Registered number: 04459544 Charity number". 1095884 THE SS ROBIN TRUST (A Company Limited by Guarantoo without a Share Capltal) REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
THE SS ROBIN TRUST IA Company Limited by Guarantee without a Share Capital) CONTENTS Pag* Company Informatlon Trustees. Report Indepond•nl Examlner's Report Slatgmenl of Financial Aclivilies Balance She•t Notes to the Financial Statements 9.16 Page 1
THE SS ROBIN TRUST (A Company Ltmited by Guaranlee without a Share Capital) COMPANY INFORMATION DIRECTORS I TRUSTEES Robert Bamard Anthony 8owring Paul Brickell David Green Derek Mann Eric Reynolds Kevin Whittle REGISTEREO OFFICE The Gale House Trinity Buoy Wharf 64 Orchard Place London E14 OJW BANKERS LLOYDS BANK PLC 70- 71 Cheapside City of London London EC2V 6EN UNITY TRUST BANK PLC 4 Brindleyplace 8irmingham 812JB COMPANY REGISTERED NUM8ER 04459544 CHARITY REGISTERED NUMBER 1095884 Page 2
THE SS ROBIN TRUST (A Company Limited by Guarantee without a Share Capilal) Trustees, Report The Truslees present their annual report together with the financial statements of the SS Robin Trust for the year ended 30 June 2024. The Annual Report serves the purposes of both a Trustees, Report and a Directots, Report under Company Law. The Trustees confimi that the Annual Report and Financial Statements of the charitable company comply with the current stalulory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recornrnended Practice (SORPI applicable to charits'es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102) {effective 1 January 2015) as amended by Update Bulletin 1 (effective January 20151. Objectlvos and a¢livities Policies and objectives The Charity's aims are the restoration, pre5errfation, and maintenance of the steam ship, the SS Robin, for the education and benefit of the public. The key public benefit of the work of the SS Robin Trust is to preserve this historic ship and allow as much public access as possible. The main aim of the Trustees continues to be Ihe restoration of the SS Robin and to find an appropriate way to use the shlp such that11 not only reflects her heritage and history. bul also has a viable and sustainable future. In settlng objectives and planning for activitles. Ihe Trustees have given due considerallon to general guldance published by the Charity Commission felating to public benefit, indudin9 the guldance 'Public benefit.. runnlng a chanty IP82)'. Achlovemenl$ and performance Main a¢hlevements of the Charlty During the yearto 30 June 2024, the charity sur$$fullY maintained the hedlage vessel, the SS Robln, In a condition at least as good as that al the end of the previous year. Ouring the year the SS Robin was moved lo a new moorlng at Trinity Buoy Wharf adjacent to where she was built in 1890. A programme of development in the pontoon was commenced in line with trustees, strategic plan lo enable the SS Robin lo generate a revenue stream through filming and promotsonal acllvities. Flnan¢ial r•view Going concwn After making appropriate enquiries and reviewing the bank balances and business plan for the next 3 years, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for at least 12 months lollowing the approval of Ihese financial Statements. Flnanclal revlew During the year the Charity invested heavily in its new mooring for the SS Robin and made a surplus of £267,467 (2023.. £190,478). Reserves policy The Trusl seeks to have unreslricled reserles at least equal to six months running costs of the organisation. This is suffi¢ient lo ensure that cash flow does nol become an issue and allows sufficient SerVeS lo undertake an orderly wind down of the Trust shoukl the need ever arise. At present this would probably represent a cost in the order of £50,000 - £60,000. The balance sheet shows that the Trusl complies with this policy. Page 3
THE SS ROBIN TRUST IA Company Limlted by Guarantee without a Share Capltal Structure, governance and management Constitution The Charity is registered as a charitable company. limiled by guarantee without a share capital. The Charity is consliluled under its Artides ofAssociation dated 12 June 2002 and has the registered charity number 1095884. Methods of appointment or glection of Tru$tee$ The management of the Charity 15 the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. Organisational.$lructure and decision making Trustees make strategic decisons, set policy and budgets, and review financial infomiallon: Contract staff and consultants make operational decisions and report to the Board of Trustees. Rlsk managèment The Trustees hav8 assessed the major risks to which Ihe Charity 15 exposed. in particular those related to the operations and, finances of the Charity. and are satisfied that systems and procedures are in place lo miligate the Charity's exposure lo the major risks. Page 4
