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2020-08-31-accounts

REGISTERED COMPANY NUMBER: 04789584 (England and Wales) REGISTERED CHARITY NUMBER: 1187235

Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 August 2020

for

Boat Building Academy Limited

Ward Goodman 4 Cedar Park Cobham Road Ferndown Industrial Estate Wimborne Dorset BH21 7SF

Boat Building Academy Limited

Contents of the Financial Statements for the Year Ended 31 August 2020

Page
Report of the Trustees 1 to 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
Notes to the Financial Statements 13 to 21

Boat Building Academy Limited

Report of the Trustees for the Year Ended 31 August 2020

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2020. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

To teach men and women to build boats and design and make furniture of the highest quality to accepted industry standards using traditional and modern methods and materials, thus enabling our students to fully realise their potential

The charity's objects ('Objects') are specifically restricted to the following, for the public benefit:

a. to advance the education of the public in the art, craft and science of boat building, fine woodworking and related skills; and

b. to educate people through the provision of sailing or sailing related activities and other training to develop their physical, mental and social capabilities.

Significant activities

The principal activity of the Boat Building Academy (BBA) is to train students on an intensive, practical course over both a 40-week ('the long course') or a 12-week course to a level where they have the potential to gain immediate employment in the marine or furniture making industries.

The majority of the younger graduates (those seeking to enter the industry rather than those in retirement) are successful in finding work, and employers approach the BBA directly to seek skilled workers. A number of the former students have returned after working in the industry and now teach at the Academy, including the Principal.

2 - 5 day short courses complement these longer courses, providing training in boat building, woodworking skills and related subjects. In the last ten years the business has doubled its turnover and achieved international pre-eminence as a training establishment.

As a fee-paying college, the BBA offers bursaries to support impoverished men and women who would benefit from the training.

The second object 'to educate people through the provision of sailing or sailing related activities and other training to develop their physical, mental and social capabilities' is in its infancy. The BBA does not currently undertake sail training activities, but has been developing relationships with several sail training organisations and charities including Adventure Under Sail (AUS) and the Tectona Trust.

The relationship with AUS has started with staff staying aboard and sailing on Training Ship Pelican of London. Staff/student exchange visits are planned, and BBA tutors will attend shore based events on the Pelican to brief and informally teach the boat crew on various traditional boat maintenance techniques. These plans were cut short due to Covid but will continue as soon as possible. Some students form the BBA have sailed on the Pelican's Ocean Science voyages and undertaken work placements.

The BBA has a long history with TS Pelican: Chair of trustees - Tim Gedge - project managed the refit in 2007 using a team of BBA graduates and one of the graduates crossed the Atlantic serving as her ship's carpenter.

Page 1

Boat Building Academy Limited

Report of the Trustees for the Year Ended 31 August 2020

OBJECTIVES AND ACTIVITIES

Main activities undertaken for the public benefit

The BBA has recently employed a fundraiser to lead on increasing our bursary fund as well as capital funding and Covid mitigation. One element of this work is engaging the Dorset Local Enterprise Partnership. The submission to the Dorset Local Enterprise Partnership (LEP) is aimed at making a contribution towards the discussion about the proposed Dorset Investment Prospectus; part of the LEP's response to the economic impacts of Covid-19 and the priorities within the Dorset Local Industrial Strategy (LIS).

The BBA is an important business within Lyme Regis, Dorset and the South West and in addition to connecting with the LEP, aspires to further establish its relationship with the local community and beyond:

The trustees have had due regard to the Charity Commission guidance on public benefit.

The Boat Building Academy Bursary scheme

In order to provide training to all people regardless of their financial position we have a scheme whereby potential students can apply for a bursary to cover up to 50% of the course fee. This is applicable to the 40-week and 12-week courses and is aimed specifically at impoverished people or in the words of the Charity Commission - 'the poor'.

The BBA currently holds a bursary fund to support 1 student on each of the next three 40-week and three 12-week courses with the aspiration to support two students on each boat building and furniture making course from 2022.

