2023-03-31-accounts - Chatham Maritime Trust

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					Page
Reference and administrative		details ofthe charity,	its trustees,	and advisers
Chair's statement
Trustees' report					3-13
Independent auditors'	report				14-17
Statement offinancial	activities				18
Income and expenditure account					19
Balance sheet					20
Statement ofcash flows					21
Notes to the financial	statements				22-50

		Unrestricted	Restricted	Total	Total
		Funds	Funds	Funds	Funds
		2023	2023	2023	2022
	Note	6	6	6	6
INCOME FROM:
Investments		842,898	115,588	958,486	824,350
Charitable activities		860,128		860,128	859,487
Other income		466,454		466,454	864,461
TOTAL INCOME		2,169,480	115500	2205068	2540290
EXPENDITURE ON:
Raising funds	5	16,199	2,167	18,366	22,080
Other charitable activities	7	1,621,100	146,735	1,767,835	2,170,303
TOTAL EXPENDITURE	10	1,637,299	148,902	1,786,201	2,192,383
NET INCOME BEFORE INVESTMENT GAINS / (LOSSES)		532,181	(33,314)	498,867	355,915
Net gains/(losses) on investments	24	(2,014,711)	(155,396)	(2,170,107)	1,004,751
NET INCOME / (EXPENDITURE) BEFORE TRANSFERS		(1,482,530)	(188,709)	(1,671,240)	1,360,666
Transfers between Funds	24	(3,885)	3,886
NET INCOME / (EXPENDITURE)		(1,486,416)	(184,823)	(1,671,240)	1,360,666
Total funds at 1 April		22,498,272	3,602,039	26,100,311	24,739,645
TOTAL FUNDS AT 31 MARCH		21,011,856	3,417,215	24,429,071	26,100,311

				2023		2022
		Note	6	6		E
FIXED ASSETS
Tangible assets		16	1,677,865		1,586,817
Heritage assets		17
Investment property		18	1,883,736		2,216,160
Total tangible assets				3,561,601		3,802,977
Investments		19		22,953,010		24,675,338
				26,514,611		28,478,315
CURRENT ASSETS
Debtors		20	676,439		741,352
Cash at bank and in hand			1,311,033		1,028,406
			1,987,472		1,769,757
CREDITORS: amounts within one year	falling due	21	(852,356)		(883,573)
			1,135,116
PROVISIONS FOR LIABILITIES
Other provisions		23	(652,197)			(652,197)
NET CURRENT ASSETS				482,919		886,184
TOTAL ASSETSLESSCURRENT LIABILITIES				26,997,530		29,364,499
CREDITORS: amounts falling due after more than one year		22		(2,568,459)		(2,611,992)
NET ASSETS				24,429,071		26,100,310
CHARITY FUNDS
Restricted funds		24		3,417,215		3,602,039
Unrestricted funds		24		21,011,856		22,498,272
TOTAL FUNDS AT 31	MARCH			24,429,071		26,100,310

owing ba	ses:
Freehold	property
Freehold	improvements
Land and	structures
Plant and	machinery
Motor vehicles
Fixtures and fittings
Computer	equipment

				Unrestricted	Restricted	Total	Total
				Funds	Funds	Funds	Funds
				2023	2023	2023	2022
Bank deposit interest				7,880	1,322	9,202	6,065
Investment income:
Dowry fund				427,187		427,187	340,745
Pembroke fund				210,120		210,120	175,593
Starfish Play Area fund					10,676	10,676	8,832
Community Centre endowment		fund			6,345	6,345	5,250
Shark Park Play area	fund				2,508	2,508	2,074
Marine Infrastructure	reserve fund			10,313		10,313	9,348
SMI Medium Term reserve fund				18,669		18,669	16,587
Tadpole Play Area fund					2,730	2,730	2,225
Island Way Loop Road endowment			fund		59,644	59,644	48,299
Sector 3 landscaping	endowment		fund		6,795	6,795	5,925
Sector 5 landscaping	endowment		fund		840	840	653
Sector 13landscaping	endowment		fund		24,728	24,728	24,101
Rents from investment	properties			168,729		168,729	178,643
				842,898	115,588	958,486	824,350

