Ragist8rad number: 08900584 Charfty number: 1161813 Fulham Reach Boat Club (A Company Limited by Guarantee) Unaudited Trustees. Report and Financial Statements For the Year Ended 31 Augusl 2021
Fulham Reach Boat Club (A Company Llrnltod by Guarantea} Contènt$ Page Reterence and Admlnlstratlve Detalls of the Charity, its Tnte8S and Advi5815 Chairman's Statement Rgport of the Chiel Exocutlvo Trustees. Report Trustges. Responslbllltles Statement Independent Examlnerfs Report Statement of Financial Activities {incorporatlng the Income and expendilure account) Statement of Flnan¢lal Position 6-10 11 12-13 14 15 statement of Cash Flov 16 Notes to tho Financial Staloments 17-36
Fulham Reach Boat Club {A Company Llmltgd by Guarantso) Reference and Admlni$trativé Dètails of tha Charity. its Trusteos and Advlsars Forth9 Y&ar Ended 31 August 2021 Trustees David FitzHerbert (Chairman) Mark Elgar Dame Laura Elizabeth Lee James Badow Rachael Henshilwood Chades Pretzlik Michelle Jayne Dite (appointed 17 February 2021) Company rggistorod number 08900584 Charlty reglstered number 1161813 Registered offfca Fulham R8ach Boat Club Unil A Distillery Wharf Chancellors Road London W6 9GX Company secretary Yolande Joubert Contact details.. info@fulhamreachboatclub.com 020 3356 7130 Website address www.fulhamreachboatdub.¢om Independent examlner BDO LLP Arcadia House Marrtime Walk Ocean Village Southampton S014 3TL Banker Barclays Bank PLC Wandsworth 2 Leicestershire LE87 2BB Page 1
Fulharn Reach Boat Club (A Company Umited by Guarantso) Chaimlan's Statement For the Year Ended 31 August 2021 Like the previous year, 202012021 was also a year domlnated by COVID lockdowrt& Th8 Club was not able to operate for of the first seven nnthS of thg year because of two lockdowns and il was not until April that Ihe dub able to offer sustained and unintemiptsd tralnlng and sessIcS on the water. The hugety importarrt role of Fulham Reach Boat Club to our local Gommuntty was demonstrated by the surge In demand ottce we reopened. There was excelleftl supportfrom aduft members and membership grew by 5%. The number ofjunlor members also Tose rapidly grew from 90 to 130 The number of adult learn to row courses grew by an impressive 3000A compared to the year before SE¥ schools were able to retym to Ihe river in tho summer lemi though others were still gr8ppling with post Covid disruption Our Junior Comlnunty Course which we had been unable to fun in 2020 was over subscribed Only the Boats Not Bar5 prTrJramme in prisons was unable to cperate ex¢epl al the end ofthe year. The CEO'5 report expaTrJs on these ar¢as. Some of Ihe financial highlrghts during the year includ8: A incr08se in income from memlxrship and leam to row cours65 to £344k. A 13.10 Increase In donalons to FRBC from many gonerous donors. Total donat(ons lexduding Section 106 funding} rose to £268k. The contributton from HMG Furfough scheme and LBHF more than doubFed to £161 k. Totsl Income for Iha year rose by 183°A to £2.1m. pllmarily due to the recognllbn of Sedon 106 fvnding in full during the year. Total expendtiure for the yearfetl by 8Vo to £722k. The net SUTP]tss for the year of £1.4m. primarity due to the recc#Jnition of the remalnlng Sectlon 106 funding. As far 8S the balarth sheet is concerned, the total lunds of th8 chartty grew by £1.4m ov6r the year. We have great plans f¢y the future.. we inlend to expand the capacity at Fulham Reach Boat Club slte aNJ we are actively looking for additional sit8s at which to replicats the success w8 have achÉeved so for. It remains for m8 to thank everyone who has contributed to the vibrant health of this charity: the whole m2n2geTnent team and all the coaches. the members both adult and junior, and all the donors without whom uld not b8 able to offer RowiryJ for All. A huge thank you lo ¢aGh and 8very of you. Davld Chaimian heffoert D8te: Page 2
Fulham Rgach B¢)at Club (A Cornpany Limited by Guarantae> Report of the Chlef Exe¢utlve For the Year Ended 31 August 2021 R8POrt of the Chief Ex¢¢utivg After coming through the initial shock and impact that a national lockdown presented our charlty in 2020,1 have consistently been impressed, surprised and humbled by the level of support and care shown by both th8 FRBC team and our wsder community. The summer of 2020 saw a graduated r8turn to th8 river for crews from Fulham Reach Boat Club and by the lime the financial year started in Sept 2020, we were back to being able to deliver sessions to all of the user groups with some slight covid-secure modifications in place. As we know. a second national lockdown came into force on th8 5th November and we had to once again dose our di)ors until the 2nd December. A brief period of rowing sessions on the water followed from 3rd December before Ihe Tier 4 restrictions for London came into effect on Monday 21st De¢ember. This once again meant that we weren't able to get onto th8 river until Monday 29th March 2021. During each of thèse periods off the water our team were once again able lo move to an online delivery model for both the adult and junior members as well as of the schools. It was truly wonderful to see the ingenuity and enthusiasm on display from each of our coaches in order to keep the FRBC community engaged whilst we Couldn't access the river. Following the resumption of sessions on Monday 29th March we saw a large demand from p8ople wanting lo be back on the water moaning that we were able to fill nearly all of Ihg covid-secure setssions that we could offer. We are delighted to have made quile an impact beiween Seplembgr- December 2020.. 3 state schools attending 138 state School students on the water 158 coached sesslons delivered 1.640 participant hours rowed After reopening the sessions in March 2021, we made Ihe following impact up to the end of the school year.. 456 students from local state schools took part 1,249 school partlclpant attendances on the water 98% enjoytrd being on the river 94Y¢ learned lo work as part of a team 75°A18arnt to focus mor8 1 DO% fell more confident on the river 900/0 would like to comp&te 90% would like to keep rowing There was a 7010 drop in young p80ple who were active for less than 30 mins a day There was a 17% rise in young people who were active for more than 60 mins a day Overall feelings of anxiousness since the ending of lockdown had dropped by 50% Overall f8elings of satisfaction We up by 100k at the end of the rowing ¢OLJrse Page 3
