## **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:
1. To provide and maintain a specially constructed boat or other facilities for the disabled.
2. To work with other charities involved with the disabled with similar objectives.
3. 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:
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 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) 5,388**33,354
**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**
**108,572**76,527
**- -**
**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**|
|---|---|
22
## **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.
23
## **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**|
|---|---|
24
## **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**|
25
**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.
26
ill
•1
KIVLK I IIVII
BOAT TRUST-