R•glsl•rod number: 071009B7 Charlty numbw. 1135918 CHINA FLEET TRUST (A COMPANY UMITED BY GUARANTEE) TRUSTEES. REPORT AND FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MAY 2023 ishop Fleming CHINA FLEET TRUST (A COMPANY UMrrED BY GUARANTEE) CONTENTS Pago R•f•r•rt¢• Ind Admlnlstrallve Detall$ ol th• Ch•rfty. Its Tnth and Ad¥ls•r• Tru•toM' Report Ind•p•nd•nt Audltorn. R•port th• Fln•ncl•l Stat•m• cOn￿￿d•l•d Stsl•m•nt of FlTr•nd￿ ktlvlt 15 Con•olld•t•d 8atsnu Sh••t Charlty 8•lanu 8h••t 17 Consolldat•d 8tatsm•nt of Cash Flo 18 Not•• to th• FInan￿•1 8t•t•m• 19-38 CHINA FLEET TRUST (A COMPANY LWIITED BY GUARANTEE) REFERENCE AND ADMINISTRATIVE DETAU OF THE CHARThY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MAY 2023 Trustses Rear Admlral John Styart Weab CB. OBE. Chaknwi lappthnted 2 December 20221 Mr8 Hlary Anne Fre￿( (aP￿￿n￿l 2 D¢c¢mber 2022} Mrs Sarah Adkins Mr Robert Alan Seabll￿)k Baldry Mr Al88tsir Ketth CarTV Mr lan Rot*rt D￿all8 Lt Cdr Rebocca Frenth RN Command8r Clalre Marlè Frnnces Lees MBE RN Michael Jame8 Ouko8 Ire8wr*d 9 Septembor 2022} M*r Steve Cox RM Rear Adrn￿l Mlchael George Wood CBE. DL. JP (rwlned 2 t)ocemb8r 20221 Warrant Officer First Class Paul T￿d Company r•gl•l•r•d numbor 0711yJ967 C￿rIty r•gl•t•r•d numb•r 1135918 Chl•f •x•cullv• offtc•r Mr O C Honnah Ind•p•nd•nl •udltor8 Blshop Flemlng LLP Sa* Quay Hou80 4 North Eo11 Quoy PL4 OBN B•nk•v• HSBC FLvdgr Hou 20 Wllllam Pranca R()ad Ptymouth PL6 5WR Sollcltorn Wrmnble Bond DIL*trw BaTrard Hou$8 Wesl Ho& Ro&1 P￿uth PL1 3AE CHINA FLEEf TRUST (A COMPANY U141TED BY GUNiAPtrEE) TRVSTEES. REPORT FOR THE YEAR ENDED 31 MAY 2023 The Trustees pres8nl thelr annual rep￿1 ttsjelhw b¥lth the audtted financaal statements of the Charity for th8 period 1 June 2022 to 31 May 2023. Th8 Annu81 Report Se￿88 the purposes of both a Trustees. r8port and Dlrector8' report under Compsny Law. The Trusle68 confi￿ that lh8 Annual Report and finaneiol statem8nlÈ of the charitable r￿MpanY rnmply with the (￿rrent statutory r￿Viromen19, Ihe raquir8ments ol the charitable company'8 goveming dwimenl and the provislons ol th8 Stalement of Re￿rnmended Pract6ce (SORPI appllcable to chafttks prepartng thelr arzounts in accordance wth the Flnandal Rep￿n9 Standard appllcable In the UK and Republic of IrelarKI {FRS102) (effective January 2022). CHAIRAIAN'3 REPORT I had Ihe pleasure of laklng over as Chair of the Chin8 Fleet Trust in De￿mb6[ 2022 and thank my predecèssor, Re8r Admlral Mike Wood CBE DL. lor hls ¢xJtstaThJing leadership and athi8vem8nts durlng his near 10-year tenure as the Trufyt Chalr. His legacy erKlure8 r￿d thg enlerfv i¥ in excellent shape due to hls stewardshlp ofthe charlty. Thlg flnanct81 year has prO￿ded somg fresh chall8ng9$ for the antèrprise to deal wlth. caused by global venls whlch have Impacted the ￿$1 ol IMIVJ, ￿aring infiation, and the utllld88 mafkot. However, th8 chadty and our wholly owned tradlng $ubskllary had frytunatety reeovgT•d from the Impacts ol the CV19 Pandemlc wlth a ste118r 2021122 financial year urthr (yjf belt8. vthith had givon the enlerpfi68 ¢onfldenc* and the Tgqulsll& fln8ndo1 regaln to enable the Club to be In a 8trong poslkn to deal Mlh the impacts of another nanclal slxx*. The financial year started In good sh8P8 With Btrong in r8v8nua arKI profftabilty Ixrt thorn wa8 a r¢allsallon that utility (x)sts were hgajlng t¢yward5 hugety exp8ns]ve Iru88883. Th6 ￿￿lIty ￿ntract thal th enterprise stsrted the flnan¢i81 year ￿th wa$ due lo explre In October 2022 and th￿ ullSmal8ly occurred al th8 helght ol the cost and meant the enterprfsfr was kxked Into a short pgrl¢xl of belng tethgred to the wholts$al8 ¢ost for ulllities. Th1$ cost boma wa8 80Th 8 time8 ff￿re Ihan had been experlenc8d under the prgvious tt*nlract. Hm's Govemment'$ ¥upport for ljuslness was w8lcom8d for 8 6-nb)nth pedod, hwever rna118ed c08t to th6 enlerprlse was c.£520k more than pr8vious year once the support rec8lved hp4J been takon Into aw)unt. Thls had a 8￿n￿¢ant Impact M pmfftablltty and there wa8 a f8ar Ihal we may Sllde Into o Ioss-making endoavour ttr•Ards the end of 2022. The escal81]￿ UK utillty costs cost In the1881 y88r were of molor coneorn. a$ It ￿Ta0 belw driven by forrn8 Outslde of the control of the Tfusl. The regular forum Isting of Ihe Tn￿1 CP*ir, T￿81 CEO and the C￿b Ch8lr and Club MD (the .2 x 2" c>Jmmlltoe) who meel p8rfodlcally. were ¢haTged managlrKJ ts ullllty cost1$8U8 and due to thelr due dlllgerKe and 5wIft acllon. 88￿red a s￿nIfiCantty cheaper utiity contact in Feb 2023. whlch eased these concems. Due to the turbulent global ouuook. the charfty made the ded8ion to conduct another revl8w of the 5-year Slraleglc Plan ISP). wrth a rfrwrfte undwlaken to map out a pathway to growih and ensure future vlablllty Is relaIn￿. The SP ou11tr￿d 4 slgnlficanl prindpal oW*vM: En8udNd the recowry and grty*ih of w I￿51n08$. Provldlng •x¢ellent bgnoftiary proF￿tIonS and growlng strongly fvir number and u68ge. Ensuring that the Group's bu8ln868 is vlbranL GornmeNalty ¥uccMsful. 8U8tainatAe. arml fcKu88d on customer needs. Maintaln hlgh 8tarthrds of govem&rte arKI Ilnand81 manryrnL In supwt of the principal objectives 8 koy were Id9ntI￿ gnd thts Insttgated a serles of Trust su￿WOrkIng Grow (fswG) to facmate dellvory agalnst tho SP: CHINA FLEET TRUST IA COMPANY LIMrrED 8Y GUARAKfEE) TRUSTEES. REPORT {coimNUED) FOR THE YEAR ENDED 31 MAY 2023 1. Finandal rrx)delllng (1-5 years) with scenarios and sensthvtty aWis. Indudlng dalemilnadon of end needed to mainlain the f#brlc of the estate. 2. Develo arKI maintain a 'challen ed environment, scena￿? and rev￿ of efficign 3. TSWG: Return to Groyrth 8nni 4. Sot a Su￿ta el for usa 'out of area, be￿￿￿￿188. 5, TSWG.. Renewable ener investment ind. h rido and fundi n8. e. Establish On￿ronMent0ve￿rt?0n targoty and a880ciatod tra¢king arrangements. Adapti¢)n of prgvlous TSWG. 7. TSWG.. Deveb stakeholder ¢yJtre8ch 18n. 8. TSWG: Deve anksalional Deve driyo. Oub)m66 are reptytod to Trust881 regulaty and at 00th TNst Board meoong. The entèrprls8'8 number ono prftylty remalns lo pmvlde quw l•18uro arnl recrnaknal fadlllos fLY our neficiaries. A legacy of our previo￿ SP wa8 to incr9068 ÈorvkKJ b8nefici8ry usage by 401JA over a period of 5 year8 commenriNJ from 2021 and 561 agalnsl a usap tsryt with ba$8lln8 frcffi 2019 {pre-Covidl. Th1$ targat w83 orfglnally dewned lo be quite an ambit1￿$ on• vth6¢h w￿jId have axpecl8d to 88é $6fvlng benellclary vislls rfse to around TT45 by 2026. Thls taryet has now been exca8d•d. wlth andudng beneflclary growth ob¥eNed In both the 8er¥ing and ex48rvlng cadre of our beneficiarf8s. ThLg Sod to some 42.000 vlslts to Ihe Club by our beneficiaries wlth over 15,500 of those visits bthng mad• by 89Nlry personnol. Tho ¢hall8nge IB now to onsure this of bemfiuary uwe onduf•B. A slgn1fi¢8nt tha11ong6 was Set to countsr Ihe Incrnase In ￿lts, whllsl Improvlng the Club's green credenlia16 and ￿rkIng ttr4vanl$ carbon nwjtrality by 2030. Trustees approvéd a £270k C8pltal Investmanl In 801ar PV, whlch reo)9nisad anolher 225KWh of ènergy 8elf-provi#lon. Th18 tolal, w￿D add6d to a prevlou8 165KWh Installatk￿ In last yeals FY, h8$ to around 390KWh of selfyovld6d 618ctrlcal generatton per annum and has helped reduce th6 cost ol energy. The secondary bonofil of the Installation has b90n reduclng ¢)ur cathn foolpdnt. Ar#knr phase of ronvwable Thgy pr¢uKem￿ h beSnq ¢￿￿Idered for fu￿re Invo8tment. Th& enlerpr188'$ effcKts In 8UStalnabllty have been recogni¥ed by the Devon & Ptymoulh Chambor of Commerce, who voted tho Club "Grgèn Bu8lness of Ihe Yèar al thelr M8y 2023 award8 Ceremony and Green Tourlsm upped their assessff*nt of