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 enCou￿ge 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 cOmpett￿ve 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 par￿cipant5 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 acCumula￿d 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 S￿41 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 valIda￿On 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 ph￿ical 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 condI￿on 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
Mee￿ng 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 A￿cleS 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, repreSe￿tIng 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 reSe￿e 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¢on￿n￿ed)
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 responsibl1S￿e$ 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 Othen￿lSe 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 cUr￿n£¥ 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 obl1È8￿0n 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 dI￿￿1Y 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 aPp￿Ing 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
s￿00
5.000
56,836
66,440
10,425
3￿00
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 aC￿VI￿eS and programmes outside of the LBH&F, such as Boats not 8ars.
16. Analysls of net assets between funds
cul￿ntYear
Restrlcted
Funds
Unrèstrlcted
funds
Total
funds
2024
2024
2024
Tangible Fixed assets
46,773
46,773
Current assets
I￿09,166
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