OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-03-31-accounts

Charity registration number 1179845 (England and Wales) Company registration number 11490809

BRITISH ROWING CHARITABLE FOUNDATION

(ALSO KNOWN AS "LOVE ROWING") ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

BRITISH ROWING CHARITABLE FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees A Buckingham
C J Bishop
R W Bayly
P Lennox-King
C S Glackin
L C Forster
S M Corander
N C T Steel
E F Buttrick
H D V Elwes
S A S Walker (Appointed 19 May 2025)
Charity number (England and Wales) 1179845
Company number 11490809
Registered office 6 Lower Mall
London
W6 9DJ
Accountant Rogers Spencer
Newstead House
Pelham Road
Nottingham
NG5 1AP
Independent examiner Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
Bankers NatWest Plc
22 King Street
Hammersmith
London
W6 0PZ

BRITISH ROWING CHARITABLE FOUNDATION

CONTENTS

Page
Trustees' report 1 - 7
Independent examiner's report 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 - 20

BRITISH ROWING CHARITABLE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report together with the financial statements of British Rowing Charitable Foundation (also known as ‘Love Rowing’) for the year ended 31 March 2025.

This report, which serves as a directors’ report for the purposes of company legislation, has been prepared in accordance with Part 8 of the Charities Act 2011.

The financial statements have been prepared in accordance with the accounting policies set out in the attached financial statements and comply with the charitable company’s Memorandum and Articles of Association, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Objectives and activities

The objective of the charity is to support and fund accessible and inclusive rowing programmes for communities that are currently underrepresented in the sport in order to transform lives through rowing. The national charity provides grants, guidance and support to rowing clubs and community organisations to become more inclusive and run tailored projects that meet our aims. We focus on initiatives for young people from low-income household families who would not otherwise have the opportunity to row, sustainable programmes introducing rowing to people with disabilities, and to people from ethnically diverse communities.

In setting policies and objectives and planning for activities, the trustees have given due consideration to the guidance published by the Charity Commission relating to public benefit. The national governing body, British Rowing, is the sole member of British Rowing Charitable Foundation and is the ultimate parent of the company.

Achievements and performance

To fulfil our charitable purposes we:

In the year ended 31 March 2025, Love Rowing funding delivered activity across 25 projects in partnership with local rowing clubs, schools and community organisations in local communities in England, Scotland and Northern Ireland. The delivery of Love Rowing funded activity opens the access to rowing for underrepresented and underserved communities. Of these 25 projects, 9 projects were for disabled people (adaptive/mixed ability), 2 benefitted communities/community organisations targeting ethnically diverse underrepresented audiences and 14 provided opportunities for young people from lower socio-economic backgrounds (youth/school projects). This has positively impacted the participation of 5,585 beneficiaries, of which 5,539 people were new to the sport, 72% were young people from lower socio-economic backgrounds, 10% were disabled people and 18% were people from ethnically diverse communities.

BRITISH ROWING CHARITABLE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

We awarded 8 projects with funding from our Open Grant Round in the spring of 2024 (FY24). These were delivered over the course of the last 12 months (FY25 activity). These varied projects aimed to reach new audiences and respond to the needs of rowers facing barriers to participation. In summary:

We are delighted with the ongoing success of our Row the Rhythm programme following a pilot at Peterborough City Rowing Club. With the support of funds from the Sport England Jubilee Fund, Alpkit, National Lottery, Peter Harrison Foundation, Boost Charitable Trust and Anton Jurgens Charitable Trust, Row the Rhythm has been established at Peterborough City Rowing Club and piloted at 3 more clubs; Hereford Rowing Club, Fulham Reach Boat Club and Leicester Rowing Club. The programme includes free rowing sessions, transport, catering and where possible payment of club membership for the first year. Until the end of March 2025, this has benefited 42 people with a visual impairment to access the life changing power of rowing. It has provided individuals with a visual impairment with an accessible form of physical activity, enabling freedom, independence, improved mental well being and reduced social isolation. This programme is having a sustainable impact. It has also provided advice, guidance, training and mentoring to rowing clubs to feel confident and competent to include people with a visual impairment. It is our aspiration to grow and establish this initiative across 10 sites. We have received further funding from Hays Travel and the Souter Charitable Trust to initiate projects in Sunderland and at Strathclyde Park.

