| Contents | |
|---|---|
| Charityinformation | L |
| lntroductionbyChief ExecutiveOfficer | 2 |
| Objects andactivities for the public benefit | 3 |
| Review ofthe year | 4to5 |
| Hopesandplansfor theyear ahead | 6 |
| Financial results | 6 |
| Structure, governance andmanagement | 7 |
| Statementoftrustees' responsibilities | 8to9 |
| Report oftheindependent auditors | 10to13 |
| ConsolidatedStatement ofFinancialActivities | L4 |
| Consolidated and CharityBalance Sheets | 15 |
| Statement ofCash Flows | L6 |
| Notesto the financial statements | L7to27 |
| Risk | Controls |
|---|---|
| School couldfailtomoveupa | Extensiveworkoncurriculumtoimprove outcomesand |
| grade intheOfstedjudgementat | evidence.ASchool Governing Bodytobeappointed |
| next inspection | and meettermly.H&SOfficer appointedtooversee |
| buildingimprovements.Safeguarding practicesto | |
| adoptsvstemsfor staffandtrustees. | |
| Difficulties recruiting and retaining | Established 2-yeartrainingprogrammeofaccredited |
| goodqualitystaff limits capacity | awards |
| lncreased pay aboveindustrylevelsacrosstheboard. | |
| Increasedannualleaveentitlementto a!eve! | |
| comparablewithcolleeesofFE. | |
| Serioussafeguarding incidents | Rigoroussafeguardingsystemsinplacethroughout the |
| could significantly impact referrals | organisation.Allstaff trainedwithregularrefresher |
| andpotentiallycloseour provision | courses.Designated SafeguardingLeadsappointedand |
| deputieswillbeinplaceandappropriately trained. | |
| Safeguardingtrusteeisinplaceand regular structured | |
| meetingstakeplace. |
| Notes | Total | Total | |||
|---|---|---|---|---|---|
| unrestrictedRestricted | Funds | Funds | |||
| funds | funds | 2023 | 2022 | ||
| ff | f | f | |||
| lncomingresources | |||||
| lncomingresourcesfromgenerotedfunds: | |||||
| Donations and similar sources | 4 | t32 | 732 | 5,277 | |
| Othertradi ngactivities | |||||
| EmsworthOutboards | 7,to6 | 7,!06 | 33,205 | ||
| Choritableactivities: | |||||
| Grants receivedforactivities | 2,500 | 2,500 | 23,500 | ||
| Feeschargedforactivities | L,882,68; | 7,882,69L | 7,724,458 | ||
| lnvestment income | 5,692 | 5,692 | 4,380 | ||
| Totalincoming resources | 1,895,511 | 2,500 |
L,898,117 | 1,,790,9!4 | |
| Resourcesexpended | |||||
| Costsof generatingfunds | 20,638 | 20,638 | 69,191 |
||
| Choritableodivities: | |||||
| Educationalactivities | 7,827,388 | 26,3t6 | 1,853,704 | 7,606,342 | |
| Totalresources expended | L,848,026 | 26,316 | L,874,342 | 7,674,523 | |
| Net movementinfunds | 47,585 | (23,815) | 23,769 | LL6,29L | |
| Reconciliation offunds | |||||
| Totalfundsat1September 2022 | 839,566 | 24,376 | 863,882 | 747,59L | |
| Total fundsat31August 2023 | 887,757 | 500 | 887,657 | 853,992 | |
| ChangesinResourcesAppliedforFixed Assets | forCharityUse | ||||
| Netmovementinfunds | 23,769 | 1.76,291 | |||