Ihè C￿b from to gdd In May 2023. Th18 18 substan￿•1 acknowledgement of the 8Mde¥ made In our sustainabilty measures. whi¢h also Indude: P￿s1on of Dwn water supply,. led ￿ghtIng throughout the Cknb. EV d)argiro pc4nts,' k*￿Ity Sourced food & drink,. plÈstlc free ture,. promotion of healihy fi¥rng' zero to 18ndfilt & r8cy¢lng pollcy: b8è hl¥o8.' tr08 planling and org¥ni¢ products used in the Spa and accommodation. The return to growth of tho enterprfs• has been sW￿ft and It Is parti(xJlarfy heartenlng to see tt￿t many of c￿r Iow-8tanding benefidaries and members cy)ntinuo to use th8 C￿b desplte the cost-of4iving Impacts to all. A Glft payment of £227k 9ener8ted by our vtholly 0%￿ed tradina subs#Jiary 15 a great achlevemeni and Is more than had been anticlpatad in tho mkmle rf our FY. The enterP￿Se.8 fuluio looks bright, and wlth ¢￿tInUed momentum boing mad8 ￿th intemal efficlencles, use of lechnobJy. and further Investment in sustainability the prospects for the 8ntsrwise kjok very encouraging. Trustees look forward lo contlnued years of growth and a retum to invesbmenl in new fadlibes aTrJ broadenirrfJ our excellent attractions for our beneficiari¢s, membgr&, and vtsiiors alfft8. Pagg 3 CHINA FLEET TRUST (A COMPANY UMITED BY GUAIWITEE) TRUSTEES. REPORT {CONTIWUED) FOR THE YEAR ENDED 31 MAY 2023 OBJECTIVES AND ACTivmES . Pollcl•s and ObJ•ctlv•s The obiecttve d the Twst is to provid8 leiwre and re(xea￿nal faCi￿treS for ali officers and ratings of the Royal Naval forces. Indudlng Reserves. their famlles. and depèndants (￿lleCtN8fy known a8 'th8 beneflciadeg.). AddltSonal beneficiary dasses include ex Royal Naval Forces and other For(*s attaehod to or embedded wlthln Royal Nwry UnSts tr￿1 families thus satity'ng the public b8nefil 18sI Ith8 promtion of tho eiTiclency of the amwl lorc48 of Ihe (xown). The d￿18TaliOn of trust provldes th8 Tnjsleos wllh wld6 dis¥etlonary Investment pThtrs to ach￿0 the c*4ecfvo of the TnML To further Its objgctlve Ihe Trust hai dovebpod tho Chlna Fbeet Cwnty Club al Saltash llhe Club.). b. Publle 8•n•fit The Tru$tO88 have pald due regard to the cha￿ Commlssion's guKlanc* on public b8nofit in do￿dIng what actlvltl88 tha Chartty shoukl undertake ond hav6 directed the Cthnpany ac￿rdIng￿. The Trustoos consSder th81 their ChaTitabl8 advMleB fall wlhin Ihe d8sL¥lption8 of tharllablg purpo88s 88t out In thg Charld88 A¢t and are for tho public bonefft a8 Set beltyw. he pmmolion of thè 6fficlency ol the Arm•d Forc88 of Ih Crn￿. or of tho offldency of the fire and rescue servlces or ambulanco 8ervlces'. The Cha￿ty satlsfies the publ1¢ bonefit lesl in the provi8h)n of 8porilrvJ, 181gur8 and rocreatlonal fadllllgs, Indudlng accommodalton for the use of thèir bonefidarles. bolng ALL sorvlng personnal of the Royal Navy and Royal Marlnos. Re8erves and Royal FW Auxlliary p8r¥onno1 and th8lr Immedlato famllle8 and addltional spedr￿d personnel as outllne(I In para a. numbertng In tolal over 800,L￿. The Twstees belleve that by pro￿ding su¢h faclllbes. the ben8ficlarlé$ retum to actfve duty refreshed, relaxed and ready to face th81r nexl ts$k. thu8 malntslnlng and IrK¥easlng Ihefr effl¢lerKy In the d&fen¢o of the rnalm. This convlctk*n ￿ntInUeS lo be endorned. applauded and encouraged by th? Royal Navy's chaln of commarKI. The Trustee8 have consid8r8d th• mottfjr of dgtrEmert ham and are content that nelth8r arbes from the TruBt's charltsblg activlties. STRATEGIC REPORT ACHIEVEMENTS AND PERFORklANCE . Tfadlng Sub•ldlary {CNna Fl••t County Club Lknlt•d- Yh• C4)mpkn￿l The 2022 to 2027 Strateglc Plan recowts68 that thè finand81 stabllty of Iha Charity Is dependant upon the gc*)d husbandry ol the ChaW$ tyyn assats and the rnvenue generalad and commercial viabillty of Ils ITadlng subsldiary. The Company has dealt with the challenge that arose from the onset of the war in Ukraine arml Impacts to global marke15, Comm0drt￿ arKI prtsjuce. w[￿r￿j hand in hand wllh the TTUSI {2 x 2 process) to measure sk, propose mitigations to (wnter and Impl8mBnt Cha￿e. effidenclgs and short notmx requirements. Thi$ effort18 ackrwledged ty the TTUSt ond al Trujleoj are thankful to the sutssldlary for thelr efforts. Experleno and lessons trjentified from deaHng wlth the bjTbu￿n{* brought about by the CV19 Pandemlc have stood C¢)mpany In good 8tead to deal wilh the &￿enge5 fai￿ durfng the FY. The Company h8S WOTked hard to rec¥uf( arKI retain staff. something whlch has been an addltional challenge during the flnanclal year bul has managed to keep the workforce steady at between 220 and 230 8mployees. Page 4 CHINA FLEET TRUST (A COMPANY UMITED BY Gu￿lAP￿TE£) TRUSTEE8' REPORT ICONTtNVED) FOR THE YEAR ENDED 31 MAY 2023 The payroll cost has Increased In41ne wlth r8c8nl I￿￿eaSe3 to the mlnlmum wag& and lfving wage. whlch have added anoth8r £228k to &)sts over the FY. b. Chlna Fleet Trust 2022123 saw a kyjsy year of Visrtation by the RN I RM I RFA senl¢x leaders. ThiB plvotal fa¢at of our beneficiary 8ng898ment ensures that the upper4ch8lons of the RN remain a￿￿sed of our abllity lo asslst with the ever more chdlenging aspects of r8t8ntion. The fopJs the benefits of CFCC for families of those deployed as wdl as the h8alth and 81 sakn. m*ines a￿1 officers moans tho C￿b retain$ its credlbllity wlth bgnefKiaries. Sev¢ral key fo¢u$ groups were ¢onducted by our Company to 8n8uro they r8maln awaro ol the chall8no88 and operntlng envlronment of the beneficlarkn8, whllst alkn￿ng a unique Inslght Into ￿81 offerfng8 and attra¢llt)n8 they would Ike to See at the Club In luture. Thbs when used vthh the beneficlary Commlttee Input. provides a great deal of benefklary for our Company to Uso whon formln9 fu￿[0 CapEx asplratlons for the Trust to (x)nslder. Vlsllauon throughout the year Indud•J: th& Fknt Comm8nd8r. COMFOST; Commandlng Offlcerfs of Ralolgh and BRNC,. Naval Ba88 Cwy facirKJ busIne￿$. suth as 8abcock International. BAE, Atlas Eiektronik UK Improve engagement with. awareness of, arKI usag8 by ¢)ur Submarlne Servl¢o bonellGkrles Long•r T•mi knplr•tlon• Study the outojrnes of the aCcom￿allon feasibiThty Sludies and decide when the dghl tim wlll b8 10 movè forwgrd the a9pir8tw to increase our accommodatKM offering, utili$ing somg of the under used Lqnd nmyo 8fflcl8ntly - ac¢ommodation 0(y￿pan￿ rates r￿Y￿n hlgh •)d Indl¢at08 addltional copadty Goukj b8 advantag8c￿. Increase the enterprise's gwn uedenll*' Iwther InGTea8e access to grnenor sourc88 of ènergy., work toward$ cartwi net z8rt) t8ro0ts.' und8rntand ow BlOd￿￿1￿* Not Galn pooldon to ￿#15t wlth any future oxpan81on plan#. STRUCTURE. GOVERNANCE AND IAANAGEMENT Conslltullon Chlna Fl881 Trust18 reglstered a8 a tharttabl8 c(ryany Ilmlted by 9uararto0, nUrn￿r 1135918 and w88 381 up by a Trust dwj. It18 govemed by It8 m￿r￿r￿KI￿rn (rf Aswdatlon dated 10 D8cwnb8r 2009 and Artlcl88 of A860clatlon daled 3 Febnjary 2020. The TnJ8t l• g0vem￿ and dlrocted by Board of Tru8to0s wlth op8ratlonal manag8m8nt delegated to the Chalrman and a Chtef Ex8¢utfve. Tho Board of Tru8teg8 meet as roqulred bul at leasl three tlme8 a year. The Tru81 molntsln$ an offic* at Safi88h t•th8re the Chlef ExeuAve eX8￿rt&S h18 dutles. Thè Ch8lrm8n makes regular vlolts to tha offl(x8 to deal matter8 arf81rg and is a wlgnatw ￿th the Chl81 Exocutlve plus oth8r TruAt888 for signin9 cheque8. Th8 dackra￿n of Trust requlw that the total number of Trustees 6hg11 not be loss than lour. New Trustees ar6 apwlnted ethgr by vlrtue of mllltary appolntmènt or an opgn rO¢Nttmont proce88. The currnnt Tru$ts•s aro I81ed abova. The Tru81 operat• a Gov•man￿ and R*muneratlon {G&R) Cowth1￿ trj th186 thè ￿￿er Tru81 Board on maltsrs of Govemanc8 and Remungthon. This