REGISTERED CHARITY NUMBER: 1153623
Report of the Trustees and
Audited Financial Statements for the Year Ended 5th April 2025
for
Reardon Smith Nautical Trust
Reardon Smith Nautical Trust
Contents of the Financial Statements for the Year Ended 5th April 2025
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Report of the Independent Auditors | 4 to 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 13 |
| Detailed Statement of Financial Activities | 14 |
Reardon Smith Nautical Trust
Report of the Trustees for the Year Ended 5th April 2025
The trustees present their report with the financial statements of the charity for the year ended 5th April 2025. The trustees have adopted the provisions of 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 Republic of Ireland (FRS 102) (effective 1 January 2019).
Objectives and activities
Objectives and aims
The object of the CIO is the advancement of education of young persons up to the age of 25, resident in Wales and in the County of Devon, in particular (but not limited to) those resident in the City and County of Cardiff, including, but so as not to limit the foregoing, by payment of grants, scholarships, exhibition and bursaries to individuals to attend recognised nautical or maritime courses relating to shipping, maritime law and commerce, navigation, sailing, oceanography and marine related environmental issues, in particular those which afford such individuals first hand practical experience of being at sea, whether such courses be offered within any part of the United Kingdom or abroad.
Significant activities
The organisation achieved its objective for the year by finding suitable candidates for financial assistance. The process of identifying providers of courses continued, the participants of which could meet the organisation's criteria for financial assistance. Awards of £208,861 were made in the year. A full list of awards paid is given in the notes of the statutory financial statements.
Public benefit
We will review our aims, objectives and activities each year. This review will look at what we achieved and the outcomes of our work in the previous twelve months. The review will also help us ensure our aims, objectives and activities remain focused on our stated objectives. We will refer to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities thus ensuring that it continues in its purpose in the advancement of education of young persons up to the age of 25, by payment of grants, scholarships, exhibitions and bursaries to individuals to attend recognised nautical or maritime courses.
Grantmaking
Grants are made to those individuals who apply to the trustees for financial support. Although grant payments are accounted for in the year of payment, liability by the applicant to repay the grant remains until the trustees are satisfied that the criteria have been met. As a result of this requirement the liability is not recognised until satisfactory reports are received.
Grants are also paid through sail training providers such as Island Trust and Challenge Wales, and through higher and further education bodies such as Pembroke college and the Military Preparation Training College.
Financial review
Principal funding sources
The investment portfolio and monies deposited with banks and building societies provided the Trust with a total income for the year of £125,549 (2024: £129,743). After making awards of £208,861 (2024: £155,974), and incurring direct costs of £21,221 (2024: £24,267) including support costs of £2,781 (2024: £2,928), the charity reported an unrestricted operating deficit of £104,533 (2024: deficit £50,498).
After taking into account the costs of running the portfolio and the net gains/(losses) on investments a deficit of £210,764 (2024: surplus £71,648) has been made.
This can be broken down between unrestricted funds which have decreased from £273,051 to £168,518 and the Endowment fund which have decreased from £2,927,227 to £2,820,996.
Unrestricted funds are represented by fixed asset investments of £114,699, current assets of £56,599 and current liabilities of £2,780. The Endowment fund is fully represented by fixed asset investments.
Investment policy and objectives
The investments are managed by professional managers. The portfolio is structured to provide income to meet the objectives of the Charity and to achieve capital growth. The investment performance has made a realised surplus of (£8,355) (2024: £8,355) at the balance sheet date reflecting the current state of the Financial Markets.
At the year end the value of the portfolio was £2,935,695 (2024: £3,168,187).
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Reardon Smith Nautical Trust
Report of the Trustees for the Year Ended 5th April 2025
Financial review
Reserves policy
The reserves policy of the organisation recognises the need to hold reserves to ensure funds are available to continue the payment of grants and scholarships to individuals to attend recognised nautical or maritime courses should the level of applications received be greater than the incoming resources in any one year. The trustees are mindful of their obligation under their own policies and procedures to ensure the applications received are genuine and have recognised the possibility of bogus applications as part of their risk policy. The timing, therefore of processing applications may mean that the number of grant payments in any one accounting period is greater than the incoming resources, which are restricted to the investment income generated from the capital held in the permanent endowment fund. Each year the level of investment income is affected by changes in interest rates, general market conditions and the endowment capital is affected by an annual re-valuation and by gains and losses arising from disposals. Also, a minimum level of reserves needs to be retained to ensure the trustees can operate their exit strategy and meet all legal and other commitments should the Charity be unable to continue for what ever reason.
