Reglstered number: 08900584 Charity number: 1161813 Fulham Reach Boat Club IA Company Llmited by Guaranteel Unaudited Trustees, Report and Flnancial Statements For the Year Ended 31 August 2024
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Reference and Admlnlstratlve Detallg of the Charltyl Its Trusteès znd Advlsers Chalrman's Statement 4-10 Trusteeg Report Independent Examlners Report to the trustees of Fulham Reach Boat Club Statement of FlnancSal Acthiltlès 11-15 16-17 1&20 statement of Cash Flows 21 Notes to the F5nanclal Statements 22-40 Page 2
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Reference and Administrative Details of the Charlty. its Trustees and Advlsers Trustees David FitzHerbert Mark Elgar Dame Laura Lee Rachael Henshilwood Charles Pret21ik Della Parry Dame Sally Coates Austen Runnicle5 (resigned 19.01.20251 lappolnted on 19.01.20251 (appointed on 09.12.20241 Company re8lstered number 08900584 Charlty reglstered number 1161813 Reglstered offlce Fulham Reach Boat Club UnktA 0i5ti11ery Wharf Chancellors Road London W6 9GX Company secretary Justyna Nascimento Contsct details.. inloC&lulliari)reachboalclub.LOITrI 020 3356 7130 Website addres5 www Iii111rf31nrpatlibocltLlub com Independent examlner Michaelide5 Warner Accounts and Buslness Advisors 102 Fulham Palace Road Hammersmith London W69PL Banker Barclays Bank PLC Wandsworth 2 Leicestershire LE87 2BB Page 3
Fulham Reach Boat aub Financial Statements Year ended 31 August 2024 Chairman's Statement I have had the gre3t honour of belng the Chalrman of Fulhèm Reach 8oat Club IFRBCI slnce the club was establlshed in 2014. As l am now standlng down, l am going to use this opportunity mainly to look back on what the charity has chleved over the last decade. The CEO'S Report goes Into more detall about the last 12 months. First, Youth Rowing. When we started. we introduted a novel eontept.. prtsvldlng access to rowlng to the youth of Hammersmlth and Fulham. Prlor to FRBC, rowing in the UK was almost exclusively a club-based spoit and membership was both expenslve and percelved to be exclusive and elltist. Young people in the Borough had previously had virtually no access to water sports despite being on the Thames. Through our p3rtnerships Wlth local state Secondary Schools we now have some 1,500 young people rowlng each year. Over the last decade some 10,000 young people have learned to ¥owwith FRBC. Very few of these would have had access to rowingwithout FRBCgivin8 them the opportunlty. We work with our sehools to enCouge all puplls in Year 9 to enjoy a SIM week learn to row cour5e', at many schools this form5 part of the official School curriculum. We encourage these pupils to continue rowing In Years 10-13 and to develop cOmpettve school crews. We also have a very active junior Squad of some 140 members which competes in regattas throughout the rowing sea50n. Both these Streams have developed very commltted young rowers manv of whom will continue this sport for years to come. Some of ihem become qualilied coaches and work at FRBC and beyond. Our rower5 come from dlverse backgrounds.. and have included a high proportion of female rowers, young people from ethnlc minorib'es, those from disadvantaged backgrounds and more tsntlY those wlth Spetlal Educational Needs. Our Free Water Sports Weeks are targeted at students on "Pupil Premium. who are known to suffer pafticulaTly during school holld3yS. We have attempted over the years to understand better the benefits of rowlng on our partlclpants. We have introduced surveys every term, we aim to monitor the outtomes for the participants, acros5 a range of irrpact metric5. This Is not a narrow analysls of how many young rowers compete at Henley Royal Regatta, but a much broader look at how access to sport can enhance and improve lives. A few hours as an observer at FRBC, when multiple crews are lowing, shows vlvidly how much these young people are enloylng thls sport.. the frlendships thev are developing,. the daily incremental benefits which they get from thelr inspiring coache5,' and, for many, lessons for Ilfe as 3 dSre¢t result of FRBC. For adults, our programmes Include rowlng Sn prisons I"Boats not Bars") which we now run In seven prisons. Thls provides phy51C31 and mental release for those on remand as well as a pathway to employment and new Ilfe opportunlt(es on release, This Is a novel Idea Introduced by FRBC whlch is now being repllcatedby other sport-related charities. We have recently Introduced fowlng for those wlth dlsabllities. there Is a huge gap In the UK Sn provldlng sport for the disabled. We are keen to expand thi5 programme a5 well. There are many people who have been vital tts the success of thls charlty,, * The Management.. under the leadership ol Steve O'connor lor the lirst nine years and since then by Adam Freem3n-Pask, we have had two CEOS who have provided the energyj Imaglnation and drive wlthout which thls would not have been possible. ¢• The team of senior management and all the coaches, who have been so fundamental to deliverlng a safe and Sn5pirational environment for all our rowers. Page 4
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 <. The donors and 5upporter5, who have provlded the funds which enable us to run the programmes and to dellver the impact. <• The adult members, who have helped treate the eommunlty at FRBC.. frlendly. welcomlng and suppordve ol the broader objectives. The Board of Trustees, all volunteer5, who have steered the strategy of the chaTIty over the years, wlth great dedication and investment of time 3nd effort. It has been a great pleasure to work with them all. •> The London Borough of Hamm&rsmith and Fulham, which inserted the S106 Condition in the plannin8 agreement with St George PLC back in 2010,. without thi5, none of thi5 would have happened. Fillanci31ly, the charity is in a strong position.. this year we incre8sed our incorne by 26% lincluding a 33% increase i donattons and legaclesl whlle also reduclng our costs by 9%. Thls resulted Sn the charity generating a surplus of £51,025. The balance Sheet is strong and h35 total re5erve5 of £1.625.256 lan increase of 3% on the premous yearl of whlch £1,309,166 are Re5trScted Reserves and £316,089 are Unrestricted Reserves. In terms of recognition by our peers, we were very honoured to have recelved some top award5'. Wortd Rowing Programme of the YeaT 2024 by World Rowing. Sport Recreational Alllance's Community Club of the Year 2024, presented by HRH Duke of Edlnburgh. This was out of a total of 150,000 Communlty Clubs in UK. Mayoral Charity of the Year frtr Hammersmith & Fulham l am dell8hted to be able to pass the role of Chair to Delia Parry. l am confident that under her 8uldance thls great charl wlll continue providing opportunifjes and profound benefits to an Increaslng number ol people. especlally the isadvantaged embers ol our community. more Oav FitzHerbert Chairman Date,. Page S