Commthe Is made up of a minlmum of three unconfllcted Trustees. Thls Commltte8 doe8 not absofvo thg wider TThMtees of tholr r8spon51bllitles tThYard8 overall Govem8nce of the Chadty. Thg foclMII88 of Ihe Club 4rn opornw by 8 wholly (pAM8d 8ubBldhry rA)mpany, Chlna Fle8t Country Club Llmlted llhe Companfl. The Tn￿1 has 8 5-ye¥r rnn8xchJ8Sve Iken¢* 8ThJ oporating agreement (8lgn8d on 31st March 20231 for the Company lo oper*e the Club and acl 88 89gnl for the Trusl In Provldlng on slle lel¥ure and recreatlonal ts￿1￿8$ ft* the benefidafl&s. Durfw thls FY the 5-ygar Ygvlew of the Operatlng AgTe¢ment was c<>nductsd and a new agreement wa5 endorsed by 811 pa￿e$ In March 2023. The porfomiance of thi¥ agreement VAII be ￿vIeWed annual￿ by the Trust and Compwly. wlth any Va￿all0￿8 8ign8d by both parties and filed with Ihg Trust'5 sdiGrtors. womb￿ 80rn18nd tJGkinson IUKI LLP. Mr Robert B8ldry 1$ (yjrrenty th8 rKm*x8othe ¢halTff•n of Ihe Board of DlrefAors oftho Company. The Chlna Fleet County Club Benèfidarie3 Committee (BenC4)m) 15 chaired by a SefViThJ Tn￿188. Warrant Offlcor Flrnt C]e¥s Paul Todd, who akn attends Ihe Company board meetings. Mr Dean Bonnett (Company MD) 8ttends mad1￿$ (fj the Tw8tee8 and meetings of tho Chlna Fleet County Club Bencom. Th8 Trust has adopted tho Statomont Of ROc￿n*￿￿d Practbce 'At4))U￿n9 arKI Reporting ty Charitlos. (FRS 102 Jan 2022 9(liUt)n). Page 8 CHINA FLEET TRUST IA COMPANY UMITED BY GUARANTEE) TRUSTEES. REpoirr (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023 b. Rl8k IAanag•mont The T￿￿te@S meet regulaty to *s8es8 bu8inets risk8 and IMp￿rnnt rlsk managameni stratsgios, This pro￿8 managed by a Govem3nee Remunèrallon committee. This Involv85 Identsfying th8 typ68 of risks the Charity fa¢o9, prforilising them In temis of PDlential impad and likelihood of occurrence and identsfylng mews of mibgating the risks Identified In Tru8t Rlsk R8glstor. whlth b allgned wlth tho Company Risk Reglster regularfy. The Trustees are Fleased to rerM)rt that the Chadty's Intomal finan¢ial controls comply In all re8ped5 wolh guldelin8s Issu•J ty the Charity Commlssh)n. Th8 Twstees Gontinue to promole procedures lo ensur8 that fon¥ard knoklng. La)ntlnuous rlsk man3gam8nl proce88e8 become part of thè operating ￿ltUre ofth6 i*aflty and our tradMVJ Company. Th8 dsk managemenl system8 have beon fulty t•stod over the last few years and the Trust 8Te confldenl that tholr perf0m￿nCe has hdpgd to 8nsur8 thg Continu￿ SUCLWS of tho enlerprf88 despite tho voblle operallng anvlronmont that has wrtalned dué to the Impacts of CV19, War in Ukralne, Inflatlon and ¢08twof-Ilvlno crf$l$. Th888 systems conunue to offer assuranc• that the enterprise IJ placad to deal Wbth any unknown or unexpected emergent events. c. R•mun•rallon The TrusV8 orly 801oried omployee. tho Chlef Exe￿￿¥8 appr8T8ed annualty by Iho Chalmian of th¢ Trustees and on? other Truslee wlth recommend8tion$ made to the Govwnance and Rgmuneratlon Commlttee for the approval of any rf80 In 8alpry. Senlor Company staff, Incwlng tho NE Ch&￿M9n. orn 8180 apwal8od annualy and rec¥mmendatlon8 for thgIT iemunerallon are also wesented to Tru*tfjg8 for appmval vla the Govem3n(* arKI R8muneratlon COr￿ltte¢ arKI detslled vlthin ts annual d. Oth•r R•lmnt Sourc•• ol Prof•MloMI Adv1¢• Inve8kneni Managers - Sarasin and Pariners LLP. Th18 company manage8 th8 Trust's long48mi 8nd medlum48m Invosbnent pothlos. Address- Juxm House. 100 St Paul's Churchyard. Lon(knn. EC4M 88U. Trust Accountant - Vlllb Acccmjntants Llmlled. haldress - 2 EThIe8￿ur H(Ats8. Parkway Court, Longbrldge Rd, Ptymouth, PL6 8LR. 8TATEIAENT OF TRU8TEES' RESPON8IBLmE8 The Trustees (who am abo the dir9c￿8 of the Chartty fof th8 purposes of company lawl are reBpon8lbl6 for preparfng the Trustees. Report includlng th8 Strateglc Report and the ffin8nd81 slatsm8nts In accordan¢a wbth appll¢able law and United Klngdom Acrthnllng Standards {Unned KIr￿QM Generaly Actsoed Acu)unllng Pradke). Company law requlres the Trustges to prepare finandal statemgnts for each financlal year. Under comp8ny law. the Trustees rnu￿ not approve the ffinandal ststements unltrss they are satisfied that th8y gfve a Inje and falr vlgw of the state of affalrs ol thg Grwp and ￿ Charity and of their inc¢Jmlng resources and appllcallon of resources. Including thelr InciJTh aTrJ exP￿￿jth. that per￿d. In preparing these finandal stslements. the TnJstees ar8 requlred to.. select suitsbte accounti￿ p0￿S arvj then sp￿ thern wn8lstenty. observe thEt methrxls and pnn￿p10S of the CharTli8s SORP. makg iudg¢mnts and accounting estimates Ih8t are r8asonablg ond prudent. stsle whether appfficable UK AcL(MJnllrwJ Stsndards (FRS 1021 have begn followed, sublgd to any materiai departures disCh￿ed and expla1￿￿ In the finanual stalemgnts. propare the finanryal slatements ¢)n the (¥xwn basis ￿16$511 Is Inappwiat8 to presume that the Group w￿1 conlinue in IK￿[r￿s. CHINA FLEET TRUST (A COMPANY UMITED BY GUARAPUEE> TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023 Tho Trustees are responslble for koeping ad￿uate a¢c¥)unllng records ttwt arn suffident to show and explain th8 Group and the Chantys transactions and disdose with reasonatle accuracy 8t 8ny tlme the ffinanGial pogltion oftho Group and the Charity and enable them to ensure that the financi818tatements comply with the Companles Act 2(KJ6. They are also responslbk for safeguarding th8 assets of tho Group and the Chaiity and hOTr￿ for ta￿n9 reasonable steps for the wevenlion and dot8ckn offraud and other IrroguLgrfti88. The Trustaes are MSp￿S1b1o for the m*bna￿a WKI int8grfty of th8 ￿)￿)rate and flnanclal 1nfom8ts.on Included on Ihe chartable companys websrtè. Logislation In the unIt￿ Klngdom goverydng tho pr8paratlon and dlss8mination of finan¢lai statements may drffer fr0rn18g1s1atic￿ in othér lurlsdiction& FUNDS HELO AS CUSTODIAN TRUSTEE ON BEHALF OF OThERS There arp funds held 88 ¢U8tiyJlan tnrntoe on bel￿for another enttty. D18CLO8URE OF INFORMATION TO AUDrroRS Each of tho perEon8 7kn arn Trustso8 tlme when th18 Twstee8' Rewl i8 approv•J has confimied that: 80 lar 8s that TfU8tee 18 awarn, Ihgre is rn rn18vanl au(Nt Inf0m￿￿on of whk* th8 charllable group's audltors are unaware. and thot Tru8t8e has lakon all tho 8t•ps that t￿h1 to hgvo been tskgn as a Tru8to8 In order to be awar8 of any rèb8v8nl audit irrformation and to e8lablish that the C￿lIable group'8 audltora are aware of that Infomiatton. 8nd the 8nl8rwi80, that 16 Ckovlty aThl Its wtK4ty tr•med trathrKJ 8ubsldlary. rwnaln$ a vlable Golng Conc•m. Th? T￿￿18&8, Report, Iwporallw a 8troteglc rep)rL apwov•l by t)rdw Of￿ Board of Tru8t8a8, aB th company dl , on.... .. on118 1)ehall by. Rear A mlral J S W•ah, CB, OBE Chalr of the Truste Pag8 10 CHINA FLEET TRVST IA COMPANY UMITED BY GUARAiifEE) INDEPENDENT AuorroRS' REPORT TO THE MEMBERS OF CHM FLEET TRUST OPINION Wo have audlted the finan¢ia ststements of China Fleet Tru8t (Ihe 'pa￿nI ch8ritable companl) and tt8 8ubskJiary {th8'grwp'i for the year erHlpd 31 May 2023 vthich (wipin the Con801klatod Statsmgnt of Fln8nc181 Actfvitl6s. tho Consolklated Statement of Flnancial Posluon. th8 Charity statoM￿t of Flnanc81 POSI￿On, tho CorwilKlaled Ststement of Cash Flo￿ the relAted note8, YKSLMJing a summary of s￿nIfiCant aceounting polldes. The financial reporting frnmoth thgt haB been 8ppllod in th￿r prepgratlon is applicab￿ law and United Kingdom Accountiw Sl8ndard$. Ind￿[r￿j Financlal Rep(KUng Standwd 102 Tha Financknql Repjrting Standard applicabb In the UK errfj Rewthiic of lrnland. {Unitod lfjngdryn Gen•rallyA(t•ptsd A¢(￿nI1￿j Pmctlcal. In opinlon ts finanwl statomonts: gbm a tnje arvJ f8lr VW of th8 