REGISTERED COMPANY NUMBER: 08243293 (England and Wale8) REGISTERED CHARrrY NUMBER: 1122941IEngland and Wale6) LONDON YOUTH ROWING LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 LONDON YOLrrH ROWING LIMITED CONTENTS FOR THE YEAR ENDED 31 MARCH 2025 Pagè Legal and Admlnl8trallve Dètalls Chalrman'• Report Truste￿ Report 3 to 10 Report ol the Independent Audltor• 11 to 13 Statemènt of Flnanclal Actlvltles 14 Balanc• She•t 15 Statement of Cash Flow• Notes to tho FlnanGlal Statom•nt8 17 to 29 Docusign Envelq)g ID: AAI9597B-59EF43￿A8FP￿A6DE8F43422 LOIIDON YOLITH fiOWING LIMITED LEGAL AND ADMINISTrATIVE INFORMATION FOR THE YEAR ENDED 31 IIARCH 2025 TRIMEE8 Mr N J Baker (reslgned 4.12.241 Mr A Burrun Mr l D Edmond8rm (re8Wifjd 27.9.24) M8 S H M14oskkng MBE M8 A John80n Mr U Mansoor MB K A Morr18 Or l J Plckup M8 S A Robln8on MrJQPS MS M SH(arow8ka Mr A H Mll¢holl CBE (appolrtod 27.924> CHIEF EXECUTIVE OPFICER Mr M Ro8tron COAIPANY SECRETARY M8 V C Gray (8ppolni8d 28.11.24) Mr D Tlnnlon (reslgnod 27.9.24) REG187ERED COMPANY NUalBER 08243293 l&d4nd ahd Wal••) REoisfEAEO CHARITY NUMBIR 1122941 (Eryland aNI Wa108) BANKERS Natlonal We8lmlnJtsr plo 185 Bl8hop898 Londi)n EC2M 3UR weB8rrE w￿V.10￿dony¢uthr¢W5r￿j,mM. Page 1 Docutsign Envglop6 ID: AAA95978-59EF4388-A8FMA6DE8F43422 LOIIDON YOUTH FIOWING LIMITED CHAIRMAN'S REPORT FOR THE YEAA ENDED 31 MARCH 2025 Tho TN8teB8 are ptea8ed to present Iholr roPQrt, along whh Ihe Chalrman'$ Foreword and Ilnancial 8tatemenl8 for tho y84r erthl 31 March 2025. Ch•lrmaA'• Forword Dear SuppDrter8, Pafthorn 8nd Frlend8, 1 oni ￿ea88d lo pre8enl the Annual Report and Ac¢ounls for LoThJon Youth Rowlno Llmhod ('LYR° or tho 'Charlty'l for 2024125. As my fjr81 year In the role ol Chalr of the 8oard of Tru8te88 St ha8 been a Iiuty humbNng exporienc* gelllng io seg flrsthand the amounl of pagslon, effort a￿1 oomffllknienl ihat everyone worf(Ing for LYR puts In day after day, lo a¢hiav8 Ihe collectlve goal of 8UPPOrting and enhandng Ihe Ilves ol Ihousandg of young people Ihrough water sport8 In genf)ral. and rowlThJ In partlcular. To seg $0 many youna pa￿8 develop Ihelr phystcal capabllltles, thelr 8enso Ot tsartwortf th8lr 38tt-belief through a 8POrt ihat they Imaglned would ba acce8slbl8 to thom Is slmply magkal, and a vlndlcAtlon (not Ihal there was any doubtl ol the value and Emportance10 8(Kiety of LYR. Havlng apent my career worklrKJ with many great pgoplg on some groat endeavours, I can ?alely thal Ihat the LYR team and tholr achievemeni8 ara yecond-tTrnone. Cttarlti88 nead money to 8urvlve, and th18 ha8 been a part￿u￿￿y ¢hallenglng year for LYR, a￿1 once the team hav£1 ha(1 lo accept tNg and adapt thglr woth and thelr Ilv081o allw Ihe oreat woth to conllnuo, and for th181 aan only offer my thank8 and praL89 In •qual Trea8ure. I have come lo know LYR, led by CEO by Matt Rogtron, lor thelr bold and ¢rnallYe approach to "fund-ra181ng wlth lun., and Iha Ilagshlp event8 of Ihl8 yearf8 Raco Thg Tham88, and the groun&breoklng f+lallonal Junlor IndooT Rowlng Ch8mplon$hlps {Envolving 8000 8chool chlldren, and now kn118 thlrd year}, are pylrne example8, and typtcally LYR. 11 has be8n oxtremely plea81TrJ 10 88¢ th6 M￿￿1-A¢adOrny TN81 rnodel be¢omlng 8uc¢e88ful and repll¢x4bla, aThl wo look lomard lo d8v8loplng thls opproaoh In 86voral looailon6. The ￿rfj flnanclal support from &llJ8h Rowlng and th• Henley Ragatta Charllable Twst havo boen e88entlal lof LYR, arKI wft all thank thwn for Ihelr contlnued ¢ommllment and gJner081ty. Flnally, Ihank8 mu8t go to all those organ18ailon8 ¥nd Indlvldua18 Out there who hav• glvan Iholr Ilme and money throughout Iho year lo keep 8uch amaxlw thlng8 happenlFVJ, A8 we look lo the future, we oan 8ee 80me axcltlng opportunllle8 wlth compaThe8 blg and 8mall, where we can enhanco the l+ve$ of 8talf through actwllle$ and YO￿nteerIng a8 wa conllnu8 to do the samg for 80 many young peo￿? acro￿ the oourilry. 11 you are rea(Ing ih18 and would I￿8 lo ktww more at￿ul worf88 the LIK. Our mlsslon femalned UfKhongod, namety, to develop young people through ￿Y81¢￿ a￿￿lty and to acce88 to rowlTrJ and other waler 8POrt8 ￿ all level8. We supwrted yourvJ wple to b0￿me confldenl, capabla. a￿1 actlve through rowkng and, In¢¥easlwly, other water swrt8, ThrO￿h our Programme8 W8 Usg 8port as a tool lo youNJ people and help them develop key Ille 8klll3. Pagg 3 Docu8lgn Envolopg ID: AM95978-59EF438B-A8F8-3A6DEBF43422 LONDON YOUTH ROMNG LIMITED TRLISTEES AEPORT (coiillNUED) FOR THE YEAR ENDED 31 MARCH 2W25 In 211241125, LYR wort(ed wllh 4,688 {23124: 4,655) yo￿9 people acr088 our core programm8$. We CQMlnue to brfnu tho sport of rowing. togother wlth other water SPOrt8, to an l1Kr￿lIbty dlver8e audience. Over the year. 41% (tJ124: 41%) ot our i)artlclpanls weye lemale, 60% (23124: 8￿￿) ¢ame Irom ethftic MIn￿lty bad(grounds aNI 14% (23124: 14%) were youro peop￿ wllh Speclal educatk)nal need8 or who regardwl them8dv88 as havlng a di8abillty (SENO). We have a serfe8 ol progfammes and events for young people Ihrough tha year, focu81ro on three main themes, Oulreach and Engagement, Llfe Skill$ a*KI I1￿lUsIve Compolitlon. In addlilon, we ran a serles ol fundra181w events for i)ers and 8UPPOrter8 to generats unre8tr1cted fund8 to 8llPPOrt the woth of the Charlty. Eaoh of Ihe8818 degodbed In moro detail below. Oulro•ch & Engagoment Aetlv• Aow London Actlifj Row remlno our flagshtp parttdpatlon rowiffj prowamme and London contlnue8 to be th¢ hub of the acllvlty thai lake8 ￿ace acr088 the UK. LYR engaged wllh more than 27 (23124: 50) sohool$ acr06$ London, wlth 1726123124: 1,559) youry people laking part in the 8POrt through Acllvo Row. 01 Ih088 taklng part, 40% (23124: 42%) werg lemale, 59% 123124: 7V/4) eAmo from an elhnlc Mlnority background and 44% (23124: 22%) had speclal ed￿al40naI need¥ or a dS$al)Illty. A large numb&r of Iho 8econdary schools aro taktng part In the programm• thanks to fuNllng provlded by the London Borough o11811ngton, Ihe *hools them8elve8 and lh& Henley Royal Regatta Charltth Tru8t, th5818 a model that we ￿0p8 io fepllcale. 10 ￿h0O1$ from Newham el80 lod¢ part In the programrn, u w911 a8 a numbgr of 'networf(8choo18' partI￿p￿ina In th8 programm8 Irom Borough8 acros8 London. Tha Atematlv& Prov181ong programme, a part of Aowve R¢)w London lunded by the Vlnlner•' Company. also rnn Ihroiighout th8 year, ￿rnIng to a dose In January 2024. We have been told thot th18 fundlno wlll continue through 2024IR5 whlch18 great news and dlow8 U8 io ￿ntInue lo work wllh young peopl& vtho are excluded from malnslr8am odu(allon and benellt enormou$ly from a pro9ramme of on-wator rowlng lo help Ihem Improve 88ff had 8P8cial educatlonal needs or a d18ablllty. The programrne ha8 8een moro on•W8ter rowlng thlg year thanks to our partnershtyj Leed$ RC, maklng use of th8 Roundhay Park boathou88, Row in Nolllngham ha8 had a very successful 8ecoThJ year. Wi)h fundlng Irom Henley Royal Regatta Charltabie Tiusl and the tt)nllnu8d use ol rowlng machlne8 donated In 2022 by Concept 2 UK. The programme has allowed 9 {2023124: 12) 8tal8 secondary sthoo18 to offer to thelr pupll8. Numerous addlllonal $¢hoo18 In tho area have expreysed an Interest In taklng part and we are explorlng cpllons to expand Ihe programme a8 we move Into 118 third year 1282 (23r24: 31 S} young peoplo look part In Ihg wogyamme thls year. of whlch 50 (2023124: 39%> were lemal8, 25 12023124: 3Wo) oame from elhnlo minority bathgTound8 and 13 (2023124: 14%) had 8pedal educatlonal naeda or a d18al)illty. Durlng tha past year we have conllnued to ddiver Active Rfm Kent. Fu￿Ing fr(Yn Brflsh Rowing ha8 allowed u8 to buSkd Ihe programme and develop our partner8hlp wSth GraveseThJ RC