The BBA bursary scheme has been developed by trustees specifically with public benefit in mind. The trustees have developed a rigorous approach to selecting deserving students for bursaries. A key player in this process has been Gail McGarva who has significant experience with both sides of bursary programmes including QEST and the Arts Council.

The application process is open to students who have been offered a place at the BBA through the usual application process. They will complete a bursary application form before a given deadline. Those who meet the criteria will be invited to spend a day at the BBA where they will be interviewed by 2 trustees and will work with staff to assess their approach to work. The original plan was for applicants to spend 2-5 days in the workshops but this is difficult with Covid restrictions. It might be that 1 day is rigorous enough anyway; this will be decided by trustees.

Page 2

Boat Building Academy Limited

Report of the Trustees for the Year Ended 31 August 2020

OBJECTIVES AND ACTIVITIES Contribution made by volunteers

The BBA has recently established a 'Friends manager' who will organise a group of volunteers and a sub-committee to:

The organisation will constitute people with the following backgrounds:

Page 3

Boat Building Academy Limited

Report of the Trustees for the Year Ended 31 August 2020

STRATEGIC REPORT Achievement and performance

Charitable activities

In December 2017 an economic assessment of the Academy and its contribution to the local economy was carried out by the Policy & Research Unit, Dorset County Council. At that time the report concluded that …."the presence of the Boat Building Academy with the associated spending of students and their visitors, supports about 32 FTE jobs currently and contributes £1.16 million Gross Value Added to the local economy." As part of this review of the Academy's work, Dorset Council has undertaken to update this assessment, and the results are awaited.

To date, the BBA has trained 536 40-week boat building students and 167 12-week furniture makers. There have also been 1821 places on short courses (some students doing more than one course)

The boat building students who started in August 2019 had their training interrupted due to the Covid 19 lockdown but returned after 4 months to complete their course. As part of the training students build several boats per course and as usual the boats were built to an exemplary professional standard and launched in Lyme Regis harbour on 1 October. The launch on this occasion was a toned-down affair to reflect Covid restrictions.

Covid 19 has not curtailed interest or enquiries about courses at the BBA. A full course of 18 students started the current 40-week course on 12 October and there are already 17 hopefuls lined up for March 2021. The 12-week courses are set to be fully booked next year. Short courses are also looking healthy with regular enquiries and bookings.

The last course fee increases were in January and February 2019. They stand at:

40-week boat building £15,850 12-week Furniture £5,850 12-week Advanced Furniture Making £5,950 2-day short courses £275 5-day short courses £675 - £950

The next increase has been delayed until August 2021 due to the unstable financial situation caused by Covid 19

Financial review

Reserves policy

The BBA will always hold a diminishing figure to reflect the cost of running a course - if the academy had to close, adequate funds (variable dependent on student numbers) are held in order to either repay a percentage of the fees for the unused part of the course or to fulfil the commitment to the students - rent, materials, tutor cost etc.

In addition, the BBA aims to hold a significant reserve in order to secure the business during periods of financial difficulty. Student numbers have been strong over the last few years with reserves increasing annually. Year ending August 2019, the reserve stood at £114,807.

Results for the year ended 31 August 2020, show a net loss of £22,322 (2019 Profit of £83,882). At the year end reserves stand at £92,485, of which £10,000 is restricted funds and £20,000 is designated for Bursaries. This leaves £62,485 in general unrestricted funds which, less the NBV of tangible fixed assets at the year end, leaves a total of £58,255 in free reserves.

Page 4

Boat Building Academy Limited

Report of the Trustees for the Year Ended 31 August 2020

STRATEGIC REPORT Financial review

The impact of Covid 19 on the BBA

In accordance with government requirements, on 20 March 2020, the BBA had to close and stop teaching its students, in the middle of the boat building course it was delivering, with staff being furloughed. It was able to restart at a much-reduced level on 13 July 2020 in accordance with government guidelines and restrictions.