Future plans
The objectives for 2025/26 will be the provision of financial assistance, within the principal objects of the Constitution, and to expand the data base from which selections are made.
Structure, governance and management Governing document
The charity is controlled by its constitution being a constitution of a Charitable Incorporated Organisation (CIO) whose only voting members are its charity trustees as listed below.
Recruitment and appointment of new trustees
The trustees will appoint new trustees when necessary. New trustees will be drawn from the business and education Community to ensure the appropriate skills available. There must be a minimum of 3 and no more than 8 trustees.
Organisational structure
The trust is managed by the trustees who delegate the day to day administration to the Secretary/Administrator, who meets the trustees regularly throughout the year when decisions are made.
Induction and training of new trustees
The Secretary/Administrator operates the policy of induction. Appropriate training will be provided to new trustees either by the Secretary/Administrator or other appropriate persons.
Reference and administrative details Registered Charity number
1153623
Principal address
c/o FoxSE Consultancy Cardiff House Cardiff Road BARRY Vale of Glamorgan CF63 2AW
Trustees
Christopher Davies (resigned 24.9.2024) Gareth Rees Charles Reardon Smith John Reardon Smith Katherine Williams Terry Lewis Steve Berry Nick Toye (appointed 24.9.2024) Neil Pugh (appointed 24.9.2024)
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Reardon Smith Nautical Trust
Report of the Trustees for the Year Ended 5th April 2025
Reference and administrative details Auditors
Menzies LLP, Statutory Auditors 5th Floor Hodge House 114-116 St Mary Street Cardiff CF101DY
Bankers
Santander Corporate Banking 9 Queen Street Cardiff CF10 2UD
Solicitors
Geldards LLP Dumfries House Dumfries Place Cardiff CF10 3ZF
Stockbrokers
W H Ireland 13 Ravine Road Canford Cliffs Poole BH13 7HS
Trustees' responsibility statement
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires 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 incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
............................................................................... Charles Reardon Smith - Trustee
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Report of the Independent Auditors to the Trustees of Reardon Smith Nautical Trust
Opinion
We have audited the financial statements of Reardon Smith Nautical Trust (the 'charity') for the year ended 5th April 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 5th April 2025 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity'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 trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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Report of the Independent Auditors to the Trustees of Reardon Smith Nautical Trust
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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 arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial statements of the charity. These are reviewed internally with the audit team including relevant industry experience and expectations as well as externally with the client management. The key laws and regulations we considered in this context were the Charities SORP, Charities Act 2011 and relevant tax legislation.
Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities, including fraud and adjust our testing accordingly. Our audit procedures include:
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Discussing with Trustees and management which areas of the business they believe to be more susceptible to fraud, and whether they have any knowledge or suspicion of fraudulent activities;
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Assessing the risk of management override, including the procedures of the Trustees over assessment of applications prior to acceptance.
Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and by their very nature, any such instances of fraud or irregularities likely to involve collusion, forgery, intentional misrepresentation, or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Menzies LLP, Statutory Auditors 5th Floor Hodge House 114-116 St Mary Street Cardiff CF101DY
Date: .............................................
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Reardon Smith Nautical Trust
Statement of Financial Activities for the Year Ended 5th April 2025
| Notes Income and endowments from Investment income 2 Expenditure on Raising funds 3 Charitable activities 4 Grants payable Direct costs Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 125,549 - 208,861 21,221 230,082 - (104,533) 273,051 168,518 |
Endowment fund £ - 20,269 - - 20,269 (85,962) (106,231) 2,927,227 2,820,996 |
2025 Total funds £ 125,549 20,269 208,861 21,221 250,351 (85,962) (210,764) 3,200,278 2,989,514 |
2024 Total funds £ 129,743 20,270 155,974 24,267 200,511 142,416 71,648 3,128,629 3,200,277 |
|---|---|---|---|---|
Continuing operations
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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Reardon Smith Nautical Trust
Balance Sheet 5th April 2025
| Notes Fixed assets Investments 9 Current assets Debtors 10 Cash at bank Creditors Amounts falling due within one year 11 Net current assets Total assets less current liabilities NET ASSETS Funds 12 Unrestricted funds Endowment funds Total funds |
Unrestricted funds £ 114,699 2,670 53,929 56,599 (2,780) 53,819 168,518 168,518 |
Endowment fund £ 2,820,996 - - - - - 2,820,996 2,820,996 |
2025 Total funds £ 2,935,695 2,670 53,929 56,599 (2,780) 53,819 2,989,514 2,989,514 168,518 2,820,996 2,989,514 |
2024 Total funds £ 3,168,186 3,830 42,164 45,994 (13,903) 32,091 3,200,277 3,200,277 273,051 2,927,226 3,200,277 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Charles Reardon Smith - Trustee
The notes form part of these financial statements
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Reardon Smith Nautical Trust
Notes to the Financial Statements for the Year Ended 5th April 2025
1. Accounting policies
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
Incoming resources relate to the investment income from the permanent endowment and are treated as unrestricted funds to meet the costs of the trust in furtherance of its objects. Any other income is recognised in the accounting period to which it relates.
