Company Registration No. 03439192 (England and Wales) ChaTIty Reglstratlon No. 1064643 THE CLASSIC BOAT CENTRE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
THE CLASSIC BOAT CENTRE TRUST {A COMPANY LIMITEO BY GUAK4NTEE} CONTENTS Page Legal and administrative information Board of Trustees report Independent Examiners report Statement of finanaal aclivtties Balance Sheet N¢)tg3 to the aunt$ &17
THE CLASSIC BOAT CENTRE TRUST {A COMPANY LIMITED 8Y GUARANTEEI LEGAL AND ADMINISTRATIVE INFORMATION Address Medina Village, Medina Road. Cowes Isle ofwh1 P0317LP Trustees J G Amokf (appointed 2110312025} N J Coleman (appointed 13112r2024) S M F Fieklhouse lapkK>inted 1610512025) F FKJueiredo-St(w (resign 19109120251 D J L Fontana T Harilirbg (reslgned 1311212024) W S G Lawren M A Loftus (appointed 21103121f251 M McNeill {resigned 1610112026) Dr L V von Schullhess Rechberg Preston S Symons (resigned 13112r20241 Secretary Mr W S G Lawrence Governlng Instrument Artides ofAsscoation a(k)pted 1st March 2020 Charitable Status The Trust ts a registered Charity No. 1C64643 Company StatUS The Trust is a limited company No. 03439192 Accountants re (South) LLP 9 St John's Place Newport Isle of Wghl P030 1LH
THE CLASSIC BOAT CENTRE TRUST (A COMPANY UMITED BY GUARANTEE) BOARD OF TRUSTEES REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Govomlng 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 incorporaled on 24 Seplernber 1997 as amended by the adoption of new Articles ofAssociation on 1 March 2020 and was registered as a charity on 30 September 1997. Objectlves and Alms The objects forwhith tho Trust is established are to advance public education in: 1. Hlsloric boats and thelr role in the enhancement of western civilisation-, 2. The heritage of shipbuilding and the design and construction of marine craft on the Isle of Wight and jacenl waters.. 3. Maritime heritage and archaeology of the Isle of Wight and adjacent waters. SIGNIFICANT ACTIVITIES AND ACHIEVEMENTS IN THE YEAR The year saw a wide range of posilive initiatives and meaningful progress across the Museum. Visitor numbers remained stable throughout the period. reflecting broader trends observed at comparable visitor allractions across the istand. The 2025 season opened with an exhibf(ion in the Gallery dedicated to HMS Cavalier. the sole suNiving Royal Navy destroyer from the Second World War, built in 1944 by J S White in East Cowes. The exhibition wa5 generously supported by the Chatham Historic Dockyard Tiust and attracted considerable interest, with over1CQ guests attending the opening evening. The exhibilvjn was the Tesult of six months of dedicated preparation by the volunteer team, whose commilmenl and expertise were instnjmenlal in biinging Ihl8 important piece of naval history to lrfe. &gnfficanl remedial work was undertaken at the Boat Shed, including repairs lo the roof slrudure. Clearance of the surrounding land adjacent to the Hammerhead Crane has greatly enhanced the visitor experience, enabling the base of this important historic monument to be seen for the fifsl time in many years. Improvements to the presentation of the museum boat Cdlection have also been well received by visitors. The museum's education and research facilities tntinUed to fulfil a vital role during the year. More than 350 schoolchli dren engaged wilh the museum's programmes. ether through on-site SIts to the museum and archives or via outreach adivities delwered direct]y within s¢hoofs. The Trustees remain committed to expandin9 this aspect of the Museums work. A signifieanl achievement at tho close of thg financial year was the award of an Arts Coun[ Grant to fund a Scoping Study for the development of a dedicated Mariiime Herttage site cenlred around the Hammerhead Crane al Medina Village. the museum's current IatiOn. This ambitr'ous pioject encompasses both the creation of a pemjanenl home for the Classic Boat Museum and the restoration of the Hammerhead Crane itself. The Scoping Study is eypect&l to be completed by mid-2026. Subject to a p(Isitive outcome. the next phase will involve an application to the Heritage Lottery Fund lo devglop a fully detailed and costed project plan. The Trustees regaid this as a transformational cpportunity forlhe museum and forthe weservalion of the island's maritime heritage.
