Reglstered Crfty. 1189179 STEAMSHIP SHIEIDHALL CHARITY Report and flnandal stst•ments for the year ¢nd¢d 3111 Oclob•r 2022 V•nture House The Tannerl•s East Street Tltchfleld Hamp$hlr• P014 4AR
STEAMSHIP SHIELDHALL CHARrrY Contents Charlty Informatlon Report of the Chalr Report of the Tru5tee5 Independent Examlnerfs Report Statement of Flnanclal Artlvltle$ Balan sheet io Notes to the flnanclal statement$ 11-19
'STEAMSHIP SHIELDHALL CHARITY Charfty Information TRUSTEES Captaln J Rose MNM IChair} Mr J Cuslter- SlEned 3 April 2022 Mr G Mackenzie- re51gned 3 April 2022 Mr P Stephens M5 C Abert Mr H Chappell Captain M Phipps M5 R S1055 Mr P Smith MrT Lee- appolnled 3 April 2022 Mr J Scott- appointed 3 April 2022 REGISTERED ADORESS Compass Accountsnts Limited Venture House The Tanneries East Street Tltchfield Harnpshlre P014 4AR CHARITY NUMBER 1189179 WEBSITE WWW.SS-5hleldhall.co.uk ACCOUNTANTS Compè55 Accountants Llmlted Venture House The Tannerles East Street Tltchfield Hampshire P014 4AR INDEPENDENT EXAMINER Kerry Lawrance FCA BANKERS Santander UK PIC 2 Triton Square Regents Place London NW2 3AN
. STEAMSHIP SHIELDHALL CHARITY
Report of the Chair
for the period ended 31[st ] October 2022
The main event of the year was the extensive repairs made in Falmouth dry dock to replace underwater hull plating and the application of a new, super slippery anti-fouling protective paint. The overall cost was over £350,000, a major financial challenge, which was lessened by a National Heritage Memorial Fund grant of £196,450 and £10,000 donations from members. The Shieldhall Charity then experienced extraordinary increases in the price of fuel and insurance premiums. The losses incurred during this financial year are expected to continue in 2023. The prudent establishment of restricted reserves last year has allowed the ship to continue operate, to offer additional private cruises and to use the ship as a venue for alongside events and as a facility available for use by the local community services.
The Trustees remain confident the ship will continue to operate as a passenger carrying ship for many years to come, offering the public opportunities to sail on the largest operating steamship in Europe and to learn about our maritime heritage. Equally important is for us to continue to provide personal development of young and older persons alike. Cadets based in Solent University, church youth and sea cadet groups, have all received Maritime Awareness Training and it is expected that this will continue in 2023.
To deliver this work requires the use of a diverse range of skills and experience. The Charity is indebted to the tens of thousands of hours worked by our volunteers to ensure the safe operation of the ship and also to those who conduct the often-unseen activities ashore.
At the 2023 AGM in April I will stand down as Chairman and as a Trustee. In my 3 years tenure it has been an honour and a privilege to work with our volunteers and I have gained immense satisfaction at the achievements they have made. I wish all involved in the charity fair winds and following seas on the journey ahead.
Captain John Rose MNM Chair of the Board
Date: 14-IJ.-
Page Z
STEAMSHIP SHIELDHALL CHARITY
Report of the Trustees
for the period ended 31[st ] October 2022
The Trustees present their report and the financial statements for the period ended 31 October 2022. The Trustees have had due regard to the guidance issued by the Charity Commission on Public Benefit. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Structure, Governance and Management
Governing document
The charity is governed by the Constitution as a Charitable Incorporated Organisation dated 23 April 2020.
Induction and training of Trustees
The affairs of the Charity are managed by a Board of Trustees, consisting of a maximum of 10 Trustees.
All new trustees are required to sign eligibility declarations and the Charity's code of practice and are provided with the CIO Constitution, the terms of reference of the Board or Trustees and the role profile of a Trustee in accordance with the recommendations of the Charity Commission
New Trustees were appointed during the year following a recruitment process, they bring extensive knowledge in ship management, technical engineering, marine superintendence, customer experience and safety regulations.
