THE ROWING FOUNDATION
FOR YEAR ENDED 31 DECEMBER 2022
Charity Number: 281688
THE ROWING FOUNDATION FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2022
| CONTENTS | Page |
|---|---|
| Legal and administrative information | 2 |
| 3-6 | |
| 7 | |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to Financial Statements | 10-15 |
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LEGAL AND ADMINISTRATIVE INFORMATION
ADDRESS
10 Heath Road Weybridge KT13 9YQ
TRUSTEES Dr I Reid (Chair) R Smith S Goodey F J L Dale M Briegal A G Constantinidi L H O Dillon (appointed March 2022) J L Edgar Harris (appointed November 2022) SECRETARY R A Moore ACTING SECRETARY T Millar TREASURER K Long REGISTRATION NUMBER 281688 GOVERNING INSTRUMENT Declaration of Trust Dated 4 November 1980 CONSTITUTION Unincorporated Association BANKERS CAF Bank Limited 25 Kings Hill Avenue West Malling ME19 4JQ SOLICITORS Farrer & Co London WC2A 3LH
INDEPENDENT EXAMINER
Thomas Wilson Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG
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ENDED 31 DECEMBER 2022
The Trustees present their annual report and accounts (financial statements) of the Charity for the year ended 31 December 2022. The accounts have been prepared under the historical cost convention with items recognised at cost of transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the
LEGAL AND ADMINISTRATIVE INFORMATION
This information is provided on page 2.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity is administered and managed by a Committee of the Trustees, plus a Treasurer and Secretary appointed by them, all of whom work on a voluntary basis. The Trustees meet three times per annum to assess grant applications. The Secretary, Treasurer and Chair deal with day-to-day matters.
The Trustees aim to distribute all income generated by the Charity less administrative costs. The Trustees decide on the distributions to be made and will only support applications from clubs and organisations.
Information about the work of the Charity and contact details are www.therowingfoundation.org.uk. The Trustees are spread geographically around the country and also encourage applications from clubs in their areas. The website holds details about the application process and the online application form. The Charity awards grants to successful applicants, normally up to 50% of the project subject to a maximum grant. The Trustees determined to raise the maximum grant value to £4,000 at their November 2022 meeting.
Methods of Recruiting & Appointing, and Induction & Training, of Trustees
Prospective Trustees are approached on personal recommendation by existing Trustees and also on advice from the wider rowing community.
Induction
All new Trustees are provided with background information on the Charity including the constitution. They are also provided with Charity Commission guidance on the responsibilities of being a trustee.
Risk Management
The Trustees consider possible risks at their regular meetings. No major risks to which the Charity is exposed have been identified. The Treasurer reports to the Trustees at every meeting on the cash balance and investments.
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The Rowing Foundation generates and administers funds to support participation in water sports, especially rowing,
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by young people (i.e. those under 18 or under 23 if still in full time education) and the disabled of all ages by giving grants to enable clubs to adapt existing equipment or purchase new equipment, eg boats and oars/sculls. It does not make grants to individuals, but to rowing clubs and other organisations.
The original Declaration of Trust specifically provides that the Trustees shall assist in the organisation or provision of facilities which will enable and encourage young persons, receiving education or undergoing training in the United Kingdom, to row or to scull. The Charity now also considers applications for grants to support adaptive rowing, for both junior and adult participation. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives, and in planning future activities and setting the grant making policy for the year.
The aims of the Charity are reviewed each year and the Trustees examine in detail what has been achieved over the previous 12 months. This review looks at the success of each supported activity and the benefits that have been brought to the people involved.
ACHIEVEMENTS AND PERFORMANCE
For 2022, grants were as usual predominantly made to schools, student bodies and for the junior sections of rowing clubs. In addition, one grant was approved to promote adaptive rowing. During the year, the Charity approved 32 new grants (2021: 29 grants) totalling £72,544 (2021: £66,464) although a number of the grants awarded had yet to be paid by 31[st] December.
FINANCIAL REVIEW
The Charity received a number of substantial bequests and donations in previous years which form the basis of the longer-term investments held. Around that time, the Trustees established designated funds to the value of £268,078 for investment.
The Charity continues to benefit from donations from the . Donations are also received on an ongoing basis from generous supporters. Other donations are received from time to time, including via the Just Giving account.
