Company registration number.. 07100967
Charity iegistration nurnber: 1135918
China Fleet Trust
(A company limited by guara￿tee)
Annual Report and Financial Statements
for the Year Ended 31 May 2024
Thompson Jenner LLP
28 Alexandra Te￿aGe
Exmouth
Devon
EX8 IBD

China Fleet Trust
Contents
Reference and Administrative Details
Trnstee's Report
2to12
Independent Auditors, Report
13to16
Consolidated Statement of Financial Activities
17to 18
Consolidated Balance Sheet
19
Balance Sheet
20
Consolidated Statement of Cash Flows
21
Statement of Casli Flows
22
Notes to the Financial Statements
23to44

China Fleet Trust
Reference and Administrative Details
Trustees
Rear Admiral John s￿art Weale CB OBE (Ret'd)
Robert Alan Seabrook Baldry
Al￿taIr Kcith Camp
Ian Robcrt Douglas
Maj Stephen Cox RM
Cllr Hilary Anne FTank
Cdr Claire Maric Frances L£es MBE RN
Lt Cth. Rebecca French RN
Wol Paut Andrew Todd-RCSi￿d 27 Nov 2023
Sarah Adkins- Resigned 27 Nov 2023
WO l Andrew Collacott RM-Joincd 27 Nov 2023
Capt Roma Jane Roe ADC RN- Joined 27 Nov 2023
Nicola Sarah Jonas-joined 27 Nov 2023
Company Registered
Number
07100967
Charity Registered
Number
1135918
Chi¢f Executive Offieer
Gordon Charles Hannah
Independent Auditors
Thompson Jenner LLP
28 Alexandra Terrace
Exmouth
Devon
EX8 IBD
Bankers
HSBC
Forder House
20 William Pranee Road
Plymouth
Devon
PL6 5WR
Solicitors
Wombje Bond Dickinson
Ballard House
West Hoe Road
Plyrnouih
Devon
PLI 3AE
Accountants
Wills AccouJ)tants
2 Endeavour Ilouse
Parkway Court
Longbridgc Rd
Plymouth
PL6 8LR
Page I

China Fleet Trnst
Trustees, Report
TRUSTEES, ANNUAL REPORT
FOR THE YEAIi ENDED 31 MAY 2024
The 'fruslees present thcir annua] repoTt together with the audited fitwlcial slaterncnls of the Charity for the ￿rIOd I
June 2023 to 31 May 2024. The Annual Report serves the puryoses of both a Truslecs, i'eport and Dircctors, report undcr
Company Law. The Trustees conf￿rn that thc Annual Report a￿d financia] statemcnls of the eharitable company comply
with the current statutory requii'cmcnts. requirements of the charitable companvs govcming document and the
pi'ovisioi]s of the Sialemciit of Recoinmendcd Practice (SORP) applicable io charities preparing Ihcir accounts in
accordancc with the FinanciaI Rcpoiting Standard applicable in the UK and Republic of Jitland (FRS102) (efftctivc
January 2022).
CHAtR OF TRUSTEES REPORT
Having now bccn in the role as Chair of TTUStees for a Itttlc over 18 month& (he Trust CEO and I have set about ensuring
that evcry aspect of the enterprise is performing and dclivering against the Sti'alcgic Pi'iorilies and measured against a
thorough risk management profile.
Several key ￿eaS of the charity have F£en studied with several newpieces of legislation produced consequently, enwing
good govemance is maintained in evely &8pect of the enterprise.
The conclusion of the Retsm lo Growth Trust Sub Working wup (TSWG) h&s mapped out an ambitious grollrth agenda
for the ch￿'lty and our wholly owned trading subsidiary over the next 5 years. This focus will requir¢ continued
investment in a modernisation programme of the Club by Ihe Trust and together with a Inore effi¢ient trading subsidiary
will see the potential for fither gromrth and expansion of the offering to our beneficiaries.
A detailed TSWG ￿ instigated into the Trust's Reserves Policy, with new doctrine publishe4 this has been honed
using the experience gained during the f]nancial shocks of the CV19 Pandemic and war in Ukraii)e / cost of living cri51S.
A more realistic r￿Ure for minimum reserves has now been approved by applying scientific logic to produce requisite
levels.
In the beneficiary space the previous Strategic Plan (SP) targets for expected usage had been regularly exceeded over the
period of the I￿t 3 years. A l￿W set of beneficiary KeyPerfornarLee Indicators (KPIS) have now been sel more reflective
of the current increased usage figures and will provide a stern challenge for a]1 conne¢t¢d with the Club to maintain.
The Financial Year (FY) has providel once more, a fresh set of challenges, achievements and possibilities. The FY
commenttd with a bumper summer 2023 season in terms of revenue and profit generation. this set the enterprise on a
sound footing to realise its growth targets for the FY. However. a challenging autumn, winter and spring westher pictsre
provided a sage reminder that & guarantee of success in the delivery of gromrth cannot be relied upon without some
external factors aligning. 'fiie last 8 months of the FY saw revenue maintain at good levels within our trading subsid1￿,
however its profitability was lllt by the triumvirate of emergent defects, higher than expected pa￿011 costs and an
tnclcment wcathcr picture. At the end of Qtr l of the FY forecasts were predicttng a potential Gift Aid for the FY of c.
£600L at the end of the FY this has fallen to a figure c.£446k.'fhis figurc will ￿ a record for the enterprise and although
Ii)wcr than had been foree&sL the fact that all are disappointed by tl)e end figure, the growth ambition remains a realistic
target.
The Enterprise undcrtook a rcvicw of its 5-year Strategic Pl￿7 (SP). amending priorities and objectivcs in line with the
changing bu5incss outlook The plan h&s become more ambitiou4 set atnongst the backdiDp of cautious but optimistic
groThth 8￿bItion. The following princapal Stratcgic Themes un(krpin the SP objectives foi. the future period..
Providing exccllcnt beneficiary propositions and sustaining strong Icve]s of usage.
Ensure the successful perfomiance and growth of our business.
Ensure that the Group's busincss is rclcvant. vibranl commercially successfuL sustainabl4 and focused on cugtomer
needs.
Maintain lii8h standards of governance and fujancial manag¢menL
Page 2

China Fleet Trust
Trustees, Report
In SUPPDrt of the principal themes 9 key workstreams were identified and this instigated a series of Tn￿ SU￿workIng
Groups (TSWQ) to faeilitale delivery against the SP-
Workstreams
Produce bottom-up assessmenl to support £lm Company profit wnbition by 2027128 and identify kcy
su
ortin
stc
and sensitivities.
2. Review and redefine Trust Reserves Policy.
3. Company budget 2024125 to reflect baseline capexlrepairs and r￿¢W￿lS in support of grolvth and energy
sustainabilit
enda.
4. Company to work up business c&ses on revenue growthlenergy sustainability from menu of options, for
Cment with Trustees durin
the
5. Consider nierits of a
re-
lannin
6. Implement new Campaiiy IT system.
lication for new lod
e-st le accommodalian.
7. Continue development of ihe plan for increasing energy s¢lf-$ufficien¢yl$ustaintbility. and ¢￿bOn emissions
reductions buildin
on receni TSWG work.
8. Develop options for use of 'spare land,.
9. Conclude stakeholdei outreach work and pi'odu¢e implementation plan.
Outcomes are reported to Trustees resularly and at each Trust Board meeting.
Several worksticwns have ¢on¢luded and the outcomes are now bcing re&lised.
The enterprise's number onc priority remains lo provide quality leisure and recreational facilities for our beneficiaries.
This priority has been rea￿1rrned in the latest Strategic Pla￿ where a new KPI of & minimum of15,000 visits by serving
beneficiaries pcr annum is now SCL This figure is double the previous tsrget and indicative of the Club being used in
rccord numbers by our bcneficiaries. Dwing the FY the Club ircorded over 44,400 visits by both serving and exlforn)er
Serving beneficiaries.
The board of Truslec.8 has been enhanced with some changes over the last FY. The Corninanding Officer of E.IMS Raleigh
has been wclcomed onto the board. This key Royal Nllvy (RN) appoinlmcnl brings dic number of serving I'rustees lo
rive of eleven. Another key change saw Sarah Adkins sland down &8 A Trustee after serving the In￿lMuM term of 10
yeoxs. The Trust was deliglited that Sarah accepted a role to continue as an ambassador of the charity. Her legal expertise
on Ihc board had contributed lo ma￿Y facets of the Trnst's business and the Trustees were pleased 10 recruit a successor,
Nikki Jonas, who brings a wealth of legal knowledge lo be8r.
The b0￿d of Tr￿81te$ h&ve backed th¢ growth agend& of the enterprise and h&ve approved some key irnprovements to
the Club over the 18St 12 months. The re￿rbIshm¢nt of ihe Club's Brasserie restaurant was a particular highlight. where
the Trust invited the Royal Navy's Chef of thc Year to officially O￿n the upgraded facility in m￿ch. Further investments
over the year saw the second phase of solar PV installalion ¢omplete. With the addition of 225kWH of further electrical
energy now generated onsite this lakes the lolal Solar PV self-generation to c.400kWh.
Looking ahead to the coming Financial Year, the Trust continues to back the Enterprise's growth ambition with record
levels of investment in Capilai Expenditure 8pproved in the budget which will enhanee, improve and modernise the Club
to ensure it rem
he venue of choice for our Lrneficiaries, members and visitors.
Sign
ujr:..
Datc..
Rear Admiral J S Weale CB OBE
Chair'of the Truste¢s
China Fleet Trust
Page 3

