THE DANIEL ADAMSON PRESERVATION SOCIETY ANNUAL REPORT & FINANCIAL STATEMENTS FOR YEAR ENDED 31ST DECEMBER 2023 Company Number: 05088619 Charity Number: 1104681
THE DANIEL ADAMSON PRESERVATION SOCIETY CONTENTS Page Trustees, Annual Report statements of Trustees, Responsibilities Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Flnanclal Statements 10
THE DANIEL ADAMSON PRESERVATION SOCIETY ST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trust&s are pleased to presert thetr annual report tsthe year ended 31st December 2023. The finanaal statements comply wilh the Chaiities Act 2011, Companies Ad 2006, Aco)unting and Reporting by Chanties; Statement of Recommended Practi (SORP 2019) applicable to chatitres preparing their accounts in accordan with the Financial Rewrting Slandard applicable in the UK and Republic of Ireland (FRS102) (as amended for accounting periods commencing from 1 st January 2019). OBJECTIVES AND ACTIVITIES The charity's objectives continue to be: To secure for public benefit the preservation, restoration. improvement, use and maintenance of the steam powered tugltender "Daniel Adamson" (formerly called Ralph Brocklebank") built in 1903 and features and objects of historical and industrial interest which relate to the vessel including the provision of a museum and or exhibition centre at such a site or sites in the United Kingdom as may be appropriate and organisation of meetings, exhibitions, lectures. publications and other forms of instruction, promoting the public knowledge of the historical and industrial development of the vessel and its use. In setting out our objectives and planning our activities, the Trustees have complied with the duty under the Charities Act 2011 to have due regard to the public benefit guidance published by the Charities Commission. As our organisatlon continues to evolve, we still maintain our mission to engage our local communities in the conservation and operation of our unique piece of shipping heritage to benefit the enjoyment, education and wellbeing of all. We do this by embedding ourselves n local communities, working in partnership with community groups, museums, education settings and arts organisations to provide commercial, leisure, social, wellbeing, volunteering, education, heritage and training opportunities, and to ensure ourvolunteers and visitors have a sense of belonging, a sense of ownership and a stake in the Danny's future, this will always remain our mission. This year we commenced our new project - Maritime Heritage Maritime Futures and worked with the Maritime Industries around the Port of Liverpool and Cheshire, glving young people the opportunity to discover both their maritime heritage and the employment opportunities within this sector. Partners include Peel Ports, Svitzer Marine, The Maritime Museum Liverpool, Canal & Rivers Trust, Gammell Laird Shipbuilders, Maersk Line and various Marine Surveyors The main activities In the year were." We had a full schedule of public cruises mainly on the River Weaver, but also visits to Royal Albert Dock in Liverpool and Mode Wheel Lock in Salford. There were also several private Static Hires of the Danny and an annual charter by a travel company. Our additional focus was on our Maritime Heritage, Maritime Futures project, supported by NLHF.
THE DANIEL ADAMSON PRESERVATION SOCIETY ST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE th This year {2023) saw us retuming to service on 26 March with a public cruise from Sandon Dock to Royal Albert Dock where we spent a Couple of weeks before returning to the River Weaver to carry out some public cruises. We returned to Royal Albert Dock early in May to be there for both the Eurovision Final and the Battle of The Atlantic Commemoration events. We returned to the River Weaver in early June, but not long after encountered serious issues caused by the failure of a swing bridge on the River Weaver, which resulted in the cancellation of public cruises until it was rectified in early August. We celebrated the 120th Birthday of The Daniel Adamson at Sutton Weaver Swing Bridge with an event for our volunteers, supporters and sponsors, which was a great success and a lovely day. In October 2023 we held a unique and spectacular event in Royal Albert Dock when we had three tugs through the ages The Danny (1903), Brockelbank (1965) and a modern Svitzer Tug - Trident. This was part of our Maritime Heritage, Maritime Futures event, showcasing how tugs have evolved through the ages for our engineering students taking part in the project. It received a lot of press attention and was a huge success. Following this event we returned to our winter maintenance base at Sanden. FINANCIAL REVIEW Inc£*me for the year was £214,630 (2022: £169,838) of which £64.489 <2022: £15,82D, related to funding for projects UF)on which restridions are placed. Expenditure for the year was £233,496 (2022.. £229,295), leaving a deficit for the year of £18,866 {2022: deficit £59,457). At 31 st December 2023 the chaiitable companVs reseNes stood at £179.937 (2022: £198,803) of which £43,543 (2022: £nil) represented restrided funds. RISK MANAGEMENT The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. The charity has small, fixed costs, with potential liabilities from accident and vandalism. Any potential risk of injury to members working on and visitors to the tug are minimised by means of comprehensive risk assessments and by presenting members with detailed guidance and careful management of all those on the tug. Any movement of the tug from her berth is undertaken only by experienced crew assisted by commercially operated tugs where appropriate. Comprehensive Safety Policies and Manuals have been developed for application prior to the vessel entering commercial seniice during 2016. The insurance coverdge is reviewed annually., The insured value of the tug under a Marine Policy is £2,000,000 - the value has been reduced from £3,250,000 upon completion of the Funding period and in agreement with the National Heritage Lottery Fund (NHLFJ pursuant to an amended deed of covenant by which we are bound. We also maintain Employee and Public Liability and Trustee Management Risks policies which are also subject to annual re- evaluation to ensure all risk factors have been declared to insurers and that the insured amounts are adequate.