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Report of the Chief Executive Fulham Reach Boat Club IFRBCI achieved 5ignilic3nt growth and irnpact acr05S yoilth ¢Jevelopment. crime ieduction. accesslble rowing, and envlronmental work in 2023124. By fosterlng inclusivity and using rowing as a tool foT social change, FRBCsupported over 1,300 young people through its youth paihways, offering lile-changin8 Opportunities to build physical and mental health, teamwork. and confidence. Partnershlps wlth schools In deprived areas and initialives Ilke F¥ee Watersport Weeks ensured aece55iblllty, lor low- Income f3mllie5 and underrepresented groups. The inaugural Youth Boat Race in partnershlp wlth The Boat Race and the Incluslon of alternative provlsion and state schools fvrtherexpanded FRBC'S reach. FRBC Junior Squad developed young athletes. includiwbg live who t13n51tigned to coaching roles. Particlpant feedback hi8hli8hted rowing's transformative impact, with over 90% reporhnB mproved litness and teamwork skills. The Boats Not Bars In116ative contlnued to lead In trlme ¥eduthon, provldlng 141 prlsoners wlth Indoor rowlng programs that foster resilience, sell-confidence, and hope. Through collaborations with seven prisons and loc31 rowlng clubs. FRBC equipped parcipant5 with coaching quallhcations and offered post-release engagement, reducing reoffending risks. Surveys demonstrated 51gnificant improvements in well-belng. motivation. and anxiety levels. showcaslng the program's success as an innovative approach to rehabS1Station. Slmultaneously, FRBC'S accessSble rowln8 program took its first step5 toward creatin8 inclusive opportunifjes for disabled athlete5, offering personallsed coaching to help parmclpants build tonfidence and discover their love of the sport. FRBC'S environmental stewardshbp efforts tackled local river pollution and promoted sustainability in sport. Initiatives ncluded rlver clean-ups. citfizen scSence water quality testing, and the introductton of an electric coaching boat to cut carbon emlssbons. These efforls engaged over 400 community mernbers and removed nearly a ton of rubbish from the Thèmes. Leadlng In envlronmental actlon, FRBC Is 5etknng a standard for integrating environmental sustainability iesponsibility Into sport5. In a year which FR8C celebrated its 10-year anniversary, It5 amazlng work did not go unnoticed as FRBC was pcoud to be awarded.. Sport Business Award for Innovation 2023, Sport Recreational Alliance's Community Club of the Yeèr 2024, prèsented by HRH Duke of Edlnbuigh, Mayoral Charlty of the Year for Hammersmlth & Fulham, and World Rowlng Programme of the Year 2024. Looking ahead. FRBC alm5 to conttnue to drlve positive change In health, inclusion, and envl¥onmental awareness through the transformative power of rowbng. Page 6
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Youth Development We were proud to share that: 1,101 students representing 11 state schools, participated in 574 of rowing sessions in 2023124. This is 3 significant upllft of 27% on the 866 students that parttclpated wlth FRBC In 2022123. 70% of the state schools we work with are located in areas with Index of deprivation IIMDI of either 4 or below. IMD is a 10-point scale with I being the m05t deprived.. the deprivation of the School location Is rellable proxy for students attending. 78% of students identified a5 female 32 Students from 7 slate schools took part in the Inaugural Youth Boat Race. 72 young people participated in our Free Water Sport Weeks. taking part in 3.045 hour5 of acCumulad activity. 78% were from Black Asian and Minority Ethnlc IBAMEI backgrounds was highest of all our programmes, 18% had spectal educational needs ISENI 163 Junior Squad rowers, wlth 20 on free bursary places, completed a total of 4,229 sessions between them and raced at a range of local and national competitr'ons like the Schoo15 Head of River, Ball Cup, National Schools Regatta, enley Roy81 Re8atta. English Beach Sprint Championships and Brltish Beach Sprint Championships 5 Junior rowers now work as coaches at FRBC, graduating from school in 2024, we have now been able to support and retain these powerful arnbassador5 01 our sport. Powerful observations and partlclpant feedback.. The followlng obsèrvatfjons and quotes glve a sense of the depth of impact and connection people develop through the initiatives at FRBC. "I've enjoyed the rowing session5, It's Something I've never done before but the coaches make It $0 easy to learn~ Schoolstudent "Rowlng was really great. All the coaches and volunteers were really nice and friendly. The talks were really helpful as well. It has been the best week ol my life, as it was very productive. I learned so many thlngs. The food was really good 35 well." Free Woter sport Week portlclpunt "I've been at the club for 4-5 years and I S41 learn every day, love the coaches and helplng out wlth volunteering. Every time it's fun and challenging" FRBCJuniorSquod participont "We are new to the country. l enrolled my son lor rowing the boat. He 15 15 years old. He enjoyed It thoroughly and was very exclted. Thank you so much for the wonderful activity. I heard that the food was really good." Porent "Rowing lor our students this year ha5 had a great effect. It allows me to engège wlth students who can otherwise be disengaged in the classroom and build positive re13tionships with them. Teacher "I have really enjoyed worklng with We5tside. I had no Ide8 what to expect...but St'5 clear that they all have Stacks of abillty and potential and it's our job to try and corral their energy and nurture an understanding of Page 7
Fulham Reach Boat Club Financial Statement5 Year ended 31 August 2024 what it tskes to make a good rower. The feedback from their teachers and thelr rapld ctsmmltment to our programme is a great valIdaOn of the work we are doin8 and the power of rowing as an agent of chan8e" FRSC Cooch "I started to restructure my Ilfe and knew that I wanted to get Involved wlth the sport again, I have been coaching lat FRBCI on and off since 2017.There is a really 5tron8culture of kindne55, inclusivity and teamwork at the club that makes It B real pleasure just to spend time hanging out with other coaches, staff, mernbers and kids." FR8C Cooch Key outcomes for our particlpants.. To deep dive into our impact, we conducted a voluntary p05t-activlty survey across all our youth programmes and Tecelved a total 01304 responses which represents a sample of 20%. 29.3% Sncrease In the percentage of participants who consldered themselves Athve lachSevlng more than 60 minute5 01 activity per dayl. 'Fun and Sociable, was our hSghest-rankinE perception ol rowing, which is hugely positive as our activities eed to be enloyable There was posltive aÈreement that rowlng supported with the followin8 top statements.. 91,7% Fltness and health 87.3%Teamwork skllls 83.2% Safety around the river 66.5% Mental wellbein8 65.8% Connection with nature and the ènvironment Increasing the amount of opportunSty to 80 rowin8 has posifjve relationship with outcomes measured. Crime Reduction- Boat5 Not Bars We are proud to sharè that: 141 In-prison participants took part in Boats Not Bars IBNBI sessions 30 In-prison participants took part in skills training and achleved British Rowing "GoRow Indoor" Coachlng cerhflcatlon 17 Particlpants of those who were eligible to take part on Temporary Licencel Re5ettlernent Days or post- release engagement activltie5. this was an Increase 0170% on 2023 4 Volunteer rowlng coaches supported Boats Not 8ars deliverv l additional rowing club, Marlow Rowing Club, supporting Boats Not Bars delivery Page 8
