Company no.. 08555385 Charity no.. 1155339 MV Balmoral Fund Limited Report and Unaudited Financial Statements Year Ended 31 October 2023
MV Balmoral Fund Limited Reference and admlnlstratlve detalls Forthe earendgd 31 October 2023 Company number 08555385 Charity number 1155339 Registered office 70 Prince Street Bristol BS14QD Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were.. D G Bassett Cpt. S Colledge J R Thomas A Westmore R Skuse Bankers Lloyds Bank PLC PO Box 1000 Andover BX1 1LT Solicitors formedy Lancaster Parr Pear Tree House Wanslrow Somerset BA4 4TF CMS Cameron McKenna LLP College Square 2 Anchor Road Bristol BS15UE Independent examiners Bishop Fleming LLP Chartered Accounlanls 10 Temple Back Bristol BS16FL
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023 The Iruslees present their report and accounts for the year ended 31 October 2023 in compliance with current stslulory requirements, the Company's Memorandum and Articles of Association and with Accounting and Reporting by Charities.. Stslement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191- Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. Management, Reference and administrative information set out on page 2 form part of this report. 1 OBJECTIVES AND ACTIVITES The principal activity of MV Balmoral Fund Limited IMVBFLI I'The Fund'l reflects the Fund's Charitable Objects, namely.. to preserve and exhibit, in sailing condition, the historic vessel MV Balmoral and to advance the education of the public through the provision of educational material relating lo Ihe industrial and maritime historic period represented by Ihe ship and the architecture of the surrounding coastline. The main activities undertaken by the Fund during the year to further its purposes for the public benefit continued to include.. Preserving MV Balmoral by maintaining in particular her engines and in cyclical maintenance refurbishing of fabric where accessible and affordable.. mainly through the hard work of our experienced and also new volunteers., Seeking and spending resources on reducing rainwater ingress through decks by replacement and refurbishment of planking, also to identify issues and so reduce further deterioration,. and to increase usability of accommodation., Seeking further funding for dry-dock inspection and work lo otherwise ina¢sSible areas, and lo address cyclical and likely areas of steel attrition. This is increasingly urgent to provide confidence to insurers, potential funders, Bristol City Council and the harbour authority. It would also assess work needed for updating lo regulatory standards required for future certification. Continuing and seeking relationships, enabling MV Balmoral's use as a Bristol based sciencelengineering, historical educational resource, where possible and practicable. Encouraging public understanding of the ship within Bristol harbour through monitored a¢$S and provision of information, in two different locations of the harbour. Maintaining a virtual network of website and in other media which provide a resource of illustrations, and information about the ship and her historic as well as Current physical context. (See following sections for more details). In setting objectives and planning activities the trustees have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education. The trustees gratefully acknowledge the continuing input from members, supporters and volunteers, both financial and physical, in support of these aims. All Iruslees and members acting as 'officers" continue to work on a voluntary basis., Rob Skuse continues work on the decks, in a way which would otherwise be unaffordable. The oulslanding and consistent support and input of Chief Engineer Tony Byme and of lolo Llewelyn, Hon. Accountant can't be over-praised. Steve Jones has organised fund-raising. As a volunteer. Rob Skuse has pul huge energy, lime and effort into organising and enabling the majority of considerable social activity on board. This is valuable in attracting people lo the ship,. and the vitality has been important lo Bristol. other than a skilled-work project that was commenced before Robert Skuse became a trusteel. TRUSTEES AGAIN CONFIRM THAT.. Sailing again remains the aspiration of most Members and supporters. Trustees agree with conservation advice that sailing is the best fom of both preserving and exhibiting the ship. Refurbishment and upgrades to statutory condition are necessary for regaining certificates, so that sailing can be authorised, although this becomes more difficult as time passes.
Continuing and cyclical maintenance is also essential. as is deck replacement work in order lo use the ship lo best advantage. Sailing with passengers -which must be undertaken through 8 trading company- remains the best way of continuing the heritage tradition of coastal excursions. As one of the two surviving ships in the UK able to do so on a wide scale, sailing gives a direct relationship wlh the navigational and heritage infrastructure of the UK'S smaller coastsl communities," and of funding the whole process. This was magnificently demonstrated by PS Waverley in her first return lo the Bristol Channel for 5 years, June 2023. A home in Bristol is essential and needs to be earned- currently all year, and during off- seasons in a sailing future. Fundamental lo that premiss is maintsining a good relationship with Bristol City Council. The ability to use Balmoral in harbour for education and to benefit the community are essential in promoting this. Volunteers are vital to the project and their well-being - including using the ship as a social resource - is important to the Iruslees. The ship must continue to be, and be seen to be, in acceptable condition to achieve any of the above. 2 KEY CHALLENGES DURING THE REPORTING YEAR Use of the ship - Fund-raising activities as such are still reduced by the lingering influence of Covid on peoples, altitudes. Although rain ingress has been much reduced, areas of the ship are in turn affected by being worked on, or used for working areas or storage. Events - Rob Skuse has created a regular limelable of well-received social days and music evenings, which gain broader interest in the ship and her heritage. Whilst free to enter there is financial benefit from the bar and donations. This does mean additional volunteer help is needed.. for the bar and domestic input, and manning the ship in order to meet our insurers, requirements. Needing power for security- the ship benefits from the Mshed's flood-lights alongside, tiul needs power al night to run security cameras. Sustaining volunteers - Volunteer numbers have increased, but traffic and parking restrictions continue to change and affect accessibility. Tuesday work parties led by Tony Byrne have allracled many engineering volunteers", more non-sailing volunteers have also become interested. This is most welcome, but communications and supplies need lo be increased. Materials and some commercial aspects of machinery repair need to be funded., and safety and tidiness regimes had lo be improved. Some volunteers do not have electronic means of contact. Identifying priorities for reducing l enhancing expenditure - Sufficient funds musl be kept against contingency, including actions of last resort., to pay insurances (including a premium if moving in the harbour, 8nd potentially for larger evenlsl., and lo pay for setvices Ifuel and waterl - as well as for maintenance materials. Volunteers are resourceful in finding ways lo redu costs, but some items must be obiained commercially. Spend on the deck is ne$Sary,. doing so sequentially l at a lower cost does also lake longer. Key factors for MVBFL remain.. keeping the ship safe inside and out., and presentable. enhancing communications, creating l enhancing Credibility particularly with The National Lottery Heritage Fund INLHFI Funding Small grants were obtained bul MVBFL was unsuccessful al the initial stage in gaining an NLHF grant for Capital works alone. As reported last year. their position was that 'All projects must have a substantial engagement aGtivily plan which forms part of the funding request. It is also essential thal a project can strongly meet our mandatory outcome which ensures a 'wider range of people, will engage with heritage. We particularly value projects which work with their target audience to develop the project idea" Members and supporters have been loyal in continuing contributions,. bul humanitarian crises and cost of living rises, have impacted on larger Fund-givers and the size of individual donations, with even previous funders having changed priorities. PS Waverley s continuing calls for annual refit affected income from those that support both ships. Many supporters sailed on PS Waverley once her service resumed. Accommodation - physical use of the ship adds to the public benefit of MV Balmoral's existence. However, with no off-site accommodation, most remaining dry areas have been used to accommodate work activities, even where not directly being worked upon. Storage of kil, materials and equipment on board had already reduced useable space.