| Net resources investedinfixedassets | (L79,4341 | (72,36L1 | |||
| Fundedbyreserves andother fundingsources | (155,665) | 43,930 |
| BALANCESHEETS ASAT 31AUGUST2023 |
|||||
|---|---|---|---|---|---|
| Notes | Group | Charity | |||
| 2023 | 2022 | 202? | 2022 | ||
| f. | € | f | c. | ||
| Fixed Assets | |||||
| lntangibleassets | 10 | ||||
| Tangibleassets | 71 | 668,527 | 551,416 | 668,527 | 544,267 |
| lnvestments | t2 | 10 | 30 | ||
| 668,527 | 55].,4t6 | 668,537 | 544,297 | ||
| Currentassets | |||||
| Stocks | 13 | 7,524 | L4,412 | 7,524 | 10,534 |
| Debtors | L4 | 47,O03 | 109,582 | 46,276 | L39,162 |
| Cashatbank andinhand | 424,L58 | 467,792 | 422,379 | 463,455 | |
| 478,685 | 59L,786 | 476,t79 | 613,151 | ||
| Creditors: Amountsfallingduewithinone year |
15 | (259,551)(99,098) | (252,9L41 | (94,496) | |
| Netcurrentassets | 2L9,L24 | 492,688 | 223,265 | 518,655 | |
| Totalassetslesscurrent liabilities | 887,657 | L,044,L04 | 891,8027,062,952 | ||
| Creditors: Amountsfalling aftermorethan | |||||
| oneyear | 16 | lL8O,222l | - | (t80,2221, | |
| NetAssets | 887,651 | 863,882 | 891,802 | 882,730 | |
| Thefunds ofthe charity: | |||||
| Restricted income funds | 77 | 500 | 24,316 | 500 | 24,3L6 |
| - | |||||
| Unrestricted income funds: | 17 | 887,157 | 839,566 | 891,302 | 858,4L4 |
| Total charityfunds | 887,651 863,882 | 891,802 | 882,730 |
| STATEMENTOF CASH TTOWS ASAT 31 AUGUST2023 |
|||||
|---|---|---|---|---|---|
| Notes | 2023 | 2022 | |||
| ff | ff | ||||
| Cashfiow fromoperatingactivities | 20 | L46,824 | 108,948 | ||
| Cashflow frominvestingactivities | |||||
| Paymentstoacquiretangible fixedassets | {L79,4341 | (74,4481 | |||
| Receiptsfromsalesoftangible fixedassets | 13,959 | 5,650 | |||
| lnvestment incomereceived | 5,692 | 4,380 | |||
| (759,784) | (64,4181 | ||||
| Netcashflow frominvestingactivities | |||||
| Cashflow fromfinancingactivities | |||||
| Repaymentoflongtermloans | (18,965) | (20,651) | |||
| lnterestpaid | (11,709) | (7,509) | |||
| Netcashflow fromfinancingactivities | (30,674l. | (28,160) | |||
| Netincrease/(decrease)incashandcashequivalents | (43,6341 | t6,370 | |||
| CashandcashequivalentsatISeptember2022 | 467,792 | 451,422 | |||
| Cashandcashequivalents at31August2023 | 424,L58 | 467,792 |
| The consolidatedstatement offinancial activitiesincludestheresul ReleasingPotentialEnterprisesLtd. Thesummaryperformanceofthe |
tsofthecharity'swhollyownedsubsidiary charityaloneis: |
|---|---|
| 2023 2022 |
|
| ff | |
| lncome | 1,891,005L,757,609 |
| Donations undergift-aidfromsubsidiary companies | (19,4251(33,756) |
| Loantosubsidiary companies released | (70,74t) |
| Other charges madetosubsidiary companies | - 325 |
| 1,850,8397,724,768 | |
| Expenditure | 1,85L,767t,6O4,636 |
| Net income/(expenditure) | 9,072 119,532 |
| Unrestricted | Restricted | |||
