Registered number: 07012582 Charity number.. 1133063 WHITLINGHAM BOATHOUSES FOUNDATION LIMITED (A Company Llmlted by Guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
WHITLINGHAM BOATHOUSES FOUNDATION LIMITED {A Company Llmited by Guarantee) CONTENTS Page Reference and Adrnlnlstratlve Detalls of the Company, Its Trusteos and Advlsers Tru8toos' Report Independent Examlner's Roport Statement of Flnanclal Actlvltles Balanco Sheot Notes to Ihe Flnanclal Stalemonts 10-20
WHITLINGHAM BOATHOUSES FOUNDATION LIMITED (A Company Limited by Guaranlee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees C J H Scott {resignad 30 September 2024) P J Steele (resigned 14 May 2025) ADRoss H F Mlddleton D Barrell (resigned 8 May 2024) D C Conway {appolnted 8 May 2024) S J B Horth (appointed 1 Oclober 2024. resigned 14 May 2025) M K Heazle (appointed 14 May 20251 R W Robinson (appointed 14 May 2025) Company reglstarod number 07012582 Charlty reglstered number 1133063 Reglstered offlce 7 Wainwright Close Lowestoft England NR32 4WG Accountants Larking Gowen LLP Chartered Accountants 1st Floor, Prospect House Rouen Road Norwich NR11RE Page 1
WHITLINGHAM BOATHOUSES FOUNDATION LIMITED (A Company Llmited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report together with the financial statements of the company for the 1 January 2024 to 31 December 2024. The Annual Report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustèes confirm that tha Annual Report and financial statements of the charitable company comply with the currant statutory r8quirem8nts, the requiremanls of the charitable companls governing document and the provisions of tha Statement of R8commended Practice (SORP) appllcable to charities preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102J (effective 1 January 2019). Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and larga companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Struclura, governance and management a. Constltutlon Whitlingham Boathous8s Foundation Llmited Is reglstered as a charitable company limSted by guarante8 and was set up by a Memorandum of Assoclation. The prlnclpal object of the company Is to advance amateur sport for the public beneflt and In particular water sports including rowing and canoeing by managing and assisting in the provision of facilities at Whitlin9ham, Norwich. b. Methods of appolntment or electlon of Trust•os The management of Ihe company is the responsibility of the Trustees who are elected and co-opted under Ihe terms of the Memorandum of Association. In addition. new members are provided with detailed information about the Charity and are encouraged to read Charity Commission and other newsletters designed to keep them abreast of their duties and responsibilities. c. Organlsatlonal structure and declslon-maklng pollcles The Trustee board currenlly comprlses on8 representative drawn from each of the 5 founding clubs, namely, Norwich Rowing Club, Norwich Canoe Club, University of East Anglia Boat Club, Norwich School Boat Club and Norwich High School Rowing Club. The Trustees meet al least 3 times each year. Tho Trustees have eslablished an Operational Management Committee, which meets to oversee the day lo day operations of Ihe facility- It includes represenlation from each of the founding clubs. Objectlves and actlvltles a. Poll¢les and objectlves In setting objecllves and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relaling to public benefit, including the guidance 'Public benefit.. running a charity {PB2)'. Page 2
WHITLINGHAM BOATHOUSES FOUNDATION LIMITED (A Company Llmlted by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Objectives and activlties (continued) The initial objectlV8 of the charity was to develop a new community boalhouse for rowing and canoeing in Whitlingham Country Park on land leased from the Whitlingham Charitable Trust, and this was achieved in August 2015. The focus has since moved to enhancing the facility and maintaining the slte for th8 benefit of the community. The Trustees have adopted a range of best practice policies including water safety. child protectlon and vulnerable adults as promulgated by Brilish Rowing. In addition and where applicable. Brilish Canoe Union policies have been adopted. b. Actlvltlos for achlevlng objoctlves Whitlingham Boathouses Foundation (Registered Charity 11330631 was established lo develop and maintain