Docusign Envelope ID.. 5CE4E5DD4B024EBtkB07C-2E139F5FF6F6 THE DANIEL ADAMSON PRESERVATION SOCIETY ANNUAL REPORT & FINANCIAL STATEMENTS FOR YEAR ENDED ST 31 DECEMBER 2024 Company Number: 05088619 Charity Number: 1104681
Docusign Envelope ID.. 5CE4E5DD4B024EBtkB07C-2E139F5FF6F6 THE DANIEL ADAMSON PRESERVATION SOCIETY CONTENTS Page Trustees, Annual Report Statements of Trustees, Responsibilities Independent Examinerfs Report Statement of Financial Activities Balan Sheet Notes to the Financial Statements 10
Docusign Envelope ID.. 5CE4E5DD4B024EBtkB07C-2E139F5FF6F6 THE DANIEL ADAMSON PRESERVATION SOCIETY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 The Trust are paSed to present annual report for the year ended 31st Dember 2024. The financial statements comply th the CharitEs Ad 2011, Companies Act 2006, Accounting and Reporting by Charities. Statement of Re(x)mmerKled PrathcE (SORP 2019) appIlble to chartties preparing their accounts in aC0)rdan with the Financial Reporting Standard applicable in the UK arKJ 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 objects of historical and industrial interest which relate to the vessel, including the provision of a museum and or exhibition center 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 guidan published by the Charities Commission. As our organisation continues to evolve, we still maintain our mission to engage our local communities in the conservation and operation of our unique ple of shipping heritage to benefit the enjoyment, education and wellbeing of all. We do this by embedding ourselves in 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 our volunteers 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. We are in our second year of our project - Maritime Heritage Maritime Futures. We have worked with the Maritime Industries around the Port of Liverpool and Cheshire, giving 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. both corporate and family events and we held our own Corporate Hospitality event at Sutton Weaver in September 24 to showcase the boat to local business and dignitaries. Our continued focus was on our Maritime Heritage, Maritime Futures project, financially supported by NLHF, aiming towards the culmination of the project in 2025.
Docusign Envelope ID.. 5CE4E5DD4B024EBtkB07C-2E139F5FF6F6 THE DANIEL ADAMSON PRESERVATION SOCIETY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 ACHIEVEMENTS & PERFORMANCE This year (2024) saw us returning to cruise service on 5th May after spending two weeks moored in Royal Albert Dock Liverpool, where we were open to the public as well as hosting some private events. Our program of public cruises were mainly on the River Weaver, with a few trips to Salford along the Manchester Ship Canal. We spent a further three weeks in the Royal Albert Dock in June 2024 again hosting private celebrations and the first Float Ya Boat project as part of the Maritime Heritage, Maritime Futures project. FINANCIAL REVIEW Income for the year was £145,607 (2023: £214.630) of whith £Nil (2023: £64,489), related to funding for projects upon whith restrictions are pla<xl. Expenditure for the year was £251,389 (2023: £233,496), leaving a deffiat for the year of £105,782 (2023: deficit £18,866). At 31 st Dember 2024 the Charitab compan5 re[VeS stood at £74,155 (2023: £179,937) of which £38,913 (2023: £43,543) reprented restrirt 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 comprehenstve 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 service during 2016. The Insuran coverage 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 Heritsge Lottery Fund (NHLF) pursuant to an amended deed of covenant by which we are bound. We also maintain Employee and Public Liabilty 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. No projects are Cornmend until sufficient money is available to cover all the plad contracts. The bulk of the funding required to restore the vessel to steam and commence revenueaming 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 nonnal 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.