China Fleet Trust
Trustees, Report
OIJJECTIVES Al￿ A￿[VITIEs
a. Polieies and Objeetives
The objective of the Trust is lo provide leisure and recre8tion8] facilities for all officers and ￿tingS of the Royal Naval
forces, including Reserves, Royal Fleet AuxiliaTy personnel, their families, 9md dependants (collcctively known &$ "the
b¢neficiaries"). Additional beiieficiary classcs include ex Royal Naval Foi'ees and othcr FOr￿S attached lo or embedded
within Roydl Navy Units and their families Ihus satisfying the public benefit test <ihe pi'omotion of the efficiency of the
armed forces of the crown). The declaration of Trust provides the Trustees with wide discretionary investment powers
to achieve the objective of the Trust.
To furth￿. its objeclive the Trusl has developed the China Fle£t Country Club 21 Sali&8h ("the Club,).
b. Pllblie Benefit
The Ti'ustees have paid due regard to the Charity Commission's guldance on public benefit in deciding what activities
the Charity should undertake and liave directed the Company aeeordingly. The Trustees consider that their Charitable
a¢livi11¢s fall within the descriptions of Gharitable pw'poses set out in Ihe Charities Aet and are for the public bertefil as
sel out below.
"The promotion of the efficiency ofthc Armcd Forces of the Cromm, or of the ¢￿[cl¢neY of the poli¢e, fire and res¢ue
scrvices or ambulance services"
The Charity satisfies the public bcnefit lest in the provision of sportin& leisurc and recrcalional facilitics, includins
accommodation for the use of their beneficiaries. being ALL serving personnel of the Royal Navy and Royal Marines,
Reserves and Royal Fleet Auxiliary personnel and their immediate fwnilies and Additional S￿elfied personnel as outlined
in par& 4 numbering in total over 800,000.
T'he Trustees believe that by providing such facilitie4 the beneficiaries relum to aclive duty rcfreshed. relaxed and ready
to face their next tasK thus maintaining 8nd inere&8ing Ilieir efficicncy in Ihc defence of the realzn. This conviction
continues lo be endorsel commended and encouraged by the Royal Navy's ¢hain of eommand.
The 'fru$tees have considered the matter of detriment and harni and arc ¢onten¢ that neither arises from the Trust's
charilable activities.
Page 4

Cbina Fleet Trust
Trustees, Report
STRATEGIC REPORT
ACHIEVEMENTS AIYD PERFORMANCE
a. Tr2ding Subsidiary (Chin2 Fleet Country Club LiJnited-'the Company,)
The 2(J23 to 2028 Strategic Plan recognises that the fiDallcial stability of the Charity is dcpcndcnt upon the good
husbandry of the Charity's own assets avtd the revenue generated and cotntncrctal viability of its trading subsidiary.
The Company has achieved much during this FY at]d havc rcalised record revenue fiEureq for the Club. This is a fant&slic
ac¢olade and testament to the Company rising to the challcngcs as set in the Trust'5 Strategic Plan. Although a record
revenue was tsenerAte( the profitability forecast in the budget was not achieved and thc Company management team
have been directed to provide more accurate forecasting of budget S￿nd and profitability in future iterations. This area
for improvcmcnt does not detract from the fact the trading subsidiary has generated the largest Gift Aid payment to the
Trust on recor￿ at £446k.
The Company team successfully implemented several new fa¢ilitie4 improvements aod upgrades to the Club over the
course of the FY. Some of the k¢y proj¢¢ls completed included a major refurbishment of the Brasserie restsurant (with
menu relaunch), installation of a new Waste Treatment Plaut &8 part of ongoing essential infrastructure Up￿ades. new
golf course si￿age throughout the course, a new short game ￿ea for the golf course, refurbishment of the golf sho
new Conference & Events tsbles which will speed up turnosound times of the facility. installation of all easily accessible
ramp to the upper tier of the accommcmlation complex and a plethord of minor enhancements throughout the Club.
The Company has been rewarded for their service to the Club's patrons and visitors with many awards during the year.
Winning the SW wedding venue of the year (fown ¢at¢gory) for the 3, Ye￿ in a row being a highligh¢ along with the
Company being recognised ￿ a Silver Arnied Forces Covenant recipient of the Employer Recognition Scheme.
Employing 2É14 personnel in Southeast Cornwall, sees the Compatly ls one of the larger employers in the are4 this
enhances the loed eeonomyj provides employment Op￿rtUnItieS for locals and helps attract visitors from afar into the
region.
b. China Fleet Trust
2023124 has been a stellar year for engagement with our beneficiaries, sentor leaders and charity P¥rtners. This pivotal
aspect of Trust business ensures the Trus¢ its Club and trading subsidiary reinain alive to and able to offer counters to
the pressures. challenges and stresses of service. The Trust11&8 been proud to host visitation by the Second Sea LA)r(L the
first for almost a decade, 2nd the Fleet Commander during this FY. Having 2 of the 3 principals of the Royal N&vy visit
demonstrates that lh¢ Club continues to be an important assel for the Royal Navy and it8 personnel.
The Trust was especially proud to support the endeavour of the submariners of HMS Oardacious through the ycar. The
team launched thcir 2023 catnpaign lo row the Atlantic ocea￿ in the TOU￿eSt Row" at the Club with a n8Juing
ceremonyfor their boat which saw'captain Jim" blessed as t￿rt ofthe evening. All involved with the Club were tracking
the progress of tcam thrOu￿10utthCirfeat of endurdnce duringthe witlter months. Itwas thrilling to see HMS 08rdacious
arrive in first place at the finish line in Ilntigua aftcr thcir 3.000 mile row and 35 days aboard Captsin Jim. Thc enterprise
intends lo continue its support to HMS Oardacious in the coming year with the first ever serving military women's crew
(the Valkyries) attcrnpl thc crossing in Dccemlw 2024.
Page 5

China Fleet Trust
Trustees, Report
Routine visilalion occurred throughout the year by key beneficiary group4 p2rtner charities and command teams which
included: BRNC, 47 Cdo, EWO Desig Courses. Commanding Officcr Desig Courses, Submarine Coxn courses, E.IMS
Raleigh, HMS Victorious, RNRMC, RNBT, RMA. RNA RN FPS. NCC, fEC, WEA. SSAFA, Greenwich Hospital. 29
Cdo. CTCRM, NBC(D), CTP, Dcvon URNU. HMS Audacious, HMS NOrthUm￿rIan& JHG(SW. HN(S Tam2r, RM'S
PT Branch, HMS Drake. HMS Courageous Volunlccrs, RNAS Culdrose, RNAS Ycovilton, HMS Bulwdrk, attendance
at ISL'S conference for Wols, Capt R&A. 30 Cdo IX. Vice Admiral Sir Chris Gardner of SDA RN Rugby Unio
support to the Ten Tors, National AFD support in Fa]Inouth and RN Golf. All new recruits and officer candidates joining
the Royal Navy ￿]d Royal Marines now have the OppOr￿nItY to visit thc Club during phase 1 training with an
acquaintance visit to their Club. This offer is sel to expand to inclu(k RFA personnel in the coming year.
The Trust's Beneficiary Committec IBenCom) chair changed hands with WOI Andrew Collacott RM taking on the role
from tlie departing WOI Paul Todd. The Bencom was extensively reinvigorated tn prcvious years, with new Terms of
Reference produced to enablc thc committcc to bc more involvcd in the decision making at key times in the enterprise's
calendar year. The committee continues to deliver and provide beneficiary focus at all levels of the Club. with 28 dcvoted
Serving, cxlformcr-scrving and extcrnal partncr OlEanisalion representatives all woi'king hard to extol the virtues of the
Club in their domai
The cumulative effort of the visit progranime for senior lead￿ Beneficiary Cominittee support, the Company's staff.
Trustees and the CEO have seen knefi¢iary numbers rise to record levels of visitation. Tables l and 2 show the rise in
beneficiary usage in both the serving ond ex I former serving beneficiary cadres, with total visitation figures exceeding
44,400 visits over the year. This level of visitatiork means that the Club retains its credibility amongst our beneficiaries
and is a key metric of how the charity is delivering on its charitsble objective:
ChInaFle8tP￿Mttry Bgntlldary Usag•'Equlvolenee.Ypar.End 2018'to2024
?OIF119
2019120
0202V22
•20231¥
P￿trY￿￿￿OIryv&￿5
PrfmiryeenÈfidbryFafjiwtsthed
Prlmary
Benèflclary
V15its
Prlmary
Ber1e￿(lary
Fadlltles115ed.
95
YearEnd
2n8119
201912D
20201
202V22
202Y
2023124
".70
4nfi
.B714
23315
15281
28E87
al￿￿
Table l. Serving B¢nefJciary Usage Trend Anatysis- last 6 years
Page 6

CbiDa Fleet Trust
Truste￿, Report
.ChlnaReet Ex4ervlng Benefjclary Usage"EqulvalencgYear End 2018 tti 2024
"w?6151io
,uRDII112
20D125
E4:sÈnrfr4¥a&it*esU¥d.
Ex-ser¥ln8..
Irislts"
YÈtirEDEI". .
Fadlltle5Used
.28774
201912ts'
.22411
20￿/22..
202¥23.
2023124
'.29￿¢
Table 2. Ex l Forn)er Serying Beneficiary Usage Trend Analysis
'P8ge7

