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2023-03-31-accounts

Charity registration number: 1153281

NOBLE CALEDONIA CHARITABLE TRUST

ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2023

NOBLE CALEDONIA CHARITABLE TRUST

CONTENTS
Page
Trust information 1
Trustees
report		 2
Independent report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8

NOBLE CALEDONIA CHARITABLE TRUST

TRUST INFORMATION

Trustees A. Cochrane (Chair) P. Le Noury K. Crosbie L. Cochrane P. Hinchliffe S. R. McColgan K. Salen C. A. Cookson Charity number 1153281 Address 2 Chester Close, London, SW1X 7BE.

Website www.noble-caledonia.co.uk/about-noble-caledonia/about-us/responsibletravel/noble-caledonia-charitable-trust/

Accountants

F. W. Smith, Riches & Co. Chartered Accountants 15 Whitehall, London, SW1A 2DD.

Bankers

CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ.

Page 1

NOBLE CALEDONIA CHARITABLE TRUST

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their report together with the financial statements of the Trust for the year ended 31 March 2023. The report and financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust

Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102).

Legal and charitable status

The Trust is constituted under a trust deed dated 1 May 2013 and is a registered charity (no.1153281).

Trustees

The Trustees at the date of this report and those who served during the year are set out on page 1.

The Trustees met twice during the year.

The Trust is administered by the Trustees and the Trustees have the power to appoint other Trustees under the trust deed. Trustees must serve for a minimum period of 4 years.

New Trustees are provided with a copy of the T trust deed, the latest financial statements and are briefed .

Each year the Trustees review a range of applications for support, received from the staff and passengers of Noble Caledonia Limited. They also consider longer term commitments and respond to world events as they occur such as war, earthquakes, hurricanes, famines and diseases.

Objects

The objects of the Trust are:

Review of achievements and performance

During the year to 31 March 2023, the Trust continued to pursue its charitable objectives and made a number of grants to charities, NGOs and individuals to achieve this.

This support included continuing with the penultimate instalment of a five-year commitment to the inspirational charity Future Hope supporting street children in Kolkata.

Closer to home, additional support was given to the Mission to Seafarers, the United Kingdom Antarctic Heritage Trust and the National Trust for Scotland for the St Kilda pier.

In addition, The Trust made a one-off extraordinary support effort to provide relief and assistance to those affected by the conflict in Ukraine.

Page 2

NOBLE CALEDONIA CHARITABLE TRUST

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023

Financial review

The Trust received generous support this year with donations increasing to £301,569 (2022: £35,301). As a result, the Trustees were able to provide funds for the relief of victims of the war in the Ukraine and to support both continuing and new projects.

The policy of the Trust is to make grants to other charities, NGOs and individuals. An analysis of the grants made is given below (further details are given in note 7 to the financial statements):

Relief of victims of war and natural disasters
Relief of sickness and preservation of health
Education
Conservation projects		 2023
£
249,446
750
802
9,571
260,569		 2022
£
2,500
34,512
1,000
4,761
42,773

Plans for future periods

The Trust aims to continue to support causes throughout the world with a particular emphasis on locations visited by the passengers of Noble Caledonia Limited.

Risk management

The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and is satisfied that systems are in place to mitigate the exposure to the major risks.

Reserve policy

The Trustees have examined the requirement for free reserves, which are unrestricted reserves, and consider it appropriate to have a level of reserves which will enable the Trust to continue a range of giving for at least the next year. The Trustees regularly review the level of reserves of the Trust to ensure that they are adequate to fulfil the Trust's objectives.

The Trust reported a net increase in reserves for the year of £34,914. As shown on page 6, at 31 March 2023 the free unrestricted reserves were £32,068 and the restricted reserves were £13,344.

Public benefit

The Trustees have objectives and in determining its grant making policy. The Trustees consider that all of the objectives detailed in this report are there in order to benefit the public and that it has complied with the duty in section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

Page 3

NOBLE CALEDONIA CHARITABLE TRUST

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023

Statement of Trustees responsibilities

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, including the income and expenditure, of the Trust for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

By order of the Trustees

K Crosbie Trustee

23 January 2024

Page 4

NOBLE CALEDONIA CHARITABLE TRUST

INDEPENDENT

REPORT TO TRUSTEES OF NOBLE CALEDONIA CHARITABLE TRUST

I report to the T Trust and related notes.

This report is made solely to the Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Trust and the Trust Trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the Trustees of the Trust you are responsible for the preparation of the financial statements in accordance

and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a statement.

