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 2024
THE CLASSIC BOAT CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Legal and administrattve infomiation Board of Trustees report Independent Examinerfs report statement of ffinanaal actmbes Balance Sheet Notes to the accounts 8-17
THE CLASSIC BOAT CENTRE TRUST (A COMPANY LIMITED BY GUARAKfEE) LEGAL AND ADMINISTRATIVE INFORMATION Address 36 Castle Road Cowes Isle of VAght P0317QZ Trustees R Ireland {resigned 07J0412024) M McNeill Greville (resigned 31103r2024) W S G Lawrence D J L Fontana L Preston S Symons (resigned 1311212024) R Hennessy (resigned 3010812024) F FigueiredtFStow T Harding (resigned 13112r2024) N J Coleman (appointed 1311212024) J G Arnold (appointed 2110312025) M A Loftus (appointed 2110312025) S M F Fieldhouse (appointed 1610512025) Secretary Mr WS G Lawren Goveming Instrument Articles of Association adopted 1 March 2020 Charitable Status The Trust is a registered Charity No. 1C64643 Company Status The Tiust is a limited company No. 03439192 Accountants M)re (South) LLP 9 St John's Place Newport Isle of Imght P030 1 LH
THE CLASSIC BOAT CENTRE TRUST (A COMPANY UklTED BY GUARANTEE) BOARD OF TRUSTEES REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Gharity is a limited company. limited by guarantee. as defined by the Companies Act. The charitable company is govemed by its Memorandum of Association as incorporated on 24 SeplembeT 1997 as amended by the adoption of new Artides of Association on 1 March 2020 and was registered as a charity on 30 September 1997. Objectives and Aims The objects for Ythich the Tst is established are to advance public education in: 1. Historic boats and their role in the enhancement of westem civilisalion- 2. The heritage of shipbuilding and the design and construction of marine craft on the Isle of Wight and adjacent waters; 3. Maritime heritage and archaeology of the Isle of Wight and adjacent waters. SIGNIFIcAr ACTMTIES AND ACHIEVEMENTS IN THE YEAR It was another slow year visitor wse wth numbers and income pretty much the same as the previous year, as the cost-of- living crisis continues people are managing their bets very refUllY. The extra money spent on marketing and social media has not bome fruii this year. which is disapp(xnling. h(Tver. our research shows that this is in line most other museums across the county. The Gallery exhibitions were updated a Itttte to keep them fresh, the team started rk preparing a new exhibition for the big end room on HMS Cavalier to coincide th the 801h anniversary of her construction, lch is planned to be opened in November 2024. The America's Cup exhibition will be moved back to the smaller room and focusing on today's foiling boats. We continue to receive a considerable amount of new archrve material 2TrY were very pleased to have been entrusted wilh the Morgan Giles archive of over 700 drawng and plans. We were also given a significant colleciion of over 2000 maritime books from a collector. and it is interesting that we did not have over thirds of them. The museums library is becoming quite signtficant Imlh over 5000 books on top of the large magazine collection. The Museums arKI Schools Programme. vthich is DCMS funded. and Arts Coun¢il administered through the IOW Council's Heritage Serwce has been extended for a frjrther year ryth educattonal visits to t*Jth the Gallery and Boat Shed from Island schools. We have now engaged the seNices of a professional education officer to run these aclivities with our volunteers and the new programs he is developing are proving very successful the schools and children. As we continue to grow. we took the decision that il was time to move the museum forward from being a votunteer-led run organisation to employing a museum manager to take some of the increasing wDrfdoad off the trustees. This is a big step and would be our first empbyee, we had a very good response to our searth and the manager started IKI weeks before our year started. After what looked like a promising Start things did not develop as we had expected Vthith the manager resuning after five months. This was disappointing as had invested a lot of time it tying to get this to work, we have leamt some valuable lessons for the fijture. however the board decided that V should hold back on recutbng another manager for the time being.