8tal8 of th8 Gr￿p.5 8rKI of th8 parent CharItab￿ ¢))mpanVs affolrs as ot 31 May 2023 ond of tha Group'8 Incomlng r0sourr•s arwj applcatth ol r8soureAs. Indudhng Its In￿me 6xperKlilur• for the ￿al then 8rrtled' havfr bgon property propored In actordw thllh Unlt8d Klngdom Goner8Ny A￿•Pl￿d A¢(xJunllng Octlce: and have been proparnd In 8cctydan(x *lth tho reqUIr￿ oftho Crynlos Act 2￿8. BASIS FOR OPINION Wo conducted w Audlt In accordance ¥Ath Intemoliond Sl8ndards on Audlting {UKI IISA8 (UK}l and appllcablo law. Our r88pornibilitw und8r thosè 8tand8rd8 are further degcrlbod In ￿ Audllors. r8spon61bllllès for tho audlt of th8 fin•nd81 staternenls $8ctlon of our report. We are Independent of the Group In 8ccordanGo wlth th8 ethlcal roqulrements that are r816vanl to our of lh& Ilnand81 State￿nts In the Unltgd Klngdom, inC￿ding tho Flnandal Rep￿Ing Coundl's Ethlol StarKlard. and we havo fulfilled our other •thical T9Bpon8lbllllle8 In accordance Ylth the￿ requlrements. WO b8Uev• Ihat tho audlt evtdonco wo hm obtalned 16 Buffldont 8nd approwlato to wovlde o our Op￿n. CONCLUSIONS RELATWG TO GOING CONCERN In 4udWng Ihe fln8ncl•l stataments, ha4w c¥)nduded Trn$t￿. u•• of the golng (￿nc￿M bajli ol a¢￿un10ng In th8 preparn1￿ of financlal slatements t8 approprlote. Ba8gd on th8 ha￿ porf(xm•d. we hm not k10nffi￿ any materfal un¢•rtalnlS88 rnlallw to 8vsnt8 or Jndltlons that, IndMduaNy or ￿￿18011¥￿￿. may ca8t sWIlAcant doubl on thg Group's or the parent charitabla companls abtitty to contSnu• 88 a 0(￿ rJ)nc•m for a porlod of al l•asl t4¥81¥8 months from when the flnancial 8t8tements aro 8u¢horf6od for l$$u•. Our rnsponslblllth and the m8pon￿MIes of the Trlthes r88pect Io fJotr41 are descrfbwj In the relevant sectlons of thi5 reFrfMt. OThER INFORMATION The olh8r infomatiLM comprises the infomution induded In the knnu81 Report other than the financial stat8mgnl$ and our ALvJittirs' Rep(Yt ther80n. The TnJsteo$ arn rn&w￿lble tr the other inlcKmalion L¥Jntsin0d wlthln the Annual RetN)rt Our ￿nI()n on ts financlal stslernts does not cover tha othgr informatlon and, except to the &xtent otherw08& explldty ststad kn our do not aMprDss any fomi of assurance condusion thergon. Our r88ponslbility 18 to read tho other Infomialkn and, in doing so, conskler whether Ihe olhor Infomiadon 18 mBlertally inLY>n51Btgnt wtth thg finan￿￿ $tatWT￿$ or our obtained In the ￿￿Ts8 of tho audlt. or olhèThvi6e app8ar5 to be m81eriaty mi8sl8ted. If we h1w)tlfy 8uch matsrt81 h)(x)n$lslonues or apparent material misstatements, wg are required to detemilne thls glves risa lo a material ml8Stalement in the finandal statements themselves. If. basad on the WO￿ we have perf0m￿d, ¥￿ thal Ih8re is * malerlal misstatement ol Ihls other infom81knn. ￿ *8 rnqu¥ed to rep(¥t that f¥t. We have nothlng io report kn this regard. CHINA FLE￿ TRUST IA COMPANY LIMITED BY GUARAPU INDEPENDW AUDITORS. REPORT TO THE MEMBERS OF CHINA FLEET TRUST (CONTINUED) OPINION ON OThER AIATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our oplnlon. based on the work undortaken kn the (￿[88 of the audlt the Infomiatlon gr￿ In ts Trust888' Report W￿lU￿￿j thè Stratryc Rep¢wl lor tho finonclal yoar forwhlch the finandal slalemgnts ore prgpared Is con8ist•nt wilh th8 finawal statom8nts. the Trusteas. Report arml the StralryK Rowt hm to&n praparod In accordance wllh oppllcable Wl requlternents. MATfER8 ON YnllCH WE ARE REQUIRED TO REPORT BY EXCEPTM)N In the Ilghl ol our kr￿ and urKlor¥tsndlng of the thwitabkn CoM￿Y and its envlronment obtaln8d In the course of the audll. w• hav8 rw)I kl8nllfi8d malorl•l mlB8tatom8nts In tho T￿1￿. Rwt Indudlng tho Strat•glc WO have nothlng to r•p(xt in re8F*d of tho foll(r4Ang mattor8 In r8laODn to vthk* CompAnl88 Act 2006 requlr88 us to report to you If. In our (Wnkn.. th• par•nt tharitable comp8ny hao not kept adequate and suffident a￿ntIng rerA)rd8, or relums adequate for our audlt hav8 not bfj￿ rec*Ned Irom bran¢hvB not vLsrted by us.. or the parènt chwltablè In•ndal atateM￿ w• rrf)t In agr••nxnt wth tho accounung rewrdo and r•lum8", or certain dS8dosum of Trwloes. remunernllw spedfigd by Lew are rh)t made,. (Y we hav• rKelved all Ih8 knlormotkn and exthth)ro we requlr8 our 8udll. RE8PON8IBILmE8 OF TRUSTEES As oxplalned move fully In the TruBtee8' Resp￿￿b￿a•S Slalam￿ T1￿10•$ I￿> ar• 8180 the dlrKlorn ol the charita￿9 company tr the Purpos￿ of wmpony lthvl are rèspon8Ib￿ for Ihe preparallon of th• financlal 8talements and for 89tffjf￿d that they g￿• a true and 105r vhTh, for wch Intern￿ control as the Trustees delemln8 t8 nocessary to onabkn the weparntion of finarK4al stslèmonts th81 are fr99 from materi81 ml58t8temonl. wlwhor due to fraud or erny. In preparlng th8 fin8ndal ststements. ts Tntstee8 ar• rospornblg for a81088lng thg Grwp* and th• parent chadtabl8 companls ablllty to ¢onUnue 88 8 ￿ng concem. disclosing. as applicablg, mattors rel8tod to golng oncem and uylng thg gotw ¢¢xrwn of accoun￿ng Unl￿ th8 Trustees oithèr interd to Ilquidatg the Group or the parert ¢harltab18 C4)mpany or to cfj￿ oper8ikTh. or h•ve no rgallslle 8lt•maOve but to do 80. Pa39 12 CHINA FLE￿ TRUST IA COMPANY UMITED BY GVARAKfEE) INDEPENDENT AUD￿OR8. REPORT TO ThE MEMBERS OF CHINA FLEET TRUST ICONTINUED) AUDITORS. RESPONSIBILrrES FOR THE AUDrr OF THE FINANCIAL STATEMENTS Our obletheB are to oblah reasonablo assurthnctr about vrt)•ttw the flnancfal statemonts as a vthole ar8 from materlal mi55tatsmenL whether lo fraud or onpr, and to Issu8 aft A￿lI10rS. Rawt that Includes our oplnion. Reasonable as8urarThi Is a hwjh 18vel of assu￿n(￿, but not a guarantee thal an 8udit rA>nducted In actord•nce with ISA4 IUKI wlll atwayE deted a materfal mis$tatemenl when rt ex18ts. Misstatements can arlse frorn fraud or error 8fKI arv consldered material il, h￿l￿)UallY or in Ihe aggregate, they could rea80nabty expoGtsd to Influence thg ocontynic deci8￿￿ ol tw¥ taken on bosis ol Ih8se finan¢lal sla16mnts. Irregu18rltle$. Induding fra(Kl, are Instance8 of nonVU￿pl18n￿ wilh law8 and regulations. W8 design procedures in Ilne vAth our respon8lblliiies. ¢)uUinBd atrt)ve. to dotoct matorial mi68ts18monts in respect of irrgguladt168, inclLKling fraud. The exlenl lo vthich our proe&Jures are ￿Pable of delacting irregulgritt8¥. Includlng froud Is dgtslled b8bv. W8 havo c¢y*kl8red thg nobJr8 of tho 8ocliY, (xjntny wvlronment finwthl ￿rf0m￿￿0. W8 h8ve consldgred tho resulls of 8ryulr5es *ryth rnanapmnl end trust888 In relqtlon to thelr own Idenllficatton and assfjssment of Ihe rl¥k of Irwularltl88 wlthkn the Group; W• have reviow•d th• docJJmentsllon of key processes and ¢)Jntrols and p8tfonrth walkthrwhts of transoctiorffj to cfjnfim that the 8rdte￿* *8 op8raknrvJ In th'ne wlth documontatbjn.. We have Kjgntffiod ￿ matt8rs havin9 and revith¥ed the Group's documentat6on ol thelr pollcle6 and procgdures relallw to". Idenufylng, evaluatlon and lows f4KI rwlolons and whothwth6y were wwaro of any Instsnces Df Th)nvcompll4nc*: Detecth)g and resFrfJndlng to frwd orAI *Atthrthoy have kn(wlèdg& ofary actual, susp8cted or aN8ged fraud: The intomal contro18 •sts￿l#hed to rnltwto r*ks offrqwl or wlth arKI regulaJons', We ha￿ ¢on8klered th• Nolters dlBryth¢od anK¥VJ thè 188rn rggardlng arnj where 1Tr8ud MWI (w In tho fina￿411 Slateff￿th •nd any pot*il•l Indlcath of fraud. A8 8 lo#u￿ of these wocedures. we hav8 con81der•J I￿ Qtwtu￿t[09 and Incentivou that may exist wlthln the org8nis811on for frgud and Idenlifted th8 high8Gt arga of risk lo be In rg1j1￿ to Incom recognttlon, wlth g PartI￿18r ￿sk In relatlon to yearaend off. In common *llh all audils under ISAts IUKI we we olso r&qulr8d lo Perfo￿ spedflc prwodur6s to to th• rknk ol M•nag*yh￿l