COMPANY NUMBER9263126 THK GIL)RIANA TRiJST A COMPANY LIMIIFI) BY GUARANTEE REPORT AND FINANCIAL STATEMENrs H APRIU 2023
THE GIRIANA TRUST REPORT AND FINANCIAL sfATEMENrs 5TH APRIL 2023 CONTENTS P*8e Company Infonnation Report of the Truslees Independent Examiner's Report SeMeM of Financial A]vilieS Summary Income and ExltUre AccouTrt Ba]8nce Sh Notes to the Financial Stat¢ments 10-14
THE GLORIANA TRUST COMPANY INFORMATION DIRECTORS AI¥D TRUSTEES The Rt. Hon. The Lord Sterling of Plaistow GCVO, CBE (Chairnian) Eric R¢ynolds Phillip Roberts REGisfERED OFFICE 136 Kensington Church Str London, W8 4BH. COMPANY NUMBER 9263126 BANKERS C. Hoare & Co.. 37 Fle Stree¢ London, EC4P 4DQ. INDEPENDENT EXAMINER Simon Wilks. Haysmaeinlyre LLP. 10 Queen Street Place. London. EC4R IAG. REGISTERED CHARITY NUMBER 1160986
THE GLORIANA TRUST REPORT OF THE TRusfEES The directors of the charitable company (Ihe charity-) are its TnLStees for the purpos¢ of chlty law and throughout this rew>rt are collectively referred to &8 its Trusteu. The Trustees preseni th¢ir report together with the financial ststernents for the year ended 5th April. 2023. The financial staments comply with the Charities 2011, Ihe Stsfyment of Recommended Practice for Charities (SORP 2015) (Second Editio effective 1st January. 2019) and the Financial RertIngSthnd applicabl¢ inthe UK and Republic of Ireland (FRS 102). LEGAL AND ADMINISTRATION The Gloriana Tn is a company limitrAI by guarantee and a re8iStered charity governed by its memorandum and articles of &850ciati(NL The charity was regis¢ereJJ with the Charity Commission on 19th Marcm 2015 under number 1160986 and was iory)rated on 14th (kiober. 2014 under nDber 9263126. STRUCTURE, GOVERNANCE AND MANAGEMENr The Trustees are 8overned by the company's memorandum and articles of asl81]0n which states: there shall be a minimum of three Tn and no maximum number, TnteeS ar¢ pOinted for an initial three yw temi of offirx and may be ]rapInted for two further tenns of three years an& exceptionally. for one further temi of three years. All of the Tne¢S have an active involvement in decisi0Th8 rcgardTng the day-l¢Hlay oFwation$ of the charity And are ¢onsider¢d to be Ihe k¢y maement of the charity. PIUNCIPAL ORJECllVES AND ACTivrriES The objects of the charity are: the preseThation, restoratio thaen[ pectiOn. mainlenance. repair, transp)rtation (by water, land or air) and berthin8 (afloat or ashore) of Ihe Queen's Row Barge Glnriapkr. the prrrfnthl(m of publ1¢ &¢e5s io the ('S Row Barg¢ Glorl(wa. and the proMlOn of public knowl¢dge, appreciati and understanding of its desiw constru¢lion. mechanic5 well as any scientifio technical and craft featurts associated with its cOnstn maintenance or opxrntion. the education of the public by the promolioT] of public knowl¢dge apprffiation and und¢rstandin8 of the historic and cultural &spects of the Queen's Row Barge Glorlana. the history of the River Thames and British maritime history. pageantry and heritage. as well as by the provision of training to the public in traditional boat building skills. fixed se rowing skills andlor in such other skills or subjects as the Trustees shall from time to tlme see fiL and such other Charitable Purpow &Slated with th¢ history of the River Thames, British maritime history, the Queen's Row Barge Glnriona andlor other rowing craft or ves5ets worthy of preservation as ihe Trustees shall from time to time see fiL The Trusttts Confinn when reviewing the TTuts' reiW aim& obiertives and activities that they have cornpil¢d with the duty in Seciion 17 of the 2011 Charities Act to have du¢ regard to guidance published by the Charity Commi&sion inclj1ng public iefft.
