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Company Registration No. 03439192 (England and Wales) Charity Registration No. 1064643
THE CLASSIC BOAT CENTRE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
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THE CLASSIC BOAT CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE)
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CONTENTS
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| Page | |
|---|---|
| Legal and administrative information | 1 |
| Board ofTrustees report | 2-4 |
| Independent Examiner's report | 5 |
| Statement offinancial activities | 6 |
| Balance Sheet | 7 |
| Notestotheaccounts | 8-17 |
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~ THE CLASSIC BOAT CENTRE TRUST _ (A COMPANY LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE INFORMATION
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| mmm | me | ORNS PENNA OES OR RLM | DIE EB | Ln ES Ac a NERS SRESSPE IEBSASISSIES |
SOASIRREDSSSAACS NSEDBSD EBA | OOPELSSDSESE ERIE ETS SEIEINES | DE EES AGS IEEE SELAENORE LESINSEETESA INETAIT |
|---|---|---|---|---|---|---|---|
| Address | 36 Castle Road | ||||||
| Cowes Isle ofWight |
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| PO31 7QZ | |||||||
| Trustees | RJoy | ||||||
| R Ireland | |||||||
| M McNeill M Greville |
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| W Lawrence | |||||||
| SSymons | |||||||
| D JL Fontana |
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| J Danyluk - appointed 18 October2019 | |||||||
| L Preston | |||||||
| Secretary | MrWSG Lawrence | ||||||
| Governing | Instrument | Articles ofAssociation adopted 1st March 2020 | |||||
| Charitable | Status | The Trust is a registered charity No. 1064643 | |||||
| Company Status | TheTrust is a limited company No. 03439192 | ||||||
| Accountants | Moore (South) LLP | ||||||
| 9 StJohns Place | |||||||
| Newport | |||||||
| Isle ofWight | |||||||
| PO301LH |
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= - THE CLASSIC BOAT CENTRE TRUST = (A COMPANY LIMITED BY GUARANTEE) BOARD OF TRUSTEES REPORT et FOR THE YEAR ENDED 30 SEPTEMBER 2020 STRUCTURE, GOVERNANCE AND MANAGEMENT Lana
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Governing Document
The charity is a limited company, limited by guarantee, as defined by the Companies Act. The charitable company is governed by its Memorandum of Association as incorporated on 24 September 1997 as amended by the adoption of new Articles of Association on 1 March 2020 and was registered as a charity on 30 September 1997. Objectives and Aims
The objects for which the Trust is established are to advance public education in:
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Historic boats and their role in the enhancement of western civilisation;
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The heritage of shipbuilding and the design and construction of marine craft on the Isle of Wight and adjacent waters;
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Maritime heritage anc archaeology of the Isle of Wight and adjacent waters.
SIGNIFICANT ACTIVITIES AND ACHIEVEMENTS IN THE YEAR
This has been a year of two halves. In the first half the Trust continued to move forward, building on the success of the previous years with increased fundraising activities and some generous donations. The Trust has continued to maintain < strong level of reserves whilst the Museum’s activities have expanded and new exhibitions were prepared over the wintei months ready for the 2020 summer season. The Museum was granted full Accreditation status at the Arts Council February 2020 review. At the Annual General Meeting on 1 March 2020 the Trust adopted new Articles of Association incorporating revised objects, following approval from the Charity Commission.
The second half, with the outbreak of Covid-19 has been very different. The Museum decided to close on Friday 12 March, in advance of the first official lockdown, to protect its volunteers. The Museum has remained closed fo the public for the rest of the year, although the easing of restrictions allowed volunteers to return to work on projects and prepare new exhibitions. Good progress has been made on the replica of Vigia, and over the summer the Boat Shed in Cowes has been completely re-organised, with new video screens to give an enhanced visitor experience ready to re-open for the 2021 season.
changesRefurbishmentto the oflayout the Galleryand introduce started ainone September 2020way system in andorder grantsto achieve have beensocialapplieddistancing.for toThe carryplan outis someto increase significantthe exhibition area by 35% by incorporating the Friends’ Room and two offices. We received a generous grant from the Herapath Shenton Trust for new display cabinets which are being built in house. The plan was to reopen the Gallery for Easter 2021.