Docusign Envelope ID.. 5CE4E5DD4B024EBtkB07C-2E139F5FF6F6 THE DANIEL ADAMSON PRESERVATION SOCIETY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 RESERVES POLICY ft is the polw of the charitable cornpany to maintain unrestiicted Ajnds, which are fr reserves at a level to cover redundanGy provisM)n and Ihree months, running (x)sts shoukl no further funding be reived. As at Ihe end of the financial year the unrestrKthed funds balan is £35,242. The chaiitable company requires £15,906 for redundancy provision and £59,120 for th months, running costs, (total £75,026). The Board of The Daniel Adamson Preservalion SocEty is aartely aware that economic UnrtaInty has had an impact on the viabilty of the organisation and have suc£essful appointed new Trustees to the board in 2025, who possess specffic exwtise to re-energiTr the organisation and help us develop a new strategic plan to ensure success in the future. Following cy)nstructive diabgue with one of our previous swnsors, the sOty has suESSfUl nduded an agreement that will signifv2nty increase our sponsorship income. This is in addition to the momentum and support gamered for the Maritime Heiitagelmaritime Futures Project with The Danny being adopted as the Charity of Ihe Year for Mersey Maritime Awards where p&rs donate and support the amazing wod( already underway. Furthermore, there is an ongoing fvndraising campaun via Just Giving to support Ihe essential rna1ntenan ovethaul this winter. We are in the process of planning our entire (yuising sthedule for 2026 with calibration of ticket pricing aimed at improving oCCpancY rates and increasing aCSsIbl1ty for the public, thereby strengthening our *r1 provision and reinforcing our mmIent to sustainable growth. 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, catering, retail and fundraising. -Increase the corporate hire of the Danny whilst 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 recruitment and engagement plan for our volunteers, we have rentlY undertaken a recruitment drive and the new recruits are enjoying joining the team STRUCTURE, GOVERNANCE AND MANAGEMENT The Daniel Adamson PreseNation So(aety is a tharitable company fmited by guarantee (registered in England and Wales, No. 05088619) incorporated on 30th March 2004 and registered as a charity (No. 1104681) on 1 st July 20014.
Docusign Envelope ID.. 5CE4E5DD4B024EBtkB07C-2E139F5FF6F6 THE DANIEL ADAMSON PRESERVATION SOCIETY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 The charitable CA)mpany is gOveEd by its Memorandum and Artides of Association dated 5th March 2004, amended by speoal resolution dated 7th 0(lober 2007, 13th September 2009, 31 st March 2021 and 25th April 2021. The day-to-day operation is run by the stsff of the Socxety. Details of method of recruitment and appoinknent of trustees As set out in the Artides of AssocialK)n. not less than Ven of the Trustees are nominated and elected by the societys members and not more than fve are appointed as representatives of Charitable Company who are engaged in Edu(xtion, Heritage Management, Retail and Tourism in the Noth West region. One triird of trE Twstees must starNJ dovm each year but may stand for re- election. The Chairman and prinapal offi(Ers are rK)minated by arKI approved by the Trust*s. All society members are circulated not less than 14 days prior to the AGM advising them of retiring Trustees and requesting nominations for new Trustees. The Trustees may co-opt additional members. When 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 Registered office 1104681 54 St James Street Liverpool, England, L1 OAB M J Cooksley J Graves L Green R Gwynne A King J A McLintod( M Moran E Napier L Roberts RPScott J Seddon V Welsh S Wood- Chair Trustees (Resigned 21st October 2024) (Resigned 20th June 2025) (Appointed 9th July 2025) (Appointed 9th July 2025) (Appointed 9th July 2025) (Resigned 17th June 2025) Secretary Independent Examiner V Welsh Ying Huang ACCA Clo LCVS, 151 Dale Street, Liverpool, L2 2AH Barclays Bank UK PLC LeISter, LE87 2BB n behalf of the Board of Trustees Bankers igned Date
Docusign Envelope ID.. 5CE4E5DD4B024EBtkB07C-2E139F5FF6F6 THE DANIEL ADAMSON PRESERVATION SOCIETY STATEMENT OF TRUSTEES RESPONSIBILITIES Company law requires the Trustees to prepare financial statements for each financial year which give a true and fail 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)). make judgements and estimates that are reasonable and prudent. prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the company will continue as a going COnrn. 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 pioper accounting 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 statements comply with the Companies Act 2006. They are also responsible foi 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 (SORP 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 periods commencing from 1st January 2019). By the Order of the board, d Trustee 54 St James Street Liverpool Merseyside L1 OAB Date:
Docusign Envelope ID.. 5CE4E5DD4B024EBtkB07C-2E139F5FF6F6 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 Dember 2024, 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 yeai under section 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 procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act, and to state whethei particular matters have come to my attention. My examination was carried out in accordan with 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 GonrnIng any such matters. The prOdureS 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 fair, view and the report is limited to those matters sel out in the statement below. Res ective res onsibilities of trustees and examiner Basis of inde endent examinels statement In connection with my examination, no matter has come to my Inde endent examinerfs attention: statement (1) which gNes me reasonable Cau to believe that in, any material respect, the requirements: to keep accounting records in accordan with section 386 of the Companies Act 2006: and to prepare accounts which accord with the accounting records and compty 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 to be reached. Name: Ying Huang Relevant professional qualification or body: ACCA Address: clo LCVS 151, Dale Stree( Liverpool. L2 2AH 912612025 Dated: ed*. DF)AEg2EBD4B8...
