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2021-03-31-accounts

Registered company number - 9017635

WHITSTABLE MARITIME

(A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT AND EXAMINED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

WHITSTABLE MARITIME

CONTENTS

Pages
Legal and administrative information 1
Trustees' Report 2 - 5
Independent Examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the accounts 9 - 14

WHITSTABLE MARITIME

Page 1

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2021

Directors (Trustees)

Gordon J Vincent Chairman Jeffrey P Walford Treasurer Jeremy M Fry (resigned 4.10.20) George B Green Diana P G Wright Ian Forwood (resigned 4.10.20) Elisabeth L Rowe Bryant (resigned 4.10.20) Peter D Steen Alexander B Archer-Hare (appointed 4.10.20) Victoria Crws-Williams (appointed 4.10.20)

Company secretary Kathryn A Wilson

Company number 9017635

Charity number 1171563

Registered office

The Horsebridge Centre 11 Horsebridge Road Whitstable Kent CT5 1AF

Independent examiner

Mr S J Wren FCCA Accountancy Matters (Kent) Limited 31 Queen Street Ramsgate Kent CT11 9DZ

Bankers

Lloyds Bank Plc Ariel House 2138 Coventry Road Birmingham B26 3JW

WHITSTABLE MARITIME

Page 2

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees of the charity (who are Directors for the purposes of company law) present their annual report and financial statements of the charity for the year ended 31 March 2021 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006 relating to small companies, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The company was incorporated as a company limited by guarantee on 29 April 2014 and is governed by its Memorandum and Articles of Association. The company was registered with the Charity Commission as from 10 February 2017.

Recruitment and appointment of trustee/directors

To stand for election as a member of Whitstable Maritime’s board requires two Whitstable Maritime members to propose and second the nomination. The proposer needs to write a short citation which is sent to Whitstable Maritime’s board members to enable them to vote on the application ahead of the AGM by proxy, or at the AGM meeting.

Applicants must be aged 16 or over and meet the requirements of the Charity Commission.

Organisational structure

The Board has agreed a maximum of 12 trustees. The Board makes collective decisions and is expected to take individual responsibility for the delivery of the strategic aims. The trustees work collaboratively with each other and with members of the operational teams that are created to focus on major outcomes. Currently there are three active teams in addition to the Board: Coastal Trail, Gamecock Restoration, and Product Development. A minimum of two Board members serve on each operational team to maintain strategic direction, provide support and ensure accountability.

Risk management

Principle risk 1: accident at sea. Mitigated by adherence to a written code of practice (agreed with the RNLI) and marine insurance.

Principle risk 2: accident at public event. Mitigated by Public Liability insurance.

Principle risk 3: safeguarding of children and vulnerable adults. Mitigated by Safeguarding Policy, responsible Officer, and published event procedures.

WHITSTABLE MARITIME

Page 3

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2021

OBJECTIVES AND ACTIVITIES

Aims and objectives

By working in partnership with other bodies, we aim to :

Our objectives are to :

Activities and public benefit

Whitstable Maritime exists to help residents, visitors, schoolchildren and students enjoy learning about the town’s connections with the sea, past, present and future.

An annual festival also brings extra trade as well as giving visitors access to the town’s maritime heritage and a greater awareness of the environmental issues along the foreshore and offshore.

The first craft being restored is the last surviving oyster yawl built in Whitstable (in 1907) which is still in its original form. Known as the Gamecock, it has been registered as a National Historic Ship, and has strong connections with the local community.

The 5K Coastal Trail opened in 2020 provides a platform for related activities along the coast.

Achievements and performance

Throughout the previous year the team managing the restoration of the Gamecock maintained the vessel on its mud berth at Iron Wharf, Faversham, following the reconstruction of the hull at Conyer. Then in December 2019 Canterbury City Council Harbour Board granted permission for the Gamecock to be restored on the East Quay of the Harbour where the work could be undertaken in public view. She will then have a permanent mooring in the Harbour. One consequence was a substantial grant from the Goldfinch Trust which meant that work could be resumed once she had been towed round. Preparations for the tow and the lift on to the quay were well advanced when the operation was halted because it was impossible to ensure social distancing following the outbreak of the coronavirus disease nationally.

The Gamecock’s site on the East Quay is one of eight focal points on the 5km Coastal Trail being created by a second team. For two years they had researched and compiled historical, geographical, archaeological, and ecological data that would be of interest to a range of audiences from the casual visitor to school parties. A grant from Vattenfall and the assistance of a professional photographer enabled the team to plan the production of a high quality brochure that can be carried in the pocket. The outbreak of the coronavirus delayed publication.