We are fortunate to receive offers of boats and exhibits on a regular basis. After careful consideration we have accepte into the collection an Itchen Ferry Gaff Cutter from 1870 (“Black Bess”) and an early 1960's folding canoe. A new lifera was generously donated by Seasafe for the children’s area. We have also taken delivery of an SRN4 hovercraft propelle: and the Norman Gaches Stigwood art carvings from Barton Manor East Cowes. The library continues to grow at ove 4000 books, and we have taken delivery of a considerable amount of BBC South sailing tapes covering thirty years c filming.
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THE CLASSIC BOAT CENTRE TRUST _ (A COMPANY LIMITED BY GUARANTEE) BOARD OF TRUSTEES REPORT (Continued) = FOR THE YEAR ENDED 30 SEPTEMBER 2020
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We have once again continued to keep very tight cost control measures in place, which combined with fundraisin activities and some very generous donations continue to strengthen our financial position. We are managing to weathe this Covid situation well, and as a fully volunteer run museum we do not have to worry about staff costs. The governmer grants have been sufficient to cover overheads without having to dip into reserves. The South East Museur Development Programme has given us excellent support throughout the year including two very useful grants fc Collections Care, and Collections at Risk. These have enabled us to care for our growing collection of artifacts an archives.
Theprogressinglong-termwellvisionbut theto ob u ildtbreaka newof Covidpurpose-built19 has resultedMuseumin allincorporatingplans beingaputnumber on holdof smailerfor the timeIslandbeing.collections was Plans to increase attendance at events over the summer including the |OW County Show, the River Fest and Fun on th Water, to raise awareness and recruit new volunteers were thwarted by cancellation. The Museum was also selected to be th official charity for Cowes Classic Week in July, but this has been deferred to 2021.
The Friends organisation is now under the full management of the Museum and has been re-structured.
The Trust continues to provide education and research facilities to the public in the history of yachting and small craft at the Boat Shed in Cowes, and Gallery and Archives in East Cowes. The Island schools’ visits continued in October r= and November 2019 and plans to increase this in 2020 had to be cancelled. The Museum continues to work with the Island’s Museum Forum and the Arts Council funded School and Museums project, which was extended for an additional (third) year. = Our summer plan to put the former Beken launch on the water also had to be cancelled. We are extremely grateful
Our summer plan to put the former Beken launch on the water also had to be cancelled. We are extremely grateful tc the Cowes Town Waterfront Trust for their continued support to the Museum by providing free berthing, and a generous donation.
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In the Boat Shed work has continued on the replica of Vigia, the 1872 Catboat, and the deck is nearing completion. Our thanks to Gurit for donating all the resins for this work. The plan is to launch her in September 2021 as part of our twenty-fifth anniversary celebrations.
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The Isle of Wight Museums Partnership Programme continues to work with Arts Council England on the Resilience Project phase two, the Island Collection. This organisation has now achieved charitable status, and the next phase o funding for this initiative has been received. As a founder member of this group, we continue to be actively involved it this process. The Island Investment Board is becoming established and we we look forward to working with them next year.
