COMPANY NUMBER 92￿126 THE GlnRIANA TRusr A COMPANY LIMITED BY GUARANTEE REPORT AIYD FINANCIAL sfATEMENrs H APRI￿ 2022 THE GLORtANA TRU REPORT AND FINANCIAL sfATEMENrs 5TH APRIL 2022 CONTENTS Page Company Infornlation Report of the Trus*¢s Independent Examincr's Report Stalem¢nl of Financial Activities Summary Income and ExF¢nditure Account Balance Sheet Notes to the Financial Statements 10-14 THE GLORIANA TRU COMPANY INFORMATION DIRECTORS AIYD TRUSTEES The Rt. Hon. The Lord Sterling of Plaistow GCVO. CBE (Chaim18n) Eri¢ Reynolds Phillip Roberts REGISTERED OFFICE 136 Kensington Church StrttL London. W8 4BH. COMPANY NUMBER 9263126 BANKERS C. Hoare & Co., 37 Fleet Street. London. EC4P 4W. INDEPENDENf EXAMINER Sirni)n Wilk4 Haysmacintyre LLP. 10 Queen Street Place, London, EC4R IAG. REGISTERED CHARITY IYUMBER 1160986 THE GLORIANA TRU REPORT OF ThE TRusfEES The directors of the charitable ￿panY {*he ¢harity-) are its T￿￿te¢S for the purpose of charity law and throughout this report are collectively referred to &$ its TnLSt¢s. The Trustees present their report together with the financia] statements for the year ended 5th April. 2022. The finan¢ial *atements comply with the Charities Act 2011. the Ststemenl of Recommended Practice for Charitie5 (SORP 2015) (Second Editio effective 1st January. 2019)andthe Fina￿141 Repffiing Standardapplicable inth¢ UK and Republi¢ of Ireland (FRS 102). LEGAL AND ADMINJSTRATION The Gloriana TnLSt is a company limited by guarantee and a registered charity governed by ils memorandum and articles of association. The charity w&8 re8iStere4J with the Charity Commission on 19th March. 2015 under number1160986 and was incorwed on 14th October. 2014 UThJer number 9263126. RUCTURE, GOVERNANCE AND MANAGEMENr Thc Truste¢s arc governed by the compeny's mcmorandum and articles of 88s0ciation which states.. there $ha]I be a minimum of three Trnst¥s and no maximum number, Tn￿tee$ are app)iM¢d for an iniiial three year temi of office and may be Teapwintsd for two fillther terns of three years and, exception￿ly, for one further tem of three years. All of the Tr￿lee$ have an a￿1ve involvement in decisions rewdin8 th¢ day-tfrday operations of the charity and are considered io be ihe key mawement of chaiity. PRINCIPAL OWECTIVES AI¥D A￿1VrrIEs The objetts of the ch&ity the pr￿ervatIOn, restoratio￿ enhan¢emenL protectio￿ maintenance. repair. transportstion Iby water, land or air) 8nd berthing (afloat or 8shore) of the Queen's Row Bar8¢ Gloruvw, the promotion of publlc acc￿ ro the Que￿.5 Row Barge Gloriana. and the promotion of public knowled8e. apprrfiation and und¢rstanding of its desig￿ wns¢n￿ti0n, mechanics as well as any s¢ieMifi4 t¢¢knicaI and craft featurts &¥(Kiated with its ¢onstructioty maintenance or operation. th¢ education of the public by tk promotion of public knowledge appreciation and understanding of th¢ historic and cultural &spects of the Queen's Row Barge Gloriana, the history of the River Thames and British maritime history. pageanty and heritage. &s well as by the provision of training to the public in tradition￿ boat building skills. ftxed seat rowing skills andlor in such oth¢r ski115 or Subjects as the Tr￿￿CeS shall from lime to lime see fiL and such other Charitable Pl￿￿e5 ￿ocIated with the history of th¢ River Thames. British m8ritim¢ history, the Queen's Row Barg¢ Glorttv￿ andlor other rowing cr8ft or vessels worthy of preservation as the Trustees sha]1 from time to tim¢ see fiL The Tnth wnfirni when reviewing the Tn￿. re￿rt. aTm4 objtttives and activities that they have compiled wtth the duty in Sectton 17 of the 2011 Chartties Act to have due regard to guidan¢¢ published by