THE DANIEL ADAMSON PRESERVATION SOCIETY ST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 No projects are commenced until sufficient money is available to cover all the placed contracts. The bulk of the funding required to restore the vessel to steam and commence revenue-earning operations has been met through grants from the National Lottery Heritage Fund drawdown. Sufficient funds are secured from general income such as subscriptions, donations, sponsorships and Gift Aid to cover the society's normal administrative costs throughout the subsequent year. The Trustees believe that the biggest risk is the long-term financial sustainability and continually updates the business plans to ensure ongoing viability and the Risk Register is reviewed regularly at Board meetings. RESERVES POLICY It is the policy of the charrtable company to maintsin unrestricted funds, which are free reseNes at a levet to cover redundancy proviston and three months, ruming costs should no further funding be r1ved. As at the end of the financÉal year the unrestricted funds balan is £136,394. The charitable company requires £13,198 for redundancy provision and £53,138 for thr months, running costs, (total £66,336). The trustees plan for the balan of the unre5tri(Xed reserves is for the maintenance of the Danny. PLANS FOR THE FUTURE The focus for the future as always is to maintain a sustainable plan that ensures that the Society continues to deliver public benefit through the Danny through its continued preservation, use and maintenance. Alongside a rigorous maintenance plan. we intend to use our marketing resources to continue to: Maximise income from cruises, caterlng, retail and fundraising. Increase the corporate hire of the Danny whiSst static and cruising on the river Weaver. - Encourage both cash and card donations -continue to grow the membership of our Supporters Scheme (Membership Scheme) who donate a monthly pledge. We shall maintain an effective reGrultment and engagement plan for our volunteers, we have recently undertaken a recruitment drive, and the new recruits are enjoying joining the team A huge success for 2023 has been securing further Lottery Funding to support our Maritime Heritage Maritime Futures project as described earlier. STRUCTURE, GOVERNANCE AND MANAGEMENT The Daniel Adamson Preservation Society is a charitaUe company h'mited by guarantee (registered in England and Wales, No. 05ck88619) incorporated on 30th March 2004 and registered as a charity (No. 1104681) on 1st July 20014.
