REGISTERED COMPANY NUMBER: 06516594 (England and Wales) REGISTERED CHARITY NUMBER: 1146611 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DEcE[BER 2024 FOR WARGRAVE AND SHIPLAKE REGATTA LIMITED Vale & West Chartered Accountants Victoria House 26 Queen Victoria Street Reading Berkshire RGI ITG
WARGRAVE AND SHIPLAKE REGATTA LIMITED CONTENTS OF THE FINAIYCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIIIBER 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet 9 to 10 Notes to the Financial Statements
WARGRAVE AND SHIPLAKE REGAA LIMITED (REGISTERED NUMBER: 06516594) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEIIIBER 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The objective of the Charity is to promote community participation in healthy recreation by providing traditional Thames River craft, equipment, and resources. We aim to enable individuals to learn and practice rowing, sculling, punting, and paddling, as well as participate in an annual regatta. Signlficant activities The charity annually organises the Wargrave and Shiplake Regatta as a means to promote its objectives and to generate funds for the ongoing maintenance and replacemenl of its fleet of boats. Page I
WARGRAVE AND SHIPLAKE REGAA LIMITED (REGISTERED NUMBER: 06516594) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEIIIBER 2024 ACHIEVEMENT AND PERFORMANCE Charitable activities Annual Regatta l am pleased to report that we successfully conducted both our training sessions and annual regatta in 2024. We organized two well-attended training sessions covering all disciplines-sculling, punting, paddling-which attracted over 100 participants. We also held our first Dongola taster session with Wargrave Junior School, getting 45 kids out on the river. The feedback was fantastic, with some kids calling it the best school event ever! We're excited to do it again next year. Our annual regatta took place on the 9th and 10th of August and proved to be a great success. The event featured close competition and impressive displays of skill: highlighting the continued enthusiasm for traditional boat use. However, in 2024, participation saw a decline of 10.6 %, with total crew entries falling from 424 in 2023 to 379 in 2024. Several factors conlributed lo this decrease, including challenging water conditions and a scheduling clash with the Paris Olympics! ! ! Among specific categories: - Adult crews saw the most SilfiCallt drop, decreasing by 18°/o from 239 in 2023 to 196 in 2024. - Junior participation also declined, down 9 % from 129 in 2023 to l 17 in 2024. - Veteran crews, however, experienced a slight recovery, increasing from 27 in 2023 to 30 in 2024. Canoe and Dongola event entries dropped the most significantly with 18% and 16% drop in entries respectively. While the decrease in participation was disappoinling, the committee is actively working on measures to mitigate these challenges in 2025 by improving event communication, considering updates to entry tenns and engaging with local clubs and schools to boost participation. Crew Participation Breakdown as follows: Analysis of crews 2019 2022 2023 2024 Adult Veterans Junior Scratch 269 40 166 36 228 34 107 36 239 27 129 29 196 30 117 36 511 405 424 379 Analysis of events 2019 No. 127 89 124 57 114 2022 No. 102 60 102 52 89 2023 No. 106 68 109 52 89 2024 No. 87 66 92 54 80 Canoe Dingy Dongola Punt Skiff 511 405 424 379 Page 2
WARGRAVE AND SHIPLAKE REGAA LIMITED (REGISTERED NUMBER: 06516594) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEIIIBER 2024 Charitable activities Open Swim Event The Open Swim event took place on the Saturday before the regatta and was notably affected by widespread concerns-and media coverage-regarding the water quality of the Thames and the potential risks for open-water swimmers. This year, 70 swimmers participated, compared to 84 in 2023. Of these, 22 took advantage of the pre-entry discount of £10, resulting in a potential revenue reduction of £220. However, maintaining this discount remains important to encourage local participation. Participation numbers for each event were as follows: IK event.. 31 swimmers {vs. 38 in 2023) 2K event.. 35 swimmers {vs. 34 in 2023) - Junior event.. 6 swimmers (same as 2023, included in the l K total) - GWTF event.. 4 swimmers (vs. 6 in 2023) Total revenue for the event was £993, down from £1,635 in 2023. Costs were reduced to £613 (from £867 in 2023), but the net contribution to the charity declined from £768 to £380. For 2025, the focus will be on increasing partlClP2tion through stronger promotion, while also exploring ways to reduce costs. It is hoped that concerns around water quality will have diminished by then, leading to improved turnout. Health and Safety There were no major safety events to report. Fundraising activities The charity generates income through the regatt4 donations. and various fundraising events. The charity relies significantly on its subscribers and ' 150 Club" members. Subscribers The number of donors declined from 124 in 2023 to 103 in 2024. Excluding a one-off SIlfICant payment, the average donation amount also decreased from £136 to £127. The regatta was able to reclaim £2,345 in Gift Aid (compared to £3.222 in 2023), making use of its charitable status. The 150 Club The ' 150 Club" established to support major boat repairs and additions, encourages participants to subscribe at £15 per quarter via standing order. Quarterly (traws provide three prizes to members. In 2024, the club generated £2,445 in income (down from £2,820 in 2023), bringing the total fund to £26,019. While the initiative remains a valuable source of fimding, membership numbers are slightly below target. The conllnittee aims to increase participation to ensure sufficient resources for future boat maintenance and replacements. Page 3
