat lettings Accessible Boating – bell boating days Total Income from Charitable Activities Total 2020 |
Unrestricted funds 2021 £ - - |
Restricted funds 2021 £ - - |
Total funds 2021 £ - - - 37,573 |
Total funds 2020 £ 31,958 5,615 37,573 |
|---|---|---|---|---|
| - | - |
|||
| 37,573 | _- _ |
4. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
| Rivertime Accessible Boating Total expenditure on Charitable Activities Total 2020 |
Unrestricted funds 2021 £ 41,061 2,892 |
Restricted funds 2021 £ 3,500 19,316 |
Total funds 2021 £ 44,561 22,208 66,769 77,310 |
Total funds 2020 £ 55,473 21,837 |
|---|---|---|---|---|
| 43,953 | 22,816 |
77,310 | ||
75,664 |
1,646 |
RIVERTIME BOAT TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
5. DIRECT COSTS
| "Rivertime" running costs Accessible Boating costs Promotional costs Licences Staff training Other staff costs Professional fees Wages and salaries Pension cost Subscriptions Equipment Depreciation Support costs (Note 6) Total 2020 |
Rivertime £ 590 0 572 754 1,260 0 24 29,664 703 0 0 8,091 2,903 44,561 55,473 |
Accessible Boating £ 0 18,000 0 0 0 0 0 0 0 0 0 4,208 0 |
Riverside Accessible Regatta £ 0 0 0 0 0 0 0 0 0 0 0 0 0 |
Riverside Accessible Regatta £ 0 0 0 0 0 0 0 0 0 0 0 0 0 |
Total 2021 £ 590 18,000 572 754 1,260 0 24 29,664 703 0 0 12,299 2,903 66,769 77,310 |
Total 2020 £ 4,771 16,140 3,592 754 1,260 480 1,119 29,218 3,095 150 404 12,299 4,028 77,310 |
|---|---|---|---|---|---|---|
| 22,208 21,837 |
0 | |||||
| 0 |
6. SUPPORT COSTS
| Website costs Computer costs Office costs Wages and salaries Total 2020 |
Unrestricted funds £ 408 660 1,637 198 |
Total 2021 £ 408 660 1,637 198 2,903 4,028 |
Total 2020 £ 480 841 2,557 150 4,028 |
|---|---|---|---|
| 2,903 | |||
4,028 |
In the year ended 31 March 2021, all support costs were expended from unrestricted funds.
RIVERTIME BOAT TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
7. GOVERNANCE COSTS
| Independent examination Accountancy, bookkeeping and payroll Insurance Other |
Unrestricted funds 2021 £ 500 523 4,184 0 5,207 |
Restricted funds 2021 £ - - - - |
Total funds 2021 £ 500 523 4,184 0 5,207 |
Total funds 2020 £ 400 911 6,391 300 |
|---|---|---|---|---|
| - | 8,002 |
In the year ended 31 March 2020, all governance costs were expended from unrestricted funds.
8. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE
| Rivertime Accessible Boating Charitable activities Expenditure on governance Total 2020 |
Staff costs 2021 £ 30,367 0 |
Depreciation 2021 £ 8,091 4,208 |
Other costs 2021 £ 6,103 18,000 |
Total 2021 £ 44,561 22,208 66,769 5,207 71,976 85,312 |
Total 2020 £ 55,473 21,837 |
|---|---|---|---|---|---|
| 30,367 0 |
12,299 0 |
24,103 5,207 |
77,310 8,002 |
||
| 30,367 | 12,299 | 29,310 |
85,312 | ||
32,387 |
12,299 |
40,471 |
RIVERTIME BOAT TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
9. NET INCOME/(EXPENDITURE)
This is stated after charging:
| Depreciation of tangible fixed assets: - owned by the charity Independent examination |
2021 £ 12,299 500 |
2020 £ 12,299 400 |
|---|---|---|
During the year, no Trustees received any remuneration, benefits in kind or reimbursement of expenses (2020 - £NIL).
10. STAFF COSTS
Staff costs were as follows:
| Wages and salaries Other pension costs |
2021 £ 29,862 703 30,565 |
2020 £ 29,368 3,095 |
|---|---|---|
| 32,483 |
The average number of persons employed by the company during the year was as follows:
| 2021 | 2020 | |
|---|---|---|
| No. | No. | |
| Skipper | 1 | 1 |
No employee received remuneration amounting to more than £60,000 in either year.