Structure, governance and management
The Charity is governed by an unpaid Board ofTrustees who have delegated certain responsibilities for day to-day management to an Operations Committee, a Finance and Fundraising Committee, and to a Governance and Compliance Committee, all of whom are unpaid volunteers.
The Board of Trustees holds regular meetings on site, to discuss the major issues affecting the Charity, and to receive reports from the operational committees.
The trading operations of the main asset - SS Shieldhall - are now the responsibility of the Steamship Shieldhall charity, this permitted Solent Steam Packet (Services) which is a subsidiary of the Solent Steam Packet Ltd to be dissolved.
The supply of catering services to customers using the Shieldhall has been provided through another subsidiary - Shieldhall Catering Limited. This has been renamed Shieldhall Trading Limited and will have responsibility for catering, bar, and shop activities during sailing excursions and alongside events.
Risk management
The Trustees have a duty to identify and review the risks to which the company is exposed, and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Charity maintains a Risk Register.
Page3
STEAMSHIP SHIELDHALL CHARITY
Report of the Trustees
for the period ended 31[st ] October 2022
Objectives and activities
The objects of the CIO are:
-
1) To conserve, maintain, operate and exhibit for the public benefit the Steamship Shieldhall, the largest working steam ship in Britain and a member of the National Historic Fleet.
-
2) To advance the education of the public in all aspects of British maritime heritage and particularly steam powered ships and heritage vessels of historic and technical interest, in particular by providing trips, activities, opportunities, events and training days for schools, colleges, uniformed youth organisations, special interest groups, other educational organisations of all types and the general public, alongside and at sea.
The Charity relies on income from events and excursions, grants and donations, as well as subscriptions from its members, to help cover the costs of conservation and operation of the ship, including the ongoing costs of repairs and maintenance.
All of the above activities have been assigned from The Solent Steam Packet Limited, operating under a Memorandum of Understanding dated 17 June 2020.
Achievement and performance - charitable activities
The Charity continues to meet its objectives set out above.
The ship was a venue for training staff from the Ambulance Service, Southampton Fire & Rescue depots and HM Coastguard Helicopter operations. The charity receives no income for these activities but remains keen to continue to support our local community rescue and response services.
Educational links with schools, maritime colleges, scout and sea cadet groups continue to develop, the programme of training alongside and at sea is always well received by the participants.
An action plan, developed to deliver Learning and Participation, will continue to be implemented. The object of this is to attract new audiences, including families, young people, youth groups and schools to Shield hall. It is also intended to increase the number of trained volunteers to provide future sustainability.
Whilst the Charity is a non-profit making organisation, the Trustees must ensure that the day to day running of the ship takes place on a self-sufficient basis. All staff and volunteers receive comprehensive training.
SS Shieldhall proudly flies the 'Red Ensign' and can carry up to 200 passengers; the safety of passengers, those visiting and the volunteers working onboard is a subject the Board takes very seriously, and we will continue to find ways to provide training and aim to improve their personal skills, their safety and safeguard protection of the environment.
Heritage asset
SS Shield hall remains the property of The Solent Steam Packet Limited.
Page4
STEAMSHIP SHIELDHALL CHARITY
Report of the Trustees
for the period ended 31[st ] October 2022
Financial review
The Trustees are satisfied the Charity was in a satisfactory position at the year end. The net incoming resources for the year have decreased the reserves, with unrestricted reserves carried forward of £313,880 and restricted reserves carried forward of £9,000.
The Charity holds an unrestricted and restricted fund. The Trustees review the funds regularly in order to designate any surplus to the most appropriate allowable purpose.
The restricted fund is for the specific purpose of maintaining SS Shieldhall and delivering the educational activities and resources.
Reserves policy
Reserves are that part of the charity's unrestricted funds that are available to spend, at the trustees' discretion, to further the charity's purposes. The Charity has established two reserve funds, a Designated Reserve Fund, also known as 'Tomorrows Ambitions' and a General Reserve fund known as 'Today's Challenges'.
Designated Reserve Fund
The Trustees initially agreed to allocate £250,000 to the designated fund. The intention of the fund is to make a provision for the following.
-
Abnormal future expenditure that may arise from items such as the replacement of equipment or the maintenance of the hull integrity that may be required to keep the ship operational. £200,000 was allocated for this provision.