OVWTM*e. We hov¢ al80 L*Jtwnod an under51￿dIng of ts Iogol and rylgtryy framwAYth that tha Group op8r8t&8 In. focu8lng on provisions of those Lgws •nd reoulallcm Ihat had a dIre￿ eff6cl on the detsmi1na￿On of malerfal amount8 and distlo8ures in the fin8ncl81 Statements. The koy and regulation8 wo considered In th18 conlexl includ•d the compan￿ Ad Chwltl6s 2011. chW￿ SORP 2019 and FRS 102. In addwon. V*• con8klorgd wovisknB ol other arKI regulatlons that do not have a dlroct effoGt on ih financlal st8tem•nts bul Compliance wllh whlth may b8 fund8mantal 10 I￿ Group's abillty to ¢)pgrate QT avoid material penalty. These Incknfje data prolectlon regutstlon8. heatth and safety regu￿tIons, ompl¢)yment lagislation •nd food hsglen8 legbBlalth. Our proc4dures to to risks kl¢ntifi8d wKluded the fr￿1￿￿1 Revlowing the fin8nclg151al8m￿f disdosures and testing to supportlng docum8nt8llon to 8sse$s compllanr£ wth prny￿10ns of reSov8nt laws arKI re9U1athx￿ described as he¥￿￿ a direct effect on thè f￿anCial stgtements. Performing anatybcal procedures to Idgntsfy urmtsual or relationshlps that may Indlcalo rlsks of material misstatement due to tra￿1.. ReviewirwJ trwjard me8dry minute8: Enquiring of managèment In ralallon to al*￿1 and clafims or 11tigati￿8. Perfoming deta1￿ transaclion81 testlng In relatth to the rec4>JnlUon of w8dfically grants with particularf0￿$ around yeaT-erbd cut off.. afvj In addrnssing the rfsk offrdud thrw managwnent o¥errklo ofcontro15. lgstiro the appropriateness of um¥l entries and other adjustrnent& a$S￿Ing whgther the judgments made in acCoun￿nU estimates are indicaliv¢ of potenti?[ bias; arKI eYakAtin9 the b￿nesS ralioAal8 of sKJnrflc8nt tr8nsactlons that ara unusual or outsldg ttle nonNI course of t￿SIn￿$s. pa￿13 CHINA FLEET TRUST {A COMPANY LIMITED BY GUAR￿TEE} INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF CHINA FLEET TRUST {CONTINUED) We also c4)mmunlc8t8d klonlifi8d law8 and rogulath)r￿ v*J prt￿l fraL￿ 118k# trj 811 member8 of th# 8ngagem6nt team and remalned alert to POS￿e IrKllrator& of fraud or nonpfA)mpllance wlth laws and ulations thwhxrt tho awjit. As a result of the Inherent ￿MIlatiOr￿ of an aurt there 18 8 bisk that not all irr¢gularib'e5, inciudiNJ a matgrtal mSs8tatement in financial statement¥ or rKxKompl￿nGe vAth regul8tion, ￿11 be detecteLI by us. The increases the further rerrw)ved comF41ance vAth a18w and regu￿￿On bs from the events arKI transaGticffls rofiected in the flnanual statements, given we will be kn tikdy to be aware of i( or should Ihe Irregularity occur 88 a resltlt of fraud rather th8n o onolloff error. as Ihi8 may Invofv• Inlenknnal con(￿Lman1 forgery, collu8lon, om1585on or misr8prgsentatlon. A further de8rAplon of our r88poMlbllllè8 for lh• a￿111 of Ihe f*)anci￿ 8t8temènts i• k)cat•d on th• ￿nancIal R•wUng Coundl* ¥￿b￿lI& rt ¥JV ud . Thh d•8ulptlon fomis part of our Audltors, Report. USE OF OUR REPORT This roport Is made solety to Ihe chafftable m*rtW8. a8 a b(Mty. in acc4yd8nco wth Chapt•r 3 of Part 16 of the Compantes 2006. Our audtl Tth has bggn undertaken so that we MVJM stale to Ihe ch8rlt8bl8 companvs mombgrs ttrh)se matters vm are rnqured to 81ate to thom In an Audltor8' Rewrt and for no olhor purp08e. To the fvll*¥t #xtent pemiitted bylaw, wo do not accept or os$umg raspon￿bIlIty to 8nyDne olher than thè dwrhabla company h8 Mom￿rn, *• a tr￿y, for w audrt wo￿, for this or for thg ¢plnkJn8 We have formed. P•m•h Tuck•tt FCA DChA (8•nlor sl1ttrt￿ Audltor) for and on behalf of Bl•hop Fl•mlng LLP charter￿ Accountents Slalutory Audltors Sall Quoy Hou 4 North East (￿aY Sutton Harb￿r Plymouth PL4 OBN Oale: Pagè 14 CHINA FLEET TRUST IA COMPANY LIMrrED BY GUARmE) GON30LIDATED STATEMENT OF FINANCIAL ACTTVMES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 IIAY 2023 Unr•4trfcl•d R￿trIct•d nds funds 2023 2023 Total lunds 2023 Total fvndB 2022 Incom• from: Donatlons and legacte8 Charltablo aGtivlti88 Other tradlng 8thHI Invo8tment8 14.6 1.097.730 4204.228 33,￿0 14.650 1.097.730 5,204.228 33,910 180,458 739,709 5.288.337 45,366 Totsl Incorn VJO,318 6.330,511 6,213,870 Exp•ndlture on: Raising funds Charltable aGtivtUes 488JN90 1,610,863 4.372,872 1.160,614 1.598,544 11319 Total •xp•ndlluv• 482.rA4 11319 OAH.353 5.533.486 N•t1oxp•ndltur•lllncoffl• b•fof• n•t los•¢• on Inv•#tm•nts Net108ses on Inveslments (131,516) 144,797) (12,311 1143.8351 144,7971 880,384 142.2361 N•t mov•m•nt In funth bofor• ¢Jth•r rnc0qThl￿d g•1 (171313) (11319) 1188,6321 638,148 Not mov•m•Dt In fvndl (176,313) (11319) {188,6321 638,148 R•Gon¢lll*tlon ￿ fund•: Total funds brought forW￿d Net mowemont In fuThJ• S￿97,700 (17(313) 335,831 112,311) 9,233,621 (188.6321 8,595,473 636,148 Total lund• c4rrl•d lorwavd 721A77 323.512 9,044,989 9.233.621 Tho Consolidat￿ 81alernrrt al Hnandal Actsvikn all and kme8 rtKognls•d kn tho year. Tho notes cm page8 19 10 38 fonn part of tho¥e fmrKhl Statements. P48 15 CHINA FLEEf TRUST (A COMPANY LIMrrED BY GUARANTEE) REGISTERED NUMBER:071D0967 CONSOUDATED 8ALANCE SHEEr AS AT 31 MAY 2023 2023 2022 Flx•d •ss•t• Tangible asa¢ts Investrnents 12 13 l942,549 942.797 8,848,589 953.318 9,885.346 9,801,gos Curr•nt •¥Mt• Stocks 14 15 145.5•5 189.378 14Q215 116,Th0 229,730 1.113,079 Cash al b￿k and In hpnd 1.181.158 1,4￿.178 Cred￿01*.. amounts f8lllrvJ duo wllhln ¢ y*ar 16 (1A13.217) 11,382.005) N•t eurr•ftt ￿1•￿1(1￿•bIl￿I￿} (231059) 78,174 T+)t•l a•••ts l•M curr•nt Ilabllltlm 9.653387 9,880.079 Crgditr>r8: amounts falllng aft•r morn than ono ￿ar 17 1846.458) Totsl n•t a•••ts 9,044,089 9,233,621 Charfty fund• Rgstricled fvnds Unre8tdGted funds 18 323,512 •,721,477 335,831 8,897.790 18 Tot•1 fun 9,044.089 9,233,621 The Tn￿1888 ackno￿ Iholr r8SFrfThlbllRla• for u)mptyirvJ V•ith Ihg requlrnments of Act wlth rg8Wt to aeKwntlng roGords and prepaTath)n ol ftnand818tstements. Tho flMnrAal 8t4t•m•nt• worn appr0¥0d an 86d for IBOUO by tho Tr￿1883 and B￿ne￿ ￿ thelr behaff by.. Rear Admlrnl J 8 W•ale, C8, OBE Oat&. The notes on page¥ 1910 38 fonn part (rf fknanclal Ststsmonts. Py16 CHINA FLEET TRUST IA COMPJAY uiirrED BY GUARAKfE RE018TERED NUMBEK"07100907 CHARFfY STATEMENT OF FINANCIAL posrmN FOR THE YEAR ENDED 31 MAY 2023 2023 2022 Flx•d a88•ts Tar¥Jlble a8*8 Inve81ments 12 13 8,924,833 9U797 8.825.279 954.316 Curr•nt a8••ts 9,rn.595 15 294371 374087 Caoh at bank hw#J $25,989 233,008 768,997 Crodnor8.' arnounl8 Mrvd tho th cm• 18 (I,OK859) (962,880) N•t ¢ufr•nt (ll•bllhlM) (42J,421) (193.863) Totsl A•••ts IM• curr•nt hblllll•• Credltorn.. •rnount• falllno du• aft•r nNJr• than on• ￿r gh44209 9.086.932 17 14x583) (388,674) Tot•1 n•t a•••t• )8,626 9,197.258 Chwlty fun R•Btrt¢t￿ fur Unr•strkt0d fuTrJ8 18 34612 184114 336,831 881,427 Tolal ftind• 9,1)08m8 9,197,258 Tho CharfV• not MOV￿ In for th• VA• q188.832) {2tr22- £289,104). Tho fmnc apprDved •NI aU1hty￿ for ty the Tnth and *ned on thelr behall ty. ral J S w￿kn. CB. OBE a> W3 Pag8 17 CHINA FLEET TRUST (A GOPIIPANY UMITED BY GUARANTEE) CONSOUDATED STATEMENT OF C￿H FLChVS FOR THE YEAR ENDED 31 MAY 2023 2023 2022 Cash flow8 from oparatlng aGtlvtti Nel cash used In operab'ng a¢tivllg5 21 2*780 1.tyJ7.833 Cash I1￿ from Inv•stlng •cti¥itl•• Purchas& oltanglble fixad 08sets Proth1$ fr￿n sale of investrwts Purchase of Inv6¥tm8rrts 1467,6501 {180,5881 14 134,2781 {167,9701 33.910 45.388 165 New loan Not ca•h u8•d In Inv￿tIng actlvltl•• 12916781 1203,178) Ca•h Ilovrn from fln•n¢lng a¢tlvltk* Repayments of borrowing 1201,660) 1253,9131 N•t u••d ID Ilnanclng actlvftl•8 1201.6861 1253,9131 Ch•ng• In calh and ¢Mh In th• y•ar CaBh and cash eqUI¥￿0n￿ at the bryknning afth• (287N641 1,113,879 400,742 862,937 Cash and cmh •qulvahnts at th¢ •Dd of th• ya•r 