communily rowing and canoeing facility in Whitlingham Country Park for the benefit of Norfolk and Norwich. The founding clubs {Nolch Rowlng Club, Norwich Cano8 Club, Unlv8rslty of East Anglla Boat Club, Norwich School Boat Club, and Norwich Hlgh School Rowing Club) joined forces under the banner of th8 "As One... Campalgn" to raSse funds to develop a new community boathouse, thereby expanding the existing faclllties adjacent to the Rlver Yar8. During the fundraising phase (2009 to 2015) the Trustees approached a number of grant giving trusts and charities to support the project. The focus has sSnce moved to the operation of the facilities. Achlevements and performance a. Revlew of actlvltles Phase 1 of the new boathouse development was completed In May 2011: this comprised the shell and core of the building and ground floor storage for rowing boats and canoes. Phase 2, the fit out of the first floor, was completad and op8ned to users In August 2015. In 2024 NoNich Rowing Club held several junlor and adult Learn2Row courses providing coaching to beginners with each course lasting up to 3 months. Novice. experienced and recreational crews comp6ted with success at local, national and international regattas. Norwich Canoe Club held numerous Learn to Kayak courses in 2024 and hosted several schools for kayaking.11 also took part in the Festival of Sport at Holkham Hall, three fetes, the Forum in Norwich and the Royal Norfolk Show to promote kayaking lo all ages. As with the rowers, the kayakers also competed in events around the country. The UEA Boat Club and the school boat clubs encouraged their student5 and pupils respectively to take up rowing. Participating numbers were maintained from previous years and pupils and students achieved some good results at competitions both regionally and nationally. One former UEA student and NRC member won a silver medal at tho Paris Olympics. East Anglia Youth Rowing, a charity which introduces children at state schools to rowing, started to operate on the site in the summer of 2023 and continued in 2024 with a summer term programme. Page 3
WHITLINGHAM BOATHOUSES FOUNDATION LIMITED
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Objectives and activities (continued)
In 2011, the trustees established the first disabled rowing and canoeing facility in Norfolk with the arrival of both adaptive canoes and rowing boats. They were able to expand this fleet in 2012 with a joint grant from British Rowing and the Broads Authority Sustainable Development Fund which enabled the launch of 2 quadruple sculling boats and 2 double sculling boats. These boats have been used for people of all ages and abilities as a stepping stone into wider rowing activity.
The trustees have continued to emphasise the safety aspects of both sports both on and off the water. Following on from the establishment of a defibrillator in 2013, the company has played a key role in working with its own users and the Broads Authority to enhance powerboat skills for coaches as well as working with other users to coordinate river based activities.
Thanks to the generosity of the Norwich North Alpha LIONS Club and the Thomas Cook Children’s Charity, the trustees were able to establish a bursary scheme for those from deprived communities to allow them to take part in rowing or canoeing activities regardless of their means. There were no applications for bursaries during the year.
The financial focus continues to be on the operation of the facilities and generating income. In order to supplement the income from member club subscriptions, once again in 2024 the facility played host to several canoeing and rowing training camps for clubs from outside the Norwich area.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The charity undertook significant fundraising activities to finance the building of the new boathouse at Whitlingham. At the 31 December 2024 the charity has unrestricted reserves of £960,769 (2023: £968,586) and restricted reserves of £16,800 (2023: £16,800). The charity has net current assets of £17,208 (2023: £10,117).
The reserves policy is to maintain a cash reserve, not including restricted funds, sufficient for the operation of the charity and the ongoing maintenance of the boathouse, which is approximately 3 months of operational expenditure. The level at 31 December 2024 is £14,657 (2023: £35,358), which is in line with the policy.
