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2023-03-31-accounts

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REGISTERED COMPANY NUMBER: 06243293 (England and Wales) REGISTERED CHARITY NUMBER: 1122941(England and Wales)

LONDON YOUTH ROWING LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR

THE YEAR ENDED 31 MARCH 2023

Cox Costello & Horne Chartered Accountants and Statutory Auditors 26 Main Avenue Moor Park HA6 2HJ

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LONDON YOUTH ROWING LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2023

Trustees

Trustees Mr J D Kinsella
Ms M K Nowak
Mr I D Edmondson
Mr A Skewis
Ms S Hosking MBE
Ms K Morris
Mr N J Baker
Ms S A Robinson
Mr J G Sage
Dr I Pickup
Mr A Burrun
Ms M Sikorowska
Mr U Mansoor
Ms A Johnson
Company Secretary Mr D Tinnion
Charity number 1122941 (England & Wales)
Company number 06243293 (England & Wales)
Principal address Royal Docks Adventure
1012 Dockside Road
London
E16 2QT
Registered office Royal Docks Adventure
1012 Dockside Road
London
E16 2QT
Auditor Cox Costello & Horne Partners LLP
26 Main Avenue
Moor Park
HA6 2HJ
Bankers National Westminster Bank plc
135 Bishopsgate
London
EC2M 3UR
Website www.londonyouthrowing.com

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LONDON YOUTH ROWING LIMITED

CONTENTS FOR THE YEAR ENDED 31 MARCH 2023

Page
Trustees Report 1 to 11
Report of the Independent Auditors 12 to 14
Statement of Financial Activities 15
Balance Sheet 16
Statement of Cash Flows 17
Notes to the Statement of Cash Flows 18
Notes to the Financial Statements 19 to 33

DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 MARCH 2023

Chairman’s Foreward

I took on the role of Chair at London Youth Rowing (LYR) in October 2022, and I am delighted (and relieved!) to say that LYR has continued to go from strength to strength in that time.

Particular highlights of the last year have included the holding of the first face-to-face National Junior Indoor Rowing Championships (NJIRC) since before the pandemic. Not content to simply re-launch the face-to-face event, the team decided to run simultaneous events in London and Leeds, with the aim of ensuring grassroots rowing groups in the North and Midlands had the best possible opportunity to take part, LYR's own small contribution to the "levelling up" agenda . Both events were a huge success, with nearly 3,000 young people taking part across the two venues. Jim Downing, our President, opened NJIRC in Leeds before racing south to close the London event six hours later.

Our core programmes have also continued to operate strongly. It was particularly exciting to see our latest Active Row programme launch in Nottingham in September with funding from Henley Royal Regatta Charitable Trust and a donation of rowing machines from Concept 2. Thanks to the efforts of Head Coach Trevor Rainbow and the rest of the team, this has been a huge success and we now have a waiting list of schools hoping to join the programme. Active Row in Leeds, Bradford and Wakefield has also had a successful second year, building in strength and with an increasing element of on-water rowing in partnership with Leeds RC.

The Board has been strengthened with the addition of three new Trustees – Avril Johnson, Marianna Sikorowska and Umer Mansoor – who together bring substantial expertise in finance, running small organisations and fundraising, all skills that will be key to LYR’s future. I also want to give thanks to the Trustees who stepped down at the October 2022 AGM – John Kinsella, outgoing Chair, Krystyna Nowak, outgoing Senior Independent Director, and Alan Skewis. All had served on the Board for numerous years and LYR owes them a debt of gratitude.

The Board and I have also been very excited to see the continued development of impact measurement at LYR, and in particular the completion of the Social Value study of Active Row London. We feel that this report demonstrates beyond doubt the significant positive impact that LYR's programmes are having on young people in London and beyond. We are looking forward to using this to make the case to run Active Row in additional new locations and for more programmes like LYR's to support young people around the country.

As ever, none of this would be possible without the help of our funders, partners, volunteers and friends. Thank you all for everything you do to support LYR.

Mr I D Edmondson

Chairman

Date: 16 October 2023

This Annual Report and Financial Statements document is available to download from our website at www.londonyouthrowing.com/about-us-Accounts 

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LONDON YOUTH ROWING LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

The Trustees of London Youth Rowing Limited (“LYR” or the “Charity”), who are also directors for the purposes of company law, are pleased to present their Report and Accounts for the financial year ending 31 March 2023, prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006, the Charities Act 2011 and “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 2019)”. The Trustees confirm that the Report and Accounts comply with the Charities Act 2011 and that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the Charity

Objectives and activities

The inspiration for the founding of LYR was, and remains, a belief that rowing and other forms of physical activity promote whole-life health benefits, including self-development, teamwork and enhanced self-esteem. LYR works to make these benefits accessible to young people from all backgrounds, abilities and walks of life.

The objectives of the Charity, as described in its Memorandum of Association, are to provide facilities and services for indoor, outdoor and adaptive rowing, and other sports or activities, to improve the health, fitness and wellbeing of young people in the interests of social welfare. LYR works with people aged 11 to 18 in London and other locations in the UK who, by reason of their youth, disability or circumstances, would not otherwise have access to these activities.

Our dedicated coaches and development team aspire to help all our participants grow through sport to reach their true potential in their daily lives. Hence our motto: 'Making Champions Every Day'.

Significant activities

To achieve these objectives, LYR aims to:

Public benefit

The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. In reviewing our aims, objectives and planning future activities, the Trustees have considered the Charity Commission's general guidance on public benefit. The Trustees ensure that activities undertaken are always in line with the charitable objectives and aims of the Charity. 

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LONDON YOUTH ROWING LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and Performance

For LYR, 2022/23 was an opportunity to continue to build on the successes of 2021/22 and in particular to consolidate the return to "business as usual" following the pandemic.

Our mission remained unchanged, namely to develop young people through physical activity and to open access to rowing at all levels. We supported young people to become confident, capable, and active through rowing and, increasingly, other water sports. Through our programmes we use sport as a tool to engage young people and help them develop key life skills.

In 2022/23, LYR worked with 5,577 (21/22: 4,422) young people across our core programmes. We continue to bring the sport of rowing to an incredibly diverse audience. Over the year, 50% (21/22: 41%) of our participants were female, 59% (21/22: 57%) came from ethnic minority backgrounds and 13% (21/22: 15%) were young people with special educational needs or who regarded themselves as having a disability (SEND).

