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RCC PILOTAGE FOUNDATION
Registered number: 05424369 Charity number: 1109561
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th SEPTEMBER 2024
RCC Pilotage Foundation
{A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details ofthe charity, its trustees and advisers | 1 |
| Trustees’ report | 2-3 |
| Independentexaminer's report | 4-5 |
| Statement offinancial activities incorporating income and expenditure account | 6 |
| Balance sheet | 7 |
| Cash flowstatement | 8 |
| Notestothefinancialstatements | 9-14 |
RCC Pilotage Foundation
(A company limited by guarantee)
Reference and administrative details of the Foundation, its trustees and advisers for the year ended 30 September 2024
Trustees
P MA Bryans, Chairman ACF Fawcett, Treasurer G A Harrison-Halli JH Spiniove B S Vernon, Appointed 11% October 2024 N J Wollen DL
Secretary
G WS Graham, Resigned 16" February 2024 B S Vernon, Appointed 16" February 2024
Charity registered number
1109561
Company registered number
05424369
Registered office
c/o Kreston Reeves LLP, Springfield House, Springfield Road, Horsham, West Sussex RH12 2RG
Bankers
TSB Bank pic, 9 West Street, Bridport, Dorset, DT6 3QL
Independent examiner
Kreston Reeves LLP, Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG
investment managers
Sarasin & Partners LLP, Juxon House, 100 St Paul’s Churchyard, London EC4M 8BU
Page 1
RCC Pilotage Foundation
(A company limited by guarantee)
Trustees’ report
for the year ended 30 September 2024
The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of the RCC Pilotage Foundation (‘the Foundation’) for the year ended 30 September 2024.
The Trustees confirm that the annual report and financial statements of the Foundation comply with the Charities Act 2011, the Companies Act 2006, the requirements of the Foundation's governing document, and the provisions of the Statement of Recommended Practice (SORP) (FRS 102) "Accounting and Reporting by Charities” effective 4 January 2019.
Structure, governance and management
The Foundation is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 30 September 2005 and is a registered charity number 1109561. The Trustees approved revised Articles of Association on 15 January 2020.
The management of the Foundation is the responsibility of the directors, who are also the Trustees and are appointed or approved by the Committee of the Royal Cruising Club.
Objectives and activities
The principal object of the Foundation is to advance the education of the public in the science and practice of navigation.
The Foundation achieves its objectives through the publication of a range of pilotage books and periodic revisions thereof covering a wide range of cruising areas, including some of the more remote cruising areas of the world, and also by the provision of navigational information on the Foundation's website. Some of the books published are not commercially viable and would not otherwise be produced, while most of the information available on the website is provided free of charge.
Public benefit
The Foundation operates for the public benefit under the charitable purpose as defined in the Charities Act 2011: "the advancement of education”. The Trustees confirm that they have complied with their duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.
Achievements and performance
In the financial year to 30 September 2024, new editions of Imray titles Corsica & North Sardinia, and isles of Scilly and a new edition of Adlard Coles’ Pacific Crossing Guide were published reflecting further progress in the Foundation’s programme of continuing improvement and updating of their publications. A further ten titles are in research or production for publication in 2025 or subsequent years.
Income, principally from royalties, was broadly in line with the previous year. Expenditure on project costs was £14,000 higher than the previous year and support and governance costs was £5,000 less than the previous year. The benefit from unrealised investment gains was £68,000, compared with a benefit of £20,000 in the previous year. A surplus of £42,000 was recorded for the year, compared with a surplus of £5,000 in 2023.
Page 2
Trustees’ report
for the year ended 30 September 2024 (continued)
Reserves policy
It is the policy of the Foundation to maintain a minimum reserve of £200,000, which is equivalent to approximately 2 years’ expenditure.
Financia! performance
The net operating loss for the year was £25,357 (2023 — £15,317) before an unrealised investment gain of £67,654 (2023 — unrealised gain £19,998). The reserves of the Foundation increased at the end of the year by £42,297 (2023 — increased by £4,681).