China Fleet Trust
Trustees, Report
FINANCIAL REVIEW
a. Financial Revieiv
The Trustccs present their rewTrrl and financial statements for year ended 31 May 2024.
The enterprise has registered its best year of Tevcnue gcneration over the FY with consolidated revenue for the ytrar
postcd as £6.750k comp8red to thc prcvious year of 202Y23 which Eeneratcd income of £6,351k.
Within total Income is the China Fleet County Club Limited (the Company), whid] carries out non charitable tradinrr
activities for the Charity. Thc Company generated sa]es (net of Trust) of £5.435k {2023 £5,201k). gcnerating a profit of
£446k (2023.. £227k). This will represent a potentia] Gift Aid to the Trust of £446k (2023= £227k).
This Gift Aid payment is a record for the CompaTLy. As tlie entcrprisc provides consolidated accounts this Gift Aid is not
app?￿nI & it is climinatcd whcn thc accounts of the Company and Trust are combined.
Th¢ T￿t r¢port a netmovement ID funds of £47k (2023 negative movement of£226k). Although the Mov￿llellt of £47k
is after depreciation has been taken off of £397k aud lo&qes on disposals of £82k, thus excluding depreciation alld1085es
on disposals there is a net positive moment in funds of £526k The consolidated cash at bank at the year-end is £682k
(2023.. £846k).
The enterprise has strived to drive down debt exposure over the last few years, that said the Trust are awgxe of the need
to invest and may accrue some additional debt in the years ahead to fund their growth atnbition. The balance of the Green
SME loan opened to fund the solar PV inslallation h&s Ixen drawn down further to complete the installation through the
FY and at year end stood at £222k {2023.' £159k). The Coronavirus Business Interruption Loan Scheme (CBLLS) has
been steadily reduced through the FY and at year end stands at £54k oulslanding {2023: £195k). When added to & long-
terrn HSBC consolidated business loan of £313k outstanding at Ye￿ end (2023.. £389k). Despite drawing down against
the new green SME loan during the FY, the overall debi for Ille enterprise has fallen to £589k at year end (2023.. £743k).
Trustees have approved the pay down orth¢ CBILS loan Etfore October 2024, which will take effect during the coming
FY.
The Trust ¢ommissions Sarasin and Partner LLP to manage its main asset4 the long and medium-terni investment
portfolios. The Trust gains regular updates from Ilie portfolio man8geinent team, who attend Trust tneetings to talk
through performance. Performance of Sarasin & Partner has been behind the Ixnchmark for some time and Trustees are,
as part of a wider reserves and investment strategy investigating options to ensure that tlie best possible retums are being
made of the Trust's ￿setS for the good of the ch￿ily. A decision was made at the Trust's May 24 board meeting to close
the medium-term portfolio held with Sarnsin & Partners and invest the money in a high interest Money Market account
with HSBC. The medium-term portfolio h8d stsgnated and Itsd not generated any income for the Trust over the last 3
y¢￿s. At year end the value of the medium-temi portfolio was £84k (2023: £82k). The long-terni portfolio h&8 benefited
from the switch to more globally focussed indices and finished the year strong a£ter market turbulence had been
experieneed through the FY. At year end the long-tern) portfolio stands at £967k (2023: £867k). In total the year end
Investments stand at £1.051k (2023-. 943k).'
Total Reserves now stand at £8,828k {2023: £8,78 Ik) of which £31 Ik {2023: £324k) are restricted funds. Of the £8,517k
{2023= £8,457k) in Unrcstricted Rcscrvcs. dcsignatcd rcscrvcs starLd at £8,517k {2023.. £8,699k), with £nil (2023= £24k)
&s general unrcstricted reserves.
The Trust Is in comtnunication with HMRC ￿gardillg a routinc VAT Inspcction following thc raising of an assessment
of a previous VAT return. H￿IRc havc indicalcd that thc insFclion ts to be cxtended to consider later VAT returns
5ub]Ditte¢ followi￿g Ihc original asscssmcnL This a&8cssmcnt of rcttwns, conclusiorL and outcome will not be concluded
prior to thc filing deadlinc for this F￿ancial year. At this stage it is impossible to determine the outcome of HNIRC s
inspcction or if any financial implications may arise. Tlie TnLStees have 8pproved the addition of a conlingcnt liability
nofr in relation to this within the consolidated accounts.
Page 8

China Fleet Trust
TrllSte￿' Report
b. Going Contern
The Charity 15 dependent uwn its wholly owned subsidiarys The China Fleet Country Club Ltd ("The CompanJP? to
rnan&.￿e the facility on behalf of its bencficiarics.
Thc Trustees take confidencc in the continued strong pcrforrnalle£ of our Company and arc rcasswed that their metrics
for gauging and considcTing"Going Concen)" are accuratc and fitfor purpose. Having cmcrged from a period of financial
uncertainty. due to globaI factors, in recent FYS. the rcturn to growth of the e&￿erprISe has enabled confidence to invest
in infrastructure and additional facilitics, a true measure of a positive going conce
The Trustccs remairL confident thatthe Going Concern of the cnterprise rematns credible 8nd are confident ofancnduring
period of .￿WEh and increasing Gift Aid potential.
A Going Concern Lsscssmcnt of the enterprise is recorded at Tr￿st meeting and the forecasts for this coming
financial year provide sufficient evidencc for Truslccs to remain confident tl)at the business remains viable and in good
shape to deal with any possible s¢enarios that may present.
. Reserves Policy
The Trustees initiated a Sub Working Group to undertake a i'eserves study duriThg this FY. This study concluded that the
level of unrestricted designated reserves (that is those funds that freely available and does not include the designated
land 9￿d buildings reserve, but does include investment portfolio and ea8h in the Trust's business bank account) are held
to cover the following:
The continuing need to maintain the infrastructure, fabric and plant li¢ensed by the Company.
To cover the need lo finance the evolution and development of the facility to Create new and innovative income
streams.
To provide a fin8fflcial buffer against a slump in the economic marketplace resulting in a dramatic fall in the
tllarket value of the investments.
To provide for a contingency for the Company should it become nec¢&8ary.
As of 31 May 2024, the attached financial statetnents show art unrestricted reserve of £8,518k (2023.. £8,458k) and
restricted reserves of £31 Ik (2023.. £324k) gtving tota] reseryes of £8,828k (2023.. £8,78 Ik). Freehold property within
tsmgible f]xed &8sels stand at a nei Ix)ok value of £8,021k (2023: £8,215k), withtn total tangible fjxed 8ssets of £8,870k
(2023: £8,679k).
PLANS FOR THE FUTURE
Trustees have approved a gym refurbishment in September 24, which witl see the renewal of CV. slatic
equiprnent with & full modernisation overhaul of facilities.
A ncw mczz8￿1llc Icvcl will be created by utilising some of the spare void space that was cleverly dcsigncd into
the main fabric of the Club's internal dimensions dwtng the build of the Club. This clcvcr futurc proofing will
enable a new"Box 12" fitness suite to be instaIled encompassing a technology bascd 12-station boxing themed
circuit. Thc lower haif of thc ]ll￿an1￿c will be used to enha[￿e the staff facilities by providing a new, larger
staff room.
Install a 600kWh ground mountcd solar array in thc Club's spare 10-acrc piece of land- subject to a successful
£200k Matched funding bid through Cornwatt Council's Shared Prosperity Fund and requisite planning
permission (£665k project).
Trustees will consider a proposaI to install a Deep Green datacentre which would allowthe harnessing of power
generated by the data centre lo be used to heat the Club's swimming pool. This will reduce carbon emissions
and thc cntcrprisc's rcliancc on gas. Ixgal due diligence checks are ongoing to assess feasibility of this proposal
for the charity.
Allocatc and approve budget CapEx and Rcpairs & Rerthvals funding for ourtrading subsidiary to keep the Club
looking fit for purp05C, tnodern and a vcnue of thoice for our beneficiaries, members 2nd visitors (£584k
approvcd vicc 2023: £433k).
Pay off rcmaining balancc of CBILS loan by Oct 24.
Develop the Trust's Investment strategy. collabordting. with fellow RN charity partners to ensure that the Trust
sees the best return on inveslment for the charity's reserve portfolio.
Ensure every decision made by the enterprise is viewed through the lens of our beneficiaries and meet5 with our
charitable obj¢ctives.
Page 9

China Fleet Trust
Trnstees, Report
Continuc to be relevant and remain a viable leisure and recreational facility for our beneficiaries and their
families.
Continue to learn from the experience and implement any Lessons Identified into future Risk MaJJagement.
Capilaiisc on grdnt opportunities to drive towards our net zcro ci)mmitments.
Continue to engage with and Colla￿rat¢ with our I￿neficIary faciTJg busincsscs, such as Costs1￿ Slimstoc
AEUK, Babcock Intcrnationa], Jacobs.
LONG TERM AsplliATIONS
Once conditions allow and fjnances are in place there is a long-held Aspirition lo increasc the accommodation
offering at the Club to include lodge style f&ciliti&s. 111is project has beenthe subject of scvcral fcasibility studies
in previous years and Trustees feel that the conditions arc not favourablc CUiTsntly lo advance this project. It
remains a longer-terin goal within the current Strategic Plan timefr8me.
P12n to install a High Ropes, Jump Tower and Zip Wire fAcility llt the Club ivhen ffftancial conditions allow,
which will enhance the fart]ily friendly facilities available lo our i￿er1e12r[¢s.
Consider the potential of land acquisition ofthe neighbouring plots. There may aonce in ageneration opportunity
to acquire additional land Ix)rdering the Club. This would ￿ wed to future proof the Club further and provide
opportunities for further expansion of facilities and essential infraslructtw¢ which will pave the way for fiwther
growilL
Continue lo drive tOW￿dS halving the Club's net zero Miissions by 2030, the Club has done much to advance
this process and tlje Tn￿te¢S are confIdent of meeting this initial target ahead of 2030.
STRUCTURE, GOVERNANCE ATKD KINAGEMENT
Constitution
Chtna Fleet Trust is registered as a charitable company limited by guardntee, number 1135918 8md was set up by a Trust
deed. It is governed by its Memorandum of Ass￿latiOn dated 10 December 2009 and Articles of Association dated 3
Februory 2020.
The Trust is governed and directed by its Board of Trustees with operational management delegated to the Chairman and
a Chief Executive. Tlie Board of Trustees meet as required but at least three times a year. The Trust maintains an office
at Sait&sh where the Chief Executive executes his duties. The Chairman makes regular visits to the office to deal with
matters arising and is a co-signatory with the Chief Executive plus two other Trustees for SI￿l￿g cheques. The
declaration of Trust requires that the totat number of Trustees shall not be less than fo￿.. New Trustees are appointed
either by virttie of military appointment or an open recruitment proee&8. The current Trustees listed above.
The Trust operate a Governance and Remuneration (G&R) Committee to advis¢ the wider Trust Board on matters of
Governance and Remuneration. This Committee is made up of a minimwn of three unconfiicted Trustees. Tliis
Committee does not absolve the wider Trustees of their responsibilities tOW￿dS overall Governance of the Charity.
The facilities of the Club are operated by a wholly owned subsidiary compatLy, China Fleet Country Club Limited (""the
Compan￿,). The Trust lias a 5-year nonexclusive OFrating Agreement (OA)(signed on 3 ISI March 2023) for the
Company lo operate the Club and act as agent for the Trust in providing on site leisure and recreational facilities for the
beneficiaries. The performance of this agreement is rcvicwed ar￿UallY by the Trust and Company, with any variatLOIIS
signed by both parties and filed with the Trust's solicitors. Womble Bond Diekinson (UK) LLP. Mr Roixrt Baldry is
currently the non-executive ChaiT￿an of the Board of Directors of the CoTnpany.
The China Fleet Country Club Beneficiaries Committee (Benconi) is chair¢d byascrving Trustcc, Warrant Officcr First
Class Paul Tod(L wlio aIso attends the Company board meetings. WOE Todd resigned as a Trustee in November 2023 in
preparation for leaving service and has now handed over tbe role as a Tnjstee and Bencom Chair to another serving
Warrant Officer First Class, Andrew Collacott Royal Marines. Mr Deall Bennett (Company MD) Lttends meetings of the
Trustees and Jneetings of the Chink Fleet Country Club Bencom.
The Trust follows the Statement of Recommended Praciice"Accounting and Reporting by Charities" (FRS 102 Jan 2022
edition).
Page 10