Since the T 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Daniel Crawford Chartered Accountant

F. W. Smith, Riches & Co 15 Whitehall London SW1A 2DD

23 January 2024

Page 5

NOBLE CALEDONIA CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Note
Income
Donations and gift aid
3
Expenditure
Costs of raising funds:
Cost of generating voluntary
income
4
Charitable activities:
Grants payable
7
Total expenditure
Net movement in funds for the
Year
11
Fund balances brought forward
11
Fund balances carried forward
11		 2023
Unrestricted
funds
£
36,473
1,265
13,053
14,318
22,155
9,913
32,068		 2023
Restricted
funds
£
265,096
456
251,881
252,337
12,759
585
13,344		 2023
Total
funds
£
301,569
1,721
264,934
266,655
34,914
10,498
45,412		 2022
Total
Funds
£
35,301
2,051
44,886
46,937
(11,636)
22,134
10,498

Page 6

NOBLE CALEDONIA CHARITABLE TRUST

BALANCE SHEET AS AT 31 MARCH 2023

Note
Current assets
Debtors
8
Cash at bank and in hand
Creditors: amounts falling due within one year
9
Net current assets
Creditors: amounts falling due after more than one year
10
Net assets
Funds:
Unrestricted funds
11
Restricted funds
11
Total Funds		 2023
£
5,383
51,779
57,162
(11,750)
45,412
-
45,412
32,068
13,344
45,412		 2022
£
3,078
21,081
24,159
(6,911)
17,248
(6,750)
10,498
9,913
585
10,498

The financial statements on pages 6 to 15 were approved and authorised for issue by the Trustee on 23 January 2024 and were signed on its behalf by:

K. Crosbie Trustee

Page 7

NOBLE CALEDONIA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting policies

1.1 Basis of preparation of financial statements and assessment of going concern

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP FRS 102, second edition), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Charities (Accounts and Reports) Regulations 2008

Recommended Practice applicable to charities preparing their accounts in accordance with the Financial

rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Trust qualifies as a small charity and has therefore taken advantage of the exemption in FRS 102 not to prepare a statement of cash flows.

The Trust constitutes a public benefit entity as defined by FRS 102.

The Trustees consider that there are no material uncertainties about the Trust a going concern.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Trust's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2.

1.2 Income recognition

All income is recognised once the Trust has entitlement to the income, it is probable that income will be received and the amount of income receivable can be measured reliably. The following criteria must also be met before income is recognised:

Donations and gifts

Donations and gifts are recognised when both the amount and settlement date are known.

1.3 Donated services

Donated professional services are recognised as income when any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Trust of the item is probable and the economic benefit can be measured reliably. On receipt, donated professional services are recognised on the basis of the value of the gift to the Trust which is the amount the Trust would have been willing to pay to obtain services of equivalent economic benefit on the open market; a corresponding amount is then recognised in the period of receipt.

Page 8

NOBLE CALEDONIA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting policies (continued)

1.4 Resources expended

Expenditure is recognised in the period when there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.

1.5 Charitable activities

Costs of charitable activities include grants made and an apportionment of support and governance costs is shown in note 7.

1.6 Allocation of support and governance costs

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulation and good practice.

Governance costs and support costs relating to charitable activities have been apportioned in proportion to the amounts granted from unrestricted funds. The allocation of support and governance costs is analysed in note 6.

1.7 Funds

Unrestricted funds

Unrestricted funds are funds that the Trustee is free to use for any purpose in furtherance of the charitable objects.

Restricted funds

Restricted funds are funds, which have legal restrictions on their use, where donors have specified the funds can only be spent on specific activities.

1.8 Foreign currency translation

The functional and presentation currency is the pound sterling.

1.9 Financial instruments

The Trust has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Debtors

Debtors are initially recognised at transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses.

Creditors

Creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Page 9

NOBLE CALEDONIA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting policies (continued)

1.9 Financial instruments (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.10 Taxation

H. M. Revenue & Customs has granted the Trust charity exemption and thus it is exempt from taxation.

1.11 Comparatives

The Trust prepared its financial statements for the years ended 31 March 2021 and 31 March 2022 on a receipts and payments basis. The comparatives in these financial statements have therefore been restated to an accruals basis. The impact of this restatement has been to reduce unrestricted funds as at 1 April 2021 by £30,095 and to increase restricted funds by £50. The impact on the comparatives for the year to 31 March 2022 has been to reduce grants payable by £15,750 and increase donations receivable by £3,873 and fundraising costs by £161.

2. Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements management are required to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from these estimates. Whilst management have made judgements, estimates and assumptions in preparing the financial statements, they consider that these have not had a significant effect on amounts recognised.

3. Donations and gift aid

Donations including gift aid
Donated services		 2023
Unrestricted
funds
£
33,473
3,000
36,473		 2023
Restricted
funds
£
265,096
-
265,096		 2023
Total
funds
£
298,569
3,000
301,569		 2022
Total
Funds
£
34,301
1,000
35,301

In 2022 restricted donations amounted to £26,953.

Page 10

NOBLE CALEDONIA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4. Cost of generating voluntary income

Charity Aid Foundation charges
Competition prizes
Jigsaws		 2023
Unrestricted
funds
£
146
1,119
-
1,265		 2023
Restricted
funds
£
-
456
-
456		 2023
Total
funds
£
146
1,575
-
1,721		 2022
Total
Funds
£
-
161
1,890
2,051

In 2022 the cost of generating voluntary income for restricted funds was £nil.