Bolstering confidence that the ship will return lo passenger sailing one day. Although not permitted to be a charitable object in its own right this intention is needed lo keep volunteers, membership, sUPPOrters and funders on-side. As with many other Iparticularly maritime) charities, this has become harder to plan and achieve,. PS Waverley's success is fantastic bul rare. Communications - One-l(Fone newslellers and invitations receive better responses than mass send-outs- but is labour-intensive. The website remains unwieldy. Its front page panel can now be updated and is undertaken by a consultant on an occasional basis. 11 is essential to make the website more responsive before 8 public campaign of any scale. 3 ACHIEVEMENTS AND PERFORMANCE The year's activities have been illustrated in the newslellers and social media. Discussion with Bristol City and Harbour and retaining berthls Trustees were grateful that Balmoral was allowed lo sail back lo Princes, Wharf early in September 2022 for filming (Black Cake, Disney+l at Prince's Vvharf. Balmoral was orientated especially for the occasion, and later turned around manually. Discussions with the harbour staff for Balmoral lo remain al Mshed eg for the Docks Heritsge Weekends (Autumn 2022 and 20231 and the Harbour Festival (June 20231 were SucsSfUl. This has enabled the use of shore power and a beneficial relationship with Mshed and activity al the more visible end of the harbour. It also reduced costs as all off-quay moves require the use of a professional pilot, and personnel approved by our insurers. The practical and educational use of the cranes, electrical power, quayside relationship elc with Mshed has been extremely helpful. Balmoral's trustees are active in supporting Bristol lo be seen las since nominaledl a Heritage Harbour Ihtt s.'Ilmarilimeherila e.or .uklherila e-harbourstthe-visionl. Increasing numbers of volunteers and visitors This is assisted by visibility.. of the ship, her information banners, work and other activities, Increased footfall on the quayside and Balmoral's proximity lo Mshed help. Education events bring new diversity. The social opening days begun by Rob Skuse at the beginning of 2023 have attracted attention and are settling into a fortnightly-saturday pattern. These are half-days combined with Music events evenings. free to enter. The tealcoffeelcake lounge and bar have been enjoyed along with tours of the ship and engine room. Some extra weekends and Fridays are used for special days, relationships or events that are income-enhancing. 2022 Marsh Award for Shlpshape Project Volunteers. A major acknowledgement of the maintenance and education-assisling volunteers of Balmoral and of MyFulureMyChoice was achieved through winning this national award in November 2022, provided under the umbrella of National Historic Ships UK. Achieving this prestigious award was highlighted in the local media and was further celebrated by way of a well-received Volunteers, lunch party, just before Christmas. Expenditure Priorities continued lo be reducing inessential costs, and positive spend on critical or very visible- elements. Power, water, and removal of waste and effluent are all continuing cost items, and becoming more expensive as well as in quantity. Dgcks.. The staged contract on a professional bul part-time basis with Rob Skuse of Steamship Engineering has continued to achieve very considerable improvement to conditions in the ship, particularly in near-completion of the Poop Deck under a professionally scaffolded tent. Repair and maintenance is still needed in areas beneath. Timber bought in for the bridge deck is still stored in the dining saloon., the cost of sufficient weather protection during repair necessary to steel supporting the planks has meant this work being held back. Accessibility and use of the bridge deck and wheelhouse are imFlOrtant factors in planning work and potential moves. Insurance costs and retained resources: Reduced costs resulting from negotiations and agreement with NHMF and insurers were maintained, but cover did require reduced permitted visitor numbers on board al events Advice on fund-raising- No further expenditure this financial year because las reported last year} the last advice was to create an application ourselves, because of the risk.
Communications: meetings and news- Regular Iruslees meetings, and officer l action meelings, continued by way of Zoom. Up-grade for the website.. a replacement website has been planned bul is on hold pending funding. This is Q'usll tenable because current news is being shown on Face-book I Instsgram pages. updated on a weekly basis by Iruslee Rob Skuse. These are widely received and works well for those with electronic access. Volunteers tend lo communicate via WhatsApp. Newsflashes lo Members.. these interspersed Newslellers to Members. Both types are sent as PDFS by email by Steve Jones lo members. Copies were posted only where essential {by MUI. These comprise illuslralion of work and events, and aim for transparency in the running of the charity. A Letter with all AGM particulars and request for proxy voles was emailed or posted as necessary to Members., and followed up with a Newsflash reminder. 2000-plus signed-up supporters receive a redd version of the newsletter, distributed electronically via Mailchimp. Adapted for publication and organised by supporter Alex Norori-M¢Cormack. Mailchimp is a paid-for service. It now has more featLJres than we need bul it does hold MVBFL'S mailing list in compliance with privacy and data protection requirements. In all communications, tho neod for mora managgmgnt o$sistan¢g and funding to k99P tho ship going are particularly highlighted. Trustees are most grateful lo all who assist by donating, by any means. However no adminislralive assistance has been offered. Paddle Steamer Preservation Society - the editor of the quarterly joumal 'Paddle-wheels' kindly continues to accept material, as long as it doesn't overtly fund-raise. It generally comprises up-dating articles about 'Propeller Propulsion. lie Balmoral) written by Steve Jones. Balmoral hosts the majority of PSPS winter meetings on-board when held in Bristol. A'social Saturday" for Members, supporters and volunteers was hosted on board by trustees, before the AGM. This was lo gain some face-lo-face element, because the AGM being held electronically., and lack of bandwidth on board didn't allow this to be hybrid. The 8th Annual General Meeting - 1st December 2022 It was fell helpful to hold this electronically, because of travel challenges. Organised by the acting hon. Sec. and chaired by Dave Bassett. Al that time there were 