#
##
|||||Page|
|---|---|---|---|---|
|Reference and Administrative|||Details ofthe Charity, its Trustees and Advisers||
|Trustees' Report|||||
|Independent|Auditors'|Report|on the Financial Statements|11-14|
|Consolidated|Statement of Financial Activities||||
|Consolidated|Balance|Sheet||16|
|Charity Balance Sheet||||17|
|Consolidated|Statement ofCash Flows|||18|
|Notes to the|Financial|Statements||19-39|
##
|Trustees|||R/Admiral
M G Wood CBE,DL,|R/Admiral
M G Wood CBE,DL,|R/Admiral
M G Wood CBE,DL,|Chairman|Chairman||
|---|---|---|---|---|---|---|---|---|
||||Mrs SAdkins||||||
||||Mr R Baldry||||||
||||Mr A Camp||||||
||||Mr
I Douglas||||||
||||LtCdr Rebecca|French RN|(appointed||15February 2021)||
||||Lt Cdr Claire Lees RN (appointed|||19|February 2021)||
||||Mr M Dukes||||||
||||Warrant
Officer|First Class|Paul|Todd|(appointed|15April 2021)|
||||Major Steve Cox RM (appointed|||2 July 2020)|||
||||Commander J Sheriff MBE||(resigned||10December 2020)||
||||Warrant
Officer|G Hannah
(resigned|||14April 2021)||
||||Mr C Green (resigned 30October 2020)||||||
||||Major T Smith RM (resigned||31|July 2020)|||
|Company|registered||||||||
|number|||07100967||||||
|Charity registered|||||||||
|number|||1135918||||||
|Chief executive officer|||Mr G C Hannah|(appointed|wef 15April 2021)||||
||||Mr A Sharpe MBE (Resigned as|||Chief Executive||wef 15Apr 2021)|
|Independent||auditors|Bishop Fleming|LLP|||||
||||Chartered
Accountants||||||
||||Salt Quay House||||||
||||4 North East Quay||||||
||||Sutton Harbour||||||
||||Plymouth||||||
||||PL4 OBN||||||
|Bankers|||HSBC||||||
||||Forder House||||||
||||20 William Prance Road||||||
||||Plymouth||||||
||||Devon||||||
||||PL6 SWR||||||
|Solicitors|||Womble Bond Dickinson||||||
||||Ballard House||||||
||||West Hoe Road||||||
||||Plymouth||||||
||||Devon||||||
||||PL1 3AE||||||
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|||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2021|2021|2021|2020|
||Note|6||6|f:|
|Income from:||||||
|Donations
snd legacies||50,125||50,125||
|Charitable
activities||424,866|780,370|1,205,236|896,578|
|Other trading
activities||2,003,677||2,003,677|3,375,446|
|Investments||50,271||50,271|32,497|
|Total income||2,528,939|780,370|3,309,309|4,304,521|
|Expenditure
on:||||||
|Raising funds||3,160,933||3,160,933|3,163,957|
|Charitable
activities|7|29,720|790,162|819,882|1,292,777|
|Totalexpenditure||3,190,653|790,162|3,980,815|4,456,734|
|Net expenditure
before net gains on
investments||(661,714)|(9,792)|(6'71,506)|(152,213)|
|Net gains on investments||110,877||110,877|66,010|
|Net movement
in funds before other||||||
|recognised
gains||(550,837)|(9,792)|(560,629)|(86,203)|
|Net movement
in funds||(550,837)|(9,792)|(560,629)|(86,203)|
|Reconciliation
offunds:||||||
|Total funds brought forward||8,946,191|209,911|9,156,102|9,242,305|
|Net movement
in funds||(550,837)|(9,792)|(560,629)|(86,203)|
|Total funds carried forward||8,395,354|200,119|8,595,473|9,156,102|
##
##
|||Note||2021
8||2020f|
|---|---|---|---|---|---|---|
|Fixed assets|||||||
|Tangible assets||12||8,963,347||9,063,971|
|Investments||13||827,594||1,083,327|
|||||9,790,941||10,147,298|
|Current assets|||||||
|Stocks||14|94,198||97,652||
|Debtors||15|96,662||83,052||
|Cash at bank and|in hand||662,937||692,608||
||||853,797||873,312||
|Creditors: amounts|falling due within one||||||
|year||16|(1,170,841)||(843,954)||
|Net current (liabilities) Iassets||||(317,044)||29,358|