Fulham Roach Boat Club (A Company Llmlted by Guarantee) Report of the Chlef Executive l¢ontinued) For the Year Ended 31 August 2021 The students also gave us the below feedback at the end of their time on the water. °ROng is cooll. °Jusl a big thank you to Éh8 instructo. °Ih8dlun" °Ni¢e ¢08ch¢s" °Thank you. owing has helped my pnxluctivit °ROng is gal. "Love this cours8- During the year we were extremely pleased to b8 sglected by G8rnini, the new sponsor of The Boat Race. 8$ one of their partner organisations to launch the Boat Race Bursary. This scheme allows for up to 32 young people from across Hammersmilh and Fulham to join FRBC as a full junior member with their membership fees paid for by the Bursary. Other organisations throughout the UK have also benefited from support shown by G8mini and we hope lo continue this Bursary scheme into the coming years of their partnership wth the Boat Race Hammersmrth Bridge was finally reopened to river, ¢y¢li5t and pedestrian traffic during the summer of 2021 which was a huge relief lo both FRBC and residents on both sides of the Bridge. We were heavily involved in both the lobbying of lo¢al government and the planning process with TFL to ensure that the needs of river users were considered al all limes when it came to both the closure of the bridge and the installation of a potential ferry servi¢8. We have also recently heard that the ferry service has been Canlled and passage under Hammersmith Bridge is back to business -as-usual Our Boats not Bars project was undoubtedly the most affected project during the lockdowns as the prison regime meant we were unable to work in any prisons for a large portion of the year. The team of coaches and Boats not Bars Manager. Imog6n Walsh. did an exceptional job of pivoting delivery and began a worknng relationship with a number of charities that operate in the rehabilitation space. We were subsequently able to offer sessions on the river to thos& young people identified as at-risk of entering a custodial sentence and try to give them a new outlet with IiTne on the river. As the year progressed, we were able lo begin deliverlng sessions on site at HMP Highpoinl and we are working with a number of other prisons to begin sesslons their too. Our Junior Community Courses wer8 run over the summer holidays atter a tsvo y8ar, covid-enforced, hlatus. These Ihree weeks of vital sessions are free-to-attend for children in receipt of the pupil premium and allows them to attend FRBC from Mon to Fri, 9am to 4pm and lets them take part in rowing, kayaking and cla55room activities from organisations such as the Mat Police and RNLI. This year saw over 100 applications for the 60 availablo plac8s which is the most demand we have se8n for the courses. Each week was fully att8nd8d, and 100 /0 positive feedback was rgceived from every participant that took part, a slalistic we can be truly proud of. We are now in discussions with St. Paul's School to run the 2022 JCC from their stie which will allow us to OP8n it up to more young people. As well as this the 2021 JCC has been nominated for Project of th8 Y8ar in th8 annual British Rowing Award8. There is no doubt that the support we received from our adult membership base helped FRBC w8ath8r tho Coronavirus storm. When we werè not able to get onto the river, they stayed buoyant arKJ committBd to FRBC'S vision of Rowing for Atl and wer& able to regularly meet virtually to keep the environm8nt Df FRBC and welcoming and supportive one. We ware able to quickly rebuild the 15% loss in membership numb8rs we saw during the lockdowns to the point where we hit our highest ever nurnber of adult members by the end of the year. We are now beginning lo See ¢ompelitive rowers emerge from this gn)up and the FRBC colours are racing down the Heads arKI Regatlas in and around London. Page 4
Fulham Reach Boat Club IA comnY Urnlted by Guarante81 Roport ollhp Chlgl ExecutNe Iconllnuedl Fgr th? Year Ended 31 Augu1 2021 Onè ol Ihe most pleasing 0SF¢cls of the 2020r2021 y 15 that ttwnks io OUF rnernbers and Govemmenl SLYPWIrt. wen able lo End up paying bath all of the ¢ur Teserves. hjlly Ajnd our deprwation Ount tor Ihe year and Still end up with a surplEts lo help kieksiart the hnowLng year We so reuurted our fit Fundrnising M8na9er durin9 Ihe year who has had an I12n1 imp8ci and iealty helped professnlSe FRBC'5 approach to th55 moslvital of business funcknns. O¥erall, I beIVe that the chanty can be extremely pleased bdh with how il reacted (Jurng th¢ var(ous phases of the Covid pandemic atjd also it bwnced badr after restncts.ons were lifted. A3 we PFDgress on into a wodd where we arn to live wlh COV the future 1$ loohing very bflght lor FR8C and our hope tD replire the impa¢l we have seen to dale at olher sile5 Wthin Ihe UK wri hopefully Sn be realised. None ol Ihis is possible without Ihe tireless effort and support of OUT coachtts. managwnenl team, Irusteps. fflernbe scheols, partners, Llontys and $0 many rrttye. l ?11 be forever gratefvl for all that ha$ been éone uver the past 12 rnonlhs and am hu9ety erriled see where we w go trom hgro a5 we contsnue lowarrfs a wortd where there is Rowing forAII. Chiel Exectuliv? Dale. Page 5
Fulham Reach Boat Club (A Company Limited by Guarantee) Trustoos. Report For tho Year Ended 31 August 2021 The Trustees, who are also directors for the purposes of the Company Law. present thelr report with the financial statements of the charity for the year ended 31 August 2021. The Trustees confirm that the knnual Report and financial statsments of the company comply with the current statutory requirements, the Charities Act 2011, the Companies Act 2006. the requirements of the company'$ governing document and th8 provisions of the Statement of Recommended Practice ISORP. 2nd edition). applicable to charities preparing their accounts with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019)- Introductlon Fulham R&a¢h Boat Club has continued lo expand ils delivery of inspirational opportunities for the local ¢ommunity in London Borough of Hammersmith and Fulham and beyond. Through partnerships wth local schools {and before the Coronavirus lockdown), the Charity enabled one thousand young people to learn lo row during the year as well as teaching approximately two hundred adults that rowing is a SKl for all ages. In addition. the Charity conlinued its expansion of the Boats not Bar5 program in local prisons. The Charity is planning to continue to grow these areas of work over the next 12 month period {subject to Covid-19 restrictions imposed by the Government). Our purpos8 and objectlves Publlc Beneflt Dlsclosure We refer to the Charity Commission's general guidan on publlc benefit when revlewlng cxjr aims and objectives and in planning our fubjre activities. In particular, the Trustees ennsider how planned activities will contribute to the aims and oblectlves they have set. The objectives of the charfty 8re for the benefit of th8 public generally and, in particular, the inhabitants of its surrounding area.. To promote communlty participation In healthy reueation by providing and assisting in providing facilities for boating activities and other sport and games capable of promoting health. To provide and assisl in providing facilities for sport, recreation and othor leisure time occupallons for such persons who have n88d of such facilities by reason of their youth, age, infirmity or disablement. poverty or social and economic circumstances. or for the public at large in the interests of social welfare and with the objective of improving their condition of lif8. And such charitable purposes for the public benefit as are exclusively charitable according to the laws of England and Wales as the Trustees may from time to det8rmine. Koy objgctivos The Trustees have developed key objectives against which pnJgramm8s are designed and delivered. al To ensure that leaching young paople to TOW helps them grow in focus, confidence, and ambition and to better understand teamwork. bl To create an active school boat club within each of Ihe partner schools using Fulharn Reach Boat Club. cl Through learning to row and involvement in comp8titive rowing, for these sthool children to develop greater physical fitness and improved social b8haviour, both in school ar out of school,. and increased aspirational objectives both on and off the water. dl To offer the opportunity to other members of the community to participate in rowing on the River Thames in their borough. This includes junior members (age 1&18). adults. disabled and disadvantaged groups including summer holiday courses for the disadvantaged. el To teach indoor rowing in prisons, the Boats not Bars programme. Page 6