121 Members. All business was achieved, including rotational re-elections.. Dave Bassell Ipresenll and John Thomas were re-elected. No new names were offered. The occasion was quorale both through proxies and on-line allendance, membership had stayed roughly the same and all business was achieved. Questions had been prepared and a useful discussion followed official business. These majored on renewing the aspiration lo sail again and what that would entail (all elements now need to be surveyed and some aspects no longer permitted anyway)., whether a steel poop deck would have been beller la full explanation of comparison was given) and that material fund raising continued elusive and has lo be done in stages. -Along with heartfelt thanks to supporters and donors, the need and plea for more Volunteers to assist with ggngral maintgnancg. administration and fund-raising werg again emphasised. Educational and Community a¢tivitlg$ - Classes on board by our education provider MyFutureMyChoice (MFMC) and their volunteers from STEM, business and industry, assisted by the Mshed's crane and Balmoral volunteers were held. Model rescue- rocket making and firing took place, with cardboard boat-building for later completion. All activity was successfully held lin the Britannia Lounge, andlor on deck) in spite of the reduced accommodation space available. MFMC greatly assists MVBFL in achieving such outreach. MyFulureMyChoice organised social evenings, aimed at entertaining and also al assisting the Windrush community with help and advice, along with a different sel of volunteers. A'hip hop" night on board the first evening of the Harbour Festival was very popular. Public access I community activities - The Harbour Festival look place in July 2023 entailing a full-move-slatus relocation of Balmoml further down Prince's Wharf, making way for Festival events. Racing the school chIldnS, and other cardboard boats made by community groups was a brilliant feature. The weekend was remarkably busy and numbers and safety had lo be considered and monitored for the insurers. We were most grateful that in return for a pitch on board, local members of the Maritime Volunteer Service splendidly undertook controlling the gangplank. Together with Balmoral volunteers they manned the ship for Iwo days, and many hundreds of visitors were provided shelter, live music. Most people toured the ship, being given explanations and anecdoles by volunteers in person, by video and through illuslralions. A semaphore game and cul-oul pholo opportunity were deployed, on deck, a unique codeword puzzle and souvenir stall were provided in the lounge with coffee and bar available. Large information and illustrative
banners were placed along the ship's rail, and posters I leaflets on the quay railing. Balmoral returned lo Mshed's part of Princes, Wharf for Harbour Heritage weekend- and volunteers opened the ship lo join in. Volunteers raise the flags to add to the overall scene on special occasions., whilst information banners about the ship are a source of interest on an othetwise plain quayside. THE HERITAGE ASSET- MV BALMORAL- AND MAINTENANCE ACHIEVEMENTS OF VOLUNTEERS ON BOARD Much has been illustrated and celebrated in newsletters and social media. The ship has remained alive and lively in Bristol, through prudence in financial topics, and the hard work of volunteers. Most of the fomier 'Pride of Bristol" volunteers have transferred lo Balmoral and make a formidable team. Rob Skuse has contributed a huge amount of energy and time,. he now manages most of non-engineering programming of work on board. He organises the ship opening for work parties and events, stocking the bar and organising the event schedule. DECKS replacement work of individual planks and caulking continues in the traditional manner, including re-pitching of other areas. ENGINEERING - Chief lengineer Tony Byrne has been exemplary- including in renewing his certificates - in continuing to attend the ship weekly, and c(Fordinating the engine room work. The "Hol Layup with all machinery is run on lesl in the first week of every month continues as was fully set out in the 2019120 Trustees, report. External machinery leg capstans) and aspects are awaiting funding to repair. PREP I REPAINTING - stalwart volunteers have made great progress hacking back rust and repainting in the steering compartment (beneath the 'Poop Deck" l upper works and hull sides. Welding in patches continues where necessary and appropriate I pemissible l accessible. MASTS - A replacement mast for the one was that was scrapped will have to await specific funding. WOODWORK AND VARNISHING- Timber seats dismantled and re-vsrnished indoors will be re-erected for summer. The small upper lounge sel up as a winter repairs and sanding room still suffers some rainwater ingress.. the ceiling can't be replaced until the support structure is repaired, then replacement of the deck. Trustees continue to remain convinced Bristol is the best option both for Balmoral's vital volunteer complement, relevant events, and the appropriately historic nature of the vibrant Floating Harbour. 4 WHITE FUNNEL LIMITED IWFLI (wholly owned by MVBFLI We have continued lo use WFL as a vehicle for commercial activities (bar, shop, hire of facilities) and income is banked separately. Directors.. David Bassell and John Thomas, Iruslees of MVBFL, continue for the company. The office premises, shared with MVBFL, exist only for postal facilities," occasional meetings may be held by appointment. Accounting is continued on 8 joint or group basis, undertaken by member I volunteer lolo Llewelyn, MVBFL'S hon. Accountsnt. Expenses are al a very low level.. maintaining the purpose-designed website for future use, but dormant except for email. 11 will be further reduced where possible. Further funding is made on an as-needed basis from MVBFL. The shop is advertised through the MVBFL website, organised by volunteers Geoffrey Ryder and Antony & Nicholas Meads, and despatches made via the Meads, shop in Poole. S STRUCTURE. GOVERNANCE AND MANAGEMENT OF THE CHARITABLE COMPANY MV BALMORAL FUND LTD IMVBFL I the Fund) Premlses and management. The registered and postal address of the Fund remains 70, Prince St., Bristol BS14QD, but continues lo act only as a postal base. Meetings can be arranged by appointment, preferably to lake place on board Balmoral on a Volunteer day (Tuesday or Friday). Trustee l Directors of the private charitable company MVBFL. The trustee complement has not changed during the reporting year 2022-23. Membership Membership numbers have not picked up since sailing ceased, and sadly there has been natural attrition.