There are no restrictions on the Charity's power to invest. The Trustees' investment policy for the designated funds is to provide a sufficient total return in a relatively predictable manner in order to supplement the expenditure envisaged by the Trustees in accordance with the objectives of the Charity.
RESERVES POLICY AND REVIEW
The Charity does not seek to accumulate funds, but it does wish to utilise the assets held which are in excess of grants allocated on an ongoing basis.
The Trustees consider it prudent to hold immediately available free reserves to meet likely expenditure on grants for the ensuing 12-month period. This policy has been met at the year end.
During the year, the Trustees reviewed the investment arrangements for those assets not required in the shorter
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term. They determined to move those assets held in Fixed Income & around half of the cash holdings into Global Equities. The asset switch is to be achieved over a period of time. By the end of 2022, all the Fixed Income assets had been sold and reinvested in Global Equities.
The Trustees will review the investment strategy on an ongoing basis and undertake a formal review every 3 years.
GOING CONCERN
The Trustees are of the opinion that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties regarding the Charity's ability to do so.
INVESTMENTS AT THE BALANCE SHEET DATE
| Value as at | Value as at | |
|---|---|---|
| 31 December 2022 | 31 December 2021 | |
| CAF UK Equity Fund | £209,648 | £220,373 |
| CAF Fixed Income Fund | - | £131,036 |
| COIF Global Equities Fund | £107,728 | - |
| Total | £317,376 | £351,409 |
aims to provide protection against inflation.
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principals in the charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements and;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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PUBLIC BENEFIT STATEMENr StIon 17 of the Charit1¢5 Act 2011 requires the Charity's Trustees to comply with their duty to have due reganl to publi¢ b¢ncfit guidance published by ihc Charity Commission in Cxercising their powers or duties. Th¢ Truslees are very mindful of this obligation and hav¢ been refeing to the guidance when reviewing our aims and objectives and in planDing our future activitl¢s. In particular. we have considered how plaDned a¢tivili¢b will contnbute to the aims and obj¢¢iiv¢s w¢ havc SCL UJY BLHALF OF THE TRUSTEES Dr l. Reid Chair Date..
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I report to the Trustees on my examination of the financial statements of the Rowing Foundation (the Charity) for the year ended 31 December 2022.
Respective responsibilities of trustees and examiner
The Trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities . The Trustees are satisfied that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examination.
Act and section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
I have completed my examination. I confirm that no matters have come to my attention giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
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 accounts to be reached.
Date: 24/03/23
Thomas Wilson ACA for and on behalf of Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG
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STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2022
| Notes Income from: Donations Investments 2 Total Income Expenditure on: Charitable Activities 3 Total Expenditure Net income (loss) before gains (losses) on investments Other recognised gains (losses): Net gains (losses) on investments 5 Net Movement in funds Reconciliation of funds: Total funds bought forward on 1 January 6 Total funds carried forward on 31 December |
Total Funds 2022 2021 £ £ 54,051 52,629 10,712 7,264 |
|---|---|
| 64,763 59,893 |
|
| 74,291 68,412 |
|
| 74,291 68,412 |
|
| (9,528) (8,519) (34,033) 18,998 |
|
| (43,561) 10,479 474,989 464,510 |
|
| 431,428 474,989 |
The results for the year and the previous year as set out above have been derived entirely from continuing operations.
There are no recognised gains or losses other than those passing through the Statement of Financial Activities.
The notes on page 10 to 15 form part of these financial statements.
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BALANCE SHEET AS AT 31 DECEMBER 2922 Notes 2022 2021 INVfi STMENTS 317.376 351.409 CURRENT ASSETS Cash At hand CCLA C.OIF Charities Deposit Fund CAF Bank accounts 90.915 54,821 90.031 63,525 145,736 153.562 CREDITORS: amounts falling dme witbin one year Grants payable A¢¢rued exp¢ns¢s (30,274) 1,410 (28.572) 1,410 NET CURRENT ASSETS 114.052 123,580 NET ASSETS 431,428 474,989 UNRESTRICTED FUNDS Gelleral Funds D¢signated Fund 163,350 268,078 431,428 206,911 268,078 474,9119 The flnaneial statements were approv¢d and uuthoris¢d for is$u¢ by th¢ BOd of Tru5t¢cs on 21 March 2023 and were signed below on its behalf by: Dr l. Reid Chair , Z( 53 The notes on pages 10 to 15 form of thes¢ finan¢ial statements
The Rowing Foundation Year ended 31 December 2022
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] DECEMBER 2022
1. ACCOUNTING POLICIES
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
(a) Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Rowing Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
(b) Preparation of the accounts on a going concern basis
Having considered future budgets and cash flows, the trustees confirm that they have no material uncertainties about the entity's ability to continue as a going concern for the foreseeable future.