the ChaTity Commi&sion including public benefiL THE GU)RtANA TRUST REPORT OF THE TRu￿E￿s FINANCIAL REVIEW The charity a¢hiev¢d a surplus for the year of £173.613 (2021- £19.882). Tr Tn￿ anticipate that in ihe future the charity will be in a kN)sition to all of its activities from donations including charitable donatiofts from its whouy-owned trading subsidiary and use any ¢xr¢55 inrming resources to fimd further projects. RESERVES POLICY The charity's reserve policy is to accwnujate unTa¢ricted fimds sufficient to sus¢ain all the activities of the charity for at least a year due to the long tern) rmmitment Tequired by the oharity's activity and the ever pr¢s¢nl uncertainty of continued sponsorship. Free r¢scrves retained for use by the charity aff deem￿ to be those that arc readily realisable. ott￿rthan funds which are restr]￿ed or designated for particular purposes, and arc represented by ¢ash ￿ banL The charity's reserves at th¢ end amounted ￿ £2.457.809 (￿21 - £2284.196), representing retained unrestrirted reserves. RISK POLICY The Tnstc¢s are respottsible for the m8nagem¢nt of the risks faced by the charity. Risks are identified and assessed and conlrols ar¢ ¢sthbli5h¢d throughout the year. A fornial review of the charity's risk ma[￿ement process 1$ undertaken on an annual b&si& The kny Controls w4od by the ch&Tity include fomal a8aMla8 aThl minutes for all Tr￿te¢ meetings, comprehensive plannin& budgeting and a¢wunting and clear authori￿10￿ and approval levels of all expenditure. Controls over operation of the charity's bank a¢￿Unt and peri￿1¢ reviews of the adequHcy of insurnnce of the charity's fixed assets arc considered to adequately mAn88ed. Through the risk management processes estsblished the Tr￿le¢S are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that SySt¢ms Can only provide reasonable but not absolute assurance that major risks have i%en adequal¢ly managed. The major risL% io whi¢h the harity is exrKJsed &s ideniified by th¢ Trustees hav¢ been revieweAI and systems have be¢n c5tsblished to mitigate those risks. PL4NS FOR THE FufuRE The Trustees were deeply saddened by th¢death of HM Qt*en EIT72bcth11 on 8th September. 2022. Glori￿￿ will Temain 'The Queen's Rowbarge, a￿1 its association with HM Queen Eli72Frth 11. It 15 expected that Glorima will continue her current roles and TrK available for the use of HM King Charle5 111 and the Royal Household. The 8nnual fLrture events programme is based on a combination of ceremonial. public and private outings. Since her launch Gloriana has develop￿ a key role in river ceremonial events throughout the year. These place Gloriana at the Centre of anention on the river and are considered to be critical to her ongoing promotion and place in the public F*rr4tion as Tr Q￿nS Rowbarge". THE GlnRIANA TRUST REPORT OF THE TRUSTELS PLANS FOR THE FufuRE (contin The private outings are generally arrdngeAt to suit individual requirements and fit in round the public commithlents. To date they have been limit￿ to charities with a COnn￿tIon to the Royal Household. A ￿11 programme of futLNe events and adetaileAJ history of the Gloriana logether with news and opportunities to support th¢ Gloriapw is shown on the official website www.glori8]wrb.org.uk. GOING CONCERN At 5th April. 