|Total assets less|current liabilities|||9,473,897||10,176,656|
|Creditors: amounts|falling due after more||||||
|than one year||17||(878,424)||(1,020,554)|
|Total net assets||||8,595,473||9,156,102|
|Charity funds|||||||
|Restricted funds||18||200,119||209,911|
|Unrestricted
funds||18||8„395,354||8,946,191|
|Total funds||||8,595,473||9,156,102|
||||||2021||2020|
|---|---|---|---|---|---|---|---|
||||Note||5|||
|Fixed assets||||||||
|Tangible assets|||12||8,963,347||9,063,971|
|Investments|||13||828,594||1,084,327|
||||||9,791,941||10,148,298|
|Current assets||||||||
|Debtors|||15|17,881||124,780||
|Cash at bank and|in hand|||358,329||71,368||
|||||376,210||196,148||
|Creditors: amounts|falling|due within one||||||
|year|||16|(776,532)||(716,711)||
|Net current (liabilities)|||||(400,322)||(520,563)|
|Total assets less|current|liabilities|||9,391,619||9,627,735|
|Creditors: amounts|falling|due after more||||||
|than one year|||17||(463,525)||(495,798)|
|Total net assets|||||8,928,094||9,131,937|
|Charity funds||||||||
|Restricted funds|||18||200,119||209,911|
|Unrestricted
funds|||18||8,727,975||8,922,026|
|Total funds|||||8,928,094||9,131,937|
##
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##
||||2021|2020|
|---|---|---|---|---|
|||Nots||5|
|Cash flows from operating
activities|||||
|Net cash used
in operating
activities||21|(22,459)|39,884|
|Cash flows from investing
activities|||||
|Purchase oftangible
fixed assets|||(167,846)|(345,751)|
|Proceeds from sale of investments|||362,723|69,884|
|Net cash provided
by/(used
in) investing|activities||194,877|(275,867)|
|Cash flows from financing
activities|||||
|Cash inflows from new borrowing||||500,000|
|Repayments
of borrowing|||(37,432)|(63,525)|
|Net cash (used In)/provided
by financing|activities||(37,432)|436,475|
|Change
in cash and cash equivalents
in|the year||134,986|200,492|
|Cash and cash equivalents
at the beginning|ofthe year||692,608|492,116|
|Cash and cash equivalents
at the end of|the year|22|827,594|692,608|
|The notes on pages 19to 39form part ofthese financial statements|||||
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|Depreciation
is provided|on the following bases:|on the following bases:||||
|---|---|---|---|---|---|
|Freehold
property||- Building element: 4%straight|||line, land not|
|||depreciated||||
|Motor vehicles, tractors &||- 20% straight|line|||
|mowers||||||
|Equipment
and furnishings||- 15%-33%straight||line||
|Timeshares||- 2%straight|line/over|the term|ofthe ownership|
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|Unrestricted|Total|Total|
|---|---|---|
|funds|funds|funds|
|2021|2021|2020|
|8||8|
|50,125|50,125||
##
|||Unrestricted|Restricted|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2021|2021|2021|
|||8|6|6|
|Direct charitable|income from beneficiaries|424,866||424,866|
|COVID Relief grants|||780,370|780,370|
|TOTAL 2021||424,866|780,370|1,205,236|
||||Unrestricted|Total|
||||funds|funds|
||||2020|2020|
|Direct charitable|income from beneficiaries||896,578|896,578|
##
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##
|Investment|income|
|---|---|
|Investment|income|
|Unrestricted|Total|
|---|---|
|funds|funds|
|2021|2021|
|6|6|
|50,271|50,271|
|Unrestdicted|Total|
|---|---|
|funds|funds|
|2020|2020|
|6|6|
|32,497|32,497|
##
||||||Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|---|
||||||funds|funds|funds|
||||||2021|2021|2021|
||||||8|6|6|
|Direct|charitable|cost|for|beneficiaries|29,720|790,162|819,882|
|Unrestricted|Restricted|Total|
