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 Tn￿te8S 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 n￿nthS of thg year because of two lockdowns and il
was not until April that Ihe dub ￿ able to offer sustained and unintemiptsd tralnlng and sessIc￿S 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.
°RO￿ng is cooll.
°Jusl a big thank you to Éh8 instructo￿.
°Ih8dlun"
°Ni¢e ¢08ch¢s"
°Thank you.
owing has helped my pnxluctivit
°RO￿ng is g￿al.
"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 Can￿lled 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 com￿nY Urnlted by Guarante81
Roport ollhp Chlgl ExecutNe Iconllnuedl
Fgr th? Year Ended 31 Augu*1 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 fi￿t Fundrnising M8na9er durin9 Ihe year who has had an I￿12n1 imp8ci and iealty helped
profess￿n￿lSe FRBC'5 approach to th55 moslvital of business funcknns.
O¥erall, I beI￿Ve 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 repli￿re the
impa¢l we have seen to dale at olher sile5 Wthin Ihe UK wri hopefully S￿n 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 S￿K￿l 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 0￿rationS 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 t￿en 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 b8￿08n 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&r￿1v0d 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 reser￿9 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
p￿CtiCe}.
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 CoMpan￿S 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 r￿te 16.
I have satisfied myself that the ￿0￿nts 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 T￿￿teaS ackn￿￿edge 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 Un￿rtaInlieS 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 re￿1ve 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 entl￿ed 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$lruclive obligation lo move a payment to
actual expenditure. it is probable Ihat settlement will be required and the amount of the obligation is
accounted for on an accruals basis and has been classified under headings that aggregate all costs
lo the category. Where costs cannot be directly attributed to particular headings they have been
allocated to activities on a basis consistent with the use of the resources.
Support costs include central funcbons and have been allocated to activity cost categories on
a basis consistent with the use of resource5. Support costs include govemance costs incurred
in the governance of the Charity within are primarily associated with constilulional and
statutory requirements-, and
Irr8coverable VAT is charged as a cost against the activity for thich the expenditure was
inLxJrred.
Expenditure on ralslng lunds
rhese are costs which are directly related lo the raising of voluntary donations and grants and
publicising the activities of the charity.
Allocatlon of support costs
Support costs are those functions that assist the work of the charity but do not direcdy undertak8
tharitable activities. Support costs include back office costs, finance, personnel, payroll and
governan￿ costs which SUPFMXL the charity's activities. These costs have been allo¢at8d be￿een
cost of raising funds and expendilufft on charitable activities. The bases on whith support costs
have been allocated are set out in note 7.
2.5 Intanglble assets and amortisation
Intangible assets are measured at cost less accumulated amortisalion and any accumulated
impaim)ent losse$.
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 SO￿are
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 be￿en capital and Inte￿$t Components so that the interest element
of the payment is charged lo profit or loss over the term of the lease and is calculated so that It
represents a constant proportion of the balance of capital repayments outstanding. The capital part
redU￿S the amounts payable to the lessor.
All olher lease$ 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 w￿h the charitable objectives at
the diSc￿tion of the Trustees.
Restricted fvnds rAn only be use for partlcular restrfcted purposas wthin the objects of the charity.
Restrictions arise when speC￿ed 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
Dap￿cIation
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
r￿IngS
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
P￿paYm•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 deP￿r[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 sL￿Or￿0nts
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