whlch allows $chools taking part in Ihe Kwogr8mmo to particlpate in on-water rowlng on the Rivar Thames. Durlng ihe year we worked vlth 5 {2023rd4: 11) ¥lale Secondary s￿￿01¥ in Iho Gravesend ar8& 139 (2023124: 550) young people look part In the programme thls year. Page 4 DO￿¥19n Envolop8 ID: AM95978-$9EF438M8F&3A6DEBF43422 LONDON Yixmi AOWING LIMifÈD TRUSTEE8 REPORT (CONTINUED) FOR THE YEAA ENDED 31 MARCH 2025 Slncè wwe able lo lats￿h Aollve Row In Brf6tol lft M8r¢h ol last year, our late￿ •￿an0￿n programme wlth lundkng from bolh Brfllsh Rowlng and Henley Royal Reqatta Charltable Tru81 ha8 gone 1￿M 8trewh to 8trenglh. We are currently worklw wlth 8 8tat¢ 8¢hool8 kn Ihe dty. Th6 PrOgramft￿ ¢onlnuo8 to recefvo 8Umrt liom volunteer8 from Brt8tol Arlel RC and city ol Brtslol RC, and wo are lookln9 lorward to anolher year of operation. ￿er 328 young peo￿0 look part In Indoor and on ￿ter programe8 Ilts year, ¢Jrawn from 8 8chOOts. In all ol Ihefje lo¢aiion8, Acllve Row ¢onllnuog to daM¥er • ligh1gvo1 of 8o&al Imp8d and gmat valuo for monoy, a8 demonstrated by th• 202212￿3 Sodal C06t Ben8116Valud￿ of the Active Row programmo In Loth aimplelad by 80clal valuo consultsnoy State of Ufe on LYR'$ behall. The resu118 of Ihe report 8Ugg•8ted Ihat lor evory £1 knv¢8ted In the programmo from 2017-2022, young pwle expèrierKed £40 01 b9nell In temm of improved rmonat welllxlng, whilo each of Ihe key IrKlleator8 ol porsonal wembolng la8 mea8ured ty oinoe ol Nallonal stall81￿) Improved for those laklng part In tho programme, a8 comparod to Ihelr non"pwlclpallng p8qr& The large811)eMflts a¢cN8d trj th0￿ fadng partlcular dlgadvantsge - young peopl8 from mlnorlty 6thnlc ba(*grounds eywlgnced 3x Iho pothvo Impact ol thelr eern, whllo young people allo5bl8 lor puptl premlum payments exp•rtene4d 4x lh8 benefft a8 Compared to I￿1r pe8r8 not al￿1b* for wpll promlum. Wg al80 U80 the SkUI8 8ullder Iramewoth to measure prc¥Jre88 of young pgQPtg taklffj part Sn the proornmme In developkng Llle Skllle. At the mogt ro￿t of measurement, 95% 01 Acfve Row partldpant8 tra¢ktd a¢roM the year lryovad th8lr thjll l•vets, on averaop by 8.5 polnts ol a l&polnl dève10wn•nt￿qIe. Tal•nt IncI￿10Th & In¢lu•lv• Campoiiiion LYR Club LYR Club oxl8ty to holp ￿]d a pathway from our Acllvo Row B¢hool programme8 to on.wal•r and clth) rowlng, Th18 fs becomlw an ever mora Important al¢monl of our woth, and we axpgcl lo do more In Ihl8 orna In tho Comty year8. Fund9d or￿lnallY by Sport England, the programme con818ts of a 8erf68 of LYR 'Op6n Cluba. that Nn acro88 London, provkslng youth club $tyle vMd(Iy s￿410n8 lo encourago young people to take the 8lep Irom the Acllw Row programmo to rowlry b8yond the 8th0018ettlng. The Open Club8 lwd Into LYR Boat Club, o water aporte dub wllh Inctuglon 40118 core elho•. LYR Bc ha8 boen Nnnlng yoar.rwnd at the OlynWG Parf£ and Iho Royal Dookn. T4l•nl Pathway•. Ao¢iv• P•ddl• th e••t London hrfornwno• l>•v•lopm•nt A04d￿Y Adlva Paddle, our LoNlon l)a8ed partrnishlp wlth Paddlo UK, orynblne8 elements of oulreathlo local 8clwl8, tO9ethr wllh the gradual establlshmenl of a perfofmance paddlln9 group ￿ help young Irom Iho Easl London area devdop tholr 8k1118 and le¢d Into Padcle UK (8r1118h Canoolng)'$ pathway8. Some yourYJ people ar• attendl rKes for both rowlng and kayaklng* provkllng a trua mulll.sp)rt offer. The M0881)oump Rowlng ArAdemy, 18 ba8ed at Iwo Mo88boumo Fthrallon 8tale 88condary 8th0018 In Hackney; Mo88bourne Communlty Academy and Mo88lx)urne Vktorla Patk. Boih havo ¢onllnued lo perfom well over the la•t year. The coathlng 8tall have 88111￿ In well and hav• added art A8858lant Coach to ts rank8100. He wlll bo ernployod dlroclly by ihe School Instead of through u8. We are In d1$c￿SSIonS wlth the 8chool io TUPE the tro remalnlng coa¢ho810 b& employed ty the 8¢hool. Thls b*lll wllh tho clarfty an>und Nlo8, op8raln9 proc•dure8 and coa¢h Ilne management at th¢ school. The squad Compot￿ In numgrou8 Head Raca8 and Regatta8 Ihrough the le￿oft, wlth go¢xl fe8uIt6 hlghllghllffj Iho Potentlal for the lulu￿. Wa aro k•on lo vnk wllh the Sthool to provklo th8 be8t OPllon8 lor thg fuluro growlh a￿1 sutsx88 ol Ihe programme whatever Ihat may b Th8 progranvne conllnu061o dolfvar on It* aim to wlden a￿8810 rowlng to communltlaB undOTrwe8anted In the 8Wrt. 46% (2023124: 34%) of Mo88boumg fower8 Ihrouoh the y6ar are frorn mlnorlty elhnlo badtground8 (¢ompargd to 5% of rowern natlonally): 25%12023124: 19%) ¢ome from low4nGom• hou8ehotdB 1￿mpared to 2% of nallow￿ly). and 74% [202￿24. 14%) have wlal •ducallon no•da anthr dl8ablltfj¥. N￿onI1 Jvnlor lTrJoor Rowlng Ch•MplOn•h￿ (IIJIAC) In 2024 LYR onoo agaln hatd NJIAC In Iwo louakn, London and L¢od8, bulldlng on the 8uc4ets 012023 a￿1 fmurlffj we maxlmbo acwslblllty lor lunlor row•r8 oulslde London and tho South*Ea8t. Iherg was a iecord attendance aero88 Ihg Iwo venues, WI￿ 2,343 young people enterlng In LorKlon trom 159 8¢hool$ and Clubs. while the Lead8 event I￿111 on the Succe88 01 thg yoar to attract 759 young people from 49 BclKN)18 and clubg. Page 5 Docutsign Envolop810: AAA9S97B￿9EF43￿A8F&3A6DEBF43422 LONDON Yoimi ROWING LIMITED TRUSTEES REPORT (CONTINUED) FOR ThE YEAR EIIDED 31 IIARCH 2025 Naiion•lJunlorlnd04K Rowlng Ch4mplon•hW {NJIRC) In 4025 w6 ran NJIRC Vlrtual whlch wa8 Sutvorted financlally by both British RowlTrJ and Heniey Rty8E Regatta Charltable Trust. We ran l 8UPPOrted 61fva hubs a¢rosg the UK during a week of raclng. In lotal we ree8N¢d entries Irom 8023 people Irom 212 dlffarent schoo18. Club8 and 1ndyI￿a Llfe Sklll• Aotlv• Ilow Lffo Sklll• The develownfjnt ol Llfa ShH1818 a ¢ore oblectlve ol the Active Row programme. LYR use8 the Sklll8 8ullder Irameworf( arKI Iocu8a8 on bulldlThJ ono ol Ilva ￿re 'Acllve Row Ufe Sklll8' _ teamwort(, 8taylng poslilvo, alffllr¥J h￿h, loaderthlp and pmblem 80fv1ng. Through the acadgmlo year wg ran 312023124: 5) life sklll8 Wort￿hop days In London, brlnglng together o)rporatg pavlnern and 8chool8 to learn rowlng aThJ life sklll8, wothlng with a total 0140 young people al￿ numerous volunleeis Ironi our eorporale partners. The Ule Ski118 year eulmlnated In tha Active Row Festlval at Ihe end ol Ihe summar term, wllli 71, young people from 7 (2023124: 9) Actlve Row London 8ch¢)ols taklng part In water sports and Ilfe skllls l)ulldSng activlllg8 al the Olyrnplc Paik. FUndraI￿n9 Ev•nt• a RegallA London The year agaln Saw LYR run a serles ol lundral8lng events, wllh the alm of ra181ng awarenes8 of our work wllh the rowing communlty. corporate partners and Qlher 81al(eholder8 and ra181ng vltal unro8lrlGted lund8 to 8UPPOrt the onwlng operatlons 01 the charlty, In r.¢bruary kiJ25, w• ran aftoihor onllno edltlon ol our vlrtual 'Raco thg Tharne$ Vlrtuaf evenl. 