THE GLORIANA TRusr REPORT OF THE TRusfEES FINANCIAL REVIEW The charity achieved a sutplus for the year of £100.535 (2022 - £173.613). The ch8rity invested a further amount tota]lin8 £I1.0(M) (2022- £180,(KJO) into the Ve of its wholly-owned subsidiary, Gloriana Servic¢s Limiled. The Tnjsiees anticipate that in th¢ future the charity will in a w)silion to fund all of its activities from donations including charitable donations from its Whollyned trading subsidiary and use any excess incoming resources to fund furthff projttt& RESERVES POLICY The Charity's reseple policy is lo &cumulate utriCted funds sutTi¢ient to 5UStain all th¢ activities of the ¢harity for at le a year due to the long terni ¢ommithicni required by the Charity's activity and the ev¢r present uncertainty of ntInUed Sponsorship. Free reserves retained for use by the charity are deemed to be those that are readily rea]isabl< oiher than funds whi¢h are restri¢led or designated for particular purpos. and are represented by cssh at bank. The charity's reserves at the yw end amounted to £2,558.344 (2022 - £2,457.809)J representing retained unrestricted reserves. IUSK POLICY The Trustees are responsible for the manag¢meftt of the risks faced by the charity. Risks are identified and assessed and controls are establi$hed throughoui the year. A fornial review of the charity's risk m8nA8ement process is undertAken on an annual basi& The key controls used by th¢ charity include fonnal agendas minutes for all Trustee meeting5• cornprehensive plannin& budgeting accounting and ele&r authorisa¢ion 8nd approval levels of all expenditure. Controls over operation of the charity's bank account and periodic reviews of th¢ adequacy of insurance of ihe charity's fixed assets are considered to be adequately mana8ed. Through the risk mryement proce established. the Tn are satisfied that the major risks identified have been adequately mlil8aied where necessary. It is r08lSed that systems can only provide reasonable but not absolute &ssurance that major risks have ixen adequately rnanag. The major risks to which the charity is exposed as identified by the Tn¢t5 have l)¢en revi¢weAI and systems have been estsblished to mitigate those risks. PLANS FOR THE FVTURE The Trusteu were deeply saddenejj by the death of HM Queen Eli7attth11 on 8th September. 2022. GloriaAa will remain 'The Queen's Rowbarge, and its &8s(Kiation with HM Queen Elizabeth 11. It is expected that Gloriana will ntinue Ir current ml¢s and be available the use of HM King Charlc5 111 and the Roya] Household. The annual future events progrdmme is b&sed on a Combination of ceremonial. publi¢ and priva* outin. Since her launch Gloriana h&s developed a key role in river based ceremoftial events throughout the year. These place GlOriaP at the centre of att¢ntion on the river and are considered to be crili¢al to her ongoing promotion and place in the public perception QueeJLS Rowbarge".
THE GLORIANA TRU REPORT OF THE TRuEEs PLANS FOR THE FUTURE {conlinued) The private outings are g¢n¢Tally arrangell to Suii individual requirements 8nd fit in round the public commitinents. To dafr W hav¢ iKen limited to ¢harities with a connection to the Royal Household. A full programme of future events and a detailal history of the Gloritvw together with news and opportunities to support the Glork7na is shown on the official website wi¥iv.gloriarnqrb.or&uk. GOING CONCERN At 5th April, 2023. the Charity has net current liabilities of £75.97]. Within curreni liabilities 15 an amount of £78,0(K) due to 8 Truste¢. The accounts have been prepared on a going eoncern basis, which the Trustees believe lo be appropriate, as they have rec¢ived wrillen support from the relevant Trustee that the balance will noi be recalled within 12 months of the approval of the &COLmts. FUNDRAISINC The charity does nth raise publicly. but is neverthel45s mindful of the CTrJe issued by the Fundraising Regulator and will implement the Code should the charity decide to raise funds publicly in the future. There were no complaints rt¢eived with regards lo fund5 raised by the charity in the year. DIREaORS AND TRUSTEES The Trustees, who served during the year were Ls follows:. The Rt. Hon. The Lord Sterlin8 of Plaistow GCVO, CBE (Chaiman) Eric Reynolds Phillip Roberts TRUSTEES. RESPONSIBiufiES IN RELATION TO THE FINANCIAL STATEMENrs Company law requiru the Trumees to prepare financi statements that give 8 true and fair view of the state of affair5 of the charity at the end of the financial period and of its financial position at the end of that period. In preparing those firfrancial statements the Tte¢S are rwuired to: select suitable accounting policies and apply them COTL8islently' make judgements and estimates that are r¢ason8ble and prudent observe the methods and principles in the Charities SORP. stale whether applicable UK wxounting stsndards and statement of Tecommended practice have been followed, 5ubj¢¢t to any materia] departures disclowj 8nd explained in the financi stalements,. and prepare ihe financial statements on a going concern b&qis Unl it is inappropriat¢ to presume that the charitable company will continue in operation. The Trustees are responsible for maintaining proper accounting records which disc105e with reasonable accuracy at any time the financial position of the ctwity and enables tkn to ensure that the finan¢ia] slatem¢nts comply with the Companies Act and Charities Act 2011. The Trustees are also responsible for safeguarding the &5sets of the charity and henc¢ taking Tnable steps for the prevention and detection of fraud and oiher irregulariti¢s.