However, in view of the need to comply with Covid 19 social distancing restrictions and having regard to the close working environment involved in a boat building workshop, it was only possible to restart with 50% of the number of students that should have been on site completing their course. This has also involved students being organised into separate groups, in different areas of the building, to help avoid the possibility of infection spreading throughout the students and staff, should any Covid cases arise.

There is only one dedicated classroom, as the majority of the space is taken up by the two workshops, communal spaces such as kitchen and dining area and on the first floor, residential, student accommodation. In addition, in view of the need for students to 'spread out' within the spaces available, it has also not been possible to deliver the financially beneficial short courses,that help support the business. The result of these Covid impacts is that the LRBBA has lost £275,000 in reduced income and other unexpected costs to be able to operate under Covid restrictions.

The delay caused by the shutdown also meant that new students had not been able to start the next session of the boat building course at the expected time, which is the main source of income for the Academy. There is therefore an urgent need to create more workshop space and works are in hand to convert some of the first floor student living accommodation into classroom space, expand an existing mezzanine workshop over the main boat building area and undertake other re-organisation of spaces at ground floor level. The Academy is planning to take advantage of a government guaranteed loan scheme to assist in funding this work and is also applying to charitable trusts for support.

Future plans

The trustees are committed to:

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is a company limited by guarantee incorporated 6 June 2003 and registered as a charity 7 January 2020. The company has Companies Act 2006 Articles and therefore does not have a Memorandum of Association. It is governed under its Articles of Association.

Recruitment and appointment of new trustees

The directors/trustees may by board resolution:

1. appoint a person who is willing to act to be a director; and

  1. appoint the Principal to be a director, if they consider that it would be in the best interests of the charity for them to do so.

A director retiring may offer himself or herself for re-election and for a period not exceeding five years. There is no limit on the number of terms of office.

Page 5

Boat Building Academy Limited

Report of the Trustees for the Year Ended 31 August 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

The trustees are responsible for the overall management and control of the Boat Building Academy and meet formally twice a year. Policies are implemented by the Principal who is also a trustee. The Chair, Treasurer and Principal speak by phone or email regularly - usually on a weekly basis with other trustees included as appropriate. The Principal provides a report to the Board every two months detailing activities, financials, problems, opportunities, Covid 19 and any other issues arising.

The Principal is paid a salary and there is provision in the BBA articles of association to allow this. All other trustees give their time freely. While no remuneration or expenses were paid in the year, reasonable expenses are available to trustees.

The Principal undertakes the key leadership role; overseeing educational, pastoral and administrative functions in consultation with the training manager, tutors and the office manager. The day to day administration of the BBA is undertaken within the policies and procedures approved by the trustees which provide for only significant expenditure decisions and major capital projects to be referred to the Trustees for prior approval. The Principal oversees the recruitment of all staff.

Induction and training of new trustees

New trustees are issued with an induction pack containing:

Four of the current trustees are graduates of the BBA Boat Building or Furniture Making courses and are therefore well-versed with the approach and ethos. Those trustees who are new to the BBA have a guided tour of the facilities and meet all the staff as part of their induction.

All trustees are invited to BBA events such as boat launches, furniture exhibitions and open days to give them a better understanding of the culture and purpose.

The Principal attended an online trustee training course run by lawyers - Farrers and accountants - Haysmacintyre. This, or other local trustee training courses are available to all trustees.

Key management remuneration

The Trustees including the Principal consider that they are the key management personnel. The Trustees give of their time freely. The pay and remuneration of the Principal and all other staff is set by the Trustees and is kept under annual review.