Fulham Reach Boat Club (A Company Llmlted by Guarantee) Trustees. Roport (contlnued) For the Year Ended 31 August 2021 Structura governance and managemenl stru¢ture The organisation is a charitable company limited by guarantee atwj was established in February 2014. The company was established und8r ils Articles of Association which established the objects and powers of the charitable company and is yoverned under its Arbcles of Association. In the event of the company being wound up. members are required lo contribute an amount not exceeding £10. Charitable status was granted by the Chartty's Commlssion in May 2015. R8crultmant of TTUStoes The directors of the company are also charity Trustees lor the purposes of Charity law. Under the requirements of th8 Articles of Association Trustees must retire every two years after which if they offer themselves for r election they musl be re-elected al the next meekn'ng of the Trustees. Trustees retire in the order in which they were elected or by mutual agreemenl. All Trustees give their time voluntarily and have received no b8n8fits or expenses from the charity- A new Trustee may be appointed by ordinary resolution al a general meeting or by other dire¢tors al a Meeting of the directors. New Tnjstees are considered on the recommendation of the Board of Trustees. Directors. responsibilltles Matters reserved Specifically for the Board in¢lude-. Strategy Annual revenue and capital budgets Financlal reporting and controls Quality monitoring and feedba¢k. Board memberships and other appointments Remuneratian policy Corporate govemance Major financial transactions Sub4ommitteg5 of thg board There are currently four active subcommittees of the board.. Finance, Audit & Risk, Fundraising & MaTk&ting and Remuneration. These sutxommittees carry out their focused duties between board m88tings and r8POrt bad( to the Board of Trustees. Role of Chalrman and Chief Executive The Chairman is responsible for the leadership. operdtion and gov8manc8 of the Board Df Truste&s and 8nsuring it operates &ffectively. The Chief Executive is appointed by th8 8oard to manage thg day to day operalions of the charity and the implementation of the stral8gic plan and polici8s as agreed and sel by the Board. Organlsational Structure The day to day 0rationS of the charity is rnanag9d by the Chief Executive, a fulllime member of staff who rewrts lo the Trustees al quartedy meetings and as n&cessary al other times. The Trustees relain all decislon making powers and delegate spectfic roles and responsibilities to the Chief Executive as detailed in the minutes of quarterfy meetings of Trustees. Page 7
Fulham Raach Boat Club (A Company Llmlted by Guaranteol Tru$t¢¢s' Report Icontlnuedl For tho Year Ended 31 August 2021 Risk Management The directors review the major risks to which the charity is exposed through a risk register which has been established and is updated al least quarterly. A formal risk management strategy has ten established lo ensure appropriate systems and procedures are in place lo mitigate risks the charity faces. The Trustees {nSider the main risks to be accidents and injuries lo members, students and staff while using the boats and facilities of the Charity- In order to mitigate this risk. the Club has adopted the British Rowng Rowsafe gLJidelines and all members and staff are required to be familiar with these guidelines. Th8 direclors have specifically eonsidered the risk of the impact of COVID-19 on the club and this is discussed under the heading 'Going Con¢em' in the financial review. strateglc report A¢hiovements andperfomian The charity maintains strong relatioriships with sthools, community groups, Governmenl organisalions, companies and charities across local and wider areas. The charity has retained its links with all eighteen lo¢al schools who were using the facility before Coronavirus and are actively seeking the most efficient and safe way to bring them all back to the waler. Partnerships During the year, the Gharity continued lo maintaln Ils relatlonship with the eighteen s¢h¢xAs which use the facility and moved this provision to online dellvery and support durfng th& Coronavirus lockdown. Plans forfuture periods The charity is planning to resume full operations similar to thos8 prior to the Coronavirus lockdowns. with a view to expanding the programmes in tho futura. Finanu81 r2view During the year. as per the Sta18m8nt of Financial Activities. there has been a net surplus in funds in relation lo unrestricted incom8 of £58,516 {2020'. reduction of £84.6071 and a £1,293.000 surplus {2020 - £Nil} in restricted fund5 giving a total n8t positlV8 movement in funds report8d for th8 year of £1,351,516 (2020 - net decrease of £43,262). Funding is provided to the charity, amongst other sources. pursuant to a Se¢lion 106 Agreement dated 23 Decgmb8r 2011 b808n St George Central London Limited, St George PIC and the London Borough of Hammarsmith and Fulham. On 15 December 2021 the Section 106 funds were transferred from St George C8ntral London Ltd to Fulham Reach Boat Club to be held in a designated bank account. These ndS have been recognised in restricted Income In the year as It musl b8 $p8nt on projects within the London Borough of Hammersmith and Fulham. Disposal of fixed assets in the prior year accounts weffj underststed by £95.269. As a result of these disposals and fully d&preciated assets the associated depreciation was oveTStated by £41.345. The overall impact tsf thes8 adjustrnents had a net impact of £41,345 on the carrying value of assets (see note 131. Expenditure and in the prior year has been reduced by £41,345 with an equal increase to the funds at the year end. As a SuIt of the above the transferred b81w88n unreslricled and designated funds in the prior yaar have also been restated by £13.506 to accurdt8ly r8fl8ct the funds availabl8 at that date. Page 8