|---|---|---|---|---|
| funds | funds | 2023 | 2022 | |
| ff | f | f | ||
| L32 | t32 | 5,27t | ||
| t32 | - | 132 | 5,27L |
| Unrestricted | Restricted | ||
|---|---|---|---|
| funds | funds | 2023 | 2022 |
| f | f | € | f |
| 2,000 | 2,000 | ||
| s00 | s00 | ||
| 2O,OO; | |||
| 3,500 | |||
| 2,5O0 | 2,500 | 23,500 |
| Unrestricted | Restricted | ||
|---|---|---|---|
| funds | funds | 2023 | 2072 |
| f | t | f | f |
| 4,972 | 4,972 | 60 | |
| 720 | 720 | 4,320 | |
| 5,692 | 5,692 | 4,380 |
| Unrestricted | Restricted | ||
|---|---|---|---|
| funds | funds | 2023 | 2022 |
| f | f | f | f |
| 20,370 | 20,3tO | 67,522 | |
| 328 | 328 | 659 | |
| 20,638 | 20,638 | 58,181 |
| EASINGPOTENTIALt!MITED TESTO THE FINANCIAL STATEMENTS THE YEAR ENDED31 AUGUST2023 Expenditureoncharitableactivities |
27 | |||
|---|---|---|---|---|
| Unrestricted | Restricted | |||
| funds | funds | 2023 | 2022 | |
| f | f | f | f | |
| Staff costs inc.training | 1,4L4,220 | 7,474,220 | L,273,93O | |
| Direct costs | L97,91.9 | 26,376 | 224,234 | 1"86,525 |
| Support costs | L95,962 | 195,962 | 787,352 | |
| Governance costs | 1g,2gg | 79,2gg | 18,535 | |
| 7,827,388 | 26,3t6 | 1,853,704 | 1,606,342 |
| Unrestricted | Restricted | |||
|---|---|---|---|---|
| funds | funds | 2023 | 2422 | |
| f | f | €€ | ||
| Direct costs | ||||
| Activitycosts andequipment | 73,044 | 26,316 | 99,360 | 84,496 |
| Boat costs | 9,090 | 9,090 | 7,300 | |
| lnsurance | 19,559 | 19,669 | 77,703 | |
| Motorandtravelcosts | 5L,707 | 5L,707 | 42,472 | |
| Depreciation | 48,076 | 48,016 | 38,184 | |
| (Profit)/lossonsaleofassets | (3,508) | (3,608) | (3,030) |
|
| L97,978 | 26,376 | 224,234 | 186,525 | |
| Support costs | ||||
| Propertycosts | !25,049 | 725,O49 | 99,406 | |
| Office costs | 59,204 | 59,204 | 80,437 | |
| Financecharges andinterest | Lt,709 | ll,709 | 7,509 | |
| L95,962 | 795,962 | 787,352 | ||
| Governance costs | ||||
| Auditor'sremuneration | 8,667 | 8,667 | 7,519 | |
| Professional fees | 8,266 | 8,266 | 9,799 | |
| Other governance costs | 2,355 | 2,355 | 1,218 | |
| 19,288 | 19,288 | 18,535 |
| 52,Ozt | 52,O27 |
|---|---|
| 2,!46 | 2,746 |
| 2023 | 2022 | |
|---|---|---|
| € | f | |
| Wagesand salaries | 1,735,227 | 1,057,328 |
| Socialsecuritycosts | 702,823 | 88,260 |
| Pension costs | 51,858 | 45,862 |
| 1,289,999__!,tgt,4so |
| staff employedbythe groupduringtheyearwereasfollows: | ||
|---|---|---|
| 2023 | 2022 | |
| No | No | |
| Operational | 33.2s | 33,37 |
| Support | 7.27 | 5.3s |
| ReleasingPotentialEnterprisesLtd | 0.08 | 2.00 |
| 40.60 | 4L.72 | |
| The averagenumber of staff employedbythe group(Headcount) | 47.30 | 49.67 |
| !ntangible fixedassets(group) | ||
|---|---|---|
| Goodwill | Total | |
| f | € | |
| Cost | ||
| At1-September 2022 Eliminated on disposal At31August 2023 |
16,000 + |
15,000 + |
| Amortisation | ||