THE SS ROBIN TRUST (A Company Limiled by Guarantee without a Share Capital) Statement of Trustees. responsibilltles The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for prèparing Ihe Trustees, Report and the financial stalemenls in accordance with apICable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees lo prepare financial statements for each financial year. Under company law the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial statements. the Trustees are required to.. select suitable accounting pdicies and then apply them consistently., obseNe the methods and principles of the Charits'es SORP (FRS 102).. make judgments and accounting estimates that are reasonable and prudent-, state whether applicable UK Accounting Standards {FRS 102) have been followed, subject lo any rnalerial departures disclosed and explained in the financial statements- prepare the financial statements on the going concem basis unless It is inappropriate to presume thal the Charity will continue in busines5. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy at any time Ihe financial position of the Charity and enable them lo ensure that the financial slatemenls 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 detection of fraud and other irre9ularities. Approved by order of the members of Ihe board of Trustees and signed on their behalf by.. Mr Eric Reynolds Dale.. 30 March 2025 Page 5
THE SS ROBIN TRUST (A Company Limited by Guarantee without a Share Capital INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES I DIRECTORS OF THE SS ROBIN TRUST FOR THE YEAR ENDED 30 JUNE 2024 I report to Ihe trustees on my examination of the accounls ol the Company (the SS Robin Trust) for the year ended 30 June 2024 which are set out on pages 7 10 16. Responsibilities and basls of report As the charity trustees of the Company land also its directors for the purposes of company law), you are responsible for the preparalion of Ihe accounts in accordance with the requ1MentS of the Companies Act 2006 {"the 2006 Acr,). 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 exarninats'on, I report in respect of my examination of your company's accounts as carried out under Section 145 of the Charities Act 2011 1"Ihe 2011 Act"). In arrying out my examination. I have followed all the applicable Directions given by the Charity Commis&on under section 145{51{b) of the 2011 Act. Ind¢p¢ndont •xaminer'$ statemont I have completed my examination. I confirm that no matters have come to my attention in connection with the examinatlon which give me cause lo believe Ihat in, any material respect: th'e accounling reGoTds were not kept in accordance with section 386 of Ihe 2006 Act., or the accounts do not a¢¢ord with those a¢¢ounling records: or the accounts do not cornply with the applicable requirements under Seclion 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 independenl examination. the accounts have not been prepared in accordance with the methods and principle of Ihe Statement of Recommended Practice for accounting and reporting by charities applicable lo charities preparing their a¢¢ounts with accordance wilh the Financial Reporting Standard appllcable in the UK and Republic of Ireland IFRS 102). I have no concerns arKI have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a Proper underslanding of the accounts lo be reached. T Whelan ACA 35 Church Meadow Surbilon Surrey 30 March 2025 Page 6
THE SS ROBIN TRUST IA Company Limited by Guarantee without a Share Capital) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2024 Oo ooo Lg IL LJ Restricted funds 2024 Unreslricled funds 2024 Total funds 2024 Total funds 2023 Income from: Tradlng Oonalions and18gacles Investments 447 317,268 61 447 317.268 61 210.895 Tolal incom• 317,776 317,776 210,895 Expenditure on: Charitable activities 50,309 50,309 20.417 Total exp•ndlture 50.309 50.309 20,417 Net movoment In funds 267.467 267,467 190,478 Reconclllallon of funds: Total funds brought fonvard Nel movement in funds 14,331 466,300 267,467 480,631 267,467 290.153 190,478 Tolal funds carrled forward 14331 733,767 748,098 480,631 The Statement of Financial Activities includes all gains and losses recognised in Ihe year. Thè notes on pages 9 to 16 form part of these financial statements. Page 7