Fulham Reach Boat Club {A Company Umlted by Guarante¢) Trustees. Report {continued) For the Yèar Ended 31 August 2021 Fin8nc181 review (continued) A restricted fund was also identified relating lo the Schools Rowing Programme, and £170,000 of income and the same amount of expenditure was restated in Ihe prior year relating lo this fund. The charitys unrestricted funds al the year-end were £619,680 {2020 - £561,164), and restricted funds of £1.293.000 {2020 - £Nill- Golng ¢on¢oTn In preparing the finanaal statements the Trustees have considered the potential impact of Covid-19 on the dub's operations and the resultant implications for the club's finances. Cash al bank a5 at 31 August 2021 was £1,842.634, primarily due to the recognition of the Section 106 Agre8menl funds. Repealed lockdowns throughout the year meant the focus has been lo minimise cash ouffiows. wherever practical, while at the same time protecting income from the membership base and supporters. The charity had net Fiosilive cash flow through the quarters to the end of August 2021 of £112,000. excluding the impad of the Section 106 funds. Accordingly, the Trustees have concluded that there are n¢ material uncertainties about the club's ability to continue as a going concern and consider it appropriate to ¢ontinue to prepare the financial statements on this basis. Prlnclpal fundlng sourees The charity raises funds from voluntary income. fundraising events. the provision of services and grant aid funding. In addition, the charity is the benefiryary of the commitments made pursuant to the above mentioned Section 106 Agreement. In summary, funds of £3.000.000 index linked were available to the club and as at 31 sl August 2021 this was fully drawn down. Investment and reserves pollcy and perfomonGo The charty aims to hold sufficient SelVeS t() further the Objectives of the chartty. The charity holds physlc£l assets for use of the charity and sufficient assets for Ihe management of the charity. Specifically. the charity has a Reserves Policy which indudgs.. Unrestricted ReseNes Fund equivalent lo Ihe next six months forecast Opgratiw 8xpens8S,' Asset Replacement Raserves equivalent to th8 d8pr8ciation r8serv8s in the accounts of the charity In the futur8 th8 r8serv8s policy may &xpand to hold assets for ralnvestmenl and investment returns. The haTty currently holds total reserv88 of £1,912,680. £619,680 of which are unrestricted reseNes. On 15 Dec8mb8r 2021 the Section 106 funds were transferred from St George Central London Ltd to Fulham Reach Boat Club to be held in a designated bank account requlrfng one St Georg8 and one Trustee signatory to Iransfer funds. Any funding will need to be requested In the usual way and requir&s Sl George approval and (xn be used lo fund the ongoing operalions of the Fulham R68ch site and new 8quipment and activities within thg London Borough of Hammersmith & Fulham. Th8 Boat Club r&r1v0d th8 amount of £1,293.000. which included indexation that had accrued. Page 9
Fulham Reach Boat Club (A Cornpgny Limitod by Guardntee) Trustee5' Report (corrtlnued} For the Year Ended 31 August 2021 Inveslmont and reser9 poIIGy and perforn)anco (contlnued) So 8888nc8. the charfty has a fulty fvnd8d 888&t replacement reservg (for replaring boats and cthei equipment). reserves equivalellt trj three manth5 of lotal operating expenses and quarterfy advance to COV91 any estimated deficrL The av8ilabitity of these reserves and funding fa¢Uities provide assurants to the Trusteec of the chartEy continuing as a going concern. ed by order of Ihe members of the board of Trustees on and slgn8d on Ihair behalf by: Da (Chair of erbert (Chalrnian) Zl- Zo Page 10
Fulham Reach Boat Club (A Company Umlted by Guardntee) statement of Trustees. r8sFH)nslbllitlBs For the Year Ended 31 August 2021 The Trustees (who are also the directors of the charity for the PUTPOSes of company law) arg re8kxinsible for preparing the Trustees, Re)rt including the Strategic Report and Ihe financial statements In accordan with applicable law and United langdom AG¢ounting Standaffjs (United Kingdom Generally Accepted A¢counting pCtiCe}. Company law requires the Trustees to prepare financlal statements lor ead) financlal year. Under compary law, the Trustees must not approve the financial statements unless they are satisfied that they glve a true and fair vlew of the state of affairs of the chadty and of its Incoming resources ano application of rgsources, including its income and expenditure, for that period. In preparing these finan(ial slatements. th8 Trustees are requlred to: se19Ct suttable accountlng poliaps and thgn apply them ¢Sistently,. observe the methods and principles of the Charlli8s SORP (FRS 102). make judgements 8nd accounting estimates Ihat are reasonable and prudent: prepare the financial stateTnents on the going conrEm basis unless it is inappropriatè to presume that the charity wll continue in busine55. The Trustees are responslble for keeplng adgquate accounting records that sumdent to slw and explaln the ch2rfty's transactions and dis¢lose with reasonable accuracy at any time the financial position of the chartiy and enable thern tD ensure that the financial statements compty with th6 Companies Acl 2006. They are also responsible for 5ateguarding the assets of the chadty and hen for taklng reasonable steps for the prevention and deteclton of fraud and other Irregularities. The Trust ar8 responsible for the mainignance and integrity of the corporate and financial Information included on the charivs webslte. Legislation in the United Klngdom govemlng th& preparation and disseminatiotk of finanaal statements may differ from legislation In other jUTisdictions. ed by order of the members of the Board ofTTuslees on and signed on tts behalf by: David Fi Chairman Herbert 23- Page 11
Fulham Reach Boat Club (A Company Limited by Guarantee) Indep8ndant Examln¢rf$ Report Forthe Year Ended 31 August 2021 Independent Examinevs Report to the Trustees of Fulham Reach Boat Club report to the charity Trustees on my examination of the accounts of the company for the year ended 31 August 2021, which are set out on pages 14 to 36. This report is made solely to the charity's Tnjslees. as a body, in accordance with Regulation 31 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to Ihe charity's Trustees those mattors l am required to state to them in an independent examiner's report and for no other purpose. To the full8sI extent permitted by law. I do not accept or assume responsibility to anyone other than the charitYs Trustees as a body, for my work, for thls report, or for the stalement I have made. Responslbllltles and Basls for Report As the charity's Trustees of the company (and also tts directors for the purposes of company law) you are responsible for the preparation of the accounts in aw)rdance with the r6quirement$ of the Companies AGt 2006 Ilhe 2006 Act,). I have satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examinalion. A dispensation from the audit requiremgnls of Regulation 31{Q of the Charities {Ac¢ounts and Reports) Regulations 2008 has been granted on 15 September 2021. I report in resped of my examination of your charivs accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 AcV}. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5}Ib) of the 2011 Act. Independent Examlnefs Stalement Since the CoMpanS gross income exceeded £250,000 your examiner rnusl be a member of a body listed in Section 145 of the 2011 Act. I confimi that i am qualified to undertake the examination bocaus8 i am a member ol the Instilute of Chartered Accountants in England and Wales, which is ono of th8 listed bodies. I have completed my exaniination. I confirm that no mallers hav8 come to my attenkn'on in connection with the examination giving me caus8 to beli8ve- aG¢ounting records wer8 not kept in r@specl of the Company as required by sectlon 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 other than any requirement that the accounts give a 'true and fail view which is nol a maller considered as part of 8n independent axaminaton., or the accounts hav8 not b89n prepar8d in accordance with the methods and principles of the Statement of Recomm8nd8d Practic8 for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 1021 {eff8Ctive 1 January 20191. Pago 12