Love Rowing has supported Guildford Rowing Club since 2023, and it has been fantastic to be part of their journey to make the sport accessible for disabled people. In 2024, Love Rowing accessed additional funding from the Bruce Wake Charitable Trust to build on the success of the adaptive rowing Love Rowing funded programme in 2023. The funding was used for accessible equipment adding capacity and flexibility through additional floats, fixed seat and blades. The club now has 18 disabled people taking part regularly in rowing. The equipment brings people together, after use allowing time for reflection and discussion about living with disabilities.

BRITISH ROWING CHARITABLE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Our funded youth projects are reaching into schools in areas of deprivation and / or in schools with high percentages of pupils on pupil premiums. They are providing fun and inclusive indoor / on the water rowing with opportunities to join local rowing clubs. These programmes are building resilience, teamwork and leadership skills in young people. An example of this is the Tyne Amateur Rowing Club youth programme supported by Love Rowing and with additional support funding from the Jazz Foundation, Gosling Foundation and the Hargreaves Foundation. The programme supports local secondary schools that have high numbers of pupil premiums, including 1 special school. The programme has reached 1,077 young people who face financial disadvantage and only 34% of these young people meet the Chief Medical Officer guidelines for physical activity. The impact on the lives of the young people who have taken part is outstanding, linked with personal and social value impact. The young people were able to identify skills they had developed particularly communication, teamwork and resilience. In particular, by overcoming personal differences, supporting one another, overcoming challenges and being exposed to new opportunities and situations that push them out of their comfort zone, they have developed resilience, leadership, team work, communication, focus, and concentration. The value of rowing specifically being the access to nature and the rhythm of working together to achieve a common goal.

In partnership with the Poynter Charitable Trust, Love Rowing started a pilot youth outreach project in Bedford in 2023. The pilot was completed in 2024 with the young people who had started their experience with indoor rowing, accessing water rowing opportunities and a summer holiday programme.

Donations to Love Rowing enabled the charity to support the work of Leicester Rowing Club with Castle Mead Academy. Love Rowing facilitated the ‘recycling’ of a boat from Maidenhead Rowing Club to enable the club to efficiently coach more young people from the school on the water at the same time. Castle Mead Academy has now affiliated as a British Rowing school club in its own right with the continued support of Leicester Rowing Club. Currently only 17% of British Rowing affiliated school clubs are from state schools so it is pleasing to see this school from a deprived area serving a high percentage of young people from ethnically diverse as well as financially disadvantaged backgrounds accessing rowing.

Love Rowing supported by a donor created new opportunities for members of the International Community of Sunderland (ICOS). 10 open learn to row sessions were held for this refugee community. Love Rowing is continuing to work with ICOS and City of Sunderland Rowing Club to look at establishing regular and progressing opportunities for this community.

Furthermore Love Rowing has initiated a further 7 new projects which will be delivered throughout 2025, consisting of 3 youth/school projects, 1 community project and 3 adaptive/mixed ability projects. These are as follows:

Our impact can be found at "https://loverowing.org/our-impact/"

BRITISH ROWING CHARITABLE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Review of fundraising activities

We fund inclusive and accessible rowing projects across the UK by raising funds from donations, fundraising challenges or via external grants. Love Rowing continues to raise awareness and develop relationships with current and potential donors, sharing the positive impact of the projects supported.

Love Rowing supported a number of independent fundraising challenges this year including Kings Chester Boat Club and pupils from Eton College Boat Club. Specific mention should be given to the 4 Dads who Rowed the Thames raising funds for Love Rowing and the Royal Marsden Cancer Charity. The 4 fathers of 4 of the members of the GB Rowing Team who had never rowed previously completed the challenge over 4 days. Fundraising challenge raised £17,568 for Love Rowing.

After a break in 2023, The Big Row returned with an epic challenge in September 2024. In celebration of the Paris Olympic and Paralympic Games, we collectively rowed the distance from Paris to LA, the next city to host the Games. We rowed 15,244km. Nearly 300 hundred people took part including individuals, rowing clubs, school rowing clubs, regattas, and organisations all took part either on land or water. We raised £20,785. The fundraiser also increased brand awareness of Love Rowing. Following the success of the event, The Big Row will return in 2025 with a new format that involves Ben Gallagher (Veteran - Athlete - Ambassador) leading the challenge event for real and others matching the challenge.