			Unrestricted	Restricted	Total	Total
			Funds	Funds	Funds	Funds
			2023f	2023f	2023f	2022f
Service charge income			301,689		301,689	304,999
Transfer from service charge advance		payment	43,533		43,533	43,533
Rent charge	income		404,990		404,990	426,345
Community	centre hire income		61,341		61,341	41,317
Watersports	centre income		48,575		48,575	43,292
			860,128		860,128	859,487

		Unrestricted	Restricted	Total	Total
		Funds	Funds	Funds	Funds
		2023f	2023	2023f	2022f
Sundry income		11,704		11,704	11,010
Licence fee	income	454,750		454,750	831,600
Coronavirus	Business Support Grants				16,000
Coronavirus	Job Support Scheme				5,851
		466,454		466454	864,461

						Unrestricted	Unrestricted	Restricted	Total	Total
						Funds		Funds	Funds	Funds
						2023		2023	2023	2022
						E		E	E
Dowry fund						11,254			11,254	13,362
Pembroke	fund					4,945			4,945	6,044
Restricted	fund							2,167	2,167	2,574
						16,199		2,167	18,366	22,080
The Trust's		investment	funds are invested		into a Non-UCITS		Retail	Scheme from which investment
management		fees are	deducted	at source	out ofcapital.
In 2023 estimated fees			deducted	from capital		were E59,759(2022:		E63,625) in respect ofunrestricted		funds
and F7,994		(2022:E7,603) in respect of restricted funds.
6. GRANTS TO INSTITUTIONS
						Unrestricted	Restricted		Total Total Funds
						Funds		Funds	Funds
						2023		2023	2023	2022
						E		E	E	E
Community		Fund expenditure				33111			33111	4,540
St Mary's Island Youth			Club sponsorship			2,577			2,577	2,425
						35,688			35,688	6,965

ANALYSIS O	F EXPENDITUR	E ON CHARIT	ABLE ACTIVITIE	S
					Total	Total
			Unrestricted	Restricted	Funds	Funds
			Funds	Funds
			2023	2023	2023	2022
		Note	E	E	E
Activities undertaken	directly		875,909	137,685	1,013,594	915,512
Support costs			709,503	9,050	718,553	1,247,826
Grants to institutions			35,688		35,688	6,955
			1,621,100	146,735	1,767,835	2,170,303

8. DIRECT CO	STS
			Activities	Total	Total
			undertaken
			directly
			2023f	2023f	2022 f
Rent charge expenditure			232,360	232,360	302,033
Service charge expenditure			216,353	216,353	235,024
Public areas expenditure			456,888	456,888	283,328
Community centre	expenditure		86,543	86,543	70,569
Watersports centre	expenditure		21,450	21,450	24,556
			1,013,594	1,013,594	915,512
9. SUPPORT COSTS
			Support	Total	Total
			costs
			2023f	2023f	2022 f.
Administration expenses			135,389	135,389	92,635
Legal and professional			46,083	46,083	17,375
Community centre			6,901	6,901	4,416
Trustee costs			2,943	2,943	1,565
Auditors remuneration			16,461	16,461	15,598
Wages and salaries			378,866	378,866	351,559
National insurance	contributions		34,083	34,083	32,865
Pension costs			15,459	15,459	17,115
Death in service scheme			4,461	4,461	3,251
Leviathan Way/Maritime		Way dues			652,197
Depreciation			77,907	77,907	59,250
			718,553	718,553	1,247,826