THE CLASSIC BOAT CENTRE TRUST (A COMPANY UMITED BY GUARANTEE) BOARD OF TRUSTEES REPORT (Continued} FOR THE YEAR ENDED 30 SEPTEMBER 2025 The museum operates entirely thrtyjgh the dedication of its volvnleer base. and the Trustees wish lo express their sincere gratilude to the whole team for their Continu support and hard work throughout the year. Trustee rul1Ment during the year was partI?rfY $uccessfiJl. with four new Trusteesjoining the Board. broadening the range of skills and experfence avallabl& to the organisation. Fdlowing the year end, the Chaimian, MaTk McNeill. stepped down from the Board after 11 years of outstanding Serv[. During his tenure. Mark made an immense contribution lo the development and financial strenglhening of the museum. The Trustees are delighted that he will continue to support Ihg organisation in the rde of Honorary Pfesident, th a particular focus on fundraising. Michael Loftus has assumed the role of Chair. FINANCIAL REVIEW AND RESERVES Total income for the year 8mounted lo £78.72412024.' £96.8741. Costs of generating funds amounted to £489 {2024= £652}, and the costs of charitable acliwties amounted to £126,29712024.. £119,320) of which governance costs were £2.550 {2024'. £3.3(101. The overall def11 was £48,06212024.. deficit £23,098), th restiicted funds remaining at £39.53812024.. £43,335} after some spend in the year on the new museum project. The overall unrestricted reserves decreased to £70,094 <2024.. £114,359)- The Charity is working on a development project to ensure the museum has a secure and pemianent home for the bng-lerm future, and has designated £25,000 towards this project in the near ture. The Tfuslees consider it prudent to maintain btheen 6 and 12 months gperating expenditure in reserves. The undesignated free resetves at the year end was £10.679 (2024.. £54,526). Truslees ar& implementing cost saving measures and a new lickel pricing 8lrdlegy. Trustees, Responslbllltles The trustees, who are also the directors of The Classic Bo81 Centre Trust for the purpose of company law. are responsible for preparing the Trustees, Report and the finanaal statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom General Accepted Accounting Praclicel. Company Law require8 the trustees to prepare finanaal statements for each financial year which give a true and fair view of the slate of affairs ol the chaity and of the incoming resources and application of re80urces. including the income and expendilure. of the chafttable company for that year. In preparing these financial slaements, the Irijslees are required to.. Select suilable accounting policies and then apply them consistentty.. observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent., and prepare the financial Statents on the going concem basis unless il is inappropriate to presume that the tharity will continue in operation
THE CLASSIC BOAT CENTRE TRUST COMPANY UMITED BY GUAPANTEEI BOARD OF TRUSTEES REPORT Icontinued) FOR THE YEAR ENDED 30 SEPTEMBER 2026 The trustees are resPSIble for keeplng adequate accounthw records that dlsclose wlth reasonabl8 accurdQy at time the financlal of Ihe charity and enable them to ensure that the financial Statewnts compty wtlh the Compan$ AGt 20r. They ara also responsible for safeguarding thfr assets of the tharity and henc fur takÉng reasonable steps for the pieven11 ano delecrion of fraud and other Irregularitles. AFgroveO by order of the board oftFUStees and *ned on its behall ty: Zq- H&Y Zoz