ao funding for this initiative has been received. As a founder member of this group, we continue to be actively involved this process. The Island Investment Board is becoming established and we we look forward to working with them next year. = The Trustees are as always extremely grateful for the support received from all of our Volunteers, Friends and supporters throughout the year and continue to take every opportunity to develop and extend volunteer skills and = provide wider opportunities in the community for volunteer activities. During the next twelve months, we will be actively rm significanlooking t olyincreaseas the Museumour volunteercontinuesbase,to grow.and we will be looking at increasing the Friends membership numbers
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= THE CLASSIC BOAT CENTRE TRUST ~= (A COMPANY LIMITED BY GUARANTEE) BOARD OF TRUSTEES REPORT (Continued) ~ FOR THE YEAR ENDED 30 SEPTEMBER 2020 FINANCIAL REVIEW AND RESERVES ) mn Total income for the year amounted to £101,844 (2019: £88,031). Costs of generating funds amounted to £86 (2019: £990), and Costs of charitable activities amounted to £62,004 (2019: £81,428) of which governance costs were £1,862 a £136,025(2019: £1,24(2 0 19:). The£92,036).overall Thesurplusfreeforreserves the yearof amountedthe charitytoexcluding £39,754 (2019:those funds£5,613),tiedtakingup inunresasse t ricteds, werereservstat e ds toat £97,589 (2019: £58,868) before designations. -™ The Charity is working on a development project to ensure the museum has a secure and permanent home for the long-term future, and has designated £25,000 towards this project in the near future. The Trustees consider it prudent to maintain between 6 and 12 months operating expenditure in reserves. The undesignated free reserves at £72,000 (2019 - = £33,000) represents 12 (2019 - 6.5) months equivalent of the 2019-20 pre-pandemic unrestricted costs.
Trustees’ Responsibilities
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Company and Charity law require the Directors to prepare accounts for each financial year, which give a true and fair view of the stat: of affairs of the company and of the surplus or deficit of the company for that period.
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er In preparing those accounts, the Directors are required to: QO Select suitable accounting policies and then apply them consistently. QO Make judgements and estimates that are reasonable and prudent.
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rm O State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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O Prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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The Trustees are responsible for ensuring that the Charity keeps proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ensure that the financial statements comply with the Companies Act 2006 and with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They also have responsibility for ensuring that the Charity has appropriate systems and controls (financial and otherwise) and that reasonable steps are taken for safeguarding the assets of the Charity and for the prevention and detection of fraud and other irregularities.
This report, which also meets the requirements of the Directors' Report for company law purposes, has been prepared in accordance with the special provisions applicable to small companies and the charities SORP.
Approved by'Yrder of the board of trustees and signed on its behalf by:
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THE CLASSIC BOAT CENTRE TRUST CENTRE TRUST TRUST - (A COMPANY LIMITED BY GUARANTEE) COMPANY LIMITED BY GUARANTEE) LIMITED BY GUARANTEE) BY GUARANTEE) GUARANTEE) INDEPENDENT EXAMINER’S REPORT = TRUST FOR THE YEAR ENDED FOR THE YEAR ENDED THE YEAR ENDED YEAR ENDED ENDED 30 SEPTEMBER 2020
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THE CLASSIC BOAT CENTRE TRUST CENTRE TRUST TRUST , (A COMPANY LIMITED BY GUARANTEE) COMPANY LIMITED BY GUARANTEE) LIMITED BY GUARANTEE) BY GUARANTEE) GUARANTEE) INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE CLASSIC BOAT CENTRE TRUST FOR THE YEAR ENDED FOR THE YEAR ENDED THE YEAR ENDED YEAR ENDED ENDED 30 SEPTEMBER 2020 Aaa AA cit aac SR SC RAISES DNA RASA SE hed NA RDA A Ne NteM NLA dE AAA eA DA Na AO SDE EMG RADDA REALARCADE
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| report to the charity trustees on my examination of the accounts of the company for the year ended 30 September 2020, which are set out on pages 6 to 17.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: _
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any examination;requirement thator the accounts give a ‘true and fair view’ which is not a matter considered as part of an independen
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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| have no concerns and have come across no other matters in connection with the examination to which attention should b drawn in this report in order to enable a proper understanding of the accounts to be reached.