THE CLASSIC BOAT CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE) BOARD OF TRUSTEES REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 We are as always fortunate to receive offers of many boats. and unfortunately with almost 100 boats in the collection we have to be very seleclive to only add boats that wim enhance the colleciion. and that are of a significant importance to be saved. We have been fortunate to have Atalanta number 1 donated to us during the year" thi5 is an Uffa Fox designed 24- foot cruising boat buitt in 1954 which contribLrted signfficantly to the expansion of yachting in the late 1950s to early 1960s. The museum founderfs family have retuned on loan the small hovercraft Ihat we use to have on display. Hovercraft are an important part of Cowes shipbuilding and engineering history. and she wtll be on dispFay from summer 2025. The boat shed team have continued to improve the exhbtbons and pul as many of our boais on display as possible. Repairs to the old roof are a constant task and we have been fortunate to firKS a roofer to work with us on a couple of major repairs. This enabled us to host a fundraising dinner for the RNLI 200 anniversary, thich was a great success. The restorations team completed the Tigging, and final fft out of Y1a our replica 1872 Cat boat. the original was buiFt in Bim)ingham Road. Cowes. She TrKdS sUCceJ11Y launched and sailed in July in light winds and performed outstsndingly. surpassing all expectations. We would like to thank all who contributed to her buikl and all the suppliers generousty supplied materials free of charge that enabled us to complete the project. The long-temi project to create a new purpose-built Museum. incorporating several smaller Island collections. moved forward with positive discussions Yth the site owners who have express their support for the museum to develop on site. We have also been wothng the Arts Council and Historic England along wlh a selection of consultants and are ready to apply for a grant for a high level scoping out project grant in October. The Trust continues to provide educatior* and research facilities to the pubk on the history of yachting and small craft at the Boat Shed in Cowes. and at the Gallery and Archives in East Cowes. The archwes team has continued to work hard over the last year catsloguing and reorganising our collection. adding more detailed infomiation to our collection datsbase The Trustees are a5 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 exlend volunteer sknlls and provide wider opportunities in the community for volunteer activities. During the nexi 5tx months we will be looking to recruit a number of new trustees. increase our volunleer base, and we wim be looktng at increasing the Friends membership numbers significantly as the Museum continues to grow. FINANCIAL REVIEWAND RESERVES Total income for the year amounted to £96.874 {2023: £82.443). Costs of generating funds amounted to £652 {2023: £449}. and the costs of chatitabte activibes amounted to £119.320 {2023: £%.546) of 1¢h govemance costs were £3,300 (2023: £3,360). The overall deficit was £23.098 (2023: deficit £14.552). with restricted funds remaining at £43,335 {2023: £42.698) after some spend in the year on the new museum projecL The overall unrestricted reseNes decreased to £5C6,193 (2023.. £529.928). The Charity is working on a development project to ensure the museum has a secure and permanent home for the long- tem fvture, and has designated £25.000 towards this project in the near future. The Trustees consider it prudent to maintain beeen 6 and 12 months operating expenditure in resees. The undesignated free reserves at the year end was £54,526 (2023.. £77.704) are in accordance with the liCY.
THE CLASSIC BOAT CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE) BOARD OF TRUSTEES REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Trustees, Responsibilities The trustee5, who are also the directors of The Classic Boat Centre Trust for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with aPpIAble law and United lfjngdom Accounting Standards (United lQngdom Generalty Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view ofthe state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that year. In preparing these financial statements. the trustees are required to: Select suitable accounting policies and then apply them consistently" observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent.. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation The trustees are responsible for keeping adequate accounting records that disck)se with reasonable accuracy at any time the financial position of the charity and enable Ihem to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detectDn of fraud and other irregularities. Approved by order of the board of trustees and signed on its behalf by= MMCN Trustee 20 June 2025