58 (2023124: 84) tsam8 took part from corporats partnors, rowlng dub8. parents, 8choola and the goneral Publk. The fomat remalned unchanged, wlth each team tak1￿ on a 348km ('Rlver Thames,) or 72km (Yldal Thame$'? challange. Team8 tracked Iheir progress loward8 thelr goal over race week on an onllne 'LYR Arena", 8upporflng and gu3talnlng engagemenl In Ihe avanl. Ouiing lh• yoar LYR contlnued to a¢1 a8 UK Dealer lor Ute Boats France SAS, W• have 801d 10 boa18 to dat• and have 8evtsral more enqu1￿83 to ¢omo. They are all bought and 8dd through Regatta London Llmlted. as a way ol ueneral unIt￿rICted Income and bulkllng ioward8 a 80¢1al •ntorpri8e modo110 8UPPOrt LYR'8 lulure programme8. Futur• D•￿lopM•n1• Board wifingd lour medlum.tann alm8 tor the lulure developmonl of the Charfty, whl¢h Ihe management team ha contlnue to work towards th18 year. TheBe all have Ihe over-ddlrvJ alm ol enabllng young p8oplo Irom dlsadvanlaged bacl(gmund8 lo a¢co88 the beneltt8 of partklpallry In rowing and other wat¢r ￿rts, in Ilne with LYR'8 ml681on. The ¢blecdve8 are to: Dellver Sale and Impactlul prngramme8 ihat amgn wllh the goal8 ol our lundws and charllablg oblecllves Champlon the groiylh of d6ver81ty In rowhw (& olh•r waler 8POrt8) around the UK Establish fknandal reolllen¢o by develo￿n9 effe¢tlvo partner¥hlp8 and dlvernlfylng In¢omè Tell LYR'$ s￿ry In adear and conwelHng way to •nablg the C4mtlnU￿ 8uecg8& and 8U8tslnthity ol th8 f*s4rfty We report bxk at every lY)ard moellng vla the Slrategy Tracker whlch shobw clearly Ihe progre88 mada ￿n$t th8 key objecllves. Wo hava 60me excilng ptan8 for sustainablo lundkng thi8 financlal year and thè new Actlve Row Fled hlll programme whl(th wo￿8 do*ly wlth Multi A¢&d￿Y Trusts for e Ilxed ￿0d durfng whlch they and us are adively worf(lThJ to ease our way out of Ihe programme, loavlng them In a 8U8lalnable programme wlth qualllled and eyrfenwl 8taff wllh budget Set astde lor capltal 8p8ndlng, Page 6 DocL$81gn Envo10￿ ID: AiA95978ffj9EF4388-A8F&3A6DEBF43422 LONI)OM YOUTH AOWINO LIIAITED TRUSTEES AEPORT {coKnNUED) , FOR IHE YEAR ENDED 31 MARCH 202J The Chartty's In(xJmo wa8 £849,842 {2024: £1,120,2È0) In tho IlnwKlal yeat erKled 31 Mar¢h 2025. Tho total exponL4tufo for the yw wa8 ty39,7ea (2(Yd4; £1,221,720>. The full Ststomonl of Flnandal.Adlvllle618 aet oul OD pagp 14 of th9$ Durln9 the year Ihe ¢hath aGqulred £ nm (2024: £41,113) ofllxad a860ts. The fuTrJ carrfed loN￿r￿ a8 al 31 Math 2025 wa8 £318,483 (2024: £408,404) oJMI8UNJ ol £237,847 (2024: £229,758) of unrn8trlcted fund8 and £80,836 (2024: £178, 0481 ol re8trlcled lund8. FIna￿lI Cha e8 tor tho Charfty aNI tho wklor ¢harfty durlro the year to Mfjroh 2025; The Charlty rncorded a dalkll of £89.921 {2024: defldt £101,500). Income ganerallon If￿￿ Qr•nl•, TN818 arKI Foundalon8 rethcHI th18 year ryredlo 2024. a8 the nurnbar ol 4blo to donate Memi io ￿ reduchy a8 WgN a8 I￿g9r multl twm grart$ Ihat 0180 oame to an end. Tp manage thls 8hortlall, expondltule was reducthl thTough lower tslaff hoadwunt and work]Tha hour8, The Charlty ha8 8ucce86fully agmd now mulll.ienn lundng ¥￿th a now corN)rat6 partner, whkh ￿11 begln In lh8 2025128 flnanclal year as well a8 fonowlng 8(wne ol thelr partnernNp fuThJl 1hat they have recolv•d In the past, Durtng th• year, Iha Charfty iwhl to dlv•rSlty IrKome •troam8, ty Uli1181NJ Its lul ownad 8ub8ktlary. Regatta London UnAtad, aB th& UK dBalw for Ltte Boat•. In addltlon, a new'Dlrector of Prwfammea, lolnttd tho Senlor Man8g•m•nt T•am, to locu¥ on new revefwa 8tream8 Irom Locd AutlK)rllle8 Muttt A¢*J8my Trusil to develop a lonpt•mi 4u8talfiablllty pathway for Actlve Row Fxoorammfj8. The Chadty b al80 adjvefy explorlrffj how wa can OXPQIKI our oollaboratron and engagwonts ￿th con>orat• donorn, , Aue8omonl ty the Bowd of th• Clwlly'8 year end re#•M• and ts RwM8 Pollw ar• doem•d wfflclontto the 8hort-temi fvndtng condltton•. Thor? wa8 a iran8fgr ol lund bfilanw durlng the year, al fun(Ilna, ¢xlolnaVy mlvod to holp auFport thg now OlymplG Park 8Ste In 2019, wa8 a￿86•d to no longor be requtr•J for tho orlglnal puwose, to whloh ihe donor agreed thal the funds Mukl be do.ro8trlcted and uiod to 8W>POrt other LYR kyowammeo. R6Jtrlclad fuNI b4lances have Iduc8d In the year, ieflecllw the endlng of Iho M088boumo Fed•rniion programme. AoUv• Paddlg aml Royal Doc*8 TnJ8t lundlng, (Xhr re8tr1rtod lund8 ar• dot8ll*d In Noto 12. ,:.. ,,,. LYR'8 prfn¢lpal lurKllng Iho perlod oam¢ Ir¢Jn donatityio a￿1 gran18 fromi em¢ng8t Olh•r8, sport England, H¢nlay Royal Regatta Charltable Tru8t, 8rlllgh Ro*ilno, Tho mo86l￿urn8 Fedorallon. Tha Aoyal Dockb TN81, Coljffjr Forgu8011 Foundaiion, Tho Vlntnern, Company, The 8oal Racg Fund, WeNIWn Invo8lmont Manag¢ment Fout¥lAlbn, Clty 8rf1 Tru81 armj Drd(or Léhlngg. Many ol th08• grants are mufv aml Ilfik￿ 10 Iho doiivery ol our raTrJo ol prooY8mmèF. whllo othorn 8UPPQrt oora ¢Jporaiing ts)•t8 or •v•rt ddfv•ry. lrt addltlon lo tho88 key lundern, we a180 have Important oparatlng partner6hlp8 wlth 8•v•ral organlwlorn, ts￿dIng Iho Royal thrt l)o¢k Tru8t at our bae8 kn the Royal Oockj and wlth the Londan Legacy Dovelopment CO￿O￿￿On for our worf( on LoThJon'8 Otym* Park. We a180 malntaln clo80 wothlThJ rglallon8hlps wlth othor tyxlo8 and W9&n￿￿tIonS r•lavanl to ¢Uf work, Includlffj Brfll8h Rowkng, the Port of London Authority Concept 2, the leadlng manulacWr6r of Indooi ma¢hlne8. We aro 8190 wothlng wllh Mulll Academy Tw91• In th8 Nolllnthom grea, 16llW knugh Coundl a8 part of Ac¥v¢ Row1811ngion and Art Invest to dovelop a project In PA)ulhwath. Docusign Ertvélo￿ ID.. AM9597&59EF4388-A8F&3A6DEBF43422 LONDON YOUTH ROWING LIMrrED TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Ro8•rv•* Pollcy The Charlly's current Re8erveB Polty remaln8d In placa during the year 2024125. The pollcy ￿nSIderS Ihe Ilkely fjnanclal Impact of several adversè Scena￿08 whl¢h c¥Juld affect LYR, and agalntst which the Charlty 8hould hold reserrfes. For each of tho$0 8¢0narlos, Ihe Ilkely eosts to manage the 8¢onwio havo been e3llmated to glve an a$tlmale of Ihe re8er¥e8 needEid Io safeguard against each advor88 event. Followlng a further rgvlew of the polty and s￿narIo8 In January 2025, Ihe Trustee8 agreod that unregtflcted fu￿j3 which have not t*en de81gnaled lor specSllc u80 should be maintalned at a lovel of £150,000. Thls Ilgure comprfses the upper end of the COBts of the 8cenarlos conslderod and an addlllonal 'buffer' to cwr unarf¢lpaied c08ts or chaffje8 In tho undorlying 88thnate8 of re8porKllrwJ kn each adverse $oenarlo. The InJste88 conslder ih&t r88erves at Ihls18vel are approprfate Io 8n8ur8 that tha Charity wlll b8 able lo conllnu8 wlth Its current acllvilles If larAI wElh all but the most extreme of the adverse 8cenarios consldered. LYR wlll revlew Iho poll¢y and Ihe Scenarios consldered on an annual ba818 and adju8t thè level of re8ep408 held ac¢ordingly. Struclu¥•, Qovern•nM and htsnagom•nt Th• Ba•h> Arrang•nwnt• LYR Ima8 }￿Q)0ral8d as a ￿rnpanY IlTrlted by guaianleo on 10 May 2007 and b8￿Me a reg181eTed Charfty on 25 February 2008, havlffj been 081abll4hed In Juna 2004 as a vlrtual organ18atlon wllh Iho alm ol attracllng more young peopli> into fowlng and other physlcal actlvlty. 11 adopied new Artlcle8 of A&8oclatlon on 6 Dacomber 2010, whlch provlde lor a Inlnlmum ol Iwo and a maxlmum of Iwelve Tw8l6e8, mo8t of whom are elected by th8 member8. Artlclas wor6 agaln updatad In (k10￿r 2017, IlmllSng Tru818e8 b 8•rvlng for upto three term8 01 three year8. The I'ru6tee8, who meot at least quarterly, ar0 re$pon81bte lor flnance, developmenl and plannlng. New Tru8tea8 ar recruited by the current Tru818e8, havlng regard to the da8lrablllty ol a Ixoad range ol profelatonal 8klll8 a88e88ed through a Jklll$ matrlx. Meetiiigs of the Truste88 eAn be attended by AdvlBOry Dlrectors. appDlnled by the TIu6ie88, and #elooled to comploment Iho 8kllls ol lh8 TnJ8teas. Advl80ry Dlreclor8 have no votes, but Ihelr vlews are o)n81dered by the Tru8te88. Th• Tru•la•• The TnMte08 who 8eYved durlng ihg year and up to the dalo of 8lgnaturo of thg1SnancFal italement8 wero: M8 A Johnson Mr A Burrun M8 S M Ho8klng MBE Mr A H Mltchell CBE Mg K MONI8 Mr U Manw)r Dr I Pithup Mg S A Roblnson MrJ(iSryo MS M Sknrow8ka Mr N Baker (rn8igned Novemt*r 2024) Mr l D EdMo￿On (re8&ned Seplomber 2024) Page 8 Oocu8Iyn Envdopo10: AAA9597&59EF4388-A8F8-3A6DEBF43422 LOIIIX)N YOUTH AOW114G LIMITED TRUSTEES REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Day to day wnnlNJ of the Chafty18 dei8gated to the 86nlor Man8g8ment Team: Matt FIo8tron Chlal Execullve Olffcer {CEO) Programm68 Dlrector Emuy Coo Bob￿9 Mowan Programmo Manager {matornlty Cover) & Hoad of ComWla Clalre Ward FIfian￿ Managar (knn Shephard een Ellzabelh (yympio Part & Operatlom Man Beglonal Developmonl Dlroctor Tho Board revlew8 the pay of Ihè $6nlor management team on an annual ba818, typlcally tlmed to leed Into Ihe Iwdgellng proc098 In the Ilnal quarter ol oaeh Ilnanclal yaar. proc88$181od by the Chalr, tho Flnanc8 Commlttee and the CEO, who towher revlew the perfomiance and r88pon81bN11108 lor oa¢h fflember ol tha managem•nt team and carry out 81mfAo benchmarf(Ing to engure pay18 approprlate rdatlve to comparable folgs In almllw oigan18atlorts. The r8commendalk>n8 lor pay are 8180 con81d8recl In the oonlexl ol tho ukKomlng yearf8 budget and thg stats d the emptoyment mathel and genor4t change8 In pay bve18. The Chalr woth8 wllh other members ot the Flnan¢¢ Commlttee *• compble Ihe $ame woce88 for the ¢EO. A r￿0MMendatIon18 mad8 lo the Board, WI￿ Ihen can d18w$$ and adoFrt or adlu8t any ¢hange8 to pay level•. Any chanae8 agf¢•d ty the Bowd ar8 thon oarf1￿ loThvard Into Iho budget, and tho managomarf t8am18 rntlllod of th? oulcome. Ben Cox Rl•k Mamqomort Th6 Tru$io9$ have a8$9880d tho rl8k8 that LYR fa¢e8 and havo doveloped an approa¢h to rf8k managemenl that relle¢t• Its ¢or• acllvllt08, wothlng wllh youNJ peoplè In 6portlng and w4ier-b48•d advltle8. StaElard Kane A68oclatsa Ltd C'StaU8rd Kane.), con8ultantl 8pgclall8lng In heallh, 8alety and iF3k managenwnt, condud annual rovIow8 ol rt4k and prooedure8 and, In lh6 role ol Company Compelent Person, we reep(Thlbla for advlco on ov8rall •lraifjol88 lor hoatth, 8afoty and welfare wllhln the Charlty. Stallard Kane ar8 al80 r08pon8lblo lor provldlng Human R•8atJrco $upport and advlp* to the charlty and are avallabl8 lor both g¢nerl¢ 8nd 8p•Glllc188ue8 arKJ advlca. There18 a Salety Plan lor ea(* venue Indudlng Indoor rowlng ¢omwiuon8 and ovemlghl 8tay8 rtqulred ai varlou8 lace8 and r•qattag whk3h lorm8 a ¢Jomplate 8erfO4 01 rtok a88888m•nts lor all oi th• actlvltl•8 that LYR undOrtak•8, 8t8llard Kane, the Tn￿188¥ and LYR managemenl have devdoped Pr￿dUreS lor LYR programm¢8 and a¢livltle$, Id6nUfylng Wentlal rl8k8, Implem&nllng proeedurn$ b mltlgab tho80 rf8kn aNI 08labll¥hlng I￿n11n08nQY plan8 to addre41 188ue8 lo mlnlml8e any Impact on the Charlty 8hould a problom ar188, Th18 1$ part ot a much larger 888e88menl of the 'Fll8k Regl8lerf for LYR, vthlch Incory>orAtsO all area& ot QOV6fnanc*i operatsoni and lIna￿a. Employo•8 QM requlred to Oprale In ac%￿rdanc6 wllh LYR'8 p¢llele8 and procodurn8 Inuludlng It8 Eqtsal OpportunWe8 and lh8 SaieguardlNJ ond Prote¢tlon of Young Peo￿8 Pdloy, devlged wtth roferenc• to Bdljsh RowlTrJ's ould•lln08. All ¢oaohlffj glaff are memberJ of 8rlllsh Rows￿ and adhere to Ihelr coachlng guldellne8. LYR ha• appotnted a laad Ill￿199. to oversee safeguardlngs and all IfUSt89s are provlded wllh saleguqrdlng tralnlng, aov•manc• and Dlv•r•lty Ourtng Ihls kat year LYR ha8 continued to focus on malntalnlng tho hlgh 8tandard ol GovernarKo we achloved when Iha charlly aohlwed complIan￿ wlth Tler 3 01 tha Codo lor Sports GovornaneA at Ihe end of Marth 2Q20. Wo recogni8e that good govarnance 8UPPQrt8 LYR'8 re8111encg a8 8 8mall charfty and we have ¢onllnued to work vlth the Sport (jovenianco 10am at Sport ENJland and olhar exw to bmpr¢)ve our knowledge and 81andards tr4 Ihl8 arna, Inofudlng a rgvlew ol Governance and our owlng ￿m￿lanCe wtth the updated Code whloh began In April 2023. A lull updated ver8lon wa8 8ubmltted In November 2024, and we have slnce attaln¢d Tler J agaln and was awarded the18vel In earfy In 2025. Durfng the year, our Chalr laln Edmolnd80n came to the end of h18 nlne year lerm arnl 8tood down. Wo went Ihrough a thorough r8crultm8nt proca88 led by Dr Ian Plduracy at any time Ihe fliiarKaal p081tlon of Ihe charltaue ￿MpanY and to enoble Ihem lo 8n8ure Ihat the Ilnanclal $lalements comply wlth Iho Companle8 Acl 2006. They are also re8pon8lbl8 lor 8aleguardln9 the assets of the charftable oompany and honoe for laklnij reasonable 8tep8 for Ihe pr8venlion and detectlon of Iraud and other Irregularitles. In 80 faf as Ihe tru81998 are aware: thore Is no rd6vanl audlt Inlonnatlon of whlch the charftabl& compary'8 audltor8 ara unaware,. and tho Iru8tee8 havo taken all 8tep8 that Ihey ought lo havo tsken lo make thom#elve8 aware of any rolavant audll Inlormallon and to e8tabllsh that the audllor8 are awaré ol that Inlormallon. Thg8É1 I[na￿la1 Statements have b•en pr•parad In uordanm wlth the pro¥l8lono applloable lo ¢harltable ￿MpanIeS 8Uble￿ to the 8mall compan[88 reglme. rt of Ihe tru8te88, approvad by order of tho board ol Iru3te98, 48 Ihe cwipany director8, On IIQRQ2a....................... .. and 81gned on Ihe boa￿,8 tshallby: el Pag8 10 Docusign Env8lop8 ID: A4A9597B-59EF438&A8F&3A6DEBF43422 REPORT OF THE INDEPENDENf AIJDITOAS TO THE MEMBERS OF LONDON YOUTH ROWING LIMrrED ¢Jplnlon We have a￿lIted the Ilnancial statements ol L￿don Youih Rowlftg Llmlted ltho 'char%able ￿MpanY') for the y•ar ended 31 Mar¢h 2025 whlth cornprfse the Statement of Fknandal Acllvl¥e8, the siatsment of FIna￿la1 PO￿tion, th8 Statament of Ca8h Flows aKI notes to the lIna￿la1 statements, InclUdk￿ a Summary ol slgnilloant accounllNJ poKde8. Tho Ilnandal reportlng frameworf( that hos been applled In t1￿1r preparatlon Is appllcablg law and Unl￿* Klngdom A￿ntIng Standard8 (Unlted KlrwJdom Generally Aoxpted Amnllry Prath), InGludlro Flnandal Rewllffd starth￿ 102 Th• Flnandal Ryrtlng 8landard appllcable In tho UK and Aewbllc of Ifelanrf. In our oplnlon ts finandal 8talements: glve a true and falr ¥lew of tho $thie ol th• charfIa￿e companya alfairn a8 at 31 Marth a)25 and oe Itj hNml resources aFplicatlon ol re8ourw4, Includlng118 IrKvme and expendlture, lor the year th8n erKled; have bgtsn wopgrfy prepared In accordance wllh Unlted Klnodom Generally Awed A(Nunllng P(8do, Indudlnp ￿nar￿￿91 Reporllng sta￿lar￿ 102 Thg FIna￿l41 Reporllng Slandard pwllcablo In UK and Repjbllc ol Ireland,; aNI havo bwi prnp4rnd In awirdanca wlth Iho raqulrements ofthe Companlog knt 2006. Ba•1• for oplnlon We comlucted QUT audlt In a¢cordance wllh Intemallonal Slandard8 on Audlllng (UK) (ISA8 (UK)) and applloebl8 law. (￿r re8p)n81tAlhle6 under th08e standards arn lurther de8¢fib8d In th& Aud110￿. Ye8pO￿lI￿li1Iol for th6 audlt of th8 Ilnaneial 81atemen18 se011￿ ol our report. Wg aro Ind8perK*ant of the oharfiabla eompany In acts)rdance wlth the ethlcal requlrement8 Ihal are rebvant kn our audlt of the flnan¢lal 8tat•m•nts In tho UK, Ir￿ludI￿ the FRC* Ethlod Standard, and wa havo fullillgd our other glhlcal YO4￿n9[bIlItIo8 In ac(xJrdanG• wmh thesa r•qulrement8. We IWl•ve that tho aLdt evlden(x wo ha￿ obtaI￿dIa ¥uffktenl and opproprlai•10 provldo a ba818 for ¢)ui ￿nIon. Con¢lu•lon• rnlatlng to golng •jon￿rn In audltlng the Ilnartlal stsiemenl8, we have Co￿lUded that Iho tN8te•8' u8• ol Ihe golng conwn ba8lb of acwunllNJ In tho proparaiion ol Inon¢lal 8tatements1o approprlate, Ba80d on th• worf( ￿ have partwm￿1, we have ftot Iden¥fi8d any matorfal uncertaInl￿￿ relaiino to 6vent8 or rx)ndttlon• that, Indfvklualty oi colleollvfjly, may cast 81gnlfl¢ant doubl on the ¢harllabl8 companY8 abllrty io ￿ntInue a8 a golnq oonGern lor a of al1oa8t Iwelyo monlh$ Irom ￿en tho Ilnandal 81at￿neMI• ar8 authorlogd lor l••u8. r re8pon8lbS111168 and th• r•8POn8lbllllle8 01 Ihè tru8toe8 wlth reepect to gdng aon¢am aro d•8crlb•d In the r•levant 8ecllon8 of r•port. Olhgr Inlorniallon Tha tnJ8te88 are mpon8lLqe tor Ihe other Infomiatlon. Tho other Infornialon com￿￿88 the Inforfflaibn Indud•d In tho Annual Report, other than tho finar¢lal 8talament8 and our Report ol Ind8pandènt Audbf8 thoreon. Our oplnlon on Ihe IlnarKSal 81htoments dool not ¢ovei the other Informatlon and, exc0￿ to th• txtant othorwkne Qxplldlly elat￿1 In our report wo do not expro88 any forni of a66uianca ¢on¢lu81on Iherton. In connecllon wlth our audtt ol tho Ilnanclal •iatemgn18, our reapOn8￿ll1tyI9 to road ts olher InloTrnatbn arKI, In dolnu 80. ¢on8tdW whether Ihe other Infom)allon 18 mat611ally IncLwlstent wllh Ihe Ilnanclal staternent8, ￿ (￿r knoY4Jedge oblained In the audll or olherwlge appear8 to be malerfally ffl188lated. If w8 klenlrfy 8u¢h mAler141 Inconsi8tende8 r apparenl mate¥lal m1s81at8rnenl& we are r8qulred to dg18milne whether th18 glvoi rlao to a malortal mlsstatem8nt In tho Ilnqrtlal statements them80lv08. 