## 

|||Page|
|---|---|---|
|Legal and administrative|information||
|Board ofTrustees report||2-4|
|Independent<br>Examiner's|report||
|Statement offInancial activities|||
|Balance Sheet|||
|Notes tothe accounts||8-17|





## 

## 



## 

## 

## 

## 

## 



## 

## 



## 

## 

## 

## 



## 

## 

## 

## 


## 

## 

## 



## 

|||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|
|||Funds|Funds|Funds|Funds|
|||2021|2021|2021|2020|
||Notes|||||
|income and endowments|from:|||||
|Voluntary<br>income||48,842|18,556|67,398|60,705|
|Activities for generating|funds|10,900||10,900|15,834|
|Investment<br>income||42||42|305|
|Other income||25,157||25,157|25,000|
|Total income and endowments||84,941|18,556|103,497|101,844|
|Expenditure<br>on:||||||
|Costs ofraising funds||96||||
|Costs ofactivities charitable<br>activities||74,950|31,606|106,556|62,004|
|Total expenditure||75,046|31,606|106,652|62,090|
|Net income/(expenditure)|forthe year|9,895|(13,050)|(3,155)|39,754|
|Transfers between funds||||||
|Net Movement<br>in funds||9,895|(13,050)|(3,155)|39,754|
|Reconciliation<br>offunds:||||||
|Total funds brought forward at 1 October 2020||136,025|59,435|195,460|155,706|
|Total funds carried forwaml at 30September 2021||145,920|46,385|192,305|195,460|





## 

|AS AT30SEP|TEM|BER|2021||||||
|---|---|---|---|---|---|---|---|---|
|||||||2021||2020|
|||||Notes|||||
|Fixed assets|||||||||
|Tangible assets<br>Heritage assets||||||3,953<br>33,166||5,269<br>33,166|
|Investments||||||1|||
|||||||37,120||38,436|
|Current assets|||||||||
|Stocks|||||750||466||
|Debtors<br>Cash at bank|in hand|||10|2,061<br>~160 15||551<br>~1574 9||
||||||162,926||158,625||
|Current<br>liabilities|||||||||
|Creditors: Amounts<br>one year||falling due within|||||160||
|Net current assets||||||155185||357024|
|Net assets||||||192,305||195,460|
|Funds<br>Restricted||||12||46385||59435|
|Unrestricted|-General|||||120,920||f36,025|
|Unrestricted|—Museum||Improvement|Reserve||25000|||
|||||||192,305||195,460|





## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|
||||Funds|Funds|Funds|Funds|
|||||||Revised|
||||2021|2021||2020|
||||E|||R|
|Voluntary<br>income<br>Donations and grants<br>Friends Association<br>contributions<br>Gift aid|||46,870<br>1,632|18,556|65,426<br>1,632|58,777<br>1,180<br>~7|
||||48,842|18,558|67,398|60,705|



## 

## 

||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|
||||Funds|Funds|Funds|Funds|
||||2021|2021|2021|2020|
||||R|R|R|R|
|Donations fiom subsidiary<br>Shop and cafe income||company|8,SOO<br>2,000<br>10,SOO||8,SOO<br>2,000<br>10,900|13,016<br>2,818<br>15,834|
|l~attment|income||||||
||||Unrestricted||Total|Total|
|||||Funds|Funds|Funds|
|||||2021|2021|2020|
|||||R|R|R|
|Deposit account interest|||||||



## 



## 

## 

|Other|income|Unrestricted|Total|Total|
|---|---|---|---|---|
|||Funds|Funds|Funds|
|||2021|2021|2020|
||||E||
|Covid|19Grant|25,157|25,157|25,000|



## 

|Total expenditure||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2021f|2021|2021f|2020|
|Costs ofGenerating<br>funds:<br>Shop expenditure|||||86|
|Charitable<br>activities:<br>Utilities, Security services, Phone and broad band<br>Insurance<br>Advertising<br>and subscriptions<br>Covid 19expenses<br>Boatshed costs<br>Rent and service charge<br>General management<br>costs<br>IT, Computers<br>and website<br>Depreciation||3,575<br>3,315<br>877<br>36<br>1,778<br>45,007<br>501<br>8,398<br>1,316||3,575<br>3,315<br>877<br>36<br>1,778<br>45,007<br>501<br>8,398<br>1,316|3,319<br>3,446<br>526<br>368<br>2,739<br>38,867<br>873<br>352<br>1,760|
|Project costs:<br>Boat Restoration<br>Gallery expenses<br>25<br>Anniversary<br>costs||371<br>5,996<br>2,112|31,606|371<br>37,602<br>2,112|7,641|
|Governance:||||||
|Accountancy - Independent|examination|16 8||1 668|2 113|
|||75,046|31,606|106,652|62,090|





## 

## 

## 

|7.|Tangible fixed assets||||
|---|---|---|---|---|
|||Land and|Plant and||
|||Buildings|Equipment|Total|
||||R|R|
||Cost||||
||At 1October 2020|59,010|39,978|98,988|
||Additions||||
||At30September 2021|59,010|39,978||
||Depreciation<br>At 1October 2020<br>Charge forthe year|59,010|34,709<br>1331i|93,719<br>~11|
||At30September 2021|59,010|36,025|95,035|
||Net book value at30September 2021||3,953|3,953|
||Net book value at30September 2020||5,269||



|<br>the collection will have a much higher value, and have plans to update ths va|luations<br>over the winter 2022-23.|
|---|---|
||Total|
|Ilarket Value|R|
|At30September 2021 and 30September 2020|33,166|
|Nst book value||
|At30September 2021 and 30September 2020|33,168|