Trustees’ responsibilities statement
The Trustees, who are also directors of the Foundation for the purposes of company law, are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources, including the income and expenditure, of the Foundation for that period. In preparing these financial statements, the Trustees are required to:
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e select suitable accounting policies and then apply them consistently;
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° observe the methods and principles in the Charities SORP;
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° make judgments and accounting estimates that are reasonable and prudent;
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. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in operation.
The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This CG was "9 ed by the Trustees on 9' January 2025 and signed on their behalf by: LAW
P MA Bryans, Chairman
Page 3
RCC Pilotage Foundation
(A company limited by guarantee)
Independent examiner's report for the year ended 30 September 2024
Independent examiner's report to the Trustees of the RCC Pilotage Foundation (‘the Foundation’)
| report on the financial statements of the Foundation for the year ended 30 September 2024 which are set out on pages 6 to 14.
This report is made solely to the charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that | might state to the charity's Trustees those matters | am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, | do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for my work or for this report.
Responsibilities and basis of report
As the charity trustees of the foundation and also its directors for the purposes of company law you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act).
Having satisfied myself that the accounts of the foundation are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of your foundation’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination | have followed the directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1) the accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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2) the accounts do not accord with those records; or
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3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts givea ‘true and fair view’ which is not a matter considered as part of an independent examination; or
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4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of ireland (FRS 102).
Page 4
RCC Pilotage Foundation
(A company limited by guarantee)
Independent examiner's report for the year ended 30 September 2024 (continued)
| have no concerns and 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 understanding of the accounts to be reached.
Signed: Cahn (Leones | | p
Dated: qi leas
J Peach FCA
Kreston Reeves LLP
Chartered Accountants
Springfield House Springfield Road Horsham West Sussex RH12 2RG
Page 5
RCC Pilotage Foundation
(A company limited by guarantee)
Statement of financial activities incorporating income and expenditure account
for the year ended 30 September 2024
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||||||||
|---|---|---|---|---|---|---|
|Unrestricted|Unrestricted|
|funds|funds|
|2024|2023|
|Note|£|£|
|Income|from:|
|Charitable|activities:|
|Imray|royalties|38,036|39,344|
|Bloomsbury|royalties|3,298|4,051|
|Investments|15,902|14,866|
|Direct|sales|and|other|income|610|1,167|
|Total|income|57,846|59,428|
|Expenditure|on:|
|Raising|funds:|
|Investment|management fees|3,999|3,764|
|Charitable|activities:|
|Project costs|2|43,543|29,454|
|Authors’|supplement|payment|2,100|2,800|
|Support and|governance|costs|3|33,561|38,727|
|Tota!|expenditure|83,203|74,745|
|Net|loss|before|investment gains|(25,357)|(15,317)|
|Unrealised|gains|on|revaluation|of investments|67,654|19,998|
|Net movement|of funds|after|investment gains|42,297|4,681|
|Reconciliation|of funds:|
|Total|funds|brought forward|§44,037|539,356|
|Total funds|carried|forward|____- 986,334|544,037|
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All activities relate to continuing operations.
The notes on pages 9 to 14 form part of these financial statements.
Page 6
RCC Pilotage Foundation
(A company limited by guarantee)
Balance sheet
at 30 September 2024 Companies House number: 05424369
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2024 2023
Note £ £ £ £
Fixed assets
Investments 6 580,934 532,181
Current assets
Prepayments - 960
Cash at bank and in hand 14,911 20,858
14,911 21,818
Creditors: amounts falling due within one
year 7 (9,511) (9,962)
Net current assets 5,400 11,856
Net assets 586,334 544.037
Charity Funds
Unrestricted funds 8 586,334 544,037
Total funds ____586,334 544 037
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The company’s financial statements have been prepared in accordance with the provisions applicable to Companies subject to the small companies’ regime.
The Trustees consider that the Foundation is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the Foundation to obtain an audit for the year in question in accordance with section 476 of the Act.
The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
TheVGfinancial statements were approved by the Trustees onjoo9!" January 2025 and signed on their behalf, by: P MA Bryans, Chairman ACF Fawcett FCA, Treasurer The notes on pages 9 to 14 form part of these financial statements.