As in previous years, we ran a series of programmes and events for young people through the year, focusing on three main themes, Outreach and Engagement, Talent Inclusion and Inclusive Competition and the development of Life Skills. In addition, we ran a series of fundraising events for partners and supporters to generate unrestricted funds to support the work of the Charity. Each of these is described in more detail below. Key achievements included the launch of a new Active Row programme in Nottingham and the expansion of our Active Row programme in north Kent.

During the year we also completed a Social Cost Benefit evaluation of the Active Row programme in London. The results of the report demonstrated the real impact Active Row has on the young people we work with. The study suggested that for every £1 invested in the programme from 2017-2022, young people experienced £40 of benefit in terms of improved personal wellbeing. All of the key indicators of personal wellbeing (as measured by the Office of National Statistics) improved for those taking part in the programme, as compared to their non-participating peers. The largest benefits accrued to those facing particular disadvantage – young people from minority ethnic backgrounds experienced 4x the positive impact of their peers, while young people eligible for pupil premium payments experienced 3x the benefit as compared to their peers not eligible for pupil premium..

The full Social Cost Benefit report can be accessed at https://heyzine.com/flip-book/907baf2538.html

Outreach & Engagement

Active Row London

We were able to deliver our second full year of post-pandemic activity for our flagship Active Row London programme. LYR engaged with more than 60 schools across London, with 1,981 (21/22: 1,725) young people taking part in the sport through Active Row. Of those taking part, 42% (21/22: 40%) were female, 73% (21/22: 73%) came from an ethnic minority background and 14% (21/22: 14%) had special educational needs or a disability. The programme had a new geographical focus in 2022/23, with all state secondary schools in Islington taking part in the programme thanks to funding provided by the London Borough of Islington and the Henley Royal Regatta Charitable Trust, alongside schools from a number of Boroughs across London.

The Alternative Provisions programme, a part of Active Row London funded by the Vintners’ Company, also ran throughout the year. The programme focuses on working with young people who are excluded from mainstream education and uses a focused 12-week programme of on-water rowing to help them improve self-control, aspiration and teamwork, key skills needed to help them thrive once they return to mainstream schools. 103 (21/22: 64) young people from 8 (21/22: 6) different Alternative Provisions took part in the programme this year.

Active Row SEND, funded by City Bridge Trust, is a further strand of the Active Row London programme focused on working with young people with special educational needs or a disability. A specialised coach works with SEND schools and units to deliver the Active Row programme, including indoor, on water and competition events. 224 (21/22: 250) young people benefited from this programme during the past academic year.

While we now run numerous programmes beyond London, the capital remains a key focus. The past year has seen a significant increase in the usage of LYR's water sports pontoon on the Queen Elizabeth Olympic Park for both community and corporate events. The recent installation of permanent storage for boats and other equipment at the site will allow us to increase the usage of the pontoon and the Park's waterways even more in the coming year. We continue to run a wide range of programmes and sessions at the Royal Docks, supported by the Royal Docks Trust and operating in close partnership with the Royal Albert Dock Trust and Marine Society & Sea Cadets. 

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LONDON YOUTH ROWING LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and Performance (continued)

Beyond London - Active Row Leeds, Nottingham & Kent

Active Row Leeds, which launched in September 2021, has had a very successful second academic year of operation. Continued funding from Henley Royal Regatta Charitable Trust and additional support from the Boat Race Fund means that the programme has continued to operate in 27 (21/22: 27) schools across Leeds, Bradford and Wakefield. 430 (21/22: 425) young people took part in the programme this year, of which 39% (21/22: 50%) were female, 59% (21/22: 50%) came from ethnic minority backgrounds and 12% (21/22: 12%) had special educational needs or a disability. The programme has seen more on-water rowing this year thanks to our partnership with Leeds RC, making use of the Roundhay Park boathouse. In addition, 193 young people from 15 Active Row Leeds schools represented their schools at NJIRC in Leeds in March.

In September, we were delighted to launch Active Row Nottingham. With funding from Henley Royal Regatta Charitable Trust and a donation of rowing machines from Concept 2 UK, we were able to launch the programme for 10 state secondary schools from September. The programme has been supported by volunteers from the University of Nottingham. Schools taking part in the programme sent young people to compete at NJIRC in Leeds in March, and this summer has seen the first on-water rowing as part of the programme thanks to support from Nottingham & Union RC. Numerous additional schools in the area have expressed an interest in taking part and we are exploring options to expand the programme as we move into its second year. 201 (21/22: nil) young people took part in the programme this year, of which 36% were female, 21% came from ethnic minority backgrounds and 6% had special educational needs or a disability.

During the past year we have also further developed Active Row Kent. Additional funding received from the Port of London Authority and British Rowing has allowed us to start the process of expanding the programme with the employment of a part time coach and an expanded partnership with Gravesend RC. We will work with at least 10 state secondary schools in the Gravesend area. 731 young people took part in the programme this year from 5 participating schools

Talent Inclusion & Inclusive Competition

LYR Club

LYR Club exists to help build a pathway from our Active Row school programmes to on-water and club rowing. This is becoming an ever more important element of our work and we expect to do more in this area in the coming years. Funded by Sport England and supported by GB Rowing, the programme consists of a series of LYR "Open Clubs" that run across London, providing youth club-style weekly sessions to encourage young people to take the step from the Active Row programme to rowing beyond the school setting. The Open Clubs feed into LYR Boat Club, a water sports club with inclusion as its core ethos. LYR BC has been running year-round at the Olympic Park and the Royal Docks.

Talent Pathways - Active Paddle & East London Performance Development Academy

2023 also saw the first full year of our East London partnership with British Canoeing, Active Paddle. The programme combines elements of outreach to local schools, together with the gradual establishment of a performance paddling group to help young people from the East London area develop their skills and feed into British Canoeing’s talent pathways. As part of Active Paddle, we have been able to purchase kayak canoes to operate at the Olympic Park, adding another element to our muti-sport offer. Active Paddle has run 134 sessions over the course of the year, working with over 800 young people.

In September, LYR also launched a joint programme to establish a GB Rowing Performance Development Academy training squad at the Royal Docks, working in partnership with British Rowing and the University of East London. The programme uses Active Row London and athletes on UEL’s Performance Pathway Programme as a pool from which to identify and develop talent that could progress to row at national and international level. The programme’s key focus is to find potential athletes from more diverse and underrepresented backgrounds and served as a pilot for the redevelopment of the GB Start talent identification programme. Over 120 sessions have taken place under the programme. 55% of those participating are female, while 82% come from an ethnic minority background. 