Love Rowing held a breakfast networking event in March 2025 hosted by PJT Partners in London. This event enabled existing and potential donors to find out more about the impact and vision of Love Rowing, as well as hear inspirational stories from Paralympic Gold Medalist Ben Pritchard and British Rowing Performance Director Louise Kingsley.

Love Rowing held our inaugural Oarsome Christmas Concert on 30 November 2024. This ticketed event was held at All Saints Church in Marlow. The event raised funds for Love Rowing and also the Great Marlow School Boat Club, a local state school rowing club initiative. The event will be repeated in November 2025 as a fundraising ticketed event.

Love Rowing has worked with localised initiatives to develop projects and apply for grants from trusts or foundations. This resulted in 8 successful grant applications between 1 April 2024 and 31 March 2025.

There were no complaints received in the year regarding fundraising activities (2024: none).

Grant making policy

Love Rowing trustees are keen to support activities that advance the charity’s objects in an effective way. However, they recognise that a limited amount of funds is available to distribute each year.

Love Rowing’s current funding priorities are programmes and/or projects (“programmes”) which enable:

Love Rowing will occasionally award grants that fall outside the priorities stated in this policy, provided they are satisfied that the grant will further the objects and is an appropriate use of funds.

Love Rowing welcomes proposals that support their funding priorities from organisations with demonstrated experience in meeting the objects.

BRITISH ROWING CHARITABLE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Grant awards

The following grants were awarded during the year ended 31 March 2025 to rowing clubs, community organisations and schools to enable inclusive and accessible rowing projects:

Youth/School
The Poynter Charitable Trust
Castle Mead Academy
Great Marlow Swans
Reading School
The GORSE Academies Trust
Tyne Amateur Rowing Club
Maidenhead Rowing Club
Hinksey Sculling School
Firhill Youth Project & Community Sports Hub
East Anglia Youth Rowing
Sub-total
Adaptive/Mixed Ability
City of Oxford Rowing Club
Fulham Reach Boat Club
Guildford Rowing Club
The GORSE Academies Trust
Peterborough City Rowing Club
Ross Rowing Club
Scottish Rowing
Leicester Rowing Club
Hereford Rowing Club
Sub-total
Community
City of Sunderland RC & International Community of Sunderland
Let’s Row Brum
Diversity Education and Communities CIC
Tees Rowing Club
Sub-total
Total		 £
7,419
1,605
2,045
5,700
7,000
11,000
3,370
1,000
250
2,400
250
3,550
12,838
2,000
17,390
200
2,570
2,500
3,550
701
430
10,000
581		 £
41,789
44,848
11,712
98,349

In addition, Love Rowing continues to support with advice and guidance the Infinity Boat Club, including being represented on their Board of Trustees. This follows our initial facilitation of this special project in the year ended 31 March 2023. Infinity is a state school-only club built from the community level to serve children in the deprived community of Teesside with significant support from a donor sourced by Love Rowing. An official launch for the Infinity Boat Club was held in November 2024.

Future Plans

For the financial year ending 31 March 2026, Love Rowing will continue to grow awareness of the charity and build its profile, increase funds, expand projects around the country and develop partnerships and relationships with organisations with the same aims and values. Specific fundraising events, including The Big Row, and other activities will target our growing base of current and prospective donors and supporters.

BRITISH ROWING CHARITABLE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Financial review

Total income in the year was £234,804 (2024: £133,476), this included a donation in kind from British Rowing Limited of £50,345 (2024: £50,845). Expenditure totalled £193,482 (2024: £105,959) which included £98,349 (2024: £26,158) of grants awarded. This resulted in a surplus for the year of £41,322 (2024: £27,517). The cash balance at the year-end was £226,779 (2024: £109,747).

Going concern

The trustees have concluded that the use of the going concern assumption is appropriate in preparing these financial statements on the grounds that, based on the assessment of the feasibility of future plans, current and future sources of funding or support will be adequate to meet the charity’s liabilities as they fall due. Support will be provided by the parent company, British Rowing Limited, if required.