					Staff	Depreciation	Other	Total	Total
					costs		costs
					2023 8	2023 K	2023	2023 K	2022f
Investment	management			fees			18,366	18,366	22,080
Costs ofgenerating			funds				18,366	18,366	22,080
Charitable	activities:
Activities undertaken			directly				1,013,594	1,013,594	915,512
Support costs					428,408	77,907	212,238	718,553	1,247,626
Grants to institutions							35,688	35,688	6,965
Subtotal charitable		activities			428,408	77,907	1,261,520	1,767,835	2,170,304
					428,408	77,907	1,279,886	1,786,201	2,192,383
11. ANALYSIS		OF		EXPENDITURE	BYACTIVITIES
					Activities	Support	Grants to	Total	Total
					undertaken	Costs	institutions
					directly
					2023	2023	2023	2023	2022
									E
Rent charge	expenditure				232,360	164,724		397,084	514,954
Service charge expenditure					216,353	153,376		369,729	370,181
Public areas expenditure					456,888	323,895	33,111	813,894	417,359
Community	centre expenditure				86,543	61,352	2,577	150,472	133,641
Watersports	centre	expenditure			21,450	15,206		36,656	81,971
					1 013594	718553	35688	1767835	1,518,106

12. NET INCOMEING/OUTGOING	12. NET INCOMEING/OUTGOING	RESOURCES
			2023	2022
			8	6
This is stated after charging:
Depreciation oftangible	fixed assets		77,906	73,196
Auditors' remuneration			16,461	15,598
Auditors' remuneration	- non-audit	services	4,799	6,080
Pension costs			15,459	17,115

14.	STAFF COSTS
		2023 5	2022f
Wages	and salaries	378,866	351,559
Social	security costs	34,083	32,865
Other	pension costs	15,459	17,115
		428,408	401,538

	2023	2022
	No.	No.
Office and management	8.5
The number of higher paid employees was:
	2023	2022
	No.	No.
In the band 660,001 - f70,000

		Reimbursed to Trustees	Paid Directly to 3~parties	Total	Total
		2023f	2023	2023f	2022f
Travel expenses	(1Trustee; 2022: 1 Trustee)				92
Accommodation	costs (1Trustee; 2022: 1 Trustee)		562	562	8
Meeting expenses			2,381	2,381
			2,943	2,943	100

		2023	2022
			6
Valuation
At 1 April		2,216,160	2,052,000
(Deficit)/surplus	on revaluation	(332,424)	164,160
At 31 March		1,683,736	2,216,160

	Global Equities	2023	2022
Market value
Dowry Fund	14,063,034	14,063,034	15,115,266
Pembroke Fund	6,179,299	6,179,299	6,643,564
Restricted Fund	2,710,677	2,710,677	2,916,508
Total market value	22,953,010	22,953,010	24,675,338
Historical cost
Dowry Fund	12,043,904	12,043,904	11,967,212
Pembroke Fund	5,124,334	5,124,334	5,092,969
Restricted Fund	2,409,950	2,409,950	2,399,131
Total historical cost	19,597,570	19,597,570	19,459,312

DOWRY FUND
		Capital	Income	Total	Total
		Account	Account	2023	2022
Market value
At 1 April		15,102,104	13,162	15,115,266	13,799,347
Additions/Transfers	in	38	458,616	458,654	1,373,174
Disposals/Transfers	out	(14,609)	(370,000)	(384,609)	(556,618)
Revaluations		(1,126,2'77)		(1,126,277)	499,363
At 31 March		13,961,256	101,778	14,063,034	15,115,266
Historical cost		11,942,126	101,778	12,043,904	11,967,212
PEMBROKE FUND
		Capital	Income	Total	Total
		Account	Account	2023	2022
Market value
At 1 April		6,635,479	8,085	6,643,564	6,406,300
Additions/Transfers	in		201,438	201,438	254,956
Dispossls/Transfers	out	(6,162)	(165,000)	(171,162)	(254,111)
Revaluations		(494,541)		(494,541)	236,419
At 31 March		6,134,776	44,523	6,179,299	5,643,554
Historical cost		5,079,811	44,523	5,124,334	5,092,969
RESTRICTED FUND
		Capital	Income	Total	Total
		Account	Account	2023	2022
		6	6
Market value
At 1 April		2,908,737	7,771	2,916,508	2,806,706
Additions/Transfers	in		88,204	88,204	72,168
Disposals/Transfers	out	(2,170)	(75,000)	(77,170)	(67,175)
Revaluations		(216,865)		(216,865)	104,809
At 31 March		2,689,702	20,975	2,710,677	2,916,508
Historical cost		2,388,975	20,975	2,409,950	2,399,131