During 2021, despite two ‘Lockdowns’ because of the coronavirus the restoration of the Gamecock has progressed on the East Quay and the Coastal Trail brochure proved to be very popular.

A large Lister bus engine & rusted scrap iron ballast was removed from the Gamecock along with her rotting deck. A second marine survey revealed a twist in the hull which has been corrected.

Working conditions on the quay have been improved considerably by Brett providing a workshop close facility.

WHITSTABLE MARITIME

Page 4

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance

A National publicity campaign proved successful with significant articles in Classic Boat, Practical Boat Owner, and Whitstable Whispers.

A survey by the Port of London proposed coding to carry 8 plus 2 crew which helped inform plans for a community sailing programme financed by commercial activities.

A partnership scheme has been formed: offers include mast (Alan Staley), marine engine (SeaG8), South Quay berth (Harbour Board), blocks & rigging (Barton Marine), annual donation (Shepherd Neame), 5% profit (Salt Marsh Walking & Whitstable Photographic), promotional film (Tom Cunliffe), Artist-in-Residence (Toby Ward), and navigation aids (Icom UK).

FINANCIAL REVIEW

The net surplus for the year was £23,205 which when added to funds brought forward gives total funds of £37,011 to carry forward. However of the £37,011, £29,828 relates to restricted funds and £3,959 relates to designated funds and therefore there are unrestricted general funds of £3,124 to carry forward to 2021/22.

RESERVES POLICY AND GOING CONCERN

Whitstable Maritime enjoys considerable public support and its objectives are ones with which the local community easily identifies. However this goodwill does not translate easily into financial support and the organisation has struggled to secure a regular income stream. To be financially sound, the organisation requires liquid reserves of £3,000 before it can invest in its activities.

The other distinctive feature of the organisation is its dependence on volunteers at all levels. This is a strength in terms of gaining commitment and a range of expertise but of course the key volunteers are driving the organisation in the margins of their time. It is particularly encouraging that some Volunteers are willing to take on leadership roles as that is how the organisation can continue to develop.

Progress to-date has been incremental and cautious. Restoration of the Gamecock will need to be supported by a public campaign and innovative ways of raising funds need to be further explored. Perseverance with charity car parks has produced a further £500. A crowd-funding scheme which started in the Summer of 2021 has so far has raised over £1,500.

The main assets of the company are the Gamecock, the volunteers, and the network which extends across the public, private and voluntary sectors. The Gamecock is insured for £5,000 and has been valued at £85,000 when fully renovated. The network supports many aspects of the organisation’s activities but cannot be taken for granted.

WHITSTABLE MARITIME

Page 5

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2021

PLANS FOR THE FUTURE

The Charity is positioned well both locally and nationally to grow rapidly but at present it has insufficient volunteers willing to take responsibilities in leadership roles. Until this is resolved the focus has to be on the restoration and management of the Oyster Yawl, and a few public events. Completion of the Gamecock will transform the Charity as the craft becomes an asset rather than a liability. She is already recognised by Visit Kent as an innovative tourist attraction and two breweries are investing in her brand name.

Much of the advanced planning is starting to focus on how the Gamecock will be managed so as to be financially viable and be able to offer a community sailing programme. For example, Trinity House has offered to support a RYA Sail Training course. Each potential user-group has to be researched and incorporated in a Business Plan. In time, the Gamecock will need to be managed by a small team with relevant commercial and maritime expertise, and possibly work in partnership with other organisations operating heritage craft.

At the time of writing this report we are not optimistic about having the funding to again manage Harbour Day. Nor are we able to control access, in terms of numbers, timing, nor spacing, so we cannot manage social distancing. While the event has bought us a great deal of goodwill, it absorbs much time and energy and only breaks even. An annual programme of activities and events on the Trail could be an alternative way of positively engaging with the community, as well as attracting walkers, cyclists, runners, wheel-chair users, schools and tourists. For example, ‘Whitstable Boatyards’ exhibition on 14 August (2022) is based on the former workforce found in the local boatyards in partnership with WYC & CCCU Supported by Visit Kent as an innovative tourist attraction in the County, this model has the advantage of being cumulative and could be developed with other organisations over the next 5 years.