China Fleet Trust
Truste&s' Report
b. Risk Management
The'fru5tees mcct rcgularly to ￿SesS busincss risks and implemcnt risk rnanagement strategies. This process is managed
by the Trust CEO. asses5cd by the GoverJ)ance and Remuneration cotntnittee and approved by thc wider board of
Trustees. This involvcs identifying the typcs of risks the Charity faccs, prioritising them in terms of potential impact and
likelihood of occurrence and identifying means of mitigating the rffisks idcntificd in the Trust Risk Rcgisler, which is
aligncd with the Company Risk Rcgisler regularly. The Trustees pleased to rcport that the Charity's internal fmancial
contro15 comply in a]1 respects with guidelines isslled by the Charity Commission. The Trustees conlinue to promotc
procedures to ensurc that forward lookin& continuous risk management proccsses become part of the operating culture
of the charity and its trading Company.
Thc risk management systems have been fully tested over the last few ye8n and the Trust are confident that their
performance h%Lq helped to ensure ihc continued success of the enterprise despite the volatile operating environment that
has pcrtained due to the impacts of CV19, War in Ukraine, Inflation and cost4)f-living ¢risis. These systems continue to
offer as5urancc that the enterprise is well placed to deal with any cmcrgcnt events.
c. Remuneratio
The Trust's only saIaried employe4 the Chief Executive is appratsed annually by the Chainnan of the Trustees and o
other Trustee with recommendations made to the Governance and Remuneration Committee for the approval of arLy rise
in salary. A benchmarking exercise w&8 conducted by the Governance and Remuneration committee during the FY to
ensure that the salary offered is proportional. fair and me&sured against similar military charities.
Senior Company staff, inoluding the NE chairma￿ ￿ atso appraised annually and recommendations for their
remuneration are also presented to Tn￿ee8 for approval via the Governance and Remuneration Corrunittee and detailed
within the annual budget.
d. Other Relevant Sourcu of Professional Advi¢¢
Investment Managers - Sar8sin and Partners LLP. This company manages the Trust's long-terni and medium-term
investment portfolios. Address-juxon House, 100 St Paul's Churd]yard, IA)ndon, EC4M 8BU.
STA TEMENf OF TRUSTEES, RLSPONSIBILITIES
The Trustees (who are also the directors of the Charity for the purposes of company laiv) are responsible for prepaying
the Trustees, Annual Report including the StrategTc Report and the fmancial statements in accordance with applicable
law and United Kingdom Accounting Standards Iuntted Kingdom Generally Accepted Ac¢ounting Practice).
Company law requires the Trustees to prepare financial statements for each ffftancial entity. Under company law, the
Trustees must not appmve the f￿ancIal slatcments unless they are satisfied that they give a t￿e and fair view of the slate
of Èffairs of the Group 8nd the Charity and of their incoming resources and application of resources, including their
income and expenditure. for that ttrio(L In preparing these fin8ncial statement4 the Trustees are required to:
select suitable accounting policies and thcn apply them consistently.
observc the methods and principles of the Charities SORP.
n]ake judgements and accounting eslimates Éhat are reasonable and prudenL
slate whether applicable UK Accountiryg Standards (FRS 102) have been followel subject to any mateTial
departures disclosed and explained in t1￿ financial slatements:
prcparc the financial statcments on the going concern basis unlc&8 it is inappropriate to presume that the Group
will continue in business.
The Trustees are responsible for keeping adequate accounttng records that are sufficient to sliow and explain thc Group
and the Charitgs transactions and disclose with rcasonablc accuracy at any titnc thc financial position of the Group
the Charity and enable them to ensure that ihe financial statements cojriply with the Companies Act 2006. They arc also
rcsponsible for safeguarding the assets of the Gmup and the Charity and hence for tsking reasonable steps for the
prevcntion and detcction of fraud and other irre8ul8rities.
The Tinst¢es are responsible for the matntenance and integrity of the corporate and financial information in¢luded on the
charitable company's websitc. L£gislation in the United KiDgdom governing the preparation and diss¢mination of
financial statements may differ fiorn legislation in other jurisdictions.
Page 11

China Fleet Trust
Trnstees, Report
FUM)S HEI LD AS CUSTODLIN TRUSTEE ON BEHALF OF OTHERS
There are no ￿ndS held as custodian trustee on beh￿f of another entity.
DISCLOSURE OF IP4FORLVIATION TO AUDITORS
Each of the persons wlio are Trustccs at the time when this T￿ste¢S. Report is approved has confIrmed that..
so far as tliat Trustee is aware. there is no relevant audit inforniation of which the eharitablc group's auditors are
unaware. and
that Ti'ustee has takcn atl the steps Ibat ought to have be£n takcn as aTNstec tn order to be 2ware of any rclcvant
audit information and to establish that the charitable ￿0up'S auditors are aware of that information, and
the enterprise, that is thc Charity and its wholly owned tradtng subsidiary, remains a viablc Going Concern.
AUDITORS
Thc Trustccs undertook a benchmarking exercise to ensure value for money was being achieved from the f￿M of auditors
during the FY after i proposed incre&8e in audit premiums of somc 400/0 was received from the enterprise's previous
auditors 03ishop Fleming LLP). This process saw 5 firms exarninel with Thompson Jenner LLP being offered the
contracL This FY'S audit lias been Thompson Jenners first audit with the eT]terprise and Trustees have been impressed
with their professionalism, thoroughDe&8 and drive to understand all aspects of the enteiprise.
The auditors, Thompson Jenner LLF. have indicated their willing[￿$ lo continue in office. The des1￿￿ated Tr￿teeS will
propose a motion reappointing the audltors at a meeting of the Txuslees in NovemLKr.
APPROVAL OF THE TRUSTEES, ANNUAL REPORT:
Approved by o
f the members of the board of Trustees gnd signed on their behalf by:
Si£nature.'
Date-..............
Re￿ Admir81 J S Weale CB OBE
Chair of the Trustees
Chin& Fleet Trust
Page 12

China Fleet Trust
Independent Auditor's Report to the Members of China Fleet Trust
Opinion
We have audited the financial statements of China Fleet Trust (the 'charitable parent company,) and its
subsidiaries (the 'group') for tELe year ended 31 May 2024. which comprise the Consolidated Statement of
Financial Activitie5, Consolidated Balance Sheet. Balance Sheet, Consolidated Statement of C8sh Flow5,
Statement of Cash Flows and Notes to the Financial Ststements. including a summary of significarLt accounting
policies. The financial reporting framework that has been applied in their preparation is United Kingdom
Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in
the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements-
give a true and fair view of the state of the tsroup's and parent charity's affairs as at 31 May 2024 and of its
incoming rcsources and application of resources, including its income and expenditure, for tiie year then
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.
have been prepared in accordance with the requirements of the Companies Act 2006.
Basls for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS IUK)) and
applicable law. Our responsibilities under those standards are fijrther described in the auditor responsibilities for
the audit of the financial ststements section of our report. We are independent of the group in accordance with
the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S
Ethic￿ Standard, and we have fulfilled our other ethical responsibilities in accordance witli these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to pit)vide a basis for our
opinion.
Other matter
The financial statements of the Charity for the year ended 31 May 2023 were audited by another auditor who
expressed an utimodifIed opinion on those statements on 7 December 2023.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trnstee use of the going concern basis of
accounting in the preparation of the fInancAal statements is appropriate.
Based on the work we have perfomied, we have Dot identified any material uncertainties relating to events or
conditions thaL individually or collectively. may cast significant doubt on the group's ability to continue as a
going concern for a period of at least twelve months from when the original financial statements were authorised
for issue.
Our responsibilities alld the responsibilities ofthe trustee with respect to going concern are desci'ibed in the
relevant secttons of this report.
Other inforniation
The trustee is responsible for the other infornlation. Tbe other infonnation cornpiises the infomiation included
in tlie annual .report, other than tlie fmancial statements and our auditor's report tliereon. Our opinion on the
financial statements does not cover the other information and. except to the extent othenvise explicitly stated in
our repor¢ we,.do not express any forn) of assurance conGlusion thereon.
Page 13