## 

|9.|Investments|||2021|2020<br>f|
|---|---|---|---|---|---|
||Investment<br>in subsidiary<br>company|||||
||Summary<br>profit and loss account Classic <br>Turnover|Boat Restorations|Ltd|2021|2020|
||||||E|
|||||12,537|14,841|
||Other income<br>Cost ofsales and administrative<br>expenses|||~3637|~25|
||Operating<br>profit<br>Distribution<br>made in year to Classic Boat|Centre Trust||8,900<br>~89 0|13,016<br>~13016|
||Retained<br>in the subsidiary|||||
||The assets and liabilities ofthe subsidiary|were:||||
||Current assets<br>Creditors: amounts<br>falling due within one|year||601<br>L66I)|601<br>L661|
||Total assets less current liabilities|||||
||Aggregate share capital and reserves|||||
|10.|Debtors|||2021|2020|
||||||136|
||Prepayments<br>Other debtors|||g 061|~30|
|||||2,061|466|
|11.|Creditors: Amounts<br>falling due within one year|||2021f|2020|
||Amounts<br>owed to group undertakings<br>Service charges payable<br>Other creditors|||601<br>6,140<br>~000|601<br>10 0|
|||||7,741|1,601|





## 

## 

## 

## 

|Movement<br>in funds -|Current year||||||
|---|---|---|---|---|---|---|
|||At||||At|
|||1 October|Incoming|Outgoing||30September|
|||2020<br>f|resources|resources|Transfers<br>F|2021f|
|General fund||136,025|84,941|(75,046)|(25,000)|120,920|
|Designated<br>Museum|Development||||||
|Fund|||||25,000|25,000|
|Restricted funds|||||||
|Collections at risk||482|1,000|(1,482)|||
|Herepath<br>Shenton Trust<br>Museum<br>Development<br>fund||5,732<br>46,385||(5,732)||46,385|
|Fidelity Foundation<br>East Cowes Town Council Hover||6,836|1 000|6,836<br>~00|||
|LTHLF|||9,900|(9,900)|||
|SEMDP|||6,656|(6,656)|||
|Total Restricted Funds||59,435|18,556|(31,606)||46,385|
|Total funds||195,460|103,497|(106,652)||192,305|



|Movement<br>in funds - C|omparative|year|||||
|---|---|---|---|---|---|---|
|||At||||At|
|||1 October<br>2019|incoming<br>resources|Outgoing<br>i'esoui'ces|Transfers|30September<br>2020|
|General fund||92,036|94,436|(57,475)|7,028|136,025|
|Restricted funds|||||||
|Collections at disk<br>Herepath<br>Shenton Trust<br>Museum<br>Development<br>fund<br>Fidelity Foundation||48670<br>15,000|1,676<br>5,732|(1,194)<br>(~28 )<br>(1,136)|(7,028)|482<br>5,732<br>~85<br>6,836|
|Total Restricted Funds||63,670|7,408|(4,615)|(7,028)|59,435|
|Total funds||155,706|101,844|(62,090)||195,460|





## 

## 

|||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|---|
|||Funds|Funds|Funds|Funds|Funds|Funds|
|||2021|2021|2021|2020|2020|2020|
|||F||||||
|Fixed assets||3,953||3,953|38,436||38,436|
|Stock||750||750|750||750|
|Debtors<br>Cash at <br>Creditors|bank and in hand<br> and accruals|2,061<br>113,730<br>~7741)|46,385|2,061<br>160,115<br>~7741|466<br>97,974<br>~1601)|59,435|466<br>157,409<br>~6~1|
|||145,920|46,385|192,305|136,025|59,435|195,460|
|14.|Financial Assets and Liabilities|||||||
|||||||2021|2020|
|Financial|assets comprise debtors and cash and bank balances|||||162,176|157,875|
|Financial|liabilities comprise creditors and accruals|||||7741|1 601|
|||||||154,435|156,274|



## 

## 

|The Trust has ongoing commitments<br>in respect ofservice c|harges as part ofthe gallery lease payable by|instalments.|
|---|---|---|
||2021|2020|
|||R|
|Under one year<br>Bet)r)reen one and five years<br>After five years|6,026<br>24,104<br>2~36 2||
||53,732||





## 

## 

|16.<br>Comparative<br>statement|offinancial activities|||||
|---|---|---|---|---|---|
|||Unrestriced|Restricted|Total|Total|
|||Funds|Funds|Funds|Funds|
||||||Revised|
|||2020|2020|2020|2019|
|Income and endowments<br>from:||||||
|Voluntary<br>income||53,297|7,408|60,705|70,467|
|Activities for generating<br>funds||15,834||15,834|17,126|
|Investment<br>income||305||305|438|
|Other income||25000||25 000||
|Total income and endowments||94,436|7,408|101,844|88,031|
|Expenditure<br>on:<br>Costs of raising funds||86||86|990|
|Costs ofactivities charitable|activities|57,389|4,615|62,004|81,428|
|Total expenditure||57,475|4,615|62,090|82,418|
|Net income/(expenditure)<br>forthe year||36,961|2,793|39,754|5,613|
|Transfers between funds||7,028|(7,028)|||
|Net IIIiovement<br>in funds||43,989|(4,235)|39,?54|5,613|
|Reconciliation offunds:||||||
|Total funds brought forward|as at 1 October 2019|92,036|63,670|155,706|150,093|
|Total funds carried forward at30September 2020||136,025|59,435|195,460|155,706|