846,216 1,113.879 The noteg on pagm 19 to 38 fomi p*rt ofthose financial 818tenwts Page18 CHINA FLEET TRUST OMPANY UMftED BY GU￿lANTEE) NOTES TO THE FINANCIAL STATEPJEpirs FOR THE YEAR ENDED 31 IAAY 2023 GENERAL INFORMATION The Chwlty Is 8 Imiled charTtabl¢ company, IrKo￿ted in Eng￿nd and Wales. company number 07100967. The reglst8red offlce is Chlna Fleet County Club. Saltash, Ccynwall, PL12 6LJ. The rnemb8rs of the Chwlty ave the Truste08 vwmed page 1. In the evént of the Charity belThg wound up, the Ilabillty In rg8p8(* of th? guorants818 I￿￿ to £10 pw mgmber olthè Ch&rily. ACCOUPrnNG POUGIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMEpir8 Th6 ftnandal statewthts h8¥e been Pfep¥ed In ocix)rdance wtth thè Charibg8 SORP {FRS 102) . A¢ry)urrtlng and Rèporling by Ch8r511es: Statement of Recommended Practice appllcablè to charltle$ PreF￿￿n9 thelr accounts tn 8CLY)rdanca th8 Fln&Klal Rep)rting Standard applicable in the UK and Republlc of Ireland IFRS 1021 (effeclivè 1 J8nuAry 2019). the Finandal R8portkw Standard aptAicable wi UK and R8publk of Ireland (FRS 1021 and the Compani98 Act 2006. The fh8n¢tal stsloments are presented kn F￿r￿J$ 8twliw as that 18 ry)n81dered to bo th8 entlUo6' funcknal curron¢y and arn rourKJed to the noarn8t £. China Trust magts tho dgfiri￿n of a publlc benefft •nUty wrfJ•r FRS 102. 8nd11gbilllieB oro hloolly recogn18ed at hl8torfc•l Lx>8t or tr8nsoclkn valug unle8S OtherA8e 8tat8d In the relevant accountlng The Con801idated Stalem6nt of Fln•nwl Acb¥ilw ISOFAI and Consdldated Balane￿ Sho01 consolldate thè llnand815t*em8nts of th? Group and Its wb8ldlary undort*klNJ. Th• resul18 of tho sub81dlwy are ts)nso16d8led on a I1￿ by lkne ba*. The Group hk8n att4t8ntag8 of the exempkn alkph•d urrtlor SOGllon 408 01 th8 C(Knpan1o8 Act 2006 and not Wesenlgd Its Ststamant of FkArK* AL￿11108 kn these flnanclal 6tatemont8. 22 GOING CONCERN The finer￿￿ sthlements hava beon on the golry (¥￿¢￿rn baBts. Tho Chadty ha5 net cu￿ent lia1￿lIti•S al the j￿r end of £423,421. Wlthln umnl Ilabllttle$18 delerred income of E557,803 (s•• Not• 171, thkn wil bo r•eogry￿l •# incomo on the Statement of Fln8ncial AC￿￿treS wlthln the nexi 12 month8 as the servke Is deNvw8d. A￿nIty $t•ndard8 dlctstg thal deferred Income19 8hown ￿1th1n current Ilabifrttes. Ats it r4 unlk8ly thgsa arThiunts will be repakl the tru8 Ifdgf•rred InLximg were oxcluded would bg curr8nt as80ts of£134,382 (2022- £ 344.821). The T￿￿te88 are reg￿lY brlofed by th• Coffwnvs Managkng Dlrecaor wlth d8p8thèntal perforn)a￿ report8. b8nefidary u88ge ar￿ cash fk)w forecasts Ihat provlde &￿￿enc0 so th8t the TnJ5te8S tan be satisfied that lh8 Charity and its vhK)Ity CA¥n8d tradirvJ subsktiiary remaln 8 go(ng oncem. Thls Is supwted ty a glanco Into Ihe next FY vthlch shows a continued r8(thiery. As result of tha profil in tr* trading 8ubsidi•ry, in the ￿ar a dOna1K￿ of £226.920 I2022- £391.618) was made to the Charity. Page 19 CHINA FLEET TRUST IA COMPANY LIMITED BY GUARApifEE) NOTES TO THE FINANCIAL STATEMEPUS FOR THE YEAR ENDED 31 MAY 2023 ACCOUNTING POUCIES (¢onthiuod} 2.3 FUND Accoupif*4G Goner81 funds are unrostric10d funds are avallablè lor UBè ai Il* disLYgkn of the Tru8te88 In furthernn¢e of the gerwal t*￿v•S of tho Gr(￿p arKI whlth havo not beon des4grthJ for other Designated funds comptse UnrestrIc￿ Trjnds that have been set aslde by the Truste88 for partlwlAr purposes. The alm and use of aach deslgnaled fund Is set (Mrt In the noles lo the flnanclal •tstem•nl Reslrfctod funds are fund8 vthlch 8fO to bg uBed In aC￿nIan(* wth spaclfic re8trlcYon8 Imp088d by donors or whlch hav• b8w r4W by the Gr￿p for parlcular pwposo8. Tho costs of ralslng and &dmlnlstertrKJ such fvTrJ$ aro chargod agakw th& spodfic fund. The alm arws use of each re81rlctsd fund Is get tyJt In the not•8 to ts financlgl Statern￿. Invosknent Incom•. ond aliocated to fvnd. 2A INCOME All Incomo 18 recognLqad once th• (>(yJp has enlltt8m8rrt to th& In(*rne, It18 probable thal th8 In￿me and th• am(Nmt of inc*)me recefvabl? be mMsured roltably. Grants aro knckMl8d kn Ihg Corffjolklatad St•tom8nt ot Fknandal Ackn on a rnthablo bafylfj. The balance of Incom8 r•c@Ngd for spocfflc purFth88 bul not exp6TrJ8d du￿n9 thg perfod18 8hown In the relevant lunds on the Balanr* Sh8et. Where Incorno 1$ rec8fv8(I In adv8nce of ontittement of rec•lpt, Its rec(*Jnttlon18 deferred aThl InckKled In ¢yo0itoTr as deferred Incomo. Where 6ntlU8mènl occur8 Income tax recoNwrabkry In relokn to In¥eBtrwrt irvxmè Is rewJnlsed at Il* Ume th8 Investmenl Income [5 reCeIva￿a. Thg Sut4idwry r•cognl868 a8 fol￿. Tumovef Is re¢ognl8ed to th• •xl¥nt that h is probabb Ihal the eGgnonlc benefft8 wlll flow to the Company and the turrw can bo rellabty mwured. Tumover IB M￿sured a$ th8 f8lr valuo 01 tha nskIern￿0n r8r•lv8d (Y ￿￿#blo. 9xcludlng OL8¢￿ftts. rgbales, valuo Bddgd tax and othor 8olg8 taxes. The fOlkA￿ ullwlo rN•¢ al80 be m8t tkn recoon1￿.. R•nd•rlng of vThlc Tumover from a contract lo prnvmje i& rorognised in the pgliod In whkth tho aro ded tn accord8nc* W￿*h the 8ts90 of c#)mpkntton of the contraca Vltsn au of thg folowlng nd￿on$ are satisfiod: lh8 amount oftummr be Th￿asured refAbtr, It Is Probab￿ that tho Comp8ry*rfll receive Ihe consmlorakn duo the ¢ontra(t slage of c¥)mpktton of Iho at tho eThl of Ihe rewrtlrvj perbd be measured reliabl￿, and the costs ￿n￿rr￿1 and tho c(18ts 10 (x)mpl* tha ￿ntra￿ Can ￿ measurod rellabty. Page 20 CHINA FLEET TRUST {A COIAPANY UMITED BY GU￿NTEE) NOTes TO THE FIN￿¢￿1 STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 ACC¢￿NTING POUCIES {¢imtlnu•d) 23 EXPENDITURE Exp¢ndFture is re(xwwd once 18 a *1 ￿ construc11￿ obllgatlon lo trarthr K￿nOmIC benefit to 8 third paty, it is probab￿ that a transfor of econom￿ benèffts *tyll bo rgquirgd In s&ttLgm8nt and Ihe amount of the ob11gatK￿ Cwb be measured ￿Ilabty. Expenditure Is eLassffiod by advity. The costs of each actfvSty ar8 made up of the lotsl of d￿t e08ts 8fKI Shar￿ COBts. indudlng Support ￿$t3 Invofved in undertaking each acbwty. Olrect Costs a￿7b￿lable to a slnglg 8Gtivsty are alloratsd directly to th8t actiwty. Sharod costs which (x)ntrlbute to mor8 than one and 8UPPOrt costs whlch are not attributable to a slnglè ac*vlty ore apFX)rtKirnd between acbvitl88 ￿ a ba8iS C4)nsistenl wlth Ihe usé of rgsourc46. Contr818laff costs are allotatsd ￿ th8 bag18 of time 8p&nt, and doproei•tion charges allo(¥t8d ￿ tho KX)rt6on ￿ the asset's use. Expondkurn charflabl8 18 on dIT￿ty wthrtawna adtviUe8 whith fiJrth8r tha Group'6 obAeckn8. a8 w81186 any 888od•tsd Ly)sts. All oxpenditWO 18 Indusiv• VAT. 2.6 INTEREST RECEIVABLE Interest on fund$ held on d•KM)stt 15 Induded lthan reCe￿able and ￿ emounl can be me8surnd rèllabty by the Group, thls is normalty upjn nollfK8Uon of tho Inlere8t pald or payabl8 by thè institution 2.7 TANGIBLE FIXED ASSETS AND DEPRECIATKIN T8nglbl6 fix￿ •680ts aro knttlally ro(wnleed at CO8t. Aftor r•cognlUon, undor the ¢￿t modal, tarylble fixed assets are measured 8t acarmulalod dgprodatth and any acr￿MUla￿d Impalrment k)8s88. AI c08ts Incurrnd k) brtng a tawble flxad a88et Into Its Inlanded VA)thtno condltion should be Ind￿]￿d In the measurement of ¢osL O¢predatwy) 18 ¢trwg8d 80 as to allo￿te tr* (*)st of tang4)le llxad 48sets 1016 ttlèlf rn$lthwl value ovor tholr ojtknatod ￿f￿1 I1￿. . èkniont 4% 8tr8b3ht lkno, thnd not Plant and maL*lnwy Motor v8hIc￿, tractor8 & - 16% stralght Ine - 20% straight Ine Fixlur8s. fftngs gfKI wwlpnpnt - 15%- 33% 8￿ht1￿? llmeshar88 - VA 8traWIt llndover the t•Th of Ihe tr•mershlp 2.8 INVESTMENTS F￿ed asset lnvèstrl￿ are a fi)mi ol ffinandal and arg bmtralty Twised at their transaction L)JsI and sUbseqUen￿Y mgasured al fair value ai th6 8aknce Sheet date. unlèss the value cannot be measured Teliably in whi¢h casè 11 Is m•asur•d at rnst impaimient. Investment gains and losses, whether realised or unreallgwj, 8r8 wmbIn￿l 8nd pre¥8nted 8$ 'Goln61lLossesl on InvoBtrn¥nts ￿ wbsitharw arn va￿ad at u)si18s5 provisi(Jn ky imwnrffjnL Pag8 21 CHINA FLEET TRUST IA COMPANY LIMITED BY GUARANTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 A¢coui¥fiNG POUCIES (contlnu•d) 2.0 sfocKS Sto¢k¥ are valwj at tho hmèr of tosl a￿1 n8t V8al8th value after maklng duo allowanc4 for ob¥Jl81fj and sto(*s. Cost al dtroct arKI an ar4)roprfate prDporlkn of flxed and variable OVert￿d8. 