Expenditure
Liabilities are recognised when the trust is committed to the expenditure. All costs in furtherance of the objectives of the trust are set against the income, except for expenditure relating to the permanent endowment, which include charges levied by the investment managers and realised and unrealised gains or losses arising of the fund. The costs incurred include irrecoverable VAT.
Grants are made to those individuals and organisations who apply to the trustees for financial support. Although grant payments are accounted for in the year of payment, liability by the applicant to repay the grant remains until the trustees are satisfied that the criteria have been met. As a result of this requirement the liability is not recognised until satisfactory reports are received.
Grants are paid through sail training providers, colleges and universities these include Island Trust, Challenge Wales, Atlantic Pacific, Pembroke College and the Military Preparation Training College.
Governance costs
Governance costs include costs of the preparation and examination of the statutory accounts, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Investments
The investments are managed by professional managers. The portfolio is structured to provide income to meet the objectives of the trust and to achieve capital growth. The investment performance has achieved both capital growth and an income stream to enable the trust to achieve its objectives.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months of less.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year and recorded at transaction price. Any losses arising from impairment are recognised in the statement of financial activities.
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Reardon Smith Nautical Trust
Notes to the Financial Statements - continued for the Year Ended 5th April 2025
2. Investment income
| 2025 £ Income from listed investments 124,788 Deposit account interest 761 125,549 Raising funds Investment management costs 2025 £ Portfolio management 20,269 Charitable activities costs Grant funding of activities Support Direct (see note costs (see Costs 5) note 6) £ £ £ Grants payable - 208,861 - Direct costs 18,440 - 2,781 18,440 208,861 2,781 Grants payable 2025 £ Grants payable 208,861 The total grants paid to institutions during the year was as follows: 2025 £ Atlantic College 5,000 Cardigan Bay Water Sports 13,892 Challenge Wales 110,500 Island Trust 35,000 Cardiff Bay Yacht Club - Atlantic Pacific 10,000 Pembroke college 8,000 St Illtyds 4,994 RYA Cymru - Military Preparation Training College - Military Preperation Training College Power Boat 13,860 201,246 |
2024 £ 128,678 1,065 |
2024 £ 128,678 1,065 |
|---|---|---|
| 129,743 | ||
| 2024 £ 20,270 Totals £ 208,861 21,221 |
2024 £ 20,270 |
|
| 230,082 | ||
| 2024 £ 155,974 |
||
| 2024 £ 2,000 - 40,500 52,750 3,700 10,000 6,000 4,920 9,000 10,000 11,204 |
||
| 150,074 |
3. Raising funds
Investment management costs
4. Charitable activities costs
5. Grants payable
The total grants paid to institutions during the year was as follows:
The total grants paid to individuals during the year was £7,615 and was made to four people (2024 : total paid £5,900 to two people).
In order to meet immediate and crucial needs to enable their activities to continue, it was discussed and agreed to award a higher grant to Challenge Wales this year.
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Reardon Smith Nautical Trust
Notes to the Financial Statements - continued for the Year Ended 5th April 2025
6. Support costs
| Support costs | ||
|---|---|---|
| Governance | ||
| costs | ||
| £ | ||
| Direct costs | 2,781 | |
| Support costs, included in the above, are as follows: | ||
| 2025 | 2024 | |
| Direct | Total | |
| costs | activities | |
| £ | £ | |
| Auditors' remuneration | 2,781 | 2,928 |
7. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 5th April 2025 nor for the year ended 5th April 2024.
Trustees' expenses
During the year an amount of £1,191 (2024: £1,201) was expended for professional indemnity insurance which was paid on behalf of the trustees.
