## **Neptune Sailing**
# **Annual Report & Financial Statements Year Ended 31[st] March 2021**
## **Registered Charity No 1148791 Company Registration No: 8012364**
The Neptune Hut Cat House Lane Woolverstone Ipswich Suffolk IP9 1AU
_**Neptune Sailing Annual Report at 31 March 2021**_
## **Trustees’ Report and Financial Statements**
## **Contents**
||**_Page_**|
|---|---|
|_Trustees and additional committee members_|2|
|_Trustees’ Annual Report_|3-4|
|_Chair’s Report_|5-6|
|_Review of Activities_|7|
|_Statement of Public Benefit_|8|
|_Review of the Transactions and Financial Position of the Charity_|9|
|_Independent Examiner’s Report_|10|
|_Income and Expenditure Account_|11|
|_Balance sheet_|12|
|_Accounting policies and Notes to the Accounts_
|13-15|
1
_**Neptune Sailing Annual Report at 31 March 2021**_
## **Neptune Sailing**
Registered Charity No 1148791 Company Registration No 8012364
## **Trustees**
Mick Leverett Chair Nigel Holmes Chief Instructor Neil McCarthy Property Robert Horn Child Protection & Funding Henry Stogdon RYA Principal
## **Additional Committee members**
Deborah Broadway Secretary Paul Butlin Treasurer Simon Harris Membership Secretary Melissa Fisher Christine Brooks
## _**Registered Office Address**_
The Neptune Hut Cat House Lane Woolverstone Ipswich Suffolk IP9 1AU
## _**Bankers**_
Co-operative Bank PLC PO Box 250, Delf House, Southway, Skelmersdale, WN8 6WT
2
_**Neptune Sailing Annual Report at 31 March 2021**_
## **Trustees’ Annual Report**
The Trustees, submit their annual report and the audited financial statements for the year ended 31 March 2021.
## **INFRASTRUCTURE**
Neptune Sailing is a charitable company limited by guarantee incorporated on 29 March 2012
## **Charitable Objectives**
The charity's objects ("objects") are specifically restricted to the following:
(1) the promotion of community participation in healthy recreation in particular by the provision of facilities for sailing, in particular dinghy sailing.
(2) to educate young people through the provision of sailing or sailing related activities and other training and so as to develop their physical, mental and social capabilities so that they may grow to full maturity as individuals and members of society and their conditions of life may be improved.
## **Organisation of the Charity**
The charity’s governing documents are the Memorandum and Articles incorporated 29 March 2012 as amended by special resolution registered at Companies House on 3 August 2012.
The Board of Trustees are also Directors for Company Law purposes as set out on page 2, governs it.
Board members give their time to the charity on a purely voluntary basis and the success of the charity is dependent on the efforts of its members and volunteers.
## **Method of Appointment of Trustees**
Trustees are nominated and elected in accordance with the Articles of Association.
New Trustees are provided with relevant information and training opportunities.
## **Governance and Internal Control**
The Trustees meet four times a year this includes the general committee meetings; this includes meetings to review the strategy and performance and to agree the operating plans and budgets. The trustees (only) hold a yearly meeting to agree accounts and set future objectives.
Company and charity law require the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statements, the Trustees have:
- selected suitable accounting policies and then applied them consistently;
- made judgements and estimates that are reasonable and prudent;
- prepared the financial statements on the going concern basis.
The Trustees have overall responsibility for ensuring that the charity has an appropriate system of controls, financial and otherwise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable
3
## _**Neptune Sailing Annual Report at 31 March 2021**_
them to ensure that the financial statements comply with the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that:
- the charity is operating efficiently and effectively;
- its assets are safeguarded against unauthorised use or disposition;
- proper records are maintained and financial information used within the charity or for publication is reliable; and
- the charity complies with relevant laws and regulations.
The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include:
- a strategic plan and an annual budget approved by the Trustees;
- regular consideration by the Trustees of financial results, variance from budgets, and nonfinancial performance;
- delegation of authority and segregation of duties;
- identification and management of risks.