WARGRAVE AND SHIPLAKE REGAA LIMITED (REGISTERED NUMBER: 06516594) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEIIIBER 2024 FINANCIAL REVIEW Financial summary In 2024, total income amounted to £80,262, a slight decrease of £722 (1 / ) compared to 2023. Entry fees decreased slightly by £791, while gate money saw an increase of £3,609 due to the better weather enjoyed in 2024. It's important to note that this income includes a one-off, generous donation of £1 0,000, which will not be repeated in future years. This offsets the income from the Bingo event held in 2023 and not 2024. Expenditure increased significantly to £1 00,426, up by £17,356 (21 / ) from 2023, largely due to costs for boat repairslmaintenance (£12,000) and development of the new online enty system, as well as higher costs in general. The charity reports a pre-tax loss of £20.164, a substantial increase in losses compared to £2,086 in 2023. After excluding non-cash items. the operational deficit stood at £12.153, compared to 2 surplus of £5,925 in 2023. This was primarily driven by the increased expenditure on maintenance, while some income shortfalls also impacted the bottom line. We understand the importance of financial sustainability and are actively working to minimize our costs while exploring new income streams. Some of the steps we are taking include reviewing our supplier contracts, exploring sponsorship opportunities, and developing new fundraising initiatives. Reserves policy The calculation of the required level of reserves is an Inteal part of the charity's planning and forecast cycle. It takes into account: - Risks associated with each stream of income and the expenditure being different from that budgeted; Planned activity levels. and - Known commitments, outside the nornial course of running the charity. The trustees have set a reserves policy which requires funds to be maintained at a level which ensures that the charity can maintain its nll]ning of the regatta for at least a twelve month period and have sufficient funds available to carry out repairs and general maintenance to its fleet of boats. A proportion of reserves must be maintained in a readily realisable fomi. In December 2012, the trustees agreed that the general reserves should not be allowed to drop below £5,000 and the boat reserve should be maintained at £ l 0,000 for the regular maintenance and repair of the fleet. It was also agreed that the boat reserve should establish a replacement fund so that the fleet may be updated, if possible on a rolling five year programme. The target of the boat replacement fund is £20,000 which represents the cost of three new dongolas. The cost of purchasing two new skiffs is £40,000 and the setting aside of funds for this target would follow on from the replacement of the dongolas. Page 4
WARGRAVE AND SHIPLAKE REGAA LIMITED (REGISTERED NUMBER: 06516594) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEIIIBER 2024 FUTURE PLANS The committee is planning its 2025 regatta and training sessions, with a strong focus on cost control, increasing spectator engagement, and delivering a fun and successful event. While local support remains strong, we remain mindful of the economic pressures affecting the community and disposable incomes. Looking ahead to 2025, we anticipate additional costs, particularly the replacement of the stolen Tony Drew boat, as well as repairs to our two foot punts. These expenses, along with the ongoing pressures from rising costs. are expected to impact our financial position. The committee's primary focus will be on ensuring that the regatta breaks even. with efforts centred on controlling costs, increasing participation, and securing additional sponsorship. We are committed to maintaining the quality of our event while managing these financial challenges, ensuring the charity's long-tern] sustainability. The board remains confident in the continued enthusiasm for the charity's activities and believes the Gift Aid scheme will remain an essential tool for fLU]draising in the coming years. We look fonvard to another successful year and appreciate the ongoing support from our members, participants, and the local community. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Recruitment, appointment and induction of new trustees Trustees are carefully selected for their knowledge and experience of charitable organisations. New trustees are elected at the Annual General Meeting. Newly appointed trustees are inducted to the work of the charity by the chairnL2n and provided with all inforn]ation required to fulfil their role as trustees in accordance with the deed of trust and the Charities Act 201 l. A trustee may retire voluntarily. REFERENCE AND ADMINISTRATIVE DETAILS Registered CompanTr number 06516594 (England and Wales) Registered Charity number 1146611 Registered onCe 5th Floor Thames Tower Station Road Reading Berkshire RGI ILX Trustees G C van Zwanenberg (resigned 12.4.24) J C Paddison M D Stubbs C Barnard (appointed I1.4.24) Page 5