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LONDON YOUTH ROWING LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Mossbourne Rowing Academy

The Mossbourne Rowing Academy, based at two Mossbourne Federation state secondary schools in Hackney, has continued to perform strongly over the last year, under the guidance of Head Coach Tom Wilkinson. During the Autumn term, the programme ran as normal with a full training timetable across all year groups and racing where possible. The squad competed in numerous Head races and Regattas through the season, with excellent results including a bronze medal in the Schools Head of the River Race and a silver medal for the J15 boys quad at National Schools Regatta.

The programme continues to deliver on its aim to widen access to rowing to communities underrepresented in the sport. 36% (21/22: 47%) of Mossbourne rowers are from minority ethnic backgrounds (compared to 5% nationally); 22% (21/22: 12%) come from low-income households (compared to 2% nationally); and 13% (21/22: 6%) have special education needs and/or disabilities. A further positive development through the year has been the heavy involvement of the parents of the Mossbourne rowers, building a real “club” feel for the programme and supporting at competitions and by taking part in large numbers in fundraising events including Race The Thames and Oarsome Challenge.

National Junior Indoor Rowing Championship (NJIRC)

Following a two-year break enforced by covid restrictions, NJIRC returned as a face-to-face event in March 2023. For the first time, LYR held the event simultaneously in two locations, London and Leeds, with the aim of boosting accessibility for junior rowers outside London and the South East. Both events were very well attended, particularly considering the two-year break. 1,930 young people entered NJIRC in London from 129 schools and clubs, while the inaugural Leeds event attracted 801 young people from 44 schools, including a strong presence from the LYR Active Row Leeds programme and the Ruth Gorse Academy Trust schools. Medals were awarded to event winners in each location on the day, with a national winner (fastest from across both venues) subsequently awarded a trophy. Support from British Rowing and the Henley Royal Regatta Charitable Trust helped make the event inspirational for young people taking part, while as ever the support of Concept 2 to run the day was both essential and greatly appreciated.

Online League

We have continued to run our free Online League, with monthly challenges running through the Academic year. Participation continues to be positive, with LYR coaches using the League as a tool to support continued engagement through the year and young people from other programmes across the UK using the tool. 1,080 (21/22: 409) young people took part in the competitions this academic year. As more outreach and inclusion programmes develop across the UK and beyond, we hope to continue to develop the Online League to be more engaging and interactive.

Life Skills

Active Row Life Skills

The development of Life Skills is a core objective of the Active Row programme. LYR uses the Skills Builder framework and focuses on building one of five core "Active Row Life Skills" - teamwork, staying positive, aiming high, leadership and problem solving.

We have continued to add content to the LYR Life Skills portal, an online resource containing life skills and career information from our corporate partners. Coaches share this information with young people during Active Row sessions. Through the academic year we ran six life skills workshop days in London, bringing together corporate partners and schools to learn rowing and life skills, working with a total of 633 young people and 73 volunteers from our corporate partners. We will increase the frequency of these workshop days in 2022/23, aiming to run at least one per half term.

Life Skills were well represented at NJIRC, with 14 organisations exhibiting and providing activities for the young people taking part in the competition. The Life Skills year culminated in the two days of the Active Row Festival at the end of June, with 400 young people from 20 Active Row London schools taking part in water sports and life skills building activities at the Olympic Park.

This programme has been generously supported this year by the Wellington Investment Management Foundation and the Peter Harrison Foundation, with a number of other partners providing volunteers for the Life Skills workshop through the year. 

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LONDON YOUTH ROWING LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Step Up Coach Development

We also completed the second year of our “Step Up” Coach Development programme, which aims to help ensure LYR’s team of coaches is the best it can be. The programme is funded by The Henley Royal Regatta Charitable Trust, whose support has allowed LYR to recruit a cohort of coaches from a diverse range of backgrounds, looking well beyond “traditional” rowing. Each coach goes through a two-year programme with the aim of becoming a highly effective grassroots rowing coach. In the short term, this will make our programmes even more engaging and accessible for the young people we work with. Step Up will also support the longer-term goal of making rowing a more diverse and inclusive sport, by creating a group of coaches with the mindset and skills to increase engagement in rowing and other sports across the country. A particular success has been the progress of Sam Ogundana, who has moved from joining the programme in September 2021 with no experience or background in rowing to leading LYR’s work in the Active Row Islington programme.

Fundraising activities

The year also saw LYR run a series of fundraising events, with the aim of raising awareness of our work with the rowing community, corporate partners and other stakeholders and raising vital unrestricted funds to support the ongoing operations of the charity.

In January, we ran the third edition of our “Race The Thames Virtual” event. 107 (21/22: 120) teams took part from corporate partners, rowing clubs, parents, schools and the general public. The format remained unchanged, with each team taking on a 346km (“River Thames”) or 72km (“Tidal Thames”) challenge. Teams tracked their progress towards their goal over race week on an online “LYR Arena”, supporting and sustaining engagement in the event. Overall, the event was once again a great success, raising vital funds which were shared between LYR and other charities nominated by each team.

In July 2023, we also once again ran the Oarsome Challenge, inviting crews of 8 to row in stable, fixed seat boats through central London from Greenwich to Chiswick. 23 teams (21/22: 24) took part in this year’s event.

During the year LYR also purchased the dormant company Regatta London Limited, together with its associated assets and brand, from our long-term partners Tideway. Regatta London was intended to be an annual mass participation water sports event on the River Thames, but the development and launch of the event was stalled due to cancellation due to bad weather in its inaugural year, and the arrival of the Covid-19 pandemic the following year. LYR intends to hold Regatta London dormant initially, while we consider what opportunities the brand could hold for supporting fundraising events in the future.

Volunteers

Although the majority of LYR's programmes are delivered by our qualified coaching team, LYR benefitted immeasurably from the dedication of volunteers in 2022/23 and we are looking to further increase volunteer engagement in the coming year. Over 250 volunteers supported the delivery of NJIRC across the London and Leeds venues, with people from our corporate partners and the rowing community giving up a day of their time to help run the event. In Nottingham and Leeds, we partnered with university student volunteering programmes to pair up volunteers with Active Row clubs, helping to support the sustainable delivery of those programmes. We also used volunteers from our corporate partners to help deliver our life skills workshop days in London throughout the year, helping young people boost skills and introducing them to industries and potential career paths. As we develop the scale of volunteering in the coming years, we will continue to develop our systems and processes to ensure we can manage volunteering efficiently and make sure all our volunteers continue to have an excellent experience working with LYR. 