A number of criteria are used in setting pay:

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

04789584 (England and Wales)

Registered Charity number

1187235

Page 6

Boat Building Academy Limited

Report of the Trustees for the Year Ended 31 August 2020

Registered office

Lyme Regis Marine Centre Monmouth Beach Lyme Regis Dorset DT7 3JN

Trustees

M J Convey (resigned 11.5.2020) T J H Gedge R H Aylott (appointed 2.3.2020) J Lloyd-Davies (appointed 1.9.2019) W M Reed (appointed 2.3.2020) Ms B R Bathurst (appointed 11.5.2020) R T Martin (appointed 11.5.2020) Ms G H McGarva (appointed 11.5.2020)

Company Secretary

Independent Examiner

Ward Goodman 4 Cedar Park Cobham Road Ferndown Industrial Estate Wimborne Dorset BH21 7SF

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by:

............................................................................... W M Reed - Trustee

Page 7

Independent Examiner's Report to the Trustees of Boat Building Academy Limited

Independent examiner's report to the trustees of Boat Building Academy Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2020.

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

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies.

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:

  1. 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 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.

I M Rodd BSc FCA FCCA ICAEW Ward Goodman 4 Cedar Park Cobham Road Ferndown Industrial Estate Wimborne Dorset BH21 7SF

Date: .............................................

Page 8

Boat Building Academy Limited

Statement of Financial Activities for the Year Ended 31 August 2020

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
111,171
Other trading activities
4
545,970
Investment income
5
1,153
Total
658,294
EXPENDITURE ON
Raising funds
6
415,308
Charitable activities
7
Charitable Activities
275,142
Total
690,450
NET INCOME/(EXPENDITURE)
(32,156)
Transfers between funds
17
(166)
Net movement in funds
(32,322)
RECONCILIATION OF FUNDS
Total funds brought forward
114,807
TOTAL FUNDS CARRIED FORWARD
82,485		 Restricted
funds
£
15,000
-
-
15,000
-
5,166
5,166
9,834
166
10,000
-
10,000		 2020
Total
funds
£
126,171
545,970
1,153
673,294
415,308
280,308
695,616
(22,322)
-
(22,322)
114,807
92,485		 2019
Total
funds
£
-
836,769
639
837,408
342,400
411,126
753,526
83,882
-
83,882
30,925
114,807

The notes form part of these financial statements

Page 9

Boat Building Academy Limited

Balance Sheet 31 August 2020

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
13
4,230
CURRENT ASSETS
Stocks
14
36,821
Debtors
15
38,385
Cash at bank
268,807
344,013
CREDITORS
Amounts falling due within one year
16
(265,758)
NET CURRENT ASSETS
78,255
TOTAL ASSETS LESS CURRENT LIABILITIES
82,485
NET ASSETS
82,485
FUNDS
17
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
-
-
-
10,000
10,000
-
10,000
10,000
10,000		 2020
Total
funds
£
4,230
36,821
38,385
278,807
354,013
(265,758)
88,255
92,485
92,485
82,485
10,000
92,485		 2019
Total
funds
£
6,131
41,805
19,475
519,259
580,539
(471,863)
108,676
114,807
114,807
114,807
-
114,807

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. J Lloyd-Davies - Trustee

The notes form part of these financial statements

Page 10

Boat Building Academy Limited

Cash Flow Statement
for the Year Ended 31 August 2020
2020
Notes
£
Cash flows from operating activities
Cash generated from operations
1
(239,767)
Net cash (used in)/provided by operating activities
(239,767)
Cash flows from investing activities
Purchase of tangible fixed assets
(1,838)
Interest received
1,153
Net cash used in investing activities
(685)
Change in cash and cash equivalents in the
reporting period
(240,452)
Cash and cash equivalents at the beginning of
the reporting period
519,259
Cash and cash equivalents at the end of the
reporting period
278,807		 2019
£
154,076
154,076
(9,013)
639
(8,374)
145,702
373,557
519,259

The notes form part of these financial statements

Page 11

Boat Building Academy Limited

Notes to the Cash Flow Statement for the Year Ended 31 August 2020

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Decrease/(increase) in stocks
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash (used in)/provided by operations		 2020
£
(22,322)
3,739
(1,153)
4,984
(18,910)
(206,105)
(239,767)		 2019
£
83,882
6,198
(639)
(3,277)
31,607
36,305
154,076

2.

ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.19 Cash flow At 31.8.20
£ £ £
Net cash
Cash at bank 519,259 (240,452) 278,807
519,259 (240,452) 278,807
Total 519,259 (240,452) 278,807

The notes form part of these financial statements

Page 12

Boat Building Academy Limited

Notes to the Financial Statements for the Year Ended 31 August 2020

1. LEGAL FORM

The Charity (registration number 1187235) is a public benefit entity, limited by guarantee, incorporated in England and Wales (company number 04789584), and consequently does not have share capital.

The address of its registered office is: Lyme Regis Marine Centre, Monmouth Beach, Lyme Regis, Dorset DT7 3JN

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

On 7th January 2020, Boat Building Academy Limited (company number 04789584) registered as a Charitable company (Charity registration number 1187235). The financial statements of the charitable company, 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 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Government grants

Government grants include money received as part of the Covid-19 Job Retention Scheme. Income is recognised in the same period in which the related payroll expenditure is recorded.

Expenditure

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 transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 20% on cost Plant and machinery - Straight line over 3 years Fixtures and fittings - Straight line over 3 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock is valued on a "First in, first out" basis.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

continued...

Page 13

Boat Building Academy Limited

Notes to the Financial Statements - continued for the Year Ended 31 August 2020

2. ACCOUNTING POLICIES - continued

Fund accounting

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

3. DONATIONS AND LEGACIES

Gifts
Legacies
Grants
Grants received, included in the above, are as follows:
Job Retention Scheme
Other		 2020
£
16,192
8,000
101,979
126,171
2020
£
94,479
7,500
101,979		 2019
£
-
-
-
-
2019
£
-
-
-

continued...

Page 14

Boat Building Academy Limited

Notes to the Financial Statements - continued for the Year Ended 31 August 2020

4. OTHER TRADING ACTIVITIES

Course income
Materials
Woodworking skills
Wood
Accommodation
Washing machine money
Miscellaneous
5.
INVESTMENT INCOME
Interest receivable - trading
6.
RAISING FUNDS
Other trading activities
Opening stock
Closing stock
Staff costs
Bad debts
Depreciation
7.
CHARITABLE ACTIVITIES COSTS
Charitable Activities		 Direct
Costs
£
248,953		 2020
£
374,788
23,935
87,908
23,076
32,098
791
3,374
545,970
2020
£
1,153
2020
£
41,805
(36,821)
405,550
1,035
3,739
415,308
Support
costs (see
note 8)
£
31,355		 2019
£
614,661
36,347
88,405
37,228
55,842
1,857
2,429
836,769
2019
£
639
2019
£
38,528
(41,805)
336,049
3,430
6,198
342,400
Totals
£
280,308

continued...

Page 15

Boat Building Academy Limited

Notes to the Financial Statements - continued for the Year Ended 31 August 2020

8. SUPPORT COSTS

SUPPORT COSTS
Information Human
Management Finance technology resources Totals
£ £ £ £ £
Charitable Activities 27,570 854 2,184 747 31,355

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2020 2019
£ £
Depreciation - owned assets 3,739 6,198
Independent examination 1,980 -
Accounts preparation fees 540 1,400

10. TRUSTEES' REMUNERATION AND BENEFITS

William Reed, Director & Trustee, received remuneration totalling £20,000 (2019: £nil) in salary from his appointment as director in March 2020 to the year end of 31 August 2020. Employer pension contributions totalling £506 (2019: £nil) were made over the same period.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2020 nor for the year ended 31 August 2019.

11. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2020
£
368,298
29,822
7,430
405,550		 2019
£
305,468
25,034
5,547
336,049

The average monthly number of employees during the year was as follows:

2020 2019
Head count 14 15

No employees received emoluments in excess of £60,000.

continued...

Page 16

Boat Building Academy Limited

Notes to the Financial Statements - continued for the Year Ended 31 August 2020

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

13.