WARGRAVE AND SHIPLAKE REGAA LIMITED (REGISTERED NUMBER: 06516594) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEIIIBER 2024 REFERENCE AIND ADMINISTRATIVE DETAILS Company Secretary G C van Zwanenberg Independent Examiner J Pyke FCA Vale & West Chartered Accountants Victoria House 26 Queen Victoria Street Reading Berkshire RGI ITG This report has been prepared in accordance with the special provisions of Part IS of the Companies Act 2006 relating to small companies. 3010412025 Approved by order of the board of trnstees on ............................................. and signed on its behalf by: C Bamard - Trustee Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WARGRAVE AND SHIPLAKE REGATTA LIMITED Independent examiner's report to the trustees of Wargrave and Shiplake Regatta Limited ('the Company,) report to the charity trustees on my examination of the accounts of th¢ Company for the year ended 31 December 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounls of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 {'the 201 l Act,). In carrying out my examination I have followed ihe Directions given by the Charity Commission under Section 145(5} (b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confinn that no matters hav¢ com¢ to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or the accounts do not accord with those records: or the accounts do not comply with the accounting r¢quir¢ments of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination: or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Vth tsl.r J Pyke FCA Vale & West Chartered Accountants Reading 0110512025 Date.. Page 7
WARGRAVE AND SHIPLAKE REGATTA LIMITED STATEMEINT OF FIINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEIIIBER 2024 31.12.24 Unrestricted funds 31.12.23 Total funds Notes INCOME AND ENDOWMEINTS FROM Donations and legacies 36,642 31,352 Charitable activities Annual regatta 43,171 49,421 Investment income 449 211 Total 80,262 80,984 EXPENDITURE OIN Charitable activities Annual regatta Boat maintenance and repair 71,403 29,023 66,694 16,376 Total 100,426 83,070 NET INCOMEI(EXPENDITURE) (20,164) {2,086) RECONCILIATION OF FUINDS Total funds brought fonvard 144,996 147,082 TOTAL FUNDS CARRIED FORWARD 124,832 144,996 The notes fonn part of these financial statements Page 8
WARGRAVE AND SHIPLAKE REGAA LIMITED (REGISTERED NUMBER: 06516594) BALAINCE SHEET 31 DECEMBER 2024 31.12.24 Unrestricted funds 31.12.23 Total funds Notes FIXED ASSETS Tangible assets 65,212 73,223 CURRENT ASSETS Debtors Cash at bank 1,465 64,256 105 77,749 65,721 77,854 CREDITORS Amounts falling due within one year (601) (581) LYET CURRENT ASSETS 65,120 77,273 TOTAL ASSETS LESS CURRENT LIABILITIES 130,332 150,496 CREDITORS Amounts falling due after more than one year (5,500) (5,500) LYET ASSETS 124,832 144.996 FUINDS Unrestricted funds 124,832 144,996 TOTAL FUNDS 124,832 144,996 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The members have not required the company io obthin an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which othenvise comply with the requirements of the Companies Act 2006 relaling lo financial statements, so far as applicable to the charitable company. The notes fonn part of these financial statements Page 9 continued...
WARGRAVE AND SHIPLAKE REGAA LIMITED (REGISTERED NUMBER: 06516594) BALANCE SHEET - continued 31 DECEMBER 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on .QlIQ5J.2Q2.......................... and were signed on its behalf by: C Barnard - Trustee The notes fonn part of these financial statements Page 10
WARGRAVE AND SHIPLAKE REGATTA LIMITED NOTES TO THE FINAINCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIIIBER 2024 ACCOUNTIING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. Income All income is reCOlSed in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis Consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Boats and equipment Straight line over 20 years The assets, residual values, useful lives and depreciation method are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Going concern The trustees are not aware of any material uncertainties that may cast significant doubt over the ability of the charity to continue operation. The preparation of the financial statements on the going concern basis is therefore deemed appropriate. Pagell continued...