| At1September 2022 Eliminated on disposal At31August 2023 |
16,000 + |
16,000 e |
| Netbook value | ||
| At31August 2023 | ||
| At31August 2022 |
| angiblefixedassets(grou | p) | ||||
|---|---|---|---|---|---|
| Freehold& | Fixtures& | ||||
| Leasehold | Plant& | Motor | office | ||
| Property | Boats Machinery |
vehicles equipment |
Total | ||
| f | f f |
f | f | f | |
| Cost | |||||
| At1September 2022 | 516,873 | 25,599 151,553 | 95,287 | 52,077 | 841,339 |
| Additions Disposals |
LO6,769 (L7,476) |
21,770 7,779 19,940 (22,s99)(21,839) (11,800) |
23,236 (16,6s7) |
L79,434 (84,311) |
|
| At31August 2023 | 612,226 | 24,770 737,443 | 703,427 | 58,595 | 936,462 |
| Depreciation | |||||
| At1September 2022 | 57,924 | 22,559 82,473 | 81,613 |
45,4L4 | 289,923 |
| Chargefor the year Eliminated on disposals |
7!,945 (7,394) |
4,672 L8,767 7,530 (21,9s9) (18,134) (9,409) |
7,502 (15,508) |
50,415 (72,404) |
|
| At31August 2023 | 62,475 | 5,272 83,046 |
79,734 | 37,408 | 267,935 |
| Net book value | |||||
| At31August 2023 | 549,75L | L9,498 54,397 | 23,693 |
27,L88 | 668,527 |
| At31August 2022 | 458,949 | 3,040 69,150 |
13,674 |
6,603 | 551,416 |
| angiblefixedassets(charit | y) | ||||
|---|---|---|---|---|---|
| Fixtures& | |||||
| Freehold | Plant& | Motor office |
|||
| Property | Boats Machinery |
vehicles equipment |
Total | ||
| € | f f |
f | € | f | |
| Cost | |||||
| AtlSeptember 2022 | 509,446 | 25,599 742,476 | 85,287 | 5t,217 | 814,025 |
| Additions Disposals At31August 2023 |
706,769 (3,989) 6t2,226 |
27,770 7,779 L9,940 (22,s99l.(L2,7s21 (1,800) 24,770t37,443LO3,427 |
23,236 (1s,857) 58,595 |
779,434 (56,997) 936,462 |
|
| Depreciation | |||||
| At1September2022 Chargefor the year Eliminated on disposals At31August 2023 |
52,309 10,884 (718) 62,475 |
22,559 76,774 73,502 4,672 L7,9OO 7,O58 (21,sss)(11,628) (826) 5,272 83,045 79,734 |
44,674 7,502 (L4,7081 37,408 |
269,758 48,016 (49,839) 267,935 |
|
| Net book value | |||||
| At31August 2023 | 549,75t | L9,498 54,397 | 23,693 |
21,!88 | 668,527 |
| At31August 2022 | 457,737 | 3,O4O 65,702 | 77,785 |
6,603 | 544,267 |
| EASINGPOTENTIAITIMITED ES TOTHE FINANCIAL STATEMENTS THE YEAR ENDED31AUGUST2023 Fixed assetinvestment-Charity |
24 | ||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Company | |||||
| Wholly ownedsubsidiarycompany | NumberShareholding | € | f | ||
| ReleasingPotentialEnterprisesLtd | 10526819Ordinarysharesoffleach | 10 | 10 | ||
| Youth Coastal RowingLtd | 10486398Ordinarysharesoffleach | 10 | |||
| BeachExplorersLtd | 105t3972Ordinaryshares off1each | 10 | |||
| 10 | 30 |
| The summaryfinancial performanceofthe trading | subsidiariesissetout | below: | |||
|---|---|---|---|---|---|
| ReleasingPotential | |||||
| Enterprises | Ltd | ||||
| 2023 | 2022 | ||||
| f | f | ||||
| Turnover | 7,106 | 33,205 | |||