RIVERTIME BOAT TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
11. TANGIBLE FIXED ASSETS
| Cost At 1 April 2020 Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 |
Boats £ 222,071 |
Equipment £ 11,970 |
Total £ 234,041 |
|---|---|---|---|
113,453 11,103 |
3,309 1,196 |
116,762 12,299 129,061 |
|
124,556 |
4,505 |
||
97,515 |
7,465 |
104,980 |
|
108,618 |
8,661 |
117,279 |
12. FIXED ASSET INVESTMENTS
| Market value At 1 April 2020 Disposals Revaluations At 31 March 2021 Investments at market value comprise: Listed investments: 240.10 (2019 – 295.49) COIF Charities Investment Fund Accumulation Units All the fixed asset investments are held in the UK |
2021 £ 49,735 |
Listed securities £ 39,915 0 9,820 49,735 2020 £ 39,915 |
|---|---|---|
RIVERTIME BOAT TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
13. DEBTORS
| Trade debtors Other debtors Prepayments and deferred expenditure 14. CREDITORS: Amounts falling due within one year Trade creditors Other taxation and social security Accruals and deferred income 15. CREDITORS: Amounts falling due after more than one year Other creditors (Note 20) |
2021 £ - 890 - 890 2021 £ 105 137 500 742 2021 £ 15,000 |
2019 £ 120 - 1,260 |
|
|---|---|---|---|
| 1,380 | |||
2020 £ 1,686 137 555 |
|||
| 2,378 | |||
2020 £ 15,000 |
RIVERTIME BOAT TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
16. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| Designated funds Rivertime Boat General funds General funds Total unrestricted funds Restricted funds Classroom fund Accessible Boating fund The Davis fund Louis Bayliss fund Total restricted funds Total funds |
Balance at 1 April 2020 Income Expenditure Transfers In/out Gains / (Losses) Balance at 31 March 2021 £ £ £ £ £ £ 79,277 - - 22,930 - 102,207 47,839 67,450 (52,660) (20,682) 9,820 51,767 127,116 67,450 (52,660) 2,248 9,820 153,974 15,000 - - - - 15,000 39,994 - (19,316) (2,248) - 18,430 4,670 - - - - 4,670 - 1,000 - - - 1,000 59,664 1,000 (19,316) (2,248) 0 39,100 186,780 68,450 (71,976) - 9,820 193,074 |
|---|---|
Aim and use of designated funds
The designated funds represent funds designated by the trustees for specific future purposes. Where these have not been expended during the year they are carried forward. Details of the designated funds are as follows:
Rivertime Boat Fund comprises funds set aside for the purpose of replacing the Rivertime boat.
Aim and use of restricted funds
The restricted funds represent grants and donations received for specific purposes. Where these have not been expended during the year they are carried forward. Details of the restricted funds are as follows:
Classroom Fund comprises funds set aside for the construction of a floating classroom.
Accessible Boating Fund comprises funds raised to finance the acquisition of disabled adapted boats providing water sports for people with disabilities and to finance the operation of those boats in partnership with BASN.
The Davis Fund was established to fund special projects.
The Louis Bayliss Fund is to be used to fund Learning Outside the Classroom.
SUMMARY OF FUNDS - PRIOR YEAR
| Investment | Balance at |
Balance at |
|||||
|---|---|---|---|---|---|---|---|
| Balance at | Transfers | Gains / | 31 March | ||||
| 1 April 2019 | Income | Expenditure | In/out | (Losses) | 2020 | ||
| £ | £ | £ | £ | £ | £ | ||
| Designated funds | |||||||
| Rivertime Boat | 79,277 | - | - | - | - | 79,277 | |
| General funds | |||||||
| General funds | 47,584 | 83,262 | (83,666) | - | 659 | 47,839 | |
| Total unrestricted funds | 126,861 | 83,262 | (83,666) | - | 659 | 127,116 | |
| Restricted funds | |||||||
| Classroom fund |
15,000 | - | - | - | - | 15,000 | |
| Accessible Boating fund |
23,310 | 18,000 | (1,316) | - | - | 39,994 | |
| The Davis fund | - | 5,000 | (330) | - | - | 4,670 | |
| - | |||||||
| Total restricted funds |
38,310 | 23,000 | (1,646) | - | 59,664 | ||
| Total funds |
165,171 | **106,262 ** | (85,312) | - |
659 | 186,780 | |
| 17. ANALYSIS OF NET ASSETS BETWEEN |
FUNDS | ||||||
| CURRENT YEAR | |||||||
| Unrestricted | Restricted | Total |
|||||
| funds | funds |
funds |
|||||
| 2021 | 2021 | 2021 |
|||||
| £ | £ | £ |
|||||
| Tangible fixed assets | 86,550 | 18,430 | 104,980 |
||||
| Fixed asset investments | 34,735 | 15,000 | 49,735 |
||||
| Current assets | 48,431 | 5,670 | 54,101 |
||||
| Creditors due within one year | (742) | - | (742) |
||||
| Creditors due in more than one | year | (15,000) | - | (15,000) | |||
| 153,974 | 39,100 | 193,074 |
PRIOR YEAR
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year |
Unrestricted funds 2020 £ Restricted funds 2020 £ Total funds 2020 £ 95,285 21,994 117,279 24,915 15,000 39,915 24,294 22,670 46,964 (2,378) - (2,378) (15,000) - (15,000) |
|---|---|
| 127,116 59,664 186,780 |
18. PENSION COMMITMENTS
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £703 (2020 - £3,095).
19. MEMBERS' LIABILITY
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £ 1 for the debts and liabilities contracted before he/she ceases to be a member.
20. RELATED PARTY TRANSACTIONS
At the year end, the charity owed Simon Nathaniel Davis, its President, £15,000 (2020 - £15,000) relating to a loan which was received from him during the charity's first period ended 31 March 2007. This balance is reflected within other creditors (Note 15).
Hobbs of Henley Limited together with a number of other organisations and individuals also provide a number of services such as boat transfers, mooring and uses of other facilities free of charge. The value of these services cannot be readily quantified.