-
£50,000 was allocated to provide for unexpected changes in the charity's financial position due to a downturn in income or increase in expenditure.
General Reserve Fund
The charity has a fundraising committee which appraises proposals for spending on new projects. Funding will be channelled through the general reserve which initially was allocated £50,000.
The balance sheet shows a total of £322,880 (2021: £405,251) held in unrestricted funds. Of this, £2,725(2021: £4,788) related to fixed assets leaving £311,155 (2021: £400,463) free reserves which is a decrease of £91,371 (2021: Increase of £166,716) over the previous year's balance sheet figure. The board will decide how the unrestricted funds should be allocated between the reserves.
The trustees will continue to monitor the level of reserves during the year and will take the appropriate action to transfer funds as they consider necessary.
Principal funding sources
The principal sources of funding in the year were income from trading operations, grants from the Heritage Lottery Fund, donations and, subscriptions from members.
Page 5
STEAMSHIP SHIELDHALL CHARITY
Report of the Trustees for the period ended 31[st ] October 2022
Fundraising standards
The Charity continually searches for possible sources of funds.
Future developments
The Board ofTrustees will continue to monitor the activities of the Charity to meet the charitable objectives.
Captain John Rose MNM On behalf of the Board of Trustees
Date:
Page6
STEAMSHIP SHIELDHALL CHARITY
Report of the Trustees
for the period ended 31[st ] October 2022
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' Annual Report 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 & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the method and principles of the Charities SORP 2019 (FRS 102);
-
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 statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (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.
Captain John Rose MNM On behalf of the Board of Trustees
Date:
Page7
srEAMSHIP SHIELDHALL CHARITY Independent Examiner's Report to the Trustees of Steamshlp Shieldhall Charity I report to the charity trustees on my examination of the accounts of the charity for the period ended 31 October 2022 whlch are set out on pages 8 to 17. R•sponslbllltles and ba$ls of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'}. I report in respect of my examlnatlon of the charitWs account5 carried out under section 145 of the Act and in carryin8 Out my examination I have followed all the applicable Directions 8iven by the Charity Commission under section 14515llbl of the Act. Independent examlner's $tstement Since the charltvs gross Income exceeded E250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that l am qualified to undertake the examlnatlon because l am a member of the Institute of Chartered Accountants In England and Wales. whlch Is one of the listed bodies. I hove cornpleted my examlnatlon. I confirm that no materlal matters have come to my attention in connection with the examination givln8 me cause to belleve that in any material respect: accounting records were not kept In respect of the charity a5 required by Section 130 of the Act,. or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concernlng the form and content of accounts set out In the Charities IAccounts and Reports) Regulations 2008 other than any requirement thot the accounts 8lve a 'true and fair Vie whlch Is not a matter considered as part of an independent examlnatlon. I have no concerns and have come across no other matters in connectlon wlth the examination to which attention should be drawn In this report In order to enable a proper understsndln8 of the accounts to be reached. Kerry Lawrance FCA Institute of Chartered Accountants In England and Wales. Venture House, The Tannerie5 East Street, Tltchfield Hampshire P014 4AR Date: Z2hJD k6ooAQY 20 Pa8e 8