2022. the charity has net current liabilities of £76.506. Within current liabilities is an amount of £78.000 due to a Trusttt. The accounts have been prepared on a going eoncern basis. which the Trustees believe to be appropriate, &s they have rxcived wrillen support from the rclevant Tr￿5￿¢ thal th¢ balanc¢ will not bc recA]led within 12 months of the approval of the &ccoun FUNDRAISING The charity does not raise fi￿d$ publicly. but is ￿VerthelesS mindfijl of the Code issued by the Fundraisin8 Regul￿Or and will implement the C(Mk should the clwity decide to rnise funds publicly in the future. There were no complaints received with rc83rds to funds raised by the charity in the y¢ar. DIRECTORS AI¥D TRUSTEES The Tnwee& who served during year weTe as follows:. The Rt. Hon. Tr Lord Sterling of Plaistow GCVO. CBE (Chairnian) Eric Reynold5 Phillip Rob¢rts TRUSTEES? RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS Company law requires the TnL8tees to prepgre financial statements that gtve a true and falr view of the state of affairs of ihe charity ￿ the end of ihe fin8n¢iaI period and of its financi￿ position at the end of that period. In preparing those financi￿ statements the Truste4s are required to: select suitable accounting wlicies and apply them consis¢¢ntly: make judgements and estimates that are reasongble and pruden¢ observe the methods principles in the Chariti&s SORP. state whether applicable UK accounting slandards and statement of r￿rnrnended practice hAV¢ be¢n followed. subject to any mol¢rial departures disclos¢d and explained in the financiai Statements. and prepare the financial statements on a going basis Unl￿ it is inapprwate to presume that th? charitable company will continue in op¢r8tion. The Trustees are resF4)nsible for maintainin8 proper 8¢¢OUTrting records which disclose with Jr&sonabl¢ 8ccuracy at any time the financial position of the Charity and enables them to ensure that the financial statements comply with the Companies Act and Charities Act 2011. The Tntstees are also responsible for safeguarding the &ss¢ts of the charity and for taking reawnable st¢ps for the prevention and detection of fraud ond other irregularities. THE GLORIANA TRusr REPORT OF THE TRusfEES TRUSTEES, RESPONSIBILMES IN REIATION TO THE FINANCIAL STATEMENTS (eontinued) In so far as the TnJst¢¢s are aware: there is no relevant information of which the charilable compfiny's ind¢p¢ThJent cxaminer is unawarc. and the Trnsiees have taken ail s¢eps that they ought lo have taken to make thcmselves awa￿ of any relevant inforniation and to establish that the Inde￿dent examiner is aware of that infonnation. APPROVAL This reFth was approved by th¢ Board of directors and Tntste¢s on behalf. January. 2023 and signed on th¢lr The RL Hon. The ￿rd Sterllng of P]•ts¢ow GCVO, CBE Chaimian of the Trustv THE GLORIANA TRUST INDEPENDEwf EXAMINER'S REPORT TO THE MEMBERS OF THE GLORtANA TRUST I rewrtto the charity Trustees on my examination ofthe accounts ofth¢ company forthe y¢ar ended 5th Aprll, 2022. Reipongibllities and of rep)rt As the charity's Trustees of the compony (and also its direct(n for the purposes of company law) you ar¢ responsible for the preprntion of the accounts in accordance with the Ttyuir¢ments of the Companies Act 21X)6 ('the 2CrfJ6 Ath,). Having satisfied myself that the a¢￿Unts of the company 8re required to b¢ audited under Part 16 of the 2006 Act And are eligible for ind¢pendenl examinatio￿ I r¢port in respect of my examination of your charity'$ accounts wried out under section 145 of the Charities Act 2011 ('the 2011 Aa,). In carrying out my examinaiion I have followed the DIrertio￿ given by Charity Commission under s¢rAion 145(5) (b) of the 2011 Act. TDdeptndent emmintr's it*temtDt I have eompleted my examination. I wnfirni that no mattets luve come to my attcntion in ¢onnection with the examinalion giving me c4us¢ to believe: accountin8 records w¢re not kept in r¢spect of th¢ Cl￿panY as required by seaion 386 of the 2006 Act. or 2. the 8ccounts do not ac¢ord with those Tecords; or