WARGRAVE AND SHIPLAKE REGATTA LIMITED NOTES TO THE FINAINCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEIIIBER 2024 ACCOUNTIING POLICIES - continued Company status The charity is a company limited by guarantee. The members of the company are the trustees named on page l. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. IINVESTMENT INCOME 31.12.24 31.12.23 Deposit account interest 449 211 NET INCOMEI(EXPENDITURE) Net income/(expenditure) is stated after chargingl(crediting): 31.12.24 31.12.23 Depreciation - owned assets 8,011 8,011 TRUSTEES, REMUINERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. TANGIBLE FIXED ASSETS Boats and equipment COST At l January 2024 and 31 December 2024 160,220 DEPRECIATION At l January 2024 Charge for year 86,997 8,011 At 31 December 2024 95,008 INET BOOK VALUE At 31 December 2024 65,212 At 31 December 2023 73,223 Page 12 continued...
WARGRAVE AND SHIPLAKE REGATTA LIMITED NOTES TO THE FINAINCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEIIIBER 2024 TANGIBLE FIXED ASSETS - continued The boats and equipment comprise of skiffs. punts. dongolas and dinghies. The cost of the boats acquired before l January 2012 is not known and for the purposes of the accounts, have been recognised at deemed cost by reference to the insured value at 31 December 2012. Additions made since that date have been valued at cost. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Other debtors 1,465 105 CREDITORS: AMOUINTS FALLING DUE WITHIN OIYE YEAR 31.12.24 31.12.23 Other creditors 601 581 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.12.24 31.12.23 Other creditors Trustee loans 4,500 1,000 4,500 1,000 5,500 5,500 Other creditors and trustee loans relate to sums advanced to the charity to support the ongoing charitable activities. Tbe loans are unsecured, carry no interest and have no sel date for repayment. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.12.24 Atl.1.24 Unrestricted funds Regatta fund Boat fund 5,000 139,996 4,114 (24,278) (4,114) 4,114 5,000 119,832 144,996 (20,164) 124,832 TOTAL FUNDS 144,996 (20,164) 124,832 Page 13 continued...
WARGRAVE AND SHIPLAKE REGATTA LIMITED NOTES TO THE FINAINCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEIIIBER 2024 MOVEMEINT IN FUNDS - continued Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds Regatta fund Boat fund 75,517 4,745 (71,403) (29,023) 4,114 {24,278) 80,262 (100,426) (20,164) TOTAL FUNDS 80,262 (100,426) (20,164) Comparatives for movement in funds Net movement in funds Transfers between funds At 31.12.23 Atl.1.23 Unrestricted funds Regatta fund Boat fund 5,000 142,082 11,470 (13,556} (11,470) 11,470 5,000 139,996 147,082 (2,086) 144,996 TOTAL FUNDS 147,082 (2,086) 144,996 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds Regatta fund Boat fund 78,164 2,820 {66,694) (16,376) 11,470 (13,556) 80,984 (83,070) (2,086) TOTAL FUINDS 80.984 (83,070) (2,086) Page 14 continued...
WARGRAVE AND SHIPLAKE REGATTA LIMITED NOTES TO THE FINAINCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEIIIBER 2024 MOVEMEINT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds Transfers between funds At 31.12.24 At 1.1.23 Unrestricted funds Regatta fund Boat fund 5,000 142,082 15,584 (37,834) (15,584) 15,584 5,000 119,832 147,082 (22,250) 124,832 TOTAL FUNDS 147,082 (22,250) 124,832 A current year 12 months and prior year 12 months combined net movement in funds, included in tbe above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds Regatta fund Boat tund 153,681 7,565 (138,097) (45,399) 15,584 {37,834) 161,246 (183,496) (22,250) TOTAL FUNDS 161,246 (183,496) (22,250) The Regatta fund represents the general funds available to the charity for the organisation of the annual regatta. The Boat fund has been designated by the trustees for the ongoing maintenance, repair and replacement of boats. The trustees envisage a boat replacement programme on a rolling five year basis as funds allow. Routine maintenance and repairs are carried out annually as required. Page 15 continued...