THE DANIEL ADAMSON PRESERVATION SOCIETY ST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The thariiable company is govemed by ts Memorandum arvj Artides of Association dated 5th March 2004, amended by special resolulion dated 7th October 2007, 13th September 2009, 31st March 2021 and 25th April 2021. The daY-tdaY operation is run by the staff of the &Ktety. Detalls of method of recruitment and appointment of trustees As set out in the Artides of Association, not less than seven of the Trustees are nominat and elected by the society's members and not more than five are appointed as representat¢ves of Charitale Compary who are engaged in Education, Heritage Management, Retail and Tourism in the North West region. One third of the Trustees nwst stand down each year but may sland for re- election. The Chainnan and principal OffirS are nomlnated by approved by the Trust5. All society members are cirGulated not less than 14 days prior to the AGM advising them of retiring Trustees and requesting nominalions for new Trustees. The Trustees may co-opt additional members. Vvhen considering co-opting members to the Board, Trustees have regard to the requirement for any specialist skills needed at the time not currently available within the Board. REFERENCE AND ADMINISTRATIVE DETAILS Name The Daniel Adamson Preservation Society 05088619 Company Number Charity Number Reglstered office 1104681 54 St James Street Liverpool, England, L1 OAB M J Cooksley J Graves L Green R Gwynne J A Mclintock M Moran R P Scott J Seddon V Welsh S Wood- Chair V Welsh Trustees Secretary Independent Examiner Ying Huang ACCA Clo LCVS 151 Dale Street, Liverpool, L2 2AH Barclays Bank UK PLC Le1$ter, LE87 2BB Board of Trustees Bankers Signed Ifoft 2024. ood Tr Date
THE DANIEL ADAMSON PRESERVATION SOCIETY STATEMENT OF TRUSTEES RESPONSIBILITIES Company law requires the Trustees to prepare financial statements for each f5nancial year which give a true and fair view of the state of affairs of the Charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the Trustees should follow best practice and.. select suitable accounting policies and then apply them consistently. observe the methods and principle in the Charities SORP (2019 (FRS102)1. make judgements and estimates that are reasonable and prudent. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue as a going concern. state whether applicable accounting standards have been followed, subject to any material departure disclosed and explained in the financial statements. The Trustees are responsible for maintaining proper aG¢ounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial stalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in accordan with the Charities Act 2011. Companies Act 2006, Accounting and Reporting by Charities., Statement of Recommended Practice ISORP 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) (as amended for accounting perlods commencing from 1st January 2019). By the Order of the board. ood Trustee 54 St James Street Liverpool Merseyside L1 OAB Date..
INDEPENDENT EXAMINAER'S REPORT TO THE TRUSTEES OF THE DANIEL ADAMSON PRESERVATION SOCIETY I report on the accounts of the charitable company for the year ended 31st December 2023, which are set out on pages 8 to 18. The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under seclion 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the 2011 Act, to follow the prOdureS laid down In the general Directions given by the Charity Commission (under section 14515)(b) of the 2011 Act, and to state whether particular malters have come to my attention. My examination was carried out in accordance wlth general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charitable company and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fairf view and the report is limited to those matters set out in the statement below. Res ective res onsibilities of trustees and examine sis of inde endent examiner's statement In connection with my examination, no matter has come to my Inde endent examineffs attention: statement (1) which gives me reasonable cause to believe that in, any material respect, the requirements.. to keep accounting records in accordance with section 386 of the Companies Act 2006. and to prepare accounts which accord with the accounting records and compSy with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practi. Accounting and Reporting Charities have not been met., or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts lo be reached. Name: Ylng Huang Relevant professional qualification or body.. ACCA Address.. clo LCVS 151, Dale Street, Llverpool. L2 2AH Dated..
THE DANIEL ADAMSON PRESERVATION SOCIETY STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ST ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 Notes Unrestricted Restricted Fund5 Funds 2023 2023 Total Funds 2023 Total Funds 2022 Income and endowments from. Donations and legacies Charitable activities other trading activities Investments 3a 3b 36,958 95,067 18,115 36,958 15,327 64,489 159,556 132,497 18,115 22,014 3d Totsl income 150,141 64,489 214,630 169,838 Resources expended Raising funds Charitable activities 14,400 198,150 14,400 9,766 20,946 219,096 219,529 Total resources expended 212,550 20,946 233,496 229,295 Net (expendlture)Ilncome, net movement in funds (62,409) 43,543 (18,866) (59,457) Total funds brought forward 13,14 198,803 198,803 258,260 Total fund carried forward 12-14 136,394 43,543 179,937 198.803 The notes on pages 10 to 18 form part of these accounts. All the above amounts relate to continuing activities of the charitable company. This Statement includes all gains and losses recognisable in the year.