THE CLASSIC BOAT CENTRE TRUST {A COMPANY UMITED BYGUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CLASSIC BOAT CENTRE TRUST FOR THE YEAR ENDED 30 SEPTEMBER 2025 I rep(yt to the charity trustees on my examination of the accounls of the company for the year ended 30 Septber 2025. which are sel out on paJes 6 to 17. Responslbllltleg and basls of rert As the chaiity tnjstees oflhe cth)pany land also its directors fcf the purph)se$ of ccfflpany lawl you are responsib]e for the preparatKJn of the accounts in accordance th the requirements of the CompaniesAct 20061'lhe 2006 ACY). Having sati%fied myself thal the accounts of the eornpany are not required lo be audited undgr Part 16 ofthe 20[ Act and are eligible for independent examination. I report in respect of my examination of your company's accounts as carried t under section 145 of the Charthes Act 2011 {'the 2011 ACV). In carrying out my examination I have foll¢yNed the t1CtionS given by the Charity Commission under section 145151{bl of the 2011 Act. Independent examinerfs statement I have completed my examination. I confirm that no matters have come lo my attention in connection with the examinafK)n giviro rAuse tr) belwe that in any material respect accounting records were not kept in respect of the compary as r4uired by seCtm 386 of the 20C6 Ac( or the accounts do rDt accord with those COrdS., or the accounts do rt compty with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounls give a 'lrue and fair view whith is not a matter considered as part of an independent examination.. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Rmmended Prathts foracojunting and reportiThJ by charities applicable lo charities preparing their aco)unts in 8(Ythdants with the FinancHI Reporting Standard appluble in the UK and Republic of Irdand IFRS d02}. I have no cOnmS and have co£ across no other nwtters in ccmnection with Ihe eXa•natiOn to vthich attention sh)uld be drawn in this report in order to enatre a proper understaThJing of the acwunts to be reaCed. OOfL LLf Vlcky Drayton ACA Foi and on b8half of Moore ISouth} LLP Chartergj Accountants 9 St John's Place Isle of Imghl P030 1 LH Dated.. l.Q...sV.TrQ.u
THE CLASSIC BOAT CENTRE TRUST {A COMPANY LIMITED BY GUARANTEE} STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025 Unrastrlcted Funds 2025 Reslrlcled Funds 2025 Total Funds 2025 Total Funds 2024 Notes Income and endowments from: Donatlons and kgaLies 46.401 4,000 50,401 61,183 Charitable adimtigs 25.621 25.621 33,027 Investment Inccffte 1,978 1,978 2,664 Other income 724 724 Total Income and 8ndowm8nts 74724 4.000 78,724 96.874 Expendilure on: Raising funds 489 489 652 Charitable actwitles 117.874 8,423 126,297 119,320 Totsl expenditure 118.363 8A23 126.786 119.972 Net Incomel{expendlture) forthe year 143,6391 (4,4231 148.0821 (23.098} Transfers btheen funds {626) 626 Net Movement In funds (44265) 13,797) 148,062) (23,0981 Reconciliation of funds: Total funds brought forward at 1 October 2024 114.359 43,335 157,694 180,792 Total funds carrled fonvard at 30 Septomber 2025 70,094 39,538 109,632 157.694 The statement of financial actiwlies indudes 811 gains and losses in the year. The notes on ge8 8 to 17 fom part ofthese accounts
THE CLASSIC BOAT CENTRE TRUST IA COPAPA14Y UMITED BYGUAPAKfEE) BALANCE SHEET AS AT 30 SEPTEMBER 2026 2026 2024 Fixèd ass•ts Taryible assets Hertlage assets 1.249 33.166 8.16 33.186 34.418 34,833 Curnnt 750 3.279 Debtor5 Cash at bank In hand 10 100,381 138.089 Cuff•nt Ilabllill•s Credrtors.. Amunts fauino due wthin one year 11 Not curr•nt 109,632 157,694 Funds Restrfct8d- Museum Davelopfftht Fu 12 UnrestiKted- General Unrestsi¢ted- Deslgnated Museum DeYeknt 89.359 25.0 25C 109,632 157.694 For1 financ4al year in question the (x)mpany was enlilled to 8xenwtion underseolion 477 ofthe CnIes 2006 relaung to small ¢ompanies. No rr¢mber5 have required the c4)mpany to obtaln an au¢it of aco)unts lor the year In quesllon In accordance with sedkn 478 ofthe Companies 20rA. The dlrectors acknmedge their respOnbilitY for ccwnrlng wth the requSrements ofthe Ad respect to aCUnth fecuds and forthe preparatiDn of aco)unts. These ¥o)urts have bn pwted In aoyjrdance wlth the provlstons appll¢abte to ¢ompardes sutye¢l to the srrvaH oJmpantes' reglme. The finAndal statemerts on page5 6 to 17 were approved by lh& Boord ofTrusl•es and sKJned on its behalf by: M Loftus Twstee Company rnglstraiion numhr. 03439192 The Th)tes on peS 8 to 17 form part of Ihw aoJ)unls Zo- 4..[.6Z¢....
