Unaudited Trustees’ Report and Financial Statements For the year ended 31 March 2025
Rivertime Boat Trust Limited (A company limited by guarantee)
Registered number: 05659325 Charity number: 1113992
RIVERTIME BOAT TRUST LIMITED
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its trustees and advisers | 2 |
| Trustees' report | 3 - 5 |
| Independent examiner's report | 6 - 7 |
| Statement of financial activities | 8 |
| Income and expenditure account | 9 |
| Balance sheet | 10 - 11 |
| Notes to the financial statements | 12 - 26 |
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 2025
Patron
Sir David Suchet CBE
President
Mr Simon Nathaniel Davis
Trustees
Mr Christopher Robert Barrett DL, Chair of Trustees Mr Jonathan Richard Barnard Hobbs Ms Judith Ann Diment MBE (Resigned 1 February 2025) Dr Diane Patricia Lesley Smyth Mr Guy Andrew Fisher (Resigned 1 June 2024 and Reappointed 18 February 2025)
Company registered number
05659325
Charity registered number
1113992
Registered office
7 Avior 10 Longworth Drive, Maidenhead, Berkshire, SL6 8XA
Principal operating office
7 Avior 10 Longworth Drive, Maidenhead, Berkshire, SL6 8XA
Managing Trustee
Mr Christopher Robert Barrett DL
Accountants
Theresa Bowers Accounting Ltd, 1 Charlotte Close, Caversham, Reading, Berkshire, RG4 7BY
Bankers
Metro Bank Plc, 1 Southampton Row, London, WC1B, 5HA Lloyds Bank plc, 45 High Street, Maidenhead, Berkshire, SL6 1JS
Solicitors
Gardner Leader LLP, First Floor, 7 Frascati Way, Maidenhead, Berkshire, SL6 4UY
2
RIVERTIME BOAT TRUST LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025
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 29,000 disabled and disadvantaged passengers, travelled 20,600 miles, passed through 5,100 locks and benefitted from 13,500 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’. The Trust hold the Quality Badge awarded by The Council for Learning Outside the Classroom.
ACHIEVEMENTS AND PERFORMANCE
During the year a Charity Manager role was created, and this has significantly increased staffing costs, however, it will facilitate the sustainable growth of the charity moving forward and the trustees are confident that it will result in increased income and efficiencies over time.
A new CRM and bookings platform was developed and implemented during the year. This has increased operational costs for the year but is already delivering significant efficiencies in time and resource. It also enables increased client booking data and improved communications which it is hoped will result in more bookings.
We completed a comprehensive updating of the Rivertime Boat Trust website.
An extensive winter maintenance programme was carried out over the 2024/25 winter period. This work was necessary due to a history of reactive as opposed to preventative maintenance. We are confident that this will be a one-off cost and we will adopt a preventative programme moving forward.
Towards the end of the season significant extended periods of ‘red board’ conditions caused by inclement weather resulted in numerous cancelled trips with money either refunded or carried forward. Cancelled trips that were rescheduled later in the season took days away from potential new trips which limited income potential. It is also likely that the extended inclement weather had a negative impact on appetite for bookings.
3
Replacing ‘Rivertime’: preparing for our forthcoming major capital expenditure campaign in 2026
After eighteen years on the River Thames, our ‘Rivertime’ boat is nearing the end of its working life and will need to be replaced within the next two years. A new boat will be purchased that meets the high standards of accessibility and environmental impact that our service aspires to. We have been preparing for this moment and have an amount of £60,496 in our dedicated funds; we expect the final purchase cost to be between £350,000 and £400,000. The new boat will be electric and will be making use of the latest technologies that reduce environmental impact. A major capital expenditure campaign will be launched in the Spring of 2026. Raising these sums will be a substantial undertaking for our small charity and we look forward to working with friends and supporters of to ensure the success of this campaign
Reserving policy
The Trustees consider that a minimum reserve in cash and liquid investments of £82,000 should be maintained in order to:
(i) enable the charity to continue to function for at least twelve months in the event of a reduction in income as a result of a major damage or other reason for loss of use of ‘Rivertime’ for an extended period, including any unanticipated major repair costs; and
(ii) finance major replacements of mechanical and electrical equipment that may become necessary due to the age of the boat.
The Trustees have also created an additional Designated Reserve of £133,646, equivalent to the accumulated depreciation of Rivertime, 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 2025, the value of unrestricted cash and liquid investments to support these objectives was £112,018.
FINANCIAL REVIEW
Financial performance
The Trust had a deficit of £72,542 of expenditure over income before investment returns during the year (2024: deficit of £19,131). This reflects (i) a 16% increase in income from Rivertime boat lettings from £31,670 to £36,636 due to an increase to a record level in the number of invoiced trips on Rivertime (ii) a reduction in income from donations and grants of £12,966 (iii) the repayment of a grant of £15,000 where the parties considered that the original terms of the grant could no longer be met and (iv) increased operating costs due to higher maintenance costs, loss on sale of an asset, software development costs and the employment of a new operating manager.