To-date we have prided ourselves on being Volunteers. The exception has been the employment of a Shipwright where particular expertise is required. To take the next step-change we are now also investing in a graphics designer who manages Facebook and Instagram on our behalf.

A feasible timescale for both programmes might be:

• Aug. 2020 - Sept. 22 - Gamecock restoration - followed by sea trials / May 2023 - annual programme compiled / full review AGM 2025.

Capacity

One of the constraints in the past has been a shortage of volunteers. Fortunately our hard-won credibility means that we are now attracting an increasing number of able volunteers who are able to function as dedicated teams. We need to continue this approach whilst strengthening the Board.

If re-elected, the Chair will have served as Founder and Chair for six years and the Board would benefit from having a new senior executive (s) who could bring a different set of skills and experience.

Finally, we all need to be aware that being a Volunteer with Whitstable Maritime can be demanding at times, as well as rewarding. We each have other commitments which limit our capacity to respond. So we need to both value what people can offer and recognise when a task needs to be shared.

Signed on behalf of the Board of Directors by :

……………………. Gordon Vincent - Director

Date : 21 October 2021

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF

Page 6

WHITSTABLE MARITIME

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2021 which are set out on pages 7 to 14.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required 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 charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

S J Wren FCCA Accountancy Matters (Kent) Limited Chartered Certified Accountants 31 Queen Street Ramsgate Kent CT11 9DZ

Date : 26 October 2021

WHITSTABLE MARITIME

Page 7

STATEMENT OF FINANCIAL ACTIVITIES (incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2021

Notes
INCOME
Other trading activities :
Fundraising events
Harbour Day advertising and stall hire
Donations and legacies :
Donations
Grants
2
TOTAL INCOME
EXPENDITURE
Costs of raising funds
3
Expenditure on charitable activities
3
TOTAL EXPENDITURE
NET (EXPENDITURE) / INCOME AND
NET MOVEMENT IN FUNDS
FOR THE YEAR BEFORE TRANSFERS
Transfers between funds
10
NET MOVEMENT IN FUNDS
Balance as at 1 April 2020
BALANCE AT 31 MARCH 2021		 Unrestricted Designated Restricted
funds
funds
funds
£
£
£
571
-
-
-
-
-
375
-
677
-
-
31,500
946
-
32,177
1,068
-
-
2,521
-
6,329
3,589
-
6,329
(2,643)
-
25,848
(1,840)
840
1,000
(4,483)
840
26,848
7,607
3,119
3,080
3,124
3,959
29,928		 Total
Total
funds
funds
2021
2020
£
£
571
7,037
-
2,160
1,052
529
31,500
8,000
33,123
17,726
1,068
4,488
8,850
9,278
9,918
13,766
23,205
3,960
-
-
23,205
3,960
13,806
9,846
37,011
13,806

WHITSTABLE MARITIME

Page 8

BALANCE SHEET AS AT 31 MARCH 2021

Notes
FIXED ASSETS
Tangible assets
6
CURRENT ASSETS
Debtors
7
Cash at bank and in hand
CURRENT LIABILITIES
Creditors: amounts falling due within one
year
8
NET ASSETS
9
Represented by:
FUNDS OF THE CHARITY
Restricted funds
10
Unrestricted funds :
Designated funds
10
General funds
10
TOTAL CHARITY FUNDS		 1,511
36,889
38,400
(3,348)		 2021
£
1,959
1,513
12,498
14,011
(3,324)
35,052
37,011
29,928
3,959
3,124
37,011		 2020
£
3,119
10,687
13,806
3,080
3,119
7,607
13,806

For the financial year ended 31 March 2021 the company was entitled to exemption from audit under s.477 Companies Act 2006 and no members have deposited a notice under s.476 requiring an audit.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with s.386 of the Act for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of sections 394 and 295 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.

The financial statements have been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies and in accordance with the Charities SORP FRS102.

These accounts were approved and signed for issue by the trustees on 21 October 2021.

……………………. ……………………. Jeffrey Walford - Director Gordon Vincent - Director

Company Registration Number - 9017635

WHITSTABLE MARITIME

Page 9

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 ACCOUNTING POLICIES

The financial statements have been prepared in accordance with Accounting and Reporting by Charities : Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland FRS 102 (effective 1 January 2019) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102 and the Companies Act 2006.

Whitstable Maritime meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

The principal accounting policies adopted are as follows:

b) Income All income is included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.

The following specific policies are adopted and applied to particular categories of income :

Voluntary income by way of grants and donations is included in the statement of financial activities when receivable.