11, based on the work wa have p8rtormed, we conclude Ihat therg Is a m8lerlal mls8thment ol Othor Intormalk>n, wa arn requlred lo report that lac¢, Wo hav• noththg.to report In th18 regard. Oplnlon* on othw matt•rn pr•acilbod by lh• Companlo• A¢1 2006 In our oplnlon, ba8ed on the WO￿ undortakon In iho QOUf88 01 lh¢ a(Klll: the Infr)miallon glvon In Tru8tees Report for the flnanclal year for ¥thlch the flnanclal 8taterMIt8 aro prepared ¢on818tont wslh Ihg flnanclal stalements; a￿1 Iho Rem of TnJ8toe8 ha81)w) wèparad In a¢¢ordm wllh 8ppllaoNe18aal rnqulremonl8. on whloh w• oro requlrnd lo r•port by •x¢•ptlon In lh& Ilghl of the knowledge and und8f8tsftdiNJ ol Ihe charilable company and110 envlKinmant obtalned in the ￿Urne of tho audtt, we have not Idenlilled m8tsrlal n￿$81a￿Ments In th8 Tru81eeB Report. We have nothlng lo report in re6peot ol the lollowln# matter8 whem the Companle8 Aot 2Q08 wlre8 ￿lts repDrt to you If, In our 0￿10￿, adequate accounilNJ Te¢ord8 have not been kept or retumb ad9quate for wr audh have not been recglved from branche8 OQt visit¢d by u8; or Docuslgn Env8lopo ID: AA495978-59EF4388-A8F&3A6DE8F43422 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBEAS OF LONDON YOUTrI ROWING LIM￿ED the finanrlal statements are not in agreemenl wilh the arxounling [0￿rdS and retum8; or oertain disc1￿ureS ol tru8tees' remuneration Specilled by law are not made. or wè have nol recelved all the informalron and ewanations we requlre for our audlt; or the Iruste8s were not entÉlled to take advantage of the small wnpanle8 exemptlon from the fequlrement lo prepare a Slrateglc Report OT in preparfng the Trustee8 Report. Rè8ponalblllll•8 ol tr￿l•t9 A8 •XPtalned more fully In the Statemenl of Tru8l8es' Responslbli illes. the Iruslees (who ara also Ihe dlr8cbr8 of the ¢haritable company for the puq>oses of company law) are responsible for the preparation of the Ilnanclal statements arKI for being SaIbfi￿ Ihal they give a true arKI falr vlew, and for such Intemal control as the trustees datermine is necessary lo efialle the preparatlon ot linanclal stateM￿ts Ihat are free Irom materfal mlsstatrnt, whelhgr due to fraud or error. In pffjparfng the Ilnancial statements, the trustees are respon￿ble lor &￿eSSIng the charitable companfs abillty to continue as a golng concem, disdosing, as appllcable. matters related kn golng concem and uslng th8 golng conc8m ba615 of aixounting unless the trustees eilher intend to liquidate the charitable cornpany or to cease operations, or have no ruallstlc akematlve bul to do so. Qur regpon*lbllllles lor the wdlt of the Ilnanclal statom Our obleclives are to obtsin ffjasonable assurance about whether the financlal 8tatanents ag a whole are free Irom malarial misstatement, wh8ther due to fraud Of error. and to Issue a R8POrt of th8 I￿lependent Auditors that I￿ude8 our opiniott. Reasonable assurance Is a hlgh level ol assurarw but 18 not a guarantee Ihat an audit coThlucted in a￿Ordan with ISAS (UK) will always delecl a material misstalemant vthen it exlsts. Misslatements can arfse from traud or erfor and are Lon¥idered matarlal if, indivldually or In the aggregale, they (xsukl r8asonably ba eywected to influence th6 econom detyyions of user8 tsken on the basls ol these linanclal slabmonts. The gxtent to whlch our prowlures ar8 Gapable of delecfjng iiregular411es, Including fraud is det•'led below: We designed pro¢sdure$ In Ilno vAlh our responsibllitles outlined above, to dstecl material mls$lal8ments in respeth Irreuularhies, Includ[r￿ Iraud. We i)blalned an under8tandng of the legal and rogulatory framewoths that the cha￿ty operate8 In, and Identilbd tho key laws and regulations thal: had a dlrect effect on lh8 detemilnalion ot materlal amounts and dis¢losuw In Ihe fSnanclal ¥tatement$. These IncFuded the CharIt￿S conslltullon. lax leglslatlon and Companles Acl 2(X)6' and do nol have a dlrect effect on the linartlal 81atements but compllance wlih whl¢h may be lundamenlal to the ¢harbty's abllity to operate or to avold a material penalty. These Included the Chwity Commlssion lor England and Wales (thartty Commis8lonl regulallons. Heatth and Satety Act, emfvqoyment law, pen*on8 ￿[SI￿lOn. Charftles legislatlon and Chlld saleguardlng. We identiled area8 Ot law8 and regulatrons that could reasonably be expecied to have a mater181 effecl on the financlql 8tatcments trorn our.. general Commercial and secior experience: through veybal and written cofflmunlcations wilh tho$e chai'ged with govemance and ther management; and vla wion of the Charfrtable ry)mpanVs regulatory and leg cortQspofKlence. We discussed F•vith those charged wilh govefnarKe and olher management the polldes and procedurea regardi Complian￿ wilh la4wd and req￿allOns. We mmmunlc41ed idenllflod laws and regulations to our team and remalned alert lo any indicalors of non-mpliance throiighout the audit. we a150 8peGlfirAlly consldered whwe •]d how fraud may OGcur wiihln the CharÉlable company. The s)Otentlal effect ol those ￿w8 and regulatlon8 on the finwlaj statements varies considerably. Firsiiy, the Charltable company is 8ubj8¢t lo laws and rtrJulatÈons that direGtly affect the finandal slalemenlB, Indudlng. tho (xxnpany's conslftullon, relevant financlal reportiThJ slathid$' company law: and tax legtslatlon and wo a$8esg tr axteiit of c(xnpllance wtlh these laws and regulations as part ol our procedures on the related financial statem8nl llems. Internetlonal AuditlrvJ Slandanls {UK) limit the raqulred pro¢edures to Identfy non Net rriovemont In lund• 8,089 198,010) (89,921) <130.418) 37.018 1101,500) R•¢on¢lHallon of lund• Funtt balance8 al 1 Aprfl 2024 12 178846 408 404 Fund bolanM• at 31 March 2025 Th8 notes form part of these Ilnanclal 81atements Page 14 Qocu8Sgn Envolop8 ID,. MA9597B-59EF43&Y-A8F&3A6DEBF43422 Oc￿￿81￿ EDvelop6 ID.. 477648AF.&2E487E.968F4FSDSDBCOB8 LOND¢)N YOUTH ROWING LIMIT¢D BALANCE SHEET 31 MARCH 2025 31.0325 31m.24 FIXED ASSET8 Tanglt)le a88ets Ihvo8tm8nts 51,183 104,038 61.184 104.034 CURRENY ASSEf8 Debtors CRoh at bank 143,437 193,120 441,874 600,808 CREDITOHS Amounts lallng due wlthln one y&ar 10 (174,565) 12#8,438) NET CURRENT A85ETS 267319 804 370 TOTAL ASSEfs LESS CURRENT UABILmE8 318,4&9 NEf ASSETS 318483 408 404 FUNDS Unrastrfcted fvnds R•8t¥lotad funds 12 237,847 80 229,758 17 TOTAL FUNDS 318483 Th6¥e flnanclal 8latoments hava bgen prgparod In a￿ordanCe wtth Ihe provl8lon8 appllcabta to. charflable eompanle8 $ubJeot to Ihg Small companlo$ reglme. The ffnanclal $lalemen18 were opprovod by the Board of TN#t896 and aulhorf8•d lor l$$ue on 17 th O¢tobor 2025 and were 81qn8d on Its bghatf by: 8*r•dbY, Mr A H Mllchell céE- Tiustea Mf J G P Saoe- Tiuslee REGISTERED GOMPANY NUMBER: 06243293 (England and Wales) REGISTERED CHAAif( NUMBER: 1122941 {EnglarKI and Wales) Page 16 LONI)ON Yoimi ROWING LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 IIARCH 2025 31.0323 31.03.24 ¢a*h IIow8 from operatlng actlvltlo9 Cash generatéd Irom operations 14 Ngt ¢ash (used Inyprovlded by op6raUno act1v1￿8$ 614 Cash Ilow• Irom Inv•gllng aetlvltlo9 Purchase ol tanglble Ilxed assets Salè of tarolble flxed assèts Inier8s1 recelved {41,113} 8,358 Not Cash used In Invesiing a¢tlvlllo8 Chang• In rAsh and ca•h wulvalonts In th• rgportlng porlod (109.251) (120.600) Cwh and ￿*h wufvalent• It th• 1)8glnnlng of th• r¢portlng porlod C••h and oa8h ￿￿1vat￿l# at lh• •nd ol th• roportlng p•rlod The notes form part ot these flnancial slatements Pago 16 LONDON YOUTh ROWING LIMITED NOTE8 TQ THE FINANCIAL STATEMENTS FOR ThE YEAR ENI)ED 31 MARCH 2025 ACCr provldlng a trije atKI falr The Ilnanc5al Staiements are prepared Sn 8terllng, whlth is the 1￿c￿onal currerw ot the Charfty. Mone amounts In Ihe8e financld S￿ornentS are rounded to the neafest £. 