China Fleet Trust
Independent Allditorls Report to the Members of China Fleet Trust
In connection with our audit of the financiaI statements, our responsibility is to read the other infomiation an
in doing so. consider whether the other information is materially inconsistent with tile financial statements or
our knowledge obtained in the audit or othenvlse appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required to detemiine whether there is a material
misstatement in the financial statements or a material misstatement of the other information. If, based on the
work we have perfornied, we conclude that there is a material misstatement of this other inforniation, we are
required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Aet 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Chaivs Report and Trustee's Report for the financial year for which the financial
ststements are prepared is consistent with the financial statements" and
the Chails Report and Trustee's Report have been prepared in accordance with applicable legal
requirements.
Matters on which we are required to report by exceptio
In the light of our knowledge and understanding of the group and the parent charitable company and its
environment obtained in the course of the audit, we have not identifLed n￿terIal misstatements in the Chaies
Report and the Trustee's Report.
We have nothing to repoit in respect of the following matters where the Companies Act 2006 I'equires us to
i'epoit to you if, in our opinion:
adequate accounting records have not been kept by the parent charitable company, or returns adequate for
our audit have not been received from branches not visited by us. or
tlie parent eh￿.1tablc company financial statements are not in agreement with the accounting i'ecords and
certain disclosures of trustee remuneration specified by law are not made. or
we have not received all the infonnation and explanations we require for our audit.
Responsibilities of trustee
As explained more fully in the Statement of Tn￿tees, ResponsTbilities (set out on page I l), the trustee a
Itsponsible for the preparation of the financial statements and for being satisfied that they give a tsue and fair
view, and for such internal control as the trustee detern]ine is necessary to enable the prepardtion of financial
statements that are free from material misstatemenL whether due to fraud or error.
In preparing the financial statements, the trustee are responsible for assessing tILe cliarity's ability to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the ttILStee eitlier intend to liquidate the charity or to cease operations, or have no realistic
attsi'native but to do so.
Auditor responsibilities for the audit of the finaneial stAte￿ellts
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement. wliether due to fraud or enY)r, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAS (UK) will always detect a material misstatement when It exists. Misstatements can 2rise
from fraud or error and are considered material if, individually or in tlie aggregate, they could reasonably be
expected to influen¢¢ th¢ ¢¢onomiG deGisions of users taken on the basis of these financial stat¢m¢nts.
Page 14

China FIeet Trust
Independent Auditor's Report to the Members of China Fleet Trust
The extent to whicli our procedures are capable of detecting i￿egular1tLes, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to detect material misstatements in respect of iiTegularities,
including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is
detailed below.
The extent to which the audit was considered capable of detecting irregul&riti&8 including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of i￿egUlar1ties,
including fraud and non-compliance with 12ws and regulations. was &$ follows:
the engagement partner ensured that the engagement team collectively had the appropriate competsnce,
apabilities and skilLs to identify or recognise non-compliance with applicable laws and regulations.
we identified the laws and regulations applicable to the charity through dis¢ussions with directors and
other managemenL and from our commercial knowledge and experience of the sector.
we focused on specific laws and regulations which we considered may have a direct material effect on
the fmanciai statements or the operations of the charity, including the Companies Act 2006,Charities
Act 20 I I, taxation legislation, data protection, anti-bribery, employment, environmental, fire safety
and health and safety legislation.
we assessed the extent of compliance with the laws and regulations identified above through making
enquiries of managemenL reviewing licenses, certificat&s and relevant correspondence including the
inspection of legal correspondence. and
identifIed laws and regulations were communicated within the audit team regularly and tl)e team
remained alert to instances of non-compliance throughout the audit.
We assessed tlie suseeptibility of the charity's f￿anCIaI statements to material misstatement, includin8 obtaining
an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged frdud. and
rA)nsidering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.
To address the risk of fraud t])mugh management bias and override of controls, we:
perfornied an￿yt1¢a[ procedures to identify any unusuaI or unexpected relationships.
tested journal entries to identify unusuaI transactions-
assessed whetlier judgements and assumptions made in detemiining the accounting estimates were
indicative of potential bias. and
investigated the rationale beliind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not linLited to:
agreeing financial statcment disclosures to underlying supportinE documentation"
reading the minutes of meetings of those charged with governance.
enquiring of management as to actual and potentiaI litigation and claims. and
reviewing Gorrespondence with HMRQ relevant regulators and th¢ ¢harity'S legal advisors.
Page 15

China Fleet Trust
Independent Auditor's Report to the Members of Chin2 Fleet Trust
There are inherent limitations in our audit procedures described above. Tlie more removed that laws and
Irgulations are from financial ti'ansactions, the less likely it is that we would becon]e aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations
to enquiry of the directors and other m￿lagernent and the inspection of regulatory and legal correspondence, if
any.
Material misststements that arise due to fraud can be harder to detect than those that arise from error as they
may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council's website at:
www.frG.org.uklauditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the GhaTitable parent company trustee in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our audit work has been undertaken so that we miglit state to the group's trustee tliose
matters we are required to state to them in an audTtoi"'s report and for no othei. pu￿OSe. To the fullest extent
petinitted by law, we do not accept or assume responsibility to anyone other than the charitabl¢ pai'ent company
and its trustee as a body, for our audit work, for this
port, or for the opinions we have fornied.
LLP
Simon Lewis (S
For and on beh
nior
f of
tatutory Auditor)
hompson Jenner LLP, Statutory Auditor
28 Alexandra
Exmouth
Devon
EX8 IBD
Page 16

China Fleet Trust
Consolidated Statement of Financial Activities for the Year Ended 31 May 2024
ncluding Collsolidated Income and ￿XpenditUre Account and Statement of Total
Recognised Gains and Losses)
Unr￿trICted
funds
Restricted
funds
Total
2024
Note
Income and Endowments frojn:
Donations and legacies
Charitable activities
Other trading activities
Investtnent income
4,406
1,271892
5.434,828
38.344
4,406
1,272,892
5,434,828
38,344
Totat income
6,750,470
6,750,470
Expenditure on:
Raising finds
Charitable activities
(4,896,938)
(1,865,004)
(4,896,938)
(1,877,323)
(12,319)
Total expenditure
Gainsllosses on investment assets
(6,761,942)
71.238
(12,319)
(6,774,261)
71,238
Net incomel(expenditure)
59,766
12,319
47,447
Net movement in funds
59,766
(12,319)
47,447
Reconciliation of funds
TotaI funds brought fonvard
8,457,976
323,512
8,781,488
Total funds carried forward
21
8,517,742
311,193
8,828,935
The notes on pages 23 to 44 fonn an integral part of these financial ststements.
Page 17

China Fleet Trust
Consolidated Statement of Financial Activities for the Year Ended 31 May 2024
ncluding Consolidated Income and Expenditure Account and Statement of Total
Recognised Gains and Losses)
(As restated)
Total
2023
Unrestrieted
funds
Restricted
funds
Prior Period
Note
Income 2nd Endowments from:
Donations and legacies
Charitable activities
Other trading activities
Inv¢sttnent income
14,650
1,097.730
5,204.228
33.910
14.650
1,097,730
5,204,228
33.910
Total income
6,350,518
6,350,518
Expenditure on:
Raising funds
Charitable activities
(4,883,491)
1,635,621)
(4,883,491)
(1,647,940
12,319)
Total expenditure
Gainsllosses on investment assets
(6,519,112)
44,797
(L2,319)
(6,531,431)
(44,797)
Net expenditure
213,391)
(12,319)
(225,710
Net movement in funds
(213,391)
(12.319)
(225.710)
Reconciliation of funds
Total ￿ndS brought forward
8,671,367
335,831
9,007,198
Total fijnds carried forni'd
21
8,457,976
323,512
8,781,488
All of the gi'oup's activities derive from continuing operations during the above two periods.
The funds breakdown for 2023 is shown in note 21.
The notes on pages 23 to 44 fom] an integrdl part of these financial statements.
Page 18

China Fleet Trust
IRegRstration number: 07100967)
Consolidated Balance Sheet as at 31 May 2024
(As r￿tated}
2023
2024
Note
Fixed assets
Tangible assets
Investments
li
12
8.870.016
944.727
8,679,048
942,797
9,814,743
9,621,845
Current assets
Stocks
Debtors
Cash at bank and in hand
13
14
15
172,660
140,121
681.732
145,565
189,378
846,215
994.513
1,181,158
Creditors: Amounts falling due within one year
16
(1.510,624)
(1,413,217
Net current liabilities
516,111)
232,059
Total assets less current liabilities
9,298,632
9,389,786
Creditors: Amounts falling due after more than one year
17
(469,697)
8,828,935
(608,298)
8,781,488
Net assets
Funds of the group:
Restricted income funds
Restricted fi￿dS
21
311,193
323,512
Uni'estricted ineome funds
Unrestricted fijnds
8,517,742
8,457,976
Total funds
21
8 828,935
8,781,488
financial statements on pages 17 to 44 were approved by the trustees, and authorised for issue on
and Signed on their belialf by-
Reat. Admiral J S Weale CB OBE
Chair of the Tiustees
China Fleet Trust
The notes on pages 23 to 44 forn) an integral part of these fin8ncial statements.
Page 19

China Fleet Trust
(Registration number: 07100967)
Balance Sheet as at 31 May 2024
(As restated)
2023
2024
Note
Fixed Assets
Tangible assets
Investments
8,857,895
945,727
,661,332
943,797
9,605,129
12
9,803,622
Current assets
Debtors
Casli at bank and in hand
14
15
461,930
201,042
662,972
(1,246,064
295.371
374,067
669,438
Creditors: Amounts falling due within one ye2r
16
1,092,859
Net current IIAbllitles
583,092
(423,421
Tot81 assets less current IiAbilltles
9,220,530
427,958
8,792,572
9,181,708
436,583
8,745,125
Credltors: Amounts falllng due after more than one yeAr
17
Net Assets
Funds of the charlty:
Rtsti'icted Sneome funds
Restricted ￿ndS
21
311,193
323,512
Unrestrieted Income funds
Unrestricted ￿ndS
8,481,379
8,421,613
Total funds
21
,792,572
,745,125
In&ncial statements on pages 17 to 44 were approved by the trustees, and authorised for issue on
signed on their belialf by:
Rear
irdl J S Weale CB OBE
Chair of the Trustees
China Fleet Trust
The notes on pages 23 to 44 fom) an integral part of these financial statements.
Pacre 20