All expenditure is accounted for on an accruals basis and includes VAT where applicable. Where such costs relate to more than one functional cost category they have been split on an estimate of time spent. Expenditure is shown as :

Charitable expenditure - comprises those costs incurred by the charity in the delivery of its activities and services. It includes both those costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them, including governance costs (costs associated with meeting the constitutional and statutory requirements of the charity and includes the Independent Examiners fee).

Tangible fixed assets costing more than £200 are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows :

Fixtures, fittings & equipment 15% reducing balance Gamecock Oyster Yawl 10% straight line

Unrestricted funds are donations and other income receivable without further specified purpose and are available as general funds.

Designated funds are unrestricted funds earmarked by the trustees for a particular purpose.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets this criteria is charged to the fund.

WHITSTABLE MARITIME

Page 10

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 ACCOUNTING POLICIES

f) Significant judgements and estimates

No significant judgements or estimates have had to be made by the Trustees in preparing these financial statements

2
GRANTS
Unrestricted
funds
£
Fred Goldfinch Dec Charitable Will Trust
-
Shepherd Neame Ltd
-
National Maritime Museum
-
Canterbury City Council - 2019 Harbour Day
-
Canterbury City Council - Vattenfall
Community Fund
-
-		 Restricted
funds
£
30,000
1,000
500
-
-
31,500		 Total
Total
funds
funds
2021
2020
£
£
30,000
-
1,000
1,000
500
-
-
2,000
-
5,000
31,500
8,000
3
EXPENDITURE
Unrestricted
funds
£
Costs of raising funds :
Fundraising event costs
-
Publicity
1,068
1,068
Costs directly allocated to activities
Boat repairs & running costs
-
Boat insurance
-
Storage and mooring fees
-
Depreciation
602
Harbour Day costs
-
Coastal trail costs
-
Support costs
-
Insurance
317
Printing, postage and stationery
-
Legal and professional fees
373
Miscellaneous
10
Depreciation
558
Governance costs
Companies House fee
13
Accountancy
648
2,521
3,589		 Restricted
funds
£
-
-
-
3,739
160
270
-
-
2,160
-
-
-
-
-
-
-
-
6,329
6,329		 Total
Total
funds
funds
2021
2020
£
£
-
4,008
1,068
480
1,068
4,488
3,739
60
160
155
270
812
602
602
-
3,740
2,160
1,920
317
363
-
-
373
259
10
-
558
743
13
-
648
624
8,850
9,278
9,918
13,766

WHITSTABLE MARITIME

Page 11

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

4 NET INCOME 2021 2020
£ £
This is stated after charging:
Depreciation 1,345 1,345
Loss on disposal - -
Independent Examiner's remuneration :
-
Independent Examiners' fee		 648 624
-
Provision of bookkeeping software		 259 259
-
Assisting with Corporation tax		 114 -

5 INFORMATION REGARDING EMPLOYEES

The charity had no employees during either year.

No trustees received remuneration or were reimbursed travel or meeting expenses from the charity during the year (2020 - £Nil).

The total employee benefits (including employers national insurance) of the key management personnel of the charity were £Nil (2020 - £Nil)

FIXED ASSETS
Cost
As at 1 April 2020
Additions
Disposals
As at 31 March 2021
Depreciation
As at 1 April 2020
Disposals
Charge for the period
As at 31 March 2021
Net book value
As at 31 March 2021
As at 31 March 2020		 Fixtures,
fittings &
equipment
£
4,956
-
-
4,956
4,397
-
558
4,955
1
559		 Gamecock
Oyster
Yawl
£
6,020
-
-
6,020
3,460
-
602
4,062
1,958
2,560		 Total
£
10,976
-
-
10,976
7,857
-
1,160
9,017
1,959
3,119

6 FIXED ASSETS

WHITSTABLE MARITIME

Page 12

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

7
DEBTORS
Other debtors
Prepayments
8
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
Accruals
Deferred income
9
ANALYSIS OF NET ASSETS BETWEEN FUNDS
General
funds
£
Fixed assets
-
Current assets
6,472
Current liabilities
(3,348)
Net assets as at 31 March 2021
3,124
General
funds
£
Fixed assets
-
Current assets
10,931
Current liabilities
(3,324)
Net assets as at 31 March 2020
7,607		 Designated
funds
£
1,959
2,000
-
3,959
Designated
funds
£
3,119
-
-
3,119		 2021
£
-
1,511
1,511
2021
£
-
648
2,700
3,348
Restricted
funds
£
-
29,928
-
29,928
Restricted
funds
£
-
3,080
-
3,080		 2020
£
-
1,513
1,513
2020
£
-
624
2,700
3,324
Total
£
1,959
38,400
(3,348)
37,011
Total
£
3,119
14,011
(3,324)
13,806

