Registered Charity No. 299940
## Thames Rowing Club Charitable Trust
Report and Accounts
Year ended 5 April 2025
Thames Rowing Club Charitable Trust Report of the Trustees for the year ended 5 April 2025
## Formation and purpose
The Trust’s charitable objectives were established by Deed and Supplemental Deed dated 11 August 1988 and 16 July 2003 respectively. These are (1) to advance the education of young persons and (2) to promote community participation in healthy recreation by providing facilities for the sports of rowing and sculling.
## Trustees
The following persons have been trustees throughout the year under review and until the date of this report, unless otherwise stated. G Elkington Chairman Lt.Col. J Wyatt OBE Honorary Secretary, resigned in September 2024 AD Seddon Honorary Treasurer Mrs RM Brett Honorary Secretary, from September 2024 SQ Dooley Mrs EC Austin P Baldwin Appointed on 22 May 2025
Additional and new trustees are appointed by the trustees from time to time, bearing in mind their interest in promoting rowing and other skills relevant to the trust. Trustees keep abreast of emerging legislation and other matters relevant to the discharge of their responsibilities through reading and training courses as appropriate.
|Principal office
9 Dealtry Road
Putney
London SW15 6NL
Bankers
Royal Bank of Scotland
Drummond House
Edinburgh EH12 9JN|Custodian trustee
Canaccord Wealth
88 Wood Street
London, EC2V 7QR
Independent Examiner|
|---|---|
||
G F Traylen
15 Holmbush Road
London SW15 3LE|
## Organisation
The Trustees use their voluntary efforts in furtherance of the trust’s purpose. The Trustees generally meet three times each year to decide their priorities and to authorise expenditure. Under the principal trust deed the trust is precluded from raising funds by trading and so it stands to increase funds from voluntary donations.
## Investment policy
The principal trust deed permits Trustees to use their discretion over the investment of funds. At the balance sheet date the funds comprised cash deposits, units in a high income unit trust and holdings in two unit trusts that are run solely for the benefit of charities. The policy is to maintain a balance between deposits, fixed interest investments and UK equities in the shape of unit trusts so as to provide a steadily increasing flow of income for distribution in accordance with the trust deed.
## Reserves policy
The trust has no financial commitments other than those decided from time to time by the trustees with regard to donations. There are no salary or establishment costs or any other costs of a recurring nature. Accordingly the trustees consider that present reserves are adequate for the continuation of the trust.
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Thames Rowing Club Charitable Trust Report of the Trustees for the year ended 5 April 2025
## Summary of policies to achieve objectives
The Trustees are always conscious of their obligations to act in accordance with the Trust Deeds. They make judgements whether to support capital expenditure in terms of boats, vehicles and other equipment or whether to support rowing expenses such as travel costs, regatta entry fees, coaching fees and launch costs. The Trustees’ basic approach has remained unchanged since the trust’s establishment.
## Financial review and charitable donations
Under an agreement dated 17 December 2004 the trust advanced £250,000 (free of interest) to Thames Rowing Club (“TRC”) to assist with funding the development of gym facilities. The advance was secured by a second charge on the club’s premises, and on each succeeding anniversary of the date of effective completion of the building (21 March 2005) one twentieth of the loan was expunged. The 20 year term expired on 20 March 2025, and the twentieth and final tranche of the advance to TRC of £12,500 has been written off in these accounts. The loan is now concluded.
To fulfil its purpose, the Trust makes charitable donations primarily from investment income, although it may supplement this with payments from the General Fund. In addition the Trust receives donations for general or specific purposes which are in accordance with its charitable purposes, and makes payments out of general or restricted funds, as appropriate.
The charity agreed net grants of £30,400 in the year, all to Thames Rowing Club. £4,500 was to support younger and less affluent members with the costs of attending the annual training camp, with the balance of £25,900 being in support of rowing equipment purchases.
The investment returns resulted in income of £49 (2023/24 - £8,069). Note that the reported 2023/24 investment income erroneously included income of £4k earned in 2024/25. No adjustment has been made to the 2023/24 comparatives as the error is not material. There were no sales of investments in the year, and the market value decreased by £748 (2023/24 – a decrease of £451).
The Trust’s total funds increased in the year from £166,829 to £171,084. This is made up primarily from the net surplus of £17.5k of income received over unrestricted charitable donations offset by the forgiveness of the long term advance (£12.5k). The Trustees are particularly grateful for a material and generous donation made in the course of the year by a club member.
Note that in 2024/25 the charity’s income exceeded the £25,000 level at which an independent audit or examination is required.