5.

No Trustee remuneration was paid during the year (2022: £nil). Expenses of £161 (2022: £53) were reimbursed to one (2002: one) Trustee during the year for travel costs and prizes purchased for the Trust.

6. Allocation of governance and support costs

An

(donated service)
indemnity insurance
Bank charges
Printing and postage
Travel		 Governance
costs
£
3,000
314
957
-
-
4,271		 Support
costs
£
-
-
-
94
-
94		 Total
2023
£
3,000
314
957
94
-
4,365		 Total
2022
£
1,000
565
195
300
53
2,113

Costs where directly attributable to an activity are allocated to that activity. Where a cost is not directly attributable it is allocated initially to support costs. Subsequently support costs and governance costs are allocated on a basis consistent with the use of resources. All support and governance costs are allocated grants payable (see note 7).

All governance and support costs were incurred from unrestricted funds.

Page 11

NOBLE CALEDONIA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. Grants payable

Grants to institutions
Margareta of Romania Royal Foundation
National Trust for Scotland
St Kilda pier
UK Antarctic Heritage Trust
Hands Up Foundation - Syria Earthquake
Just Giving Malawi School Project
The Mission to Seafarers
Future Hope (UK)
Macmillan Cancer Support
Blue Ventures
Disasters Emergency Committee
Typhoon appeal
Mith Samlanh
Cambodia
Seed Madagascar
Buckland Park Playground Association
Seychelles Islands Federation
Big Give Trust
Solent NHS Charity
The Ahoy Centre
National Information System and
Document Centre
Dominican Republic
The National Trust
Grants to individuals*
Relief and assistance for victims of the
Ukrainian conflict
Governance and support costs (note 6)		 2023
Unrestricted
funds
£
-
5,000
1,344
1,000
550
500
44
250
-
-
-
-
-
-
-
-
-
-
-
8,688
-
8,688
4,365		 2023
Restricted
funds
£
32,327
-
3,083
-
-
-
208
-
144
100
-
-
-
-
-
-
-
-
-
35,862
216,019
251,881
-		 2023
Total
funds
£
32,327
5,000
4,427
1,000
550
500
252
250
144
100
-
-
-
-
-
-
-
-
-
44,550
216,019
260,569
4,365		 2022
Total
funds
£
-
719
-
-
-
-
3,012
-
-
-
13,000
13,000
4,000
3,395
2,500
1,500
1,000
397
250
42,773
-
42,773
2,113
13,053 251,881 264,934 44,886

In 2022 grants payable of £31,188 were made from restricted funds.

Page 12

NOBLE CALEDONIA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. Grants payable (continued)

7.
Grants payable (continued)
Analysis of grants:
Relief of victims of war and natural disasters
Relief of sickness and preservation of health
Education
Conservation projects
Allocated costs
8.
Debtors
Gift aid receivable
9.
Creditors: Amounts falling due within one year
Grants payable
Accruals
10.
Creditors: Amounts falling due after more than one year
Grants payable
11.
Funds
Unrestricted
Funds
£
At 1 April 2022
9,913
Net movement in funds in year
22,155
At 31 March 2023
32,068		 2023
£
249,446
750
802
9,571
4,365
264,934
2023
£
5,383
2023
£
11,750
-
11,750
2023
£
-
-
Restricted
Funds
£
585
12,759
13,344		 2022
£
2,500
34,512
1,000
4,761
2,113
44,886
2022
£
3,078
2022
£
6,750
161
6,911
2022
£
6,750
6,750
Total
Funds
£
10,498
34,914
45,412

Page 13

NOBLE CALEDONIA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. Funds (continued)

Analysis of net assets between funds

Current assets
Current liabilities		 Unrestricted
Funds
£
43,818
(11,750)
32,068		 Restricted
Funds
£
13,344
-
13,344		 Total
Funds
£
57,162
(11,750)
45,412

12. Restricted funds

Restricted Fund
Fund for victims of the Ukrainian conflict
Fund for refugees from the Ukrainian
conflict
Antarctic heritage fund
Other funds		 Balance
Incoming
Resources
Balance
brought
resources
expended
carried
forward
forward
£
£
£
£
-
223,588
(216,019)
7,569
-
37,988
(32,784)
5,204
-
3,082
(3,082)
-
585
438
(452)
571
585
265,096
(252,337)
13,344

The fund for victims of the Ukrainian conflict provides assistance to individuals who are victims of the war in Ukraine.

The Fund for refugees from the Ukrainian conflict provides assistance to institutions that support refugees from the Ukraine.

The Antarctic s Damoy Hut project.

13. Commitments

The Trust had the following commitments at 31 March 2023. Commitments will be funded from future donations or from reserves, where necessary, as they fall due:

2023 2022
£ £
Within 1 year 8,700 -

The commitments are to be funded from unrestricted funds.

Page 14

NOBLE CALEDONIA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. Related party disclosures

The Trust has no controlling party.

The aggregate amount of donations received from related parties without conditions was £223,886 (2022: £490).

Page 15