THE CLASSIC BOAT CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE} NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accountlng policies (al General infomiation and basis of praparation The class Boat CenlTe Trust is a charitable company limited by guarantee in the United Ksrod¢)m. In the event of the chaTity being wound up, the liability in respect of the guarantee is limited to £1 per member of the djarity. The address of the iegistered office is given in the charity infomialion on page 1 of these financial slalements. The nature of the charity's operations and principal activities are to advance public education in historic boats and their role in the enhanCeffnI of Westem Cwllvzatn. The charity constitutes a public benefrt entity as defined by FRS 102. The financial stslernents have been prepared in accordance with Accounting and Reporting by Charities: Stalemgnl of Recommended Practice applicable lo charli$ preparing their accounts in accordance with the Financial Reporting Standard appli¢able in the UK and Republic of Ireland IFRS 1021 issued in Ocld)er 2019, the Charities Act 2011. the Companies Act and UK GeneraltyAccepted Pr&*ce. The financial statements are prepared on a going concem basis under the historical cost convention, modffied to include certain items al fair value. The financial statements are prepared in slerting. which is th8 furtctional cuirency of the charity and rounded to the nearest £1. The signrficanl accounting policies applied in the preparatron of these financial statements are set out below. Theye policles have been consistentty applied lo all years presented unless olherwise staled. Ib} Funds Unrestiicled funds are available for use al the discretion of the truslees in furtherance of the general objectives of the charity and which have not been designated for other prse$. Designated funds comprise funds whieh have been set aside al the discretion of the Trustees for speuftc purposes. The purposes and uses of the designated funds are sel out in the notes lo the financial slalemenls. R8slricted fvnds are subject lo Specif conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are sel out in the notes to the financial statements. Icl Income rocognition For donations to be recogntsed the charity wll have been notified of the amounts and the settlement date in writing. If there are conditions attached lo the donation and this requires a level of performance before entillemenl can be obtained, then income is deferred until those condrtions are fulty mel or the fuifilment of those condition5 is wtthin the control of the charity and it is probab that they will be fijlfilled. Donated facilities and donated professional ServIS are recognised In Income al their fair value when their econcfflic benefit is probable. it can be measured reliably and the chaity has control over Ihe rtem. Fair value is delerynined on the basis of the valve of the gift lo the charity. For example. the 8mounl the charity woukl be wlling to pay in the open marf(et for such f8ulities and servKes. A corresponding amount is recognised in expenditure. No amount is included in the financBI statemer¢ts for volunteer time in line wth the SORP {FRS 102). Further detail Is given in the Trustees. Annual Report. Frxed asset grfts in kind are recognised when retsivable and are included at fail value. Thay are not dgferred over the lrfe of the asseL
THE CLASSIC BOAT CENTRE TRUST IA COMPANY LIMITED BY GUAK4NTEE} NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2025 {c) Income recognition {continued) For legacies. entitlement is the eailier of the charity being notified of an Impending distribution or the legacy being recewed. At this FKsinl income is reCognis. On occaston legaueswill k notified lo the Charty howeveril is not wssible lo measure the an>Junt exp&ted to be d1stribut. On these ctcasTons. the legacy is treated as a contingent asset and di08ed. Income from trading activities in¢ludgs income eamed from fundraising events and trading acttvlttes to raise funds for the charity induding the donation from the trading subsidiary. Income is ieceivwl in exdJang& for suppIng goods and services in order lo raise funds and is recognised when entitlement has occurred. The donation from the tradin9 company is treated as p8trJ Immediate as the entities share an operating bank account Investment income is eamed through holding assets for investment purposes suth as shares and propety. It Includes diwdends, inleiest and rent. INhere tt is not practicable to identify investment manag8menl costs incurred within a scheme wilh reasonable accuracy the investrnent income is report&J net of these costs. 