Many, however, remain supportive and as of the 2022 AGM there were 121 Members. Events have introduced some new. local "non-sailing. members. The vast majority are able lo receive emails of some sort. Donatlons - Steve Jones as Membership Secretary receives membership subscriptions initially, Trustee John Thomas as MVBFL Treasurer banks and receives donations made by cheque. John Thomas and lolo Llewelyn, hon Accountant, monitor donations made via "Stripe" _ on-line I via our website. Other options are electronic via bank transfer, standing order or direct debil to our own account., and via Charities Aid Foundation or °JuslGiving" Gift Aid is stressed as giving additional benefit, where possible. Other methods include donating via telephone text messages, 'EasyFundraising" generates nominated donations on Balmoral's behalf via on-line purchases from High Street names. MV Balmoral is also a beneficiary of the North Somerset Community Lottery. It is the generosity of donors which en¢ourages and enabled trustees to continue lo try and maintain Balmoral as a respected resident of the harbour, with an overall aim to refurbish and improve the ship into operating condition. Governing document MV Balmoral Fund Limited IMVBFL) was incorporated on 4 June 2013 as a Company limited by guarantee, England & Wales,. number 08555385. The Company was granted charitable status from 15 January 2014 and is registered with the Charity Commission, number 1155339 England & Wales. The operation of the charity is governed by its Memorandum and Articles of Association. These can be found at htt s.'Ilfind-and-u dale.com an -information.service. ov.uklcom an 108555385. Organisation MVBFL operates through the Board of Directors l Trustees. MVBFL'S Iruslees are unpaid, and determine the general policy of the Company. The Board meets regulady as circumstances require. 11 is pleased to recognise the essential assistance of many individuals who brlng their lime, expertise and enthusiasm lo support the project. Trustees Trustees, who under Company Law are also directors of the company, and who seNed during the year and up to the dale of this report were as follows.. D G Bassett Cpl. S P Colledge R J SkLJse J R Thomas A D Westmore Trustees are members of the Company,. the liability of the members is limited lo £10 each. Trustees are subject to election or re-election according to procedures sel out in the Company's Memorandum and Articles of Association which is ils governing document. Under the Articles of the Company, Iruslee I directors may be appointed= By resolution of other directors. This has involved directors seeking out individuals, or who have offered Ihemselves following publicity, able lo provide the skillslexperience lo assist in managing the company. A director appointed by such resolution musl retire al the next annual general meeting and be elected by members if they wish lo continue Al a general meeting of the company. Al each annual general meeting one third of the Iruslees musl retire from office in rotation, and if they wish lo continue in post musl be re-appointed by the members. Associated parties Paddle Steamer PreSeallOn Society IPSPSI - The company has effective links with various Branches of the PSPS which has accorded MV Balmoral Fund Ltd. 'allied' status.
It also operates in association with the National Piers Society,. recognising the mutual interest in seeking to ensure suitable infraslruclure remains available lo coastsl excursion ships, and the general benefit that can accrue through close cooperation. MV Balmoral Fund owns all shares in White Funnel Ltd. MV Balmoral was chartered to WFL for 5 years from 18 May 2015 to operate the ship. This bare-boat charter has not been renewed, nor is MVBFL currently able to provide MV Balmoral in a condition satisfying the regulations for Class 111 coastal passenger certification. WFL continues lo assist MV Balmoral for relevant commercial events, or occasional aspects of the maintenance of the ship. MVBFL is a member of Association of Independent Museums- this organisation kindly funded First Aid al Work training for 12 of our volunteers. Risk Management The Trustees examine the major risks that the Company faces when preparing and updating their plans. The Company, in conjunction with ils marine consultants, the Maritime and Coastguard Agency, Bristol Harbour, and the Company's insurers, has developed systems and safeguards to monitor and control these risks, and to manage potential impact on the Company in the future. Appropriate insurances are in place., noti$ and certrficales are displayed on board. Fund raising arrangements Ship-based fundraising activities during 2022123 were still limited in number, focussed on accommodating lectures, meetings and events that allowed donations to be sought for leas and coffees elc. The bar is let and run via WFL. Direct donations lat events) or from afar following our general publicity allowed the company to continue to meet its charitsble objectives. The wider approach to fundraising taken by the charity comprises-. To approach directly by email or post, and as allowed by the GDPR and privacy policies, those individuals who have already demonstrated their interest in supporting its work.. by having made previous donations., having travelled on the ship and provided their contact details andlor those who have subscribed lo newsletters and other publications., To invite support by articles andlor advertisements placed in relevant general and specialist publications and on the website I social media., and by leaflets made available on kx)ard the ship and al appropriate events and by attending shows., To approach existing members and supporters via OLJr newsletters and social media,. and To submit applications for specific and general funds to appropriate national and local grant- making bodies. Where appropriate for fundraising purposes the charity shares information with its trading subsidiary, White Funnel Limited, but does not share information with other charities, nor does it transfer or sell such information to third parties. We do not use professional fundraisers or commercial participators lo carry out any fundraising activities as such but reserve the right to do so. MVBFL noted the previous professional advice on collating and using information and procedures,. and sought advice on making spectfic applications. The charity undertook limited fund-raising using Methods 2. 3 and 4 above during the year under review. The number of complaints received by the charity.. No complaints were received during 2022123 regarding our fundraising activities.
6 FINANCIAL REVIEW- 202213 The following table summarises the financial oullurn for 2022123 and compares this with 2021122. 