Going concern
The trust has sufficient reserves to ensure its continued operation for at least the next twelve months and the Trustees are therefore confident that the charity will be able to continue as a going concern. 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.
4
The objects for which the company is established are:
-
To provide and maintain a specially constructed boat or other facilities for the disabled.
-
To work with other charities involved with the disabled with similar objectives.
-
To organise boat trips on the middle Thames for disabled and disadvantaged children and adults.
Method of appointment or election of Trustees
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
Organisational structure and decision making
The Board comprises Trustees who have the experience and relevant skills to carry out the functions of managing the charity. The Trustees meet quarterly and can make the relevant decisions.
A Trustee is responsible for selecting and managing skippers and crew involved in running our cruiser ‘Rivertime’.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the Trustees, on …………………. and signed on their behalf by:
Mr Christopher Robert Barrett DL Managing Trustee
5
RIVERTIME BOAT TRUST LIMITED (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025
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 2025.
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.
6
RIVERTIME BOAT TRUST LIMITED (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025
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 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:
Dated:
Theresa Bowers FIFA FCCA
Theresa Bowers Accountancy Ltd 1 Charlotte Close Caversham Reading Berkshire RG4 7BY
7
RIVERTIME BOAT TRUST LIMITED (A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
| INCOME FROM: Note Donations and grants 2 Charitable activities 3 Other Revenue TOTAL INCOME EXPENDITURE ON: Raising funds Charitable activities: Other charitable activities 4 Governance 7 TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) BEFORE INVESTMENT GAINS Net gains on investments 12 NET INCOME / (EXPENDITURE) BEFORE TRANSFERS Transfers Between Funds 16 NET INCOME / (EXPENDITURE) RECONCILIATION OF FUNDS: Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds Restricted funds Total funds Total funds 2025 £ 2025 £ 2025 £ 2024 £ 9,638 (4,250) 5,38833,354 37,386 - 37,386 32,420 2,090 - 2,090 431 49,114 (4,250) 44,864 66,205 96,849 11,723 108,572 76,527 8,834 - 8,834 8,809 105,683 11,723 117,406 85,336 (56,569) (15,973) (72,542) (19,131) 951 - 951 4,521 (55,618) (15,973) (71,591) (14,610) (6,010) 6,010 - - (61,628) (9,963) (71,591) (14,610) 205,971 21,108 227,079 241,689 144,343 11,145 155,488 227,079 |
|---|---|
The notes on pages 13 to 26 form part of these financial statement
8
RIVERTIME BOAT TRUST LIMITED (A company limited by guarantee)
SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025
| GROSS INCOME IN THE REPORTING PERIOD Less: Total expenditure NET INCOME FOR THE FINANCIAL YEAR |
Total funds Total funds 2025 £ 2024 £ 45,815 70,726 117,406 85,336 |
|---|---|
| (71,591) (14,610) |
9
RIVERTIME BOAT TRUST LIMITED
(A company limited by guarantee)
BALANCE SHEET AS AT 31 MARCH 2025
| 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 |
£ 17,181 62,667 |
2025 2024 £ £ £ 44,778 68,083 60,496 59,545 105,274 127,628 19,999 101,352 121,351 (21,900) 50,214 99,451 155,488 227,079 - - 155,488 227,079 11,145 21,108 144,343 205,971 155,488 227,079 |
2025 2024 £ £ £ 44,778 68,083 60,496 59,545 105,274 127,628 19,999 101,352 121,351 (21,900) 50,214 99,451 155,488 227,079 - - 155,488 227,079 11,145 21,108 144,343 205,971 155,488 227,079 |
2025 2024 £ £ £ 44,778 68,083 60,496 59,545 105,274 127,628 19,999 101,352 121,351 (21,900) 50,214 99,451 155,488 227,079 - - 155,488 227,079 11,145 21,108 144,343 205,971 155,488 227,079 |
|
|---|---|---|---|---|---|
79,848 (29,634) |
|||||
| 227,079 | |||||
| 21,108 205,971 227,079 |
10
RIVERTIME BOAT TRUST LIMITED
(A company limited by guarantee)
BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025
The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The Trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees on …………………………. and signed on their behalf, by:
Mr Christopher Robert Barrett DL
The notes on pages 12 to 26 form part of these financial statements.
11
RIVERTIME BOAT TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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.
The trust has sufficient reserves to ensure its continued operation for at least the next twelve months and the Trustees are therefore confident that the charity will be able to continue as a going concern. 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 7 Avior, 10 Longworth Drive, Maidenhead, Berkshire, SL6 8XA. 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 or 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.