|---|---|---|
|funds|funds|funds|
|2020|2020|2020|
|6|||
|1,279,961|12,616|1,292,777|
##
##
|Activities||
|---|---|
|undertaken|Total|
|directly|funds|
|2021|2021|
|8|6|
|819,862|819,882|
|Activities||
|---|---|
|undertaken|Total|
|directly|funds|
|2020|2020|
|6||
|1,292,777|1,292,777|
##
|||Direct||
|---|---|---|---|
|||charitable|Total|
|||income|funds|
|||2021|2021|
|||8|8|
|Staff costs||264,521|284,521|
|Depreciation||268,256|268,256|
|Other operating|charges|261,337|261,337|
|Governance costs||5,768|5,768|
|||819,862|819,882|
##
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|ANALYSIS|OF|DIRECT COSTS (continued)|||
|---|---|---|---|---|
||||Direct||
||||charitable|Total|
||||income|funds|
||||2020|2020f|
|Staff costs|||521,252|521,252|
|Depreciation|||265,559|266,559|
|Other operating||charges|487,984|487,984|
|Governance|costs||16,982|16,982|
||||1,292,777|1,292,777|
##
##
|NET INC|OME/(EXPEND|ITURE)|||
|---|---|---|---|---|
||||2021|2020|
||||8|F|
|Depreciation
oftangible||fixed assets - owned|268,256|266,559|
|Auditor's|remuneration|-audit|5,100|5,000|
|Auditors'|remuneration|-other services|7,475|7,250|
|Operating|lease rentals||141,787|80,155|
||||422,618|358,964|
##
|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2021|2020|2021|2020|
||||8|8||
|Wages|and salaries|2,081,763|1,955,871|260,087|454,062|
|Social|security costs|137,678|155,070|18,347|56,449|
|Other|pension costs|42,169|44,778|6,087|10,741|
|||2,261,610|2,155,719|284,521|521,252|
##
|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2021|2020|2021|2020|
|||No.|No.|No.|No.|
|Apartments||16|20|||
|Golf||16|15|||
|Leisure||65|74|||
|Food and beverage||47|60|||
|Administration|and establishment|42|45|||
|||186|214|||
||Group|Group|Charity|Charity|
|---|---|---|---|---|
||2021|2020|2021|2020|
||No.|No.|No.|No.|
|Total|86|101|||
|Group|Group|
|---|---|
|2021|2020|
|No.|No.|
##
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||Freehold|Motor|Fixtures and|||
|---|---|---|---|---|---|
||property
5|vehicles
6|fittings
5|Tlmeshares
6|Total
5|
|COST OR VALUATION||||||
|At1 June2020|8,792,868|138,570|2,027,543|21,210|10,980,191|
|Additions|135,675||32,170||167,845|
|Disposals|||(29,001)||(29,001)|
|At 31 May 2021|8,928,543|138,570|2,030,712|21,210|11,119,035|
|DEPRECIATION||||||
|At 1 June 2020|438,657|138,470|1,326,357|12,726|1,916,220|
|Charge for the year|127,378|76|140,464|339|258,257|
|On disposals|||(28,789)||(28,789)|
|At 31 May 2021|566,045|138,546|1,438,032|13,065|2,155,688|
|NET BOOK VALUE||||||
|At 31 May 2021|8,362,498|24|592,680|8,145|8,963,347|
|At 31 May 2020|8,354,201|100|701,186|8,484|9,053,971|
##
##
||||Listed|
|---|---|---|---|
||||investments|
|GROUP|||6|
|COST OR VALUATION||||
|At1 June2020|||1,083,327|
|Additions|||36,422|
|Disposals|||(400,094)|
|Revaluations|||107,939|
|AT 31 MAY 2021|||827,594|
|NET BOOK VALUE||||
|AT 31 MAY 2021|||827,594|
|AT 31 MAY 2020|||1,083,327|
||Investments|||
||In|||
||subsidiary|Listed||
||companies|Investments|Total|
|CHARITY|6|6|6|
|COST OR VALUATION||||
|At 1 June 2020|1,000|1,083,327|1,084,327|
|Additions||36,422|36,422|
|Oisposals||(400,094)|(400,094)|
|Revaluations||107,939|107,939|
|AT 31 MAY 2021|1,000|827,594|828,594|
|NET BOOK VALUE||||
|AT 31 MAY 2021|1,000|827,594|828,594|
|AT 31 MAY 2020|1,000|1,083,327|1,084,327|
##
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##
|||Group|Group|
|---|---|---|---|
|||2021|2020|
||||6|
|Raw materials|and consumables|8,745|22,969|