The Trustees are pleased to report that the charity’s internal financial controls, in particular, conform with the guidelines issued by the Charity Commission.
4
_**Neptune Sailing Annual Report at 31 March 2021**_
## **Report from the Chair**
This report covers the ninth year of Neptune Sailing operating as a charitable company limited by guarantee.
## **Covid-19**
Unfortunately, the activities we had planned for the year, to achieve our ongoing objectives, had to be cancelled due to the Covid-19.
We were preparing to launch our craft when the outbreak of Covid-19 and lockdown, distancing, etc prevented any activity taking place.
The severity of actions required to comply with the regulations resulted in no activity at all in the centre taking place and subsequent total lock-down of all sailing, Marina activities, etc and sailing on the river were banned. It became apparent that this was not going to be a shortterm action and we agreed at a Zoom meeting that we would reluctantly have no activity for the whole sailing season.
A series of Webinars by the RYA also defined the national and NGB position. Regular publications confirmed our actions complied with RYA recommendations to comply with the regulations.
## **Effects of Covid-19 on Neptune**
## **Financial**
Neptune was unable to generate any income, which caused a real problem. We were fortunate in being able to obtain grants to compensate for loss of income. We had previously obtained a grant to purchase an RS Zest dinghy, which is still to be purchased. We hope to be able to order three in the near future.
Unfortunately, we had committed to our usual berths in the marina, as well as our insurances, both of which had been paid (the majority of our expense)
We are fortunate in having a reasonable financial position.
As our instructors are paid for their work related to specific courses this also helped
## **Personnel (instructors etc)**
The effect of being inactive for the complete season will cause problems to our ability to get back to the previous level of activities when we resume normal operations. Neptune has always trained the majority of instructors, by progression via Assistant Instructor from youth groups, and then progressing to a Dinghy Instructor course, usually for up to 12 students. The newly qualified instructors then join the instruction team. A year’s break in this progression will leave a large gap.
## **Neptune Youth Group**
Neptune youth group provides-
- Revenue
- Members have the opportunity to progress to Dinghy Instructor - our natural instructor resource
- Members and parents help us maintain our fleet and also join the committee
As we were unable to run any youth group activities, this will leave a large gap which we need to fill, hopefully with volunteers and instructors from other sources.
5
## _**Neptune Sailing Annual Report at 31 March 2021**_
## **Format of future sailing activities**
When we are able to resume activities, these might be for much smaller groups than our usual numbers. Also, we will have to prepare detailed risk assessments to address the requirements at the time
## **Conclusion**
In order to begin operations again, safety requirements will need to be addressed. In the ongoing very confused situation, as soon as the latest current clarification is received, detailed planning will be required. Government legislation and the RYA will both need to be addressed, including updated risk assessments, etc.
Mick Leverett
Chair of trustees
6
_**Neptune Sailing Annual Report at 31 March 2021**_
## **Review of Activities 2020 - 2021**
Neptune Sailing has a primary aim of increasing opportunities for young people to get afloat on the River Orwell, developing skills and understanding of sailing and working with other young people. Preparations for our season were completed at an early stage and our team was prepared for launching of our craft. Sadly, the outbreak of Covid-19 prevented any activity throughout the whole season and the launch event never took place as a result.
We were strongly supported by the RYA, which was a good source of advice and guidance regarding how centres could manage the pandemic, though it soon became apparent that our centre would not be able to manage our usual pattern of activity. Reluctantly, our management team decided to abandon activities for the season and any lingering hope of organising small-group, summer courses was lost.
Towards the end of the season it became apparent just how much our different groups had missed sailing at Woolverstone, but safety concerns took precedence and our sessions were cancelled.
Neptune was supported strongly by grants from various sources, and these were designated to be used to update our craft, initially through adding RS Zest dinghies to our fleet. We had committed to our usual berths in the marina early in the year, but were not able to use them as we had no courses planned.
