Report of Ihe TrtteS *Dd UDA•dlted Fffinanclal StalemeDts for the Year Ended 31 Augvjt 2024 The Viola Trust
Tbe Viola Trust Comtenls of tbe Financial StstemeAts for the Year Ended 31 August 2024 Report of the Tnthes Ito4 Independent Examinees Report ststement of FinaDcial Activities Statement of Assets and Liabilities Notss to the Financial Stal¢ments 8tolO Detailed Statement of Financial Activities
The Viola Trust Report of the Trustees for the Yeor Ended 31 August 2024 The trustees present their report with the financial statements of the charity for the year ended 31 August 2024. The trust¢es have adopted the provisions of Accounting and Reporting by Charities". Statetnent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OwE[YEs AND ACTIVITIES Objeetives And aims Our Charity's purposes as set out in the objects contained in Ihe Company's Constitution arc the preservation of the steam trawler Viola Dias (Viola) and the advancement of education for the public benefjt of the historical importance of the vessel and its role in fishin8 in the First World War, and the South Atlantic in relation to Polar Exploration and industy and its rol¢ in several historic events. Ensuring our work delivers our glms Aims, objectives and activities are reviewed fully each year and on a bi-monthly basis. These reviews look at current achievements, the outcornes of our work in the previous 12 months and a measure of timed progress towards the full attainment of objeetives. These reviews also help us ensure that our aims, objectives and activities remain focused on the Trusl's stated purposes. We have referred to guidance contained in the Charity Commission's general guidance on public benefit when r¢viewin8 our aims and objectives and in planning our activities. The focus of our work Our rnain objective throughout the year was to Work towaTds the achiev¢m¢nt ofthose fornial objectiv¢$ and to implement our strategy by developin8 partnerships and relationships with key stskeholders. To achieve our objectives we continue to partn¢r with:. Kingston upon Hull City Council. Charities with an interest in South Georgia and the South Atlantic. The Government of South Georgia and the South Sandwich Islands and other public bodies. and Potential sources of funds How our 4etlvl¢les dtllv¢r publle benefit All of our activities have focused on keeping a watching brief on the physical condition of Viola and its preservation and the enhancement of understanding for those who visit her. look to study the impact of her eventful lif¢ or simply have an emotional link with the vessel or her fishing heritage. Page I
The Viola Trust Report of the Trnstees for tbe Yegr Ended 31 August 2024 FINANCIAL REVIEW Against the backdrop of limited resources during the year and Covid-19 restrictions the Tnistres have obtained donations of £29,(K)O and Incurr expenditure of £13.400 in meeting the charitable objects. Investment policy The Charities surplus c&8h reserves are held by its bankers. Reserves w)liey The Trustees have examined the Charity's requirement for reserves in light of the main risks to the organisation. Reserves. which comprise donations will be maintained at a level sufficient to cover th¢ expected future levels of committ¢d charitable expenditutc. FUTURE PLA]YS Th¢ Charity plans to continue the activities outlined above in the forthcoming years subj¢¢t to satisfactory fundin8 arrangements. Th¢r¢ being to: Moving forward with the project with our key partners to achieve our objectives for Viola 2. Develop the virtual-reality display of the craft to fulfil the goals of enhancing awareness of the life and experiences of Viola. understsnding of the diificulties and privations of 20 century sea trawling and to educate and inform the public about pr¢-World War I fishing, the role of Viola in WW l. the South Atlanti¢ and the onset of the Falklands war RUCTUR[ GOVERNANCEAND MANAGEMENT Governing dotument The organisation is a Charitable Incorporated Or8anis8tion (CIO) incorporated on 30 August 2016 and re8lStered as a charity on that date. The Trust was established under the Constitution which ¢stablished the objects and powers of the Trust. In th¢ ev¢nt that the Trust being wound up members are required to contribute an amount not exceeding £50. Rttrultment and appointmtnt of Management Committet The members of the Management Committee, also known as the Trustee4 are charity trustees for the purposes of Charity Law. Under the requirement of the Constitution, the Trustees are appointed for a tenn of 3 years after which they must be re-electcd at the nexl Annual General Meeting. All the members