| Page | ||
|---|---|---|
| Report ofthe Trustees | 1 to 10 | |
| Independent Examiner's |
Report | |
| Statement ofFinancial Activities | 12 | |
| Balance Sheet | 13 | |
| Cash Flow Statement | 14 | |
| Notes to the Cash Flow | Statement | 15 |
| NotestotheFinancialS | tatements | 16to 28 |
| he last course fee increases w | ere in September 202 |
|---|---|
| 40-week boat building | 2'78,450 |
| 12-week Furniture | f7,750 |
| 2-day short courses | $250- 6295 |
| 3-day short courses | $450 |
| 5-day short courses | f695 —2'775 |
| fo | r the year en | ded 31August 2023 | |||||
|---|---|---|---|---|---|---|---|
| 2023 | 2022 | ||||||
| Unrestricted | Restricted | Total | Total | ||||
| funds | funds | funds | funds | ||||
| Notes | I, | ||||||
| INCOME AND ENDOWMENTS | FROM | ||||||
| Donations, legacies snd |
grants | 7,154 | 101,623 | 108,777 | 60,149 | ||
| Other trading activities |
698,025 | 1,195 | 699,220 | 739,619 | |||
| Investment income |
1,240 | 22 | 1,262 | 29 | |||
| Total | 706,419 | 102,840 | 809,259 | 799,797 | |||
| EXPENDITURE ON | |||||||
| Raising funds | 367,937 | 367,937 | 346,721 | ||||
| Charitable activities |
|||||||
| Charitable activities |
7&8 | 376,196 | 26,935 | 403,131 | 466,368 | ||
| Total | 744,133 | 26,935 | 771,068 | 813,089 | |||
| NET INCOME/(EXPENDITURE) | 10 | (37,714) | 75,905 | 38,191 | (13,292) | ||
| Net movement in funds |
(37,714) | 75,905 | 38,191 | (13,292) | |||
| RECONCILIATION | OF FUNDS | ||||||
| Total funds brought forward | (4,107) | 25,418 | 21,311 | 34,603 | |||
| TOTAL FUNDS CARRIED FORWARD | 21 | (41,821) | 101,323 | 59,502 | 21,311 |
| Balance | Sheet | ||||||
|---|---|---|---|---|---|---|---|
| 31August | 2023 | ||||||
| Notes | 2023 | 2022 | |||||
| Unrestricted | Restricted | Total | Total | ||||
| funds | funds | funds | funds | ||||
| FIXEDASSETS | f | ||||||
| Tangible | assets | 14 | 56,757 | 56,757 | 63,218 | ||
| CURRENT ASSETS | |||||||
| Stocks | 15 | 39,171 | 39,171 | 42,649 | |||
| Debtors | 16 | 77,351 | 1,028 | 78,379 | 38,815 | ||
| Cash at bank | 395,280 | 100,295 | 495,575 | 532,064 | |||
| 511,802 | 101,323 | 613,125 | 613,528 | ||||
| CREDITORS | |||||||
| Amounts | falling due within | one year | 17 | (486,488) | (486,488) | (495,076) | |
| NET CURRENT ASSETS | 25,314 | 101,323 | 126,637 | 118,452 | |||
| TOTAL | ASSETSLESSCURRENT LIABILITIES | 82,071 | 101,323 | 183,394 | 181,670 | ||
| CREDITORS | |||||||
| Amounts | falling due after more than one year | 18 | (123,892) | (123,892) | (160,359) | ||
| NET (LIABILITIES) / ASSETS | (41,821) | 101,323 | 59,502 | 21,311 | |||
| FUNDS | 21 | ||||||
| Unrestricted funds |
(41,821) | (41,821) | (4,107) | ||||
| Restricted | funds | 101,323 | 101,323 | 25,418 | |||
| TOTAL | FUNDS | (41,821) | 101,323 | 59,502 | 21,311 |
| Bo | at Building Academy Lim | at Building Academy Lim | at Building Academy Lim | ited | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow Statement | |||||||||||
| for | the year | ended 31August | 2023 | ||||||||
| 2023 | 2022 | ||||||||||
| Note | f | ||||||||||
| Cash flows from | operating | activities | |||||||||
| Net cash generated | by operating activities |
4,876 | 179,055 | ||||||||
| Cash flows from | investing | activities | |||||||||
| Purchase oftangible fixed assets | (5,960) | (22,811) | |||||||||
| Interest received | 1,262 | 29 | |||||||||
| Net cash used in investing | activities | (4,698) | (22,782) | ||||||||
| Cash flows from | financing | activities | |||||||||
| Loan repayments | in year | (36,667) | (36,667) | ||||||||
| Net cash (used in) | financing | activities | (36,667) | (36,667) | |||||||