Fulham Reach Boat Club Financial Statement5 Year ended 31 August 2024 7 Prison sites deliver Boats Not Bars: HMP & YOI Feltham HMP Brixton HMP Send HMP Bronzefield HMP Sprlng Hlll HMP Huntercombe HMP Bulllngdon male youth offenders and under 30-year-olds, - adult male Category C and resettlement, adult female, privately run youth and adult female. adult male'open'/ Category D prison, adult male foreign nationals, - adult male Category B and remand. In addltion, we are awa that Boats Not Bars has inspired similar Initiatives to be plloted Au51ralla, Italy and the Bahamas. Powerful observation5 and partitlpant feedback.. "Rowing has been a great help and a lot more confldent in myself, bullt a sense of family with my peers. Feel lot better on htness" Prlson partsclpunt "I feel a lot more confi'dent In myself. Somethlng to look forward to soclally when released as I struggle to socialise.- Prison porticipant "The support we recewed from the trainer ha5 been so life changing giving u5 new ski115 and conlidence." Prison participant "The rowlng experlence and ROTL IRelease on Temporary Licencel gives the prisoners an opportunity to work together through educ3tion and exercise. Belng part of a posltive, productive team, that collectively focuses on the common good, has not necessarlly been something that they have experienced before." Prison 3taff "Everyone Is equal when they are rowin8 tO8ether and thus judged on what they are doing in the here and now. We know that they have commltted offences and that iswhythey are in prison. but our aim is to support the men to look to the future land not the pastl and to lry and locus on wh3t may come next in theirjourney5 beyond prison.~ Paul Hooper, HMP Huntercombe Gym Staff Key outcomes: To dive deeper Into our impact all prison particbpants complete a pre and post atiivlty survey. There was positive agreement that BN8 programme supported with the followlng.. 92% Wellbeing 88% Self-confidence 86% Teamworklng skllls 86% More hopeful about the future 85% titness Additionalty, a positive shift in the following areas.. 15.7% Increase in motiv3tion 10.9Yo Detrèase In anxletv Page 9
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Accesslble Rowlng Accesslble rowing is a new area lor FR8C and we aspire to grow a peTmanent offering to 5UPPOrt dlsabled people. FRBC has been working closely with Victa and Love Rowing to develop a regular adaptive rowing programrne, alongside other engagement activities Ilke coffee mornlnES Wlth local dlsablllty charlty. Actlon On Disability, to create posltive communlty connections and increase awareness 01 the sport and FRBC. In 2024, Fulham Reach Boat Club hosted the lirst of hopefully many inspiring"Row the Rhythm" taster sessions for visually impalred and bllnd people. Ehvoronmèrttsl Attlon FRBC'S envlronmental stewardshlp efforts tackled local river pollutlon and promoted sustalnability In sport. Inltiatives included river clean-ups, citizen science water quality testin8. and the introduction of an electrlc coathSnÈ boat to cut ca¥bon emisslons. We are proud to report that,. 233 people have taken part In 31 Water Quallty tests 174 people have taken part In 12 River aean up ses5iQnS 740kg or rubbish cleared from the Hammersmlth and Fulham Reach foreshore l Electrlc launch fitted and runnlng slnce january 2024 Adult Membershlp We are also very grateful to our 150adult members thatchoose to row atour club and supportour charitable mission. Our adult members enjoyed a broad range of races on the rowing circuit, as well a5 volunteered ènd hosted è wlde range of events. Most notable was a new event for the local community at Christmas, the Festive Fun River Run, which saw close to 100 participants take part and kick off the festive season and helped raise vital funds for our free bursary places In ou¥ junior squad. The porrfolio of rowin8 and volunteering activities our adult members are involved in continues to grow. which is helping to grow awareness of FRBC and helps bring the community together. FR8C's tommltment to belng a 'sport for good, charlty has put it on the map as a leader usin8 the power of sports to transform lives and address inequalities in our communltv. In my second year as CEO, I wa5 proud that we have made signifi.cant steps forward in being linanclally sustalnable with thls year'5 positive hnancial performance. l am incredibly grateful to all who have Supported FR8C and the effort5 of volunteers. staff. toaches, and members for their outstanding commitment to making a difference and setting a remarkable example of how sports can drive posltive socletal change. Sincerelv, Adam Freeman-Pask Pagè 10
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Trustees, Report The Trustees. who are also Directors for the purposes of Company Law. are pleased to present their annu31 report and fi'nanclal statements of the charity for the year ended 31 Au8USt 2024. The Trustees confirm that the Annual Report and financial statements of the company comply wlth the current statutory requirements, the Charities Act 2011, the Companies Act 2006, the requlrements of the company'5 governlng document and the provlslons of the Statement of Recommended Practice ISORP, 2 edition), applicable to charities preparing their accounts with the Financial Reporting Standaid applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. Introduttlon Fulham Reach Boat Club aims to be 3 Centre of Excellence for Sport for Good, using rowing as a transformative tool for positive change, We promote phical and mental wellbeing, personal growth, and social inclusion, especially for underserved communities. Our work locuses on three core impact are3s.' Youth Development-supporting youn8 people's physica5 and rnental health. Crime Reduction- Offerin8 Structured opportunities to reduce reoffendin8. Accessible Rowing- Makin8 rowing inclusive and adaptable for people with disabilltie5. Public Beneflt Dlsclosure We refer to the Charity Commlsslon's general guldance on public benelit when revlewing our 3Sms and objectives and in planning our future activities. In partlcular. the Trustees consider how planned activitie5 will contribvte to the 3ims and objectives they have set. The obleciives of the charity are for the benetht of the public generally and the inhabitsnts of its surrounding area.. To promote commLtnity participation in healthy recreation by providing and assisting in providing facillties for boating attivities and other sport and games capable ol promotlng health. To provide and assist in providing facilities for sport, recreation and other leisure time occupations for such persons who have need of such faclllties by reason of thelr youth. age. Infirmlty or dlsablement, poverty or social and economic circumstsnces, or lor the public at large in the interests ol social welfare and with the obleetive of Improvln8 thelr condIon of Ilfe. And suth charitable purposes for the publlc benefit as are excluslvely charitable accordlng to the laws ol England and Wales as the Trustees may from time to determine. Key obleetlves The Trustee5 have developed key objectives agalnst whSch programmes are deslgned and delivered. Boost youth participation rowlng. focusing on underserved groups. Reduce reoffendlng rates through the"Boats Not Bars" initiative. Establish FRBC a5 a leader in accessible rowing for dlsabled people. Champion envlronmental stewardship and community engagement. Ensure organisational 5UStainabillty and growlh. Page 11