Reserves policy

The charity had a surplus on total funds of £51,759 (2024: £10,437) at the year end. Free reserves, being unrestricted funds less designated funds, had a deficit of £5,492 (2024: £61,014 deficit). The trustees have considered the need for reserves to be maintained by the charity and have concluded that an appropriate reserves level is to hold an amount equivalent to six months of running costs. The plan is to increase unrestricted reserves over the next few years up to the target level.

Structure, governance and management

British Rowing Charitable Foundation is a company limited by guarantee and is governed in accordance with its Memorandum and Articles of Association. The management of the company is the responsibility of the trustees who are appointed and co-opted under the terms of the Articles of Association. Soon after joining, new trustees are provided with copies of all the charity's governing documents and the Charity Commission's documents relating to their responsibilities. They subsequently receive face to face induction training which includes trustee responsibilities, their relationship with British Rowing, and financial matters. Board meetings are held at least four times a year, and the three sub-committees (Fundraising; Projects; Finance, Governance & Risk) meet regularly. British Rowing Limited is the sole member of British Rowing Charitable Foundation and is the ultimate parent of the company.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

A Buckingham C J Bishop R W Bayly P Lennox-King C S Glackin L C Forster M Davies (Resigned 19 May 2025) S M Corander N C T Steel E F Buttrick H D V Elwes S A S Walker (Appointed 19 May 2025) R T J Woods (Resigned 3 March 2025) S E Pettipher

(Appointed 19 May 2025) (Resigned 3 March 2025) (Resigned 18 December 2024)

BRITISH ROWING CHARITABLE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Key management personnel

The trustees consider that they, together with the Foundation Director, comprise the key management of the charity, in charge of directing and controlling, running, and operating the charity on a day-to-day basis. The trustees received no remuneration for their services, other than as detailed in note 9 to the financial statements.

The Foundation Director is employed by British Rowing Limited on behalf of its charitable foundation.

Liability of member

The liability of British Rowing Limited, as the sole member is limited by guarantee. In the event of the charitable company being wound up during the period of membership or within the year following, the sole member is required to contribute an amount not exceeding £1.

Statement of trustees’ responsibilities

The trustees (who are also directors of British Rowing Charitable Foundation for the purposes of company law) are responsible for preparing the trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the Trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the Board of trustees at the AGM on 21 October 2025 and signed on their behalf by:

.............................. N C T Steel Co- Chair of Board of Trustees

6 November 2025 Date: .............................................

BRITISH ROWING CHARITABLE FOUNDATION

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF BRITISH ROWING CHARITABLE FOUNDATION

I report to the Trustees on my examination of the financial statements of British Rowing Charitable Foundation (the charitable company) for the year ended 31 March 2025.

Responsibilities and basis of report

As the Trustees of the charitable company (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Alison Pyle (Independent Examiner)

For and on behalf of Buzzacott Audit LLP 130 Wood Street London EC2V 6DL

Date: 7 November 2025

BRITISH ROWING CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted Designated
Restricted
funds
funds
funds
2025
2025
2025
Notes
£
£
£
Income from:
Donations and grants
3
91,925
37,683
101,696
Other income
4
1,800
-
1,700
Total income
93,725
37,683
103,396
Expenditure on:
Raising funds
5
41,863
-
45,311
Charitable activities
6
7,324
37,000
61,984
Total expenditure
49,187
37,000
107,295
Net income/(expenditure)
44,538
683
(3,899)
Transfers between funds
10,984
(10,087)
(897)
Net movement in funds
8
55,522
(9,404)
(4,796)
Reconciliation of funds:
Fund balances at 1 April 2024
(61,014)
17,680
53,771
Fund balances at 31 March 2025
(5,492)
8,276
48,975		 Total
Unrestricted Designated
Restricted
Total
funds
funds
funds
2025
2024
2024
2024
2024
As restated As restated As restated As restated
£
£
£
£
£
231,304
24,934
4,132
104,410
133,476
3,500
-
-
-
-
234,804
24,934
4,132
104,410
133,476
87,174
20,072
-
50,260
70,332
106,308
1,110
11,962
22,555
35,627
193,482
21,182
11,962
72,815
105,959
41,322
3,752
(7,830)
31,595
27,517
-
(47,686)
25,510
22,176
-
41,322
(43,934)
17,680
53,771
27,517
10,437
(17,080)
-
-
(17,080)
51,759
(61,014)
17,680
53,771
10,437