| Change in cash and cash equivalents | in | the | reporting | period | (36,489) | 119,606 | |||||
| Cash and cash equivalents | at the beginning | ofthe reporting | period | 532,064 | 412,458 | ||||||
| Cash and cash equivalents | at the end | of | the | reporting | period | 495,575 | 532,064 |
| 2023 | 2022 | |||
|---|---|---|---|---|
| Net income/(expenditure) | for the reporting | period (as per the Statement of | ||
| Financial Activities) | 38,191 | (13,292) | ||
| Adjustments for: |
||||
| Depreciation charges |
12,421 | 11,101 | ||
| Interest received | (1,262) | (29) | ||
| Decrease/(Increase) | in stocks | 3,478 | (9,172) | |
| (Increase) in debtors |
(39,564) | (12,758) | ||
| (Decrease)/Increase | in creditors | (8,388) | 203,205 | |
| Net cash generated | by operations | 4,876 | 179,055 |
| ANALYSIS OF CHA | NGES IN NET FUNDS | |||
|---|---|---|---|---|
| At | At | |||
| I September | 31August | |||
| 2022 | Cash Outflow | 2023 | ||
| 2 | ||||
| Net cash | ||||
| Cash at Bank | 532,064 | (36,489) | 495,575 | |
| 532,064 | (36,489) | 495,575 | ||
| Debt | ||||
| Debts falling due within Debts falling due after |
1 year 1 year |
(36,667) ~143617 |
36667 | (36,667) ~766944 |
| Total debt | (180,278) | 36,667 | (143,611) | |
| Total net cash | 351,786 | 178 | 351,964 |
| DONATIONS) LE | GACI | E | S AND GRAN | TS | |||
|---|---|---|---|---|---|---|---|
| 2023 | 2022 | ||||||
| Donations | 47,976 | 14,027 | |||||
| Grants | 60,801 | 46,122 | |||||
| 108,777 | 60,149 | ||||||
| Grants received, included | in the above, are as follows: | 2023 | 2022 | ||||
| Alternative Fuel Payment |
Scheme - Grant | 300 | |||||
| Energy Bill Relief | Scheme | 551 | |||||
| SWIRE Charitable | Trust | - | Bursaries | 17,500 | |||
| Dorset Council | 40,000 | ||||||
| The Alice Ellen Cooper Dean Charitable | Foundation | - Bursaries | 10,000 | ||||
| The Valentine Charitable |
Trust - Bursaries | 10,000 | |||||
| Government CBILS loan |
interest grant | 4,500 | 5,410 | ||||
| The Headley Trust | - Bursaries | 17,950 | |||||
| Coronavirus HMRC Furlough Grant |
712 | ||||||
| 60,801 | 46,122 | ||||||
| OTHER TRADING ACTIVITIES | |||||||
| 2023 | 2022 | ||||||
| Course income | 503,358 | 495,361 | |||||
| Materials | 36,572 | 36,670 | |||||
| Woodworking skills |
61,850 | 118,108 | |||||
| Wood | 47,778 | 45,770 | |||||
| Accommodation | 40,261 | 37,622 | |||||
| Washing machine |
money | 1,298 | 943 | ||||
| Miscellaneous | 8,103 | 5,145 | |||||
| 699,220 | 739,619 |
| Boat Building Academy | Boat Building Academy | Limited | Limited | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Notes to the Financial Statements | - continued | ||||||||||||||
| for the year ended 31 August 2023 | |||||||||||||||
| 5. | INVESTMENT INCOME | ||||||||||||||
| 2023 | 2022 | ||||||||||||||
| Interest receivable | —trading | 1,262 | 29 | ||||||||||||
| 6. | RAISING FUNDS | ||||||||||||||
| Other trading | activities | ||||||||||||||
| 2023 | 2022 | ||||||||||||||
| Opening stock | 42,649 | 33,477 | |||||||||||||
| Closing stock | (39,171) | (42,649) | |||||||||||||
| Staff costs | 351,654 | 343,898 | |||||||||||||
| Bad debts | 384 | 894 | |||||||||||||
| Depreciation | 12,421 | 11,101 | |||||||||||||
| 367,937 | 346,721 | ||||||||||||||
| Staff costs includes | nothing | funded | by the Government | Furlough | Scheme (2022 | - | f712). | ||||||||
| 7. | CHARITABLE ACTIVITIES | COSTS | |||||||||||||
| Grant | |||||||||||||||
| funding | Support | ||||||||||||||
| Direct | of | activities | Costs | ||||||||||||
| CostsI | (see | note 8) | (Seenote 9) | Total | |||||||||||
| Charitable activities |
