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 V*Aght
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 T￿st 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.
SIGNIFIcA￿r 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 b￿ets very ￿refUllY. The extra money spent on marketing and social
media has not bome fruii this year. which is disapp(xnling. h(T￿ver. 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 Y￿1a our replica 1872 Cat boat. the original was buiFt in
Bim)ingham Road. Cowes. She TrKdS sUCce￿￿J11Y 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 Y￿th 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
be￿een 6 and 12 months operating expenditure in rese￿es. 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 aPpI￿Able 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 C￿panIeS 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 Ca￿led 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 con￿rn 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 Othe￿ise 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 Se￿ices. A co￿espOndIng 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 pa￿CUlar 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 Va￿ation 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 dep￿ciated
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 pri￿s. 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 aPport￿ned 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 TrUst￿S 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 Se￿iCe charges as part of the gallery lease payable by instalments.
2024
2023
Under one year
Be￿een 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