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LONDON YOUTH ROWING LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Future Developments

The Board have previously outlined three aims for the future development of the Charity, which the management team will continue to work towards in the coming year. These all have the over-riding aim of enabling young people from disadvantaged backgrounds to access the benefits of participating in rowing and other sports, in line with LYR's mission. These three objectives are to:

Once again, it has been a hugely busy and successful year which we believe leaves LYR very well positioned for continued success as we go into the new financial and school years.

Financial review

The Charity's financial performance through the year was solid. Income held up, while expenses increased they remained under control to give a small deficit of £(12,238). In the context of three years of surpluses through the pandemic period the Trustees did not consider this a cause for concern. The Charity continued to be successful at securing grant funding to maintain its current programmes and open up new locations, but unrestricted funding to cover other costs remains a challenge. Fundraising events were less successful than in previous years, potentially reflecting a degree of donor fatigue and the impact of the cost-of-living crisis. This will be an area of focus in the coming year.

The Charity's income was £1,358,309 (2022: £1,278,368) in the financial year ended 31 March 2023. The total expenditure for the year was £1,370,548 (2022: £1,240,766). The full Statement of Financial Activities is set out on page 15 of these financial statements.

During the year the Charity acquired £77,334 (2022: £44,001) of fixed assets.

The fund balance carried forward as at 31 March 2023 was £509,904 (2022: £522,142) consisting of £369,176 (2022 – restated - £404,675) of unrestricted funds and £140,728(2022 – restated - £117,467) of restricted funds.

The charity historically did not disclose a full analysis of funds as required by the Charity SORP. This year a note with comparatives has been disclosed (see note 17). During the process of collating this note the trustees have identified a historic misallocation of costs. During the year 2022 to 2023, £158,406 of costs relating to core activities had not been allocated to appropriate restricted funds. This has resulted in funds being restated as at 31 March 2021 with consequential changes as at 31 March 2022 resulting in £158,406 of restricted funds being classified as unrestricted.

Principal funding sources

LYR's principal funding during the period came from donations and grants from, amongst others, Sport England, Henley Royal Regatta Charitable Trust, British Rowing, The Port of London Authority, Tideway, The Mossbourne Federation, The Royal Docks Trust, The Vintners' Company, The Boat Race Fund, Wellington Investment Management Foundation and City Bridge Trust. Many of these grants are multi-year and linked to the delivery of our range of programmes, while others support core operating costs or event delivery.

In addition to these key funders, we also have important operating partnerships with a number of organisations, including the Royal Albert Dock Trust at our base in the Royal Docks and with the London Legacy Development Corporation for our work on London's Olympic Park. We also maintain close working relationships with other bodies and organisations relevant to our work, including British Rowing, the Port of London Authority and Concept 2, the leading manufacturer of indoor rowing machines. 

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DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Reserves policy

The Charity's current Reserves Policy remained in place during the year 2022/23. The policy considers the likely financial impact of a number of adverse scenarios which could affect LYR, and against which the Charity should hold reserves. LYR remained in compliance with this policy through the year.

Following a further review of the policy and scenarios in September 2022, the Trustees agreed that unrestricted funds which have not been designated for specific use should be maintained at a level of between £125,000 and £150,000.

The Trustees consider that reserves at this level are appropriate to ensure that the Charity will be able to continue with its current activities if faced with all but the most extreme of the adverse scenarios considered. LYR will review the policy and the scenarios considered on an annual basis and adjust the level of reserves held accordingly.

Structure, Governance and Management

The charity is controlled by its governing document and its memorandum and Articles of Association. It is a limited company, limited by guarantee, as defined by the Companies Act 2006.

LYR was incorporated as a company limited by guarantee on 10 May 2007 and became a registered Charity on 25 February 2008, having been established in June 2004 as a virtual organisation with the aim of attracting more young people into rowing and other physical activity. It adopted new Articles of Association on 6 December 2010, which provide for a minimum of two and a maximum of twelve Trustees, most of whom are elected by the members. Articles were again updated in October 2017, limiting Trustees to serving for up to three terms of three years.

The Trustees, who meet at least quarterly, are responsible for finance, development and planning. Each Trustee is able to hold office for three consecutive terms of three years. New Trustees are recruited by the current Trustees, having particular regard to the desirability of a broad range of professional skills assessed through a skills matrix.

Meetings of the Trustees can be attended by Advisory Directors, appointed by the Trustees, and selected to complement the skills of the Trustees. Advisory Directors have no votes, but their views are considered by the Trustees.

Key management remuneration

The Board reviews the pay of the senior management team on an annual basis, typically timed to feed into the budgeting process in the final quarter of each financial year. The process is led by the Chair, the Finance Committee and the CEO, who together review the performance and responsibilities for each member of the management team and carry out simple benchmarking to ensure pay is appropriate relative to comparable roles in similar organisations. The recommendations for pay are also considered in the context of the upcoming year's budget and the state of the employment market and general changes in pay levels. The Chair works with other members of the Finance Committee to complete the same process for the CEO. A recommendation is made to the Board, who then can discuss and adopt or adjust any changes to pay levels. Any changes agreed by the Board are then carried forward into the budget and the management team are notified of the outcome. 

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LONDON YOUTH ROWING LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Risk management

The Trustees have assessed the risks that LYR faces and have developed an approach to risk management that reflects its core activities, working with young people in sporting and water-based activities. Stallard Kane Associates Ltd ("Stallard Kane"), consultants specialising in health, safety and risk management, conduct annual reviews of risk policies and procedures and, in the role of Company Competent Person, are responsible for advice on overall strategies for health, safety and welfare within the Charity. Stallard Kane are also responsible for providing Human Resource support and advice to the charity and are available for both generic and specific issues and advice. There is a Safety Plan for each venue including indoor rowing competitions and overnight stays required at various races and regattas which forms a complete series of risk assessments for all of the activities that LYR undertakes.

Stallard Kane, the Trustees and LYR management have developed procedures for LYR programmes and activities, identifying potential risks, implementing procedures to mitigate those risks and establishing contingency plans to address particular issues to minimise any impact on the Charity should a problem arise. This is part of a much larger assessment of the 'Risk Register' for LYR as a whole, which incorporates all areas of governance, operations and finance.