THE SS ROBIN TRUST (A Company Limited by Guarantee without a Share Capital) BALANCE SHEET AS AT 30 JUNE 2024 Notes 2024 2023 FIXED ASSETS Tangible fixed assets 624.202 200,000 CURRENT ASSETS Debtors Cash at bank and in hand 32.532 99.699 912 279.719 132.231 280,631 CURRENT LIABILITIES Creditors: amounts falling due within one year 12 8,335 NET CURRENT ASSETS 123,896 280,631 TOTAL ASSETS LESS CURRENT LIABILITIES 748,098 480,631 CHARITABLE FUNDS Reslricled funds Unreslricled funds 13 13 14,331 733.767 14,331 466,300 TOTAL FUNDS 748,098 480,631 The Charity was entitled lo exemplion from audit under section 477 of the Companies Act 2006. The members have not required the company lo obtain an audit for Ihe year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of finanGial slalernents. The flnancial statements have been prepared in accordan with Ihe provisions applicable to entities subject to the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees on 30 March 2025 and signed on their behalf by=_ E Reynolds Trustee and Director The notes on pages 9 to 16 fom part of these financial statements. Page 8
THE SS ROBIN TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 1. Ac¢ounling policies 1.1 Basis of preparatlon of financial statements The financial statements have been prepared in accordance with Ihe Charities SORP IFRS 1021- Accounting and Reportin9 by Charities.. Statement of Recommended Practice applicable in the UK and Republic of Ireland {FRS 102) {effe¢tive 1 January 2015). the Financial Reporting Slandard appli¢abl8 in the UK and Republic of Ireland (FRS 102) and Cornpanies Act 2006. The SS Robin Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transacts'on value unless otheTh¥ise stated in the relevant accounting policy. The financial slatements afe prepared in sterling. the functional currency of the Charity and rounded to the nearest £. The ffinancial statements have been prepared to give a 'true and fai¢ view and have departed from ihe Chafities SORP (FRS 1021 published on 16 July 2014 onty to the exlenl required to provide a 'true and fair, view. For details of the departure, see note 15. 1.2 Income All income is recognised once Ihe Charity has entitlement lo Ihe income. it is probable that the incorne will be received. and the amount of income receivable can be measured reliably. Donaled services or facilities are fecognised when the Charity has control over the item; any conditions associated with the donated item have been met.. the receipt of economic benefit from the Charity's use of the item is probable and that economic benefit can be measured reliably. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing lo pay lo obtain services or facilities of equivalent economic benefit on the open rnarkel: a corresponding amount is then recognised In expenditure in the period of receipt. Incorne lax recovefable in relation to investment income is recognised at the lime the investment incorne is receivable where applicable. 1.3 Company status The Charity is a company limited by guarantee. The members of the company are the Trustees named on page l. In the event of the Charity being wound up, Ihe liability in respect of Ihe guarantee is limited 10 £1 per member of Ihe Charity. 1.4 Going concern The Trustees have prepared the financial statements on the going concem basis as the financial reserves held at the dale these financial slaternents were approved are sufficient. in the Trustees, opinion. lo enable the Charity lo Conlinue to operate for al least 12 months from the dale the finanGial statements were approved. 1.5 Expendltur• Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo third party., il is probable that a transfer of economic benefits will be required in settlement and the amount of Ihe obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of Ihe total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Expenditure on charitable activities is incurred on ¢JirecUy undertaking ihe activities which further the Charity's objectives, as well as any associated support costs. Page 9