Kevin R Cooper BA FCA DChA For and on behalf of Moore (South) LLP
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Chartered Accountants
9 St John’s Place Newport Isle of Wight PO30 1LH Dated:... 30 Apo 2o2\
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= FOR THE YEAR ENDED 30 SEPTEMBER 2020
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THE CLASSIC BOAT CENTRE TRUST in (A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES
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|Unrestricted|Restricted|Total|Total|
|Funds|Funds|Funds|Funds|
|2020|2020|2020|2019|
|Notes|£|£|£|£|
|Income|and|endowments|from:|
|Voluntary income|2|53,297|7,408|60,705|70,467|
|Activities|for generating|funds|3|15,834|-|15,834|17,126|
|Investment|income|4|305|-|305|438|
|Other|income|5|25,000|-|25,000|-|
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|Total|income and endowments|94,436|7,408|101,844|88,031|
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|Expenditure|on:|
|Costs|of|raising|funds|6|86|-|86|990|
|Costs|of activities|charitable|activities|6|57,389|4,615|62,004|81,428|
|Total|expenditure|6|57,475|4,615|62,090|82,418|
|Net income/(expenditure)|for the year|36,961|2,793|39,754|5,613|
|Transfers between funds|7,028|(7,028)|-|-|
|Net Movement|in|funds|43,989|(4,235)|39,754|5,613|
|Reconciliation|of funds:|
|Total|funds|brought forward|at|1|October 2019|92,036|63,670|155,706|150,093|
|Total funds|carried|forward|at 30|September 2020|136,025|59,435|195,460|155,706|
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The statement of financial activities includes all gains and losses in the year.
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The notes on pages 8 to 17 form part of these accounts
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THE CLASSIC BOAT CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET AS AT 30 SEPTEMBER 2020
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 7 | 5,269 | 1 | ||
| Heritage assets Investments |
8 9 |
33,166 1 |
33,166 ere |
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| 38,436 | 33,168 | ||||
| Current assets Stocks |
750 | 750 | |||
| Debtors | 10 | 466 | 551 | ||
| Cash at bank in hand | 157,409 | 123,338 | |||
| 158,625 | 124,639 | ||||
| Current liabilities | |||||
| Creditors: Amounts falling due within | |||||
| one year | 11 | (1,601) | (2,101) | ||
| Net current assets | 157,024 | ot | 122.538 | ||
| Net assets | 195,460 | 155,706 | |||
| Funds | 12 | ||||
| Restricted | 59,435 | 63,670 | |||
| Unrestricted | 136,025 | 92,036 | |||
| 195,460 | 155,706 |
For the financial year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
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These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements on pages 6 to 18 were approved by the Board of Trustees and signed on its behalf by: Signed Qn behalf of the beard of trustees.
TrusteMAMcN e il/ \Y Company registration number: 03439192 The notes on pages 8 to 17 form part of these accounts
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™ (b) Funds . Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of: the = charity and which have not been designated for other purposes. (c) Income recognition = For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If - there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the = control of the charity and it is probable that they will be fulfilled. : Donated facilities and donated professional services are recognised in income at their fair value when their economic
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THE CLASSIC BOAT CENTRE TRUST = (A COMPANY LIMITED BY GUARANTEE) NOTES FORMING PART OF THE FINANCIAL STATEMENTS ~ FOR THE YEAR ENDED 30 SEPTEMBER 2020 1. Accounting policies ™ (a) General General information and basis of preparation preparation
- Accounting policies (a) General General information and basis of preparation preparation The Classic Boat Centre Trust is a charitable company limited by guarantee in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are to advance public education in historic boats and their role in the enhancement of Western civilization.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared i accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitie: preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic o Ireland (FRS 102) issued in October 2019, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepte: Practice.
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The financial statements are prepared on a going concern basis under the historical cost convention, modified to includ certain items at fair value. The financial statements are prepared in sterling, which is the functional currency of the charit and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example, the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.
faa No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report. ™ Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset.
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THE CLASSIC BOAT CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2020
(c) Income recognition (cont)
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy bein received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possib to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset an disclosed.
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity including the donation from the trading subsidiary. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. The donation from the trading company is treated as paid immediately as the two entities share an operating bank account.
Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is ‘recognised as the charity's right to receive payment is established. j (d) Expenditure recognition :
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
(e) Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.
Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
(f) Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Leasehold improvements 25% reducing balance Heritage museum artifacts Not depreciated Plant and machinery 25% reducing balance
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7 THE CLASSIC BOAT CENTRE TRUST a] (A COMPANY LIMITED BY GUARANTEE) ~ NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) = FOR THE YEAR ENDED 30 SEPTEMBER 2020 ~ (f) Tangible fixed assets (cont) = No depreciation is provided in respect of the museum boats and artifacts, as the Trustees are of the view that such depreciation would be immaterial, as it is part of the objectives to preserve the exhibition for future generations. - Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be ~ depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give = a true and fair view. a (g) Heritage assets = Heritage assets are recognised on the balance sheet and initially measured at cost when purchased or if donated, their valuation. Assets are subsequently stated at cost or valuation less accumulated depreciation and accumulated a impairment losses. Fair values for donated assets are estimated by reference to market prices, where they can - ascertained. Acquisitions only arise when donated to the charity or if it is believed that they will further the charity's objectives. Once acquired they will be preserved preserved by the charity in order to keep their historical, artistic, scientific, technological, -™ geophysical or environmental qualities to such a high level as to contribute to knowledge and culture. A register of all ' assets held by the charity is available and the assets themselves are accessible to the public with prior agreement. ~ Heritage assets are to be held for the the foreseeable future. =
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Heritage assets are recognised on the balance sheet and initially measured at cost when purchased or if donated, their valuation. Assets are subsequently stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Fair values for donated assets are estimated by reference to market prices, where they can be ascertained.
Acquisitions only arise when donated to the charity or if it is believed that they will further the charity's objectives. Once acquired they will be preserved preserved by the charity in order to keep their historical, artistic, scientific, technological, geophysical or environmental qualities to such a high level as to contribute to knowledge and culture. A register of all assets held by the charity is available and the assets themselves are accessible to the public with prior agreement. Heritage assets are to be held for the the foreseeable future.
(h) Investments
Investments in subsidiaries are measured at cost less impairment.
(i) Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition.
(j) Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
(k) Impairment
Assetsdate. notIf such measuredindicationat fairexists, value arethe recoverable reviewed foramount any indicationof the asset,that theor assetthe asset's may becash impairedgeneratingat eachunit,balanceis estimated sheet and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
(I) Provisions
Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
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~*~ — THE CLASSIC BOAT CENTRE TRUST - (A COMPANY LIMITED BY GUARANTEE) 7 NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) = FOR THE YEAR ENDED 30 SEPTEMBER 2020
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(m) Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. ;
2. Income from charitable activities
| Unrestricted Funds |
Restricted Funds |
Total Funds |
Total Funds |
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| Revised | ||||
| 2020 | 2020 | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Voluntary income | ||||
| Donations and grants FriendsAssociation contributions |
51,369 1,180 |
7.408 , ‘ - |
58,777 1,180 |
63,271 6,800 |
| Giftaid | 148 | : | 748 | 396 |
| 53,297 | 7,408 | 60,705 | 70,467 | |
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The donations include an amount of services in kind - being the rent of space for the Museum in Cowes and the Columbine Shed. Of the comparative donations and legacies £15,000 related to restricted funds. 3. Activities for generating funds