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Strurture governance and management Strurture The organi5ation is a charitable company limited by guarantee and was estab115hed In February 2014. The company was establlshed under its Articles of Assoeiatton whleh estab115hed the objects and powers of the charltable company and 15 governed under its Arhcles of Association. In the event of the company belng wound up, members are required to contribute an amount not exceeding £10. Charitable status was granted by the Charity's Commlsslon In May 2015. Re¢rultment of Trustees The directors of the compary are also charlty Trustees for the purposes ol Charity law. Under the requirements of the Articles of Association Trustee5 must retire every two years after which if they offer themselves ftsr re-election they must be re-elected at the next meet6ng of the Trustees. Trustees retire Sri the order in which they were elected or by mutual agreement. All Trustees glve thelr time voluntary and have received no benelits or expenses from the charity. A new Trustee may be appolnted by ordlnary resolutfon at a Beneral meeting OT by other directors at a Meeng of the dlrectors. New Trustees are consldered on the recommendation of the Board of Trustees. The Trustees have reappolnted Mark Elgar as Trustee for a further two-year term. Mr Elgar was tirst appointed as a Trustee April 2014 and so has been a Trustee lor 11 years. While the Charity's AcleS of Association do not state a limit to the number of terms a Trustee may serve, good governance usually requires a maximum 10-year term unle55 there are extenuating circumstance5. In this inst3nce, the Trustees have voted to reappoint Mr Elgar for one linal term due to hls Cfltical role for the Charity and the need for contlnulty In the process of hèndover from the prior Chalr (Oavid Fitzherbertl to the new Chair (Delia Parry). Dlrectors. responsibilities Matters reserved speciflcally for the Board Include.. Strategy. Annual cevenue and capltal budgets. Financial reporting and controls. Quallty monitoclng and feedback. Board memberships and other appointments. Remuneration pollcy. Corporate governance. Major Nnanelal tr8nsactlons. Health and Safety Safe8uardlng Sub-commlttees of the board There are currently Nve active subcommittees of the board.. Flnance, Nomlnation5, Audit & R15k, Fundralsln8 & Markefjng and Remunerafjon. These sub-commlttees carry out their focused dutr'es between board meetings and report back to the Board of Trustees. Role of Chairman and Chief Executive The Chairman is responsible for the leadership, operation and governance of the Board ol Trustees and ensurlng It operates effectively. The Chief Execut(ve is appointed bythe Board to manage the day-to-dayoperètlon5 of the charity and the implementation of the strategic plan and pollcies as agreed and Set by the Board. Pa8e 12
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Organlsatlonal Structure The day-to-day operations of the charlty is managed by the Chlef Executlve. a fulltime membev of staff who Teport5 to the Trustees at quarterly meedngs and as necessary at other times. The Trustees retaln èll decision-rnaking power5 and delegate specific roles and responsibilitr'es to the Chief Executive as detailed in the minutes of quarterly meetlng of Trustees. Rlsk Management The directors revlew the malor rlsks to whlch the charlty Is exposed through a rlsk registerwhlch has been establlshed and Is updated at least quarterly. A forrn31 risk management strategy has been established to ensure appropriate Systems and procedures are In place to mltigate risks the charlty faces. The Trustees consider the maln rlsks to be accidents and Injurles to members, students and staff whlle uslng the boats and kclllties of the Charity. In order to mitigate thi5 risk, the Club has adopted the British Rowing Rowsafe guidelines, and all memtriers and staff are required to be famllSar with these guldellnes. Strateglc report Achievements andperformance The charity malntains stron8 relationshlps with local schools, communlty groups, Government organlsattons. IrTrcludlng prlson5, companies, and charitie5 across local and wider area5. Finunclal revlew During the year, as per the Statement of Financial Activities, there has been a net deticit in funds in relation to restrleted Income of £38.50012023'. deficit of £332,382) and a surplus of £89.525 in fund$12023- £54,666> Sn relation to unrestricted funds giving a total net increase in funds reported lor the year of £51,02512023- net decrease of £277,716). The charlty's unrestrlcted funds at theyear-end were £316.09012023-£226,5651. and restricted fund5 of El,309.166 12023 - £1,347,666). Going concern The linanclal staternenls have been prepared on a going concern basi5. BS5uming that Fulham Reach Boat Club will continue it5 operations for the foreseeable future, Accordingly, the Trustees have concluded that the are no material uncertainties about the club's abi1Sty to contlnue as a going concern and consider it appropriate to continue to prepare the financial statements on this bas[5. Prlnclpal tundln8 sour$ The charity raises funds from voluntary Income, fundraising events, the provision of servlces and grant ald funding. Inveslment and reserves pollcy and performance The level and allocatlon of reserves 15 reviewed by the senlor managerrent and Trustees each year. The charlty alms to hold sufficient reserves to further the oblectlves of the charlty. Thls Includes reviewlng future a5St replacement and building in some resilience against unforeseen events, which could adversely affect Income OT increase the cost of the charity- A good example would be Covid-19. Page 13