THE CLASSIC BOAT CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CLASSIC BOAT CENTRE TRUST FOR THE YEAR ENDED 30 SEPTEMBER 2024 I report to the charity trustees on my examination of the accounts of the company for the year ended 30 September 2024. whith are set out on pages 6 to 17. Responslbllltles 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 weparation of the accounts in accordance wilh the requirements of the CpanIeS Act 2006 ('the 2006 ACY). 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, I report in respect of my examination of your company's accounts a5 carried out under section 145 of the Charities Act 2011 (Ihe 2011 Arf). In caryin9 Outmy examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the exarnination giving me cause to believe that in any material respecL accounting records were not kept in respect of the company as required by section 386 of the 2006 Act" or the accounts do not accord with those records: or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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- or the accounts have not been prepared in accordan with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing Iheir accounts in accordan wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concems and have come across no other matters in connection wilh the examination to vthich attention should be drawn in this report in order to enable a proper understanding of the accounts lo be leached. Vicky Drayton ACA For and on behalf of Moore (South) LLP Chartered Accountants 9 St John's Plate Newport Isle ofwght P030 1 LH
THE CLASSIC BOAT CENTRE TRUST (A COMPANY UMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unrestricted Funds 2024 Rostrlcted Funds 2024 Total Funds 2024 Total Fun(ts 2023 Notes Income and endoMneTts from: Donations and legacies 58.783 2,400 61.183 51.145 Charitable actimties 33.027 33,027 29,302 Investment income 2.664 2,664 1.759 Other income 237 Total income and endowments 94.474 2AIM) 96.874 82843 Expenditure on: Raising turKIs 652 652 449 Charitable activities 117.557 1.763 119,320 96,546 Total oxpendlture 118.209 1.763 119.972 96.995 Net incomellexpenditure) for the year {23.735} 637 (23.098) (14.552) Revaluation of heritage assets Transfers belween fvjnds Net Movement in funds (23.735) 637 (23,098) (14,552) Reconciliation of funds". Total ndS brought forward at 1 October 2023 529.928 42,698 572.626 587.178 Total funds Caled forward at 30 September 2024 506.193 43,335 549,528 572.626 The statement of financial activities includes all gains and losses in the year. The notes on pages 8 to 17 fomi part of these accounts
THE CLASSIC BOAT CENTRE TRUST {A COMPANY LIMITED BY GUARANTEE) BALANCE SHEEr AS AT 30 SEPTEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Heritage assets Investments 1,666 425.000 2,223 425.000 426.667 427,224 Current assets stocks Debtors Cash at bank in hand 750 3.279 750 906 157 951 10 138,089 159.607 Current liabilitles Creditors: Amounts falling due viithin one year Not current assets Net assets 549.528 572,626 Funds Restricted- Museum Development Fund 12 43.335 Unrestricted - General Unrestricted - Designated Museum Development 481.193 25.000 504,928 549.528 572.626 For the financial year in question the company was entitled to exempiion 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 acknoMAedge their responsibilty for complying Trth the requirements of the Act with respect to accounting records and for the Preparati1 of accounts. These accounts have been prepared in accordance with the provisions applicable to Companies subject to the small companies, regime. The fina Signed on I statements on pages 6 to 17 were approved by the Board of Trustees and signed on its behalf by: If f the board of tnjstees. MMCN Trustee Company reglstration number: 03439192 The notes on pages 8 to 17 fonn part of these a¢¢ounts 20 June 2025
THE CLASSIC BOAT CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies {a) General Infomiation and basls of 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 resped 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 Westem civilization. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance wth Accounting and Reporting by CharFties: Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019. the ChatitÈes Act 2011. the Companies Act 2006 and UK Generalty Accepted Pracbce. The financial statements are prepared on a going conrn basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling. which is the functional currency of the charity 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 Otheise stated. (b) Funds Unrestricted funds are available for use at the discreti of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise fiJnds which have been set aside at the discretion of the Trnstees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted funds are sul4.ect to specffic conditions by donors or gFantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. (c) Income recognition For donations to be recognised the charity will have been notified of the amounts and the settlement date in WTiting. If there are conditions attached to the donation and this requires a level of perfomiance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the ontrol of the charity and it is probable that they NNill be fulfilled. Donated facilities and donated professional services are recognised in income at their fair value then their economic benefit is probable, it can be measured reltably and the charity has control over the item. Fair value is detemiined on the basis of the value of the gift to the charty. For example. the amount the charity would be willing to pay in the open market for such facilities and Seices. A coespOndIng amount is recognised in expenditure. No amount is included in the financial ststements for volunteer time in line with the SORP (FRS 102). Further detsil is given in the TNStees' Annual RepotL Fixed asset gifts in kind are recognised when receivable and are induded at fair value. They are not deferred over the life of the asseL