China Fleet Trust
Consolidated Statement of Cash Flows for the Year Ended 31 May 2024
(As reststed)
2023
2024
Note
C2sh flows from operating 2Ctivities
Net cash incomel(expenditure)
47,447
(225,710)
AdjllstmeDts to cash flows from non-C2sh iten
Depreciation
Investment income
Loss on disposal of tangible fixed assets
Loss on disposal of fixed assets held for the group's use
Revaluation of investments
397,129
(38,344)
82,444
351.691
(33,910)
47,582
1.492
44,797
(71,238)
417,438
185,942
Working capitsl adjustments
Increase in stocks
De¢rease in debto
In¢t'ease in creditors
Incre&se in deferred income
13
14
16
17
(27,095)
49,257
50,576
66,075
(28,795)
40,352
10,442
18,748
Net cash flows from operating activities
556,251
226,689
Cash flows from investing acthvltl¢s
Interest receivable and similar income
Purchase of tangible f￿ed assets
Purchase of investments
Sale of investments
38,344
(670,541)
(14,036)
83,344
33,910
(457,655)
(34,278)
li
12
12
Net cash flows from investing activities
562,889
(458,023)
Cash flows froxll financing aetivities
Value of new loans obtained during the period
Repayment of loans and borrowin&s
Repayment of capital element of finance leases and HP wntracts
Net cash flows from financing activities
91,921
(245,580)
4,186)
165,446
(222,002)
20,426
16
Is
(157,845)
(36,130
Net decrease iri cash and cash equiv21ents
(164,483)
846,215
(267.464)
Casli and cash equivalents at l June
1,113,679
Cash and cash equivalents at 31 May
681,732
846.215
All of the c&81] flows are derived from contlnuing operations during the above two periods.
The notes on pages 23 to 44 fonn an integral part of these financial statements.
Page21

China Fleet Trust
Statement of Cash Flows for the Year Ended 31 May 2024
(As restated)
2023
2024
Note
Cash flows from operating activities
Net cash incomel(expenditure)
47,447
(225,710)
Adjustments to cash flows from non-cash items
Depreciation
Investment income
Loss on disposal of tangible fixed assets
Revaluation of investtnents
Loss on disposal of fixed assets held for the charity's own use
391,534
(29.809)
82,444
(71,238)
346.097
(27,716)
47,590
44,797
1,492
12
420,378
186,550
Working eapital adjustments
Uncreaseydecrease in debtors
Increase in creditors
14
16
(166,559)
157,627
230,618
99,262
Net casli flows from operating activities
411,446
516,430
Cash flows from Investing activities
Interest receivable and similar income
Puirhase of tangible f￿ed assets
Purch&8e of investments
Sale of investtnents
29,809
(670,541)
(14,036)
83,344
27,716
(457,655)
(34278)
12
12
Net casli flows from investing activities
571,424)
464,217
Cash flows from fin2neing attivities
Value of new loans obtained during the period
Repayment of loans and bon'owings
Net cash flows from financing activities
Net (decreaseyincrease in cash 2nd cash equivaIents
Cash and cash equivalents at l June
91,921
(104,968
165,446
76,600)
16
(13,047)
88,846
(173,025)
374.067
141.059
233,008
Casli and cash equivalents at 31 May
201,042
374.067
All of the cash flows are derived from continuino operations during the above two periods.
The notes on pages 23 to 44 forni an integral part of these fmancial statements.
Page 22

China Fleet Trust
Notes to the Financial Statements for the Year Ended 31 May 2024
I Charity status
The charity is limited by guararEtee. incorporated in England and Wales, and consequently does not have share
capital. Each of the trustee is liable to contribute an atnount not exceeding £10 towards the assets of the charity
in the event of liquidation.
The address of its registered office is:
China Fleet Country Club
Saltash
Cornwall
PL12 6LI
2 Accounting policies
Summary of significant Acco￿￿ting policies and key YdCCOUllting estimatss
The prin¢ipai accounting policies applied in the preparation of these financial statements ait set out below.
These policies have been consistently applied to all the years presentsd, unless othenvise stated.
Statement of Compliance
The fmanciaI statements have been prepared in accordance with Accounting and Reporting by Charities:
Statement of Re¢ommended Practice (applicable to ¢harities preparing their accounts in accordance with the
FAnancial Reporting Standard applicable in tlie UK and Republic of Ireland (FRS 102)) (issued in O¢tober 2019)
- (Charities SORP (FRS 102)), tlie Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS 102) and the Companies Act 2006.
Basis of preparation
Chtna Fleet Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are
initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting
policy notes.
Basis of consolidation
The consolidated f￿anCIal ststements consolidate the financial statements of the charity and its subsidiary
undertakings drawn up to 31 May 2024.
No statement of financial activities is presented for the charity as petmitted by section 408 of the Companies
Act 2006. The charity made a profit after tsx ftjr the fmallcial year of £47,447 (2023 - loss of £225,710).
Page 23

China Fleet Trust
Notes to the Financial Statements for the Year Ended 31 May 2024
A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern
the financial and operating policies of an entity so as to obtain benefits from its activitie5.
The results of subsidiaries acquired or disposed of during the year are included in the statement of fInancial
activities from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where
necess2ry, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into
line with those used by tlie group.
The purchase method of accounting is used to account for busine&s combinations that result in the acquisition of
subsidiaries by the group. The cost of a business combination is measured as the fair value of tkne assets given,
equity instruments issued and liabilities incurred or assumed at the dats of exchange, plus costs directly
attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess
of the ¢ost of the business ¢ombination over the acquirer's interest in the net fair value of the identifiable assets,
liabilities and contingent liabilities recognised is recorded as goodwill.
tnter-company transactions, balances and unrealised gains on transactions between the charity and its
subsidiaries, which are related parties, are eliminated in full.
Iotra-group losses are also eliminated but may indicate an impainnent that requires recognition in the
consolidated financial statements.
Accounting policies of subsidiaries have been Changed where necessary to ensure consistency with the policies
adopted by the group. Non-controlling interests in the net assets of Consolidated subsidiaries are identified
sepaiately from the group's equity therein. Non-contsDlling interests consist of the amount of those interests at
the date of tlie original business combination and lh¢ non-controlling shareholder's share of changes in equity
since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if
this results in the nort-¢ontrolling interests having a deficit balance.
Going concern
The trustee consider that there are no material uncertainties about the group's ability to continue as a going
concern nor any significant areas of uncertainty tllat affect the carrying value of assets held by the group.
Page 24

China Fleet Trust
Notes to the Financlal Statements for the Year Ended 31 May 2024
Prior period errors
The accounts have been restated to inco￿01.ate the impact of ￿tIng errors in relation to the fixed asset itgister
where the enDTs related to the depreciation charged and disposals of tangible fixed assets which subsequently
impact the prior period's tangible fJxed asset balance and unrestricted designated fiu]d balances carried forward.
A breakdown of the irnpacted areas and restated bajances within the current yearfs financial statements are listed
below:
Summary of the prior year accounting impact
Tangible fixed assets land and buildings
Tangible fixed assets fixtures, fittings and equipment
Depreciation charge land and buildings
Depreciation charge fixtures, fittings and equipment
2023
Pre 2023
Tot21
(3,036) (86,784) (89,820)
(34,042) {139,639) (173,681)
3,036
3,036
34,042
34,042
Unrestricted designated fixed asset reserves impacts
{37,078) (226,423) (263,501)
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be
i'eceived and the amount of the income receivable ¢an be measui'ed reliably.
Grants receivable
Grants are recognised when the group has an entitlement to the funds and any conditions linked to the grants
have been met. Ivhere performance conditions are attaclied to the grant and are yet to be mel the income is
recognised as a liability and in¢luded on the balance sheet &s deferred income to be released.
Deferred income
Deferred income represents amounts received for future periods and is i'eleased to incoming i'esour¢es in the
period for which, it has been received.
Deferred income relates to memberships and events paid for in advance.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable
settlement is requu'ed and the amount can be measured reliably. All costs are allocated to the appllcablc
expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to
particular headings they have been allocated on a basis consistent with the use of Tesources. with central staff
costs allocated on the basts of time spent, and depreciation charges allocated on the portion of the 18set's use.
Other support costs are allocated based on the spread of staff costs.
Raisingfundy
These are costs incurred in attracting voluntary income. the management of investments and those incurred in
trading aGtivities that raise funds.
Page 25

China Fleet Trust
Not￿ to the Financial Statements for the Year Ended 31 May 2024
Cliaritable aclivilies
Charitable expendItL￿e comprises those costs incurred by the charity in the delivery of its activities and services
for its beneficiaries. It includes both costs that can be allocated directly to sucli activities and those costs of an
indirect nature necessary to support them.
Governance costs
These include the costs attributable to the Gharity's compliance with constitutional and statutory requirements,
including audit, strategic management and trustee's meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and
therefore it meets the definitton of a charitable company for UK corporation tsx pu￿Oses. Accordingly, the
charity is potentially exempt from taxation in r¢spe¢t of income or Capitat gains received within Gategories
covei'ed by Chapter 3 Part I l of the Corpoiation Tax Act 2010 or Section 256 of the T￿ation of Chargeable
Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible f]xed Assets
Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and
subsequent accumulated impaimient losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed &ssets so as to write off the cost or valuation, less any estimated
residual value, over their expected useful economi¢ life as follows:
Asset elass
Iand
Buildings
Fixtures, fittings and equipment
Motor vehicles, tractors & mowers
Plant & machinery
Depreciation method and rate
not depreciated
2.40/0 straight line
150/0- 33 % straight line
200/0 Straight line
16Yo Straight line
Business combinations
Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to
the financial statements of subsidiaries to bring the accounting policies used into line with those used by the
group. All intra-group ts'ansactions, balances, income and expenses are eliminated on consolidation. In
accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these fmallcial
statements in respect of business combinations effected prior to the date of transition.
Fixed asset investments
Fixed asset investments, other than programme related investments. are included at market value at the balance
sheet date. Realised gains 2nd losses on inveslments are calculated as the difference between sales proceeds and
tiieir market value at the start of the year, or thèir subsequent cosL and are cliarged oi" ¢redited to the Statement
of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values durina the year and are credited or
charged to the Statement of Financial AGtivities based on the market value at the year end.
Page 26