20. DEBTORS
		2023f	2022 F
Trade debtors		446,202	542,866
Other debtors		10,464
Prepayments and accrued	income	219,773	198,486
		676,439	741,352
21. CREDITORS
Amounts falling due within one year
		2023 6	2022f
Trade creditors		135,010	67,303
Other taxation and social security		105,615	96,063
Other creditors		21,438	33,571
Accruals		95,989	80,520
Deferred income - per note 21(a)		494,304	606,116
		852,356	883,573
21(a) Deferred income:
		2023	2022
Deferred income at 1 April		606,116	623,377
Resources deferred during	the year	494,304	606,116
Amounts released from previous years		(606,116)	(623,377)
Deferred income at 31 March		494,304	606,116

Amounts	falling d	ue after	more than one year
				2023f	2022f
Deferred	income:
Advance	payment	ofservice charges		2,568,459	2,611,992
				2,568,459	2,611,992
22(a).	Deferred	income:
				2023f	2022f
Deferred	income at 1 April			2,611,992	2,655,525
Resources deferred		during	the year
Amounts	released	from previous years		(43,533)	(43,533)
Deferred	income at 31 March			2,568,459	2,611,992

23. PROVISIONS	23. PROVISIONS
		2023	2022f
At 1 April	2022	652,197
Additions			652,197
Expended	in year
At 31 March 2023		652,197	652,197

SUMMARY
			Brought Incoming Resources Transfers					Gains I	Carried
			Forward Resources Expended inlout					Losses	Forward
			01-Apr-22 f						31-Mar-23 f
Designated	funds		6,125,912		347,500	(221,185)	45,836	(556,011)	5,742,052
General funds			16,372,360 1,821,980 (1,416,114) (49,722)					(1,458,700)	15,269,804
Unrestricted	funds	(A)	22,498,272 2,169,480 (1,637,299)				(3,886)	(2,014,711)	21,011,856
Restricted funds (B)			3,602,039		115,588	(148,902)	3,886	(155,396)	3,417,215
			26,100,311 2,285,068 1,786,201					2,170,107	24,429,071
UNRESTRICTED FUNDS			(A)
				Brought	Incoming	Resources	Transfers	Gains I	Carried
				Forward	Resources	Expended		Losses	Forward
				01-Apr-22 f				f	31-Mar-23 f
Designated	funds
Community	fund			2,705		(33,111)	331111		2,705
Marine Infrastructure		reserve		433,473	26,804			(20,644)	439,433
SMI Medium Infrastructure	Term reserve			857,239	18,870		12,725	(40,826)	847,808
Pembroke fund reserve				4,630,196	253,651	(106,427)		(494,541)	4,282,879
Watersports	Reserve			202,299	48,575	(81,647)			189,227
				6,125,912	347,500	(221,185)	45,836	(556,011)	5,742,052
General funds
Dowry Fund	reserve			15,501,052	891,509	(472,994)		(1,126,276)	14,793,291
Revaluation	reserve			358,931				(332,424)	26,507
General reserve				512,377	930,471	(943,120)	(49,722)		450,008
				16,372,360	1,821,980	(1,416,114)	(49,722)	(1,458,700)	15,269,804
Total Unrestricted		funds		22,498,272	2,169,480	(1,637,299)	(3,886)	(2,014,711)	21,011,856

RESTRICTED FUNDS	(B)
		Brought	Incoming	Resources	Transfers	Gains /	Carried
		Forward	Resources	Expended		(Losses)	Forward
		01-Apr-22					31-Msr-23
		6					6
Restricted funds
Starfish Play Area		332,030	10,676	(836)		(15,813)	326,057
Tadpole Play Area		60,683	2,730	(5,355)		(2,890)	55,168
Community centre endowment		210,142	6,345	(2,689)	3,886	(10,008)	207,676
Shark Park Play Area		29,232	2,508	(8,144)		(1,392)	22,204
SOB Reserve Fund		293,925	1,322				295,247
Leviathan Way/ Western Ave Landscaping Reserve		45,200		(4,800)			40,400
Island Way Loop Road	fund	1,709,519	59,644	(92,973)		(81,416)	1,594,774
Sector 3Landscaping	Reserve	190,898	6,795	(127)		(9,092)	188,474
Sector 5 Landscaping	Reserve	22,600	840	(33,978)		(1,076)	(11,614)
Sector 13Landscaping	Reserve	707,810	24,728			(33,709)	698,829
Total Restricted funds		3,602,039	115,588	(148,902)	3,886	(155,396)	3,417,215