Docusign Envelope ID.. 5CE4E5DD4B024EBtkB07C-2E139F5FF6F6 THE DANIEL ADAMSON PRESERVATION SOCIETY STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST DECEMBER 2024 Notes Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments 27,850 98,229 19,527 27,850 36.958 98,229 159,556 19,527 18,115 3b 3d Total income 145.607 145,607 214,630 Resources expended Raising funds Charitable activities 10,280 236.479 10,280 14,400 4,630 241,109 219,096 Total resources expended 246,759 4,630 251,389 233,496 Net (expenditure), net movement in funds (101.152) {4,630) (105.782) (18.866) Total funds brought forward 13,14 136,394 43,543 179,937 198.803 Total fund carried forward 12-14 35,242 38,913 74,155 179,937 The notes on pages 10 to 18 fonn 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.
Docusign Envelope ID.. 5CE4E5DD4B024EBtkB07C-2E139F5FF6F6 THE DANIEL ADAMSON PRESERVATION SOCIETY BALANCE SHEET AS AT 31ST DECEMBER 2024 COMPANY NUMBER:05088619 Notes 31st December 2024 31st December 2023 Fixed assets Heritage assets Current assets Stock Debtors Cash at bank and in hand 2,479 21,373 87,303 2,323 16,700 167,439 111,155 186,462 Current liabilities Creditors: amounts falling due within one year (37.001) (6,526) Net current assets 74,154 179,936 Total assets less current liabilities 74,155 179,937 Funds: Unrestricted funds Restricted funds 12, 13 12, 14 35.242 38,913 136,394 43,543 74,155 179,937 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 accordan with the provisions applicable to small companies subject to the small companies, regime and in accordan 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 obtain an audit of its accounts for the year in question in accordan 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 ....... and signed their behalf by.. rustee ooksley - T stee
Docusign Envelope ID.. 5CE4E5DD4B024EBtkB07C-2E139F5FF6F6 THE DANIEL ADAMSON PRESERVATION SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 1. Limited Liability The charitable company is a company limited by guarantee. Each member's liability is limited up to £10. 2. Accounting Policies The financial statements have been prepared in accordan with the Statement of Recommended Practice: Accounting and Reporting by Charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) {SORP 2019) (effective 1st January 2019), Charities 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 otherwise stated in the relevant note(s) to these accounts. The accounts are prepared in sterling, which is the functional currency of the charitable company. Monetary 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 trustees have a reasonable expectation thal 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 reserves will not affect the charity's operations. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the accounts. Fund accounting Unrestricted funds are the Charitable Company's free reserves available for the Trustees to apply in accordance with the charitable company's char5table objectives. Restricted funds are subjecl 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 recognition All income is recognised once the charitable company has entitlement to the income, there is sufficient rtaInty of reIpt and so it is probable that the income will be reived, and the amount of income re1vable can be measured reliably. Donations and legacies comprise of donations and gift aid which are recognised in the accounts when reived, with the exptIOn of known legacies which are accounted for when their reIpt is certain. Income from charitable activities is recognised on an accrual's basis expt for grants Teceivable. 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 is recognised when the amount is rtaIn. Income from investrnent relates to bank interest and income from investments received and is recognised when the amount is rtaIn. 10
Docusign Envelope ID.. 5CE4E5DD4B024EBtkB07C-2E139F5FF6F6 THE DANIEL ADAMSON PRESERVATION SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Expenditure recognition Liabilities are recognised as soon as there is a legal or constructive 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 governance costs are applied to unrestricted funds unless specifically included in the restiictions, 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 charitsble company. Fixed assets The only fixed asset is 'The Daniel Adamson, which is treated as a Heritage asset and is included in the accounts at a nominal £1. There is no external market value but the vessel has an Insuran 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 equivalents 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. Financial instruments The charitable company has elected to appty 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 enforceable right 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. Basic financial assets Basic financial assets, which include debtors. cash and bank balances, are initially measured at transaction pri 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 dassified as re1vable within one year are not amortised.