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WHITLINGHAM BOATHOUSES FOUNDATION LIMITED {A Company Limited by Guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 statement of Trustees, rosponsibiliti88 The Trust88s (who are also the directors of the company for th8 purposes of company law) are responsible for preparing the Trustaes, Report and the financial stalem6nts in accordance with applicable law and United Kingdom Accounting Standards (Unlted Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financlal statements for each financial year . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its incom8 and expenditure, for that period. In preparing these financial ststemenls, the Trustees are requlred to: select suitable accounting policies and then apply Ihem consistently., observe the methods and principles of the Charities SORP IFRS 1021. make judgments and accounling 6Stimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial slatements., prepare the flnanclal statements on the going concern basis unless It Is Inappropriate to presum8 that the company will continu8 In busin8ss. Th8 Trust88s are responsib18 for k88ping ad8quat8 accounting r8cords that ar8 sufficl8nt to show and explaln the company's transactions and disclose with reasonable accuracy al any lime the flnanclal posltlon of the company and enable them to ensure thal the financial stalements comply with the Companles Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevenlion and deteclion of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. R W Roblnson Date: 2ylfi12 Page 5
WHITLINGHAM BOATHOUSES FOUNDATION LIMITED (A Company Llmlted by Guarante8) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent Examlner's Report to the Trustees of Whltllngham Boathouses Foundatlon Llmlled ('the company,) I report to the charlty Trustees on my examination of the accounts of the company for the year ended 31 December 2024. Responslbllltle8 and Basls of R8POrt As th8 Trustees of th8 company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of th8 Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the company are not r8quired to be audited under Part 16 of the 2006 Act and are eligible for independent examlnatlon, I report in respect of my examination of the companls accounts carried out under seclion 145 of the Charities Act 2011 ('the 2011 Act'}. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(51(b) of the 2011 Act. Independent Examlnorfs Statement I have completed my examination. I confirm that no matters have Come to my attention in connection with the examination giving me cause to believe.. accounting r8cords were not kept Sn respecl of the company as required by section 386 of the 2006 Acl., or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act olher than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. or the accounts have not been prepared in accordance wilh the melhods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicablo to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of If8land IFRS 102)]. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the companys Trustees, as a body, in accordance with Part 4 of the Charilies (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the companls Trustees those matters l am required to Stale to them in an Independent Examiner's Report and for no other purposo. To the fullest extenl permitted by law, I do nol accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report. Signed: Christopher Yeates FCA DChA Larking Gowen LLP Chartered Accountants Norwich [1, I,h.-lJ D*6. Zè s I,L 208 Page 6
WHITLINGHAM BOATHOUSES FOUNDATION LIMITED (A Company Limlted by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Rgslrlcted Unrastrlclad funds funds 2024 2024 Total funds 2024 Total funds 2023 Noto Income from: Charltable activities Investments 102,175 240 102,175 240 90,260 116 Total Income 102,415 102,415 90.376 Expendlture on: Chafltable activities 110,232 110,232 100,291 Total 8xpendlture 110.232 110,232 100,291 Net movement In funds (7,817) (7,817) (9,915) Reconclllatlon of funds: Total funds brought foNard Nel movement in funds 16,800 968,586 17,817) 985,386 (7,8171 995,301 (9,915) Total funds carrled forward 16,800 960,769 977,569 985,386 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 10 to 20 form part of these financial statements. Page 7
WHITLINGHAM BOATHOUSES FOUNDATION LIMITED (A Company Limlted by Guarantee) REGISTERED NUMBER: 07012582 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Flxod assets Tanglble assets Current assets 965,622 992, 665 Debtors Cash at bank and in hand 63,251 31,457 44,322 52,158 94,708 96,480 Creditors.. amounts falling due within on8 year 10 (77,4801 (86,363) Net current assets 17,228 10,117 Total assots less current Ilabllltles 982,850 1,002, 782 Creditors.. amounts falling due after more than one year (5,281) (17,396) Total net assets 977,569 985,386 Charlty funds Reslricted funds Unrestricted funds 12 12 16,800 960,769 16,800 968,586 Total funds 977,569 985,386 Page 8
WHITLINGHAM BOATHOUSES FOUNDATION LIMITED (A Company Llmlted by Guarantee) REGISTERED NUMBER: 07012582 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the yaar in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their r6sponsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financlal statements. The financial statements hav8 been prepared In accordance wlth the provisions applicable to enlities subject to the small companies regime. The financial statements were approved and authorlsed for Issue by the Trusle8s and signed on their behalf by: R W Roblnson Date: The notes on pages 10 to 20 form part of these financial slatemenls. Page 9