STEAMSHIP SHIELDHALL CHARITY Statement of Ilnancial actlvltle5 Ilnwrporatin{ the income and expendlture account) For the year ended 31" October 2022 Unre5trlcted Restrlcted funds funds 2022 Unrestrlded Rertrlrted Ttstal fund5 funds 2021 Total Notes Income from: Donations and le8acie5 Charltable activltles Other tradSnB actlvitles Grants Income from Invesiments 33,526 155,104 24,346 30,CKJO 17,161 50,687 155,104 24.346 226,415 192,002 109,301 20,779 7.655 199,657 109,301 20,779 69.200 196,415 69,200 Total income 242,978 213,576 456,554 322,082 76,855 398,397 Expendlture on: Fundraisin8 Costs Charitable activitles Governance costs 7,761 6 308,527 18,061 7,761 565,233 18,061 6,610 165,6SI 7,765 1,388 165,487 7,998 331,138 7,765 2S6,706 Total exp¢ndltur• 334,349 256,706 591,055 180,026 166,875 346,901 N•t Incornol(expenditurn) 191,3711 143,1301 1134,5011 142,056 190,0201 52,036 Transfer between fund5 14.057 114,0571 Net movement In funds 191,3711 143,1301 1134.5011 156,113 1104,0771 52,036 Reconclllatlon of funds: Total funds brought forward 405,251 52,130 457,381 249,138 156,207 405,345 Total funds carrled forward 313,880 322,880 405,251 52,130 457,381 The notes on pays 11 to 19 forrn an Irrtr[ part of th•se flnanclal statements. Pa8e 9
STEAMSHIP SHIELDHALL CHARITY Balance Sheet as at 31st Ortober 2022 2022 2021 Not Flxed assets Intangible assets Tan8lble assets Investments li 12 13 2,625 4,688 Ico 100 2,725 4,788 Current assets Stock Debtors Cash at bink and In hand 14 29,567 9,333 348,961 21,110 22,709 444,583 15 387,861 488,402 Credltors: amounts fallln du• wlthln on• year 16 167,7061 135,8091 Net current assets 320,155 452.593 Total as$et$ less current Ilabllltles 322,880 4S7.381 Net assets 322,880 4S7,381 Capltal and reserves Unrestrlcted funds 17 313,880 405,251 Re5trlcted funds S2,130 Total lunds 322,880 4S7.381 The flnanclal statements were approved and authorlsed for Issue by the Board of Trustees and sl8ned on Its behalf by: Captaln John Rose MNM On behalf of the 8oard of Trustees Date: £023 The noles on pays 11 to 19 form an Intwal part ol these flnanclal statemems. PaBe 10
STEAMSHIP SHIELDHALL CHARITY
Notes to the financial statements
for the period ended 31[st ] October 2022
Accounting policies
1.1. Charity information
The Steamship Shieldhall Charity is a registered charity, number 1189179. The registered address is 11 Compass Accountants Limited, Venture House, The Tanneries, East Street, Titchfield, Hampshire, PO14 4AR. The Charity operates the Steamship Shieldhall from Berth 110, Western Docks, Southampton, Hampshire, SO15 OHH.
The Steamship Shield hall Charity meets the definition of a public benefit entity under section 34 of FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value, unless otherwise stated in the relevant accounting policy.
The principal objectives of the charity are detailed in the Trustees' report.
1.2. Basis of accounting
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 Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and UK Generally Accepted Accounting Practice.
The financial statements are presented in sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest£.
1.3. 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 a particular restricted purpose within the rules of the Charity. Restrictions arise when specified by the donor, or when funds are raised for particular restricted purposes.
1.4. Incoming resources
All incoming resources are included in the statement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
All income is accounted for on an accrual's basis, with the exception of external donations and fundraising, which are accounted for on a receipt's basis.
Where items and services have been donated, the value of the donation has been assessed by the Trustees.
The charity is also reliant on volunteers to assist with the maintenance of the SS Shieldhall. The contribution of these volunteers has not been included as a monetary value in these accounts.
1.5. Resources expended
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.
1.6. Intangible fixed assets
Intangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost over its expected useful life of 4 years.
1.7. Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Saloon 20% straight line Equipment 20% reducing balance
Page 11
STEAMSHIP SHIELDHALL CHARITY
Notes to the financial statements
for the period ended 31[st ] October 2022
1.7. Stock
Stock is valued at the lower of cost and likely disposal proceeds, after expenses of disposal.