8. Comparatives for the statement of financial activities
| Income and endowments from Investment income Expenditure on Raising funds Charitable activities Grants payable Direct costs Total Net gains on investments NET INCOME/(EXPENDITURE) Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 129,743 - 155,974 24,267 180,241 - (50,498) 323,549 273,051 |
Endowment fund £ 20,270 - - 20,270 142,416 122,146 2,805,080 2,927,226 |
Total funds £ 129,743 20,270 155,974 24,267 200,511 142,416 71,648 3,128,629 3,200,277 |
|---|---|---|---|
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Reardon Smith Nautical Trust
Notes to the Financial Statements - continued for the Year Ended 5th April 2025
9. Fixed asset investments
| Market value At 6th April 2024 Additions Disposals Revaluations At 5th April 2025 Net book value At 5th April 2025 At 5th April 2024 There were no investment assets outside the UK. Cost or valuation at 5th April 2025 is represented by: Valuation in 2025 10. Debtors: amounts falling due within one year Prepayments and accrued income 11. Creditors: amounts falling due within one year Other creditors 12. Movement in funds Unrestricted funds General fund Tara Reardon Smith designated fund Endowment funds Permanent Endowment TOTAL FUNDS |
Listed investments £ 3,139,141 488,927 (608,945) (85,961) 2,933,162 2,933,162 3,139,141 Listed investments £ 2,933,162 At 6.4.24 £ 257,085 15,966 273,051 2,927,227 3,200,278 |
Cash and settlements pending £ 29,045 600,190 (626,702) - 2,533 2,533 29,045 Cash and settlements pending £ 2,533 2025 £ 2,670 2025 £ 2,780 Net movement in funds £ (96,141) (8,392) (104,533) (106,231) (210,764) |
Totals £ 3,168,186 1,089,117 (1,235,647) (85,961) 2,935,695 2,935,695 3,168,186 Totals £ 2,935,695 2024 £ 3,830 2024 £ 13,903 At 5.4.25 £ 160,944 7,574 168,518 2,820,996 2,989,514 |
|---|---|---|---|
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Reardon Smith Nautical Trust
Notes to the Financial Statements - continued for the Year Ended 5th April 2025
12. Movement in funds - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Endowment funds Permanent Endowment TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Tara Reardon Smith designated fund Endowment funds Permanent Endowment TOTAL FUNDS |
Incoming resources £ 125,549 - 125,549 At 6.4.23 £ 300,083 23,466 323,549 2,805,081 3,128,630 |
Resources expended £ (230,082) (20,269) (250,351) Net movement in funds £ (32,998) (17,500) (50,498) 122,146 71,648 |
Gains and losses £ - (85,962) (85,962) Transfers between funds £ (10,000) 10,000 - - - |
Movement in funds £ (104,533) (106,231) (210,764) At 5.4.24 £ 257,085 15,966 273,051 2,927,227 3,200,278 |
|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 129,743 | (162,741) | - | (32,998) |
| Tara Reardon Smith designated fund | - | (17,500) | - | (17,500) |
| 129,743 | (180,241) | - | (50,498) | |
| Endowment funds | ||||
| Permanent Endowment | (20,270) | 142,416 | 122,146 | |
| TOTAL FUNDS | 129,743 | (200,511) | 142,416 | 71,648 |
General funds are funds that are available for use at the Trustees' discretion in furtherance of the objectives of the charity.
Tara Reardon Smith designated fund is an amount set aside each year by the Trustees' to enable awards to be made.
Permanent Endowment fund is held to represent the investments held on the Charity's behalf. amounts generated by these investments are then awarded by the Trustee's in furtherance of the Charity's objectives.
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Reardon Smith Nautical Trust
Notes to the Financial Statements - continued for the Year Ended 5th April 2025
13. Related party disclosures
There were no related party transactions for the year ended 5th April 2025.
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Reardon Smith Nautical Trust
Detailed Statement of Financial Activities for the Year Ended 5th April 2025
| Income and endowments Investment income Income from listed investments Deposit account interest Total incoming resources Expenditure Investment management costs Portfolio management Charitable activities Insurance Sundries Secretary fees & expenses Trustees meeting Bank charges Website development Grants to institutions Grants to individuals Support costs Governance costs Auditors' remuneration Total resources expended Net expenditure before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net expenditure |
2025 £ 124,788 761 125,549 125,549 20,269 1,191 78 13,206 793 80 3,092 201,246 7,615 227,301 2,781 250,351 (124,802) (8,355) (133,157) |
2024 £ 128,678 1,065 129,743 129,743 20,270 1,201 35 12,157 614 66 7,266 150,074 5,900 177,313 2,928 200,511 (70,768) (8,355) (79,123) |
|---|---|---|
This page does not form part of the statutory financial statements
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