the ￿COUn1S do not comply with the ￿CountIng requirements of Secti￿ 396 of the 2006 A¢t other than any requirement that the ac￿Unts give a and fair view which is not a matter ¢onsid¢red as part of an independent examination: or the accounts hav¢ not been Prepared in ￿)rdance with metlKd5 8nd principles of the Statement of Recommended PrO￿lC¢ for accounting and reporting by charities applicable to chariiies preparing their accounts in accordartt with the Financial Reporting Sthndard applicable In the UK and Republic of Ireland (FRS 102). I have no Concerns and have come ￿To$S no other matters in cOnn￿lI0n with the examination to which attention should be drawn in this report In orderto enable a prow understandingof the accounts to be reached. Slmon Wllks FCA Haysmacintyre LLP, Chartered Accountants. 10 Queen Strett Pla¢e. London. EC4R IAG. January. 2023 THE GLORIANA TRUST STATEMENT OF FINANCIAL A￿1vrrIEs ITOR THE YEAR ENDED 5TH APRI4 2022 2022 2021 In¢ome froJD: Donations Gift aid I46.0￿) 30.000 22.000 Total Income 176.000 22.000 Expendlture on: Charitable aclivities {2,387) (2,118) NET INCOME 173,613 19,882 RECONCILIATION OF FUNDS Fund hlAnee It 5th AprlL 2021 2,284,196 2,264.314 Fund ballnce at 5th AprlL 2022 2,457.809 2,284.196 Th¢ statement of financial &tivities includ&% all gairts and losses r￿￿lSed in the year. All income and expenditure d¢rive from CQminuing ￿1vIti￿. The Company has no re￿￿1$ed goins or losses other thon the surplus for the y¢ar. The fill￿ ba]ance at 5th April. 2022 and 2021 r￿lst￿l of unrestricteAI fimd& The accompanying notts fonn an inte￿￿ part ofthese financial statements. THE GLORtANA TRUST SUMMARY INCOME AND EXPENDrruRE ACCOU FOR THE YEAR ENDED 5TH APRIU 2022 2022 2021 Gross Imeome for the y￿r Unrestricted in¢ome 176.O¢J) {2.387) 22.1)00 (2,118) Exp¢nditsre for ¢he ye*r Net income belng lurp1￿ for th¢ y￿r 173,613 19,882 The aceompanying notes form an Inte￿ part of these fina￿la1 statements. COMPANY NUMBER9263126 THE GLORIANA TRUST BALANCE SHEET. 5TH APRIkn 2022 2022 2021 FIXED ASSETS 2534J1S 2.354,315 CURRENT ASSETS Debtors C8sh at bank ènd in hand 2.737 258 8.187 1.015 1995 9202 CREDITORS: Amouiyfs FALLING DUE WITHIN ONE YEAR (79.501) (79,321) NET CURRENT LIABILITIES (76.506) (70.119) NET A&SETS 1457,809 2284,196 FUND BALANCE I457,￿9 2284,196 TOTAL CHARITY FUNDS 1457,809 2284,196 For the financ￿1 year in qUe￿10n the ¢omw ￿ti￿ed to exemption ￿der se Expenditure Expendilurc is included in the statement of financial &tivities when Incurr￿ and inclth VAT. Dlrttt charltsbk expendlture Dire￿ charitsble exFKT)dilure comwiscs those costs directly attributable to furtheTing the charitable work to the charity. Direct charitable expenditure is recognised in the year to which it is attributsble. 11. Covernattee Governance costs include costs which are directly attrtbutsble lo the day to day runnin8 of the charity and procedures fteC￿ary for complia￿¢ with ststutory rquirement& TIDglbl¢ fixed as*ts Tangibl¢ fixed assets repre￿)1 the historic rA>st of H.M. The Qucen's Row Barge Glorlana. In view of its status as a national heritsge ass& no depr￿lon hts been provided thereon. ]nve8tmellts Gloriana Services Limite(L a whollyryowmed subsidiary Compony of the charity, operates the day-to4ay activitie5 of the Glorlana pays the running costs ath4 receives contribution5 lo operating expenses. envisaged ihat in future periods sufficient incom¢ will be accumulated each year to ¢over running costs and to pay its profits to the charity by way of a charilable don￿LOn. Fun Unrestricted funds Compri￿ those funds which the Trustees ar¢ fffe kn use tn aeLordance with the charity's objects. Estlmatss and