12
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.
13
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.
14
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.
15
RIVERTIME BOAT TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
2. INCOME FROM DONATIONS AND GRANTS
| Donations Grants Repayment of grant Total donations and grants Total 2024 |
Unrestricted funds Restricted funds Total funds Total funds 2025 £ 2025 £ 2025 £ 2024 £ 7,553 - 7,553 23,349 2,085 10.750 12,835 10,005 - (15,000) (15,000) - 9,638 (4,250) 5,388 33,354 23,854 9,500 33,354 |
|---|---|
The repayment of a grant arose because the trust and the donor agreed that it was no longer practicable to fulfil the original terms of the grant.
3. INCOME FROM CHARITABLE ACTIVITIES
| Rivertime - Boat lettings Accessible Boating – bell boating days Total Income from Charitable Activities Total 2024 |
Unrestricted funds Restricted funds Total funds Total funds 2025 £ 2025 £ 2025 £ 2024 £ 36,636 - 36,636 31,670 750 - 750 750 |
|---|---|
| 37,386 - 37,386 32,420 |
|
| 32,420 - 32,420 |
4. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
| Rivertime Total expenditure on Charitable Activities Total 2024 |
Unrestricted funds Restricted funds Total funds Total funds 2025 £ 2025 £ 2025 £ 2024 £ 96,849 11,723 108,572 76,527 |
|---|---|
| 96,849 11,723 108,572 76,527 |
|
| 57,332 19,195 76,527 |
16
RIVERTIME BOAT TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
5.
| "Rivertime" running costs Promotional & Fundraising costs Licences Staff training Consultancy Wages and salaries Pension cost Subscriptions Equipment Not Capitalised Depreciation Profit/(Loss) on disposal of fixed assets Travel & Subsistence Entertainment Support costs (Note 6) TOTAL 2024 SUPPORT COSTS Website costs Computer costs Office costs |
Rivertime Total 2025 Total 2024 £ £ £ 22,549 22,549 14,356 1,955 1,955 6.083 634 634 518 2,404 2,404 347 28,267 28,267 6,614 25,956 25,956 29,664 3,017 3,017 3,103 1,426 1,426 225 256 256 - 10,974 10,974 12,299 3,530 3,530 - 169 169 - 700 700 - 6,735 6,735 3,318 |
|
|---|---|---|
| 108,572 108,572 76,527 |
||
| 76,527 76,527 Unrestricted funds Total 2025 Total 2024 £ £ £ 3,781 3,781 288 729 729 643 2,225 2,225 2,387 |
||
| 6,735 6,735 3,318 |
6. SUPPORT COSTS
In the year ended 31 March 2024, all support costs were expended from unrestricted funds.
17
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 |
Unrestricted funds Restricted funds Total funds Total funds 2025 £ 2025 £ 2025 £ 2024 £ 800 - 800 750 3,025 - 3,025 2,785 5,009 - 5,009 5,274 |
|---|---|
| 8,834 - 8,834 8,809 |
In the year ended 31 March 2024, all governance costs were expended from unrestricted funds.
8. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE
| Rivertime Accessible Boating Charitable activities Expenditure on governance TOTAL 2024 |
Staff costs Depreciation Other costs Total Total 2025 £ 2025 £ 2025 £ 2025 £ 2024 £ 28,973 9,057 68,625 106,655 73,285 - 1,917 - 1,917 3,242 |
|---|---|
| 28,973 10,974 68,625 108,57276,527 - - 8,834 8,834 8,809 |
|
| 28,973 10,974 77,459 117,406 85,336 |
|
| 32,767 12,299 40,270 85,336 |
18
RIVERTIME BOAT TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
9. NET INCOME/(EXPENDITURE)
| This is stated after charging: | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Depreciation of tangible fixed assets: | ||
| - owned by the charity | 10,974 | 12,299 |
| Independent examination | 800 | 750 |
| During the year, no Trustees received any salary or benefits in kind. | ||
| STAFF COSTS | ||
| Staff costs were as follows: | ||
| 2025 | 2024 | |
| £ | £ | |
| Wages and salaries | 25,956 | 29,664 |
| Other pension costs | 3,017 | 3,103 |
| 28,973 | 32,767 | |
| The average number of persons employed by the company during the year was as follows: | ||
| 2025 | 2024 | |
| No. | No. | |
| Skipper | 1 | 1 |
10. STAFF COSTS
No employee received remuneration amounting to more than £60,000 in either year.