THE DANIEL ADAMSON PRESERVATION SOCIETY ST BALANCE SHEET AS AT 31 DECEMBER 2023 COMPANY NUMBER'.05088619 Notes 319t December 2023 31. Decembèr 2022 Flxed assets Heritage assets Current assets Stock Debtors Cash at bank and in hand 2.323 16,700 167,439 4,818 7,638 198,508 186,462 210.984 Current Ilabilities Creditors= amounts falling due within one year (6,526) (12.162) Net current assets 179,936 198,802 Totsl assets less Current Ilabilitles 198,803 179,937 Funds: Unrestricted funds Restricted funds 12, 13 12, 14 136,394 43,543 198,803 179,937 198,803 These financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies, regime and in accordance with FRS102 SORP. For the period covered by these accounts the charitable company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the charitable company to obtsin an audit of its aOUnts for the year in question in accordance with section 476 of the Companies Act 2006. The Trustees, who are the Directors of the charitable company, acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. Approved by the Board on .... nd signed on their behalf by.. J Graves - Trustee
THE DANIEL ADAMSON PRESERVATION SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ST 1. Llmited Liability The charitable company is a company limited by guarantee. Each member's liability is limited up to £10. 2. Accountlng Policles The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) (SORP 2019) (effective 181 January 2019), Charilies Act 2011 and the Companies Act 2006. The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otheiSe stated in the relevant note(s) to these accounts. The accounts are prepared in sterling, which is the functional currency of the charitable company. Monetsry amounts in these financial statements are rounded to the nearest £. The Charitable Company has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. Going concern At the time of approving the accounts, the trust88s have a reasonable expectation that the charitable company has adequate reserves to continue in operational existence for the foreseeable future. The Trustees are confident that the levels of liquidity and free reseNes will not affect the charity's operations. Thus, the Trustees continue to adopt the going concem basis of accounting in preparing the accounts. Fund accountlng Unrestricted funds are the Charitable Company's free reseNes available for the Trustees to apply in accordance with the charitable company's charitable objectives. Restricted funds are subject to specific restrictive conditions imposed by the donor. All restricted funds are accounted for as restricted income and expenditure for the purposes is charged to the fund. Income recognitlon All income is recognised once the charitable company has entitlement to the income, there is suffiGient rtaInty of receipt and so it is probable that the income will be reived, and the amount of income receivable can be measured reliabty. Donations and legacies comprise of donations and gift aid which are recognised in the accounts when received, with the exception of known legacies which are accounted for when their reIpt is rtaIn. Income from charitable activities is recognised on an accrLFal's basis except for grants receivable, which are recognised on the date on which their unconditional payment is confirmed by the donor. Income from other trading activities relates to fundraising events, merchandise sales and catering income and 18 recognised when the amount is certain. Income from investment relates to bank interest and income from investments received and is recognised when the amount is certain. io
THE DANIEL ADAMSON PRESERVATION SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 Expenditure recognition Liabilities are recognised as soon as there is a legal or constructs've obligation committing the charitable company to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accrual basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the Statement of Financial Activities. Support and governan costs are applied to unrestricted funds unless specifically included in the restrictions, as specified by the donor. Expenditure on charitable activities relates to the operation of the charitable company comprising of direct charitable expenditure to meet the objectives of the charitable company. Support and governance costs relate to the management and operation of the organisation and also compliance with constitutional and statutory requirements in producing the annual report. These are dealt with in the Statement of Financial Activities when payment has been approved by the charitable company. Flxed assets The only fixed asset is 'The Daniel Adamson, which is treated as a Herltage asset and is included in the accounts at a nominal £1. There is no exiernal market value but the vessel has an insurance value of £2 million. Stock stocks held are merchandise purchased to sell in the shop on board of the Daniel Adamson and is accounted for at the lower of cost or net realisable value. Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short- term liquid investments with original maturities of three months or less, and bank overdrafts. Flnanclal Snstruments The charitable company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legally enforceabte Tight to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Baslc flnanclal assets Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are nol amortised.