Jud%em¢nts EstAm8tes and judgements are continually evaluatsj and are based on historical experience and other f8ctor& including expectations of futu￿ events that are ￿lieved to be reasonable under the circumstances. Although these eslimates are b&sed on the TnLgte¢s' t*st kMwl¢dge of the am0￿¢ events or actions. ￿tlla1 results ultimately differ from these estimate& Th¢ Trustees do not consider there to be any material estimates aThl judgements. Flnanci*l inJtrumeDts The charity only h&s fina￿la1 &wts and finaKial liabilities of a kind that qualify as b&8ic finAn¢ial Instruments. Basic financial Instrumen￿ including trade arKI other debtors and creditors are initially r¢cognised at transaction value and subseq￿ntIY measured at their settlement value. 12. THE GtA)RIANA TRUST NOTES TO THE FINANCIAL sfATEMEiYrs 5TH APRI4 2022 AccouNfiNG POLICIES (continued) Debtors Trade and oiher debtors 8re recognis&J at the settlement amount due after any trade discount off¢r¢d. Prepayments are valued at th¢ amount prepaid of any trale discounts due. C*8b at baDk And im h*lld Cash at bank and cash in hand includes and short tem) hÉghly liquid investments with a short maturity of three months or less from the date of ¥uisition or opening of the deFK)5il or similar accouni. Credhor8 *nd provl•lon• Creditors and provisions are recognised where th¢ chartty has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount duc to settle the obligation can be measured or eslimated reliably. CrgditOTS and provisio￿$ are nornially recognised at their settlement amount after allowing for any trad¢ discounts due 2. EXPENDITURE 2022 2021 Gov¢rnine¢ ¢osts Independent examincr's fees current year additional feu ¢harBed in resF¢Ct of prioryear Bank charges and internei payment costs Sundry expens¢5 1,500 1.320 48 377 13 455 13 1.968 1.758 Dlre¢t chArltAble e￿ndI￿re- supw)rt ¢08ts Website a[￿ publicity 419 360 Total expendlture 2.387 1118 TRUSTEES? REMUNERATION None of the Trustees received any remunetxtion or reimbursement ofexpenditure in respect of their se￿IceS during the year (2021- nil). Transactio￿% relating to]08r￿ from Trustees are included at note 8. 13. THE GLORIANA TRUST NOTES TO THE FINANCIAL ￿ATEmENTS 5TH APR[4 2022 EMPLOYEES The Charity had no ¢mployrt% (2021- none). FIXED ASSETS 2022 2021 T*nglble *88ets At 5th April. 2022 &nd 2021 1,704215 1.704,215 lllv¢•tm¢nts The charity owns th¢ following inv¢stments.' l(Ki ordinary sharns of £1 in Gloriom Services Limited, its wholly-ovmed tr￿Ing subsidiary company which is incorpor*ed in the United Kingdom Additional invcstmeni m* in the year 650,100 180.0 450,100 200,000 830.1(M) 650,100 To¢il nxed 1534.315 2.354,315 DEBTORS 2023 2021 Amount du¢ from who11y￿Wned ￿dIng subsidiary comp 2.737 8.187 CREDITORS: AMouNfs FALIJNG DUE wmiIN ONE YEAR 2022 2021 Accruals (Jher cr&litors 1.320 78.001 78.001 79.501 79,321 14. THE GLORIANA TRU NOTES TO THE FINANCIAL sTATEm￿s 5TH APR￿ 2022 RELATED PARTIES Included within other C[￿lItorS (note 7) is an amount owing to a Trus*e of £78,(MM) (2021- £78.000). The 8mount is UA8ecured. repayable on demand and inter&%t free. 9. uNRESTRl￿ED FUNDS 2022 2021 Ai 5th April, 2021 Net income for th¢ year 2,284,196 173.613 2.264.314 19.882 At 5th Aprfl. 2022 2,457.809 2,284.196 10. COMPANY STATUS The charity is a privat¢ ujmpany limitoj by guarantee and ¢oTwuently dces not have share capital. Eath memkr is liable to contribute an amount exceedin8 £1 towards the 855ets of the charity in the event of liquid8iio I I. ANALYSIS OF NET AsS￿s BETWEEN FUNDS 2022 2021 Fixed wets Current assets Current liabilities 2.534,315 2,995 (79,501) 2,354.315 9.202 (79.321) 2,457,809 2.284,196