|Finished goods|and goods for resale|85,453|74,683|
|||94,198|97,652|
##
||Group|Group|Charity|Charity|
|---|---|---|---|---|
||2021|2020|2021|2020|
|||F|6|F|
|DUE WITHIN ONE YEAR|||||
|Trade debtors|9,511|13,031|||
|Amounts
owed by group undertakings||||112,006|
|Other debtors|87,151|70,021|17,881|12,774|
||96,662|83,052|17,881|124,780|
##
##
##
|||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|---|
|||||2021|2020|2021|2020|
||||||F|8|5|
|Bank loans||||180,076|75,378|70,525|66,435|
|Trade creditors||||201,822|170,684|1,476|1,624|
|Amounts|owed to group undertakings|||||700,528|643,894|
|Other taxation and||social security||103,558|101,567|||
|Other creditors||||39,692|39,357|||
|Accruals|snd deferred
income|||645,693|456,968|4,003|4,758|
|||||1,170,841|843,954|776,532|716,711|
|||||||Group|Group|
|||||||2021|2020|
|||||||8||
|Deferred|income at 1 June 2020|||||326,694|422,192|
|Resources deferred||during the year||||477,323|326,694|
|Amounts|released|from previous|pedods|||(326,694)|(422,192)|
|Deferred|income at 31 Nlay 2021|||||477,323|326,694|
##
##
|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2021
8|2020
F|2021|2020f|
|Bank|loans|878,424|1,020,554|463,525|495,798|
||||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|---|---|
||||||2021|2020|2021|2020|
||||||6|5|6||
|Payable|or|repayable|by|instalments||280,070||280,070|
|||||||280,070||280,070|
##
##
|RE THAN|ONE YEAR (C|ONTINUED)||
|---|---|---|---|
|Group|Group|Charity|Chadity|
|2021|2020|2021|2020|
|5|F|8|E|
##
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##
##
|||Balance at 1|||Transfers|Gains/|Balance at|
|---|---|---|---|---|---|---|---|
|||June 2020|Income|Expenditure|in/out|(Losses)|31 May 2021|
|||F|6|6|||6|
|UNRESTRICTED||||||||
|FUNDS||||||||
|DESIGNATED||||||||
|FUNDS||||||||
|Designated|Funds|1,364,134|30,057||(738,045)|110,877|767,023|
|Freehold
Property||7,582,057||(117,584)|163,858|~|7,628,331|
|||8,946,191|30,057|(117,584)|(574,187)|110,877|8,395,354|
|GENERAL|FUNDS|||||||
|General Funds|||2,498,882|(3,073,069)|574,187|||
|TOTAL||||||||
|UNRESTRICTED||||||||
|FUNDS||8,946,191|2,528,939|(3,190,653)||110,877|8,395,354|
|RESTRICTED||||||||
|FUNDS||||||||
|LIBOR Grant-||||||||
|Capital||40,640||(3,048)|||37,592|
|RNRMC Grant-||||||||
|Capital||169,271||(6,744)|||162,527|
|COVID Relief||||||||
|Grants|||780,370|(780,370)||||
|||209,911|780,370|(790,162)|||200,119|
|TOTALOF||||||||
|FUNDS||9,156,102|3,309,309|(3,980,815)||110,877|8,595,473|
##
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|||Balance at|||Transfers|Gains/|Balance at|
|---|---|---|---|---|---|---|---|
|||1 June 2019|Income|Expenditure|in/outf|(Losses)
8|31 May 2020
8|
|UNRESTRICTED||||||||
|FUNDS||||||||
|DESIGNATED||||||||
|FUNDS||||||||
|Designated|Funds|1,644,786|32,497||(379,159)|66,010|1,364,134|
|Freehold
Property||7,317,021||(94,137)|359,173||7,582,057|
|||8,961,807|32,497|(94,137)|(19,986)|66,010|8,946,191|
|GENERAL|FUNDS|||||||
|General Funds||57,771|4,272,024|(4,349,781)|19,986|||
|TOTAL||||||||
|UNRESTRICTED||||||||
|FUNDS||9,019,578||(4,443,918)||66,010|8,946,191|
|RESTRICTED||||||||
|FUNDS||||||||
|LIBORGrant-||||||||
|Capital||43,688||(3,048)|||40,640|
|RNRMC Grant-||||||||
|Capital||179,039||(9,768)|||169,271|
|||222,727||(12,816)|||209,911|
|TOTAL OF||||||||
|FUNDS||9,242,305||(4,456,734)||66,010|9,156,102|
##
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|SUMNIARY OF|FUNDS - CURRE|NT YEAR|||||
|---|---|---|---|---|---|---|
||Balance at 1|||Transfers|Gains/|Balance at|