2022123 2021122 Income: Donations and legacies Charitable activities Other trading activities Total income 46,486 30,585 16,096 93,167 33,860 27,065 15,980 76,905 Expenditure: Raising funds Charitable activities Total expenditure 226 130,761 130.987 851 98,203 99.,054 Not incoma Ilexpenditurg) -37,820 .22,149 As the Balmoral was still laid up during the year, the group's income and expenditure remained al a low level. The financial highlights of the year are.. Income.. Donations and legacies.. the increase in donations resulted from unpaid specialist work undertaken on MV Balmoral by a Trustee. Charitable income.. the increase in 2022123 reflected the Fund's continued success in allracting a number of educational grants from a range of sour$., Other trading aclivilies". in 2021122 significant income was generated from renting out MV Balmoral to a film company. This was not repealed in 2022123, bul thanks lo the work of a Trustee and volunteers, increased numbers of regular events look place on the ship generating significant bar takings. Expenditure Charitable activities.. Some £37,000 was spent on restoring MV Balmoral's decks lo make them waterproof again, compared to £23,000 in 2021122 ReseNes policy Historically the fund aimed to keep usable reserves of approximately £100,000 lo meet unplanned expenditure. In light of the current conditions our more recent policy has been lo relain useable (cash) reserves of £50,000 lo meet unforeseen events and to be sure of covering large absolutely necessary costs such as annual insurance, and the excess when moving in the harbour. The reserve is required to allow the fund to provide assurance to the Bristol Harbour Authorities that the latter will not ineur any liabilities in respect of the Balmoral. The amount is predicated on a 'worst case scenario,, where the fund has to meet the cost of disposing of the Balmoral, or the cost of providing a dowry lo another charity to tske over the responsibility for the ship. In the light of the negotiations and valuation described in previous years, the amount reserved has been reduced lo £40,000. NQTE-B resolution of the Bo3rd at its meeting of 22 Jul 2024 this reseNe was reduced to £20 000 to take account of retros ective pJa rnent5 b the NHLF during their lundin of our pjro ect "Save MV Balmoral for Bristol and Be ond" to cOmplete b 31st December 2025. 10
7 DEVELOPMENTS SO FAR IN 2023124 Much has been covered in the above sections. Of importance- Balmoral was permitted to slay at Princes, Wharf for the 23 124 winter. It had been anlicipaled that a return lo Mardyke would be required after the Docks Heritage weekend activities, away from electrical power, the cranes used in conjunction with education events and relationship with MSHed. However, no imperative has yel been given lo return. Result of updating the National Heritage Memorial Fund. In reporting back as required to NHMF Ifunders of the engines in 2002131, over progress in returning lo sailing, Iruslees explained that funding lo allow the upgrading work neSSary for regaining passenger certificates remained elusive. MVBFL was then encouraged lo approach the regional office of the National Lottery Heritage Fund {NLHFI direct. Successful Lottery application for a specific project As a result of NHMF suggestions, Trustees and officers mel. sought and obtained advice from the NLHF Exeter office on Bid suitability. NLHF'S current programme could incorporate dry-dock inspection and the capital repair work now likely to be urgently necessary - but only within an overall project aimed lo improve the ship's role in diversity and °Bringing people lo the heritage" This did not include sailing, or capital repair on a meaningful scale aimed lo allow it. The approach had lo be very different. Trustees, officers and volunteers spent some months considering, re-visiting for advice, drafting and engaged professional assistan in final writing of a project plan. The programme came abruptly lo an early end, bul our Bid application was suuessfully deposited in the first week of November 2023. The project was approved in principle on 22nd January 2024. Further evidence, discussion and meetings later, the need lo have a single but appropriate dry- dock procurement because of the expense of leaving the floating harbour was agreed. The contract signed 20th March gave authority to commen. The ship was tsken the ship to Albion Dock on 17th April 2024, by insurance-aulhorised crew and a harbour-required pilot. Trusteeldireclor Stephen Colledge captained the move. The 9th AGM of MVBFL on 11th December 2023 was again held by Zoom for logistical reasons., Organised by the acting hon. Sec. and chaired by Dave Bassell. Robert Skuse and Andrew Weslmore were re-elected Irolationl. No new names were offered. The occasion was quorale both through proxies and allendance, membership standing at 113. Al business was achieved. This year the presentation majored on the Bid to NLHF which had just been submitted., what that would land would not) entail and fund. The success of an Award is considered very helpful in enthusing and encouraging supporters, potential donors, the City I harbour authorities and insurers. Mombgrs Social Saturday again preded the AGM. The letter lo Members and also lo supporters (via Mailchimpl gave lime lo schedule this opportunity lo hold a broad gathering in person; refreshments provided via donation. Attendance was reasonable Considering appalling weather and train disruptions., and regarded a success. Use of card lelectronicl ma¢hines on board for both the shoplbar {WFLI and donations lo IMVBFLI is reducing some of the labour and record keeping necessary and proving helpful in gaining additional income. People Our honorary accountant lolo Llewelyn is honourably continuing lo assist us, but a replacement, or al least assistance of a substantial nature, is sb"Il being sought. Trustees are actively seeking additional support, guidance and people to increase "resilience" and help manage the charity, i(s volunteers and its future, through the NLHF Project. Work The urgent need lo renew Ihe"Poop Deck" planking lo allow returning lo Mardyke "by Easlef, didn't materialise, but the deck did. Only a new steel perimeter is awaited. Elsewhere work continues lo make good progress,. and additional people are helping to make a considemble difference to electrical and engineering aspects, painting and welding. The bar in the Britannia Lounge has been refurbished. whilst additional help with welding, and pontoon access for exterior work, is greatly needed, these should shortly be assisted by work in dry dock, if affordable. Publicity The Disney+ film "Black Cake" was released early in 2024. The Bristol Film Unit's trailer is very complimentary about the ship. As anticipated the NLHF Award is proving helpful in gaining publicity and donations. 11
8 STATEMENT OF RESPONSIBILITIES OF THE TRUSTEES The trustees {who are also directors of the charity for the purposes of company lawl are responsible for preparing the trustees, report and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). Company law requires the Iruslees to prepare financial slalements for each financial year, which give a true and fair view of the slate of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP., make judgements and accounting eslimales that are reasonable and prudent., state whether applicable UK accounting standards and statements of recommended practice have been followed, subject lo any material departures disclosed and explained in the financial ststements., and The Iruslees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial ststemenls may differ from legislation in olherjurisdiclions. Members of the charity guarantee lo contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The trustees are members of the charity, but this enlilles them only lo voting rights. The trustees have no beneficial interest in the charity. Approved by the trustees on and signed on their behalf by Trustee l Director David Bassell 12
Independent Examlnerfs Report to the Trustees of MV Balmoral Fund Llmlted I report lo the charity Iruslees on my examination of the accounts of the consolidated accounts for the year ended 31 October 2023 which are set out on pages 14 to 31. Responsibiliti9$ and basis of report As the charity trustees of the company land also its directors for the purposes of company law} you are responsible for the preparation of the consolidated accounts in accordance wlh the requirements of the Companies Act 2006 ('the 2006 Act'l. Having satisfied myself that the accounts of the company and group are not reqLJired to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company s accounts as carried out under section 145 of the Charities Act 2011 I'lhe 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Indepandent examinorfs stat8m8nt I have ¢ompleled my examination. l Confirm that no matters have come lo my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the company as required by section 386 of the 2006 Act.. or 2 the accounts do not accord with those records., or 3 the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination., or 4 the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities, applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely lo the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters l am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility lo anyone other than the Charity and the Charity s Trustees as a body, for my work or for this report. Siqned.. Dated.. 29 July 2024 David Butler FCA DChA BISHOP FLEMING LLP Chartered Accountants 10 Temple Back Bristol BS16FL 13