11 is induded when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income FS recognised as the charty's right to re1ve payment is estsblished. (d) Expendlture recognltlon All expenditure is accounted for on an 8rualS basis and has been classffied under headings that aggrate all costs related lo the category. Expenditure is recognised where there is a le9al or conslruclive obligation lo make payments to thtrd parties. il is probable that the settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as an expens8 against the actwty forwhich expendiiure aros {el Support costs allocation Supwrt cosls are those that assist the Work of the charity but do not directty represent charitable activities and include office costs. govemance eosts. adminislralive payroll costs. They are incurred directty in support of expenditure on the objects of the charity and include project management carried out al Hoadquarters. Where support costs cannot be direclty attributed lo parbcular headings they have been allocated to cost of raising funds and expenditure on charilabl Mlies on a basis consislenl with use of the resources. Fund-raising costs are those Incurred in seèking voluntary contributions and do not include the costs of disseminaling inforrnatton in support of the charilable activf(ies. {fj Tanglble fixed assets Tangible fixed assets are staled at cost lor deemed costl or valuation s$ accumulated d6precialion and ac£umtJlated impaimient losses. Cost indudes costs directty attributable to making the assel capable of operatin9 as intend. Depreciation is provided on all tsngible fixed assets, al rate5 calculated to write off the cost, less estimated residual value. of each asset on a systerrtatic basis over rts expected useful life as follows: Leasehokl improvements Heritage museum artifacts Plant and machinery 25% reduclng bala[e Not depreciated 250A reducing ban
THE CLASSIC BOAT CENTRE TRUST (A COMPANY LIMITEO BY GUARANTEE) NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2025 (fj Tangible fixed assets (Gontinuedl No dePrlation is provided in reSpt of the museum boats and artrfacts. as the Truste8s are of the view that such depreciation would be immaterial, as it is part of the objectives lo preserve the exhibili¢)n for future generaiions. Although this accounting policy is in aGrdance with the Finarscial Reporting Standard for Smaller Entitie5 {effectNe April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets lo be deprecialed. In the opinion of the directors compliance with the standard is necessary for the financial slalemenls to grve a tNe and fair view. (g) Horitagg assets Heritage assets are tangrf)le assets of historica Importan that are heky to advance the Charivs obpctwes of preservalion and public atLess. Heritage assets are recognised on the ban sheet al ct where such costs have been incurred in thr acquisili)n. Donated heritage assets are not capilalised where it is not practicable lo obtain a reffiab valLtation, orwhere the cost of dcing sowoukl be disproporbonale lo the benefits derived. Assets are not revalued after initial recognition and are not depreciated. as the Trustees consider that the assets have very bng economic lives and high residual values, and are maintained to a starKlard such that Iheirvalve is not malerialty diminish over tirne. Assets are, however, subject to impaimienl review where there Is an indication of loss in value. AcquisTrtions are made primarily by donation or. occas1, purchase this is considered to furthof the Charity's objectives. The assets 8re preseNed. ¢SeNed and managed in Co[danCe with appropriate standards to maintain their heritage significance. A register of all assets held by the chariiy is available and the assets theMseS are accessible to the public with prior agreement. Heritage assets are to be held for the foreseeable future. {hl Investments Investments in subsidkqri8s are measured at CSt less impairrnenL 111 Stocks Sl¢d(s are staled al tho 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 ils present IatIon and condition. ) DebtOTS and creditors receivable I payable wlthln one year Debtors and ctedilors with no stated intefest rate and rec*ivaLile or payable within one year are recorded at Ifansaction Pri Arby losses arising from impaimienl are regnised In exFenditura. (k) Impalmient Assets ncl measured at fair value are revTewed for any indication that the agset may be impaired at each balan sheet dale. If such indication e$t8, the recover8ble amount of the asset, or the asset's cash generating unil, is estimated and compared to the carrying amounL Where the carrying amount exceeds its recoverable amount, an impairment k)ss is recognised in profrt or toss unless the as5el is carried al a revalued amount where the impaimient loss is a revaluation decrease. 10