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

BRITISH ROWING CHARITABLE FOUNDATION

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Creditors: amounts falling due after
more than one year
14
Net assets
The funds of the charitable company
Designated funds
16
Restricted funds
15
Unrestricted funds
17		 2025
£
£
50
226,779
226,829
(75,070)
151,759
(100,000)
51,759
8,276
48,975
(5,492)
51,759		 2024
£
£
20,727
109,747
130,474
(20,037)
110,437
(100,000)
10,437
17,680
53,771
(61,014)
10,437

The charitable company is entitled to the exemption from the audit requirement contained in section 479A of the Companies Act 2006, for the year ended 31 March 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the charitable company to obtain an audit of its financial statements for the year in question in accordance with section 476.

21st October 2025

The financial statements were approved by the Trustees on .........................

.............................. N C T Steel Co- Chair of Board of Trustees

Company registration number 11490809 (England and Wales)

BRITISH ROWING CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

British Rowing Charitable Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 6 Lower Mall, London, W6 9DJ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charitable company's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charitable company is a Public Benefit Entity as defined by FRS 102.

The charitable company has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Reclassification of comparative amounts

The comparative figures have been restated to correctly disclose the unrestricted and restricted income in the SOFA. The closing fund balances from the prior period are unchanged.

The adjustment was required to re-classify the parent company donation in kind as restricted (see note 3).

1.3 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4 Charitable funds

Unrestricted general funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives and which have not been designated for other purposes.

Unrestricted designated funds represents those monies which have been set aside by the Trustees for specific purposes.

BRITISH ROWING CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.5 Income

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Income comprises donations, including grants, and other income.

Donations and grants are recognised when the charitable company has confirmation of both the amount and settlement date, receipt is considered probable and there are no performance conditions attached which require deferral. Income tax recoverable in relation to donations received under Gift Aid is recognised on submission of the claim.

Other income comprises sponsorship income and interest receivable. Sponsorship income is recognised as invoiced. Interest on funds held on deposit is included when receivable and the amount can be measured reliably; this is normally upon notification of the interest paid or payable by the bank.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Legacies are recognised on receipt or otherwise if the charitable company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Expenditure is allocated as follows:

All expenditure is stated inclusive of irrecoverable VAT.

1.7 Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charitable company it is necessary to provide support in the form of financial procedures and provision of office services and equipment.

Governance costs comprise the costs relating to the public accountability of the charitable company (including independent examination costs) and costs in respect of its compliance with regulation and good practice.

Support costs and governance costs are apportioned on a basis consistent with the use of resources.

BRITISH ROWING CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.9 Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

1.10 Creditors

Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

2 Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The items in the financial statements where these judgements and estimates have been made include:

BRITISH ROWING CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

3 Income from donations and grants

Unrestricted Designated
Restricted
funds
funds
funds
2025
2025
2025
£
£
£
Donations and grants
91,925
37,683
51,351
Donations in kind - from parent company
-
-
50,345
91,925
37,683
101,696		 Total
Unrestricted Designated
Restricted
Total
funds
funds
funds
2025
2024
2024
2024
2024
As restated As restated As restated As restated
£
£
£
£
£
180,959
24,934
4,132
53,565
82,631
50,345
-
-
50,845
50,845
231,304
24,934
4,132
104,410
133,476		 Total
Unrestricted Designated
Restricted
Total
funds
funds
funds
2025
2024
2024
2024
2024
As restated As restated As restated As restated
£
£
£
£
£
180,959
24,934
4,132
53,565
82,631
50,345
-
-
50,845
50,845
231,304
24,934
4,132
104,410
133,476
133,476

Donations in kind - from parent company relate to staff costs funded by British Rowing Limited.

Refer to note 1.2 for information on prior year restatement.