| Costofsalesandadministrationcosts | 9,614 | 136,!2!) | |||
| Chargespaidby(to) parent undertaking | (32s) | ||||
| Netprofit/(loss) | 16,720 | (3,247) | |||
| Amountgift-aidedtothe charity | |||||
| Taxon profit/(loss) | (2,O23) | ||||
| Retainedinthesubsidiary | M,69? | (3,2471 | |||
| TangibleFixed assets | - | 7,149 | |||
| Currentassets Current liabilities |
2,450 (6,6471 |
10,306 (36,349) |
|||
| Netassets | rct -TlEpgai |
||||
| Aggregate share capital and reserves | (4,1971 | (18,894) | |||
| 13 | Stocks | ||||
| Group 2023 |
2022 | Charity 2023 |
2022 | ||
| ff | f | f | |||
| Goodsforresale | 7,524 | 74,4L2 | 7,524 | 10,534 |
| Debtors: amountsfallingduewithinoneyear | ||||
|---|---|---|---|---|
| Group | Charity | |||
| 2023 | 2022 | 2023 | 2022 | |
| f€ | f | f | ||
| Operational debtors | 72 | 32,959 | ||
| Amounts owedbygroup undertakings | 31,747 | |||
| Other debtorsandprepayments | 46,262 | 75,639 | 46,204 | 74,456 |
| 47,OO3 | 109,582_ | 46,2?6 | t39,162 | |
| 4_ |
| Creditors: amountsfallingduewithinoneye | ar | |||
|---|---|---|---|---|
| Group | Charity | |||
| 2023 | 2022 | 2023 | 2022 | |
| ff | € | f | ||
| Repayments dueonbank loans | 180,861 | L9,604 | 180,851 | 79,604 |
| Operational creditors | 24,833 | 29,495 | 23,476 | 28,OLl |
| Socialsecurity andothertaxes | 23,007 | 27,486 | 2L,996 | 21,069 |
| Other creditorsand accruals | 30,865 ,5rF61 |
28,513 "^Or8 |
26,591 '5411.4 |
25,813 %,4% |
| Group 2023 |
2022 | Charity 2023 |
2022 | |
|---|---|---|---|---|
| ff | ff | |||
| Duebetweentwoandfiveyears: | ||||
| Repayments dueonbank loans | 78,4L6 | - | 78,4t6 | |
| Dueafterfive years: | ||||
| Repayments dueonbank loans | 101,906 | 101,905 | ||
| 780,222 | t8o,222 |
| Funds | ||||||||
|---|---|---|---|---|---|---|---|---|
| Balanceat | lncoming | Resources | Balanceat | |||||
| 1September | resources | expended | Transfers | 31August | ||||
| 2022 | 2023 | |||||||
| f | f | f | f | f | ||||
| Charity | ||||||||
| Restricted income funds | ||||||||
| Capital Grants | 700 | 2,000 | (2,7ool |
|||||
| Equipment Grant | s00 | 500 | ||||||
| Sailing Programme | 23,616 | l23,676) | ||||||
| 24,3L6 | 2,500 | (26,316) | 500 | |||||
| Unrestricted income funds | ||||||||
| Designatedfixedasset reserve | 343,741 | - | 743,925487,666 | |||||
| Generalfund | 5L4,673 | 1,858,339 | (1,825,451)(L43,9251403,636 | |||||
| 858,414 | 1,858,339 | (1,825,451) | - | 89L,302 | ||||
| Total charity funds | 882,730 | 1,960,939 | (1,95!,767) | 891,802 | ||||
| Subsidiary undertakings ReleasingPotentialEnterprisesLtd Total subsidiary funds |
(18,848) (18,848) |
7,LO6 7,106 |
7,59L 7,59L |
(41s1) (41s1) |
||||
| Total funds | 863,882 | 7,867,945 | (1,844,776) | - |
887,651 |
| Analysisof netassetsbetween funds-Group | ||||||
|---|---|---|---|---|---|---|
| Unrestricted | Designated | Restricted | Total | |||