Page 7
RCC Pilotage Foundation
(A company limited by guarantee)
Cash flow statement
for the year ended 30 September 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Net movement offunds as reported in the Statement | ||
| of Financial Activities | 42,297 | 4,681 |
| Adjustments for: | ||
| Unrealised (gains)/loss on investments | (67,654) | (19,998) |
| Decrease/(increase) in debtors and prepayments | 960 | - |
| Increase/(decrease) in creditors | (451) | 1,249 |
| Net cash (used)/generated in operating | ||
| activities | (24,848) | (14,068) |
| Cashflows from investing activities: | ||
| Transfer from investments to cash | 15,000 | - |
| Investment managementfees | 3,901 | 3,784 |
| Cash (used)/generated during the period | (5,947) | (10,284) |
| Cash at 1 October2023 | 20,858 | 31,142 |
| Cash at 30 September2024 | 14,911 | 20,858 |
| (Decrease)/increaseincashduringtheperiod | (5,947) | (10,284) |
Page 8
. RCC Pilotage Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 30 September 2024
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice (SORP) (FRS102) (effective 1 January 2019) and the Companies Act 2006.
RCC Pilotage Foundation meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.
The financial statements are presented in sterling and rounded to the nearest £1.
1.2 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation.
- 1.3 Income
All income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified under headings that aggregate all costs related to a category.
Charitable activities and Governance costs are costs incurred on the Foundation's educational operations, including support costs and costs relating to the governance of the Foundation apportioned to charitable activities.
All resources expended are inclusive of irrecoverable VAT.
1.5 Pension
The company operates a defined contribution pension scheme, and the pension charge represents the amounts payable by the company to the fund in respect of the year.
Page 9
RCC Pilotage Foundation
(A company limited by guarantee)
Notes to the financial statements for the year ended 30 September 2024
1.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at market value at the balance sheet date. Fair value in this case is the market rate recognised on the stock exchange. Investment gains and losses, whether realised or unrealised, are shown on the Statement of financial activities incorporating income and expenditure account.
1.7 Financial instruments
The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.8 General information
RCC Pilotage Foundation is a charitable company limited by guarantee incorporated in England and Wales, registration number 05424369, and is a registered charity number 1109561. The registered office is c/o Kreston Reeves LLP, Springfield House, Springfield Road, Horsham, West Sussex RH12 2RG.
2 Project costs
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Mediterranean Spain | 7,334 | - |
| Pacific Crossing Guide Netherlands |
6,666 6,166 |
3,680 - |
| Corsica and North Sardinia | 6,041 | 2,500 |
| Baltic Sea and itsApproaches | 4,039 | - |
| isles ofScilly | 3,332 | 1,667 |
| Atlantic Crossing Guide | 3,000 | - |
| Ocean Sailing Cape Horn and AntarcticWaters South PacificAnchorages South Biscay |
2,500 2,000 2,000 163 |
- 2,000 - 4,000 |
| North Africa | 151 | 3,185 |
| Norway Balearic Islands |
41 29 |
312 2,666 |
| Atlantic France | - | 3,157 |
| Channel Islands, Cherbourg Peninsula and North Brittany | - | 2,949 |
| Arctic and Northern Waters | - | 2,500 |
| West Africa | - | 527 |
| Others | 81 | 311 |
| Total | 43,543 | 29,454 |
Page 10
a RCC Pilotage Foundation
(A company limited by guarantee)
Notes to the financial statements for the year ended 30 September 2024
3. Support and governance costs
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Salary costs | 22,075 | 19,790 |
| Pension costs | 656 | 600 |
| Travel and subsistence | 3,804 | 4,944 |
| Office expenses | 2,545 | 2,822 |
| Marketing costs | 424 | 6,376 |
| IT costs | 2,017 | 2,605 |
| Governance — independent examiner fees | 2,040 | 1,590 |
| 33,561 | 38,727 |
4, Trustees’ remuneration and expenses
During the year, no (2023 — none) Trustee received remuneration. Five (2023 - five) Trustees received reimbursement of expenses for travel and subsistence, amounting to £1,513 in the current year (2023 - £1,417).