||June 2020f|Income
8|Expenditure
8|In/out
8|(Losses)
8|31 May 2021|
|Designated|||||||
|funds|8,946,191|30,057|(117,584)|(574,187)|110,877|8,395,354|
|General funds||2,498,882|(3,073,069)|574,187|||
|Restricted funds|209,911|780,370|(790,162)|||200,119|
||9,156,102|3,309,309|(3,980,815)||110,877|8,595,473|
|SUMMARY OF|FUNDS - PRIOR|YEAR|||||
||Balance at|||Transfers|Gains/|Balance at|
||1 June 2019
8|Income
E|Expenditure|in/out|(Losses)
f|31 May 2020
6|
|Designated|||||||
|funds|8,961,607|32,497|(94,137)|(19,986)|66,010|8,946,191|
|General funds|57,771|4,272,024|(4,349,781)|19,966|||
|Restricted funds|222,727||(12,816)|||209,911|
||9,242,305|4,304,521|(4,456,734)||66,010|9,156,102|
##
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##
|ANALYSIS OF NET ASSETS BETWEEN FUND|S - CURRENT YEAR|||
|---|---|---|---|
||Unrestricted|Restricted|Total|
||funds|funds|funds|
||2021|2021|2021|
|Tangible fixed assets|8,763,228|200,119|8,963,347|
|Fixed asset investments|827,594||827,594|
|Current assets|853,797||853,797|
|Creditors due within one year|(1,170,841)||(1,170,841)|
|Creditors due in more than one year|(878,424)||(878,424)|
|TOTAL|8,395,354|200,119|8,595,473|
##
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##
|ANALYSIS OF NET ASSETS BETWEEN FUNDS|- PRIOR YEAR|||
|---|---|---|---|
||Unrestricted|Restricted|Total|
||funds|funds|funds|
||2020|2020|2020|
||5|F|6|
|Tangible fixed assets|8,854,060|209,911|9,063,971|
|Fixed asset investments|1,083,327||1,083,327|
|Current assets|873,312||873,312|
|Creditors due within one year|(843,954)||(843,954)|
|Creditors due in more than one year|(1,020,554)||(1,020,554)|
|TOTAL|8,946,191|209,911|9,156,102|
##
##
|||||Group|Group|
|---|---|---|---|---|---|
|||||2021|2020|
|||||8||
||Net expenditure
for the year (as per Statement||of Financial Activities)|(560,629)|(86,203)|
||ADJUSTMENTS FOR:|||||
||Depreciation
charges|||268,257|266,559|
||Gains on investments|||107,939|66,010|
||Dividends,
interest and rents from investments|||(50,271)|(31,980)|
||Loss/(profit)
on the sale offixed assets|||212|(750)|
||Decrease/(increase)|in stocks||3,454|(5,879)|
||(Increase)/decrease|in debtors||(13,610)|37,158|
||Increase/(decrease)|in creditors||222,189|(205,031)|
||NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES|||(22,459)|39,884|
|22.|ANALYSIS OF CASH AND CASH EQUIVALENTS|||||
|||||Group|Group|
|||||2021|2020|
|||||8|5|
||Cashin hend|||827,594|692,608|
||TOTAL CASH AND|CASH EQUIVALENTS||827,594|692,608|
##
##
##
|||At 1June||At 31 May|
|---|---|---|---|---|
|||2020|Cash flows|2021|
|||6|8|8|
|Cash|at bank and in hand|692,608|(29,671)|662,937|
|Debt|due within
1 year|(75,378)|(104,698)|(180,076)|
|Debt|due after 1 year|(1,020,554)|142,130|(878,424)|
|||(403,324)|7,761|(395,563)|
##
##
||||Group|Group|
|---|---|---|---|---|
||||2021|2020|
||||8|E|
|Not later than||1 year|141,787|151,609|
|Later than|1 year and not later than 5years||133,435|129,358|
||||275,222|280,967|
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|The following|was a|subsidiary
undert|aking
ofthe Charity:||||
|---|---|---|---|---|---|---|
|Name|||Company|Registered
office|or principal|Holding|
||||number|place ofbusiness|||
|China Fleet|Country|Club Limited|02527923|Saltash, Plymouth,|PL126LJ|10016|
|The financial|results|ofthe subsidiary|for the year were:||||
|Name|||Income
6|Expenditure
Loss forthe
6
year
6||Net assetsf|
|China Fleet|Country|Club Limited|2,804,247|(3,161,033)|(356,786)|(331,621)|