THE GLORJANA TRUST REPORT OF THE TRusfEES TRUSTEES. RESPONSIBILITIES IN REL4TION TO THE FINANCIAL STATEMENrs {continued) In so far as the Tntstccs arc aware: there is no relevant infomiation of which th¢ charitable com&Y'S indepeThlent examiner is unaware. and the Trustees have taken all ep5 that thry ought lo have taken to make themselves aware of any relevant inforn11on and to ¢stabl&sh that the iThl¢peThlent examiner is aware of that inforniation. APPROVAL This report wa5 approved ty the Board of dire¢tors and Tnths on behalf. January, 2024 and signed on their The RL Hon. The Li)rd Ster Chairnwj ofthe Tn$ £ ofPlatstow CCVO, CBE
THE GLORIANA TRusr INDEPEI¥DENT EXAMINER'S REPORT TO THE MEMBERS OF THE GInRIANA TRUST I reFK)rt to the Charity Trustees on my examination of ihe accounts ofthe company for the year ended 5th April, 2023. ResponslbllitleJ basls of rert As the charity's Tntsttts of the c(#npany (and also its directors for the PUryKW of company law) you 8r¢ responsible for the preparation of the oUnts in rdance with the requirements of th¢ Companies Act 2006 {'Ihe 2006 Act.). Havin8 satisfied myself that the accounts of the company are not required to be auditsd under Part 16 of the 2006 Act and are eligible for independent examinatioo I rep)rt in re$t of my examination of your charity's accounts as wried out under slI0n 145 of the Charities Act 2011 ('Ihe 2011 Aci.). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. fDd¢pendent eumlller'j 8t•tem¢nt I have compleied my examination. I confirni that no mattus ve eome to my attention in cOnntiOn with the examination giving me caw%¢ lo believe.. accounting records re not kept in r&8pect of the company as required by section 386 of the 2006 Act; or the accounts do n¢X accord with those reco. or the accounts do not Comply with the accounting requirements of section 396 of the 2006 Aet 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 acwrd8nce with the methods and principles of the Ststement of Recommended F¥actiee for %eounting and reportin8 by charities applicable to charities preparing th¢ir a¢counls in accordanc¢ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no wncerns and have come across no other matters in connection with th¢ cxamination to which attenuon sho n this report in order to enable a proper undedIngOf the accounts io be Teached. Slmon Wllkn FCA Haysmacintyre LLP. Chartered A¢countanl& 10 Queen Sireet Place, London, EC4R IAG. January. 2024
THE GLoRNA TRUST STATEMEiYf OF FINANCIAL A[VITIEs FOR THK YEAR EIYDED 5TH APRIL 2023 2023 2022 Income from: tk*n2tions Gift aid 104,050 146,0(N) 30,000 Tothl lllcome 104.050 176,O¢XI Expendlture on". Charithble activities (3,515) (2,387) NET INCOME 100.535 173,613 RECONCIUATION OF FUNDS Fund balance 4¢ 5th AprlL 2022 2,457,809 2,284.196 Fund b•lanLY at 5th AprlL 2023 2.558,344 2,457,809 The stslement of financial e£tivilies includes all gains aTMI losses rccognised in the year. All income and expenditure derive from cMtinuin8 &¢tivities. The company h&% no recognised gains losses other than the surplus for the year. The fund balance At 5th April. 2023 and 2022 consisted of unrutricted fimd The accompanying not&8 fonn an Inteal part Oft financial statements.
THE GLORIANA TRUST SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5TH APRI4 211 2023 2022 Gross Incomt for the ye*r Unrestrieted income Expendilure for the year 104.050 (3,515) 176.000 (2.387) Net Ineome bting $urplll$ for the year 100.535 173,613 The accompanying notrs fonn an integral W of these financial statements.