Docusign Envelope ID.. 5CE4E5DD4B024EBtkB07C-2E139F5FF6F6 THE DANIEL ADAMSON PRESERVATION SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction pri unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future reiptS discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Derecognition of financial liabilities Financial liabilities are derecognised when the charitable company's contractual obligations expire or are discharged or canlled. Critical accounting estimates 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 SoUrs. 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 basis. Revisions to accounting estimates are recognised in the period in which the estimate is ievised 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. Taxation 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 endowments from: Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 a. Donations and legacies Donations Gift aid 25,444 2,406 25.444 2.406 34,614 2,344 27,850 27.850 36,958 Donations and legacies in 2023 relate wholly to unrestricted funds. 12
Docusign Envelope ID.. 5CE4E5DD4B024EBtkB07C-2E139F5FF6F6 THE DANIEL ADAMSON PRESERVATION SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Unrestricted Restricted Funds Funds 2024 2024 Totsl Funds 2024 Total Funds 2023 b. Charitable activities Canal River Trust Charter and static hire Contract Income Cruise fares Cheshire Community Fund Maritime Heritage Fund Membership subscriptions Workshops 5,000 11.091 4,874 68,267 10,000 49,489 10,835 14,291 14,291 72,933 72,933 10,545 460 10,545 460 98,229 98,229 159,556 Charitable activities in 2023 related to £95.067 unrestricted funds and £64,489 restricted funds. c. Other trading activities Fundraising Merchandise income Catering income 1,003 1,307 17.217 1,003 1,307 17,217 1.310 1,463 15,342 19.527 19,527 18,115 Other trading activities in 2023 related wholly to unrestricted funds. d. Investments Bank interest Investments in 2023 related wholly to unrestricted funds. 4. Expenditure on raising funds 2024 2023 Performers and presenters Merchandise Catering costs 1,425 218 8,637 380 3,770 10,250 10,280 14.400 All expenditure on raising funds is unrestricted (2023: £14,400) 13
Docusign Envelope ID.. 5CE4E5DD4B024EBtkB07C-2E139F5FF6F6 THE DANIEL ADAMSON PRESERVATION SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 5. Expenditure on charitable activities Direct Support & Charitable Governance Expenditure Costs TOTAL 2024 TOTAL 2023 Preserrfation restoration, improvements and rna1ntenan of the steam powered tugltender Daniel Adamson 131,115 109,994 241,109 219,096 . Analysed as follows.. 2024 2023 Direct charitable expenditure." Insurance - marine policy Tug operating costs Volunteer expenses Transport hire Activities and events Equipment and materials Training 34,143 79,852 18 12,877 3,366 65 794 22,587 66,295 105 7,540 13,218 1,101 30 131,115 110,876 Support & Govemance costs.. Staff salary costs Pension Marketing Insuran Subscription fees Bank charges Uniform Meeting costs Travel expenses Office and administration cost Professional fees Sundry expenses Pension charges Payroll fees Accountancy 64,237 1,881 19,408 804 3,549 1,899 1,093 1,449 6,478 6,218 74,379 2,200 8,110 728 2,916 2,662 690 126 6,147 6,214 1,333 350 396 704 1.265 426 396 700 1,456 109.994 108,220 Total expenditure on charitable activities 241,109 219,096 £4,630 (2023: £20,946) of the above expenditure relates to restricted funding. 14