Employees are required to operate in accordance with LYR's policies and procedures including its Equal Opportunities and the Safeguarding and Protection of Young People Policy, devised with reference to British Rowing's guidelines. All coaching staff are members of British Rowing and adhere to their coaching guidelines. LYR has appointed a lead trustee to oversee safeguarding and all trustees are provided with safeguarding training.

Governance and Diversity

During the year LYR has continued to focus on maintaining the high standard of Governance we achieved when the charity achieved compliance with Tier 3 of the Code for Sports Governance at the end of March 2020. We recognise that good governance supports LYR's resilience as a small charity and will continue working with Sport England and other experts to improve our knowledge and standards in this area, including a review of our ongoing compliance which began in April 2023.

During the year we recruited three additional Trustees-elect to bring new skills and to add greater diversity to our board, to replace outgoing Trustees who reached the end of their term at the 2022 AGM. We also completed the appointment of a new Chair and Senior Independent Director to take on those roles when the current holders stepped down in October 2022. The Board currently has 18% ethnic minority representation and 45% female representation, but we remain committed to working towards greater diversity on the board.

The Board and whole team at LYR remain determined to improve our approach to diversity and inclusion in all areas of the organization and in all our work. Marianna Sikorowska has taken on a role as lead trustee for Diversity and Inclusion and will be supporting the work of the management team to develop an updated Diversity and Inclusion Action Plan (DIAP) by the end of 2023, which will lay out how we plan to continue to improve in this area in the coming years.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

06243293 (England and Wales)

Registered Charity number

1122941 (England and Wales)

Registered office

Royal Docks Adventure 1012 Dockside Road London E16 2QT 

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DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

Trustees

N J Baker A Burrun I D Edmondson Ms S H M Hosking MBE Ms A Johnson (appointed 14.10.22) U Mansoor (appointed 14.10.22) Ms K A Morris Dr I J Pickup Ms S A Robinson J G P Sage Ms M Sikorowska (appointed 14.10.22) The Trustees, who served during the year and up to the date of signature of the financial statements were:

Mr J D Kinsella (to 14.10.2022) Ms M K Nowak (to 14.10.2022) Mr I D Edmondson Ma A Skewis (to 14.10.2022) Ms S M Hosking MBE Ms K Morris Mr N J Baker Ms S A Robinson Mr J G Sage Mr A Burrun Dr I Pickup Ms M Sikorowska (appointed 14.10.2022) Mr U Mansoor (appointed 14.10.2022) Ms A Johnson (appointed 14.10.2022) Day to day running of the Charity is delegated to the Senior Management Team:

Matt Rostron CEO
Emily Coe Programmes Director
Bobbie Morgan Operations Manager
Claire Ward Finance Manager
Owen Shephard QEOP & Active Paddle Manager
David Tinnion COO
Company Secretary
D N Tinnion

Auditors

Cox Costello & Horne Chartered Accountants and Statutory Auditors 26 Main Avenue Moor Park HA6 2HJ

STATEMENT OF TRUSTEES' RESPONSIBILITIES The trustees (who are also the directors of London Youth Rowing Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

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DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

TO THE MEMBERS OF LONDON YOUTH ROWING LIMITED

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

and explained in the financial statements;

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

AUDITORS

The auditors, Cox Costello & Horne, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to Small companies.

Report of the trustees, approved by order of the board of trustees, as the company directors, on 16 October 2023 and signed on the board's behalf by:

.......................................................................... Mr I D Edmondson - Trustee 

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DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

INDEPENDENT AUDITOR’S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Opinion

We have audited the financial statements of London Youth Rowing Limited (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Other matters

Without modifying our opinion we draw your attention to note 18 of the financial statements which discusses a prior year adjustment which has been made regarding the correction of an error in the historic allocation of outgoing resources, which had been under allocated to restricted funds.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit: 

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DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

INDEPENDENT AUDITOR’S REPORT FOR THE YEAR ENDED 31 MARCH 2023

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We designed procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud.

We obtained an understanding of the legal and regulatory frameworks that the charity operates in, and identified the key laws and regulations that:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably. 

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DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

INDEPENDENT AUDITOR’S REPORT FOR THE YEAR ENDED 31 MARCH 2023

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; and tax legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

International Auditing Standards (UK) limit the required procedures to identify non-compliance with these laws and regulations, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Cox BSc FCA (Senior Statutory Auditor) for and on behalf of Cox Costello & Horne Chartered Accountants and Statutory Auditors 26 Main Avenue Moor Park HA6 2HJ

Date: 16 October 2023 

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DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2023

Notes
Income from:
Donations
Charitable activities
2
Investment income
Other income
Total income
Expenditure on:
Charitable activities
3
Net (expenditure)/income for the year
Transfers
19
Net movement in funds
Fund balances at 1 April 2022(restated)
18
Fund balances at 31 March 2023		 Unrestricted
funds
2023
£
215,743
217,571
1,527
20,700
455,541
461,596
(6,055)
(29,444)
404,675
369,176		 Restricted
funds
2023
£
12,423
890,345
-
-
902,768
908,951
(6,183)
29,444
117,467
140,728		 Total
2023
£
228,166
1,107,916
1,527
20,700
1,358,309
1,370,547
(12,238)
522,142
509,904		 Unrestricted
funds
2022
£
203,989
273,669
43
6,320
484,021
517,357
(33,336)
438,001
404,675		 Restricted
funds
2022
£
1,000
793,347
-
-
794,347
723,409
70,938
46,529
117,467		 Total
2022
£
204,989
1,067,016
43
6,320
1,278,368
1,240,766
37,602
484,540
522,142 
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DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

BALANCE SHEET AS AT 31 MARCH 2023

Notes
FIXED ASSETS
Tangible assets
Investments
Intangible assets
9
13
8
CURRENT ASSETS
Debtors
10
Cash at bank and in hand
TOTAL CURRENT ASSETS
CREDITORS
Amounts falling due within one
year
11
NET CURRENT ASSETS
NET ASSETS
THE FUNDS OF THE CHARITY
Restricted funds 17
Unrestricted funds
TOTAL CHARITY FUNDS		 2023
£

103,010
528,288
631,298
(227,106)		 2022 (restated)
£
£
£
105,711
1
-
58,160
-
-
132,249
495,049
627,298
(163,316)
404,192
463,982
509,904
522,142
140,728
117,467
369,176
404,675
509,904
522,142		 2022 (restated)
£
£
£
105,711
1
-
58,160
-
-
132,249
495,049
627,298
(163,316)
404,192
463,982
509,904
522,142
140,728
117,467
369,176
404,675
509,904
522,142
522,142
117,467
404,675
522,142