1.8. Financial Instruments
The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. These are recognised at transaction value and subsequently measured at their settlement value.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9. Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
2. Donations and legacies
| Unrestricted | Restricted | 2022 | Unrestricted | Restricted | 2021 | |
|---|---|---|---|---|---|---|
| funds | funds | Total | funds | funds | Total | |
| £ | £ | £ | £ | £ | £ | |
| Donations | 13,675 | 17,161 | 30,836 | 54,601 | 7,655 | 62,256 |
| Gift aid recovered | 13,888 | 13,888 | 12,561 | 12,561 | ||
| Legacies | 5,963 | 5,963 | 124,840 | 124,840 | ||
| 33,526 | 17,161 | 50,687 | 192,002 | 7,655 | 199,657 |
3. Charitable activities
| Unrestricted | Restricted | 2022 | Unrestricted | Restricted | 2021 | |
|---|---|---|---|---|---|---|
| funds | funds | Total | funds | funds | Total | |
| £ | £ | £ | £ | £ | £ | |
| Ticket sales | 136,415 | 136,415 | 95,704 | 95,704 | ||
| Charters | 18,689 | 18,689 | 11,250 | 11,250 | ||
| Courses | 1,297 | 1,297 | ||||
| Filming fees | 1,050 | 1,050 | ||||
| 155,104 | 155,104 | 109,301 | 109,301 |
Page 12
STEAMSHIP SHIELDHALL CHARITY
Notes to the financial statements
for the period ended 31[st ] October 2022
4. Income from other trading activities
| Unrestricted | Restricted | 2022 | Unrestricted | Restricted | 2021 | |
|---|---|---|---|---|---|---|
| funds | funds | Total | funds | funds | Total | |
| £ | £ | £ | £ | £ | £ | |
| Membership subscriptions | 8,935 | 8,935 | 13,445 | 13,445 | ||
| Rafles | 3,958 | 3,958 | 1,573 | 1,573 | ||
| Lottery | 7,065 | 7,065 | 5,736 | 5,736 | ||
| Other trading activities | 4,388 | 4,388 | 25 | 25 | ||
| 24,346 | 24,346 | 20,779 | 20,779 |
s. Grants
| Grants | ||||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | 2022 | Unrestricted | Restricted | 2021 | |
| funds | funds | Total | funds | funds | Total | |
| £ | £ | £ | £ | £ | £ | |
| National Lottery Heritage | ||||||
| Memorial Fund | 196,415 | 196,415 | 8,000 | 8,000 | ||
| Garfield Weston | 30,000 | 30,000 | ||||
| Culture Recovery Fund | 61,200 | 61,200 | ||||
| 30,000 | 196,415 | 226,415 | 69,200 | 69,200 |
6. Activities undertaken directly
| Unrestricted | Restricted | 2022 | Unrestricted | Restricted | 2021 | |
|---|---|---|---|---|---|---|
| funds | funds | Total | funds | funds | Total | |
| £ | £ | £ | £ | £ | £ | |
| Fuel | 68,657 | 68,657 | 37,481 | 37,841 | ||
| Pilots berthing | 24,272 | 24,272 | 18,131 | 18,131 | ||
| Utilities | 8,928 | 8,928 | 6,474 | 6,474 | ||
| Insurance | 15,768 | 15,768 | 4,792 | 4,792 | ||
| Ship repairs and maintenance | 148,656 | 256,706 | 405,362 | 32,945 | 104,172 | 137,117 |
| General repairs and maintenance | 8,073 | 8,073 | 12,778 | 12,778 | ||
| Marketing | 10,167 | 10,167 | 8,576 | 8,576 | ||
| Card charges | 2,391 | 2,391 | 2,039 | 2,039 | ||
| Event costs | 3,882 | 3,882 | 1,430 | 1,430 | ||
| Travel and subsistence | 2,718 | 2,718 | 2,819 | 2,819 | ||
| Professional fees | 8,831 | 8,831 | 25,001 | 37,162 | 62,163 | |
| Sundry expenses | 4,121 | 4,121 | 2,482 | 24,153 | 26,635 | |
| Depreciation | 2,063 | 2,063 | 10,703 | 10,703 | ||
| 308,527 | 256,706 | 565,233 | 165,651 | 165,487 | 331,138 |
Page 13
STEAMSHIP SHIELDHALL CHARITY
Notes to the financial statements
for the period ended 31[st ] October 2022
7. Governance and support costs
| Governance and suppor costs | ||||
|---|---|---|---|---|
| Governance | 2022 | Governance | 2021 | |
| costs | Total | costs | Total | |
| £ | £ | £ | £ | |
| Independent examiner's fee | 1,000 | 1,200 | 1,200 | |
| Accountancy fees | 3,903 | 2,700 | 2,700 | |
| Telephone, stationery and office | 5,165 | 1,746 | 1,746 | |
| Bank charges | 240 | 240 | ||
| Subscriptions | 2,893 | 306 | 306 | |
| Internet | 5,100 | 1,573 | 1,573 | |
| 18,061 | 7,765 | 7,765 |
8. Net incoming resources for the year
| Net incoming resources for the year | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Net outgoing resources is stated after charging: | ||
| Depreciation and other amounts written off tangible fixed assets | 2,063 | 10,703 |
| Independent examiner's remuneration | 1,000 | 1,200 |
| Independent examiner's remuneration from other work | 3,903 | 2,700 |
9. Employees
The charity employed no staff during the year.