(c)
Income
All income is included in the Statement of Financial Activities when the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income can be measured reliably. The following specific policies are applied to particular categories of income:
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Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the Charity is entitled to the funds, the income is deferred and not recognised until those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
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Investment income is credited to income when it is receivable and the amount can be measured reliability by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
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The Rowing Foundation Year ended 31 December 2022
(d) Fund accounting
Unrestricted funds
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The general fund is available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity. The general fund includes a revaluation reserve representing the restatement of investments at market value.
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The designated fund is an unrestricted fund created by the Trustees at their discretion for a specific purpose. The Trustees have decided to accumulate various large donations to form a capital fund, the Designated Investment Fund. This fund will be invested and the income arising used to provide grants for the Charity purposes.
(e) Cash and cash equivalents
Cash and cash equivalents includes cash and short term highly liquid investments with short term materiality of three months or less from the date of acquisition or opening or the deposit or similar account.
(f) Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised that transaction value and subsequently measure date their settlement value.
(g)
Expenditure
Liabilities are recognised as expenditure as soon as there is legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of obligation can be measured reliably.
Expenditure is recognised on an accruals basis as a liability is incurred, inclusive of VAT, which cannot be recovered.
Charitable activities comprise mainly of grants payable, other costs and governance costs. Grants payable are made to third parties in the furtherance of the charitable objects of the Charity. In the case of an unconditional grant offer it is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to the grant is outside the control of the Charity.
Governance activities comprise organisational administration and compliance with constitutional and statutory requirements. Costs include direct costs of external examination, legal fees and other professional advice.
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The Rowing Foundation Year ended 31 December 2022
(h) Investments
Investments are a form of basic financial instruments and are shown in the financial statements at market value. Movements in the market values of investments are shown as unrealised gains and losses in the Statement of Financial Activities.
Profits and losses on the realisation of investments are shown as realised gains and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated between sales proceeds and their opening carrying values or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
(i) Estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the trustee's best knowledge of the amount, events or actions actual results ultimately differ from these estimates. The Trustees do not consider there to be any material estimates and judgements
(j) Creditors and provisions
Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
| 2. INVESTMENT INCOME 2022 Interest on cash deposits 1,130 Distributions from investments 9,582 10,712 |
2021 16 7,248 7,264 |
|---|---|
3. CHARITABLE ACTIVITIES
| Grant Awarded to | 2022 | 2021 |
|---|---|---|
| Aberdeen Schools RA | 3,000.00 | |
| Agecroft RC | 2,874.00 | |
| Ancholme RC | 1,100.00 | |
| Ardingly RC | 3,000.00 | |
| Avon County RC | 3,000.00 | |
| Barts & Royal London RC | 3,000.00 | |
| Becket RC | 250.00 | |
| Bewl Bridge RC | 3,000.00 | |
| Cambois RC | 1,303.50 | |
| Cambridge 99 BC | 3,000.00 | |
| Cantabrigians RC | 1,900.00 |
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The Rowing Foundation Year ended 31 December 2022