332,290 | 26,935 | 43,906 | 403,131 | |||||||||||
| Charitable activity costs for the |
year | ended 31 August | 2022 totalled | f466,368. | |||||||||||
| GRANTS PAYABLE AND RESTRICTED FUNDRAISING | COSTS | ||||||||||||||
| 2023 | 2022 | ||||||||||||||
| Charitable activities |
—bursary | grants to individuals | from restricted | funds | 26,848 | 28,572 | |||||||||
| Charitable activities |
—bursary | grants to individuals | from designated | funds | 14,751 | ||||||||||
| Charity event costs | |||||||||||||||
| 26,935 | 43,323 |
| Management | Finance | Information | Human | Totals | ||
|---|---|---|---|---|---|---|
| technology | Resources | |||||
| 8 | 8 | |||||
| Charitable | activities | 23,865 | 16,020 | 3,267 | 754 | 43,906 |
| 2023 | 2022 | |||
|---|---|---|---|---|
| 8 | ||||
| Depreciation | -owned | assets | 12,421 | 11,101 |
| Independent | examination | 2,580 | 2,280 | |
| Accounts preparation | fees |
| STAFF COS | TS | ||||||
|---|---|---|---|---|---|---|---|
| 2023 | 2022 | ||||||
| Wages and salaries | 321,145 | 310,463 | |||||
| Social security | 23,916 | 26,666 | |||||
| Other pension | costs | 6,593 | 6,769 | ||||
| 351,654 | 343,898 | ||||||
| The average monthly | number ofemployees | during | the year was as follows: | ||||
| 2023 | 2022 | ||||||
| No. | No. | ||||||
| Head count | 13 | 13 | |||||
| No employees | received emoluments | in excess of860,000(2022 —Nil). |
| INCOME AND ENDOWMENTS | INCOME AND ENDOWMENTS | FROM | Unrestricted | Restricted | Total |
|---|---|---|---|---|---|
| funds | funds | funds | |||
| Donations and legacies |
5,497 | 54,652 | 60,149 | ||
| Other trading activities |
739,619 | 739,619 | |||
| Investment income |
29 | 29 | |||
| Total | 745,145 | 54,652 | 799,797 | ||
| EXPENDITURE ON | |||||
| Raising funds | 346,009 | 712 | 346,721 | ||
| Charitable activities |
|||||
| Charitable activities |
437,796 | 28,572 | 466,368 | ||
| Total | 783,805 | 29,284 | 813,089 | ||
| NET INCOME/ (EXPENDITURE) | (38,660) | 25,368 | (13,292) | ||
| Net movement in funds |
(38,660) | 25,368 | (13,292) | ||
| RECONCILIATION | OF FUNDS | ||||
| Total funds brought | forward | 34,553 | 50 | 34,603 | |
| TOTAL FUNDS CARRIED FORWARD | (4,107) | 25,418 | 21,311 |
| Improvements | Improvements | Plant | Fixtures | ||||
|---|---|---|---|---|---|---|---|
| to | and | and | |||||
| COST | property | machinery | fittings | Totals | |||
| At | 1 September 2022 | 67,136 | 22,726 | 408 | 90,270 | ||
| Additions | 5,960 | 5,960 | |||||
| At | 31August 2023 | 67,136 | 28,686 | 408 | 96,230 | ||
| DEPRECIATION | |||||||
| At | 1 September 2022 | 11,906 | 14,738 | 408 | 27,052 | ||
| Charge for year | 6,714 | 5,707 | 12,421 | ||||
| At | 31 August 2023 | 18,620 | 20,445 | 408 | 39,473 | ||
| NET BOOK VALUE | |||||||
| At | 31 August 2023 | II 516 | ~8241 | 56,757 | |||
| At | 31 August 2022 | 55,230 | 7,988 | 63,218 | |||
| 15. | STOCKS | ||||||
| 2023 | 2022 | ||||||
| 8 | |||||||
| Raw materials —wood and materials | 35,931 | 42,649 | |||||
| Work in Progress | 3,240 | ||||||
| 39,171 | 42,649 | ||||||
| 16. | DEBTORS:AMOUNTS FALLING DUE WITHIN | ONE YEAR | |||||
| 2023 | 2022 | ||||||
| Service charges due | 59,284 | 26,080 | |||||
| Prepayments | 19,095 | 12,735 | |||||
| 78,379 | 38,815 |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Bank loans and | overdrafts | (see note 19) | 36,667 | 36,667 | |
| Trade creditors | 8,292 | 21,683 | |||
| Social security | and other | taxes | 5,794 | 6,689 | |
| Other creditors | 8,780 | 7,722 | |||
| Service charges | paid | in arrears | 20,615 | 34,835 | |
| Accruals and deferred | income | 406,340 | 387,480 | ||
