**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 dIsa￿ed 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: 1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. 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 4. 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**
16**2,248 (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**
16**6,294**|**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 requ1￿Ment 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.