| City of Oxford RC | 1,500.00 | |
|---|---|---|
| City of Peterborough RC | 3,000.00 | |
| Coleraine Alumni RA | 3,000.00 | |
| Dart Totnes RC | 3,000.00 | |
| Derby RC | 3,000.00 | |
| Fairlop RC | 2,663.00 | |
| Firhill Youth Project | 2,336.00 | |
| Fulham Reach RC | 1,900.00 | |
| Globe RC | 3,000.00 | |
| Gravesend RC | 3,000.00 | |
| Grosvenor RC | (338.48) | 2,642.00 |
| Hastings RC | 2,100.00 | |
| Hinksey Sculling School | 3,000.00 | |
| Just Row Gloucester | 900.00 | |
| Lakeland Rowing Club | 3,000.00 | |
| Lancashire Royal Grammar School BC | 3,168.40 | |
| Lea RC | 3,000.00 | |
| Leeds RC | 2,125.00 | |
| Leicester RC | 3,000.00 | |
| London Youth Rowing | 3,000.00 | |
| Minerva Bath RC | 2,500.00 | |
| Monmouth Comprehensive BC | 3,000.00 | |
| Mossbourne HS | 3,000.00 | |
| Nithsdale ARC | 3,000.00 | |
| Northwich RC | 3,000.00 | |
| Poole Sea Cadets | 1,000.00 | |
| Portadown RC | 3,000.00 | |
| Portishead Gig Club | 1,080.00 | |
| Queens Park HS | 2,350.00 | |
| Rob Roy RC | 3,000.00 | |
| Ross RC | 1,020.00 | |
| Royal Chester BC | 3,000.00 | |
| Runcorn BC | 2,000.00 | |
| Ryde RC | 3,000.00 | |
| Southampton Coalporters BC | 2,876.47 | |
| Southampton Sea Cadets | 450.00 | |
| Stourport RC | 2,000.00 | |
| Strathclyde BC | 2,065.00 | |
| Strathclyde Park RC | 1,000.00 | |
| Team Keane | 2,263.20 | |
| Tiffin School BC | 2,615.40 | |
| Tyne ARC | 1,500.00 | |
| Tyne United RC | 2,200.00 | |
| University of Plymouth BC | 3,000.00 | |
| Warrington RC | 3,000.00 | |
| Yealm Gig Rowing Club | 1,455.00 |
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The Rowing Foundation Year ended 31 December 2022
| York City RC York St John University BC Total Grants Other Costs Adjustment to CAF Gold balance stated previously Governance Costs - Independent Examiner's Fee Total Grants Creditor Grants brought forward Adjustments to previous year creditors Grants committed in the year Grants paid in the year Grants yet to be paid at year end |
930.00 766.20 1,175.00 72,205.82 66,463.87 674.95 539.50 - 1.12 1,410.00 1,410.00 74,290.77 68,412.25 2022 £ 2021 £ 28,572 14,120 (338) 2,750 72,544 66,464 (70,504) (54,762) 30,274 28,572 |
|---|---|
----- Start of picture text -----
£
Grosvenor final cost less than original grant (338)
----- End of picture text -----
| Grosvenor final cost less than original grant |
£ (338) |
|---|---|
| Included in the above creditors at year end | £ |
| Poole Sea Cadets | 1,000 |
| London Youth Rowing | 3,000 |
| City of Oxford RC | 1,500 |
| Cambridge 99 RC | 3,000 |
| Cantabrigian BC | 1,900 |
| Rob Roy BC | 3,000 |
| Agecroft RC | 2,874 |
| Leicester RC | 3,000 |
| Runcorn RC | 2,000 |
| Warrington RC | 3,000 |
| Gravesend RC | 3,000 |
| Royal Chester BC | 3,000 |
A number of the trustees are connected with a number of rowing clubs and similar organisations. All trustees are made aware of any connections prior to awarding any grants.
The Charity did not pay any salary costs in the current or previous years.
4. TRUSTEES' REMUNERATION AND RELATED PARTY TRANSACTIONS
No Trustee received any remuneration during the year (2021: £Ni1). No trustee received reimbursed expenses during the year (2021: £Nil).
No Trustee or other person related to the Charity had any personal interest in any transaction entered into by the Charity during the year (2021: £Nil).
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The Rowing Foundation Year ended 31 December 2022
5. INVESTMENTS
| NVESTMENTS | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Market Value as at 1 January | 351,409 | 332,411 |
| Net Investment Gain/(Loss) | (34,033) | 18,998 |
| Market Value as at 31 December | 317,376 | 351,409 |
All investment assets were held in two CAF income funds and one COIF investment fund, the custody of which are within the UK. All of the above investments are used in the furtherance of the Charity's objects.
6. INVESTMENT FUNDS
| 2022 2021 |
|
|---|---|
| General £ Designated £ General £ Designated £ |
|
| Funds are represented by the | |
| following assets and liabilities | |
| 195,034 268,078 236,893 268,078 |
|
| Cash at bank and investments | |
| Other net assets and liabilities | (31,684) - (29,982) |
| 163,350 268,078 206,911 268,078 |
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