THE DANIEL ADAMSON PRESERVATION SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ST Baslc financlal Ilabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the fulure receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amorlised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Derecognitlon of flnanclal liabllltles Financial liabilities are derecognised when the charitable company's contractual obligations expire or are discharged or cancelled. Critical accounting estlmates and Judgements In the application of the charitable company's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basls. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. TaXaOn Income and gains are exempt from taxation as they are received and applied for charitable purposes only. The charitable company benefits from various exemptions from taxation afforded by tax legislation and are not liable to corporation tax on income or gains falling within those exemptions. 3. Income and ondowments from: Unrestricted Restrlcted Funds Funds 2023 2023 Total Funds 2023 Total Funds 2022 a. Donations and legacles Donations Gift aid 34,614 2,344 34.614 2,344 13,148 2,179 36,958 36,958 15,327 Donations and legacies in 2022 relate wholly to unrestricted funds. 12
THE DANIEL ADAMSON PRESERVATION SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 Unrestricted Restrictsd Funds Funds 2023 2023 Total Funds 2023 Total Funds 2022 b. Charftable activlties Canal River Trust Charter and ststic hire Contract Income Cruise fares Culture Recovery Fund for Heritage Cheshlre Community Fund Maritime Heritage Fund National Heritage Lottery Fund - Resilient Funding Membership subscriptions 5.000 5,000 11,091 4,874 68,267 11,091 4,874 68.267 21,447 83,363 10,000 49,489 10,000 49,489 9,827 6,000 11,860 10,835 10,835 95,067 64,489 159,556 132,497 Charitable activities in 2022 related to £116,670 unrestricted funds and £15,827 restricted funds. c. Other tradlng activitles Fundraising Merchandise income Catering income 1,310 1,463 15.342 1,310 1 ,463 15,342 1,912 4,309 15,793 18,116 18,115 22,014 other trading activities in 2022 related wholly to unrestricted funds. d. Investments Bank interest Investments in 2022 related wholly to UnStrICted funds. 4. Expenditure on raising funds 2023 2022 Performers and presenters Merchandise Catering costs 380 3,770 10,250 659 300 8.807 14,400 9,766 All expenditure on raising funds is unrestricted (2022.. £9,766) 13
THE DANIEL ADAMSON PRESERVATION SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ST 5. Expenditure on charitable activlties Direct Support & Charltable Governance Expenditure Costs TOTAL 2023 TOTAL 2022 Preservation restoration, improvements and maintenance of the steam powered tugltender Daniel Adamson 110,876 108.220 219,096 219,529 a. Analysed as follows: 2023 2022 Direct charitable expenditure.. Insurance - marine policy Tug operating costs Volunteer expenses Transport hire Activities and events Equipment and materials Training 22,587 66,295 105 7,540 13,218 1,101 30 32,347 65.370 694 8,920 11,518 42 110,876 118,891 Support & Governance costs.. staff salary costs Pension Marketing Insurance Subscription fees Bank charges Uniform Meeting costs Travel expenses Office and administration cost Professional fees Sundry expenses Pension charges Payroll fees Accountancy 74,379 2,200 8,110 728 2,916 2,662 690 126 6,147 6,214 1,333 350 396 704 1.265 70,383 2,068 4,531 798 752 2,863 3,026 290 4,205 9,648 396 478 1,200 108,220 100,638 Total expendlture on Gharltable actlvltles 219.096 219,529 £20,946 (2022: £15,827) of the above expenditure relates to restricted fundlng. 14
THE DANIEL ADAMSON PRESERVATION SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ST b. Staff Costs 2023 2022 Gross wages and salaries Social seGurity costs Pension 73,330 1,049 2,200 68,921 1,462 2,068 76,579 72,451 Particulars of Employees: The average number of employees during the year, calculated on the basls of full-time equivalents, was as follows: 2023 2.54 2022 Charitable activities No employee received emoluments of more than £60,000 during the year The Trustees are not remunerated for their services and are not included in the above number of employees. Trustees were reimbursed for travel and training cost in the year of £nil (2022- £nil). 6. Herltage assets Danlel Adamson Total Carrying value at 18¢ January 2023 and 31st December 2023: This ts the cost of acquisition of the Daniel Adamson tug boat on 61h April 2004. The insured value of the tug under a Marine Policy is £2,000,000 being the value of restoration work and as required by the National Heritage Lottery Fund (NHLF) pursuant to a deed of covenant. 7. Stock 2023 2022 Merchandise closing stock 2,323 4,818 8. Debtors 2023 2022 Prepayments Other debtors 11,985 4,715 7,638 16,700 7,638 15