WHITLINGHAM BOATHOUSES FOUNDATION LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General Infomiatlon Whitlingham Boathouses Foundation Limited is a charilable cornpany limited by guarantee. charity number 1133063 and company number 07012582. The registered office is 7 Wainwright Close. Lowestoft, Norfolk, NR32 4WG. Accountlng pollcles 2.1 Basls of proparatlon of flnanclal statomonts The financial slatements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities pr8paring their accounts in accordanc6 With the Financial R8POrting Slandard applicable in the UK and Republic of Ireland IFRS 102) (effectlV8 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ir8land {FRS 102) and the Companies Act 2006. Whltllngham Boalhouses Foundatlon Llmited meets the definltlon of a publlc benefit entity under FRS 102. Assets and liabilities are initially recognised at historlcal cost or transaction value unless olherwise stated in the relevant accounting policy. The financial statements are presented in sterling, which is the functional currency of the Company, and rounded to the nearest £. 2.2 Golng concern The trustees have considered the charity's position at the lime of signing the financSal statements. The trustees have prepared budg8ls and forecasts which Indicate the charity will hav8 sufficient funds to meet its liabilitl8s as they fall due. Tha trustees have also considered the financial r8sources available to the charity, and abS11ty to ralse additional funds through raising service charges or reduc8 costs should this b8 required. Based on this, the trustees have concluded that they hav8 a reasonabl8 expeclation that the charity will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the dale of signing these financial statemenls. They therefore continue to adopt the going concern basis of accounting in preparing these financial statements. 2.3 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Truste&s in furtheranc8 of the general objectives of the company and which have not b88n designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in Ihe notes to the financial stalemenls. Investment income, gains and losses are allocated to the appropriate fund. Page 10
WHITLINGHAM BOATHOUSES FOUNDATION LIMITED (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles (contlnued) 2.4 Income All income is recognised once the company has enlillement to the income. it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time Ihe investment income is receivable. 2.5 Expendlturn Expendilure Is recognised onc8 there is a18gal or constructiv& obligation to transfer economic benefit to a third party, It is probable that a Iransfer of 8¢0nomi¢ benefits will be requlred in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are mad8 up of the total of direcl costs and shared costs, including support costs involved in undertaking each aclivity. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned belween those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and deprecialion charges allocaled on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectSves, as well as any associated support costs. All exp8nditure Is incluslve of irr8COV8rabl8 VAT. 2.6 Interest recelvable Inlerest on funds held on deposit Is included when receivable and the amount Can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.7 Tangible fixed assets and depreciatlon Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and Ihe cost or valu8 of the asset can be measured reliably. Tangible fixed assets are initially recognised al cost. After recognltion, under the cost model, tangible fixed assets ar8 measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into ils intended working condition should be included in the measurement of cosl. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, Depreciation is provided on the following bases: Long-term leasehold property Equipment 2 /0 slraighl line 10 /0 slraight line Page11
WHITLINGHAM BOATHOUSES FOUNDATION LIMITED (A Company Llmlted by Guarantea) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles {contlnued) 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.9 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investmenls with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10 Llabllltles and provlslons Liabilities are recognised when there is an obligation at the Balance Sheel date as a result of a past event, it is probable that a transfer of economlc benefit will be required in selt16menl, and the amounl of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates il will pay to settle the debt or the amount it has recelved as advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the affect of the time value of money is material, the provision is based on the present value of those amounts. dlscounled at the pre-tax discount rat8 Ihal reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financlal Activities as a finance cost. Income from charltable actlvltles Unrostrlcted funds 2024 Total funds 2024 Total funds 2023 Service charges, kitchgn income and facilities hire 102,175 102,175 90, 260 Total 2023 90, 260 90,260 Page 12