BRITISH ROWING CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

4 Other income

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Other income
1,800
1,700
Expenditure on raising funds
Unrestricted
Restricted
funds
funds
2025
2025
£
£
Fundraising and publicity
Other fundraising
costs
6,849
-
Support costs
(see note 7)
35,014
45,311
41,863
45,311		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
3,500
-
-
Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
6,849
4,318
4,500
80,325
15,754
45,760
87,174
20,072
50,260		 Total
2024
£
-
Total
2024
£
8,818
61,514
70,332

5 Expenditure on raising funds

6 Expenditure on charitable activities

Grants awarded
Programme expenses
Share of support and governance costs (see note 7)
Support
Analysis by fund
Unrestricted funds
Designated funds
Restricted funds		 2025
£
98,349
-
98,349
7,959
106,308
7,324
37,000
61,984
106,308		 2024
£
26,158
3,555
29,713
5,914
35,627
1,110
11,962
22,555
35,627

BRITISH ROWING CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

7 Support costs allocated to activities

Staff costs
Consultancy
Printing, postage and stationery
Legal and professional fees
Computer costs
Travel costs
Other costs
Accountancy and independent examination fees
Analysed between:
Raising funds
Charitable activities
8
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable to the Group auditor for the independent examination of the
charity's financial statements		 2025
£
50,345
17,057
375
3,323
5,241
4,160
83
7,700
88,284
80,325
7,959
88,284
2025
£
3,600		 2024
£
50,240
-
362
63
7,920
1,103
140
7,600
67,428
61,514
5,914
67,428
2024
£
7,600

9 Trustees' remuneration

In the prior year, one trustee, Sally Corander, received remuneration in respect of their services whilst performing the role of Interim Foundation Director whilst also appointed as a trustee. The board of trustees formally approved the engagement of Sally Corander prior to the delivery of services. Payments totalling £nil (2024 - £7,234) were paid to Sally Corander via Interact Marketing Limited in this regard.

One trustee was reimbursed £118 for expenses incurred in the performance of their duties during the year (2024 - two trustees - £548).

10 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
Total - -

To note that the Foundation Director is employed by British Rowing Limited on behalf of its charitable foundation.

BRITISH ROWING CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
13
Creditors: amounts falling due within one year
Trade creditors
Grants payable
Amount owed to parent undertaking
(note 19)
Other creditors
Accruals and deferred income
14
Creditors: amounts falling due after more than one year
Amount owed to parent undertaking
(note 19)		 2025
£
-
50
50
2025
£
35,221
20,000
149
12,000
7,700
75,070
2025
£
100,000		 2024
£
57
20,670
20,727
2024
£
2,894
1,799
11,482
-
3,862
20,037
2024
£
100,000

15 Restricted funds

At 1 April Incoming Resources Transfers At 31 March Transfers At 31 March
2024 resources expended 2025
£ £ £ £ £
Youth/Schools 8,871 7,737 (15,601) (897) 110
Adaptive/Mixed Ability 6,940 29,613 (17,228) - 19,325
Community - 701 (701) - -
British Rowing Limited - 50,345 (50,345) - -
National Lottery Community Fund 19,960 - (5,040) - 14,920
Hargreaves Foundation 18,000 - (6,000) - 12,000
Peter Harrison Foundation - 15,000 (12,380) - 2,620
53,771 103,396 (107,295) (897) 48,975

BRITISH ROWING CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

15 Restricted funds (Continued)
Previous year: At 1 April
Incoming		 Resources Transfers At 31 March
2023 resources expended 2024
**As restated ** As restated As restated
£ £ £ £ £
Youth/Schools - 7,855 (12,000) 13,016 8,871
Adaptive/Mixed Ability - 3,250 (5,470) 9,160 6,940
Other - 4,500 (4,500) - -
British Rowing Limited - 50,845 (50,845) - -
National Lottery Community Fund - 19,960 - - 19,960
Hargreaves Foundation - 18,000 - - 18,000
- 104,410 (72,815) 22,176 53,771

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

The comparative figures were re-classified to show separately those amounts considered to be material.

Youth/Schools restricted funds exist to expand youth and child participation in rowing.

Adaptive/Mixed Ability restricted funds exist to transform the lives of mixed ability people through participation in rowing.