WARGRAVE AND SHIPLAKE REGATTA LIMITED NOTES TO THE FINAINCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEIIIBER 2024 10. RELATED P2iRTY DISCLOSURES There were no related party transactions for the year ended 31 December 2024. Page 16
REGISTERED COMPANY NUMBER: 06516594 (England and Wales) REGISTERED CHARITY NUMBER: 1146611 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DEcE[BER 2024 FOR WARGRAVE AND SHIPLAKE REGATTA LIMITED Vale & West Chartered Accountants Victoria House 26 Queen Victoria Street Reading Berkshire RGI ITG
WARGRAVE AND SHIPLAKE REGATTA LIMITED CONTENTS OF THE FINAIYCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIIIBER 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet 9 to 10 Notes to the Financial Statements
WARGRAVE AND SHIPLAKE REGATTA LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEIIIBER 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The objective of the Charity is to promote community participation in healthy recreation by providing traditional Thames River craft, equipment, and resources. We aim to enable individuals to learn and practice rowing, sculling, punting, and paddling, as well as participate in an annual regatta. Signlficant activities The charity annually organises the Wargrave and Shiplake Regatta as a means to promote its objectives and to generate funds for the ongoing maintenance and replacemenl of its fleet of boats. Page I
WARGRAVE AND SHIPLAKE REGATTA LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEIIIBER 2024 ACHIEVEMENT AND PERFORMANCE Charitable activities Annual Regatta l am pleased to report that we successfully conducted both our training sessions and annual regatta in 2024. We organized two well-attended training sessions covering all disciplines-sculling, punting, paddling-which attracted over 100 participants. We also held our first Dongola taster session with Wargrave Junior School, getting 45 kids out on the river. The feedback was fantastic, with some kids calling it the best school event ever! We're excited to do it again next year. Our annual regatta took place on the 9th and 10th of August and proved to be a great success. The event featured close competition and impressive displays of skill: highlighting the continued enthusiasm for traditional boat use. However, in 2024, participation saw a decline of 10.6 %, with total crew entries falling from 424 in 2023 to 379 in 2024. Several factors conlributed lo this decrease, including challenging water conditions and a scheduling clash with the Paris Olympics! ! ! Among specific categories: - Adult crews saw the most SilfiCallt drop, decreasing by 18°/o from 239 in 2023 to 196 in 2024. - Junior participation also declined, down 9 % from 129 in 2023 to l 17 in 2024. - Veteran crews, however, experienced a slight recovery, increasing from 27 in 2023 to 30 in 2024. Canoe and Dongola event entries dropped the most significantly with 18% and 16% drop in entries respectively. While the decrease in participation was disappoinling, the committee is actively working on measures to mitigate these challenges in 2025 by improving event communication, considering updates to entry tenns and engaging with local clubs and schools to boost participation. Crew Participation Breakdown as follows: Analysis of crews 2019 2022 2023 2024 Adult Veterans Junior Scratch 269 40 166 36 228 34 107 36 239 27 129 29 196 30 117 36 511 405 424 379 Analysis of events 2019 No. 127 89 124 57 114 2022 No. 102 60 102 52 89 2023 No. 106 68 109 52 89 2024 No. 87 66 92 54 80 Canoe Dingy Dongola Punt Skiff 511 405 424 379 Page 2
WARGRAVE AND SHIPLAKE REGATTA LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEIIIBER 2024 Charitable activities Open Swim Event The Open Swim event took place on the Saturday before the regatta and was notably affected by widespread concerns-and media coverage-regarding the water quality of the Thames and the potential risks for open-water swimmers. This year, 70 swimmers participated, compared to 84 in 2023. Of these, 22 took advantage of the pre-entry discount of £10, resulting in a potential revenue reduction of £220. However, maintaining this discount remains important to encourage local participation. Participation numbers for each event were as follows: IK event.. 31 swimmers {vs. 38 in 2023) 2K event.. 35 swimmers {vs. 34 in 2023) - Junior event.. 6 swimmers (same as 2023, included in the l K total) - GWTF event.. 