THE CLASSIC BOAT CENTRE TRUST IA COMPANY LIMITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS {Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 (c) Income recognition {conllnued) For legacies. entillement is the earfier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distnbuted. On these ocGasions, the legacy is treated as a contingent asset and disdosed. Income from trading actiwties indudes income eamed from fundraising events and trading activities to raise funds for the charity induding the donalion from the trading subsidiary. Income is received in exchange forsupplying 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 accounL Investment income is eamed 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 wilh reasonable accuracy the investment income is rerM)rted net of these costs. It is included when Ihe 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. {d) Expenditure recognition All expendrture is accounted for on an accruals basis and has been dasssfied under headings that aggregate all costs related to the category. Expenditure is recognised vh)ere Ihere is a legal or constructtve obligation to make payments to Ihird 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 foi lch expenditure arose. (e) Support costs allocation Support costs are those that assist the work of the charity but do not directty represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects ofthe charity and include project management carrted oui at Headquarters. Where support costs cannot be directly attributed to paCUlar headings they have been althated to cost of raisrn9 funds and expenditure on charitable activities on a basis consistent wth use of the resources. Fund-raising costs are those incurred in seeking voluntsry contril)utions and th) not indude the costs of disseminating infomiakn'on in support of Ihe charitsble aciivibes. (fj Tanglble fixed assets Tangible fixed assets are stated at cost (or deemed cost) or Vaation less accumulated depreciation and accumulated impaimient 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 usefvl lrfe as follows: Leasehold improvements Heritage museum artifacts Plant and machinery 25% reduang balance Not depciated 250 dUCIng balance
THE CLASSIC BOAT CENTRE TRUST (A COMPANY LIMITEO BY GUARANTEE) NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 (fj Tangible fixed assets (continued) No depreciation is provided in respect of the museum boats and artifacts. as the Tnjslees 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 15 in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), il 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 wtth the standard is necessary for the financial statement5 to 9ive a true and fair view. (g) Herltage assets Heritage assets are recognised on the balance sheet and inilially measured at cost when purchased or rf donated. their valuation. Assets are subsequently stated at cost or valualion less accumulated depreciation and accumulated impairment losses. Fair values for donated assets are estimated by reference to matket pris. where they can be ascertained and revalued based on reports from third party experts. Acquisitions only arise en donated to the tharity or rf it is believed that they will fvrlher the charity's objectives. On acquired they will be 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 knowled9e 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 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. li) Debtors and creditors receivable I payable within one year Debtors and creditors with no ststed interest rate and re]vable or payable Mthin one year are recorded at transaction price. Any losses arising from impainnent are recognised in expenditure. (k) Impaimlent Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset. or the asset's cash generating unit, is estimated and compared to the carying amount. Where the carrying amount exceeds its recoverable amount. an impairment loss is recognised in profit or loss unless the asset (s carried at a revalued amount where the impaimient loss is a revaluation decrease. (l) Provisions Prowsions 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 ouffiow of economic benefits will be qUired in setuement and the amount can be reliably estimated. 10
THE CLASSIC BOAT CENTRE TRUST {A COMPANY LIMITED BY GUARANTEE) NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 (m) Tax The charity is an exempt charity within the meaning of schedule 3 of Ihe Charilies 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. Donations and legacies Unrestrtcted Funds Restricted Funds Totsl Funds Total Fund5 2024 2024 2024 2023 Voluntary income Donations Friends Association contributiorvJ Gift aid 56,607 2,400 59.007 49,889 480 776 58.783 2,400 61.183 51,145 The donations include an amount in kind - this being for the rent of sheds 117 and 118 in Cowes Medina Village for the Museum's Boat Shed and trK*at storage expenses. at a value of £39.467 (2023: £38.867). Income from Charilable Activities Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Funds 2023 Admissions and shop Boat storage- space rental 20.345 12.682 20,345 17,390 33.027 33.027 29,302 Investment Incomo Unrestrlcted Funds 2024 Total Funds 2024 Total Funds 2023 Depostt bank interest 2.664 1.759 11