WHITLINGHAM BOATHOUSES FOUNDATION LIMITED (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysls of expendlture on charltable actlvltles Summary by fund type Unreslricted funds 2024 Total 2024 Tot81 2023 Boathouse operating costs 110.232 110,232 100,291 Tot812023 100,291 100,291 Analysls of expendSturo by actlvltles Actlvltlos undertaken dlrectly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Boathouse operating costs 93,723 16,509 110,232 100,291 Total 2023 83,914 16,377 100,291 Page13
WHITLINGHAM BOATHOUSES FOUNDATION LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysls of expendlture by actlvltles (contlnu8d) Analysls of dlrect costs Boathouse project 2024 Total funds 2024 Total funds 2023 Rent Legal and professional Deprecialion Operating costs Governance costs 7,500 3,798 27,043 63,007 2,375 7,500 3,798 27,043 53,007 2,375 9,354 603 27,043 44,664 2,250 93,723 93,723 83,914 Total 2023 83,914 83,914 Analysls of support costs Boathouse project 2024 Total funds 2024 Total funds 2023 Administralion Insurance 1,989 12,970 1,550 1,989 12,970 1,550 3, 133 10,996 2,248 Finance costs 16.509 16,509 16,377 Total 2023 16.377 16,377 Independent examiner's remuneration The independent examiner's remuneration amounts to an independent examiner fee of £2,375 (2023 £2, 250). Page 14
WHITLINGHAM BOATHOUSES FOUNDATION LIMITED (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits {2023- £NIL). During the year ended 31 December 2024, no Trustee 8xpensgs have been incurred (2023 - £NIL). Tanglble flxod assets Long-terni leasehold property Plant and machinery Total Cost At 1 January 2024 1,278,236 43,073 1,321,309 At 31 December 2024 1,278,236 43,073 1,321,309 Dapreclatlon At 1 January 2024 Charge for the year 287,432 25,565 41,212 1,478 328,644 27,043 At 31 December 2024 312,997 42,690 355,687 Net book value At 31 December 2024 965,239 383 965,622 At 31 December 2023 990,804 1,861 992,665 Debtors 2024 2023 Due withln one year Trade debtors 63,251 44,322 Page 15
WHITLINGHAM BOATHOUSES FOUNDATION LIMITED (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Credltors: Amounts falllng due wlthln one year 2024 2023 Bank loans other taxation and social security Accruals and deferred income 12,114 15,974 49,392 11.350 18,080 56,933 77,480 86,363 Bank loans due within one year relate to the capital repayments to b8 made over the course of the next year. Interesl lotalling £1,55012023: £2,246) was charged to Ihe charitabl8 company during th8 y8ar. 2024 2023 Deferrnd Income Deferred income at 1 January 2024 Resources deferred during the year Amounts released from previous periods 45,614 43,136 (45,614) 34.696 45,614 (34,696) 43,136 45,614 Deferred income relates to annual servlce charges received in advance in relation to the 2024125 period. 11. Credltors: Amounts falllng du8 after more than one year 2024 2023 Bank loans 5,281 17,396 The bank loan from Tha Charity Bank Limiled is secured by a fixed charge over the leasehold property. Bank loans due in more than one year relate to capital repayments to be made on the loan. Page 16
WHITLINGHAM BOATHOUSES FOUNDATION LIMITED (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Statement of funds Statement of funds - current year Balance al 31 December 2024 Balance at 1 January 2024 Income Expendlture Unrestrlcted funds General Funds - all funds 968,586 102,415 1110,232) 960,769 Restrlcted funds Coaching Bursary fund Disability fund 3,980 4,820 8,000 3,980 4,820 8,000 16,800 16,800 Total of fund8 985,386 102,415 {110,232) 977,569 Page17
WHITLINGHAM BOATHOUSES FOUNDATION LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Statement of funds (conllnued) Statement of funds - prlor year Balance at 31 December 2023 Balance al 1 January 2023 Income Expenditure Unrestrlcted funds General Funds - all funds 978,501 90,376 (100,291) 968,586 Restrlcted fund8 Coaching Bursary fund Disability fund 3,980 4,820 8.000 3,980 4,820 8,000 16,800 16.800 Total of funds 995,301 90,376 (100,291) 985,386 The coachlng fund is to assist with coachlng costs associated with the'Explore Rowing, programme. The bursary fund Is to 'sponsor' the costs of young people either In tralning or to help them with subscription costs. The disability fund is to provide increased access for the disabled and help those with learning difficulties. Page 18
WHITLINGHAM BOATHOUSES FOUNDATION LIMITED (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Analysls of net assets batwoen funds Analysls of net assets b8tw8en funds - Current period Rostflctod Unrestrlcted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Currenl assets Creditors due within one year Creditors due in more than one year 965,822 77.908 177,4801 15,281) 965,622 94,708 (77,480) (5,281) 16,800 Total 16,800 960,769 977,569 Analysls of net assets between funds - prlor perlod Reslricl8d UnreslriGt8d funds funds 2023 2023 Total funds 2023 Tangible flxed ass8ts Current assels Creditors due within one year Creditors due in more than one year 992,665 79,680 (86,363) (17,396) 992,665 96,480 (86,363) (17,396) 16,800 Total 16,800 968,586 985,386 14. Operatlng lease commltments At 31 Dacember 2024 th@ company had commitments to make future minimum lease payments under non-cancellable operating leases as follows: 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 7.500 37,500 427,500 7,500 37,500 435,000 472,500 480,000 Page 19
WHITLINGHAM BOATHOUSES FOUNDATION LIMITED (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Related party transactions The company has not entered into any disclosable related paty transaction during the year. nor are there any disclosable oulstanding balances owing beeen related parties and the company at 31 December 2024. Page 20