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 16 October 2023 and were signed on its behalf by:

............................................. Mr I D Edmondson- Trustee 

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DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Cash flows from operating activities
Cash generated from operations
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 31.3.23
£
109,047
109,047
(77,334)
-
1,526
(75,808)
33,239
495,049
528,288		 31.3.22
£
(230,020)
(230,020)
(44,001)
204
43
(43,754)
(273,774)
768,823
495,049		 
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DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by operations		 31.3.23
£
(12,238)
29,784
(1,527)
29,239
63,789
109,047		 31.3.22
£
37,602
15,934
(43)
(914)
(282,599)
(230,020)

ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank
Total		 At 1.4.22
£
495,049
495,049
495,049		 Cash flow
£
33,239
33,239
33,239		 At 31.3.23
£
528,288

528,288

528,288		 
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DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The charity has presented its results as a stand alone entity rather than on a consolidated basis as at the balance date it only had one immaterial non-trading subsidiary undertaking.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and at least one year from the date of approval of the financial stamenents, and no material uncertainties exist. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Donated professional services and facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefiton the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Direct costs, including directly attributable salaries are allocated on an actual basis to the strategic areas of activity. Grants made are considered to be part of the costs of the activities in furtherance of the objects of the charities.

Support costs are those costs incurred directly to support expenditure on the objects of the Charity and are allocated to activities on a consistent basis.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and are allocated to activities on a consistent basis.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery Boats - 5 years; Rowing machines - 3 years
Fixtures, fittings & equipment 3 years

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DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

ACCOUNTING POLICIES - continued

Tangible fixed assets

The gain or loss arising from the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recignised in the statement of financial activities.

Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Taxation

The charity is exempt from corporation tax on its charitable activities. The charity deregistered for VAT after the balance sheet date.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

The Charity only enters basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and trade creditors and other creditors.

Financial assets and liabilities are offset, and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors: Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and Cash equivalents: Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors: Basic financial liabilities, including trade and other creditors, are initially recognised at transaction 

continued...

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DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

ACCOUNTING POLICIES – continued

price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method.

Interest income: Interest income is recognised in income and expenditure using the effective interest method.

Fixed asset investments

Investments in subsidiaries are carried at cost less accumulated impairment.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

2. INCOME FROM CHARITABLE ACTIVITIES

Courses and
fee income
£
Core and events
54,935
Grants
54,935
Grants received, included in the above, are as follows
Sport England
London Borough of Islington
Other		 Fitness and
health
£
24,801
1,028,180
1,052,981		 31.03.23
31.03.22
Total
Total
£
£
79,736
83,743
1,028,180
983,273
1,107,916
1,067,016
31.03.23
31.03.22
£
£
366,869
303,241
52,500
-
608,811
694,000
1,028,180
997,241		 
continued...

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DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

2. INCOME FROM CHARITABLE ACTIVITIES - CONTINUED

Charitable income received, included in the SOFA for 31 March 2023 and 31 March 2022 is as follows:

Core and events
Grants
Restricted
Unrestricted
Core and events
Grants
Restricted
Unrestricted		 Active Row
Fundraising
National
Programmes
Talent
London
Events
(Outside London)
Other
Inclusion
Total 2023
35,904
18,762
1,482
23,588
-
79,736
512,618
-
93,683
122,513
299,366
1,028,180
548,522
18,762
95,165
146,101
299,366
1,107,916
459,618
-
93,683
37,679
299,366
890,346
88,904
18,762
1,482
108,422
-
217,570
548,522
18,762
95,165
146,101
299,366
1,107,916
Active Row
Fundraising
National
Programmes
Talent
London
Events
(Outside London)
Other
Inclusion
Total 2022
13,413
4,322
10,106
43,472
12,430
83,743
503,050
2,511
86,585
200,912
190,215
983,273
516,463
6,833
96,691
244,384
-
202,645
1,067,016
423,874
1,011
83,585
95,396
189,481
793,346
92,590
5,822
13,106
148,988
13,163
273,669
516,463
6,833
96,691
244,384
-
202,645
1,067,016		 
continued...

Page 22

DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

3. CHARITABLE ACTIVITIES COSTS




Direct costs
Depreciation
Staff costs
Social security
Pensions
Other costs
Programme costs
Advertising
Fundraising costs
Governance costs
Wages
Audit and Accountancy
Professional fees
Trustees' expenses
Conferences and meetings
Total
Restricted
Unrestricted		 Active Row
London
Fundraising
Events
National
Programmes
(Outside
London)
Other
Talent
Inclusion
Total 2023
15,173
-
11,559
1,850
1,202
29,784
321,360
12,309
52,349
185,930
201,399
773,346
27,526
3,622
6,519
15,936
18,834
72,437
5,260
692
1,246
3,045
3,599
13,843
42,973
9,291
8,130
29,036
26,713
116,143
84,420
18,253
15,971
57,041
52,477
228,163
313
8,145
-
21,616
1,253
31,327
-
54,230
-
8,373
-
62,603
497,026
106,543
95,774
322,827
305,477
1,327,646
9,847
1,296
2,332
5,701
6,738
25,914
-
-
-
6,900
-
6,900
-
-
-
2,798
-
2,798
-
-
-
412
-
412
-
-
-
6,877
-
6,877
9,847
1,296
2,332
22,688
6,738
42,901
506,874
107,838
98,106
345,515
312,214
1,370,547
461,543
-
98,096
37,097
312,214
908,950
45,331
107,838
10
308,418
-
461,597
506,874
107,838
98,106
345,515
312,214
1,370,547		 
continued...