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 FRBC currently have total resefve5 as lollow5'. Unrestrlcted £316,089 IE226,566 Restricted £1,309,166 1£1,347,666 Total £1,625,256 1£1,574,232 20231 20231 20231 The reserves eomprlse of three maln funds.. Operatlng Cost Reserve; Asset Replacement Reserve; and Section IC Fund Reserve. The Operatlng Cost Reserve lunrestrlctedl Is targeted to cover slx months of operatlng costs. Based ON the total expenditure for 2023 of £l.Om thls would have put this target at £0.5m. A5 at 31 August 2024 we are holding £300,(X)O in this reserve, repreSetIng an increase of £IOO,000 on the previous year. Although it gives comfort that ongolng operations can contlnue. thls only represents 3.8 month5 of the 6-month target12023.. £2CKJ.000 - 2.3 months). The Asset Replacement Resen lunrestrlctedl. This reserve fund is set aside to cover the cost of replacing assets, such as boats, where we are unable to secure targeted fundraislng, OT there Is an unlnsured loss. Thls reserve Is held at £16,09012023'. £26,566). The Sectlon 106 Reserve liestrlctedl. This reSee is specifically ringfenced under an agreement between St George Central London Limited 1st Georgel (the developer of the Fulham Reach development) and s Section 106 agreement as part of their planning permission with the London Borough of Hammersmith & Fulham ILBH&FI. Funds are speclfically reserved and need approv81 from St George before they be used. These funds are for the ongoing operatlons of FRBC at the Fulham Reach development and for use wlthln the LBH&F. for example the purchase of new equipment, running costs of the club or to fund new actlvities at the slte. The main use of this fund is to hold sufficient funds to repair and replace FRBCS most significant asset, the pontoon at the development, which is used daily for access and e8resS to the River Thames and is imperative to the future ol FR8C. The fund Is currently at £1.29m12023: El.29ml. The current estimate 15 that it would cost in the region of £l.Om to replace the pontoon, and a more detsiled review of the life span and replacement cost will be undertaken over the next 12-18 months. For more detall refer to note 15 of the flnanclal statements (Statement of funds). Approved by order of the members of the board of Trustees and signed on their behalf by.. JK14/ Davld FltzHerbert IFormer ChalrlTrusteel Della Parry (New Chalr of Trustees) Page 14
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Independent examlner's report to the trustees of Fulham Reach Boat Club We report to the CharityTrustees on our examination of the financial statements for the year ended 31 August 2024, which comprise the Statemenl of Fin3ncial Activities, Company Balance Sheet. Statement of Cash Flow5 and notes to the financial statements, including a Summary of 518nlficant accounting policies. Thls report Is made solely to the charlty's Trustees, as a body, in accordance wlth Regulatlon 31 of the CharSties (Accounts and Reports) Regulations 2008. Our work has been undertaken 50 that we might state to the charity's TTU5tees those, matters we are required to state to them in an Independent examiner's report. and for no other purpose. To the lulle5t extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity's Trustees as a body, for our work, lor this report, or for the ststement we have made. Respective responsibilltSes of trustees and exarriner As the charity's Trustees of the company land also Its dlrectors for the purpose of company lawl you are responslbbe for the preparatlon of the company accounts In accordance wlth the requlrements of the companies Act 20061'the 2006 Act'l. Havingsatislied ourselves that the account5 of the company are not required to be 3udited under P3ft 16 01 the 2006 Act and the accounts are ellgible for Independent examlnation. we report In respect of your charlty's accounts as carrled out under sectlon 145 of the Cha¥ltles Act 20111-the 2011 Act~) It is our responsibility to: examine the accounts under section 145 of the Charitie5 Act, to follow the piocedures laid dtswn In the general Dlrectlons given by the Charlty Commisslon under section 14515llbl of the Charlties Act, and to state whether particular matters have corne to our attention. Basis of independent examinerfs report Our examlnation was carrled out In accordance with the general Dlrectlons given by the Charity Commls5ion. An examlnatlon Includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It a150 includes consideration of any unusual items or d15c105ures In the 8ccount5, and seeking explanations from you a5 trustee5 conternlng any such matters. The procedures undertaken do not provlde all the evidence that would be required an audit, and consequently no oplnlon is glven as tts whether the accounts present 3 'true and fair view and the feport is Ilmlted to those matters set out in the statement below. Pa8e 15
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Independent emamlnerfs report Icontinuedl to the trustees of Fulham Reach Boat Club Independent exominerf5 St17tement In connectlon wlth our examlnatlon, no matter has come to our attentlon.. 111 which gives us reasonable cause to believe that In. any material respect. the requirements.. to keep accountlng records In accordance with section 130 of the Charities Act, and to prepare accounts whlch accord wSth the accountlng records and comply wSth the aeeountlng requlrements of the CharltSes Act have not been met,. or 121 to which. in our opinion. attentlon should be drawn In order to enable a proper understandin8 of the accounts to be reached, Paul Michaelides ACA CTA For and on behalf of MICHAELIDES WARNER & CO Page 16
Fulham Reach Boat aub Financial Statements Year ended 31 August 2024 STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING THE INCOME AND EXPENDITURE ACCOUNTI Notes Restrlcted Unre5trlcted 31.08.2024 TOTAL 31.08.2023 TOTAL Incomè From: Donations and Legacies 154.197 99,895 254,092 191,393 Charit3ble Activitie5 otherTradln8 Acttvltles Investments Total Income 231.342 449,025 680.367 581,886 2,450 12,545 788,274 56,033 604,953 S6,033 990.492 385,539 Rals1ng Funds CharitableActivities 15,317 497,856 15,317 921,895 18.702 1.010.028 424,039 Total Expendlture 424,039 513,173 937,212 1,028,730 Net 8alnslllossesl on Inve5tmentS 12.2551 12,2551 137,2601 Net Movement In fund5 38,500 89,525 51,025 1277,7161 Reconcillation of funds,. TOTAL FUNDS, Broughtlorward Net Movement in funds 15 1,347,666 138,5001 2Z6.565 89.525 1.574,231 51,025 1,851.947 1277.7161 TOTAL FUNDS. Carrled forward 15 1.309,166 316,090 1,625,256 1,574,231 The Statement of Flnanclal Attivltles Includes all galns and losses recognised in the year, The notes on pages from 21 to 39 form part ol these linancial 5tstements. Page 17
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 STATEMENT OF FINANCIAL ACTIVITIES l¢onned) BALANCE SHEET Notes 31.08.2024 31,08.2023 Flxed assèts Intangible Assets Tangible Assets io li 46,773 46,773 44.663 44.663 Current assets Debtors Investments Cash at Bank and in Hand 12 13 18 32,787 628,830 977,469 1,639,085 25,733 609,000 955.331 1,590,064 Credltors Amounts falling due wlthln one year 14 160.6021 160,4951 Net currènt assets 1.578.483 1,529,568 Net assets 1.625,256 1,574.231 Funds tsfthè ¢harlty Restricted funds Unrestricted funds 15 15 1.309.166 316,090 1,347,666 226,565 Total funds 1,625,256 1,574,231 The notes on page5 from 22 to 40 form part of these linanclal statements. Page 18
Fulharn Reach Boat Club Financial Statements Year ended 31 August 2024 STATEMENT OF FINANCIAL ACTIVITIES Icontinuedl The charlly was ent6tled to exemption from audit under section 477 of the companles Act 2006. The members have not required the company to obtaln an audlt for the year in question in accordance wlth secknon 476 of Companles Act 2006. The Trustees acknowledge their responsibl1Se$ for complylng with the requirements of the Act with respect to accounting records and preparation of fi'nanclal 5taternents. The linènclal statements have been prepared in accordance with the prov151ons appllcable to entities subject to the small companles, regime. Approved by the Trustees on.. . 202S and signed on their behalf by.. Davld FitzHerbert (Former ChairnTUSteel Della Parry (New ChalrofTrusteesl Page 19