2.10 DEBTORS Trade and 01￿1 debtorn are recognised gt seltloment amcmjnt after ary trade dls¢tyJnt offered. p￿p8￿ments a￿ Valued al the amount wopald not of Any trade disc￿unIS duo. 2.11 CASH AT BANK AND IN HAND Cash at b8nk and In hand Indudo8 cash and short40rn Nghty Inv6Btmenls wlth a Bhort maturlty of Ihrnfr months or1888 from Ihe dat8 ol a￿￿sItioN (* ¢yniryJ oftho dgposll or dmllar ac¢ount. 2.12 LIABILmE8 PROVISIONS Li•bllltlo$ ar• rttr)gnlsad vknon ￿re Is an obfigation al the Balanc• Sheet date 48 a rg6uK of a p8sI •venL it is probable that a tr8nsl8r of econty￿¢ b&nefii wlll bg requlrgd in setUwnenL and the amount of tha 8etllement can be e8tkng10(I ro1i8bty. Llablllttos ￿ rgc(wJnlB￿l at th8 aMCm￿ that the Charfty 8nWat88 pay to ryattlo thè dgbt or the am￿(11 ha6 T￿￿ved u vthancal p8srynthits for Gyxx18 Of 8er¥lce8 tt nx*t provkl•. Provlsion8 arn measured al the best 08llmalo of Ihe arno￿ts reoulr6d to UOtUe the obllgallon. Whgre the effèct of the Ime value of money Is malerlal. the provl$h)n l¥ ba8ed on the pr&8enl value of those arnounts. dl8¢ountod at thè wo40¥ dhcounl rat• that rèll8Cts tho rlsk8 spedfic to tho Ilablllty. The unwindlng of the dI8￿Unt b rec(wl￿d In the Ctrb¥o*Jated Statement of FInall￿al Actlvltle$ as a linance cost. 2.13 FINANCIAL INSTrUMEpirs The Group onty has fina￿191 assets and Ilnancial liabIl￿e$ of a kind that qualify a8 bA8lc financlal Instruments. Baslc flnanclal h8trum8nts are knrt181ty roc£gnl88d at trgn8actron value and 8ub80quonlty moatsured at theFr s8ttleff•nt Va￿ w6th ts excep￿On of bank k)an8 aro subs8qu8nlly 2.14 OPERAnNG LEASE3 Renta18 pfiid undw operotiry loa•as are olwg•J to the CcffwJkJgt•d Stalemwt ol FlnancFal 8eneffts rethvad and rgc£lvable BS an IncenlNe to an operatin9 lease ¥r• rewii8ed on a Stra￿ht tine basis over the IB8se temi. unl8$8 arM)ther systtsmatic basl$1g representati¥• of the time pattern of the lesse•'s banefft frcrfn thg use of th8 fe8s8d 888eL 2.15 PENSIONS The operates a dellneo cJ)ntr1tyJllon sthemè and th8 ￿n￿on charge roprosents th8 amounts payab19 by th8 Grwp to th• fund In re3￿ ol the yow. CHINA FLEET TRUST IA COMPAMY UMITED BY GUARANTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IIAY 2023 CRITICAL AcGoupillNG ESTIMATES AND AREAS OF JUDGEMEKr Estimates and ludgements are conllnu8ly èvaluated and based on hlstorical exped6nce and oth6r factor8, indudiTra w8c*ations of future events that ara belI8v￿ to be reasonable under the r¢um¥tance8. CrMk81 accojnting and assumpti￿.. Th8 Group makes e5￿MateS and 8wJmpkn6 concemkng tho ful￿e. The rosunlng ac1￿untIng a8tlm8les and 8ssumptions W￿1. by dèflnlt6on. $8kJom equal the related actu81 results. The estimates and assumptions that have 8 slgntficant flsk of ¢auslng a maleri&l &Jju8tment to ts carry*19 amounts of assets and IlabllSlk8 wlthln the next firwifaal y ore dwissed bth. Cdtkal arnas ofludgemonL' knvesknont valuatbon. In rf8tkJn to vak* of the h8ld at spar ond. INCOME FROII DONATKINS AND LEGACIES Unrn•trlct•d R••trlcl•d fvnds fvnd• 2023 2023 Tot•1 fund• 2023 14.8SO 14,6JO Unrostrlcted Re8trkled funds 2022 Total funds 2022 2022 154,458 180,458 INCOME FROM CHARrrABLE ACTMnES Unmtrl¢t•d funds 2023 Totsl fund8 2023 1,097.no 1,007,730 COVID Rdief grants TOTAL 2023 1,097,730 1,097.no Page 23 CHINA FLEET TRUST (A COMPANY LIMrrED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMEiirs FOR THE YEAR ENDED 31 MAY 2023 INCOME FROM CHARITABLE ACTivmES IcoiifiNUED) Total funds 2022 funds 2022 funds 2022 Dlreci charttablo ￿orne from berthrf85 COVID Rell8t grants 735.020 735.020 4,689 4￿89 TOTAL 2022 735,020 4,689 739,709 INVESTMEMT INCOME Unr•ilrf¢t•d fund• 2023 Totsl fund• 2023 Invo8tm•nt inL¥)mo 33,910 33,910 Unr08trlcted Total funds 2022 2022 Invtrjtmgnl Incx 45,366 45,368 ANALY818 OF EXPENDrniRE ON CHARIT￿LE ACTivmES funds 2023 fundjs 2023 Totsl 2023 Dlwt GharItab￿ rA)st for bonolldarfe8 1.598.544 11319 1,610.863 Page 24 CHINA FLEET TRUST (A COMPANY UMITED BY GUARApifEE) NOTES TO THE FINANC￿ 8TATEMENrJ FOR THE YEAR ENDED 31 MAY 2023 ANALY81S OF EXPENDITURE ON CHARFfABLE ACTMTES (CONTINUED) funds 2022 fund8 Total 2022 Dkect charfIa￿e for benefic 1.137.179 23.435 1.160.614 ANALYSIS OF EXPENDrruRE BY ACTIVrnES Actlvltl•• und•rtak•fi dlr•ctly 2023 Total fund8 2023 Dknoct charftabh LN>¥t for bonolktsrf08 1,610,863 1,610,863 Acthlt undertaken d1￿cl1Y Total funds 2022 Dlroct charfl8bh c4>8t for bgnBftlarlgS 1,180,e14 1.180,614 ANALYS18 OF DIRECT COSTS Dlr•¢t charltabl• Incom• Totsl funds 2023 2023 Stsff costs DepTeciali¢)n Other wratlng charges Govemanc* costs 602.830 309,020 685,065 13,948 601830 309.020 685,06J 13,948 1.610.863 1,610,863 PwJ8 25 CHINA FLEET TRUST (A COMPANY LIMrrED BY GUARANTEE) NOTES TO THE FINANCIAL STATEhlENTS FOR THE YEAR ENDED 31 MAY 2023 ANALYSIS OF EXPENDITURE BY ACTNMES (CONnNUEDJ ANALYSIS OF DIRECT COSTS (contlnu•d} Dlre¢t chadtable Income 2022 Tol¥l funds 2022 523,912 177,823 457.619 S23,912 177.823 457,519 1.360 Dew8cl8lh)n othgr opwaUng (knrg Govoman¢o CO8ts 1,180,614 1.160.814 NET INCOMEIIEXPENDITURE) 2023 21Y22 314,163 4,200 11,J70 231504 47,582 280.428 3,875 Audllo¢s remunerat6on- audl Operallngl￿S8 Yentals L08868 on fjale of fixed 8880ts 288.999 012,8 563,125 10. STAFF COSTS Group Charlty Charfty 2022 2023 (Restalad) 2023 {Ra8tAtodl Wages arvj salarfes Soc481 securty ¢os18 Other pensh)n costs 735,936 167,354 51.390 2.542.428 145.114 555,089 36,108 11.633 482.031 30.247 11.633 1954.680 2,732.894 602mO 523.911 The ChoJity staff ¢0sts uwjudfr a retharge from tho SubsKliary c4xnpany for managing fadbty in aC￿rdance with the operatsng licence. ThBse ￿sts £550.07012022.. £472.725}, with actual Trust staft costs of £52.760 (2022: £51.186). CMINA FLEET TRUST IA COMPANY UMITED BY GUARAIITEEJ NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 10. sfAFF COSTS ICONTINUED Tha averag8 numbor (rf per8cffis omplojryl by ts G[OL￿ durhvj Iho yBar was 88 folkyws: Group 2023 No. Gmup 2022 No. Charlty 2023 No. Chartty 2022 No. Go Lelsure Food aThJ b8verag8 Admlnlstratlon and e8tab1I8hrr￿rt 18 17 65 41 Th8 averag9 headcwnl •xpre86od a• lummo equ1￿7￿￿ was: Grow> 2023 Gn)up 2022 Charlty 2023 Chadly 2022 Tolal 115 The numbor of 8mpkn)ws lèxcludlw arnpk￿r p￿$b)n ¢08ts18xeeed8d £60.000 w81: Group 2023 Group 2022 In the band £60.001- £70.0(K) An Tn￿￿05 tho Dlrectorn of the tradlng compwy. sthlor empbyees who havo authorlty and le¥￿n9[bIlty lor plannlng. dlro¢ling •nd controllkn9 the 8divhlè# of eharlty are considered lo be key Mana￿ment pernonnel. Total fen￿neralk)n indudlng employers nalh)nJl Insurance and pension ¢ontrlbu¢ion8 In resped of thes8 iNllvkluaL$15 £385.281 12022.. £318.072). 