THE CLASSIC BOAT CENTRE TRUST {A COMPANY UMITED BYGUARANTEEI NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2026 {11 Provlslons Provisions are recognised when the charity has an obligation at the balance sheet dal8 as a result of a past event, il is prc4)able thal an oufflow of economic benèfrts will be required in setuement and the amount can bo religbly estimated. Im) Tax The charity is an exempt Charity within the meaning of schedule 3 of Ihe Charities Act 2011 and is nSIdered to pas$ the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore il meets the definition of a charitable company for UK cotporalion lax purposes. Donatlons and logaclgs Unrestrlcted Funds Restricted Funds Total Funds Total Funds 2025 2025 2025 2024 Voluntary Income Donations Friends As%)ciats'on contribulN)ns Gift aid 45.622 4.orxi 49.622 S9.007 779 779 46.401 4.000 50.401 61.183 The donation$ indude an amount in kind- this being for the rent of sheds 117 and 118 in Cowes Medina Village for the Museum's B¢Jgt Shed and boat storage expenses, al a value of £38.68712024: £39.467). 3. Income from Charftabla Actlvltlgs UnTe5tricted Fund$ 2025 Restricted Funds 2025 Total Funds 2025 Totsl Funds 2024 Admissions and shop Boat storage- space rental 13,384 13,384 20.345 25,621 25,621 33.027 Investment income Unrestricted Funds 2025 Total Funds 2025 Total Funds 2024 Deposit bank interest 1.978 1.978 11
THE CLASSIC BOAT CENTRE TRUST IA COMPANY LIMITED BY GUARANTEE) NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2025 0th8r Incomo Unrestricted Funds 2025 Total Funds 2025 Total Funds 2024 Other ineome 724 724 Total expendlturo Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Total funds 2024 Costs of generatlng funds: Shop expendf(uie Fundraising expenditure 291 291 198 472 180 Char5table a¢tlvStles: Utilities. Securtty servi. Phone and broad band 6,580 Insuranee 5,224 Advertising and prcrfnoli?ns 5.738 Joint museums leaflel Boat sh8d costs Rent and service charge General management costs Admin expenses IT. Computers and websiie Bank charges Travel and logistrcs Accounting other services ind. under attrual Depreciation Boat Restorati Repairs to boat shj Gallery expenses 6.580 5.224 5.738 7.600 5.300 9,101 2,324 7.246 57.586 16,698 5,151 68,118 3.722 299 3.513 5.151 68.118 3.722 299 3.513 2.337 97 2.168 1,682 414 2,168 1,682 414 2,696 557 273 10.438 2,277 10,438 10,7 8.423 4.205 Governance: Accountancy- Independent examination 118.363 8.423 126.786 119,972 Overhead costs have been apported across cost categories in the accounts for the year ended 30 September 2025. Govemance has been allocated lo the one charitable activity, which is the operation of the Cl85sic Boal Museu There were no employees eamlng morè than £60,CKIO in the year. Total Trustees reimbursed expendiiure in the year was £Nil {2024=£ Nill. 12
THE CLASSIC BOAT CENTRE TRUST IA COMPANY LIMITEO BY GUARANTEEI NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Tanglble flxed assats Plant and Equlpment Cost At l October 2024 Adtir(ions Disposals 14,579 AI 30 September 2025 14,579 Depreclatlon Al l October 2024 Charge for the year ReLgting lo dis[MlS 12.916 414 At 30 September 2025 13,330 Nat Ik value at 30 September 2025 1249 Nel bk value at 30 Seplember2024 Herltage assets Total At 30 Smber 2024- Restated At 30 September 2025 33.166 HeritaJe A¥sets, included at W5t. comprise the exhbits oflhe CLassic Boat Museum Wre costs were incurred in their acquisition. There is no readily availabl8 valLTr8tion for donated toats or artrfacts because of their unique nature and the disptoporbonate cost involved in obtaining a valualion. The Museum has a colledion ofover 90 boats. fr(rtn classic yachts. motcthls. 8nd lffeboats. A list of boats on dispky can be obtained fr(n the website: httpsJhw.cLgssicboatmuseum.comtheth5sicoat.museum. No depreciation has been charged in the current year. 13