China Fleet Trust
Notes to the Financial Statements for the Year Ended 31 May 2024
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services perfornied in the ordinary
course of business.
Trade debtors are recognised Initially at the transaction price. They are subsequently measured at amortised cost
usin2 the effective interest method, less provision for impairment. A provision for the impairment of trade
debtors is established when there is objective evidence that the charity will not be able to collect ail amounts due
according to the original terms of the receivables.
Cash and cash equivalents
Casl) and cash equivalents Comprise on hand and call deposits, and other short-term highly liquid
investments that are readily convertible to a known amount of cosh and are subject to an insignificant risk of
¢hange in value.
Trade creditors
Ti'ade creditors are obligations to pay foi. goods or services that have been acqulltd in the ordinary ¢ourse of
business fiDm suppliers. Accounts payable are classified as CUiTent liabilities if the charity does not have an
unconditional right, at the end of t]ie reporting period. to defer settlement of the creditor for at least ttvelve
months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months
after the reporting date, they are presented as non<urrent liabilities.
Trade Creditors are recognised initially at the transaction price and subsequently me&sured at amortised cost
using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of tr8nsaction costs. Interest-bearing
borrowings are subsequently ¢￿Tled at amortised cost, witb the difference between the proceeds, net of
transaction costs, and the amount due on redemption being recognised as a charge to the Ststement of Financial
Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable
and similar charges.
Borrowings are classified as Cu￿ent liabilities unless the charity has an unconditional right to defer settlement of
the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income ft]nds are general fi]nds diat are available for use at the trustee's discretion sn ￿rthcrane4 of
the objectives of the gi'oup.
Designated funds are unrestricted funds that have been set aside by the trustees for particular purposes and the
use of each designated fund is set out in the notes to the financial statements.
Restricted income funds are those donated for use in a p￿tiCul￿. area or for specific purposes, the use of which
is restrACted to that area oi. puipose.
Page 27

China Fleet Trust
Notes to the Financial Statements for the Year Ended 31 May 2024
Financial instruments
Clagsificalion
The Group only has financial assets and financial liabilities of a kirkd that qualify as basic financial instruments.
Basic financial instruments are initially recognised at transaction price and subsequently measured at tkneir
settlement value with the exception of bank loans which are subsequently measured at amortised cost using the
effective interest method.
3 Income from donations and legacies
Unrestricted
funds
Geller81
Total
2024
Grants, including capital grants.
Grants from companies
4,406
4,406
4,406
4,406
Unrestricted
funds
General
Total
2023
Grants, including capital grants"
Grants from companies
14,650
14,650
14,650
14,650
4 Income from charitable activities
Unrestricted
funds
General
Total
2024
Direct charitable income from beneflciaries
1,272,892
1,272,892
Unrestrieted
funds
General
Total
2023
Dii'ect charitable income from benefjciaries
1,097,730
1,097,730
Page 28

China Fleet Trust
Notes to the Financial Statements for the Year Ended 31 May 2024
5 Investment income
Unrestricted
funds
General
Total
2024
Other investn]ent incozne
38,344
38,344
38,344
Unrestricted
funds
General
Totsl
2023
Other investment income
33,910
33,910
33,910
33,910
6 Expenditure on charltable activities
Unrestricted
funds
GenerAI
Restricted
funds
Total
2024
Depreciation, atnortisation and other
similar costs
Stsff Costs
Other operating charges
Governance costs
461,659
713,978
685,330
4,037
12.319
473,978
713,978
685,330
4,037
1,877,323
1,865,004
12,319
Un￿triCted
funds
General
RestrActed
funds
Total
2023
Depreciation, amortisation and other
similar costs
Staff costs
Other operating charges
Governance costs
381.368
602,830
637,475
13,948
12,319
393,687
602,830
637,475
13.948
1.635,621
12.319
1.647.940
Page 29

China Fleet Trust
Notes to the Financial Statements for the Year Ended 31 May 2024
7 Net incomingloutgoing resources
Net outgoing resources for the year include-.
2024
2023
Operating lease rentaIs
Audit fees
Other non-audit services
Loss on disposal of fixed assets held for the group's own use
Depreciation of fixed assets
147,530
4.024
12.476
82.444
397,129
235.504
4.260
11,370
47,582
351,691
8 Trustee remuneration and expenses
During the year, 2 Trustees (2023.. 2) received remuneration totalling £15,787 (2023.. £14.010) from China Fleet
County Club for their roles as non executive directors of the Charity's IOOO/a subsidiary) China Fleet County
Club Limited.
During the year, no trustees received any remuneration or other benefits from Chtna Fleet Trust (2023: 0).
During the year expenses totalling £3216 were reirnbursed to Trustees {2023.' £1,953).
9 Staff eosts
The aggregate payroll Costs were as follows".
Group
Charity
2024
2023
2024
2023
Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs
2,949,886
169,509
53.748
2,735,936
167,354
51,390
634,125
48,591
31,262
555,089
36,108
11,633
3,173,143
2,954,680
713,978
602,830
The Charity staff costs include a recliarge from the subsidiary company for managtng the facility in accordance
with the operating licence. Thesc costs were £655,308 (2023: £550,070) with actual Tiust staff costs of £58,670
(2023: £52,760)
Page 30

Chlna Fleet Trust
Notes to the Financial Statements for the Year Ended 31 May 2024
The monthly average number of persons (including senior management I leadership team) employed by the
group during the year was as follows:
2024
2023
Apartrnents
Golf
Leisure
Food and beverdge
Administration and establishment
26
24
19
77
62
49
Is
77
66
45
233
230
The nutnber of employees whose emoluments fell within the following bands was..
2024
2023
£60,001- £70,000
£70,001- £80,000
The total employee benefits of the key management personnel of the group were £397,564 (2023 - £385,281).
10 Taxation
The group is a registered charity and is therefore exempt from taxation.
Page31

China Fleet Trust
Notes to the Financial Statements for the Year Ended 31 May 2024
11 Tangible fixed Assets
Group and eharity
Land and
buildings
Furniture and
equipment
Plant and
machinery
Motor vehicles
Totsl
At l June 2023
Additions
Disposals
9,163,149
32,405
120,875
2,291,215
638,136
54,994)
84,531
27,972 11,566,867
670,541
(196,304
(20.435
At 31 May 2024
9,074,679
2,874,357
64,096
27,972 12,041,104
DepreciAtion
At l June 2023
Charge for the year
Eliminated on disposals
948,607
143,605
38,431
1,844,425
247,929
54,994)
84,531
10,256
5,595
2,887,819
397,129
(113,860
(20,435
At 31 May 2024
1,053.781
2,037.360
64,096
15,851
3,171,088
Net book value
At 31 May 2024
8.020.898
836,997
12,121
8,870.016
At 31 May 2023
8.214.542
446,790
17,716
8,679.048
The plant and machinery total above relates solely to China Fleet Country Club Limited. The remainder relates to the tru5L
The above disclosure includes a prior year adjustment as noted within the accounting policies on page 25. This adjustment has therefore resulted in a restatements of the
brought forward net book value of assetg totalling £263.501.
Page 32

China Fleet Trust
Notes to the Financial Statements for the Year Ended 31 May 2024
12 Fixed asset investments
Group
2024
2023
Other investments
944,727
942,797
Other inv£sttnents
Listed
investments
Total
Cost or Valuation
At l June 2023
Additions
Revaluation
Disposals
At 31 May 2024
942,797
14,036
71,238
(83,344)
942,797
14,036
71,238
83,344
944,727
944,727
Net book value
At 31 May 2024
944,727
944,727
At 31 May 2023
942,797
942,797
Page 33

China Fleet Trust
Notes to the Finaneial Statements for the Year Ended 31 May 2024
Charity
2024
2023
Shares in group undertakings and participating interests
Other investments
1.000
944.727
1,000
942,797
945,727
943.797
Shares in group undertakings and participating illter￿ts
SubsidiAry
undei'tAkiiigs
Total
Cost
At l June 2023
1,000
1,000
At 31 May 2024
1,000
1,000
Net book value
At 31 May 2024
1,000
1,000
At 31 May 2023
1,000
1,000
Other investments
Listed
Inv￿tMellts
Total
Cost or Valuation
At l June 2023
Revaluation
Additions
Disposals
942,797
71,238
l4,036
(83,344)
942,797
71,238
14,036
(83,344)
At 31 May 2024
944,727
944.727
Net book value
At 31 May 2024
944,727
944,727
At 31 May 2023
942,797
942.797
Page 34

China Fleet Trust
Notes to the Financial Statements for the Year Ended 31 May 2024
Details of undertakings
Details of the investtnents in which the ch2rity holds 20/0 or more of the norninal value of any class of share
capital are as follows-
Country of
incorporation
Proportion of voting rights
2nd shares held
Undertaking
Holding
2024
2023
Subsidiaiy undertakings
China Fleet County Club Limited
England & Wales
Ordinary
Subsidiaries
The profit for the financial period of China Fleet Country Club Limited was £446,415 (2023 . £226,920) and the
aggregate amount of Capital and reserves at the end of the period was £37,363 (2023 ', £37,363).
The principal activity of China Fleet County Club Limited is the provision of leisure facilities, golf, sp
accommodatior4 conferences and weddings.
13 Stock
Group
Charity
2024
2023
2024
2023
Raw materials
Finished goods
12,413
160,247
172,660
15,502
130,063
145,565
14 Debtors
Group
Charity
2024
2023
2024
2023
Ti'ade debtors
Due from gmup undertakings
Other debtors
18.024
18.167
446,415
15,515
226,920
68,451
122,097
140,121
171.211
189J78
461,930
295.371
15 Cash and cash eqllivalents
Group
Charity
2024
2023
2024
2023
Casli at bank
681,732
846,215
201.042
374,067
Page 35