Docusign Envelope ID.. 5CE4E5DD4B024EBtkB07C-2E139F5FF6F6 THE DANIEL ADAMSON PRESERVATION SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 b. Staff Costs 2024 2023 Gross wages and salaries Social security costs Pension 62,702 1,535 1,881 73,330 1,049 2,200 66.118 76.579 c. Particulars of Employees: The average number of employees during the year, calculated on the basis of full-time equivalents, was as follows: 2024 2023 2.54 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 (2023: £nil). 6. Herltage assets Daniel Adamson Totsl Carrying value at 1st January 2024 and 31st December 2024: This is the cosl of acquisition of the Daniel Adamson tug boat on 6th 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 2024 2023 Merchandise closing stock 2,479 2.323 8. Debtors 2024 2023 Prepayments Other debtors 12.060 9,313 11,985 4.715 21,373 16,700 15
Docusign Envelope ID.. 5CE4E5DD4B024EBtkB07C-2E139F5FF6F6 THE DANIEL ADAMSON PRESERVATION SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 9. Creditors= amounts falling due within one year 2024 2023 Trade creditors Accruals Tax and social security Deferred income (see note 10) 23,330 2,959 875 9,837 3,895 1,631 1,000 37,001 6,526 10. Deferred income 2024 2023 Balance at 1st January 2024 Amount deferred in the year Amount released to income 8,183 9,837 (8,183) Balance at 31st December 2024 9,837 11. Financial instruments 2024 2023 Carrying amount of financial assets: Debt instruments measured at cost 89,782 169,762 Carrying amount of financial liabilities: Measured at cost 26,289 5,526 12.Analysis of net assets between funds 2024 Heritage Net current assets assets Total Unrestricted Funds General Fund 35,241 35,242 Restricted Funds Cheshire Community Foundation Maritime Heritage Fund 627 38,286 627 38,286 38,913 38,913 Totals 74,154 74,155 16
Docusign Envelope ID.. 5CE4E5DD4B024EBtkB07C-2E139F5FF6F6 THE DANIEL ADAMSON PRESERVATION SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 2023 Heritage Net current assets assets Total Unrestricted 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 13. Unrestricted Funds 2024 Movements in the Year Income Expenditure Reserves at Beginning of Year Reserves at End of Year General Fund 136,394 145,607 (246,759) 35,242 2023 Movements in the Year Income Expenditure Reserves at Beginning ofyear Reserves at End of Year General Fund 198.803 150.141 {212,550) 136,394 General Fund is used to finance the charitable company's general activities as outlined in the Trustees, Report. 14. Restrictsd Funds Movements in the Year Income Expenditure Reserves at Beginning of Year Reserves at End of Year 2024 Canal River Trust Cheshire Community Fund Maritime Heritage Fund 1,227 42,316 (600) (4,030) 627 38,286 {4,630) 38,913 17
Docusign Envelope ID.. 5CE4E5DD4B024EBtkB07C-2E139F5FF6F6 THE DANIEL ADAMSON PRESERVATION SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Movements in the Year Income Expenditure Reserves at Beginning ofyear Reserves at End of Year 2023 Canal River Trust 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 Description of Funds These are monies given to the charitable company to be spent at the discretion of the Board of Trustees for specific charitable purposes, as follows: Canal River Trust- Contribution towards activities Cheshire Community Fund - Contribution towards young person's events Maritime Heritage Fund - Contribution towards 'Maritime Heritage, project 15.Operating Lease Commitments There were no financial commitments as at 315t Dernber 2024 (2023: nil) 16. Related Party Transactions There were no material related party transactions during the year which require disclosure (2023: none}. 17.Guarantees As at 31st December 2024, 366 members had given a guarantee of £10 each in the event of the charitable company winding-up, total £3,660 (2023: 372 members £3,720). 18