THE SS ROBIN TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 1. Accounling polici08 (continued) 1.6 Tangible fixed assots Fixed assets are stated al historical cost. nel of depreciation and any impairment. Depreciation is provided on all tangible fixed assets except the SS Robin heritage asset. Depreciation is calculated al rates lo write each asset down to its estimated residual value evenly over its expected useful life as follows.. Mooring piles and brow over 25 years straight line 1.7 Herltage assets The heritage asset in the accounts is capitalised and classed as such because il is thè worid's oldest complete steam coaster and is in the presS of being restored to ils original condition so as lo be open to the public. The Trustees annually value the heritage assets in accordance with their insurance valuation as there is no available, appropriate market valuation. The insurance valuation also includes the pontoon that the vessel is currently resting on. This is a departure from SORP {FRS 102) to ensure the accounts show a true and fair view. See note 15 in the financial slatemenls. The policy with respect lo impairment reVieV of the heritage assel is an annual irnpaimienl review that compares the value lo the Insurance valuation. Impairmenl losses are recognised in the Slalemenl of Financial Activities incorporating the Income and Expenditure Account. 1.8 Doblors Trade and other debtors are recognised at the settlement amount after any trade dis¢ounl offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 1.9 Cash at bank and In hand Cash al bank and in hand includes cash and short-lemi highly liquid investments with a short maturity of three months or less from Ihe date ol acquisition or opening of the deposit or similar account. 1.7 Llablllll?s and provlslons Liabilities are recognised when there is an obligalion at the Balance Sheet dale as a result of a past event il it is probable thal a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amounl that the Charity anticipates it will pay to settle the debt or the amount It has received as advanced payments for the goods or services it must provlde. Provisions are measured al Ihe best eslimale of the amounts required lo settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that fie¢t$ Ihe risks 5peafic to the liability. The unwinding of the dIOunt is recognised in the Statement of Financial Activities as a finance cost. 1.8 Financial instrum•nt$ The Charity only has financial assets and finanoal liabilities of a kind Ihat qualify as basic financial inslrumenls. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlemenl value with the exception of bank loans which are subsequently measured at amortised r05t using the effective interesl method. 1.9 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Page 10
THE SS ROBIN TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Restricted funds are funds vthich a to be used in accordance with specific restriclions imposed by the donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in Ihe noles to the financial slalemenls. 2. Income from trading Restricted Unrestrlcled funds funds 2024 2024 Total funds 2024 Tolal funds 2023 Income from filming & events 447 447 TOTAL 447 447 3. Income from donations and legacies Restrlcted Unrostrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Oonation 300.000 300,000 200.000 Oonation-in-kind 17.268 17.268 10.895 TOTAL 317,268 317,268 210,895 The donations in kind in 2024 and 2023 were provided by Urban Space Ltd which paid for services on behalf of the Charity and confirmed to the Trustees Ihal the amount would not be repayable. There is no restriction on Ihls donalion-in-kind. 4. Investmenl Income 2024 2023 Bank interest - unreslricted 61 Analysls of expenditure on charltable actlvltles Summary by fund type Reslricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Restoration & Preservation 50.3 50,309 20,417 Page 11
THE SS ROBIN TRUST IA Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 6. Analysis of exponditure by activities . unre51ricled Activities undertaken direclly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Restoration & preservalion 40,894 9.415 50.309 20,417 Analysis of gupport costs- unro$trict•d Total fund• 2024 Total funds 2023 Rent & rates Heal, lighl, vmler Office costs Insurance Legal & professional Marketing Computers Bank charges 18 113 1.831 3.962 159 2,335 820 9,085 256 1,404 2,782 430 177 97 9,415 14.054 7. Staff costs The average number of staff employed by the Charity during the year was nil (2023.. nil). Trusto09' remuneratlon and expenses During the years ended 30 June 2024 and 2023, no Truslees received any remunerallon or other benefits or were reimbursed for expenses. Page 12