Unrestricted
Restricted
funds
funds
£
£
INCOME AND ENDOWMENTS FROM
Other trading activities
836,769
-
Investment income
639
-
Total
837,408
-
EXPENDITURE ON
Raising funds
342,400
-
Charitable activities
Charitable Activities
411,126
-
Total
753,526
-
NET INCOME
83,882
-
RECONCILIATION OF FUNDS
Total funds brought forward
30,925
-
TOTAL FUNDS CARRIED FORWARD
114,807
-
TANGIBLE FIXED ASSETS
Fixtures
Freehold
Plant and
and
property
machinery
fittings
£
£
£
COST
At 1 September 2019
10,912
72,819
-
Additions
-
1,430
408
At 31 August 2020
10,912
74,249
408
DEPRECIATION
At 1 September 2019
10,912
66,688
-
Charge for year
-
3,603
136
At 31 August 2020
10,912
70,291
136
NET BOOK VALUE
At 31 August 2020
-
3,958
272
At 31 August 2019
-
6,131
-		 Total
funds
£
836,769
639
837,408
342,400
411,126
753,526
83,882
30,925
114,807
Totals
£
83,731
1,838
85,569
77,600
3,739
81,339
4,230
6,131

continued...

Page 17

Boat Building Academy Limited

Notes to the Financial Statements - continued for the Year Ended 31 August 2020

14. STOCKS

Stocks
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Service charges due
Other debtors
Prepayments
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
Service charges paid in arrear
Accruals and deferred income

15.

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Income is deferred for courses that run over a period of weeks and have not yet been completed. The income is released monthly over the duration of the course.

17. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Bursary (Designated)
Restricted funds
Computer
Bursary
TOTAL FUNDS		 Net
movement
At 1.9.19
in funds
£
£
114,807
(32,156)
-
-
114,807
(32,156)
-
(166)
-
10,000
-
9,834
114,807
(22,322)		 Transfers
between
funds
£
(20,166)
20,000
(166)
166
-
166
-		 At
31.8.20
£
62,485
20,000
82,485
-
10,000
10,000
92,485

continued...

Page 18

Boat Building Academy Limited

Notes to the Financial Statements - continued for the Year Ended 31 August 2020

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Computer
Bursary
TOTAL FUNDS		 Incoming
resources
£
658,294
5,000
10,000
15,000
673,294		 Resources
Movement
expended
in funds
£
£
(690,450)
(32,156)
(5,166)
(166)
-
10,000
(5,166)
9,834
(695,616)
(22,322)

Comparatives for movement in funds

Net
movement At
At 1.9.18 in funds 31.8.19
£ £ £
Unrestricted funds
General fund 30,925 83,882 114,807
TOTAL FUNDS 30,925 83,882 114,807

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
837,408
837,408		 Resources
Movement
expended
in funds
£
£
(753,526)
83,882
(753,526)
83,882

continued...

Page 19

Boat Building Academy Limited

Notes to the Financial Statements - continued for the Year Ended 31 August 2020

17. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Bursary (Designated)
Restricted funds
Computer
Bursary
TOTAL FUNDS		 Net
movement
At 1.9.18
in funds
£
£
30,925
51,726
-
-
30,925
51,726
-
(166)
-
10,000
-
9,834
30,925
61,560		 Transfers
between
funds
£
(20,166)
20,000
(166)
166
-
166
-		 At
31.8.20
£
62,485
20,000
82,485
-
10,000
10,000
92,485

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 1,495,702 (1,443,976) 51,726
Restricted funds
Computer 5,000 (5,166) (166)
Bursary 10,000 - 10,000
15,000 (5,166) 9,834
TOTAL FUNDS 1,510,702 (1,449,142) 61,560

Purposes for restricted funds

Computer fund - Restricted for the purchase of new laptops for use by the charity. Bursary fund - Restricted funds to be awarded as student bursaries.

continued...

Page 20

Boat Building Academy Limited

Notes to the Financial Statements - continued for the Year Ended 31 August 2020

18. RELATED PARTY DISCLOSURES

Commander Timothy Gedge, Director & Trustee, received payments totalling £56,500 for the year ended 31 August 2020 (2019:£60,000) for rental of the building.

Page 21