4 swimmers (vs. 6 in 2023) Total revenue for the event was £993, down from £1,635 in 2023. Costs were reduced to £613 (from £867 in 2023), but the net contribution to the charity declined from £768 to £380. For 2025, the focus will be on increasing partlClP2tion through stronger promotion, while also exploring ways to reduce costs. It is hoped that concerns around water quality will have diminished by then, leading to improved turnout. Health and Safety There were no major safety events to report. Fundraising activities The charity generates income through the regatt4 donations. and various fundraising events. The charity relies significantly on its subscribers and ' 150 Club" members. Subscribers The number of donors declined from 124 in 2023 to 103 in 2024. Excluding a one-off SIlfICant payment, the average donation amount also decreased from £136 to £127. The regatta was able to reclaim £2,345 in Gift Aid (compared to £3.222 in 2023), making use of its charitable status. The 150 Club The ' 150 Club" established to support major boat repairs and additions, encourages participants to subscribe at £15 per quarter via standing order. Quarterly (traws provide three prizes to members. In 2024, the club generated £2,445 in income (down from £2,820 in 2023), bringing the total fund to £26,019. While the initiative remains a valuable source of fimding, membership numbers are slightly below target. The conllnittee aims to increase participation to ensure sufficient resources for future boat maintenance and replacements. Page 3
WARGRAVE AND SHIPLAKE REGATTA LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEIIIBER 2024 FINANCIAL REVIEW Financial summary In 2024, total income amounted to £80,262, a slight decrease of £722 (1 / ) compared to 2023. Entry fees decreased slightly by £791, while gate money saw an increase of £3,609 due to the better weather enjoyed in 2024. It's important to note that this income includes a one-off, generous donation of £1 0,000, which will not be repeated in future years. This offsets the income from the Bingo event held in 2023 and not 2024. Expenditure increased significantly to £1 00,426, up by £17,356 (21 / ) from 2023, largely due to costs for boat repairslmaintenance (£12,000) and development of the new online enty system, as well as higher costs in general. The charity reports a pre-tax loss of £20.164, a substantial increase in losses compared to £2,086 in 2023. After excluding non-cash items. the operational deficit stood at £12.153, compared to 2 surplus of £5,925 in 2023. This was primarily driven by the increased expenditure on maintenance, while some income shortfalls also impacted the bottom line. We understand the importance of financial sustainability and are actively working to minimize our costs while exploring new income streams. Some of the steps we are taking include reviewing our supplier contracts, exploring sponsorship opportunities, and developing new fundraising initiatives. Reserves policy The calculation of the required level of reserves is an Inteal part of the charity's planning and forecast cycle. It takes into account: - Risks associated with each stream of income and the expenditure being different from that budgeted; Planned activity levels. and - Known commitments, outside the nornial course of running the charity. The trustees have set a reserves policy which requires funds to be maintained at a level which ensures that the charity can maintain its nll]ning of the regatta for at least a twelve month period and have sufficient funds available to carry out repairs and general maintenance to its fleet of boats. A proportion of reserves must be maintained in a readily realisable fomi. In December 2012, the trustees agreed that the general reserves should not be allowed to drop below £5,000 and the boat reserve should be maintained at £ l 0,000 for the regular maintenance and repair of the fleet. It was also agreed that the boat reserve should establish a replacement fund so that the fleet may be updated, if possible on a rolling five year programme. The target of the boat replacement fund is £20,000 which represents the cost of three new dongolas. The cost of purchasing two new skiffs is £40,000 and the setting aside of funds for this target would follow on from the replacement of the dongolas. Page 4
WARGRAVE AND SHIPLAKE REGATTA LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEIIIBER 2024 FUTURE PLANS The committee is planning its 2025 regatta and training sessions, with a strong focus on cost control, increasing spectator engagement, and delivering a fun and successful event. While local support remains strong, we remain mindful of the economic pressures affecting the community and disposable incomes. Looking ahead to 2025, we anticipate additional costs, particularly the replacement of the stolen Tony Drew boat, as well as repairs to our two foot punts. These expenses, along with the ongoing pressures from rising costs. are expected to impact our financial position. The committee's primary focus will be on ensuring that the regatta breaks even. with efforts centred on controlling costs, increasing participation, and securing additional sponsorship. We are committed to maintaining the quality of our event while managing these financial challenges, ensuring the charity's long-tern] sustainability. The board remains confident in the continued enthusiasm for the charity's activities and believes the Gift Aid scheme will remain an essential tool for fLU]draising in the coming years. We look fonvard to another successful year and appreciate the ongoing support from our members, participants, and the local community. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Recruitment, appointment and induction of new trustees Trustees are carefully selected for their knowledge and experience of charitable organisations. New trustees are elected at the Annual General Meeting. Newly appointed trustees are inducted to the work of the charity by the chairnL2n and provided with all inforn]ation required to fulfil their role as trustees in accordance with the deed of trust and the Charities Act 201 l. A trustee may retire voluntarily. REFERENCE AND ADMINISTRATIVE DETAILS Registered CompanTr number 06516594 (England and Wales) Registered Charity number 1146611 Registered onCe 5th Floor Thames Tower Station Road Reading Berkshire RGI ILX Trustees G C van Zwanenberg (resigned 12.4.24) J C Paddison M D Stubbs C Barnard (appointed I1.4.24) Page 5
WARGRAVE AND SHIPLAKE REGATTA LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEIIIBER 2024 REFERENCE AIND ADMINISTRATIVE DETAILS Company Secretary G C van Zwanenberg Independent Examiner J Pyke FCA Vale & West Chartered Accountants Victoria House 26 Queen Victoria Street Reading Berkshire RGI ITG This report has been prepared in accordance with the special provisions of Part IS of the Companies Act 2006 relating to small companies. 3010412025 Approved by order of the board of trnstees on ............................................. and signed on its behalf by: C Bamard - Trustee Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WARGRAVE AND SHIPLAKE REGATTA LIMITED Independent examiner's report to the trustees of Wargrave and Shiplake Regatta Limited ('the Company,) report to the charity trustees on my examination of the accounts of th¢ Company for the year ended 31 December 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounls of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 {'the 201 l Act,). In carrying out my examination I have followed ihe Directions given by the Charity Commission under Section 145(5} (b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confinn that no matters hav¢ com¢ to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or the accounts do not accord with those records: or the accounts do not comply with the accounting r¢quir¢ments of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination: or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. J Pyke FCA Vale & West Chartered Accountants Reading Date.. Apr 30, 2025 Page 7
WARGRAVE AND SHIPLAKE REGATTA LIMITED STATEMEINT OF FIINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEIIIBER 2024 31.12.24 Unrestricted funds 31.12.23 Total funds Notes INCOME AND ENDOWMEINTS FROM Donations and legacies 36,642 31,352 Charitable activities Annual regatta 43,171 49,421 Investment income 449 211 Total 80,262 80,984 EXPENDITURE OIN Charitable activities Annual regatta Boat maintenance and repair 71,403 29,023 66,694 16,376 Total 100,426 83,070 NET INCOMEI(EXPENDITURE) (20,164) {2,086) RECONCILIATION OF FUINDS Total funds brought fonvard 144,996 147,082 TOTAL FUNDS CARRIED FORWARD 124,832 144,996 The notes fonn part of these financial statements Page 8
WARGRAVE AND SHIPLAKE REGATTA LIMITED BALAINCE SHEET 31 DECEMBER 2024 31.12.24 Unrestricted funds 31.12.23 Total funds Notes FIXED ASSETS Tangible assets 65,212 73,223 CURRENT ASSETS Debtors Cash at bank 1,465 64,256 105 77,749 65,721 77,854 CREDITORS Amounts falling due within one year (601) (581) LYET CURRENT ASSETS 65,120 77,273 TOTAL ASSETS LESS CURRENT LIABILITIES 130,332 150,496 CREDITORS Amounts falling due after more than one year (5,500) (5,500) LYET ASSETS 124,832 144.996 FUINDS Unrestricted funds 124,832 144,996 TOTAL FUNDS 124,832 144,996 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The members have not required the company io obthin an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which othenvise comply with the requirements of the Companies Act 2006 relaling lo financial statements, so far as applicable to the charitable company. The notes fonn part of these financial statements Page 9 continued...
WARGRAVE AND SHIPLAKE REGATTA LIMITED BALANCE SHEET - continued 31 DECEMBER 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on ..3.Ql.Q.412Q25....................... and were signed on its behalf by: C Barnard - Trustee The notes fonn part of these financial statements Page 10
WARGRAVE AND SHIPLAKE REGATTA LIMITED NOTES TO THE FINAINCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIIIBER 2024 ACCOUNTIING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. Income All income is reCOlSed in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis Consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Boats and equipment Straight line over 20 years The assets, residual values, useful lives and depreciation method are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Going concern The trustees are not aware of any material uncertainties that may cast significant doubt over the ability of the charity to continue operation. The preparation of the financial statements on the going concern basis is therefore deemed appropriate. Pagell continued...