Fulham Reach Boat Club (A Company Llmlted by Guarantee Indepgndent Examinerfs Report (contlnuedl For the Year Ended 31 August 2021 I have no concems and have come across no other matters in connection with the examinatlon to whlch attention should b8 drawn in this report in order lo enable a proper understanding of the accounts lo be reached. DocuSlgffl•d by.. 3C40¥E44657418 Davld I'Anson BDO LLP. Institute of Chartered Accountants in England and Wales. Southampton. UK Date.. 23 August 2022 Page 13
Fulham Reach Boat Club (A Company Llmltad by Guarant88) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) For the Year Ended 31 August 2021 As restated Total funds 2020 Restrlcted Unrestrlcted funds funds 2021 2021 Total funds 2021 Note Income from: Donations and legacies Charitable activities Other trading a¢tivitie$ ITrv8strn8nts 1,463,000 259.7Q4 344,707 21.802 1,722,704 344.707 21.802 463.757 268,150 6,305 17 Totsl in¢om¢ Expenditure on.. Raising funds ChaTilable activities 1,463,000 626.215 2.089.215 738,229 13,138 554.561 13,138 724.561 14,940 766,551 170,000 Total axpenditur 170,000 567.699 737.699 781,491 Not rnovgrnent in funds Reconciliatlon of funds.. Total funds brought forward as previously stated Pdor year adjustment 1,293,000 58,516 1,351,516 {43,262) 519,819 41.345 519,819 41,345 604,426 16 Total funds brought forward (restated) Net movement in funds 561,164 58,516 561,164 1,351,516 604.426 {43,262} 1,293,000 17 Total funds carrled fonvard 1.293,000 619,680 1,912,680 561,164 The Statement of Financial Acliviti88 includes all gain8 and losses re¢ognisod in the year. For details of the prior year restatement see note 16. The notes on pages 17 to 36 form part of these financial statements. Page 14
Fulham Reach Boat Club (A Company Limited by Guaranteè) Reglstered number. 08900584 Balance Shoet As at 31 August 2021 As restated 2020 2021 Note Flx¢d assets Intangible assets TangitrAe ass8ts 12 13 2,784 157.835 7.442 213,491 160.619 220,933 Current ass•ts Debtors Cash at bank and in hand 14 10,083 1.842.634 11,089 442.096 1,852.717 453,185 Creditors.. amounts fallirKJ dug within one year 15 {100.6561 1112.954) Net curr8nl assets 1.752,061 340,231 Total assets less current liabllltles 1.912,680 561,164 Total net assets 1.912,680 561,164 Charlty fund5 Restricted funds Unrestricted funds 17 17 1.293,000 619,680 561,1eA TrAal funds 1,912,680 561,164 For details of th8 prtor year restatement see rte 16. I have satisfied myself that the 0nts of the company are not required to be audtled under Part 16 of thi 2006 Act. A dispensation from the audrt requlrements of Regulation 31{fj of the Charities (Accounts ani Reports) Regulations 2008 has been granted on 15 Septsmber 2021. The members have not requi thi cDmpany to obtain an aud*t for the yaar in question in accordance wrth section 476 of Companies Ac 2006.The TteaS acknedge their responsibilltles for Ix)mplying with the requirements of the Act with re spect to accounting records and preparation of financial slatements.The financial statements have been pre pared in accordan Nwth the provision5 applicable to entsties sul4.ed lo the small companles reglma. sign on fheir behalf by: Davpa FitzH rt (Chainnan) (Chair of Trustees) The notes on pagas 17 to 36 fomi part these financial slatem8nts. Page 15
Fulham Reach Boat Club (A Company Limited by Guarante8} Statgm8nt of Cash Flows For the Year Ended 31 August 2021 As r¢ststgd 2020 2021 Note Cash flows from opgrating activities Net cash provided by operating activtties 19 1,384,056 97,701 Cash flow$ from investing activities Dividends, interests and rents from Investments Proceeds frorn the sale of tangible fixed assets Purchase of tangible fixed ass8ts 17 28.000 111,5201 {114,037) Net ¢ash ggngrat9dl {usgd inl investing activlties 16.482 1114.020) Change In cash and cash equlvalents in the year Cash and cash equivalents al the beginning of the year 1,400.538 {16.919) 459.015 442,096 Cash and cash equivalents at the 8nd of the yoar 20 1,842.634 442,0 For details of the prior year restatement see note 16. The notes on pages 17 to 36 fomi part of these financi21 statements Page 18
Fulham Raach Boat Club {A Company Llmlted by Guarantae) Notes to the Financial SLitornonts For tho Year Endod 31 August 2021 Gen8ral Inforniatlon Fulham R8ath Boat Club is a company limited by guarantee, registered in England & Wales and has no share capital. In the event of the charity being wound up. the liability in respect of the guarantee is limited to £10 per member of the ¢harity- The registered add$$ of the Charity is detailed in the reference and administrative details pag8. Accounting policies 2.1 Basis of preparation of financlal statements The financial slalements have been prepared in accordance with the Charities SORP 2nd Edition {FRS 1021 {effeclive 1 January 2019} AcLountsng and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepLJblic of Ireland IFRS 1021. Section 1A the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and tho Companies Act 2006. Fulham Reach Boat Club meets the definition of a public benefit enlily under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The preparation of financlal statements In compliance with FRS 102 requi$ the use of certain critical accounting esllmates. 11 also requi$ management to exeruse judgement in applying the companys accountlng policles (se8 note 3). The funGtional ¢urrency of the company is pounds 51eding because that is the currency of the prirnary economic environment in which the company operates. All figures are rounded to the nearest £1. The following principal accounting policies have been applied: 2.2 Golng concern In pr&paring tha financial statements the Trustees have considered the potential impact of Covid-19 on the club's operations and the r&sultanl implications for the club's finances. Cash at bank as at 31 August 2021 was £1,413,777 along Mlh a further reserve balance of £428,856. Accordingly, the Trustees have concluded that there are no material UnrtaInlieS aboth the club's ability to continue as a going ¢on¢ern and consider it appropriate to continue to prepare the financial statements on this basis. Pag8 t7