WHITSTABLE MARITIME

Page 13

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

10 MOVEMENT IN FUNDS
Restricted funds
Coastal trail
Gamecock
Total restricted funds
Designated funds
Gamecock
Fixed assets fund
Total designated funds
Unrestricted general funds
Total funds		 As at
1 04 2020
£
3,080
-		 Income Expenditure
£
£
-
(2,160)
32,177
(4,169)
32,177
(6,329)
-
-
-
-
-
-
946
(3,589)
33,123
(9,918)		 Transfers
As at
31 3 2021
£
£
-
920
1,000
29,008
1,000
29,928
2,000
2,000
(1,160)
1,959
840
3,959
(1,840)
3,124
-
37,011
3,080
-
3,119
3,119
7,607
13,806

RESTRICTED FUNDS

Coastal trail

Last year, Vattenfall granted £5,000 towards the research, design, production and marketing of an interactive Coastal Trail from Seasalter to Tankerton. In 2019/20 a team from Whitstable Maritime undertook the research and worked with Howell & Hicks on the design of a brochure illustrating the geography, history, ecology and archaeology of the coastal zone for visitors and residents. This work successfully came to fruition in the Autumn of 2020. The balance of the funds are anticipated to be used for advertising the coastal trail in the coming years.

Gamecock

During the year grants and donations were received to be used towards the repairs and restoration of the Gamecock. The Gamecock is currently sitting on Whitstable Harbour East Quay. Further funding is required in order to fully restore the boat. The transfer of £1,000 relates to a grant received in the previous year which was not allocated to this restricted fund in error.

DESIGNATED FUNDS

Gamecock

This is a fund created by the Trustees to ring fence monies to be used specifically towards the repairs and restoration of the Gamecock.

Fixed asset fund

This fund represents the charity's net book value of the fixed assets at the balance sheet date and has been created as these funds are not readily available for the charity's operational expenditure.

WHITSTABLE MARITIME

Page 14

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

10 MOVEMENT IN FUNDS - PREVIOUS YEAR

Restricted funds
Coastal trail
Designated funds
Harbour Day
Fixed assets fund
Total designated funds
Unrestricted general funds
Total funds		 As at
1 04 2019
£
-
1,804
4,464		 Income Expenditure
£
£
5,000
(1,920)
-
-
-
-
-
-
12,726
(11,846)
17,726
(13,766)		 Transfers
As at
31 3 2020
£
£
-
3,080
(1,804)
-
(1,345)
3,119
(3,149)
3,119
3,149
7,607
-
13,806
6,268
3,578
9,846

RESTRICTED FUNDS

Coastal trail

Vattenfall granted £5,000 towards the research, design, production and marketing of an interactive Coastal Trail from Seasalter to Tankerton. In 2019/20 a team from Whitstable Maritime undertook the research and worked with Howell & Hicks on the design of a brochure illustrating the geography, history, ecology and archaeology of the coastal zone for visitors and residents. This work successfully came to fruition in the Autumn of 2020.

DESIGNATED FUNDS

Harbour Day fund

The 2019 Harbour Day was rated a great success by visitors and contributors. Plans for the 2020 event were well advanced when work was suspended with the outbreak of the coronavirus. Subsequent national measures restricting social interaction and ruling out uncontrolled access to large public events in 2020 and 2021 mean there is a strong possibility that the harbour Day will not be repeated in its present form and therefore the balance of this fund has been transferred to Unrestricted General Funds.

Fixed asset fund

This fund represents the charity's net book value of the fixed assets at the balance sheet date and has been created as these funds are not readily available for the charity's operational expenditure.

11 MEMBERS LIABILITY

Every member of the company undertakes to contribute such amount as required (not exceeding £10) to the company's assets if it should be wound up while they are members or within one year of ceasing to be a member, for payment of the company's debts and liabilities contracted before they cease to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of rights of the contributories among themselves.

12 CORPORATION TAXATION

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

13 RELATED PARTY TRANSACTIONS

During the year, the charity did not undertake any transactions with related parties that require disclosure.