WARGRAVE AND SHIPLAKE REGATTA LIMITED NOTES TO THE FINAINCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEIIIBER 2024 ACCOUNTIING POLICIES - continued Company status The charity is a company limited by guarantee. The members of the company are the trustees named on page l. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. IINVESTMENT INCOME 31.12.24 31.12.23 Deposit account interest 449 211 NET INCOMEI(EXPENDITURE) Net income/(expenditure) is stated after chargingl(crediting): 31.12.24 31.12.23 Depreciation - owned assets 8,011 8,011 TRUSTEES, REMUINERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. TANGIBLE FIXED ASSETS Boats and equipment COST At l January 2024 and 31 December 2024 160,220 DEPRECIATION At l January 2024 Charge for year 86,997 8,011 At 31 December 2024 95,008 INET BOOK VALUE At 31 December 2024 65,212 At 31 December 2023 73,223 Page 12 continued...
WARGRAVE AND SHIPLAKE REGATTA LIMITED NOTES TO THE FINAINCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEIIIBER 2024 TANGIBLE FIXED ASSETS - continued The boats and equipment comprise of skiffs. punts. dongolas and dinghies. The cost of the boats acquired before l January 2012 is not known and for the purposes of the accounts, have been recognised at deemed cost by reference to the insured value at 31 December 2012. Additions made since that date have been valued at cost. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Other debtors 1,465 105 CREDITORS: AMOUINTS FALLING DUE WITHIN OIYE YEAR 31.12.24 31.12.23 Other creditors 601 581 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.12.24 31.12.23 Other creditors Trustee loans 4,500 1,000 4,500 1,000 5,500 5,500 Other creditors and trustee loans relate to sums advanced to the charity to support the ongoing charitable activities. Tbe loans are unsecured, carry no interest and have no sel date for repayment. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.12.24 Atl.1.24 Unrestricted funds Regatta fund Boat fund 5,000 139,996 4,114 (24,278) (4,114) 4,114 5,000 119,832 144,996 (20,164) 124,832 TOTAL FUNDS 144,996 (20,164) 124,832 Page 13 continued...
WARGRAVE AND SHIPLAKE REGATTA LIMITED NOTES TO THE FINAINCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEIIIBER 2024 MOVEMEINT IN FUNDS - continued Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds Regatta fund Boat fund 75,517 4,745 (71,403) (29,023) 4,114 {24,278) 80,262 (100,426) (20,164) TOTAL FUNDS 80,262 (100,426) (20,164) Comparatives for movement in funds Net movement in funds Transfers between funds At 31.12.23 Atl.1.23 Unrestricted funds Regatta fund Boat fund 5,000 142,082 11,470 (13,556} (11,470) 11,470 5,000 139,996 147,082 (2,086) 144,996 TOTAL FUNDS 147,082 (2,086) 144,996 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds Regatta fund Boat fund 78,164 2,820 {66,694) (16,376) 11,470 (13,556) 80,984 (83,070) (2,086) TOTAL FUINDS 80.984 (83,070) (2,086) Page 14 continued...
WARGRAVE AND SHIPLAKE REGATTA LIMITED NOTES TO THE FINAINCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEIIIBER 2024 MOVEMEINT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds Transfers between funds At 31.12.24 At 1.1.23 Unrestricted funds Regatta fund Boat fund 5,000 142,082 15,584 (37,834) (15,584) 15,584 5,000 119,832 147,082 (22,250) 124,832 TOTAL FUNDS 147,082 (22,250) 124,832 A current year 12 months and prior year 12 months combined net movement in funds, included in tbe above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds Regatta fund Boat tund 153,681 7,565 (138,097) (45,399) 15,584 {37,834) 161,246 (183,496) (22,250) TOTAL FUNDS 161,246 (183,496) (22,250) The Regatta fund represents the general funds available to the charity for the organisation of the annual regatta. The Boat fund has been designated by the trustees for the ongoing maintenance, repair and replacement of boats. The trustees envisage a boat replacement programme on a rolling five year basis as funds allow. Routine maintenance and repairs are carried out annually as required. Page 15 continued...
WARGRAVE AND SHIPLAKE REGATTA LIMITED NOTES TO THE FINAINCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEIIIBER 2024 10. RELATED P2iRTY DISCLOSURES There were no related party transactions for the year ended 31 December 2024. Page 16