Fulham Reach Boat Club {A Company Llmlted by Guarantee) Notes to the Financial Ststernents For thè Y8ar Ended 31 August 2021 Accountlng policlas (conllnued) 2.3 Income Income is recognised when the charity has entiuement to the funds. any perfomianc8 conditions 8tt8ched to the Items of income have been met. il is probable that the incom8 will be received and the amount can be measured reliably. Tho charity is the beneficiary of a S106 funding agreement whereby it will re1ve funding over number of years, subject to quartedy approval of funding requests. The charity recognises income In the period to which it relates. Grant funding of a general nature thal are not subj'ect to terms or performance related conditions are re¢ognised when the formal offer of fijnding is communicated to the charfty- Where grants are subjed to terms or performance relaied condition5, they are recognised In income when th8 conditions have been met and the charity is entled to receive the related funding. Memberships and tuition fees are recognised in Ihe period lo which they r8lal8. Income from other trading activitie5 compris85 income received from facility hire and sale of merchandise and 15 recognised at the time of hire or at the time of sale. Bank interest is recognised upon notification of the interest paid or payable by the bank. Payments received from the govemment for furloughed employees are a form of grant. This grant money is receivable as compensation for expenses already incurred, and where this is not in respect of future related costs. is recognised in income in the period in which it becomes receivable and the rela18d expense is incurred. Donated servlces and facllltles Donated professlon81 seNlces and donated facilities are recognised as income when the charity has control over thern, any condilions assouated with the donated item have been met. the receipt of econoTnic benefit from the use by the charity of the item is probable and that economic benefit can be rneasured reliably. Assets donated lo the charity are treated as capitalised as fixed a$sets and th8 fair value of the donation credited to income in the year. Page 18
Fulham Reach Boat Club (A Company Llmlted by Guarantse) Notes to the Financial Statomonts For the Year Ended 31 August 2021 Accounting policies Icontlnued) 2.4 Expandlture Exp8nditure is recognised once there 1$ a legal or ¢on$lruclive obligation lo move a payment to actual expenditure. it is probable Ihat settlement will be required and the amount of the obligation is accounted for on an accruals basis and has been classified under headings that aggregate all costs lo the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources. Support costs include central funcbons and have been allocated to activity cost categories on a basis consistent with the use of resource5. Support costs include govemance costs incurred in the governance of the Charity within are primarily associated with constilulional and statutory requirements-, and Irr8coverable VAT is charged as a cost against the activity for thich the expenditure was inLxJrred. Expenditure on ralslng lunds rhese are costs which are directly related lo the raising of voluntary donations and grants and publicising the activities of the charity. Allocatlon of support costs Support costs are those functions that assist the work of the charity but do not direcdy undertak8 tharitable activities. Support costs include back office costs, finance, personnel, payroll and governan costs which SUPFMXL the charity's activities. These costs have been allo¢at8d beeen cost of raising funds and expendilufft on charitable activities. The bases on whith support costs have been allocated are set out in note 7. 2.5 Intanglble assets and amortisation Intangible assets are measured at cost less accumulated amortisalion and any accumulated impaim)ent losse$. Amortisalion is GalGulated so as to writg off the cost of an Intanglble flxed asset, net of anticlpaled disposal proceeds, over the useful economic lrfe. The estimated useful lives are as fo15ows: AmortisaÉion is provided on the following basis-. Comwter SOare 20 Q/0 Straight line Page 19
Fulham Reach Boat Club {A Company Llmited by Guarantoe} Not9S to thg Financlal Staloments For thg Ygar End9d 31 August 2021 Accountlng policles (continued) 2.6 Tangible fixod assets and depreclation Tangible fixed 8s$6ts affj initially recognised at cost. After recognition. under the st model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated Impaimienl losses. At each reporting dale the charity assesses whether Ihere is any indication of impairment. If suth indication exists. the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of tanglble flxed assets less their residual value over their estimated useful lives, using the straight-line method. Oepreciation is provided on the followng basis-. Leasehold property Motor vehicle5 Fixtures and fitbngs Boat equipment 20/0 Straight lin8 20 /• Straight line 20Yo Straight line 20Y• Straight line 2.7 Debtors Trad8 and other debtors are recognised at the setlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.8 Cash at bank and In hand C8sh al bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of fund$ to a third party and the amounl due to settle the obligation can be measured or 8Stimat&d reliably. Creditors are normally rgcognised at their $8tt18ment amount after allowing for any trad& di$¢ounts due. 2.10 Financial instruments The charity only has financial ass* and ffinan¢ial liabilities of a kind that qualify as basic financial instruments. Basic financial inslruments ar& initially recognised at transaction value arKI subsequently measured at their settlement value. 2.11 Holiday pay accrual A liability Is recognised lo thè extent of any unused holiday pay onlitlement which has accrued at the balance sh8el datè and carried forward to future periods. This is measured al the undisLX)unted salary cost of the future holiday entitlement so accrued at the balance sheat dale. Page 20
Fulham Reach Boat Club (A Company Limited by Guarantee) Notes to the Flnanclal Ststem¢nl$ Forthe Year End8d 31 August 2021 Accountlng polleles (continued) 2.12 Leased assgts Where assels are financed by leasing arrangements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount Gapitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding le85ing commilments are shown as arnounls payable to the lessor. Depreciation on the relevant assets is charged to profit or loss over the shorter of estimated useful econornic life and the tem) of thg18as8. Lease payments are analysed been capital and Inte$t Components so that the interest element of the payment is charged lo profit or loss over the term of the lease and is calculated so that It represents a constant proportion of the balance of capital repayments outstanding. The capital part redUS the amounts payable to the lessor. All olher lease$ are treated as operaling leases. Their annual rentals are charged lo profit or loss on straigh14ine basis over the lemi of the lease. 2.13 P¢n$ions The chaiity operates a defined conlribtrtian pension scheme and th8 Pension charge represents the amounts payable by the charity lo the fund in respect of the year. 2.14 Fund accounting Unrestricted funds and designated funds can b8 used in accordance wh the charitable objectives at the diSction of the Trustees. Restricted fvnds rAn only be use for partlcular restrfcted purposas wthin the objects of the charity. Restrictions arise when speCed by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of ea¢h fund is illcluded in the note8 to the financial statements (Note 161. Crltlcal accounting eslirnat8s and aroas of ludgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectstians of fiJtur8 &V8nts that are believ8d to be reasonable under th& circum8tanc&s. Critical accounting eslimat8s and assumptions: The charity makes estimat8s and assumptions concerning the future. The resulting ac¢ounting estimates atKI assumptions will, by dofinilion, seldom equal the related aclual results. The eslimales and assumptions Ihal hav8 a significant risk of causing a material adjustment to the Carrying amounts of assets and liabilities within the next finanaal year are discussed below. Intangiblg assets (note 12J Inlangible assets are amortis8d over Ihelr useful Ilfe. Thls Is ass8ssed taking into Consideration the us8lul life of the intangiblg asset. Pag8 21