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 srATEMENT OF CASH FLOWS 2024 2023 Notes Cash flows from operatlng actlvltles Net cash provided by operatin8 activities 17 15.028 178,637 Cash flows from Investlng activities Dividends, interests, and rents from investments Proceeds from the sale of tangible fixed assets Investments in Bonds 56,033 12,545 122,0851 126.836) 1646,2601 16,7201 Purchase of tangible fixed assets Net cash generatedl (used In) by Investing actlvitles 7,112 1640,4351 Change in cash and cash equivalents In the year 2Z,140 819,0731 Cash and cash equivalents at the beglnnlng of the year 955,329 1,774,402 Cash and cash equivalents at the end of the year 18 977.469 955,329 PaEe 20
Fulham Reach Boat Club Flnancial Statements Year ended 31 August 2024 Notes to the Financial Statements General Informatlon Fulham Reach Boat Club is a company Ilmited 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 Ilmited to £10 per member of the charity. The registered addres5 of the charity is detailed in the referen and adrnln15tratlve detai15 page. Accountlng Pollcles Basls of Prèparatlon of flnanclal statements The financial statements have been prepared in accordance with the Charities SORP 2nd edltion IFRS 1021 leffective I january 20191 Accounting and Reportlng by CharltSes'. statement of Recommended Pracllce appllcable to charities preparln8 their accounts In accordance wlth the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, Sectlon IA the Flnanclal Reporting Standard appllcable In the UK and Republlc ol Ireland IFRS1021, the Charities Act 2011 and the Companies Act 2006. Fulharn Reach Boat Club meets the definition of a public benefit entity under FRS102. Assets and Ilabilities are initially recogni5ed at historical c05t or transaction value unles5 OthenlSe st3ted in the relevant accounting pollcy note. The preparatlon of financlal statements In tompllance with FRS 102 requires the use of certain crbtlcal accounting estlmates. It also requires management to exercise judgernent in applying the company's accounting pollcies lsee note 31. The functional currency of the company Is pounds sterlln8 because that Is the cUrn£¥ of the primary economic environment in which the company operates. All flgures are rounded to the nearest £1. The following princlpal actountlng pollcies have been applled.. Golng concern Flnahclal statements have been prepared on the basls of going concern, Cash at bank as at 31 August 2024 was £977,469 along with a further reserve balance 01 £628,830. Accordingly, the Trustees have concluded that there are no matersal uncertainties about the club's abi1Sty to contlnue as a going concern and consider it appropriate to continue to prepare the flnancial statements on this basi5. Page 21
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Notes to the Finandal Statements Icontlnuedl Income Income Is recognlsed when the charity has entitlement to the lund5, any performance conditions attached to the items of income have been met, it is probable that the Income wlll be received. and the amount can be measured rellably. The charity is the beneficiary of a S106 funding agreement whereby It wlll recelve fundlng over5everal years, subject to quarterly approval of fundin8 requests. The charity recognises income in the perlod to whlch it relate5. Grant funding of a general nature that are not subject to terms or performance related conditions are recognised when the formal offer of lundSng is communlcated to the charlty. Where grants are subject to terms ol performance related conditions, they are recoBnised in income when the conditions have been met and the charlty is entitled to receive the related fundlng. Member5hSps and tulllon fees are recognised In the period to which they relate. Income from other tradlng acknvities cornpri5es income received from facility hire and sale of merchandSse and is recognised at the time of hire OT at the time of sale. Donated servlce5 and facilities Donated professional Services and cjonated faciliti&s are recognised as income when the charlty has control over thern, any condidons associated wlth the donated item have been met, the recelpt ol economlc benefit from the use by the charity of the item is probable and that economic benefi't can be measured reliably. Assets donated to the charlty are treated as capltallsed as fixed assets and the fair value of the donation credited to income In the year. Expendlture Expenditure is recognised once there Is a legal or constructlve obl1È80n to move a payment to actual expenditure. it 15 probable that settlement wlll be required, and the amount ol the obligation 15 accounted foron an accrual b3sls and has been classlfied underheadings that aggregate all costs tothe tate80ry. Where costs cannot be dI1Y attrlbuted to headings, they have been allocated to activities on a ba51s con51Stent with the use of the re50urce5. Pa8e 22
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Notes to the Financlal Statements Icontinuedl Support costs Include central functlons and have been allocated to activity C05t categorle5 on a b3sis conslstent wlth the use of resources. Support costs include governance costs Incurred In the governance of the Charity within are primarily associated with constitutltsnal and statutory requirements,. and Irrecoverable VAT is charged as a c05t against the activlty for which the expendlture was Sncurred. Expenditure on raTrsln8 funds These are Costs whlch are directly related to the ralslng of voluntary donation5 and grants and publicisin8 the activities of the charity. Allocation of support cost5 Supports costs are those functions that asslst the work of the charlty but do not dlrectly undert3ke charitable activities. Support costs include back-office costs, finance, personnel, payroll and governance costs which support the charity's activitles. These costs have been allocated between c05t of raising funds and expenditure on charitable activitles. The bases on whlch support Costs have been alloc3ted are set out innote7. Intan8lble assets and amortlsatlon Intangible assets are measured at cost less accumulated amortlsatlon and any accumulated impalrment losse5. Amortisation is calculated to write off the cost of an intangible fixed asset, net of anticipated disposal proceeds, over the useful economic life. The estirnated useful lives are a5 follows.. Amortisation is provided on the followin8 basis.. Computer software- 20% Straight line Pa8e 23