Page 23

DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

Direct costs
Depreciation
Staff costs
Social security
Pensions
Other costs
Programme costs
Advertising
Fundraising costs
Governance costs
Wages
Audit and Accountancy
Professional fees
Trustees' expenses
Conferences and meetings
Total
Restricted
Unrestricted		 Active Row
London
Fundraising
Events
National
Programmes
(Outside
London)
Other
Talent
Inclusion
Total 2022
9,385
-
4,520
1,733
296
15,934
269,889
77,430
24,471
278,806
112,428
763,024
25,912
4,676
2,308
20,581
12,381
65,859
5,028
907
448
3,993
2,402
12,779
55,923
12,091
10,580
37,786
34,763
151,142
51,461
11,127
9,736
34,771
31,990
139,085
1,583
9,501
-
28,503
-
39,587
-
11,592
-
8,373
-
19,965
419,181
127,324
52,063
414,545
194,260
1,207,375
7,294
960
1,728
4,223
4,991
19,195
-
-
-
3,860
-
3,860
-
-
-
3,435
-
3,435
-
-
-
227
-
227
-
-
-
6,674
-
6,674
7,294
960
1,728
18,419
4,991
33,391
426,476
128,284
53,791
432,964
199,251
1,240,766
415,283
228
42,551
66,113
199,235
723,410
11,193
128,056
11,240
366,851
16
517,356
426,476
128,284
53,791
432,964
199,251
1,240,766		 
continued...

Page 24

DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

4. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Audit renumeration (audit and accountancy)
Auditors renumeration (other)
Depreciation - owned assets		 31.3.23
£
6,900
2,798
29,783		 31.3.22
£
3,860
3,435
15,934		 
continued...

Page 25

DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

During the year the Trustees' donated £150 to the Charity (2022: £900).

Trustees' expenses

During the year, total sundry expenses incurred by the Trustees amounted to £412 (2022: £227).

6. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 31.3.23
£
799,260
72,437
13,843
885,540		 31.3.22
£
782,219
65,859
12,779
860,857

Amounts totaling £126,849 (2022: £142,638) represents total renumeration paid to staff in relation to fundraising activities.

The average monthly number of employees during the year was as follows:

Management
Administration
Charitable activities - salaried
Charitable activities - zero-hours		 31.3.23
4
2
16
9
31		 31.3.22
4
2
20
17
43

The number of employees whose employee benefits (excluding employers’ national insurance) exceeded £60,000 was:

31.03.23 31.3.2022
£70,000 - £80,000 1 1
£80,001 - £90,000 1 1
2 2

The 2022 employee benefit note has been restated to show the correct breakdown. No key management personnel earned between £60,001 – £70,000 in 2022 (excluding employers’ national insurance).

Total remuneration for key management personnel during the year was £372,454 (2022: £359,759) 

continued...

Page 26

DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

7. STATEMENT OF FINANCIAL ACTIVITIES – COMPARATIVE

Notes
Income from:
Donations
Charitable activities
Investment income
Other income
Total income
Expenditure on:
Charitable activities
Net (expenditure)/income for the year
Net movement in funds
Fund balances at 1 April 2021 (restated)
18
Fund balances at 31 March 2022
18		 Unrestricted
funds
2022
£
203,989
273,669
43
6,320
484,021
517,357
(33,336)
-
438,001
404,675		 Restricted
funds
2022
£
1,000
793,347
-
-
794,347
723,409
70,938
46,529
117,467		 Total
2022
£
204,989
1,067,016
43
6,320
1,278,368
1,240,766
37,602
484,540
522,142		 Unrestricted
funds
2021
£
133,670
393,894
74
4,254
531,892
443,033
88,859
349,142
438,001		 Restricted
funds
2021
£
-
351,002
-
-
351,002
332,454
18,548
27,981
46,529		 Total
2021
£
133,670
744,896
74
4,254
882,894
775,487
107,407
377,133
484,540

8. INTANGIBLE FIXED ASSETS

COST
At 1 April 2022
Disposals
At 31 March 2023
AMORTISATION
At 1 April 2022
Eliminated on disposal
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 Website
£
12,970
(12,970)
-
12,970
(12,970)
-
-
-		 
continued...

Page 27

DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

9. TANGIBLE FIXED ASSETS

COST
At 1 April 2022
Additions
At 31 March 2023
DEPRECIATION
At 1 April 2022
Charge for year
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022
Trade debtors
Other debtors
VAT
Prepayments and accrued income
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors
Accruals and deferred income
DEFERRED INCOME
Balance as at 1st April
Amount released to income during the year
Amount deferred in the year
Balance as at 31st March
10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR		 677,297
74,672
Plant and
machinery
£		 20,991
2,662
23,653
11,265
5,585
16,850
6,803
9,726
31.3.23
£
84,890
-
406
17,714
103,010
31.3.23
£
34,335
18,866
173,904
227,105
31.3.23
£
118,938
(118,938)
153,132
153,132
Fixtures
and
fittings
£		 698,288
77,334
775,622
640,128
29,783
669,911
105,711
58,160
31.3.22
£
94,856
1,720
5,488
30,185
132,249
31.3.22
£
18,092
831
144,393
163,316
31.3.22
£
419,783
(419,783)
118,938
118,938
Totals
£
751,969

628,863
24,198
653,061

98,908
48,434 
continued...

Page 28

DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years
In more than five years		 31.3.23
£
27,198
120,200
58,000
205,398		 31.3.22
£
31,188
123,398
82,000
236,586

13. FIXED ASSET INVESTMENTS

During the financial year, the charity acquired the share capital of limited company by the name of Regatta London Limited for its nominal value of £1.

The latest published financial statements as of 31 March 2022 show a net profit of £37,624 and net assets of £1.

The company is incorporated in England and Wales and the registered address is C/O Cox Costello & Horne, Batchworth Lock House, 99 Church Street, Rickmansworth, England, WD3 1JJ. 

continued...

Page 29

DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

14. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2023 or 31 March 2022 other than key management compensation.

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Restricted Unrestricted Total Restricted Unrestricted Total
funds funds funds (restated) funds (restated) (restated)
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Fund balances at 31
March 2023 are
represented by:
Tangible assets 87,462 18,249 105,711 48,434 9,726 58,160
Net current assets 53,266 350,927 404,194 69,033 394,949 463,982
140,728 369,176 509,905 117,467 404,675 522,142
16. INCOME AND EXPENDITURE IN RELATION TO PUBLIC INVESTORS
Sport England LB Islington Other 2023
£ £ £ £
Revenue
Revenue grants 366,869 52,500 608,810 1,028,179
Course fees - - 22,183 22,183
Other income - - 307,948 307,948
Total income 366,869 52,500 938,940 1,358,309
Expenses
Programme staff costs 189,179 50,297
 605,932
 845,409
Equipment hire/purchase 5,783 324
 47,069
 53,176
Hire of facilities 26,688 -
 38,311
 64,999
Promotion/publicity 132 84
 41,535
 41,751
Coaches fees/expenses 4,546 794
 13,700
 19,040
Travel/transport 3,972 114
 26,851
 30,937
Competition costs 15,891 -
 93,037
 108,928
Fundraising costs - -
 6,561
 6,561
Other costs 38,411 452
 106,070
 144,932
Core costs 25,032 -
 -
 25,032
Depreciation 3,111 3,802
 22,869
 29,782
Total expenditure 312,745 55,867 1,001,935 1,370,547
Net income/(expenditure) for the year 54,124 (3,367) (62,995) (12,238) 
continued...