Fulham Reach Boat Club (A Company Limited by Guaranleel Notes to the Flnancial Staternents For the Year Ended 31 August 2021 Income from donatlons and 18gaclas Restricted Unrostrictad funds funds 2021 2021 Total funds 2021 St George - Section 106 funding First Row S$arfe Memorial National lottery EBM Trust 1,293,000 1,293,000 91)0 10.000 170,000 15,0(X) 119,677 41.428 72.699 9)0 10.000 170,000 15,000 119,677 41.428 72,699 HM Furlough income LBHF Other Total 2021 1,463,000 259,704 1,722,704 As restated As restated As $tated Restrlcted Unrestricted Total funds funds funds 2020 2020 2020 St George - Section 106 funding First Row Searle Memorial National Lottery HM Furlough Income Other 150,736 11,900 150,736 11.9C 170,000 170,0 76,029 55.092 76,029 55,092 Totsl 2020 as restated 170,000 293,757 463.757 For details of the prior year restatern8nt S88 not8 16. Page 22
Fulham Reach Boat Club (A Company Llmlted by Guaranto8> Notss to the Financial Statements For the Year Ended 31 August 2021 Income from charftable adlvltles Unrestricted funds 2021 Total funds 2021 Memberships and members, events Public tuition School tuition Miscellaneous 156,749 139,073 47,840 1,045 156,749 139.073 47,840 1.045 Total 2021 344.707 344,707 Unrestrlcted funds 2020 Total funds 2020 Memberships and members, events Public bjltlon School tuition Miscellaneous 144,993 62,604 55.050 5,503 144,993 62,604 55,050 5,503 Total 2020 268.150 268,150 Page 23
Fulham Reach Boat Club (A Company Llmltsd by Guaranteo) Notgs to the Financlal Statements For the Year Ended 31 August 2021 Income from other trading activiti8s Unrestrlcted funds 2021 Total funds 2021 Sale of asset 21,802 21,802 UnrBstrictod funds 2020 Total funds 2020 Hire of facilities Coaching 380 5,925 5,925 Total 2020 6,305 6,305 Page 24
Fulham Reach Boat Club IA Company Lirnited by Guarantee) Notes to th8 Flnan¢lal Statements For the Y93r Ended 31 August 2021 Expenditurg Diroct costs Support 2021 costs 2021 Total 2021 Expendtture on raising funds Expenditure on charitable activities 10,114 40,455 10.114 727.585 687,130 687,130 50,569 737.699 Total expenditure for the year ended 2021 was £737,699 of which £551,854 was unrestricted and £170,000 was restricted. Support ¢osts 2020 Dlrect costs 2020 Total 2020 {restst¢d) (reslated) 14,941 766.550 Expenditura on raising funds Expenditure on chartiable aclivities 14.941 59,765 706,785 706.785 74,706 781.491 Total expenditure for the y&ar ended 2020 was £781,491 of which £644,491 was unrestrfcted and £170,000 was restricted. For details of the prior year reslatement see note 16. Page 25
Fulham Reach Boat Club (A Company Limited by Guarantge) Notss to the Flnanclal Statements For the Year Ended 31 August 2021 Expendlture Icontinuedl Analysis of dirfjct ¢osts 2021 2020 (restated) 469,549 59,239 65,114 107.530 5,354 St8ff costs Depreciation Regatta and rowing costs Occupancy 8xpenses Website 477.866 60.608 21,593 125,383 1,680 687,130 706.786 For details of the prior year restatement see note 16. Analysis of support costs 2021 2020 Marketing Accountancy Professi¢nal fees Communications other Depreciation Amortisalion 1,284 6,990 17,769 11.386 8,112 370 4.658 2,657 9.380 22,192 12.740 19,431 3,647 4.658 50,569 74,705 The charity considers the a¢¢ountancy and professional fees to represent the governance costs of the charity. Page 26
Fulham Reach Boat Club (A Company Llmlted by Guarante¢) Note$ to thg Financial Statements For the Year Ended 31 August 2021 Net oxpendltureAncome for the year is after charging: As restated 2020 2021 Operating lease rentals- propety Independent examinerfs fee- fees for the independent exam Independent examinerfs fee- fees for accountancy Amortisation DapcIation 39,359 3.300 3,600 4.658 60,978 57,600 3,300 3,900 4,658 59,239 For detalls of the prior year restatement see note 16. staff costs 2021 2020 Wages and salaries Social security costs Contribution to defined contribution pension schem8S 406.091 38.348 33.427 411,081 49,264 9,204 477,866 469,549 The average number of persons employed by the charity during th& year was as follows.. 2021 2020 Members of staff 21 The number of employees whi)se 8rnploye8 b8n8fits (8xcluding employer pension costs) exceeded £60.000 was.. 2021 2020 In the band £60,CMJ1- £70.000 Senior management personnel compris8 the Chief Executive Officer whose costs for the year were £79,450 {2020 - £77,882). Redundancy payments of £8,715 {2020 - £Nill were made to 1 employee during the year. Page 27
Fulharn R•ach Boat Club {A Company Llmlted by Guarantee} Notos to th8 Financial Statements For th8 Year Endod 31 August 2021 10. Trustee remuneration and expanses No Trustee received any remuneration. retirement benefils or reimbursed expenses during the current or prior year. The charity insurance policy includes Trustee Indemnity insuran¢e for the benefit of the Trustees, the value of this insurance is not able to be quantified. 11. Taxation As a registered charity, the company is exempt from income and corF)oration tax to the extent that its income and gains are applicable to charitable purposes only. 12. Intanglblo assets Computer sofiwar8 Cost At 1 Seplgmber 2020 23.290 At 31 August 2021 23,290 Amortlsatlon At 1 September 2020 Charge for the year 15.848 4,658 At 31 August 2021 20.506 Nel l)ook value At 31 August 2021 2,784 At 31 August 2020 7.442 Page 28
Fulham RgaGh Boat Club (A Company Llmlted by Guarantee) Notes to the Flnancial Statsmonts For the Year Endéd 31 August 2021 13. Tangible fixed assets Long-term leasehold property Motor Flxtures and vehlcles rIngS Boat oquipm8nt Total Cost At 1 September 2020189 previously staled) Prioryear Adjustment 18.504 28.999 2,024 549,181 (94,752) 598,708 (94.7521 At 1 September2020 las restated) Additions Disposals 18.504 28,999 2,024 454A29 11.520 {46,895) 503,956 11,520 {718941 {28.999) At 31 August 2021 18,504 2,024 419.054 439,582 Depreclatlon At 1 September 2020 las previously stated) Prior Year Adjustment 1,586 28.999 2,024 393,953 1136,0971 426.562 (136,0971 At 1 September 2020 {as reslaledl Charg8 for the year On disposals 1,586 370 28,999 2,024 257,856 60,608 {40,697} 290,465 60,978 (69,6961 128,999) At 31 August 2021 1,956 2,024 277,767 281,747 Net book value Ai 31 August 2021 16,548 141,287 157,835 At 31 August 2020 (as reststedl 16,918 196.573 213,491 For details of the prior year restatement se8 note 16. Page 29
Fulham Reach Boat Club {A Company Llmlted by Guarantaèl Notes to the Financlal Statements For tha Yèar Ended 31 August 2021 14. Debtors 2021 2020 Due within one year Trade debtors PpaYm•n1$ 8,899 1.184 5,997 5,092 10,083 11,089 15. Crodltors: Amounts falling du8 wlthln ona year 2021 2020 Trade creditors 705 8.117 36,451 55,383 82 12,946 13,778 86.148 Other taxalion and swal security Other creditors Accruals 100.656 112,954 Pa9e 30