11. TRUSTEES, REMUNERATION AND EXPEIISES Durin9 thé year. 2 Truslees12022 - 2) rac*Nod rnmunerathjn lotslliro £14,01012022'. £13,750) for thglr roles a8 non exe(yJtive dlr¢ctors of Ihe Chaws 100% subsidiary, Chlna Fleet Country Club Limtted. DurfrwJ tho ypar, no Tntste68 re(*MI any remunprnllon w other t•nefft8 (2022 . £NILI. Dufing the year ended 31 May2023. e>penS￿ tots115ty £1.953 relmbuTred to Tru8tee612022- £1.360 to Truslees.) Pw27 ¢¥ li" I I CHINA FLEEf TRUST {A COMPANY LIMITED BY GUARAiiree) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MAY 2023 13. FIXED ASSEf INVESThIEpirs In Ju￿ldI•ry Llst•d ¢ompanlu Inv•¥tm•nts cHAR￿y Total COST OA VALUATION Al 1 June 2022 Addltions Revaluatk)n$ 953,318 34.276 144,797) 9SV10 34.278 (44,7971 AT 31 MAY 2023 942.797 3.797 NEf BOOK VALUE AT 31 MAY 20TJ 1.lJOO 942,797 943.797 AT 31 MAY 20t2 953.316 954,316 1& 8TOCK8 Group 2023 Group 2022 Raw materf81& and oYr8umab Flnlshgd goo(Is arKI &r(Ml8 for T8Bal 15.502 130,063 12,066 104.704 145.565 116.770 15. DEBTORS Group Gmup 2022 Charlty 2023 Charlty 2022 OUE wrrHIN ONE YEAR Trade debtors Amounts ow8d by group undertaking8 Olher dgbto 18.167 17.751 226.920 68A51 171211 211.979 525,989 189.3n 229,730 295.371 525,989 PwJ8 30 CHINA FLEET TRUST (A COMPANY UMITED BY SU￿NTEE) NOTES TO THE FINANCIAL STATEMEifrs FOR THE YEAR ENDED 31 MAY 2023 16. CREDrroRS: AMOUNTS F￿uNG DUE ￿lm ONE YEAR Group x+23 Grwp 2022 Charfty 2023 Charfty 2022 Bank108n8 Trade creditor8 Amwnts oV￿d io wp und8rtakln9$ Other taxalion and 4ocial w¥rity Other crodltors Ac¢nJal8 and delerred InC￿m• 1611,159 158.129 70,525 388 8TT.157 447 976A50 101.390 50,213 803.012 116,355 68.228 747,711 4,590 1,413,217 1.382,005 1,092,859 952,8eo Group 2023 Group 2022 D•lorred Incom8 at 1 Jun8 2tr22 Resources defwred dunng the yMr Amount8 reltssod from prevkMJS perknls 53B.478 477,323 557,224 538.476 (538,476) 1477.323) 667224 538,476 Ofrfeffgd trKome rnb4tO8 to memb8rnhlp and ovonts pth for In atr4ano. 17. CREDrroR8: ￿lOuI￿r3 FALUNG DUE AFTER MORE TTrIAN ONE YE*A aroup Grwp 2022 Chirlty 2023 Charfty 2022 Bank ban8 008298 646,458 436.583 388.674 Page 31 CHINA FLEET TRUST {A COMPANY LIMITED BY GUARAiifEE) tr40TES TO THE FINANCIAL STATEMEIUS FOR THE YEAR ENDED 31 IIAY 2023 18. STATEMEKf OF FUNDS STATEMEpif OF FUNDS- CURRENT YEAR Bahnce 011 June 2022 Tr•n¥for¥ Inlout Galnsl Balanctr at (LoMè81 31 M•y 2023 VNRESTRICTED FUNDS DESIGNATED FUNDS De61gna Fund8 Froehokl ProFoty 954ns 27.583 4.276 (44.7971 942,797 7.8210S3 11S15931 87,814 7.756,276 1.7n,PJO (153,5931 92.090 144,7971 8,699,073 GENERAL FUNDS Gen•r81 Furnlg 120.1>00 6.322.935 16.328A411 192.11901 22M04 TOTAL UNRESTRICTED FUND8 8,897,790 8JS0,518 16A82,034) (41797) 8,n1,477 RESTRICTED FUND8 UBOR Grant- Capll RNRMC Grant. Capital X544 (3.048) 31N96 301387 292,016 334831 (12,319) 323.512 TOTAL OF FiINDS 9231621 350.518 16.4x353) 144,797) 9,044,989 Page 32 CHINA FLEET TRUST (A COMPANY LIMfTED BY GUARANTEE) MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 2023 1& STATEMENT OF FVMDS (copmNUED) DeS￿nated Fund8 - rew888nts fvnd8 alh)c4tsd for the rep￿M￿L long t8rn1 malntenarK8 and Improvomonts ol and wufvwnonl kn Ilno with thg re8eNes polky. Frfjehokl Propety - represents net t#)ok w4lu8 of Ihg fr•oMd pmpty (•xdudlNJ amounts hèto In restricted funds) less k)an8 against tho asso1. Restricted fund - represents LIBOR arKI RNRMC grant in￿rne that has been u¥ed in the refvrbi$hment of ap8rtmonl blod($ refvrbishment of chorvjing rwms. The b81ance equals net book value of the 8888ts pwth88&J. COVID Rdlef Gran18 rnpre8ont CJRS I￿xI1￿ to suppcxl thg thwh COVID. CHINA FLEET TRUST (A COMPANY UIIITED BY GUARApifEE) NOTES TO THE FINANC￿ STATEMENT8 FOR THE YEAR ENDED 31 IIAY 2023 18. STATEMENT OF FUIIDS {COPrnNUED) STATEMENT OF FUNDS - PRIOR YEAR Balance al 1 J￿6 2021 ExtwrfJlbJe Transfers Inloui Galnrj Balance 81 (LOS￿$) 31 May 2022 UNRESTrICTED FUNDS DESIGNATED FUNDS Deslgnated Funds Freehold Propety 787,023 25.789 205,179 (42,238} 955,73S 7.628.331 (142.937) 336,681 7,822,055 8.395.3S4 25.769 (142.937) 541.840 (42,2361 8,777,7 GENERAL FUNDS General Fund8 6.IY28.954 (5.387.114) (fA1,840} 120.000 TOTAL UNRESTRICTED FUNDS 8,395,364 6.054,723 {5.510.051) (42,2361 1897,790 RESTRICTED FUNDS LI8OR Grant- Capt RNRMC Gr8nt- Capttal COVID RoH•T Grnnts 37,W2 (3.0481 34,544 162,527 154,458 (15,W) 301,287 (4.889) 2(N).119 159.147 {23,435) 335,831 TOTAL OF FUNDS 8.595.473 6,213.870 (S.S33.486) 142.236) 9.233.621 Page 34 CHINA FLEET TRUST (A GOMPANY UMITED BY GUARApifEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 19. SUMMARY OF FUNDS SUMMARY OF FUNDS - CURRENT YEAR Balan￿ at 1 June 2022 Inwn• Exp•ndltur• Trnnifor Inlout GaIn￿ Balanco at {Lo•8••) 31 M•y 2023 DeBlunated fvnds G8noral fund# 1,77r.790 120.000 335,831 27.513 1153,5931 6,322,935 1(328.441} 91090 (91090) (44,7971 8,699,073 22.404 323,512 9.233,621 6,350,518 II4M,3S3 (44,797) 9,044,989 SUMMARY OF FUNDS- PRIOR YEAR Trar￿fer0 thIoLrt Galn81 B8lan¢a at (Lo88081 31 May 2022 1th2021 D085gnated furKI8 General funds 8,395,354 25,769 1142,937) 541.840 6,028,954 {5.367,114) {541,840) 159.147 (23.435) 142,236) 8,777,790 120,000 335.831 2(Kl,119 8.595.473 6,213,870 15,533,486) 142,238) 9.233.621 ANALYSIS OF NEf AS8Efs BETWEEN FUNDS ANALYSIS OF NEf ASSEfs 8EfwEEN FUNDS - CURRENT YEAR Unr•Btrlct•d R•strlct•d fundB fund• 2023 2023 Totsl funds 2023 Tanglble f￿d a$sg1s Flxthj asset Invostments Cufferrt assets Credllors kn wthln (Th Crothors due In rThxe thon onè y 8,619.037 942.797 1.181,158 (1.4132171 (608298) 323,512 8.942,549 942,797 1,181,158 11A13.217) (6082981 TOTAL 8,721.4TI 323.512 9,044,989 P•Je 35 CHINA FLEEf TRUST (A COMPANY UMITED BY GUARANTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 kiAY 2023 ANALYSIS OF NEf ASSEfs BETWEEN FUNDS ICONnNUED) ANALYSIS OF NET ASSEfs BETWEEN FUNDS. PRIOR YEAR ur￿estr￿ R•8trlctÈd funds fund6 2022 2022 Tolal lunds 2022 Tan4blé fixéd 8Js•ts Flxed as881 Invo8tments Curronl assets Cr8dltor8 du8 vAthh one >*ar Credltor8 duo In mor8 than ono 8,512.758 953.316 1.460,179 (1.382.LY)51 1646.458) 335.831 8,848,589 953,318 1.460,179 11.382.005) (646.458) TOTAL 8,897,790 335,831 9,233.821 RECONCIUATION OF NEf MOVEMENT IP4 FUNDS TO NEf CASH FLOW FROM OPERATING ACTMnES 21. Group 2023 Group 2022 Net IncrMYwl•xp•ThJiiurn fof ts >w (al w Statemenl ol Fl)ondal Adlvlllesl 1118.632 638.148 ADJUSTMENTS FOR: Oepreclation charge8 Los88s on Investments Invo8tmont Incomo Lo88 on the 8019 ol fix&J assets Iln¢re8seyde¢rease in 8tocks Theiil$ undw non Can￿lIable QFwdng109¥es as fol￿. Oroup 2023 Group Not lator thon 1 ￿Or Later than 1 and not ￿ter Ihan 5 yearn 256,6S7 189.889 $58htt $33,264 815.1186 723,163 Chlna FI￿ Com aub Lid wtered an cp8rniln9 108ge on 11 Moy 2022 tDr 165KWp array of 501ar panels vthi¢h wll save 95.0(KJkg of carbon p8r and 16% of Iho dub's total enargy requiraments. The total cost over 8lx ￿r$ b £146 P•J& 37 CHINA FLEET TRUST (A COMPANY LIMITED BY OUARAiifEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAAY 2023 RELATED PARTY TrANSAC￿0￿5 Tho cha￿ ha$ I￿ 100% rparnd sui•a8 detaifed in rKrt8 29. As lfv'8 Subddlary Is by th? Clvna Fleet Trust. the Ch8rty has takeft athnlage of thB oxemption corrtain8d In FRS 102 Sthl 33.1A not to (fisck>se transactions or balanc05 with frntlues wtwch form port ol a group. During the yesr. trustees of the Charity. paid £13,560 12022: £12,816) and £450 12022.. £7501 respedvely for Ihetr ro188 as non exe￿rtiVe directors of th6 Chino Fl991 Cwnty aub Umltèd. a 100% subslth8ry ol the Chlna Fleet Tnffjt. CONTROLLING PARTY Tho Charity 1$ Cont￿Al•d aThJ go¥em•d by tho Board of Trustee8, as dots11gd on page 1 of the80 Flnandal Statsmont8. PRINCIPAL SUBSIDL4RleS The folknw4ng 8 8ubBkllary undert8klng of ts Ch*rtr. Company numb•r R•glst•rnd offlc• or prtn¢1￿1 Holdlng pl4G• ol buslM*# Chln• Root County Club Lknlt•d 02527923 Satta8h. Pl￿Outh, PL12 OLJ 100% The fin8nclal r8sutt8 of tho subJkJl&ry for Ihe N•m• EXpondI￿r• Profft for N•t a•••t• Chlna Fleet C￿nty Ckkn Llml 5210A22 14983.502 226.920 37,363 P¥38