13olng ¢onown At the tSme ol approvlng ihe inqndal 8talement8, the Trugtees have a rea8onaUe expecta￿n that the Charly has adaquai• resources to coninue In operatk)nal ftxlslen¢6 for the fores¢eable fvluro at kn88t one yffir from the date of epproval ol th$ Ilnandal 8tatement% and no matertal uThxrtalnt108 exlst. Thus th6 Trustees Con￿nUe io adopt the ￿ng conegm basls of a￿oUntEn9 In prepaiing the finandal $tatements. In¢om• All Income 18 Toooonlsed In Ihe Incthne and oxpendtture once thg ¢harlty onljtlthent to the lund8, It probabfe that the Income wlll b8 re(*lved and the amount w bg rne￿u￿ rellably. Cash (knnatlons are recognised on reodpt. ther donallon8 are re￿￿nISed onco ihe charity ha8 been notrfled ol tho donation, unless p¢rfornian¢e ¢ondllons requfre deferral of Ihe amounl. Income tsx recovorabla In relatlon to donatio1￿ recalved under 13ft Ad or deéd8 of covonant18 recopnlsed at the tlma of the dmallon. Oonated prolesslonal 8wvlces and facllltles are rewurlsed as Income when Ihe charity ha8 control ovor the Item, any condthnB a88t)clatsd wilh Ihg donated ttem ha￿ been met, the rocelpt ol economlo benfrffil Imm Ihe u¥e by the chailty ol the Itém Is probable and that econom1¢ be￿111 can b6 measured tellably. In accordaneg wlth the Charttss SORP (FRS 102), Ihe general volunteer tknè is not rec4gnlaed. On r•¢dpt, doiialed p￿less1O1￿1 8erylces and la¢llllle6 are recognlsed on tha ba8[8 of the value ot the glft lo the charlty whioh is the amounl the Charty would have been wlNlng to pay ￿ 0￿1n $oNk88 or lacilltle$ of equlval•nt economtc be￿Ilt on the open mathet; a corre8ponthry. amcwnt 1$ th6n T•￿gnISed hi eX$￿￿lItU1￿ In the parfod of reaelpL Inc4Jne from ¢ontraot8, govemmenl grants and other grants, whether cat¢gori$8d as ￿p￿, or ievenu8,' Is recognlzed wh8n the dmrfty 1$ entlljed to tha fuNl$, any performance condilk)n8 atta¢hed lo lh8 gran18 have baen fullllled, the recelpt of Ir￿me is probable, aNI th6 amwnt can bg rollably measured vAthoutdeferral. Income ffjaeived In a(fvance for a luluro lundra581ng thnt or for a grant re¢elwJ reiatiNJ to the lollowlng year are deferrgd unlll the crllerla for IrKome recognitlon are me*. Expendllure Uabllth'es are re¢ogn180d as expondltyro a8 aoon a8 Ihefe18 a I l or oonstruolive d￿19allon (￿lmIllIng the harfty tti that expondlluip, It l& prob8ble Ihat a trat￿er ol w)nom bengllt8 wlll be requlred In 8ealemant and the amount of the oblPJatlon can be measured ￿lIably. Exp8ndltur¢ Is accourted tor on an accrual$ b has been da881fied under ￿adIng$ that aggregate all u)8t related lo Ihe category. Whare o)8ts cannot bg dlredly attrknJW to partI(￿lar headEng$. they hava begn altocat£d b a￿￿1110# on a bao18 ¢on316tent th the u89 of resources. Dlrect CQ8ts, Including dlrectly attrtbutable 881arfe8 we a114)cated on an a¢￿al ba818 to tha 8tratsglo area$ ot activity. Grants made are 4>)n81def¢d to ba part of the cost8 of the adlvltias In lurthafanoo ol the obieots of tho charlues. Support afe those 038ts Incurred dlreclly lo support eXper￿l￿re on the objects of Ihe Chaflty and are albcated lo acllvliles (m a ¢onsl8tent bast8. G￿ernan￿ costs Includg Iho$e costs associated wtth meeting the ¢Onl1￿110nal and siaiulory fequlremthts of Ihe Charfty and are all￿Mied to on a ¢on81*gnl b&ls, The nole8 lom rjart ol tho8a fin*Ki￿ statsment8 Page 17 LONDON YOUTH ROWING LIMrfED NOTES TO THE FINANCIAL 8TATEMEiirs FOR ThE YEAR ENDED 31 AIARCH 2025 AccouimNG POLICIES - contlnued Tanglble tlxod a8let• Tanglbl8 flxed a88ets are Inillally m8a8ured at ¢osi and subsoquendy mea6urod at CO8t, nel of depre¢lallon and any Impalrmenl10s89$. Plant and machhwry Boal8, Sland-up Padd16 Boards, Kayaks - 5 years; Rowlng machlne8 - 8 years; Stomge conlalnor8 - 4 years RxtWO8, li￿n98 & ewlpmenl 3 year8 The galn or1088 ar185ng from the dl8po8al of an a88el18 determlned 88 Ihe dIffere￿e belween the 8a18 proceed8 and the wlng value of the a88et and18 recogn18￿ In Ir￿& and expendllure. T•xallon The chartty 1$ exempl from CO￿ratIOn tax on Its tharllabl8 actlvltle8. Fund •¢￿UnI1ng Unr881flcied fund8 can be uaed In accordance wlth Ihe charttaNe 01)￿11Ve$ at tho d18crallon ol th tru8lee$. R881rkted funds can only bg tmd for partlcutar re81rlcled purpo8eg wlthln Ihe oblects of th8 charfty. Re$lrlotlon8 arl8e wh•n Jpacllled by tha donor or vthon fvnd8 arè ral8ed for partlcular re$tricled pun￿$06. Further 8xplan8iion ol the nature and PUfPD88 of eath lund18 included In the not88 lo the Ilnanclal 8latoment8, P•n•lon co•1• •nd othor po•l.r•iiMm•rt b•n•lll• The charllable company operates a dellned ¢ontrlbullon penslon 8cheme. contr1bu￿onS payablg 10 th8 charltablg coTrpanys pen8lon 8theme are charged to Incom& and 8xpendSturo In the perlod to whlch they relats, Flnancl•l In•lNm•nt• The Chadty only enler8 ba8lc flnanclal Inslruments Iransaclkjns that re8utt In the reoognttlon ol Ilnanclal a888ts and IlabllMe$ Ilke trade and other debtor8 aiKI trade cr8dttor8 and olher credltor8. Flnanclal a888t8 and Ilablllllo8 are offset, and the net amount roported In Ihe balance Sheel when thero 18 an enforceabla rlfjhl to 8et off tho re¢ogn18ed amounts and ther918 an lfitentlon to 8ettle on a net ba858 or to reall the a88et arKI 88tt18 the Ilablllty ￿mUltaneoU81y. Ba8lc Ilnanclal a88el¥, In0￿1ng Irwje arKI olher deblors. are Inltlally rewi18ed at transacllon prfce. unl08S tho affangemenl con8tllule8 a Ilnanc4no Iran8aclon, where Ihe tran8actlDn18 measuréd at Ihe present value ol the luture r￿Ipts dl8counled al a markel rale of inlere81. Such assets are Subsequenlly carrled at affiortlsed c08t V8hg the effecllve Interest m6thtyJ, le86 any Impatfmenl. Cash and Ca8h equlvalert8: Cash and ca8h equfvalen18 are repra8ented by ca8h In hand, depoBIts held at oall wllh Ilnan¢lal In8litulion8. and olher short-lemi hlghly Ilquid Inv6stmenl6 Ihat matuie In no more than three months from Ihe dale ol xqul8ltion and Ihal are readly c¥Jnvertlble to known amounts of c*1 with 1rnI￿11￿ant ri8k ol change In value. Baslc financial Ilablltles, Includlng trade and other ¢redltorn. are Inlllally r8cognl8ed at transactlon PTIM, unle6S Ihe atrangemenl ￿nStItUteS a flnandffj tranSa￿lon. whe18 Iha debt Instrument Is measured ai tho WO8Ont valu• of Ihe luture payment8 discounled at a mathel rale ol Interest. Such Sn8trmnt8 are 8ub8equeniiy carrled at amort18ed ¢MI u81ng the effecllve Intero81 m8tkMxl. Intereal Income: Inteie8t Irwme18 rgcw188d In Incfflie and expendllure U￿Trg the elfecllve Interest method. Flxod a•••l Inv•slm•nts Inv881fnonts In 8ub8kltarle8 are eanl•d at C08t le88 accumulatsd lfflpairmenl. Page 18 continued.,. LONDON Yoimi ROWINQ LIMITEO NOTE8 TO THE FINANCIAL ¥fATEMEIIts. ¢onUnuod FOR THE YEAR ENDED 81 MARCH 2025 AccouiifiNG POLICIES. ¢ontlnu8d Flnan¢l•l In•inim•nl4 Tha c08t of any Unus￿ hollday Mtluemont Is rwnlsed In lh8 pwlod In whlth tho emFAoy*8 seNIcfj8 4 reoelv8d. Temlina￿ort boneflts aré recognlged Immedlatoly ￿ an oxpenee when