of the Mana8¢ment Committee give their time voluntsrily and receive no benefits from the Trust. Any expenses reclaimed from th¢ Trust are set out in Note 2 to the accounts. OrganisatlODg1 structure The Trustees meet around every two months and are respM)nsible for the strateglc direction and policy of the Trust. The Trustees are from a variety of professional background5 relevant to the work of the Trust. Indu¢tlOD Ind training of IrustetS All newly appointed Trustees are provided with induction training in accordance with Induction Guidelines. Risk management The attainment of the Trust's approved objectives is managed through a fonnal process of Project Management which embodies specific inclusion of a Risk Register as part of the Project Managem¢nt suite. This is visit¢d as an ongoing disciplTne reported through the Trustees at regular review meetings and adjusted in response to relevant factors. Referenc¢ and activity to identified risks is included nornially in th¢ metin8 minutes to maintain updated progress. Page 2
The Viola Trust Report of the Trustets for the Year Ended 31 August 2024 REFERENCE AND ADMINISTRATIVE DETAIIS Registered Charity number 1168950 Prfneipal addres5 Andrew Jackson Solicitors LLP Marlna Court Castle Street Hull HU) ITJ Trustees P Escreet DJWard D J Drewry ALMarr N R Lambert Dr R N Robinson Independent eximlner Stephen Bramall BSC. FCA Smalle8 Goldie Chartered Accountants Regent's Court Prlncess Street HULL HU2 8BA BaDker$ National Westminster Bank PIC 34 King FAward Street Hull East Yorkshire HUI 3SS Pag¢ 3
Tbe Viola Trust Report of tbe Trustees for the Year Ended 31 August 2024 STATEMENT OF TRUSTEES RESPONSIBILrriES The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}. The law applicable to charities in England and Wales, the Charities Act 2011, Charlty (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each fmancial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resource4 including thc 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 Charity SORP. make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements. and prepare the financial ststements on the going concem basis unless it is inappropriale to presume that the ¢harity will continue in busines5. The trustees are responsible for keeping prop¢r accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ¢nsure thal the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approy yor oard of t and signed on its behalf by: scr¢et- Trustee D J Ward- Trustee Page 4
Independent E14miner's Report to the Trnstees of The Viola Trust IndeptndeDt examiner'8 rtport to the trustees of The Viola Trust I report to the charity trustees on my examination of the accounts of The Viola Trust (th¢ Trust) for the year ended 31 August 2024 which are set out on pages 6 to 10. Responsibilities aDd basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Ace). I r¢port in respect of my examination of the TTUSts accounts carried out under section 145 of the Act and in caTrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5Xb) of the Act. Independent examintr's statement I have compl¢ted my examination. I confim thal no material matters hav¢ come to my attention in connection with the examination giving me ¢&us¢ to believe that in any material respect: accounting records were not kept in respect of the Trust as required by section 130 of the Act. or the accounts do not acwrd with those records. or the accounts do not comply with the applicable Tequirements concerning the form and content of accounts set out in th¢ Charities (Accounts and Rcports) Regulations 2008 other than any Tequir¢ment that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concern5 and have come across no other matters in connection with the examination to which attention should be drawn in this report in ord¢r to enable a proper undeTstsndin8 of the accounts to be reached. Stephen Bramall BSC. FCA For and on behalf of Smalles Goldie Chartered Accountants Chartered Accountants Regent's Court Princess Street HULL HU2 8BA Date.. IZ lJz Page 5
The Viola Trust Staiement of Flnanelal Activities for the Year Ended 31 August 2024 2024 2023 Notes INCOME AND ENDOWMENTS FROM Donations and legacies 29.000 Total 29,000 16.000 EXPEIYDrruRE ON ChArltable ictivitits Direct charitable expenditure NET INCOME 15.600 4,656 RECONCILIATION OF FUNDS Total fundj brought forward 9,826 5.170 TOTAL FUNDS CARRIED FORWARD CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. The notes fonn part of these financial statem¢nts Page 6