25. ANALYSIS OF NET ASSETS BETWEEN	FUNDS
	Unrestricted	Restricted	Total funds	Total funds
	funds	funds
	2023f	2023 6	2023 6	2022 6
Tangible fixed assets	1,677,865		1,677,865	1,586,817
Heritage assets
Investment properties	1,883,736		1,883,736	2,216,160
Fixed asset investments	19,535,795	3,417,215	22,953,010	24,675,339
Current assets	1,987,472		1,987,472	1,769,757
Creditors due within one year	(852,356)		(852,356)	(883,573)
Creditors due after more than one year	(2,568,459)		(2,568,459)	(2,611,992)
Provisions for liabilities and charges	(652,197)		(652,197)	(662,197)
	21,011,857	3,417,215	24,429,071	26,100,311

			2023	2022
			K	E
Net income for the year (as per Statement of			(1,671,240)	1,198,506
Financial Activities)
Adjustment for:
Depreciation charges			77,906	73,196
Losses/gains) on investments			2,170,107	(840,591)
Decrease/(increase)	in debtors		64,913	68,258
(Decrease)/increase	in creditors		(74,750)	441,130
Net cash provided by operating		activities	566,935	938,499
27. ANALYSIS OF	CASH AND	CASH EQUIVALENTS
			2023	2022
			K
Cash at bank and in	hand		1,311,033	1,028,406
Total			1,311,033	1,028,406

Future minimum rentals payable under non-cancella	ble operating leases are as follows:
	2023	2022
	6	5
Within one year	7,855	8,118
In two to five years	14,671	1,205
	22,526	9,323

Amounts paid follows:	by and balances owed by Chatham Mari	time Trust were as
		2023	2022
			2
Administration	expenses	163
Balance due at 31 March

		2023	2022
			8
Annual	service charges	40,042	32,726
Balance	due at 31 March	(6,808)	30,452

		2023	2022
		8
Annual	service charges	24,250	25,268
Banner	Licence		50
Balance	due at 31 March	(3,458)	13,503

		2023f	2022 F
Charitable	donations	2,577	2,290
Balance due at 31 March

32. FINANCIAL INS	TRUMENTS	TRUMENTS	TRUMENTS	TRUMENTS
The carrying amounts	ofthe charity's				financial		instruments	are as follows:
FINANCIAL ASSETS
Measured at fair value through				net	income/expenditure				2023	2022
									K	E
Fixed asset listed investments
									22953010	24675338
Debt instruments measured			at	amortised		cost			2023	2022
Trade debtors									446,202	542,866
FINANCIAL LIABILITIES
Measured at amortised cost									2023	2022
									6	F
Trade creditors									135,010	67,303
Other creditors
									21,438	33,571
Total									156,448	100,874
Income and expense
									2023	2022
									8	8
Financial assets measured		at	fair	value through			net income/expenditure		958,488	824,350
Net gains and losses	(including			changes		in	fair value)
									2023	2022
									6	F
Financial assets measured		at	fair	value through			net income/expenditure		(1,837,683)	840,591

				2022 f
Business support		grants		16,000
Cancellation	ofbusiness		rates	2,280
Coronavirus	Job	Support	Scheme	5,851
				24,131