COMPANY NUMBER 9263126 THE GLORIANA TRUST BALANCE SHEET- APRIfj 2023 Note 2023 2022 FIXED ASSETS 2.634.315 2.534J15 CURRENT ASSETS Debtors Cash * bank and in hand 777 3.898 2.737 258 4.675 2.995 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (80.646) (79501) NET CURRENT LIABILITIES (75.971) {76.506) NET A&8ETS 1558.344 2,457.809 FUND BALANCE Unrestricted funds 2J58.344 2.457,809 TOTAL CHARITY FUNDS 1558JM 2,457.809 For the financial year in question th¢ ¢ompany was fmtitled to exemption under section 477 of the Companies A 2006 relating to sm411 companies. No m¢mbus have required the ¢omp8ny to obtain An audit of its a¢wunts for the year in question in accordance with section 476 of the Compani¢s Act 2(K)6. The Trustees acknowl theirr¢sponsibilities ensurin8thai the company ke¢p3accountin8 records which comply wilh section 386 of the Ath and for preparing financial statements which 8iv¢ a true and fair view of the state of affairs of the company 8$ at 5th April, 2023 and of the result for the year then ended in accordance with the requirements of s¢¢tion 394 and 395 of theAct and whi¢h otherwisecomply with th¢requirements ofthe Companies A¢t 21)06 relating lo the fjnancial 3fatements so for &$ 8pplithle to the company. These ¥counts have been wep8red in arKordance with the provisions applicabk to companies subject ¢0 th¢ small companies, re8ime. The finTrehl sltsmeMts w¢re approved nd authorknl for by the Board of Trnstees 4nd were Signed btjow om ils behalf by The RL Hom. Tb¢ Lord Sterkn% of Pl•iytow GCVO, CBE The RL HOL The Lord St¢T Chairman of the TrUeeS g Of Pla1 GCVO. CBE January. 2024 Th¢ accomp8nyin8 note5 f(m an integral tArt of these financi ststan¢nts.
io. THE GLORtANA TRU NOTES TO THE FINANCIAL STATEMENTS 5TH APRtU 2023 ACCOu1NG POLICIES Bsts of prepr*tlon of#ccounts The financiai statements have been prepar1 in rdance with the Ststement of Recommended Practice for Charities (SORP 2015) (SCnd Edillo effective 1st January. 2019), the Financial Repx)rting Standard plicable in the UK and Republic of Ireland (FRS 1172) and the Comp8nies Act 2006. The organisation meets the definilion of a public benefrt entity under FRS 102. Assets And liabilities are initially recognised at histLYic41 cost or trnnsaction value unless otherwise Swed in the relevant accounting policy notes. In Addition ihese financial statcments have been prepored under the historical ¢ost conversion. The chlty, together with its subsidiary. (details of which are set out below and in note 5) foTm a small group and are exempt from preparing Gonsolidated accounts under Ihe relevant provisions of the Companies Aci 2006 and the Charities SORP. Goln8 coneern In wessing the ¢h8rity's ability to continue ls a going Con the Trustees have considered Ihe liquidity position al reviewed anticIped funding commitments for the foresttable futu. The TnleeS believe that the clwiiy is adequately plaeed to manage its business risks suceessthlly and meel its liabilities ag they fall For this re&10 the Tnth have contind io &lopt the goin8 concern b&sis in preparing the finu181 statements. Ineome Income is re¢o8nised in the period in which the charity has entitlement to the Inwme, it is probable that it will be re1ved and when the Amount be measured with reasonable certainty. Voluntary Incom¢ The charity receives donations from a number of oryanisations and other sources. donations is included in income when it is receivabl¢. Income from these Illter¢st Bank interest receivable is credited to the Statement of Financiat Activities when it is received by the charity.
THE GLORIANA TRusr NOTES TO THE FINANCIAL STATKMENrs 5TH AFR 2023 AccoiwfiNC POLICIES (Contin1) Expemdltsre Expenditure is included in the st&tement of firwlcial activities when irKurred and includes VAT. Dlrect ehritsble upellditsre Direct charitable expendilure comprises those rsts dircctly allributable to fillthering the charitable work to the charity. Direth charitable expenditu is r¢wis¢d in thc year to which it is attributable. GOVeranCe eo8ts Governance costs include costs which are diredly allributable to tk day to day running of the charity and predureS [ssary for compliance with Swutory requirem¢nts. Tanglble Ilxed AM¢ts Tangible fixed &ssets represent the htstOTi¢ Cost of H.M. The Queen's Row Barge Glori1v. In view of its status a5 a national herith8e asseL no dePTl.0n h&$ iwi provided thereon. Investments Glorlana Services Limited, a wholly-owned subsidiary company of the charity, operate$ the daY-l(d&Y activitie5 of the Gloriano. pays Ihe running costs and receives contributions lo 0MIng expenses. envisaged that in future periods sutTici¢nl income will be accumulated each year to cover running costs and lo pay its profits to the Chlty by way of a charilable donation. Funds Unrestricted funds comprise tlk)se funds which the Trustees are free to use in eOrdanCe with the charity's objects. Esthnates And Judgements Esiimates and judgements are continually evaluated and are based on historica] experience and other factors. including exfftiow of fulure events that are believed to be re&sonable under th¢ circumstances. Although these estimes are based on the Trustees, best ktknvledge of the amounL events or actions, actual results ultimately differ from tlw estimates. The TteeS do not corL8ider there to k any material estimafrs and judgements. FillaD¢l*l ltt$trnmtnts The ¢harity only has financia] assets a] fillala1 liabilities of a kind that qualify as b&sic financi81 instruments. Basic financial Instrumen including trade and other debtors and ¢reditors are initially recognised at transaction value and suE6equently MsUred at their Settlement value.