THE DANIEL ADAMSON PRESERVATION SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ST 9. Credltors: amounts falllng due wlthin on8 year 2023 2022 Trade creditors Accruals Tax and social security Deferred income (see note 10) 3,895 1,631 1,000 2,779 1,200 8,183 6,526 12,162 10.Deferred Income 2023 2022 Balance at i$1 January 2023 Amount deferred in the year Amount released to income 8,183 8,458 958 (1,233) (8,183) Balance at 31 December 2023 8,183 11.Financial Instruments 2023 2022 Carrying amount of financial assets: Debt instruments measured at cost 186.462 210,965 Carrying amount of financial liabilities: Measured at cost 5,526 3,979 12. Analysls of net assets between funds 2023 Heritage Net current assets assets Totsl Unrestrlcted Funds General Fund 136.393 136,394 Restricted Funds Cheshire Community Foundation Maritime Heritage Fund 1,227 42,316 1,227 42,316 43,543 Totals 179,936 179,937 16
THE DANIEL ADAMSON PRESERVATION SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ST 2022 Heritage Net current assets assets Totsl Unrestrlcted Funds General Fund 198,802 198,803 Restricted Fund8 Totals 198,802 198,803 13. Unrestrfcted Funds 2023 Movements In the Year Income Expendlture Reserves at Beginnlng of Year Reserves at End of Year General Fund 198,803 150,141 {212.550) 136.394 2022 Movements In the Year Income Expendlture Reserves at Beginning of Year Reserves at End of Year General Fund 258,260 154,011 (213,468 198,803 General Fund is used to finance the charitable company's general activities as outlined in the Trustees, Report. 14. Restricted Funds Movements in the Year Income Expendltu Reserves at Beginning of Year Reserves at End of Year 2023 Canal River Trusl Cheshire Community Fund Maritime Heritage Fund 5,000 10,000 49,489 (5,000) (8,773) (7,173) 1,227 42,316 64,489 (20,946) 43,543 17
THE DANIEL ADAMSON PRESERVATION SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 Movements in the Year Income Expendlture Reserves at Beginning of Year Reserves at End of Year 2022 Cheshire Communty Fund National Heritage Lottery Fund Resilient Funding 9.827 6,000 (9,827) (6,000) 1S,827 (15,827) Descrlptlon of Funds These are monies given to the charitable company to be spent at the discretlon of the Board of Trustees for specific charitable purposes, as follows= Canal River Trust - Contribution towards activities Cheshlre Communlty Fund - Contribution towards young person's events Marltime Heritage Fund - Contribution towards 'Maritime Heritage. project Natlonal Heritage Lottery Fund - Resllient Funding - Contribution towards to make the Charitable Company more resilient. It covered costs for consultants in Marketing and Fundraising, marketing campaign and salary for our Learning & Participation Manager who leads on external fundraising. 15.Operating Lease Commitments There were no financial commitments as at 31 St December 2023 (2022.. nil) 16. Related Party Transactions There were no material related party transactions during the year which require disclosure (2022.. none). 17.Guarantee8 As at 31st December 2023. 372 members had given a guarantee of £10 each in the event of the charitable company winding-up, total.. £3,720 (2022,. 276 members £2,760). 18
THE DANIEL ADAMSON PRESERVATION SOCIETY DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 (This page does not form part of the statutory financial statements) 81 2023 2022 INCOME Grant income Contract Income Donations Gift aid Members subscriptions Charter and static hire Crulse fares Fundraising Merchandise income Caterlng income Bank interest 64,489 4,874 34,614 2,344 10,835 11,091 68,267 1,310 1,463 15,342 15,827 13,148 2,179 11,860 21,447 83,363 1,912 4,309 15.793 Total Income 214,630 169,838 Expenditure Ralslng funds Pèrformers and presenters Merchandise Catering costg 659 300 8,807 3,770 10,250 14,4 9,766 Charitable Actlvlty staff salary costs Pension Marketing and publicity Activities and events Equipment and materials Volunteer expenses Insurance- marine policy Insuran Tug operating costs Training Subscription fees Travel expenses Transport hire Office and administration cost Professional fees Bank charges Uniform Sundry expense Meeting costs Pension Charges Payroll fees Accountancy 74,379 2,200 8,110 13,218 1,101 105 22,587 728 66,295 30 2,916 6,147 7,540 6,214 s1,333 2.662 690 350 126 396 704 1,265 70,383 2,068 4.531 11,518 32,347 798 65,370 42 752 4,205 8,920 9,648 2,863 3,026 290 396 478 1,200 Tolal expendlture on charltable actlvlties 219,096 219,529 Tolal expendlture 233,496 229,295 Net {expendlture) for the year (18,8661 159,467) 19