Signed on behalf of the Trustees
G Elkington, Chairman
1 May 2026
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## Thames Rowing Club Charitable Trust ~~Statement of financial activities for the~~ Year ended 5 April 2025
||Restricted
funds|Unrestricted
funds|||
|---|---|---|---|---|
|Note
Income and Expenditure
Incoming resources
Legacies
Donations
Investment income
Deposit interest
Total incoming resources
2
Resources expended
Direct charitable expenditure
6
Administration costs
7
Total resources expended
Net ingoing/(outgoing)
resources for the year
Other recognised gains
and losses
Realised gains on investments
Unrealised gains on
investments
5&8
Net movement in funds
Balances brought forward
at 5 April 2024
10
Balances carried forward
at 5 April 2025
10|Burrough
Building
Fund
£
-
-
-
-
-
12,500
-
12,500
(12,500)
-
-
(12,500)
12,500
-|General fund
£
3,000
44,161
49
981
48,191
30,400
288
30,688
17,503
-
(748)
16,755
154,329
171,084|2025
Total
£
3,000
44,161
49
981
48,191
42,900
288
43,188
5,003
-
(748)
4,255
166,829
171,084|2024
Total
£
-
14,387
8,069
905|
|||||23,361|
|||||31,000
514|
|||||31,514|
|||||(8,153)
-
(451)|
|||||(8,604)|
||||||
|||||175,433|
||||||
|||||166,829|
||||||
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## Thames Rowing Club Charitable Trust Balance Sheet at 5 April 2025
|Note||2025|2024|2024|
|---|---|---|---|---|
|Fixed Assets
Investments
8||£
72,658|£
73,406||
|Long-term advance (secured)
9
Current Assets
Debtors
Short term deposits
Cash at bank
Total current assets
Liabilitiesamounts falling
due within one year
Net Current Assets
Net assets
Funds
Restricted
- Burrough Building Fund
Unrestricted - General
10|-
-
105,426|-
98,426
171,084
-
171,084
171,084|12,500
3,000
-
96,424
99,424
(18,500)
80,924
166,829
12,500
154,329
166,829||
||105,426
(7,000)||||
||||||
|||||166,829|
|||||12,500
154,329|
|||||166,829|
Approved by the Board of Trustees on 1 May 2026 and signed on its behalf by
G Elkington, Chairman
A D Seddon ACA Honorary Treasurer
The notes on pages 5 and 6 form part of these accounts
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## Thames Rowing Club Charitable Trust Notes to the Accounts for the Year ended 5 April 2025
1. These accounts have been prepared under the historical cost convention as modified by the revaluation of investment assets and are in accordance with accounting standards and Accounting and Reporting by Charities - Statement of Recommended Practice (SORP 2005). There have been no changes in the accounting policies in the year.
2. Under the Trustees’ policy, donations to the Trust are credited to the General Fund unless the donor specifies an alternative fund or restrictions. Receipts are recognised when received. Gift Aid, which may become due on those receipts, is recognised when the tax repayments are received.
3. The Trustees’ policy is to grant charitable expenditure from the General Fund except where a restricted fund has been established for that specific purpose.
4. Charitable expenditure comprises payments to third parties. Administration costs are shown as incurred and primarily represent the investment manager’s fees.
5. Investments are included at market value at the year end and the resulting appreciation or decline in value is taken to the Statement of Financial Activities.
## 6. Direct charitable expenditure
|2025
General Fund
£
Equipment purchase
25,900
Contribution to regatta and training expenses
4,500
Grant to Thames Rowing Club athletes
-
General grant to Thames Rowing Club
-
30,400
Restricted funds
Grant to Thames Rowing Club
12,500
12,500
No trustee received any remuneration or reimbursement for expenses.
2025
7. Management and administration costs
£
From the General Fund comprised:
Fund management fee
288|2024
£
14,000
4,500
-|
|---|---|
||18,500|
||12,500|
||12,500|
||2024
£
514|
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## Thames Rowing Club Charitable Trust
## Notes to the Accounts for the Year ended 5 April 2025 (cont)
|8. Fixed asset investments
Quoted investments
Market value at 6 April 2024
Disposals in year
Net investment (loss) / gain in year
Market value at 5 April 2025
Historical cost
Investments that are over 5% of portfolio by value are:
Legal & General High Income gross units
Blackrock Charities (UK Equity Fund)
M&G Equities Fund (formerly Charifund)
9. Secured Advance
Amount advanced less balance forgiven|2025
2024
£
£
73,406
73,857
-
-
(748)
(451)
72,658
73,406
34,834
34,834
2025
2024
Market
Value
£
Market
Value
£
3,413
3,439
21,430
21,529
47,814
48,438
2025
2024
£
£
-
12,500|
|---|---|
Under an agreement, the advance was interest free and was expunged in 20 equal annual instalments until 21 March 2025. The loan is now concluded.
## 10. Analysis of net assets between funds
|Restricted funds
Burrough Building fund
Unrestricted funds
General fund
Total|Secured
advance
£
-
-
-|Quoted
investments
£
-
72,658
72,658|Net current
assets
£
-
98,426
98,426|Total
£
-
171,084|
|---|---|---|---|---|
|||||171,08
4|
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## Independent Examiner’s Report
## to the Trustees of Thames Rowing Club Charitable Trust
I report on the accounts of the Trust for the year ended 5 April 2025, which are set out on pages 1 to 6.
## Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under Section 145 of the 2011 Act
- to follow the procedures laid down in the general Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act and
- to state whether particular matters have come to my attention.
## Basis of independent examiner’s report
My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below
## Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
- (1) which gives reasonable cause to believe that in any material respect the requirements
- to keep accounting records in accordance with section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
- have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
GF Traylen 15 Holmbush Road Putney London SW15 3LE
1 May 2026
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