12. GLORIANA TRU NOTES TO THE FINANCIAL sfATEMENTS srH APIUU 2023 ACCoU1NG POLICIES {cOntind) Debtors Trade and other debtors are reco8llTsed at the settlement amount due after any trade discount offcred. Prepayments are vaIued at the amount prepaid net of any trade di$Unts due. Cash •t bank #nd ID hmd Cash ai bank and cash in hand includts and short temi highly liquid investMts with a short maturity of three months or less from the d&e of acquisition or openin8 of the deFM)Sit or similar account. Credltors and provi¥ions crlIOrS and provisions are recognised where the charity h&% a present Obliglon resulting from a past event thai will probably resuli in the transfer of funds to a third party and th¢ amount due 10 Settle the obligallon can be measured or estimated reliably. Creditors aTMI provisions are nornlally recognised al their settlement amount after allowin8 for any Irade dtounts du¢ EXPENDITURE 2023 2022 Govern•nee eosts Independent examiner's fees Account8ft¢y charges Bank charges and intcrnet PAymeni wsts Sundry expenses .560 960 361 125 1.500 455 13 1,968 Dlrect eharitsble endIthre- iupport c(rfts Website and publicity 509 419 Total exp¢nditure 3.515 2.387 TRUSTEES. REMUNERATION None of the received any remun¢ration or reimbursement of ¢xpenditure in respect of their serYic¢s during the year (2022- nil). Tra8ctionS reknting to loans from Trustecs are included at note
13. THE GLORIANA TRusr NOTES TO THE FINANCIAL STATEMEI¥TS 5TH APR 2023 EMPLOYEES The charily had no employees (2022- none). FIXED ASSETS 2023 2022 Tanglble Jsets At 5th April. 2023 and 2022 1,704.215 1,704,215 InveJtmellts The charity owns the foll¢)win8 investhients: 100 ordinary shares of £1 each in Gloriana Services Limited, its wh0lly-0wn trading subsidiary company which is incorporated in the Uniied Kingdom Additionai investmeni made in ihe year 830,1 (J) 100.000 650,100 180,000 930.1(X) 830,100 Totsl ed ssets 1634J15 2,534,315 6. DEFfoRS 2023 2022 Amount due from wholty-owned trading subsidiary company 777 2,737 7. CREDITORS: AMOUNTS FALLING DUE wrrHtN ONE YEAR 2023 2022 A¢cruals Other credito 2.645 78,001 1.500 78.001 80,646 79.501
14. THE GLORIANA TRUST NOTES TO THE FINANCIAL STATEMENTS 5TH APRI4 2023 RELATED PARTIES Included within other creditors (not¢ 7) is an amount owing to a Tnth of £78.000 (2022 - £78.0(X)). The amount is unsecured repayable on demand and interesi free. UNRESThICTED FUNDS 2023 2022 At 5th April, 2022 N¢t income for the y¢ar 2,457.809 100.535 2,284.196 173.613 At 5th April. 2023 2,558,344 2.457,809 10. COMPANY STATUS The charity is a private company limit by gua11¢¢ and CnSeqUentIY dix5 not have share capital. Each member is liabl¢ to contrtbule an amounl t)ot exceeding £1 towards the &8sets of the charity in th¢ event of liquidation. I I. ANALYSIS OF I¥ET ASSETS BETWEEN FUNDS 2023 2022 Fixed assas Current setS Current liabiliti¢s 2.634,315 4.675 (80,646) 2,534.315 2,995 (79,501) 1558,344 2,457.809