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 Suc￿sSfUl. 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 red￿￿d 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 chIld￿nS, 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 PreSe￿allOn 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 cOmp￿lete 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 ne￿SSary 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 pre￿ded 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 balan￿S 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 re￿iVed 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