19
RIVERTIME BOAT TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
11. TANGIBLE FIXED ASSETS
| Cost At 1 April 2024 Disposals Depreciation At 1 April 2024 Charge for the year Disposal At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 |
Boats £ 222,071 (29,171) |
Equipment £ 11,970 - |
Total £ 234,041 (29,171) 204,870 165,958 10,974 (16,840) |
||||
|---|---|---|---|---|---|---|---|
192,900 157,865 9,778 (16,840) |
11,970 8,093 1,196 - |
||||||
150,803 |
9,289 | 160,092 44,778 68,083 |
|||||
42,097 |
2,681 | ||||||
| 64,206 | 3,877 |
12. FIXED ASSET INVESTMENTS
| Market value At 1 April 2024 Disposals Revaluations At 31 March 2025 Investments at market value comprise: Listed investments: COIF Charities Investment Fund Accumulation Units All the fixed asset investments are held in the UK |
2025 £ 60,496 |
Listed securities £ 59,545 - 951 60,496 2024 £ 59,545 |
|---|---|---|
20
RIVERTIME BOAT TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
13. DEBTORS
| Trade debtors Other debtors 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 |
2025 £ 11,293 5,888 17,181 2025 £ 8,273 364 20,998 29,634 2025 £ - |
2024 £ 15,185 4,814 19,999 2024 £ 354 359 21,187 21,900 2024 £ - |
|
|---|---|---|---|
21
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 Berkshire Community Foundation Henley Educational Trust Shanly Foundation Give Them A Sporting Chance Oxford Community Fund Mobbs Memorial Fund Total restricted funds Total funds |
Balance at 1 April 2024 Income Expenditure Transfers In/out Gains / (Losses) Balance at 31 March 2025 £ £ £ £ £ £ 125,789 - - 7,857 - 133,646 80,182 49,114 105,683 (13,867) 951 10.697 205,971 49,114 105,683 (6,010) 951 144,343 15,000 (15,000) - - - - 50 6,250 (5,590) 5,795 - 6,505 1,010 - (965) 965 - 1,010 1,495 4,500 (3,005) (1,495) - 1,495 2,400 - (1,010) 745 - 2,135 20 - (20) - - - 1,133 - (1,133) - - - 21,108 (4,250) (11,723) 6,010 - 11,145 227,079 44,864 (117,406) - 951 155,488 |
|---|---|
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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 - The trustees have authorised a designated fund to be set aside for the replacement of the ‘Rivertime’ boat at an anticipated cost of £200,000. “The fund is calculated as an amount equal to the accumulated depreciation on the “Rivertime” which at 31 March 2025 was £133,655”
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 donated for the construction of a floating classroom . The trustees have deemed this project is unviable and funds have been returned in 2025/25.
The other funds listed were provided to finance many trips on Rivertime by SEN schools.
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SUMMARY OF FUNDS - PRIOR YEAR
| Designated funds Rivertime Boat General funds General funds Total unrestricted funds Restricted funds Classroom Fund The Davis fund Berkshire Community Foundation National Lottery Henley Educational Trust Shanly Foundation Give Them A Sporting Chance Oxford Community Fund Mobbs Memorial Fund Total restricted funds Total funds |
Balance at 1 April 2024 Income Expenditure Transfers In/out Gains / (Losses) Balance at 31 March 2025 £ £ £ £ £ £ 117,932 - - 7,857 - 125,789 92,091 56,705 (66,141) (6,994) 4,521 80,182 210,023 56,705 (66,141) 863 4,521 205,971 15,000 - - - - 15,000 2,273 - - (2,273) - - 3,600 5,000 (8,550) - - 50 6,500 - (6,500) - - - - - - 1,010 - 1,010 - 4,500 (3,005) - 1,495 2,000 - - 400 - 2,400 1,160 - (1,140) - - 20 1,133 - - - - 1,133 31,666 9,500 (19,195) (863) - 21,108 241,689 66,205 (85,336) - 4,521 227,079 |
|---|---|
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RIVERTIME BOAT TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
17. ANALYSIS OF NET ASSETS BETWEEN FUNDS
CURRENT YEAR
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year |
Unrestricted funds 2025 £ Restricted funds 2025 £ Total funds 2025 £ 44,788 - 44,788 60,496 - 60,496 68,693 11,145 79,838 (29,634) - (29,634) - - - |
|---|---|
| 144,343 11,145 155,488 |
PRIOR YEAR
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year |
Unrestricted funds 2024 £ Restricted funds 2024 £ Total funds 2024 £ 68,083 - 68,083 59.545 - 59.545 100,243 21,108 121,351 (21,900) - (21,900) - - - |
|---|---|
| 205,971 21,108 227,079 |
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RIVERTIME BOAT TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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 £3,017 (2024 - £3,103).
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
Hobbs of Henley Limited (of which Mr Jonathan Hobbs is a trustee) 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. Mr Guy Fisher who is also a trustee of the charity received payment for services rendered.
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ill •1 KIVLK I IIVII BOAT TRUST-