MV Balmoral Fund Lirnited Consolldated statement of flnanclal actlvltles (incorporating an income and expenditure account) For the ear ended 31 October 2023 2023 Total 2022 Total Restricted Unrestricted Note Income (and endowments) from: Donations and legacies Charitable activities Other trading activities 15,900 30,586 30,585 16,096 46.486 30.585 16,096 33,860 27,065 15,980 Total income (and endowments) 15,900 77,267 93.167 76,905 Expenditure on- Raising funds Charitable activities 226 114,502 226 130,761 851 98,203 16,259 Total expenditure 16,259 114,728 130.987 99,054 Net income l {expenditure} {3591 137,4611 137.8201 122,1491 Net movement in funds 13591 137,4611 137,8201 122.1491 Reconciliation of funds= Total funds brought fotward 7,201 86,562 93.763 115,912 Total funds carrigd forward 6.842 49.101 55,943 93,763 All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those staled above. Movements in funds are disclosed in note 20 to the accounts. 14
MV Balmoral Fund Limited Consolidated and charity balance sheets Registered number= 08555385 As at 31 October 2023 The group The group The charlty The charity 2023 2022 2023 2022 Note Fixed assets Heritage assets Investments 9110 89.037 106,056 87,076 100 102.787 100 89.037 106,056 87.176 102,887 Current assets Stock Debtors Cash al bank and in hand 14 15 6.972 15.053 88.628 7,267 12,856 117,807 10,138 84,096 10,253 111,973 110.653 137,930 94,234 122.226 Liabilities Creditors= amounts falling due within 1 year 16 (19.9021 126,379} 126,6831 138,7771 Net current assets 90.751 111,551 67,551 83,449 Total assets less current liabilities 179,788 217,607 154,727 186.336 Creditors- amounts falling due after more than 1 year 17 123.845 123,8451 Net assets 19 55.943 93,762 154,727 186,336 Funds Restricted funds General funds 20 6,842 49.101 7,201 86,562 6,842 147,885 7,201 179.135 Total charity funds 55.943 93,763 154,727 186,336 For the year ended 31 October 2023 the trustees are satisfied that the company is entitled to exemption from the requirement to obtain an audit under Section 477 of the Companies Act 2006. The members have not required the company lo obtain an audit of its accounts for the period in question in accordance with Section 476 of the Comlonies Act 2006. The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the special provisions applicable lo companies subject lo the small companies, regime. Approved by the Iruslees on 22 July 2024 and signed on their behalf by D G Bassett TrusteelDirector 15
MV Balmoral Fund Lirnited Consolidated statement of cash flows For the eriod ended 31 October 2023 2023 2022 Cash used in operating activitiOS'. Net movement in funds Adjustments for.. Depreciation charges Decrease I lincreasel in stock Decreasel lincreasel in debtors Increase I Idecreasel in creditors {37,8201 122.1491 54,282 295 12,1971 6,477 40,571 11,9211 3,233 12,851 Net cash provided by operating activities 8.083 32,585 Cash flows from investing activities: Purchase of tangible fixed assets 37,263 24,157 Net cash used in investing activities {37,2631 124,1571 Cash flows from flnanclng actlvltles: Loans raised during the year Loans repaid during the year Net Cash provid9d by investing activitigs (Decreaselllncrease in cash and cash equivalents in the year {29,1801 8,428 Cash and cash equivalents al the beginning of the year 117,808 109,380 Cash and cash equivalgnts at the end of the year 88,628 117,808 16
MV Balmoral Fund Lirnited Notes to thg financial statgmgnts For the ear ended 31 October 2023 Accounting policies a) Basis of preparation The financial slalements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191- (Charities SORP IFRS 10211, the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and the Cornpanies Act 2006. MV Balmoral Fund Limited meets the defi'nition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy notels). b) Group accounts These financial statements consolidate the results of the charitable company and i(s wholly- owned subsidiary on a line by line basis. Transactions and balanS between the charitable company and ils subsidiaries have been eliminated from the consolidated financial statements. Balances between the three companies are disclosed in the notes of the Charitable companls balance sheet. A separate slalement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantsge of the exemptions afforded by section 408 of the Companies Act 2006. e) Going concern basis of accounting The accounts have been prepared on the assumption that the charity is able lo continue as a going concern, which the Iruslees consider appropriate having regards lo the current level of expenditure on the ship and the likelihood of raising further funds in future from donors and funders. d) Income Income is recognised when the charity has entillemenl lo the funds, any performance conditions attached lo the items of income have been mel, it is probable that the income will be received and the amount can be measured reliably. Donations are recognised when they are recorded in the Fund's accounting system. Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been mel, it is probable that the income will be reiVed and the amount can be measured reliably and is not deferred. For legacies, entitlement is taken as the earlier of the dale on which either.. the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executors lo the Trust that a distribution will be made, or when a distribution is received from the estste. Receipt of a legacy, in whole or in part, is only recognised in the accounts when the amount can be measured reliably and the charity has been notified of the executorfs intention to make a distribution. Where legacies have been notified lo the charily, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is Irealed as a conlingenl asset and disclosed if material. Income received in advance of provision of a specified service is deferred until criteria for income recognition are met. 17
MV Balmoral Fund Lirnited Notes to thg financial statgmgnts For the ear ended 31 October 2023 Accountino policies (continued) e} Donated services and facilities Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been mel, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance wth the Charities SORP IFRS 1021, general volunteer time is not recognised. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing lo pay lo obtain services or facilities of equivalent economic benefit on the open market., a corresponding amount is then recognised in expenditure in the period of receipt. fl Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity- this is normally upon notification of the interest paid or payable by the bank. g) Funds accountino Unreslricled funds are available lo spend on activities that further any of the purposes of the charity. Designated funds are unreslricled of the charity which the Iruslees have decided at their discretion to set aside lo use for a specific purpose. Restricted funds are donations which the donor has specified are lo be solely used for partiCLJlarfy areas of the charills work or for specific projects being undertaken by the charity. hl Expenditure and Irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation lo make a payment lo a third paty, it is probable that settlement wll be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. i) Allocation of support costs Support costs are those functions that assist the work of the charity bul do not directly undertake charitable aclivilies. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complwng with constilulional and stalulory requirements and any costs associated with the strategic management of the charitys activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the following basis.. Fundraising events 0.0 /0 General fundraising o.oo/. Charitable activities 100.0¥0 18