Our Cheverton launch remained ashore at Pin Mill and we thank Gus and Sarah at Harry King’s boatyard for their continuing kind support.
Next season, we maintain hope that the Covid-19 situation will improve, and expect to get afloat again with all of our usual groups and individuals.
7
_**Neptune Sailing Annual Report at 31 March 2021**_
## **Statement of Public Benefit**
The objectives and review of achievements and performance sections of this report clearly set out the activities which Neptune Sailing undertakes for the public benefit.
The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the public benefit guidance published by the Commission in determining the activities undertaken by the Charity.
8
_**Neptune Sailing Annual Report at 31 March 2021**_
## **Review of the transactions and financial position of the charity**
The format of the financial statements and accounts is in accordance with the recommendations of the Statement of Recommended Practice for Charity Accounts.
## **Results for the period**
The Income and Expenditure Account shows a surplus for the year ended 31 March 2021 of £12,030 _(2019/2020) : £5,877 deficit)._ Taking into account the value of Sailing Vessels and Support Craft transferred to the company in 2012/13 there is a surplus on all unrestricted funds of £86,660 at 31 March 2021 _(2020 : £74,631)_ .
There were no restricted funds held in the year.
## **Financial position at balance sheet date**
The Board considers that the charity’s financial position at the balance sheet date is satisfactory.
## **Degree of financial dependency**
As mentioned above, the charity is dependent on the voluntary efforts of its members and volunteers. However, there is no significant degree of dependence on any single member or small group of members in respect of voluntary effort or financial contributions.
## **Political contributions**
The charity made no political contributions during the year.
## **Independent Examiner**
In accordance with the Charities Act 2011, the financial statements have been independently examined by Peter Dodd CTA.
## **By Order of the Board**
_**Signed**_
_**Date 28/12/2021**_
9
_**Neptune Sailing Annual Report at 31 March 2021**_
## **Independent examiner's report to the trustees of Neptune Sailing**
I report on the accounts of the Company for the year ended 31 March 2021.
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees (who are also the directors of the company for the purposes of company law) consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 386 of the Companies Act 2006;
- and to prepare accounts which accord with the accounting records comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
- have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## **Signed-**
_**PS Dodd CTA**_
**Date:-** 28/12/ 2021
**Address** _Gorilla Quay Estuary Road Shotley Gate Suffolk IP9 1PM_
10
_**Neptune Sailing Annual Report at 31 March 2021**_
## **Income and Expenditure Account Statement of Financial Activities**
|**_Notes_**
**_Incoming Resources_**
**Income**
Grants
_2_
Youth Group
Courses
Groups
Private bookings
Boat & Centre hire
Donations
Other Income
Interest
**TOTAL INCOME**
**_Resources Expended_**
**Expenditure**
Salaries & NI
3
Travel/subsistence
Lease
Building maintenance
Stationery
Marketing
Other office expenses
Safety Craft maintenance
General maintenance & equipment
Support craft fuel
Log books/certificates
First aid supplies
Radio/software/safety equipment
Sundry
Insurance
Mooring/lifting
Utilities
Food/beverages
Depreciation
**TOTAL EXPENDITURE**
**_Surplus/(deficit) for the year_**|**2020/2021**
**2019/2020**
**£**
**£**
29,854
3,250
0
3,220
0
27,194
0
12,811
0
0
0
0
0
0
204
1,232
0
0|
|---|---|
||30,058
47,707
0
24,075
0
44
900
1,350
120
212
O
O
270
116
0
0
146
1,837
140
9,291
0
863
0
807
0
0
98
271
931
270
4074
3750
6,210
6,080
118
333
0
55
5,020
4,230|
||18,028
53,584|
||12,030
(5,877)|
11
_**Neptune Sailing Annual Report at 31 March 2021**_
## **Balance Sheet**
|FIXED ASSETS
Sailing/support craft
CURRENT ASSETS
Cash at bank and in hand
Debtors
CURRENT LIABILITIES
Sundry Creditors
Income in advance
Net current assets
**Unrestricted Funds**
Surplus/(deficit) for year
Reserves brought forward
_Reserves carried forward_
Vessels donated
Net funds carried forward|**_Notes_**
_4_
_5_
_6_
_6_|**31 March 2021**
16,074
70,747
0
(161)
0
86,660
12,030
5,636
_17,665_
68,995
86,660|**31 March 2020**
21,094
46,003
7,693
(161)
0|
|---|---|---|---|
||||74,629|
||||(5887)
11,512|
||||_5,636_
68,995|
||||74,630|
These financial statements were approved by the Directors at the Management Committee meeting on 28/12/2021
Signed:-
Mick Leverett - Chair
12
_**Neptune Sailing Annual Report at 31 March 2021**_
## **Notes to the Accounts**
## 1 **Basis of Preparation**
- (a) The financial statements have been prepared under the historic cost convention, modified to include the revaluation of investments. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities and applicable UK Accounting Standards and the Charities Act 2011.