Fulham Reach Boat Club Flnancial Statements Year ended 31 August 2024 Notes to the Financial Statements Icontinuedl Tanglblè flxed assets and depreclatlon Tangible fixed asset5 are initi311y Tecognised at cost. After recognition, under the cost mtsdel. tanglble fixed assets are measured at cost5 le55 accumulated depreciation and any accumulated impairment losses. At each reportlng date the eharlty assesses whether there is any Indication of impairment. If such indication exists, the recoverable amount of the asset is determlned to be the higher of its lair value le5S Costs to sell land its value in use, An impairment loss is reco8nlsed where the carrylnÈ amount exceed5 the recoverable amount. Depreciation is charged so as to allocate the cost of tangible flxed asset5 les5 their residual v31ue over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis.. Leasehold property- 2% Straight line Motor vehlcles- 20% Stralght Ilne Fixture5 and fittin8s- 20% Straight line Boat equlpment- 20% Stralght Ilne Debtors Trade and other debtors are recognlsed at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepald net Of any trade dlscounts due. 2.8 Cash at b3nk and In hand Cash at bank and In hand Includes cash and 5hort-term highly liquid investments with a short maturity of three months or less from the date of acqu15Itlon or opening of the deposit or similar account. Investment5 Current asset investment5, Includlng short-term deposlts and money markèt funds. are measured at fair value through profit and loss IFVFPLI in accordance with FRS 102 and the Charities SORP. Changes in fairvalue are recognised in the Statement of Flnantial Activities ISOFAI a5 they arise 2.10 Credltors Creditors are recoBnlsed where the charity ha5 a present obligation re5ultin8 from a past event that will probably result in the transfer ol funds to a thlrd party and the 3mounl due to settle the obligation can be rreasured or estimated relSably. Creditors are normalw recognlsed at thelr settlement amount after allowlng fo¥ any trade discount5 due. Page 24
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Notes to the Financial Statements l¢ontlnuedl 2.11 Flnanclal Instruments The charlty only has Ilnanclal assets and ftnanclal Ilabllltles ol a klnd that quallfy as baslc linancl31 instruments. Basic financial instruments are initially recognlsed at transaction value and subsequently measured at thelr settlement value. 2.12 Hollday pay accrual A Ilabillty Ss recognised to the extent of any unused hollday pay entitlement whlch ha5 accrued at the balance sheet date arTrd carried forward to future periods. Thls is measured at the undiscounted sèlary cost of the future holiday entitlement so accrued at the balance sheet date. 2.13 Leased assets Where assets are financed by leasSng arrangements that give rlghts approxlmatin8 to ownership lflnance leases), the assets are treated as If they had been purchased outright. The mount capitalised is the present value of the minimum lease payments payable over the term f the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreclation on the relevant 35setS 15 charged to the profit or loss over the shorter of estimated useful economic life and the term of the lease. Lease payment5 are an3ly5ed between capital and interest components so that the Interest element of the payrnent 15 charged to profit or loss over the term of the lease and Is talculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lesstsr. All other leases 3re treated as operating leases. Their annual rentals are charged to prolit or loss on a straight-lille basis over the term of the lease. 2.14 Penslons The charity operates a delined contributlon pension scheme, and the pension charge represents the amounts payable by the charlty to the fund in respect of the year. 2.15 Fund a¢countln8 Unrestricted funds and deslgnated funds can be used in accordance with the charltable objectives at the discretion of the Trustees. Restricted funds can only be used for particular restrlcted purposes wlthln the objects of the ch3Tlty. Restrlctions arise when specified by the donor orwhen funds ale raised for particular restrlcted purposes. Further expl3rFation of the nature and purpose of each fund Is Included in the notes to the linanclal statements (Note 151. Page 25
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Notes to the Financial Statements Icontinuedl Crltlcal accountln8 estlmates and areas of judgèment The dlrector5 consider that there are no key judgements that management have made in the process Df aPpIng the companvs accountlng policies and that may have had 3 signiflcant effect on the amounts recognised in the flnancial statements, 4 Income from Donations and legacie5 Restrlcted Unrestrlcted Total Total funds funds funds funds 2024 2024 2024 2023 E B M Charitable Trust John Armitage Charitable Foundatits 30.000 30.000 30,000 40,LKJO 40,000 15,000 John Lyon's Charitv 46,500 John McAvoy Foundatlon 25,OCM) National Lottery Community Fund io.orM) Other Searle Memorial120051 Charitable Trust 49,107 59,895 109,002 44,893 10,000 The Witheren Foundation iO,OLX) Brltlsh Rowing The Flshmongers, Company's Charitable Trust 10.500 10.5 20,000 20,000 The Triangle Trust 1949 Fund 29,594 29,594 Sport England 14.996 14.996 Total 154,197 99,895 254,092 191,393 Page 26
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Notes to the Financial Statements Icontinuedl 4.1 Income from Charitable Activitie5 Regtrlcted funds 2024 Unrestrlcted funds 2024 Totsl funds 2024 Total funds 2023 Membership5 and members, events 5,000 211,000 216,CWJO 274,IN5 Public tuition 193,190 193,190 157,377 School tultlon 226,342 37.174 263,516 146,105 Miscellaneous 7,661 7,661 4,360 231,342 449,025 680,367 581,886 4.2 Incomè from Other Tradln¥ Actlvltlès Restricted funds 2024 Unrestrlcted funds 2024 Total funds 2024 Total fynds 2023 Roomlponton Hire 2,450 Tots 2,450 4.3 other Intome Restrlcted funds 2024 Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Interest Income Dfvldends 33.948 22.085 33,948 22,085 Total 56,033 56,033 Page 27
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Notes to the Flnandal Statements Icontinuedl Empendlture Dlrect Costs 2024 Support Costs 2024 Total Costs 2024 Total Costs 2013 Raislng Funds 15,317 15,317 18,702 Charbtable Activitie5 827,142 94,752 921,894 1,010,028 7otal 827,142 110.069 937,211 1,028.729 Total Expendlture for the year ended 2024 was £937,211 of whlch £513,173 was unrestricted and £424.039 was restricted. Anatysls of Dlrect cost5 Restricted funds 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Staff costs 652,211 652.211 673,971 Depreciation 24,727 24.727 88,455 Regatta and rowlng costs 36,416 36,416 67.396 Occupancy expenses 113,788 113.788 91,780 Website 7,355 Total 827,142 827,142 928.956 Page 28
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Notes to the Finan¢lal Statements Icontinuedl Analysls ol Support costs Restrlcted funds 2024 Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Marketing 20,304 20J04 18,343 Accountancy 4,0 4.000 12,509 Professional lees 27,009 27,009 16,475 Communlcatlons 16.961 16.961 15,835 Other Amortisation 41,795 41.795 36,611 Total 110,069 110,069 99,773 Net expendlturelincome for the year is after ch3r8lnB: Unrestrlcted funds 2024 Total funds 2023 Operatlng lease rentals- Prtsperty 42,582 25,574 Independent examlner's fee 4,000 3.600 Depreciation Total 24,726 71,308 88,455 117,629 Page 29