Fulham R8ach 8oat Club (A Company Llmlted by Guarantse) Notes to the Financlal Statements For thè Year Ended 31 August 2021 16. Prlor year adjustmants The cost of disposal of fixed assets in the prior year a¢counts was underslated by £94,752. Accumulated deprgryation in respect of these disposals was £94,752. This has had no impact on n&t assets brought fotward. In addition. depreciation of £41.345 in respeGt of fully-deprecsated assets had been charged In prior periods. The impact of the above was a net increase of £41,345 on the carylng value of assets (see note 131. The Statement of Cash Flows has been amended to correctly show the net expetKliture and depreciation. The table below reconciles the reserves a5 at 1 September 2020 as pr8viously published the restated reserves. Each year the asset replacement fijnd is brought in line wth the accumulated dePr[all0n and amortisation via a transfer to or from unrestricted funds. The operating costs designated fund is mairttsined at £200,0(M). The impact of the above adjustments has been refle¢led below in the transfer belween fijnds. Asset Operatlng replacement costs (Designated (Deslgnated Unrestrictèd fund> fund) funds 2021 2021 2021 Total funds 2021 Al 1 September 2020 as previously stated Overstatement of depreciation Adjustment to transfer 442,410 77,409 519,819 41,345 41,345 13,506 1136.0971 122,591 At 1 September 2020 (restated) 306.313 200,000 54,851 561.164 A se¢ond prior year restatement relates to the recognition of £170,OCIO of lottery income relating to the schools rowing programme and the same amount of expenditure previously recognised a5 unrestrict8d income being recognised as restricted in the prior year. Funds available at 31 August 2020 ar8 un¢hanged. Page 31
Fulham Roach Boal Club (A Company Limlted by Guarantee) Notes to the Flnan¢o1 Statsrn8nts For thé Year Ended 31 August 2021 17. Statement of fund$ Current yoar As r8stat8d Balance at 1 S8ptember 2020 Balan¢0 at 31 August 2021 Tran$fers inl{out) Income Expenditure Unrestrlcted funds Deslgnated funds Asset replacement Operating costs 306,313 200,000 {4.060) 301253 200,000 506,313 (4,0601 502,253 Gèneral funds Unreslricled funds 54.851 626.215 {567.6991 4,060 117,427 Total Unrestrlcied fund$ 561.164 626.215 {567.699} 619,680 Restrlcted funds Schools Rowing Programme St George - Section 106 funding 170,000 (170,000) 1,293,000 1,293.000 1 N63.000 {170.000) 1,293,000 Total of funds 561.164 2.089.215 {737,699) 1,912,680 For details of the prior year restatement see note 16. The ScFKM)Is Rowng Programme is a restricted fund relating to sch¢)ol rowing dubs. The St Georg8 Section 106 funding is reslricted in that it musl be spent on projects within the London Borough of Hamm8rsmith and Fulham. Page 32
Fulham Reach Boat Club (A Company Llmited by Guarantoa) Note$ to thg Financlal sLOr0nts For thg Year Endgd 31 August 2021 17. Statement of fund$ {continued) Prfor year Balan¢e at As restated As restated Balancg at Transfèrs 31 August inl(out) 2020 Septsmber As restated As restated 2019 Income Exponditurè UnTaStrict8d funds Deslgnated fund$ Asset replacement Operating cos15 333,521 200,000 (27,2081 306,313 200,000 533,521 (27,208) 506,313 General funds Unrestricted funds 70,905 568,229 (611,491) 27,208 54.851 Total Unrestrictad funds 604,426 568.229 (611,491) 561.164 Restrlcted fund$ Sthools Rowing Prcoramme 170,000 (170.000) Total fun(ts 604.426 738,229 (781,491) 561.164 For detsils of the prior year restst8menl see note 16. Restricted funds r8pr8S8nl inGom8 from John Lyons Charity - Funds r8ceived in relation to funding of the First Row initiative, taking rowing into the Hammersmith and Fulham secondary schools. Asset Replac8m8nl funds are reservas for the replacement of assets used by the Charity. These included boats and all other ass8ts. This is in line with the Asset Replacement Reserve Poli¢y of the charity. Operdting Cost funds represent designated funds against unfor8seen adverse ¢ash flow situations. It is the intsnlion of the Trustees to increase this sum to £250,000 in the future. l other funds are unrestricted and represent tha unrestrict&d Incom6 In the year. Page 33
Fulham Reach Boat Club (A Company Llmltsd by Guarantee) Notes to tha Flnanclal Staternents For the Year Ended 31 August 2021 18. Analysis of net assets between funds Current year Restrlcted Unrestrfcted funds fund5 2021 2021 Total funds 2021 Tangible fixed assets Intangible fixed assets Current assets Creditors dua within one year 157.835 157.835 2,784 2,784 559,717 1,852,717 (100,656) 1100,656) 1,293,000 Total 1,293,000 619,680 1.912,680 As restated As restated Unrestricted Total funds funds 2020 2020 Tangible fixed assets Intangible fixed assets Current assets Creditors due within one year 213,491 213,491 7,442 7,442 453.185 453.185 {112,954) (112,954} Total (as restated) 561.164 561,164 Included within current assets are designated cash b81ances for Boat replacement of £302,253 (2020 - £306,313) and Operating costs £200.000 {2020 - £200,000)- Refer to note 17 for detsils of these 8signat8d funds. For details of the prior year restatement see note 16. Page 34
Fulham Reach Boatclub (A Company Limlted by Guaranteo) Notes to the Flnanclal Statements For the Year Ended 31 August 2021 19. Reconciliation of nel movamant in funds to net cash flow from opgratlng acllvltlgs As restated 2020 2021 Net incornel{expenditure) for the year {as per Statement of Financial Activiliesl 1,351.516 (43.262} Adju$tmonts for. Depreciation charges Amortisation charyes Dividends, int8rests and rents from inv8Stments Profil on the sale of fixed assets Deerease in debtors Increasel(decreasel in credilors 60,978 4,658 {2) {21,802) 1,006 112,298) 63.403 4,658 (17) 11,736 61,100 Net cash provlded by operating a¢tivities 1.384.056 97,618 For details cf the prior year restatement see note 23. 20. Analysis of cash and cash equlvalents 2021 2020 Current accounts Reserv& account 1A13.777 428.857 60,050 382.046 Total cash and cash equivalents 1,842,634 442.096 21. Analysls of changes In net debt The charity has no debt other than the cash and cash equivalents as stated above and hence a separate reconciliation of net debt has not been prepared. Pag8 35
Fulham Reach Boat Club (A Company Llmit&d by Guaranteol Notes to the Financial Statements For the Year Ended 31 August 2021 22. Operatlng lease commltments Al 31 August 2021 the charity had commitments to make future minimum lease payments under non- ¢an¢ellable operating leases as follows- 2021 2020 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 51,136 187.496 1.619,256 57,600 230,400 2,246.400 1,857,888 2,534,400 23. Related party transa¢tions One12020 - One) of the Trustees are members of the Boat Club and paid fees to the charity of £756 (2020 £756) in the year and also paid £400 {2020 £Nill in private caaching. £Nil (2020 - £Nil) was outstanding at the year end. One12020 - one) of the Trustees is a r8pr&sentatNe of Sl George Central London Ltd, a principal funder of the charity. The charity received income of £1.293.000 (2020 - £150,736), none of which was outstanding at the year end12020 - none) and paid renl of £39,35912020 - £57,600), of which £31,425 {2020 - £43.0001 wa$ outslanding at the year end. The Trustees ¢onsider the board of Trustees as comprising the key management personnel of the chartty in charge of directing and controlling the charity and running and opgrating the charity on a day lo day basis, along with Steve O'connor. who is the Chief Executive Officer. All Trustees give their time freely and no Trustee remuneration was paid in the year. Page 36