the c￿rIty16 dunon61r* ¢unmllled10 temilnate th• empbymenl of an employee or to provldè t¢rnilna1lon130￿Its, L•a•o¥ Rentth pay4￿9 under operatng lea8e8, Includlng 8ny1gau Incenfvas recelved, aro tharged ao an gxw8e a 8tralghl-Iln8 ba618 ovar tha term ol Ihe felevanl lea8e. Crlllcal accountlng e•llmat•• and ludgpjnonts E8tlmates and Judge￿nts aro contlnu411y evaluated and ar• ba8ed on hl8torfcal •xpedenoe arKt other laclor8, Indudlrtg exp6cJatlon$ ol luture 8vent8 Ihat affj bellevod to be reasonable ￿der CIr￿mstanceS. The ¢harlty make8 ￿mateS and a8sumptlon8 wncernlng tho luluro. Th8 r88ulllng a¢Muntlng est1rna￿ and a88umMion8 wlll, by delI￿tIOn, 80ldom equal the relalod aclu81 re8uII8. No judgements (apart from 11Tho Involv1￿ 08lknal88) have been mad• In the w￿81$ ol wlylng the 4Lwo aceounllng polide8. The k6y a88umptlon8 conoemlng Ihe fu￿re and koy 8ource8 0188knatlon of uncertalnty at the reportlng datg Ihat have a elgnlllcam r18k ol eAU8lng a maiorlal adJu8trnonl to Iho oarrylng amounts ot a888ts and IlablNlle8 wlthln Ihe ngxl finan¢lal yoarlrtlud&: aBllmaiion ol the u8efvl economlo Illo of plairt and machlnery, flxtumg, tlttlngj and •qu*m•r INCIXIE FROAI CHAAifABLE AcrivmE8 CournM and in••• and 81.0325 al￿9.24 Totsi >ro and •wil8 33,954 95,951 55,5&9 Grant8 Grant8 recglved, Included In tho akno, ar• as foll 31m26 31.0&24 Swi EnglaNI London Borough of Isllnthon London Borough of Newham (Includlw Natlonal Prowarnmes) 56,594 75,000 9,118 139,748 75,000 2,244 P4￿ 19 ¢ontlnued... LONDON YOUTH ROWING LIMrrED MOTES TO ThE FINANCIAL STATEMENTS- ¢ontlnuod FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM CHARrrA8LE ACTIVITIES - (x)nlinu￿I chafita1￿8 In￿me fecelved, Included In the Statemenl of finandal a¢tlvllie8 lor 31 Mar¢h 2025 and 31 March 2024 t8 a61011¢)w8: A¢llvo Row Nallonal Talent Fundral8lng Oth•r London ProgY•nune8 Inclualon Evont• (Outsldo London) Total Core and even18 Grants 91,807 325 652 3,500 850 95,957 242 562 071 177077 417459 858 028 Re$lri¢led Unre8lrlcled 265,152 174,577 34,000 473,729 417459 658 028 Acllv• Row Plallonal T4l0nt London ProgranMnè• In¢lu*lon (Out8ld• London) Fundr•l*lnq Othor Ev6nl• T￿4• 2024 Core and evènl8 Grant8 48,528 1,292 7,703 56,523 1146 925 200 257 093 91148 980 723 Reglricled Unreslrtcted 388,611 165,950 257,093 33,150 834,704 148 019 157 242 Page 20 conllnued... LOTrWON YOUTh ROWING LIMITED NOTE8 TO THE HNANCIAL STATE•IENTS. conllnuod FOR THE YEAR ÈNDED 31 MARCH 2025 CHARITABLE AcnvmES COSTS Acllv• Row IW¢Jn•l Talont ￿ndI•l•lnI 011 London Pmgrammm In¢lu•lon Ev•nt• IOulald• London) Tolal Dlrfjct Co81 Dgpreclatlon Staff c08ts SO¢1￿ 8eaurlty Pfjn81on8 Other costs Programme costs Advertlslng Fundra185ng coats 16,233 t74,151 10,301 3,959 2,912 81,537 5,428 80,937 8,164 44A15 549,491 89,420 11,478 11,417 IB2,836 131.330 6,569 2.553 2,528 28,658 20,299 142,774 2,334 12,052 2,961 1,091 21,752 f￿,891 119018 903 3?0 aov•m•n¢• ¢o•t• Wagpg Audlt & Accountanoy Profasolonal foe8 Tru8tee8' expen8e8 conferen￿ and mootln 21,74S 7,250 3,617 21,745 7,250 3,617 Tothi 73979 263714 939763 R•atrlelod Unr•8thdfjd 239,828 188,877 119,018 547,519 73 979 2e3 714 3 193 961 119016 ￿ AL714 P8ge 21 Gontlnuwl,., LONDON YOUTH ROWING LIMITED M)TES TO THE FINANCIAL STATEMEirrs. ¢onllnuod FOR THE YEAR EIIDED 31 MARCH 2025 CHARITABLE ACTIVITIES COSTS A¢llve Row Natlonal T•l•nt Fundral•lno other London ProgranMng• Inclu•lon Evants {Outsld• London) Total 2024 Dlr¢cl Co•t Deprrtiatlon Staff cosL8 Soclal gecurfty Pen81on8 Olhw costs Programme co819 Advertlslng Fundra181ng co8t8 14,993 281,213 15,387 5,369 8,227 139,898 19,815 86,311 7,769 1,202 11,593 14,913 6,291 173,926 15,906 3,479 3,498 62,823 1,891 46,871 116,182 5,639 10,251 747 2,368 14 58,329 4,224 5,067 42,790 703,303 $4,952 13.185 79,681 221,858 12,824 7,757 87 140 218 621 1178374 Gov8monc• ¢o•l* Wages Audll & AKounlancy Prole881onal lees Tru$l89$' expen888 Conlerence8 and meetln98 25,036 7,141 4,328 1,051 25,036 7,141 4,328 1.051 Toial 265 923 87 140 268 967 1221720 Restrkted Unrestrlcled 384,617 135,117 266,¥23 33,916 7 140 230 051 819,573 87 140 283 967 1221720 NET INCOMW(EXPENDITUAE) Net 1￿me1(6XpendI1Uro)I8 8iaigd after charglngl(crodlUng): 31.03.25 31x13.24 Audllof8' remunerallon Audllors. remuneration for non-audlt work t)4)re¢latlon - owned as8918 Oiher oporallng lea8e8 6,900 3,826 44,515 141250 6,91)0 4,569 42,791 ThUSTEEW REMUNERATION AND BENEFITS There w8re no tru8100$' r•mbJnoratlon or olh8r bonoflt8 for Ihe year ended 31 March 2025 nor for Ihe year ended 31 March 2024. During the year, lolal travel ewnso8 incurred by the Tru81ees arnounled to £nll (2024: £nll). Number ol IfU$tee$ Involved In the reimbursement of expenses nll (2024: r#1) Page 22 continued... LONDON YoiifH ROMthI LIMITED NOTES TO THE FINANCIAL STATEMENT8. ¢•thinued FOR THE YEAR ENDED 31 MARCH 2025 STAFF COST8 81.0&25 31m.24 Wageg and fjalarfes Sodal 80cudty CQSt8 Other pgnBlon co8t8 571,238 39,420 733,372 56,862 Amounts lotalllng £22,994 (2024: £71,984) raproiants total rertumerttlon pald to Otall lft rolatlon lo fundra181ng athmleg. The average monthly numbar ot omploy•e• durkny th• yearwa8 u lom￿8,. 81.03.20 81.0&24 Management Admln18tratlon Charltabl8 acdvlle8 . 8alarled Charllabte actlvRle$ - zero-hour8 13 18 20 37 Th• number of employ088 vhN• omploya8 benefho (excludffj fjmployor pen8lon coslo) oxwded £60,000 wa8: 31MAO 81,0&24 £80,001- £90,000 Total remunefatlon lor key managomgnt p•T8onnel duihw tho year wa• £331,880 (2024,. £357,707). Pagg 23 conOnu8d... LONDON YOUTh ROWING LIMITED NOTES TO THE RNANCIAL STATEMENrJ- ¢ortllnued FOR THE YEAR ENDED 31 MARCH 2025 TAtIGIBLE FIXED ASSETS Flxtures and Ilttlngs Plant and machlnery Tota18 At l Aprll 2024 A(Idlllons Dlsposals 792.381 22.941 815,322 584 47841) At 31 March 2025 DEPRECIATION At 1 Aprll 2024 Charge for year Elimknated on dl8PO8al 891.010 42,403 389211 20,279 2,111 711,289 44,514 At 31 March 2025 716318 NET BOOK VALue At 31 March 2025 551 At 31 March 2024 101371 104033 FIXED A8SEf INVE8TME14TS Shafe8 In group undgrtaklng8 At l Aprfl 2024 and 31 Ma￿h 2025 There were no In¥e8tment a88et$ out8tda Ihe UK. Durfng the 2023124 Ilnanclal yeaf, the charity acqulred the share capltal ol Ilmlted c4)mpany by the name of Regatta London Llmlled for Its nomlnal value ol £1. The late8t pub118hed flnanclal statemen1$ ag of 31 March 2025 Show a nel1088 01 £9,290 and nel Ilabllllle8 of £9,361. The company 18 Incorporaled In England and Wale8, and the reglsteréd addre8818 CIO Cox C08telb & Home, Balchworth Lodi Hou8e, 99 ￿UrCh Street, Rlckman8WOrth, England, WD3 1&J. Page 24 conllnued... LONDON YOIITH ROWING LIMITED NOTES TO THE RNANCIAL STATEMENTS- ¢oiiUnuod FOR ThEYEAR ENDED 31 IAARCH 2025 DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 81M24 Trade debtorn AM0￿*8 owed ty group undertaWn98 Qlher drt¢or8 Prepoym8nts a￿rUld lrnom• 109,046 15,495 167,659 1,000 12 10. CREDITOR8: AMouiif8 FALUNG DUE wmiiii YEAR 81.0&2J 3IA1324 Trade crodltor6 Olhor credtto Accwals and dèforfod Incom8 5,912 13,501 27,288 1,918 174555 DEFEARED INCOME 81.0925 31.0324 Balance a8 at 1st Awll Amoiffit r81948ed lo Income durlng th• yw Amount def¢ned In th8 ytar 244,845 (244,845) 125477 163,132 (153,132) ay at 3181 Mar¢h 12 Dg1orr•d Income repmonts lundlno re¢slvgd frtyn th• rolgvant funder8 ar8 Sport England £nll (2024. £B6,044}, Brlt18h Rowlng £￿1 (2024: £50,000). Henley Royal Regatta Chafttable Trust £43,417 (2WU: £43.417), Wdtlngton £14,583 <2024: £14,583), LB18llNJion £31,2SO (2024: £:£31,250), Royal Alb8rt Dock Trust 11,25012024:nll) a￿1 Other £24,977 (2024: ££49,5511. Deleffed I￿orne comprleel fund$ thal relat• to pro1￿ or proryan1￿ to b8 oxpgNled durfng Ihe 202&2028 fIna￿la1 yow. 