THE CLASSIC BOAT CENTRE TRUST {A COMPANY LIMITED BY GUARANTEE) NOTES FORMING PART OF THE FINANCIAL STATEMENTS {Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 other Income Unrestrlcted Funds 2024 Total Funds 2024 Total Funds 2023 other income 237 Total expenditure Unrestricted funds 2024 Restrtcted funds 2024 Total funds 2024 Total funds 2023 Costs of generating funds: Shop expenditure Fundraising expenditure 472 180 472 180 449 Charitable activities: Utilities, Security semces, Phone and btoad band 7.600 Insurance 5.300 Advertising and promotions 9.101 Joint museums leaflet 2.324 Boat shed costs 7.246 Rent and service charge 57.586 General management costs 16.698 Payroll costs IT. Computers and website Bank charges Accounting other services incl. under accrual Depreciation Boat Restoration Gallery expenses 7,600 5,300 9,101 2,324 7,246 57,586 16,698 6,127 5,676 9,099 3,019 2,794 46,520 3,950 831 1,905 100 1.864 741 2,505 8,055 2,337 97 2.696 557 273 2.442 2,337 97 2.696 557 273 4,205 1,763 Govemance: Accountancy - Independent examination 118,209 1.763 119,972 96,995 Overhead costs have been aPportned acft)ss cost categories in Ihe accounts for the year ended 30 September 2024. Governance has been allocated to the one charitable activty, which is the operation of the Classic Boat Mus8um. There were no employees eaming more than £60.01)O in the year. Total TrUstS reimbursed expenditure in the year was £Nil {2023:£ Nil). 12
THE CLASSIC BOAT CENTRE TRUST IA COMPANY LIMITED BY GUARANTEEI NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Tangible fixed assets Plant and Equipment Cost At 1 October 2023 Additions Disposals 14,579 At 30 September 2024 14,579 DepreGiation At 1 October 2023 Charge for the year Relating to disposafs 12,356 557 At 30 September 2024 12,913 Net book value at 30 September 2024 1,666 Net book value at 30 September 2023 2,223 Heritage assets Previously. Heritage assets have been irKluded at cosL They comprise the exhibits of the Classtc Boat Museum. and this did not take into constderalion the significant value of items donated over recent years. The museum currently insures the museum contents for £623.860 (2023: £588.860) so to better reflect the true value, they have been revalued and included and at a mid-point of a range of values. The revaluation took place in 2022. based on a third paty expert valualion by Mr N Bonham. No depre(iatTron has been charged in the current year. Totsl Market Value At 30 September 2023 Revaluation 425,000 At 30 September 2024 425,000 13
THE CLASSIC BOAT CENTRE TRUST {A COMPANY LIMITED BY GUARANTEE) NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Investments 2024 2023 Investment in subsidiary company Summary profit and loss account Classic Boat Restorations Ltd 2024 2023 Turnover Cost of sales and administrattve expenses Operating profit Distribution made in year to Classic Boat Centre Trust Retsined in the subsidiary The assets and liabilities of the subsidiary were: Current assets Creditors: amounts falling due within one year Total assets less current liabiltties A99regate share capital and reserves The Company had not traded throughout the accounting period. Payments for boat storage are pad to the Trust 10. Debtors 2024 2023 other debtors 906 3.279 906 11. Creditors: Amounts falling due within one year 2024 2023 Amounts owed to group undertakings Service charge and other payables other creditors and accruals 9.605 11,754 15.228 14,205 14
THE CLASSIC BOAT CENTRE TRUST (A COMPANY LIMITED BY GUARANTEEI NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 12. Movement in funds - Current year At 1 October Incoming 2023 resources At 30 Septèmber 2024 Outgoing resources Revaluation General fund Designated Museum Development Fund 504.928 94.474 {118.209) 481,193 25.000 25.000 Restricted funds Museum Development fund Totsl funds 572.626 96.874 (119,972) 549.528 Movement in funds - Comparative year At 1 October 2022 At 30 Septembgr 2023 Incoming resources Outgoing resources Revaluation General fund Designated Museum Development Fund 515,793 82.443 (93,308) 504.928 25.000 25.000 Restricted funds Museum Development fund Total funds 587.178 82.443 (96,995) 572.626 The Trust received one grant for specific project in the year. in relation to archiving costs. 15
THE CLASSIC BOAT CENTRE TRUST (A COMPANY LIMITED BY GUARAKfEE} NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 13. Analysis of net assets between funds Unrestrtcted Funds 2024 Restricted Funds 2024 Tolal Funds 2024 Unrestrlcted Restricted Funds Funds 2023 2023 Total Funds 2023 Fixed assets Stock Debtors Cash at bank and in hand Creditors and accruals 426.667 750 3.279 90,725 426,667 750 3.279 134,060 427.224 750 906 115.253 427,224 750 906 157,951 43.335 42.698 506,193 43.335 549.528 529,928 42.698 572,626 14. Financial Assets and Liabilities 2024 2023 Financial assets comprise debtors and cash arKI bank balances 137.339 158,857 Financial liabilities comprise creditors and accruals 122.111 144,652 15. Operating Lease Commitinents The Trust has ongoing cornmitments in respect of SeiCe charges as part of the gallery lease payable by instalments. 2024 2023 Under one year Beeen one and five years After five years 6,026 24.104 6.026 24.104 35.654 41.680 18
THE CLASSIC BOAT CENTRE TRUST (A COMPANY UMITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 16. Comparative statement of financlal activities Unrestricted Funds 2023 Restrl¢ted Funds 2023 Total Funds 2023 Total Funds 2022 Income and endowinents from: Donations and legacies 51.145 51.145 73,109 Charitable actwities 29.302 29.302 14,056 Investment income 1.759 1.759 79 Other income 237 237 4.000 Totsl income and endowments 82,443 82.443 91,244 Expenditure on: Raising funds 449 449 75 Charitable actbvities 92.859 3.687 96,546 88.130 Total expendlture 93.308 3.687 96.995 88,205 Net incomel(expenditure) for the year (10.865) 13.687) (14.552) 3,039 Revaluation of heritage assets 391.834 Transfers between funds Net Movement in funds (10,865) (3.687) (14.552) 394.873 Reconciliation of funds: Totsl fvnds brought fon*vard at 1 October 2022 540.793 46.385 $87.178 192.305 Totsl funds carried forward at 30 September 2023 529.928 42.698 572,626 587.178 17