| ™ | 3. | Activities for generating fundsfor generating fundsgenerating fundsfunds | ||||
|---|---|---|---|---|---|---|
| — | Unrestricted | Restricted | Total | Total | ||
| Funds | Funds | Funds | Funds | |||
| — | 2020 | 2020 |
2020 | |||
| £ | £ | £ | £ | |||
| _ | Donations from subsidiarycompany | 13,016 | - | 13,016 | 7,312 | |
| Shop and cafe income | 2,818 | — | 2,818 | 9.814 | ||
| S | ||||||
| 15,834 | - | 15,834 | 17,126 | |||
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| a | 4. | Investment income | ||||
| ™ | Unrestricted Funds |
Total Funds |
Total Funds |
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| _ | 2020 | 2020 | 2019 | |||
| £ | £ | £ | ||||
| _ | ||||||
| Depositaccount interest | 305 | 305 | 438. | |||
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THE CLASSIC BOAT CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2020
| 5. Otherincome | Unrestricted | Total | Total | ||||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | |||||
| 2020 | — | 2020 | 2019 | ||||
| £ | £ | £ | |||||
| Covid 19 Grant | 25,000 | 25,000 | — | ||||
| 6. | Total expenditure | ||||||
| Unrestricted | Restricted | Total | Total | ||||
| funds 2020 |
funds 2020 |
funds 2020 |
funds 2019 |
||||
| £ | £ | £ | £ | ||||
| Costs ofGeneratingfunds: | |||||||
| Shopexpenditure | 86 | oor | 86 | 990 | |||
| Charitable activities.” | set | ||||||
| Utilities, Security services, Phone and broad band | 3,319 | - | > | 3,319 | 4,469 | ||
| Insurance Advertising Covid 19 expenses |
3,446 526 368 |
- - - |
3,446 526 368 |
3,446 1,073 - |
|||
| Boatshed costs | 2,739 | - | 2,739 | 4,517 | |||
| Rentand servicecharge | 38,867 | - | 38,867 | 38,867 | |||
| General management costs | 873 | - | 873 | 577 | |||
| IT, Computers and website | 352 | - | 352 | 1,019 | |||
| Galleryexpenses Depreciation |
3,026 1,760 |
- - |
3,026 1,760 |
2,698 - |
|||
| Restricted Fund project costs: | |||||||
| Shed Restoration | - | - | - | 331 | |||
| Collections at risk | - | 1,194 | 1,194 | - | |||
| WW1 Project | - | 8,739 | |||||
| Museum development | - | 2,285 | 2,285 | 13,830 | |||
| Fidelity ITgrant | - | 1,136 | 1,136 | - | |||
| Governance: | |||||||
| Accountancy -Independentexamination | 2,113 | - | 2,113 | 1,862 | |||
| 57,475 | 4,615 | 62,090 | 82,418 |
Overhead costs which are attributable to more than one activity have been apportioned across cost categories in the accounts for the year ended 30 September 2020. Governance has been allocated to the one charitable activity, which is the operation of the Classic Boat Museum.
There were no employees earning more than £60,000 in the year. Total Trustees reimbursed expenditure in the year was £346 (2019:£848).
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THE CLASSIC BOAT CENTRE TRUST
(A COMPANY LIMITED BY GUARANTEE)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2020
q. Tangible fixed assets
.
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| Tangible fixed assets | |||||
|---|---|---|---|---|---|
| Land | and | Plant and | |||
| Buildings | Equipment | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 1 October2019 Additions |
59,010 - |
32,950 7,028 |
91,960 7,028 |
||
| At30September 2020 | 59,010 | 39,978 | 98,988 | ||
| Depreciation At 1 October 2019 |
59,010 | 32,949 | 91,959 | ||
| Charge forthe year | - | 1,760 | +. | 1,760 | |
| . | |||||
| At30 September 2020 | 59,010 | 34,709 | 93,719 | ||
| Netbookvalueat30September2020 | . | 5,269 | 5,269 | ||
| Netbookvalue at30September2019 | - | ||||
| Heritageassets | |||||
| Heritage assets, included at cost, comprise the exhibits ofthe Classic | Boat Museum. | There is no readilyavailable | |||
| valuation forthe artifacts, andassuchtheyare included at cost. | |||||
| Total | |||||
| Market Value | £ | ||||
| At30September2020 and 30 September 2019 | 33,166. | ||||
| Net bookvalue | |||||
| At30September2020 and30 September2019 | 33,166 |
- Heritage assets
Heritage assets, included at cost, comprise the exhibits of the Classic Boat Museum. There is no readily available valuation for the artifacts, and as such they are included at cost.