## (b) Fund Structure
Unrestricted Funds comprise those funds which the trustees are free to use in accordance with the charitable objects.
- (c) Income
The following accounting policies are applied to different categories of income:
- (i) Grants and Donations Receivable
- Grants and donations are recognised in the income and expenditure account when conditions for receipt have been complied with.
- (ii) Other income
- All other income that relates to the purpose of the Charity is recognized in the income and expenditure account in the period to which it relates. The majority of income is therefore recognized over the summer months at the start of the financial year which reflects the sailing season.
- (d) Expenditure
- Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
- (e) Depreciation
The boats donated to Neptune in 2013 were revalued in May 2013 with an increase in valuation of £3,995. The Trustees believe that this reflected the net realisable value of the assets donated at that time.
Depreciation is charged on an annual basis as follows:
**Dinghies** : depreciated on a straight line basis over 10 years
**Rescue/power boats:** depreciated on a straight line basis over 5 years **Outboard motors:** depreciated on a straight line basis over 4 years
13
_**Neptune Sailing Annual Report at 31 March 2021**_
## 2. **GRANT INCOME**
Grant income of £29,854 was received for the period.
This comprises Alton Water Sports grant of £9946.25 and Babergh Covid-19 grants of £10,000.00, £7811.43 and £2096.00
## **3. REMUNERATION OF TRUSTEES & OTHER [STAFF]**
During the year no trustees received remuneration from Neptune Sailing.
[The remuneration all related to services to deliver the objectives of the Charity.
Remuneration is paid in arrears for hours actually worked delivering services to the Charity via a timesheet process. The rate of remuneration payable is agreed by the Trustees annually.]
## **4. FIXED ASSETS**
|Opening balance @31stMar 2020
Depreciation charged in year
Additions
Disposals
Net book value @ 31st Mar 2021|**_Dinghies_** **_Safety_**
**_Boats and_**
**_Trailers_**
**_Engines_**
**_Total_**
**£**
**£**
**£**
**£**
20,923
172
0
21,095
4,962
58
-
5,020
-
-
-
-
-
-
-
-|
|---|---|
||15,961
114
0
16,075|
## **5. DEBTORS**
|
Prepaid mooring fees
Insurance (directors’) in adv
Lease payments|**31/03/2021**
£
0
0
0
0|**31/03/2020**
£
6,210
582
900|
|---|---|---|
|||7,692|
14
_**Neptune Sailing Annual Report at 31 March 2021**_
## **6. CREDITORS**
|**_Sundry Creditors_**
First aid supplies
Alice McCleod Scott fees
**_Income in Advance_**
Youth Group
Courses
Groups|**31/03/2021**
**£**
101
60
161
**31/03/2021**
**£**
-
-
-
0||**31/03/2020**
**£**
101
60|
|---|---|---|---|
||||161|
||||**31/03/2020**
**£**
-
-
-|
||||0|
15