MV Balmoral Fund Lirnited Notes to thg financial statgmgnts For the ear ended 31 October 2023 Accountino policies Icontlnued) j) Tangible fixed assets Donated assets are initially measured at fair value. Capital expenditure is initially measured at cost. Significant components with differing lives are deprecated separately over their expected lives only where those components are potentially separable from the ship. Depreciation for these components is provided al rates calculated lo write down the cost of each asset lo its estimated residual value over its expected useful life. ComFX)nents that are not separable from the ship are fully depreciated in the year that expenditure is incurred. The depreciation rates in use are as follows.. Engines Other equipment not an integral part of the ship's structure 25 years 5-10 years k} Stock Stock is included at the lower of cost or nel realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing lo pay for the items on the open market. l) Debtors Trade and other debtors are recognised at the selllemenl amount due after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. m} Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short malurily of three months or less from the dale of acquisition or opening of the deposit or similar account. n} Financial instruments The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised al amortised cost using the effective interest method. ol Pension costs The company operates a defined contribution pension scheme for ils employees (of which there were none during the yearl. There are no further liabilities other than that already recognised in the SOFA. p} Foreign currency transactions Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated al the rale of exchange prevailing at the year end. q) Accountlno estlmates and key ludoements In the application of the charills accounting policies, the Iruslees are required to make judgements, estimates and assumptions aboLJt the carrying values of assets and liabilities that are not readily apparent from other sources. The eslimales and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 19
MV Balmoral Fund Lirnited Notes to thg financial statgmgnts For the ear ended 31 October 2023 Accountino policies Icontinuedl q} Accounting estimates and key judgements Icontinuedl The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods rf the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial slalements are described below. Depreclatlon As described in note 11 lo the financial slalements, depreciation is provided at rates calculated to write down the cost of each asset lo ils estimated residual value over Its expected useful life. Depreciation rates in operation durinq the current and prior period are detailed in note 11. Founders Tlckets As described in notes 17 and 18 to the financial ststemenls, Founders Tickets are treated as deferred income and will be released over a period of len years when the ship is returned lo service. The period of len years is an estimate of the period over which the benefit is likely to be redeemed by the purchasers. 20
MV Balmoral Fund Lirnited Notes to thg financial statgmgnts For the ear ended 31 October 2023 Income from donations and legacies 2023 Total Restricted Unrestricted Donations Donated services Grants Membership Gift aid reclaimed Legacies 24,803 24.803 12.900 3.000 1.026 4,757 12,900 3,000 1,026 4,757 Total Income from donatlons and legacles 15,900 30,586 46,486 Prior period comparativ8: 2022 Total Restricted Unrestricted Donations Grants Membership Gift aid reclaimed Legacies 21,257 21,257 6,300 6,300 2,134 4,169 2,134 4,169 Total income from donations and legacies 6,300 27,560 33,860 Income from charitable activities 2023 Total 2022 Total Restricted Unrestricted Education projects 30,585 30,585 27,065 Total income from charitable activities 30,585 30,585 27,065 Income from other trading activities 2023 Total 2022 Total Restricted Unrestricted Sales Other Total income from other trading activities 15,426 670 15,426 670 15,969 11 16,096 16.096 15,980 All income from other trading activities for 2023 was unreslricled. 21
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MV Balmoral Fund Lirnited Notes to the financial statements For the ear ended 31 October 2023 Net movement in funds This is stsled after charging= 2023 2022 Depreciation Trustees, remuneration Trustees, reimbursed travel expenses10 trustees 2022, 0 trustee 20211 54,282 40,571 Paid lo a trustee for restorative work on MV Balmoral Independent examinevs fee Independent examination (including VAT) Other services 14.195 11,025 3.560 1,345 3,240 528 Staff costs and numbers The charity has no employees other than the Trustees The key management personnel of the charitable company comprise the Trustees. The total employee benefits of the key management personnel were £nil12022.' £nill. Taxation The charity is exempt from corporation tax as all its income is charitsble and is applied for charitable purposes. 24
MV Balmoral Fund Lirnited Notes to the financial statements For the ear ended 31 October 2023 Heritage assets Group Total Cost Al 1 November 2022 303.451 Addition in year 37.263 At 31 October 2023 340.714 Depreciation Al 1 November 2022 Charge for the year 197,395 54.282 At 31 October 2023 251.677 Net book value At 31 October 2023 89,037 At 1 November 2022 106,056 The heritsge asset is the MV Balmoral, IMO 5034927, a coastal day excursion passenger vessel of 735 gross registered tons built in 1949. The previous owners of the MV Balmoral, Waverley Steam Navigation Ltd, received a Heritage Lottery Fund grant of £759,000 and, in consequence, the ship was mortgaged to the National Heritage Lollery Fund for that sum over a period ending 10 May 2033. There is no provision for interest bul an amount determinable by the Lottery Fund is repayable if the ship is disposed of within that period, or if the terms of the agreement are breached. MV Balmoral Fund Limited assumed those obligations when il purchased the ship in 2015. 10. Heritage assets Charity Total Cost At 1 November 2022 245.843 Addition in year 37.263 At 31 October 2023 283.106 Depreciation Al 1 November 2023 Charge for the year 143.056 52,974 At 31 October2023 196,030 Net book value Al 31 October 2022 102,787 At 1 Novgmber 2023 87.076 25
MV Balmoral Fund Lirnited Notes to the financial statements For the ear ended 31 October 2023 11. Investments 2023 2022 White Funnel Limited 100 Ordinary £1 shares 100 100 The charity owns the whole of the issued share capital of White Funnel Limited, a trading subsidiary. While Funnel Limited is a registered company in England and Wales, company number 09471161. The investment is valued at historic cost. 12. Subsidiary undertakings White Funnel Limited Until 2017 While Funnel Limited operated MV Balmoral on behalf of the charitable company, providing a public programme of coastal excursions from May lo October, and made the ship available al its berth in Bristol for social functions and events during the winter period. Following the loss of its passenger certificate in 2017, MV Balmoral been moored within the dock system in Bristol. Pending the carrwng out of the repairs required to allow the ship lo operate again, White Funnel Limited continues to make the ship available at ils berth in Bristol for social functions, while maintaining the ship on a day to day basis 2023 2022 Turnover 15,426 15,945 Cost of sales 29.673 13,909 Gross loss (14.2471 2,036 Other operating income Administrative expenses 9.353 1.320 2,624 1,054 Profitl Ilossl for financial year 6.214 3,606 26