11. LEA81tKI AGREEMENTS Mlnlmum ba88 paymèn18 uThJer non4gwllable oprtlng lea8e8 fall duo 49 lollow8: 81.0324 Wllhln one year Between one ond Ilve year8 In more than flve yearn 24,800 116,650 24.600 120,OOQ 178 Pago 25 ¢onUnuéd.., LOHD(M YOUTh ROWING LIMITED NOTES TO THE FINANCIAL STATEMENTS- conllnued FOR THE YEAR ENDED 31 MARCH 2025 12. IIOVEMENT IN FUNDS ANALYSIS OF REsfRICTED FUNDS B•lan¢• al 31A.24 Incomlng Hè8our¢o• Outgolnq Re8aur¢o• Balanc 31a.25 Fund8 Mossl)oume Rowlng Academy Active Row London Acllve Row Kent Acilve Row Leed8 Active Row Nottlngham Active Row Bristol Tacbjing InaGlivily NJIRC Royal Docas Pi£yJrammg Talent Incluslon 46.880 159,860 80.402 47,175 38,000 61,000 19,287 10,000 30,677 34 (58.512) (180,658) 116.945) (69,112) (43,426) 157.087) {21,518) (10,000) 129,760) 32,329 (1,928) 24,987 7,516 26,880 2,231 11,539 11,529 3,050 89 30,793 29,757 125,778) 4,896 Total Mov•m•nl In R08tr1ctod Fund• ANALYSIS OF HESTRICTED FUN￿ COMPARATIVE B41anc• 41 Incomlng tgolng 31.03.23 R••oureoJ Rmourc B•l•n 31.03.24 Fund• Mossbourno Rowlng Academy Alternatlve Prov181on9 Eel Up" Coach Development Actlve Row London Acllve Row Kent Active Row Leed8 Actlve Row Nottlngham Active Row 8ri8tol Tackllrva InaGllvlty NJIRC Royal Docks Programme Talent lrnluslon Olher 155,887 31,874 67,850 175,561 17,100 54,860 41,000 43,000 19,228 56,500 40,000 121.693 (146,055> {33,656> 169,785) (143,232) <22,199) (81,140) (36,8671 (18,120) (31,106) (61.500) (45,338) (119,887 1,782 1.935 32.329 {1,928) 24,987 7,515 28,880 2,231 3,171 31,277 2,172 14,111 5,000 35,095 45,417 788 29,757 47,243 Tolal Mov•menl In Re8lrl¢t•d Fund• 857 491 17 TRANSFERS Tha charlly has a numbeT of piolects that affj prfmarfly lunded by restrl¢ted fund8, howaver, Ihe charfty a189 Sup￿rtS the8e prolects Ihrough ullllslng Its unr981rtcted fund8. TransferB b8lwe8n lunds Durlng the reportlng year, £25,T18 (2024: £DII) was Iran8ferred ffom restricted fund8 to unre8trthd fund8 In accordance vAth Ihe agreemenl wlth Ihe lund provider. Page 28 continued... Lo￿ YOllfH HOWING UIArfED NOTES TO THE FINANCIAL 8TATEMENTS. ¢on#nu¢d FOR ThE YEAR ENDED 81 MAIICH2026 IAo••bourno Rowlng Aud•my - Th18 fund b alm9d at provldlng rowlng actlvttle$ and chal￿￿ to chI￿reTr bawl In 8tstg schooL8 In HKkrny. The academy has pgrtkulafty berth chil(*en Irom und8rrepmnt b4*round& Altomaiivo Provl•loM - Fundgd by tho Innlern, Company, Ihl8 proleot rgmnts a ￿￿&week programm8 locused on helplng chlklren excludod from mgln6tfeam ￿UCatIOn to relfibgraio Inlo the 8ystom by In8tllllffj valu88 8uth a8 Selfrfontrol, a8PIrati￿ and 16amKIrt(. From Apll 2024 fvndlng was rnoved our lolnl SENDIAP programme wfil¢h ￿ r•ported a8 Fqrt of Act1￿ Row London. "8I•p Co•¢h D8v•lopnw￿ - Fundod by Th• Hentey Royal Regatta Charflabl• Tfugt, thIB programm8 re0w1t￿ ar￿ d8valop811 coache8 from dlvar8e background8to dellvor charttable alm8 arKJ actlvlllo8. Acttv• Row London - Th18 Wt)gramme18 elmed at engaglng oNldren from a wld8 vatsty ol 1MckgrpU￿ Into rowlng acllvltles arnl t*all•noe8, A¢lfv• Row K•nt - Dellvared In parthar8hlp wlth Grave8end RC and Colyor-FergvaM Charllabkn TN81, th18 programm8 provkn rowlng act1￿18$ to chllth&n In Koftt. Actlv• Row L••d• - Laun¢hod wlth thg 8upport ol Tho H•nloy Royal Regatta Charftybh Tnmt and Ihè Boat Race Fimd and Br1118h Rowlng, Ihl• programme provldo8 fowlng aclfvlUe8 to chKdran ts8od In Lepd& Br and Wakeflpld. Aetlv• Row Nolungham - Th18 prooramme18 almed at provldlng rowlng advltleo to chlldren In Nottln9ham wllh the Supwrt ol ConGept 2, a badlTra rowlng fflaohlna manulaolurer and The Henley Floyal Rggatt4 Charltabie Tru81. A¢iiv• Ilow Brf•iol - Laundwd vAlh Iho 8UPPQrt ¢1 Henley floyal Rowa Chadtatylo Tnwi and Brthh Flthng, th18 wogrammo provlde• rO￿￿j adlvltle81o chlklren In Brlstol. Ta¢klkno In•ctlvlty . Th18 SVOgramm6 Iw worf(od wlth Ihe NELFT br0￿h ol tho NHS lo wovld8 ILY NHS mental health workers to bg acllvo durtng thelr worklng dayb Iocu8lng on Iwo h8olthoaro 8éttlrv48 In Barklng & Oaganham and Redbrldll8.11 al￿ lunded a Xlo Row Indoor pro9ramme lor pooplo In tho Be¢klon grea. Nallonal Junlor Indoor Rowlng C￿MPION•hIP¥ INJIR¢) - Th18 programme18 almod at provl(HNJ In¢lu8fr Indow rowlffj compotlllm open to young P8OPlo a¢r088 thg UK. Roy•l Do¢k• Progr•mm• - Dgllvered In partnershlp wlth Royal DLKk8 TNÈt and the Royal Albert Dock Tn￿t, th16 programme ollorn low1￿ oalllng and cano¢lng opportuntt1081o young poq>l& aged 11-14 on thfr Royal Dothg Advenlure slle. T*l•Trt Inoluolon - Th18 rowlng programme ha$ benefiiied chlldren, th088 partlcularfy from othnlc mlnorty ba¢kground8 who Mmprfse over 80% 01 Ihe uptake, who oatn Ihe opportunlty to bulld Ihelr 8kllli In rowlng ￿th IIK• alm of acce881ffj talent davewnenl pathway8 run by Brlll8h Rowlng afMS oth•r8. 18. RELATED PARTY DISCLO8URE8 Dudng the year, tho Trustae8 donated £545 lo the Charlty (2024.. £nlll. Olhgr than key m4n ement compen8allon, there werfr no related party Iian8a¢tton8 lor the ￿ar end&d 31 March 2025. Pleo8e Yefor to Note 8 lor lurther dglall8. COnts"nued... LONDON YOUTh ROMNG LIMITED NOYES TO THE FINANCIAL STATEMEiifs. eontlnu•d FOH THE YEAR ENDED 81 MARCH 2025 14. RECONCILIATION OF NET EXPENDITURE TO NEf CASH FLOW FROM OPERATING ACTIVITIES 31,03.25 31,03.24 Nal expendllUY• tor the reportlng porfod (08 per tho Stateinont ol Flnanclal A¢llvltle8) Adlugtm•nt• lor: DeFxeclallon charge8 Int8re8t r8celv8d (In¢reaseyde¢rea8e In d*lor8 Increasel{decfea8e) In credllors (89,921) (101,500) 44,515 {2,461) 49,681 42,791 (4,127) (90,110) N•t c••h {u•od In)Iprovldod by op•rallon* 15. ANALYSIS OF NET ASSETS 8ETWEEM FUNDS Roltrloted Ilnrn•trlelod Total fund• fund8 2025 Ao•trlcted lundg Unr••lrl¢led luhd# Toi•l Fund balances at 31 March 2025 ara iepresented Tan￿ble a880ts 6,803 44,361 51,164 Current as8el8 137,304 304.769 M2,073 174 754 curront Nabllltle8 ￿111288> L 6,803 283,127 111284 97,231 317,681 185 154 104,034 800,808 Page 28 eonttnued... LONDON YOUTH ROWING LIIfjITED NOTES TO THE FINANCIAL STATEMEKfs- contlnued FOR THE YEAR ENDED 31 MARCH 2025 16. INCOME AND EXPEIIDMJRE IN RELATION TO PUBLIC INVESTORS 8port England LB181ington LB Newham Non-Publlc In￿oI0r Tolal 2025 Revenue Revenue grants Courso lees Other Income 56,594 75.000 9,118 421,360 17,474 562,072 17,474 Totsl Incomo 709 130 849 Expon808 Programm8 8taff costs Programme stsff soclal 8ecurfty Programme 8taff pon81on8 Other costs Programme costs Advertlslng Fundra151ng ¢0818 Depreclallon 67,683 6,695 1.374 575 5,732 5B,004 5,574 1,515 1,224 7,088 6,295 1,118 439,275 26,033 8,491 24,316 168,415 809 63,354 571.236 39,420 11,478 26,118 182,836 809 63,354 1,603 Totol gxpendlturo 403 9 114 769 917 939 763 Ngl Incomo1(oxpondltura) lor Ihe year 17. INCOME AND EXPENDMJRE IN RELATION TO PUBUC INVEsfoFIS. COMPARATIVE Income and expendRure In r8latlon to publlc Inve8tor8 lor the year ended 31 March 2024. LB N•wh•m NonwPubllo Invo8tor 8port England LB l•llngton Tot•1 2024 Rovgnu• FI8v8nue grants Course lees Other Income 139,743 75,000 2,244 713,377 15,196 174660 930,364 15,196 174660 Totsl Incom• 139 743 1 120 220 Expon8 Prografflme staff costs Prografftme stall securlly Programme Staff pen81on$ Other costs Programme Costs FurKir&181ng G0818 Depreclatlon 132,286 9,430 56,172 5,424 1,341 1,266 6,664 1,737 113 32 51 303 538,163 39,985 9,450 101,553 190,873 60,644 728,338 54,952 13,166 99,973 221,832 60,644 12.897) 23,992 Tolal expgndlluro 171610 1221 720 Net incomel(expèndftur•l for tho ymr Thg note above d18closes the n81 surplusl(deflcFI) generated from the eharlty's wblEc Irwestors, mo81 promlnent being Sport England and London Borough of Isllngton In Ihe Inte￿5t ot transparency to these two maln bodies. Pagg 29