Community restricted funds exist to break down barriers and welcome ethnically diverse communities to take up rowing.

British Rowing Limited - relates to donations in kind from the parent company in relation to staff time.

We received funding from the Hargreaves Foundation in March 2024 to support Tyne Amateur Rowing Club over a three-year period to expand their rowing programme for young people from lower socio-economic backgrounds. The focus of the activity is positive experiences that improve confidence, resilience, leadership and team building. Further information is included in our Impact Report.

The National Lottery Community Fund provided funds in March 2024 to support the Row The Rhythm pilot programme at Peterborough City Rowing Club. Row The Rhythm is for people with visual impairment and the programme at Peterborough has grown into an established programme with regular sessions and support for individuals to progress to full club membership.

Further funding from the Peter Harrison Foundation received in May 2024 supported Row The Rhythm at Peterborough City Rowing Club and the expansion of this successful initial pilot to Hereford Rowing Club and Fulham Reach Boat Club. Further information about Row The Rhythm is included in our Impact Report.

BRITISH ROWING CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

16 Designated funds

At
Projects in Merseyside area
Open Grant Award FY24
Other
Open Grant Award FY25
Liverpool Paddling
Previous year:
At
Projects in Merseyside area
Open Grant Award FY24
Other		 1 April
2024
Incoming
resources
Resources
expended
Transfers
At 31 March
2025
£
£
£
£
£
9,125
683
-
(2,583)
7,225
1,800
-
-
(1,800)
-
6,755
-
-
(6,755)
-
-
37,000
(37,000)
-
-
-
-
-
1,051
1,051
17,680
37,683
(37,000)
(10,087)
8,276
1 April
2023
Incoming
resources
Resources
expended
Transfers
At 31 March
2024
£
£
£
£
£
-
4,132
(514)
5,507
9,125
-
-
(11,448)
13,248
1,800
-
-
-
6,755
6,755
-
4,132
(11,962)
25,510
17,680

Designated funds represent those monies which have been set aside by the Trustees for specific purposes. These funds will be utilised once projects meeting BRCF criteria are initiated, aiming for a 1-3 year timeframe.

17 Unrestricted funds

At 1 April Incoming Resources Transfers At 31 March
2024 resources expended 2025
£ £ £ £ £
General funds (61,014) 93,725 (49,187) 10,984 (5,492)
Previous year: At 1 April Incoming Resources Transfers At 31 March
2023 resources expended 2024
£ £ £ £ £
General funds (17,080) 24,934 (21,182) (47,686) (61,014)

Unrestricted funds represent the funds which the Trustees are free to use in accordance with the charitable objectives.

BRITISH ROWING CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

18 Analysis of net assets between funds

Unrestricted Designated Restricted Total
funds funds funds
2025 2025 2025 2025
£ £ £ £
At 31 March 2025:
Current assets/(liabilities) 94,508 8,276 48,975 151,759
Long term liabilities (100,000) - - (100,000)
(5,492) 8,276 48,975 51,759
Unrestricted Designated Restricted Total
funds funds funds
2024 2024 2024 2024
£ £ £ £
At 31 March 2024:
Current assets/(liabilities) 38,986 17,680 53,771 110,437
Long term liabilities (100,000) - - (100,000)
(61,014) 17,680 53,771 10,437

19 Related party transactions

British Rowing Limited (Company Registration Number: 01706271) is the sole member of British Rowing Charitable Foundation and is the ultimate parent of the charitable company.

In the current year, British Rowing Limited made a donation in kind of £50,345 (2024: £50,240), see note 3.

At 31 March 2025 the charity owed British Rowing Limited £149 within a year (2024: £11,482) and the charity was owed £nil (2024: £nil) from British Rowing Limited. In addition, the charity has a long term loan from British Rowing Limited totalling £100,000 (2024: £100,000). The loan is interest free for five years after drawdown, from which point interest of 5% per annum will be charged. Repayments are due to commence 30 months after drawdown.

One of our Trustees, Ellen Buttrick, an ex-Paralympic rower was successful in getting a grant of £10,000 which she has donated to Love Rowing to manage on her behalf. She does not reap any financial benefit from this.

No other related party transactions were made during the year.