| At31Augusl202S | funds | funds | funds | funds | ||
| f_ | f | f | f | |||
| Intangiblefixedassets | ||||||
| Tangiblefixedassets | 668,527 | 668,527 | ||||
| NetCurrentAssets | 399,48; | (180,861) | 500 | 219,124 | ||
| Creditors:Amounts fallingaftermorethanone year | ||||||
| 399,485 | 487,666 | 500 |
887,651 | |||
| Unrestricted | Designated | Restricted | Total | |||
| At31Augustz022 | funds | funds | funds | funds | ||
| f | f | f | f | |||
| lntangible fixedassets | ||||||
| Tangiblefixedassets | 7,!49 | 544,267 | 557,4L6 | |||
| NetCurrentAssets | 487,976- | (19,604) | 24,g1; | 492,688 | ||
| Creditors:Amounts fallingaftermore thanone year | (780,2221 | $q,24 | ||||
| 495,725 | 344,44L | 24,3L6 | 863,992 |
| Analysisofnetassetsbetween funds-Charity | ||||
|---|---|---|---|---|
| Unrestricted | Designated | Restricted | Total | |
| At31Augustz0zS | funds | funds | funds | funds |
| f | f | f | f | |
| Tangiblefixedassets | 568,527 | 668,527 | ||
| lnvestments | 10 | 10 | ||
| NetCurrentAssets | 403,626 | (180,861) | 500 | 223,265 |
| Creditors:Amounts fallingaftermore thanone year | ||||
| 403,636487,666 | 500 | 891,802 | ||
| Unrestricted | Designated | Restricted | Total | |
| At31August20z2 | funds | funds | funds | funds |
| f | f | f | f | |
| Tangiblefixedassets | 544,267 | 544,267 | ||
| lnvestments | 30 | 30 | ||
| NetCurrentAssets | 513,943 | (19,604) | 2#L; | 518,655 |
| Creditors:Amounts fallingaftermore thanone year | (180,222l, | (78O,222) | ||
| 513,973 | 344,44L | 24,376 | 882,730 |
| At31August 2023theGroup and Charityhasfutureminim | umleasecommitmentsasfo | llows: | |
|---|---|---|---|
| Property ff |
Other | Total f |
|
| Not laterthan1year | 63,304 | 7,922 | 77,226 |
| Laterthan1year andnot later than5years | 74,786 | 28,7t7 | 103,503 |
| Laterthan5years | 46,625 | 46,625 | |
| !84,715 | 36,639 | 221,354 |
| Reconciliationofnet incometonetcashflow fromoperatingactivities | ||
|---|---|---|
| 2023 | 2022 | |
| f | f | |
| Net incomefortheyear | 23,769 | t16,297 |
| lnvestment incomereceivable | (5,692) | (4,380) |
| lnterestpayable | LL,7Og | 7,509 |
| Depreciation andimpairmentoftangible fixedassets | 50,4L6 | 4!,029 |
| (Profit)/losson disposalof tangible fixedassets | (2,051) | (3,030) |
| (lncrease)/decrease in stock | 6,888 | (9,998) |
| (lncrease)/decrease indebtors | 62,579 | (48,730) |
| lncrease/(decrease) increditors | (7e4l. | L0,257 |
| Netcashflow fromoperating activities | L46,824 | 108,948 |
| Financialinstruments | ||||
|---|---|---|---|---|
| Group | Charity | |||
| Categorisation offinancial instruments | 2023 | 2022 | 2023 | 2022 |
| ff | f | f | ||
| Financialassetsthataredebt instrumentmeasured at | ||||
| amortisedcosts | 439,442 | 5L5,464 | 436,994 | 538,156 |
| Financialliabilitiesmeasured atamortisedcosts | 259,561 | 279,320 | 252,9L4 | 274,7L8 |