MV Balmoral Fund Lirnited Notes to the financial statements For the ear ended 31 October 2023 12. Subsidiary undertakings (continued) The aggregate of the assets, liabilities and funds was.. 2023 2022 Assets Liabilities 33,403 {132.090) 34,055 {126,5291 Funds (98.6871 192,4741 In November 2017 the Fund was advised by the Maritime and Coastguard Agency that the long- accepted practice of using doubled plates to repair the Balmoral's hull was no longer acceptable to the Agency, and that remedial work would need lo be undertaken lo the relevant parts of the hull lo permit her lo operate in future years. The financial situation of WFL and the Fund has precluded undertaking this work to date. As noted in the trustees report, the Fund is planning to undertake fund raising lo permit this work to be carried out. The company's activities have continued lo be scaled back to a low level during 2022123. The continued existen of the company wll allow us lo quickly re-establish operations when the ship is refurbished lo address the matters outlined above. 13. Parent charlty The parent charity's gross income and the results for the period are disclosed as follows.. 2023 2022 Gross income Results for the period 77.740 31,607 60,936 25,755 14. Stock The group 2023 The charity 2023 2022 2022 MVB Pictures Fuel Catering stock Shop stock 1989 3742 1241 4,655 1,497 1.115 6.972 7,267 27
MV Balmoral Fund Lirnited Notes to the financial statements For the ear ended 31 October 2023 15. Debtors The group 2023 The charity 2023 2022 2022 Other debtors Prepayments Taxes Gift aid 1.730 10.032 1.155 2.136 80 10,676 173 1,927 400 7.602 8,246 2.136 1,927 15.053 12,856 10.138 10,253 16. Credltors.. amounts falllng due wlthln 1 year The group 2023 The charity 2023 2022 2022 Trade creditors Grant received in advance Accruals other Lifetime tickets 13.344 6.422 3,704 17,807 3,240 1,626 5,236 6.422 2,648 17,807 3,240 82 15,000 136 25 15.000 19,902 26,379 26.683 38,777 In 2017 the MV Balmoral Fund offered supporters the opportunity to purchase lifetime tickets, and, as a personal benefit, lo enjoy lifetime travel on public excursions aboard MV Balmoral without payment of a passenger fare for as long as MV Balmoral remains in the Fund's ownership. The lifetime tickets were purchased from White Funnel Limited. If While Funnel Limited is wound up, and the Balmoral continues sailing under the ownership of MV Balmoral Fund Limited le.g. operated by another operating cornpanyl there will be a continuing liability on MV Balmoral Fund Limited lo honour these lifetime tickets. 17. Creditors.. amounts falling due after more than 1 year The group 2023 The charity 2023 2022 2022 Founders tickets 123,845 123,845 Founders tickets were offered by White Funnel Limited in 2015 and 2016 to enable purchasers, as a personal benefit, lo enjoy lifetime travel on public excursions aboard MV Balmoral wilhoul payment of a passenger fare for so long as MV Balmoral remains in the ownership of MV Balmoral Fund Limited. 28
MV Balmoral Fund Lirnited Notes to the financial statements For the ear ended 31 October 2023 18. Deferred income Thg group 2023 Th8 charity 2023 2022 2022 At 1 November Increase in year Deferred during the year Released during the year 123,845 123,845 Al 31 October 123,845 123,845 Deferred income relates lo the founders tickets as presented in Note 17. Founders tickets wll be released over 10 years following the reinlroduclion into passanger service, which the Iruslees deem to be a fair estimate of the period over which the benefit will be redeemed. In the year ended 31 October 2023 the MV Balmoral did not sail and therefore as the benefit could not be redeemed by the purchasers, no funds have been released to income during the year. 19. Analysis of net assets betsveen funds Restricted funds Unrestricted funds Total Funds Tangible fixed assets Current assets Current liabilities Long term liabilities 89,037 103,811 119,9021 1123,8451 89,037 110.653 119.9021 {123.845) 6.842 Net assets at 31 October 2023 6,842 49,101 55.943 Restricted funds Unrestricted funds Total Funds Prior year comparative Tangible fixed assets Current assets Current liabilities Long term liabilities 106,056 130,730 126,3801 1123,8451 106,056 137,931 126,3801 {123,8451 7.201 Nel assets al 31 October 2022 7,201 86,561 93,762 29
MV Balmoral Fund Lirnited Notes to the financial statements For the ear ended 31 October 2023 20. Movements in funds Atl November 2022 At31 October 2023 Income Expenditure Restricted funds Worshipful Company of Shipwrights Marsh award Deck refurbishment - donated serwces Donation - purchase of awning Avon Valley Trading 2.000 2.000 1,000 12.900 297 12,900 703 4000 2,000 2.000 3,201 1,062 Total restricted funds 7,201 15,900 16,259 6.842 Unrestricted funds General funds 86,562 77,267 114,728 Total unrestricted funds 86,562 77,267 114.728 49,101 Total funds 93,763 93,167 130,987 55,943 Purposes of restricted funds Avon Valley Trading The purpose of this fund is lo facililale the purchase of minor equipment for MV Balmoral and lo enable small projects in relation to engineering aspects of the ship to be funded, both as requested by maintenance volunteers. Worshipful Company of Shipwrights Grant received to Part fund the repair of the observation lounge roof. Deck refurbishment- donated seniices A trustee undertook specialist work on MV Balmoral's decks and masts. Marsh award This award from the Marsh Charitable Trust was given to MV Balmoral Fund volunteers in recognition of their hard work in maintaining the MV Balmoral. Donation - purchase of awning Donation received from a supporter lo purchase an awning to protect MV Balmoral's upper deck and to allow it lo be used for events in inclement weather. 30
MV Balmoral Fund Lirnited Notes to the financial statements For the ear ended 31 October 2023 A11 November 2021 A131 October 2022 Prior year comparative Income Expenditure Restricted funds Deck refurbishment donations Deck refurbishment - donated services Deck refurbishment grant Donation - purchase of awning Avon Valley Trading 1,230 1,230 6300 6,300 5,000 5000 4,000 3,201 4,000 3,201 Total restricted funds 13,431 6,300 12,530 7,201 Unrestricted funds General funds 102,481 70,605 86,524 86,562 Total unrestricted funds 102,481 70,605 86,524 86,562 Total funds 115,912 76,905 99,054 93,763 21. Operating 1gas9 commitmgnt¥ The group and charity had no operating leases at the year end. 22. Related party transactlons While Funnel Limited is a wholly owned subsidiary of MV Balmoral Fund Limited (the Fund}. During the period the Fund made grants of £9,353 12022.. £2,600) lo the subsidiary. At 31 October 2023 the Fund owed £15,025 to the subsidiary12022". the Fund owed £15,082 to the subsidiary), while the subsidiary owed £0 lo the Fund12022 - £01 Trustees of the group made donations to MV Balmoral Fund Limited totalling £1.75312022.. £2,639). Trustees of the group claimed travel expenses lotalling £012022.. £01 Payments tolalling £14,195 were made lo a trustee for reslomtive work undertaken on MV Balmoral 12022.. £11,025). The arrangements for these payTnenls were approved by the Iruslees in accordance with The Charities Act 2011 and Charity Commission guidance ITruslee expenses and paymenlsl. A trustee undertook specialist work on MV Balmoral's decks and masts on 8 pro bono basis- the estimated value of the work was £12,90012022 £6,300}. 23. Company limited by guarantee The company is incorporated in England and Wales.11 is limited by guarantee and as such has issued no capital. In the event of the company being would up the liability of the members is limited lo £1 each. 31