| 486,488 | 495,076 |
| Deferred | income brought | forward | 387,480 |
|---|---|---|---|
| New invoices raised | 581,825 | ||
| Amounts | released | (562,817) | |
| Deferred | income carried | forward | 406,488 |
| CREDIT | ORS: AMOUNTS FALLING DUE AFTER MOR | E THAN ONE YEAR | |
|---|---|---|---|
| 2023 | 2022 | ||
| 6 | |||
| Bank loans (see note 19) | 106,944 | 143,611 | |
| Accruals | and deferred income | 16,948 | 16,748 |
| 123,892 | 160,359 |
| An analysis | ofthe maturity | of loans is given below: | 2023 | 2022 |
|---|---|---|---|---|
| g | ||||
| Amounts falling due within Bank loans |
one year on demand: | ~36 667 | ~36 667 | |
| Amounts falling due between two and 5 years: |
||||
| Bank loans | —2-5 years | 106,944 | 143,611 | |
| Amounts falling due in more than five years: |
||||
| Repayable | by instalments: | |||
| Bank loans | due in more than | 5 years by instalments | ||
| 106,944 | 143,611 |
| Minimum lease payments under non-cancellable operating lease |
s fall due as follows: | |
|---|---|---|
| 2023 | 2022 | |
| Within one year | 61,000 | 66,000 |
| Between one and five years | 163,250 | 224,250 |
| 224,250 | 290,250 |
| At | Net | Transfer | At | ||
|---|---|---|---|---|---|
| 1September | movements | between | 31August | ||
| 2022 | in funds | funds | 2023 | ||
| General | fund | (13,303) | (37,714) | 9,196 | (41,821) |
| Bursary | (Designated) | 9,196 | (9,196) | ||
| (4,107) | (37,714) | (41,821) | |||
| Restricted funds | |||||
| Bursary | 25,418 | 75,905 | 101,323 | ||
| TOTAL | FUNDS | 21,311 | 38,191 | 59,502 |
| Incoming | Resources | Movement | ||
|---|---|---|---|---|
| resources | expended | in funds | ||
| General | fund | 706,419 | (744,133) | (37,714) |
| Bursary | (Designated) | |||
| 706,419 | (744,133) | (37,714) | ||
| Restricted funds | ||||
| Bursary | 102,840 | (26,935) | 75,905 | |
| TOTAL | FUNDS | 809,259 | (771,068) | 38,191 |
| Unrestric | ted funds |
||||
|---|---|---|---|---|---|
| At I | Net | Transfers | At 31 | ||
| September | movements | between | August | ||
| 2021 | in funds | funds | 2022 | ||
| General Bursary |
fund (Designated) |
10,693 23,860 |
(23,996) ~34.644 |
(13,303) 9 196 |
|
| 34553 | 38,660 | 4,107 | |||
| Restricted funds |
|||||
| Bursary | 50 | 25,368 | 25,418 | ||
| TOTAL | FUNDS | 34,603 | (13,292) | 21,311 |
| Unrestrict | ed funds |
|||
|---|---|---|---|---|
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| General Bursary |
fund (Designated) |
745,058 87 |
(769,054) ~34 751 |
(23,996) ~54.664 |
| 745,145 | (783,805) | (38,660) | ||
| Restricted funds | ||||
| Bursary | 54,652 | (29,284) | 25,368 | |
| TOTAL | FUNDS | 799,797 | (813,089) | 13,292 |
| At 1 | Net | Transfers | At | |||
|---|---|---|---|---|---|---|
| September | movement | between | 31August | |||
| 2021 | in funds | funds | 2023 | |||
| Unrestricted | funds | |||||
| General | fund | 10,693 | (61,710) | 9,196 | (41,821) | |
| Bursary | (Designated) | 23,860 | (14,664) | (9,196) | ||
| 34,553 | (76,374) | (41,821) | ||||
| Restricted funds | ||||||
| Bursary | 50 | 101,273 | 101,323 | |||
| 50 | 101,273 | 101,323 | ||||
| TOTAL | FUNDS | 34,603 | 24,899 | 59,502 |
| Unrestric | t | ed funds |
|||
|---|---|---|---|---|---|
| Incoming | Resources | Movement | |||
| Resources | expended | in funds | |||
| General | fund | 1,451,477 | (1,513,187) | (61,710) | |
| Bursary | (Designated) | 87 | (14,751) | (14,664) | |
| 1,451,564 | (1,527,938) | (76,374) | |||
| Restricted | funds | ||||
| Bursary | 157,492 | (56,219) | 101,273 | ||
| 157,492 | (56,219) | 101,273 | |||
| TOTAL | FUNDS | 1,609,056 | (1,584,157) | 24,899 |