China Fleet Trust
Notes to the Financial Statements for the Year Ended 31 May 2024
16 Ci'editoi's: amounts falling due within one year
Group
Charity
2024
2023
2024
2023
Bank loans
Trade creditors
Hire purchase and finance leases
Due to giDup undertakings
Other taxation and social security
Other creditors
Accruats
Deferred income
136,727
298.117
4,188
155.972
298,443
4,187
107,040
400
111,462
447
1,134,364
976,450
143,044
42.798
261451
623,299
101,390
50,213
245,788
557,224
4,260
4.500
1,510,624
1,413,217
1,246,064
1,092,859
Deferred income
2024
2023
Deferred income at l June 2023
Resources deferred in the period
Amounts released from previous periods
Deferred income at year end
557,224
623,299
557,224
538,476
557,224
538,476
623,299
557,224
Defe￿ed incorne relates to memberships and events paid in advance.
17 Creditors: amounts falling due after one year
Group
Charity
2024
2023
2024
2023
Bank loans
Hire purchase and finance leases
457,645
12.052
592,059
16.239
427,958
436,58)
469,697
608,298
427.958
436.583
Page 36

China Fleet Trust
Notes to the Financial Statements for the Year Ended 31 May 2024
18 Operating lease commitments
Operating lease Commitments
Total fvture minimum lease payments under non-cancellable operating leases are as follows:
Group
ChArity
2024
2023
2024
2023
Within one year
Between one and five Ye￿'S
147.530
398.532
256,657
558,429
546,062
815,086
19 Pension and other scbemes
The group operates a defined contribution pension scheme. The assets of the s¢heme are held separately from
those of the group in an independently administered fund. The pension cost charge represents contributions
payable by the group to the fund and amounted to £53,748 (2023: £51,390).
Conts'ibutions totalling £12.605 (2023: £10,871) were payable to the fund at the balance sheet date and are
incLuded in other creditors.
20 ContRngent liabilities
China Fleet Trust is in communication with H￿IRc regarding a routine VAT inspection following the raising of
an assessment of a previous VAT rethrn. HMTiC have indicated that the inspection may be extended to consider
later VAT rethrns submitted following the original assessment and that the assessment of these returns,
conclusion and outcome of such inspections will not be completed prior to the accounts filing deadline. At this
stage it is therefore impractical to detem)ine the outcome of such assessments or any financial implications.
Page 37

China Fleet Trust
Notes to the Financial Statements for the Year Ended 31 May 2024
21 Funds
Group
Other
recognised
gainsl(108ses)
Balance at I
June 2023
lucomiug
resollr¢
Resource5
expended
Balance At 31
May 2024
Transfers
Unrestricted funds
General
General Fund5
22,404
6,720,661
(6,513,875)
(229,190)
D￿ignated
Designated Funds
Freehold Property Reserve
942,797
7,492,775
29,809
(99,117)
328,307
71,238
944,727
7,573,015
8,517,742
(248,067)
248,067
8,435,572
29,809
229,190
71,238
Total unrestrieted funds
8,457,976
6,750,470
6,761,942
71,238
8,517,742
Restricted funds
LIBOR Grant- Capital
RNRMC Grant- Capital
31,496
292,016
(3,048)
(9,271)
28,448
282,745
Total restricted funds
323,512
(12,319)
311,193
Totsl funiL8
8,781,488
6,750,470
(6,774,261)
71,238
8,828,935
Page 38

China Fleet Trust
Notes to the Financial Statements for the Year Ended 31 May 2024
Other
recognised
g21DsI(losses)
Balance at I
June 2022
Incoming
ro50urces
Resources
expended
Balance at 31
May 2023
Transfers
Unrestricted funds
General
General Funds
120,000
6,322,935
(6,328,441)
(92,090)
22,404
Designaled
Designated Funds
Freehold Property Reserve
955,735
7,595.632
27,583
4.276
87,814
92,090
(44,797)
942,797
7,492,775
8,435,572
190,671)
(190,671)
8,551,367
27,583
44,797)
Total unrestricted funds
8,671,367
6,350,518
(6,519,112
(44,797)
8,457,976
Restricted funds
LtBOR GTant- Capital
RNRMC Grant- Capital
34,544
301,287
(3,048)
9,271
31.496
292,016
Totsl restricted fllnds
335,831
12,3 l9)
323,512
Total funds
9,007,198
6.350,518
(6,531,431)
44,797)
8,781,488
The above find note for the period 31 May 2023 includes prior year errors that have resulted in a restatement of the brought forward results reducing the Freehold Property
Reserve by £226.423 and subsequently has also resulted in an incTe&se to the resources expended in the year ending 3 1 May 2023 of £37,078 as noted on page 25 giving a
total reduction to the carried forward reserves of £263,501.
Page 39

China Fleet Trust
Notes to the Financial Statements for the Year Ended 31 May 2024
Charity
Other
recognised
g2inslOosse5)
Balance at I
June 2023
Incoming
rcsources
Resources
expended
Balance at 31
May 2024
Transfers
Unrestricted funds
General
General Funds
1,823,723
(1.616,937)
(206,786)
Designated
Designated Funds
Freehold Property Reserve
942,797
7.478,816
8,421,613
29,809
(98,117)
304,903
71.238
945,727
7,535.652
248,067)
(248,067)
29,809
206,786
71,238
8,481,379
Total unrestricted funds
8,421,613
1,853,532
(1,865,004
71,238
8,481,379
Restricted funds
LIBOR Grant- Capital
RNRMC Grant- Capital
31,496
292,016
(3,048)
(9,271)
28,448
282,745
Totsl réstricted funds
323,512
(12,319)
311,193
Total funds
8,745,125
1,853.532
(1.877,323)
71.238
8,792,572
Page 40

China Fleet Trust
Notes to the Financial Statements for the Year Ended 31 Illay 2024
Other
reeognised
gains/(losses)
Balance at I
June 2022
Incoming
r￿oUrceS
Resources
expended
Balance at 31
May 2023
Transfer5
Unrestricted funds
General
General Funds
83,637
1,439,444
(1,444,950)
(78,131)
Designatsd
Designated Funds
Freehold Propety Reserve
955,735
7,595,632
8,551,367
27,583
4,276
73,855
(44,797)
942,797
7,478,816
(190,671)
190,671
27,583
78,131
44,797
8,421,613
Total unrestricted funds
8,635,004
1,467,027
1,635,621)
(44,797)
8,421,613
Restricted fund5
LIBOR Grant - Capital
RNRMC GraTht- Capital
34,544
301287
(3,048)
9,271
31,496
292,016
Totsl restrieted funds
335,831
(12,319)
323,512
Total funds
8,970,835
1,467,027
1,647,940)
(44,797)
8,745,125
The above fjjnd note for the period 31 May 2023 includes prior year eTrors that have resulted in a restatement of the brouglit forward results reducing the Freehold Property
Reserve.b"y. £226,423 and subsequently has also resulted in an increase to"th"e Tesources expended in the year ending 31 May 2023 of £37.078 as noted on page 25 giving a
total reduction to the carried forward reserves of £263,501.
Page 41

China Fleet Trust
Notes to the Financial Statements for the Year Ended 31 May 2024
The specific purposes for which the funds are to be applied ate as follows:
Designated Funds - represents funds allocated for the replacemenL long tern] maintenance and improvements of
buildinos and equipment in line with the reserves policy.
Freehold Property Reserve - represents the net book value of the freehold property (excludinE amounts held in
restricted funds) less loans secui'ed agatnst the asset.
Restricted Funds represents LIBOR and RNRMC grant income that has been used in the refi￿bIS11rnent of
apartment blocks and refurbishment of changing rooms. The balance equals the net book value of the assets
purchased.
22 Analysis of net assets between funds
Group
Unrestricted
funds
General
Total funds at
31 MAY
2024
Restricted
funds
Tangible fjxed assets
Fixed asset investments
Cutrent assets
Current liabilities
Creditors over l year
8,558,824
944,727
994,513
(1,510,624)
(469,697
311,192
8,870,016
944,727
994,513
(1,510,624)
469,69
Total net assets
8,517,743
311,192
8,828,935
Unrestricted
funds
GenerAI
Total funds at
31 May
2023
Restricted
funds
Tarlgible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over l year
8,355,536
942,797
1,181,158
(1,413,217)
(608,298)
8,457,976
323,512
8,679,048
942,797
1,181,158
(1,413.217)
(608.298)
Total net assets
323.512
8,78l,488
Page 42

China Fleet Trust
Notes to the Financial Statements for the Year Ended 31 May 2024
Charity
Unro8tricted
funds
General
Total funds at
31 May
2024
Restricted
funds
Tangible r￿ed assets
Fixed asset investrnents
Current assets
Current liabilities
Creditors over l year
.546.703
945,727
662,972
(1,246,064)
(427,958)
311.192
8,857,895
945.727
662,972
(1,246.064)
(427,958)
Total net'assets
8,481,380
311,192
8,792,572
Unrestricted
funds
General
Total funds at
31 MAY
2023
Restricted
funds
Tangible fixed assets
Fixed asset investments
Cuffent assets
Current liabilities
Creditors over l year
Total net assets
8J37,820
943,797 .
669,438
(1,092,859)
436,583
323,512
,661,332
943,797
669,438
(1,092,859)
(436,583)
8,421,613
323,512
8,745,125
23 Analysis of net thnds
Group
Financing cash
flows
At31 May
2024
At l June 2023
Cash at bank atld in hand
Debt due within one year
Debt due afteT more than one year .
846,215
(160,159)
(608,298)
77,758
(L64,483)
19,244
138,601
681,732
(140,915)
(469.6971
Net debt
(6,638)
71,120
Finaneing e2sh.
flows
At 31 May
2023
At l June 2022
Cash at bank and in hand
Debt due within one year
Debt due after more than one year
1.113,679
(158.129)
646.458
(267,464).
(2,030)..
38,160
846215
(160.159)
(608.298
Net debt
309,092
(231,334
77.758
Page 43

China Fleet Trust
Notes to the Financial Statements for the Year Ended 31 May 2024
24 Related party trans2Ctlons
The Cliarity lias one l OOD/o owned subsidiary as detailed in note 12.
As this subsidiary is wholly owned by China Fleet Trus¢ the Charity ha8 taken advantage of the exemption
ontained in FRS 102 Se¢tion 33.IA not to disclose transactions or balances with entities which forni part of a
group.
Page 44