The Vioh Trust SIAtement of Assets and Liabilities At31 August 2024 2024 2023 Notes CURRENf ASSETS Cash at bank 9.826 NET CURRENT A&SETS 9.826 TOTAL ASSETS LESS CURRENT LIABILITIES 25,426 9.826 NET ASSETS FUNDS Unrestricted funds TOTAL FUNDS The financi behalf by: slalen ents were approved by the Board of Trusttts on .,..................... .... . and were signed on its P Escreet -Truthe D J Ward- Trustee The notes form part of these financial statements Pag¢ 7
Tbt Viola Trust Notes to tbe Fin4ncial Statements for tht Year Ended 31 August 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity. which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities". Statement of Recommended Practice applicable to charities preparing theiraccounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. Ineome All income is recognised in the Statement of Financial Activities once the charity has entitlement lo the funds. it is probable that the income will be received and the amount can be me&8ured reliably. ExpeDdlture Liabilities are recognised as expenditure as soon as there is a legal or Constructive obligation committing the charity to that expenditure, it is probable that a transf¢r of economic benefits will be rcquired in settl¢m¢nt and th¢ amount of the obligation can b¢ measured reliably. Expcnditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost r¢lated to the category. Where costs cannot be directly attributed to particular headin8S they have been allocated to activities on a basis consistent with the use of resources. Taxation The charity is exempt from t&x on its charitsbl¢ activities. Fund aeeounting Unrestricted funds can be used in accordance with th¢ charitable objectives at the discretion of the trustees. Rcstricted funds can Only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by thc donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 August 2024 nor for the period ended 31 August 2023. Trustees, exptDSes Th¢re were no tru5tees' expenses paid for the year ended 31 August 2024 nor for the period ended 31 August 2023. Page 8
Tht Vlola Trust Nol¢s to the Flnaneial Ststemtnts- continued for the Year Ended 31 August 2024 DONATIONS AND LEGACIES 2024 2023 Donalions: University of Hull Hull and East "dIng Charitable Trust South Georgia Heritage South Georgia Association SMS Towage Individual donations 18,000 s,0 5.000 1.000 15,000 EXPENDITURE ON CHARITABLE ACTIVITIES 2024 2023 Direct expenditure Virtual Viola project Public relations and promotional costs 7,400 5,544 9,800 7,744 Support Costs M8nAgemeDt Project management fees TotAI ebaritable expenditure MOVEMEKf IN FUNDS Net movement in funds At 1.9.23 At 31.8.24 UDrestricted funds General fund 9.826 15,600 25,426 TOTAL FUNDS 9,826 15.600 Net movement in funds, included in the above are as follows.. Incomin8 resources Resources Movement in expended funds Unrestricted funds General fund 29,000 (13.400) 15,600 TOTAL FUNDS (13 400) Page 10
The Viola Trust Notes to the Financial Statements- ¢ontinutd for tbe Year Ended 31 August 2024 MOVEMENT IN FUNDS- eontinued CompAratives for movement in funds N¢t movement in fimds At 1.9.22 At 31.8.23 UDrestritted funds General fund 5,170 4.656 9,826 TOTAL FUNDS 9.826 Comparative net movement in funds. included in the above are as follows.. Incomin8 resour¢¢s Resources Movement in expended funds Unrejtrlettd funds General fund, 16.(K)O (11,344) 4,656 TOTAL FUNDS 16.000 (11344) CONfiNGENT LIABtLITIES In October 2016 Solis Marine Consultants Caled out a survey and feasibility study. Solis Marine Consultants initially charged the Tt £IO,(M)O for this survey. The r¢mainder of the costs for the stsrvey. £37,600, are payable only with the successful salvage of Viola. If Ihe recovery of Viola does not happen, no extra sum xs payable to Solis Marine Consultants. This contingent liability is not provided for in the financial statements of Viola &s at the current time it is unllkely to crystalise. RELATED PARTY DISCLOSURES There has been no related party transactions in 2024. During the comparative period, SMS Towa8e Limited waived the loan to The Viola Trust £15.000. P Ereel trustee of The Viola Trust. is also a director of SMS Towa8e Limited. Page 10
The Viokn Trust Detailed Statement of FinaneiAI Aeliviéies for the Year Ended 31 Augusl 2024 2024 2023 INCOME AND ENDOWMEIYTS DonatioDS and leggtles Donations & fimdraising 29.oc 16,(XM) Totgl illeomlng resour¢es 29,000 16,IX)O EXPENDITURE Ch•rltable aetlvltles Virtual Viola proje¢t Public relations and promotion 7.400 SJ44 9.800 7.744 Support colts MaDagemeDt Project management fees Tot•1 resources expended 13,400 11,344 Net IDcome This page does not forni part of the statutory fllwKial statements Page 11