THE SS ROBIN TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Tangiblo fixed asse15 Plant & Mathinery Heritage Vessel Total C05t As at 1 July 2023 Additions 200,IXIO 200,000 432.681 432,681 As at 30 June 2024 432.681 200,O¢Y) 632,681 Depreciation As at 1 July 2023 Depreclation charged in the year 8,479 8,479 As at 30 June 2024 8.479 8,479 Net book value AI 30 June 2024 424.202 200,000 824,202 AI 30 June 2023 200,000 200,000 10 Herltage assets SS Robin was acquired by the Trust for a nominal £1 and all works capitalised al historic cost value. The heritage asset insurance valuation consists of both Ihe SS Robin 1890 riveted steam coaster and the attached pontoon. This is a departure from SORP (FRS 102) to show a true and fair view of the assets value In the accounts. See note 15 for further infomation. 11. Debtors 2024 2023 Due withln one yoar:. Other deblois Prepayments VAT 120 412 500 32.412 32,532 912 12. Croditors: Amounts falllng due wilhln on• year 2024 2023 Accruals and deferred income 8,335 Page 13
THE SS ROBIN TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 13. Statement of funds Statement of funds - current year Balance at 30 June 2024 Balance at 1 July 2023 £ Incomè Expendilure Unrestricted funds General Funds- all Fun(Is 466,300 317,776 (50,3091 733,767 Restri¢lod funds Fixed Assel Fund 14,331 14.331 Total of funds 317 776 748.098 Fixed Asset Fund {Cfossrall Loan) - this represents the historic cost value of capital expenditure during the initial restoration phase less any subsequent impaimienl of the fixed assets. Statement of funds- prior year Balance at 30 Jun• 2023 Balance •1 1 July 2022 Income Expondlture Unrestricted funds General Funds all funds 275,822 210,895 (20.417) 466,300 Rg$tricled funds Restricled Asset Fund 14.331 14,331 Total of funds 290,153 .210,895 20,417 480.631 Page 14
THE SS ROBIN TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 13. Anatysis of net assets between funds Analysls of net assets between funds Reslricted Unrestricted funds funds 2024 2024 Total furMIs 2024 Plant & machinery 424,202 424,202 Heritage assets Current assets Creditors due within one year 14,331 185.669 132.231 (8.3351 200.000 132,231 (8.335) Total 14,331 733,767 748.098 Analysis of n•1 assets betwoen funds - prior yoar Restrlcled Unrestflcted funds funds 2023 2023 Total funds 2023 Heritage as5els Current assets Creditors due within one year 14.331 185,669 280.631 200,000 280,631 Total 14,331 466,300 480,631 14. Related party tran$a¢lion$ During the year. the Charity received the benefit of a donation of £300,000 (2023: £200,000) and a donallon- In-kind of £17,268 (2023.. £10,895) from Urban Space Holdings Lid a company linked by a trusleeldireclor in common with the Charily. These donats'ons are treated as unrestricted. No amounts were paid lo Urban Space Holdings Ltd during the year or prior year and no services or benefits were 9iven to it or ils director during elther of those years. Al 30 June 2024 £nil was owed lo Ufban Space Holdings Lld12023'. £Nil). The Charity made payments for rent and associated premises Costs of £3,094 in the year ended 30 June 2024 to Urban Space Management ITBW) Ltd a company related to the Charity by a common directorllrustee12023.' £1,531). 15. Departuro from SORP and FRS 102 The Charity has combined the SS Robin and pontoon as one heritage asset. The Trustees consider thal the pontoon enables the ship to be held and monitOTed for its historical and cultural importance. Therefore. the Truslees consider it to be appropriate to recognise the ship and the ponloon as one asset. The Truslees have also departed from FRS 102 (section 17- Property. Plant & Equiprnenll Irealing the pontoon as an inseparable asset. although it could be sold separately if an altemative could be found. As Ihe ship meets the definition of a herilage asset, and presenlakn'on of the ship is the objective of Ihe charity, the Trustees consider recognisin9 the ship and pontoon togelher as a single heritage asset to be a Irue and fair reflection of the circumstances of the assel. and so departUTe from section 18 of the SORP by including the pontoon in heritage assets is appropriate. The insurance valuation combine both the pontoon and the steam coaster together in the valualion and does not separate the assels for valuation purpose5. The steam coastef and pontoon have historically been treated Page 15
THE SS ROBIN TRUST {A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 as a herilage asset held at cost until the completion of capital works. A separate valuation of both assets is not available. No further departures from the SORP or FRS 102 have been made and the Trustees are confident Ihat Ihe accounts present a true and fair view. Page 16