Page 30

DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

16. INCOME AND EXPENDITURE IN RELATION TO PUBLIC INVESTORS – COMPARATIVE

Income and expenditure in relation to public investors for the year ended 31 March 2022


Revenue
Revenue grants
Course fees
Other income
Total income
Expenses
Programme staff costs
Equipment hire/purchase
Hire of facilities
Promotion/publicity
Coaches fees/expenses
Travel/transport
Competition costs
Fundraising costs
Other costs
Core costs
Depreciation
Total expenditure
Net income for the year		 Sport England
£
303,241
-
-
303,241
177,746
829
34,678
920
10,096
3,505
705
-
17,544
50,092
2,853
298,967
4,274		 Other
2022
£
£
694,000
997,241
25,021
25,021
256,106
256,106
975,127
1,278,368
625,706
803,452
68,061
68,889
15,087
49,765
31,255
32,175
16,267
26,363
14,969
18,474
29,495
30,200
65,216
65,216
62,661
80,204
-
50,092
13,081
15,934
941,798
1,240,765
33,329
37,603

The notes above disclose the net surplus/(deficit) generated from the charity’s public investors, the most prominent being Sport England and London Borough of Islington in the interest of transparency to these two main bodies. 

continued...

Page 31

DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

17. ANALYSIS OF RESTRICTED FUNDS

Funds
Other
Mossbourne
Alternative Provisions
Step Up Coach Development
Active Row London
Active Row Kent
Active Row Leeds
Active Row Nottingham
Tackling Inactivity
NJIRC
Royal Docks Programme
Talent Inclusion
Total Movement in Restricted Funds		 Balance at
Incoming
Outgoing
Transfers
Balance
31.03.22
Resources
Resources
31.03.23
£
£
£
£
£
14,298
14,710
(28,240)
-
768
16,950
147,824
(194,018)
29,244
-
(4,812)
31,875
(25,281)
-
1,782
168
45,250
(43,484)
-
1,935
6,348
282,493
(289,041)
200
-
5,541
7,500
(9,870)
-
3,171
35,493
51,183
(55,399)
-
31,277
-
35,000
(32,828)
-
2,172
-
22,969
(8,858)
-
14,111
-
50,000
(45,000)
-
5,000
43,250
50,000
(58,155)
-
35,095
230
163,964
(118,777)
-
45,417
117,466
902,768
(908,951)
29,444
140,728

17. ANALYSIS OF RESTRICTED FUNDS – COMPARATIVE

Funds
Other
Mossbourne
Alternative Provisions
Step Up Coach Development
Active Row London
Active Row Kent
Active Row Leeds
NJIRC
Royal Docks Programme
Talent Inclusion
Total Movement in Restricted Funds		 Balance at
Incoming
Outgoing
Balance
31.03.21
Resources
Resources
31.03.22
£
£
£
£
16,527
63,999
(66,228)
14,298
23,684
155,839
(162,573)
16,950
(12,407)
25,833
(18,238)
(4,812)
-
45,253
(45,085)
168
(6,356)
296,387
(283,684)
6,348
-
5,600
(59)
5,541
-
77,985
(42,491)
35,493
-
10,000
(10,000)
-
25,080
76,558
(58,389)
43,250
-
36,892
(36,662)
230
46,529
794,347
(723,409)
117,467

Mossbourne Rowing Academy – This fund is aimed at providing rowing activities and challenges to children based in state schools in Hackney. The academy has particularly benefitted children from underrepresented backgrounds.

Alternative Provisions – Funded by the Vinters’ Company, this project represents a twelve-week programme focused on helping children excluded from mainstream education to reintegrate into the system by instilling values such as self-control, aspiration and teamwork. 

Page 32

DocuSign Envelope ID: 47ED5C12-EDB4-4EAE-94E1-BE39A9D319F2

LONDON YOUTH ROWING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

Step up Coach Development – Funded by The Henley Royal Regatta Charitable Trust, this programme is aimed at recruiting and developing coaches from diverse backgrounds to deliver charitable aims and activities.

Active Row London – This programme is aimed at engaging children from a wide variety of backgrounds into rowing activities and challenges.

Active Row Kent - Delivered in partnership with Gravesend RC, this programme provides rowing activities to children in Kent.

Active Row Leeds – Launched in September 2021 with the support of The Henley Royal Regatta Charitable Trust and The Boat Race Fund, this programme provides rowing activities to children based in Leeds, Bradford and Wakefield.

National Junior Indoor Rowing Championships (NJIRC) – This programme is aimed at providing inclusive indoor rowing competition open to young people across the UK.

Royal Docks Programme – Delivered in partnership with Royal Docks Trust and the Royal Albert Dock Trust, this programme offers rowing, sailing and canoeing opportunities to young people aged 11-14 on the Royal Docks Adventure site.

Talent inclusion – This rowing programme has benefitted children, those particularly from ethnic minority backgrounds who comprise over 80% of the uptake, who gain the opportunity to build their skills in rowing with the aim of accessing talent development pathways run by British Rowing and others.

Active Row Nottingham – This programme is aimed at providing rowing activities to children in Nottingham with the support of Concept 2, a leading rowing machine manufacturer and The Henley Royal Regatta Charitable Trust.

18. PRIOR YEAR ADJUSTMENT

The charity historically did not disclose a full analysis of funds as required by the Charity SORP. This year a note with comparatives has been disclosed (see note 17). During the process of collating this note the trustees have identified a historic misallocation of costs. During the year 2015 to 2018, £158,406 of costs relating to core activities had not been allocated to appropriate restricted funds. This has resulted in funds being restated as at 31 March 2021 with consequential changes as at 31 March 2022 resulting in £158,406 of restricted funds being reclassified as unrestricted.

19. TRANSFERS

The charity has a number of projects that are primarily funded by restricted funds, however, the charity also supports these projects through utilising its unrestricted funds. Transfers solely represent contributions from the charity’s unrestricted funds. 

Page 33