|
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| ~ | NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) | NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) | NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) | NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) | NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) | NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) | NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) | ||
|---|---|---|---|---|---|---|---|---|---|
| a | FOR THE YEAR ENDEDTHE YEAR ENDED AA |
FOR THE YEAR ENDEDTHE YEAR ENDEDYEAR ENDEDENDED 30SEPTEMBER2020 AA AEE AO TEE ATT CIEI SMD E iB NBS AEAAI ENEIS ASSTS SESTERE OSS TE Oe |
STE Sa R | AA | SIs SS | O E E AA ASSN | S SS EAN AN RAE AS A tS A | A AEAS | |
| = | 9. | Investments | |||||||
| 2020 | 2019 | ||||||||
| .. | £ | £ | |||||||
| = | Investment in subsidiarycompany | 1 | 1 | ||||||
| mm | SummaryprofitandlossaccountClassicBoatRestorationsLtd | 2020 | 2019 | ||||||
| _. | £ | £ | |||||||
| Turnover | 14,841 | 10,559 | |||||||
| = | Other income | - | - | ||||||
| Cost ofsales and administrativeexpenses | (1,825) | (3,247) | |||||||
| ~= | Operating profit Distribution made in yearto Classic BoatCentreTrust |
13,016 (13.016) |
7,312 (2.312) |
||||||
| - | |||||||||
| Retained in the subsidiary | - | - | |||||||
| a |
=== | ||||||||
| ~ | The assetsand liabilities ofthe subsidiarywere: | ||||||||
| ™ | Currentassets | 601 | 1,101 | ||||||
| ~ | Creditors: amounts falling duewithinoneyear | (600), | (1.100), | ||||||
| ™ | Total assets less current liabilities | 1 | 1 | ||||||
| - | Aggregate share capitaland reserves | 1 | 1 | ||||||
| === | === | ||||||||
| — | |||||||||
| a | 10. | Debtors | |||||||
| 2020 | 2019 | ||||||||
| = | = | = | = | = | = | = | =£ | =£ £ |
£ £ |
| a Prepayments 136 269 = Otherdebtors 330, 282, |
|||||||||
| _- | 466 | 551 | |||||||
| Lama | |||||||||
| a | 11. | Creditors: Amounts falling duewithin oneyear | |||||||
| 2020 | 2019 | ||||||||
| ™ | ™ | ™ | ™ | ™ | ™ | ™ | ™£ | ™£ £ |
£ £ |
| a Amounts owed to group undertakings 601 1,101 |
|||||||||
| Other creditors | 1,000, | 4,000 | |||||||
| Lape | |||||||||
| 1,601 | 2,101 |
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||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|NOTES|FORMING|PART|OF|THE|FINANCIAL|STATEMENTS|(Continued)|
|FOR THE YEAR ENDED|30 SEPTEMBER 2020|
|tah|A 2A|SA|AME A|EN|LS|IS|GER|CISA|EOE|SI|AES|A|EAE AUR|AS DIETEN|SEE|USM|UIM|TIE|EYE|AOE|SDE|IS EET|SPECIE|DY BELINDA|BASRA|ESAS|ALS|AE|i|aeAS|AS SL|Nt LISBON|
|12.|Movement in funds - Current year|At|At|
|1|October|Incoming|Outgoing|30 September|
|2019|resources|resources|Transfers|2020|
|£|£|£|£|£|
|General|fund|92,036|94,436|(57,475)|7,028|136,025|
|Restricted funds|
|Collections|at|risk|-|1,676|(1,194)|-|482|
|Herepath|Shenton|Trust|-|5,732|-|-|5,732|
|MuseumFidelity|Foundation Development fund|4815|,|6700|0|-|(|12|,|136285|)|(7,028)-|4|6,|385836|
|Total|Restricted|Funds|63,670|7,408|(4,615)|(7,028)|59,435|
|Tétal funds|155,706|101,844|(62,090)|-|195,460|;|
|tant —t—|==SS=|=SSS==|===|sss|
|The|Trust|has|received|£5,732|from|the|Herapath|Shenton|Trust|towards|display|cabinets,|which|will|be|
|constructed,|and|£1,676|for|CCTV|to|protect|the|exhibits.|The|Museum|Development|projects|are|ongoing.|The|
|transfer|of funds|relates|to|the|expenditure|on|fixed|assets which|has|been|capitalised.|
|Movement|in funds|- Comparative|year|
|At|At|
|1|October|Incoming|Outgoing|30|September|