				Unrestricted	Restricted	Total Funds
				Funds	Funds
				2022	2022	2022
			Note	6	6
INCOME FROM:
Donations and legacies
Investments				723,238	101,112	824,350
Charitable activities				859,487		859,487
Other income				864,461		864,461
TOTAL INCOME				2,447,186	101,112	2,548,298
EXPENDITURE ON:
Raising funds				19,406	2,674	22,080
Other charitable activities				1,997,178	173,125	2,170,303
TOTAL EXPENDITURE			10	2,016,584	175,799	2,192,383
				430,602	(74,687)	355,915
NET INCOME BEFORE INVESTMENT
GAINS/(LOSSES)
Net gains/(losses)	on investments			929,451	75,300	1,004,751
NET INCOME/(EXPENDITURE)		BEFORE
TRANSFERS
				1,360,053	613	1,360,666
Transfers between	Funds
				(10,043)	10,043
NET INCOME/(EXPENDITURE)
				1,350,010	10,656	1,360,666
Total funds at 1 April
				21,148,262	3,591,383	24,739,645
TOTAL FUNDS AT 31 MARCH				22,498,272	3,602,039	26,100,311

37. COMPARATIVE	37. COMPARATIVE	37. COMPARATIVE	STATEMENT OF FUNDS YEAR ENDED 31 MARCH 2022	STATEMENT OF FUNDS YEAR ENDED 31 MARCH 2022	STATEMENT OF FUNDS YEAR ENDED 31 MARCH 2022	STATEMENT OF FUNDS YEAR ENDED 31 MARCH 2022	STATEMENT OF FUNDS YEAR ENDED 31 MARCH 2022
SUMMARY
				Brought	Incoming	Resources	Transfers	Gains /	Carried
				Forward	Resources	Expended	in/out	Losses	Forward
				01-Apr-21				F	31-Mar-22 f
Designated	funds			5,696,522	305,909	(139,336)	(3,110)	265,927	6,125,912
General funds				15,451,740	2,141,278	(1,877,248)	(6,933)	663,523	16,372,360
Unrestricted	funds (A)			21,148,262	2,447,187	(2,016,584)	(10,043)	929,450	22,498,272
Restricted funds (B)				3,591,383	101,113	(175,800)	10,043	75,300	3,602,039
				24,739,645	2,548,300	2,192,384)		1,004,750	26,100,311
(A) UNRESTRICTED FUNDS
				Brought Forward	Incoming Resources	Resources Expended	Transfers	Gains / Losses	Cerned Forward
				01-Apr-21					31-Mar-22
Designated	funds
Community	fund			2,705		(4,540)	4,540		2,705
Marine Infrastructure			reserve	397,009	26,904			9,560	433,473
SMI Medium Infrastructure	Term reserve			828,354	16,587		(7,650)	19,948	857,239
Pembroke fund reserve				4,227,476	219,126	(52,825)		236,419	4,630,196
Watersports	Reserve			240,978	43,292	81 971			202,299
				5,696,522	305,909	139,336	3,110)	265,927	6,125,912
General funds
Dowry Fund	reserve			14,605,378	1,273,831	(877,520)		499,363	15,501,052
Revaluation	reserve			194,771				164,160	358,931
Profit & Loss A/c				651 591	867447	999,728	6,933	-	512,377
				15,451,740	2,141,278	1,877,248	6,933	663,523	16372,360
Total Unrestricted		funds		21,148,262	2,447,187	2,016,584)	10,043	929,450	22,498,272

(B) RESTRICTED	FUNDS
		Brought Forward	Incoming Resources	Resources Expended	T f ransfers	Gains / (Losses)	Carried Forward
		01-Apr-21					31-Mar- 22
		6					E
Restricted funds
Starfish Play Area		319,693	8,832	(4,194)		7,699	332,030
Tadpole Play Area		61,962	2,225	(4,996)		1,492	60,683
Community centre		199,088	5,250	(9,033)	10,043	4,794	210,142
endowment		38,748	2,074	(12,523)		933	29,232
Shark Park Play Area		290,182	3,743				293,925
SOBReserve Fund		50,000		(4,800)			45,200
Leviathan Way/ Western Ave Landscaping Reserve		1,690,429	48,299	(66,925)		37,716	1,709,519
Island Way Loop Road	fund	188,003	5,925	(7,557)		4,527	190,898
Sector 3 Landscaping	Reserve	22,943	663	(1,558)		552	22,600
Sector 5 Landscaping	Reserve	730,335	24,102	(64,214)		17,587	707,810
Total Restricted funds		3,591,383	101,113	(175,800)	10,043	75,300	3,602,039