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Notes to the Financial Statements Icontinuedl Staff Costs Unrestrlcted funds 2024 Total funds 2023 W3ge5 and salaries 531A15 546.740 Social security costs 42.488 40,532 EmployeT'S Pension Other Staff Costs 30.297 48,011 28,265 58.434 Total 652.211 673,971 The average number of persons employed by the charity during the year was as follows.. 2024 No, 32 2023 No. 28 Mernber5 01 staff The nLtrmber of employees whose employee benefits (excluding employer pension costsl exceeded £60.000 w35 2024 2023 No. In the band £60.000- E80.000 Trustee remuneratlon and expenses No Trustee received any remuneration, retirement benefits or reimbursed expenses during the current or piior year. The charity insurance policy includes Trustee Indemnlty Insurance for the benellt of the Trustees, the value of thls Snsurance Is not able to be quantifled. Page 30
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Notes to the Financlal Statements Icontinuedl Taxatlon A5 a registered charity, the company is exempt from income and corporatlon tax to the extent that Its Income and gains are applicable lo charitable purposes onlv. 10. Intan8lble assets Computer Software Cost At I September 2023 23,290 At 31 August 2024 23.290 Amortlsatlon At I September 2023 Charge for the year 23,290 At 31 August 2024 23,290 Net book Valuè At 31 August 2024 At 31 August 2023 Pagè 31
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Notes to the Financlal Statements Icontlnuedl 11. Tan8lble Flxed assets Lon8.term leasehold propertv Flxtures and Flttlngs Computer Equlpment Boat Equlpment Total Cost At I September 2023 26.012 2,024 7,020 432,652 467.709 AdditlDns Dlsposals 26,836 26,836 At 31 August 2024 26,012 2,024 7,020 459.488 494.545 Depreclallon At I September 2023 2,996 2,024 2,808 415.217 423.046 Charge for the year On disposals 520 1,404 22,802 24,726 At 31 August 2024 3,517 2,024 4,212 438.019 447,772 Net book Value At 31 August 2024 22,496 2,808 21,469 46,773 At 31 August 2023 23,016 4,212 17,435 44,663 Page 32
Fulham Reach Boat aub Financial Statements Year ended 31 August 2024 Note5 to the Financlal Statements Icontlnuedl 12. Debtors: Due wlthln one year 2024 2023 Tr3de debtor5 AccrL¢ed Income 7,188 10,074 13,199 12.534 Prepayments 15.524 32,787 25,733 13. Investments 2024 2023 At I September 2023 609,OL Additions 22,085 646,260 Rev8luation5 12.2551 137,2601 At 31 August 2024 628,830 609,000 14. CrÈdltors: Amounts falling due withln tsne yéar 2024 2023 Trade Credltors 13,059 other taxatlon and soclal security 12,604 12,270 Other Creditor5 12,246 19,161 Accruals 22,693 29,065 60,601 60,495 Page 33
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Note5 to the Finandal Statements Icontlnuedl 15. Statement of funds Balan at 31-Aug 2024 Balance at 1-Sep 2023 Transfèrs Inlloutl Intome Expenditure Unrestrlcted funds Designated funds Asset rep13cement 26,566 16,996 126.8361 16361 16,090 Operatlng Costs 200,000 loo.0 300.0 226,566 16,996 126.8361 99,364 316.090 Genèral lunds 604,953 1505,5881 99,3641 Total Unrestricted fund5 226.566 621.949 1532,4251 316.089 Restrlcted funds lunlor Bursary Programme Boats not bars Free Watersports Week Bèèch Sprint Adoptive Rowlng Schools Rowing Programme st George- Sectlon 106 funding 46,166 s00 5.000 56,836 66,440 10,425 300 135.0001 165,3361 166,4401 110,42SI 13,5001 16,166 226.342 1226,3421 1,293,000 1.293,000 Total Re5trl¢ted funds 1.347,666 368,543 407,043 1.309.166 Total of funds 1,574,232 990,492 1939,4681 1.625.256 Page 34
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Notes to the Financlal Statement5 {continuedl Prlor Year 88lan¢e at 31-Aug 2023 Balance at l-sep 2022 Transfers Inlloutl Income Expendlture Unrestricted funds Deslgnated fund5 Asset replacement 261,108 16.7201 1227,8221 26,566 Operatlng Costs 200.000 200.000 461,108 {6.7201 1227.8221 226,566 General funds 97,840 618.608 944,270 227.822 Total Unrestrlcted funds 558,948 618,608 1950,9901 226,566 Restricted funds junior 8ur5arv Prograrnme Boats not bars Free Watersports Week Schools Rowing Programme St George- SeclSon 106 funding 46,166 8,500 10,000 46.166 8,500 iio,0001 105,000 iios,000} 1,293,000 1.293,000 Total Restrlcted funds 1,293,000 169,666 1155.0001 1.347,666 Total of funds 1.851.948 788.274 11065,9901 1,574,232 Page 35
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Notes to the Flnancial Statement5 (continued) Restrlcted Fund- St George Sectlon 106 tundlng Section 106 IS1061 funds are réstricted for use onty and within the London Borough of Hammersmith & Fulham ILBH&FI, for example to malntaln the pontoon infrastructure of an estimated value of c. Elm and the LBH&F schools rowing prograrnme. This excludes use at other sites other than the Chancellors Road site In Hamme¥smlth, or charitable aCVIeS and programmes outside of the LBH&F, such as Boats not 8ars. 16. Analysls of net assets between funds culntYear Restrlcted Funds Unrèstrlcted funds Total funds 2024 2024 2024 Tangible Fixed assets 46,773 46,773 Current assets I09,166 329.919 1.639.085 Credltors due v41thin one year 160,6021 160.6021 Tota 1,309,166 316,090 1,625.256 Page 36
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Notes to the Financial Statements Icontinuedl Prlor Year Restricted Unrestricted Total Funds 2023 Funds 2023 Funds 2023 Tanglble Fixed assets 44,663 44,663 Current assets 1,347,666 242,398 1,590,064 Creditor5 due within one year 160,4951 60,4951 Total 1,347,666 226,566 1.574,232 Included within current assets are designated cash balance5 for 8oat replacement of £16,09012023- £26,566) and operatin8 costs £300,00012023- £200,000). Refer to note 15 for details of these designated funds. Page 37
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Notes to the Financlal Statement5 Icontinuedl 17. ReconcllSatlon of net movement in funds to net cash flow Irom operatln8 attlvltle5 2024 2023 et Incomellexpendit¢Jrel for the year la5 per Statement ol Financial Activitlesl 51,025 15,285 Adjustments for. Depreciation charges Amort153tion charge5 Income from Investment5 Losses on revaluation of investments Increaselldecreasel In debtors Increaselldetrèasel in credStors 24.726 156,0331 2,255 112,5451 37,260 17,0541 107 Net cash provlded by operatln8 actlvltl•s 15,028 40,000 18. Analysls of cash and cash equlvalents 2024 2023 Current accounts Go Card Les5 91,484 3,495 81,718 1.316 Reserve account Short Term Deposit 61,289 821.2CKJ 101,097 771,200 Total cash and cash equlvalents 977.469 955,331 Page 38
Fulham Reach Boat Club Financial Statements Year ended 31 August 2024 Notes to the Financial Statements Icontlnuedl 19. OperatlnK lease commltment9 At 31 August 2024 the charity had commitments to make future minirnum lease payrnents under non-cancellable operatin8 leases as follows.. 2024 2023 Not later than I year Later than l year and not later than 5 years 51,132 51,132 178,970 178.970 Later than 5 years 1,752.776 1,803,908 1,982.878 2.034,010 20. Related party transactions There are no related party transactSons durlng the year. The Trustees conslder the board of Trustees as comprising the key management personnel of the charlty in charge of directing and controlling the charity and running and operating the charity on a day-to-day ba515. along with Adam Freeman Park. who is the Chief Executlve Officer. All Trustees give their time freely and no remuneratron was paid in the year. Page 39