|2018|resources|resources|Transfers|2019|
|£|£|£|£|£|
|General|fund|77,564|73,031|(59,518)|959|92,036|
|Restricted|funds|
|World War||project|8,876|(8,739)|(137)|-|
|Shed|restoration|331|-|(331)|-|-|
|Museum|Development fund|62,500|-|(13,830)|-|48,670|
|Fidelity|Foundation|-|15,000|-|-|15,000|
|Local|Heroes|Project|822|=|suman|(822)|
|Total|Restricted|Funds|72,529|15,000|(22,900)|(959)|63,670|
|—}—}——+—7|=<sSS=|=|S—|===|—+—+|+t}|.|
|Total|funds|150,093|88,031|(82,418)|-|155,706|
|The Trust has|received|£15,000|of restricted|funding|in the year from|the|Fidelity|Foundation|for the|purchase|of|IT|
|Equipment. The|Trust|has|fully spent|its|restricted|funding|in|respect|of both|the World War|1|Project|and|the|Shed|
|Restoration.|The|Museum|Development|is|ongoing,|and|the|Trustees|have|designated|£25,000|of|
|unrestricted free|reserves towards the Museum|Development|project.|
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| 13. | Analysis of netassetsbetweenfunds | Analysis of netassetsbetweenfunds | Analysis of netassetsbetweenfunds | |||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |||
| Funds | Funds | Funds | Funds | Funds | Funds | |||
| 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | |||
| £ | £ | £ | £ | £ | £ | |||
| Fixed Stock |
assets | 38,436 750 |
- - |
38,436 750 |
33,168 750 |
- - |
33,168 750 |
|
| Debtors | 466 | - | 466 | 551 | - | 551 | ||
| Cash | at | bank and in hand | 97,974 | 59,435 | 157,409 | 59,668 | 63,670 | 123,338 |
| Creditorsand accruals | (1,601) | : | (4,601) | (2,101) | - | (2,101) | ||
| 136,025 | 59,435 | 195,460 | 92,063 | 63,670 | 155,706 | |||
| pomhempempempoemmd | ss S= | SSS | sss | —_———-— | == | |||
| 14. | Financial Assets and Liabilities | - | ||||||
| 2020 | 2019 | |||||||
| £ | £ | |||||||
| Financial assets comprise debtorsand cash and | bank balances | 157,875 | 124,639 | |||||
| Financial liabilitiescomprise creditorsand accruals | (1,601) | (2,101) | ||||||
| 156,274 | 122,538 |
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7 THE CLASSIC BOAT CENTRE TRUST pa (A COMPANY LIMITED BY GUARANTEE)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2020
| ~ | 15. Comparative statementoffinancial activities |
||||
|---|---|---|---|---|---|
| - | |||||
| Unrestricted | Restricted | Total | Total | ||
| = | Funds | Funds | Funds | Funds | |
| Revised | |||||
| ~ | 2019 | 2019 | 2019 | 2018 | |
| ~ £ £ £ £ |
|||||
| - | |||||
| Income and endowments from: | |||||
| = | Voluntary income | 55,467 | 15,000 | 70,467 | 123,901 |
| Activities forgenerating funds | 17,126 | - | 17,126 | 15,306 | |
| ~ | Investment income | 438 | - | 438 | 23 |
| a | Total income andendowments | 73,031 | 15,000 | 88,031 | 139,230 |
| al | Expenditure on: | ||||
| Costs of raising funds | 990 | - | 990 | 231 | |
| - | Costs ofactivities charitable activities | $8,528 | 22,200, | 81.428, | 28,962, |
| mn | Total expenditure | 59,518 | 22,900 | 82,418 | 59,193 |
| ™ | Netincome/(expenditure) forthe year | 13,513 | (7,900) | 5,613 | 80,037 |
| Transfersbetweenfunds | 959 | (959) | —. | 2 | |
| ™ | NetMovement infunds | 14,472 | (8,859) | 5,613 | 80,037 |
| - | |||||
| Reconciliation offunds: | |||||
| ram | Total funds brought forward at 1 October2018 | 77,564 ===== |
72,529 =ss== |
150,093 ====== |
70,056 s==== |
| 7 | 92,036 | 63,670 | 155,706 | 150,093 | |
| Totalfundscarriedforwardat30September2019 | ===== | ===== | =ss=x= | =ss=== |
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