5. Staff costs
Staff costs were as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Salaries and pensions | 22,73120,390 | 20,390 |
| 2024 | 2023 | |
| The average number of persons employed | by the Foundation during | |
| theyear: | 1 | 1 |
Page 11
RCC Pilotage Foundation
(A company limited by guarantee)
Notes to the financial statements
for the year ended 30 September 2024
6. Fixed asset investments
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|---|---|---|---|---|---|---|---|---|
|Listed|Cash|
|securities|deposits|Total|
|£|£|£|
|Market|value|
|At|1|October 2023|497,181|35,000|532,181|
|Investment|management|fees|paid|(3,901)|-|(3,901)|
|Transfer|to|current|account|-|(15,000)|(15,000)|
|Unrealised|gains|__ 67,654 -|___GT|654|
|At|30|September 2024|560,934|___20,000|___580,934|
|The|historical|cost|of|the|listed|securities|was|£447,586|
|Investments|at|market|value|comprise:|
|UK|Overseas|2024|
|£|£|£|
|Listed|investments|123,966|436,968|560,934|
|Cash|deposits|20,000|:|20,000|
|Total|market value|—|[143,966][ __436,968]|[___580,934]|
|Listed|Cash|
|Prior year|securities|deposits|Total|
|£|£|£|
|Market|value|
|At1 October 2022|480,967|35,000|515,967|
|investment|management|fees|paid|(3,784)|-|(3,784)|
|Unrealised|gains|19,998|:|19,998|
|At|30|September 2023|—-497,181 35,000|532,181|
|The|historical|cost|of|the|listed|securities|was|£447,586|
|No|transfers|were|made|during|the|year.|
|Investments|at|market|value|comprise:|
|UK|Overseas|2023|
|£|£|£|
|Listed|investments|143,188|353,993|497,181|
|Cash|deposits|35,000|-|35,000|
|Total|market value|—_-178,188|_353,993||532,184|
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Page 12
)
Pilotage Foundation
(A company limited by guarantee)
Notes to the financial statements
for the year ended 30 September 2024
7. Creditors: Amounts falling due within one year
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|---|---|---|---|---|---|
|2024|2023|
|£|£|
|Taxation|and|social|security|1,278|945|
|Other creditors|4,515|5,631|
|Accruals|3,085|2,537|
|Deferred|income|633|849|
|9,511|__—*9,962|
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Deferred income represents income received in advance for royalties receivable on the sale of books in future periods.
8. Statement of funds — Current year
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|---|---|---|---|---|---|---|
|Brought|Income|Expenditure|Gains|Carried|
|forward|forward|
|£|£|£|£|£|
|Unrestricted|funds|
|General|funds|544,037|57,846|(83,203)|67,654|586,334|
|544,037|57,846|(83,203)|67,654|586,334|
|Summary|of funds|
|Brought|Carried|
|Forward|income|Expenditure|Gains|Forward|
|£|£|£|£|£|
|General funds|___|544,037|57,846|(83,203)|67,654 __586,334|
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Page 13
RCC Pilotage Foundation
(A company limited by guarantee)
Notes to the financial statements for the year ended 30 September 2024
8. Statement of funds — Prior year
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||||||||
|---|---|---|---|---|---|---|
|Brought|Income|Expenditure|Gains|Carried|
|forward|forward|
|£|£|£|£|£|
|Unrestricted|funds|
|General|funds|539,356|59,428|(74,745)|19,998|544,037|
|539,356|§9,428|(74,745)|19,998|544,037|
|Summary|of funds|
|Brought|Carried|
|Forward|income|Expenditure|Gains|Forward|
|£|£|£|£|£|
|General|funds|539,356 59,428|(74,745) 19,998|_|[544,037]|
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9. Related party transactions
During the year no fees were paid to any Trustee (2023 - none).
10. Financial instruments
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|||||||||
|---|---|---|---|---|---|---|---|
|2024|2023|
|£|g|
|Financial|assets|measured|at|amortised|cost|ee|960|
|Financial|liabilities|measured|at|amortised|cost|8793|G7|
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Financial assets measured at amortised cost comprise prepayments.
Financial liabilities measured at amortised cost comprise other creditors and other taxation and social security as detailed in note 7.
Page 14