THE CLASSIC BOAT CENTRE TRUST IA COMPANY LIMITED BY GUARANTEEI NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Investments 2025 2024 Inveslrfftnl in subshdiary company Summary profit and loss account Classic Boat Restoratlons Ltd 202S 2024 Tu[rT Cost of Sales and 8dministralive expenses Operating Pfofft Distrtr)utv)n made yearto class Boat Centre Trust Retained in the subsidiary The assets and liabilities of the subsbjiary were: Current assets Credith: amounts falling due within one year Total assets less current liabilities Aggregate share capttal and resorves The Company had not traded thr(yJghout the accounting penod. Payments boat storage are paid to the Trust. 10. Debtors 2025 2024 other debt$ Grants reNable 7.109 400 3.279 7,509 3,279 11. Credito. Amounts falllng dug wlthln ong year 2025 2024 Amounts owed to group undetskings Service charge arwj other payab Other creditors and xcnjals 15.895 9,605 25,165 15.228 14
THE CLASSIC BOAT CENTRE TRUST IA COMPANY LIMITED BY GUARANTEE) NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2025 12. Movement In funds - Current year At 1 October 2024 Restated At 30 September 2025 Incoming resources Outgoing resources Transfers Genèral fund Designated Museum Development Fund 89,359 74,724 (118,363} {626) 45.094 25.000 25,000 Restrlctsd funds Museum Development fund Audience Grant project 43.335 13,7971 39.538 626 Total funds 157,694 78.724 {126.786} 109.632 Movoment In funds- Comparative year At 1 October 2023 Restated At 30 September 2024 Reststed Incoming resources Outgoing resources Transfers General fund Designated Museum DevelLyment FurKI 113,094 94,474 {118,2091 89.359 25,000 25,0 Restri¢t9d funds Museum Development fund Total funds 180.792 98.874 1119.9721 157,694 The Trust had two restricted projects during the year, one relating to archiving costs and the other in relation to collating and analysing existing audience data. 15
THE CLASSIC BOAT CENTRE TRUST IA COMPANY LIMITEO BY GUARANTEE) NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2025 13. Analysls of net assets between funds Unrestrlcted Funds Restrlcted Funds 2025 Total Funds 2025 Unrestrfcted Restrtcted Funds Funds 2024 2024 Totsl Funds 2024 Restated Fixed assets St(k Debtors Cash at bank and in hand Creditors and accruals 34,418 34,416 34.833 750 3,279 90.725 34,833 750 3.279 134,060 22 7,109 53.334 400 39.538 7,509 92.872 43,335 69,694 39,938 109,632 114,359 43.335 157.694 14. Flnanclal Assets and Llabilltles 2025 2024 Finanaal assets Cmprise debtors 8nd cash and bank balanS 1CQ,381 137.339 Finanaal liabiliiies comprise creditors and accruals 75,216 122.111 15. Opgrating Lease Commttments Th8 Trust has ongoiny c£mmitments In respect of service charges as part (rfthe galkry lease payable ty instalments. 2025 2024 Under one year Btheen one 8nd five yea Afterfwe years 6,026 24,104 23.602 29.628 35,654 16. Prlor perlod adjustment During the year, the Trustees have rewewed the accounting p0cY applied lo heritage assets and deteMiin that the wevious valuatiC basis adopted was not apprcpriate. Heritage assets have been restated to histortc cost where such cost information is avaikble. This has resulted in a r&luction in the carrying value of heritage assets at the start of the comparatNe peiiod of £391.834 and unrestricted funds. The Ttee$ consKler that the pli0rvaluat of heritsge assets Yras not reliable due to the 5pecialised and unKiue nature ofthe collection and the absert of 8 reliable mathel for such items. Furthemiore. the cost of obtaining valuations would be disproportionate to the benefit deTNed. Comparative figures have been reststgj xcordingly. 16
THE CLASSIC BOAT CENTRE TRUST IA COMPANY UMITED BY GUARANTEE) NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2025 17. Comparatlve ststement of financlal actlvltles Unrestrlcted Funds 2024 Rgstrfctgd Funds 2024 Totsl Funds 2024 Income and endowments from: Donations and legacies 58.783 2.400 61.183 charitab adhf(ies 33,027 33.027 Investment income Other inwng Total income and endowmeTrts 94,474 2,41)0 9674 Expendlture on: Raising funds 652 652 charIab activities 117.557 1,763 119.320 Total expenditure 118,209 1,763 119.972 Net Incomel{expendlture) for the year (23.735) 637 (23,098) RevalualK)n of heritsge assets Transf3 behveen funds Net Movement In funds 123.735) 637 123,098) Reconclllatlon of funds: Total funds brought forward at 1 Odober 2023 138.094 42.698 180,792 Total funds carried forward at 30 September 2024 114,359 43,335 157,694 17