There were no remuneration or other benefits for the year ended 31 October 2022 (2021: £Nil) paid to the Trustees.
No trustee expenses have been incurred during the year.
10. Taxation
All of the charity's income is applied for charitable purposes and therefore the charity is exempt from corporation tax.
Page 14
STEAMSHIP SHIELDHALL CHARITY
Notes to the financial statements
for the period ended 31[st ] October 2022
11. Intangible fixed assets
| Cost At 1 November 2021 Additions Disposals At 31 October 2022 Depreciation At 1 November 2021 Charge for the year On disposals At 31 October 2022 Net book values At 31 October 2022 At 31 October 2021 12. Tangible fixed assets Saloon £ Cost At 1 November 2021 367 Additions Disposals At 31 October 2022 367 Depreciation At 1 November 2021 367 Charge for the year On disposals At 31 October 2022 367 Net book values At 31 October 2022 At 31 October 2021 |
Website £ 8,250 8,250 3,562 2,063 5,625 2,625 4,688 Equipment £ 9,361 9,361 9,361 9,361 8,641 |
Total £ 8,250 8,250 3,562 2,063 5,625 2,625 4,688 Total £ 9,728 9,728 9,728 9,728 8,641 |
|---|---|---|
Page 15
STEAMSHIP SHIELDHALL CHARITY
Notes to the financial statements
for the period ended 31[st ] October 2022
13. Investments
| 13. | Investments | ||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| £ | £ | ||||
| At cost | 100 | 100 | |||
| The investment is the entire issued share capital of the following UK registered company, transferred to the | |||||
| Steamship Shield hall Charity | from The Solent Steam Packet Limited on 12thApril 2021: | ||||
| Reserves | Reserves | ||||
| Company number | Share capital | 2022 | 2021 | ||
| £ | £ | ||||
| Shieldhall Trading Limited | 05664230 | 100 | 27,729 | 14,335 | |
| 2022 | 2021 | ||||
| Summary of trading results: | £ | £ | |||
| Turnover | 48,598 | 35,772 | |||
| Expenditure | (35,204) | (21,868} | |||
| Net surplus for the year | 13,394 | 13,904 | |||
| 14. | Stock | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Fuel and oil | 26,895 | 12,528 | |||
| Paint and consumables | 2,672 | 8,582 | |||
| 29,567 | 21,110 | ||||
| 15. | Debtors | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Gift aid claim | 12,561 | ||||
| Prepayments | 9,333 | 4,881 | |||
| Other debtors | 5,267 | ||||
| 9,333 | 22,709 | ||||
| 16. | Creditors: amounts falling due within one year | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Accruals | 11,011 | 11,529 | |||
| Other creditors | 3,813 | 552 | |||
| Other taxes | 28,956 | ||||
| Amounts owing to connected companies | 23,926 | 23,728 | |||
| 67,706 | 35,809 |
Page 16
STEAMSHIP SHIELDHALL CHARITY
Notes to the financial statements
for the period ended 31[st ] October 2022
17. Net assets between funds
| Unrestricted Restricted funds funds £ £ Intangible fixed assets 2,625 Investments 100 Current assets 378,861 9,000 Current liabilities (67,706) 313,880 9,000 Unrestricted Restricted funds funds £ £ Intangible fixed assets 4,688 Tangible fixed assets 100 Current assets 436,272 52,130 Current liabilities (35,809) 405,251 52,130 |
Total 2022 £ 2,625 100 387,861 (67,706) 322,880 Total 2021 £ 4,688 100 488,402 (35,809) 457,381 |
|---|---|
18. Unrestricted funds
| At 1 November Incoming Outgoing 2021 resources resources £ £ £ Unrestricted funds 405,251 242,978 (334,349) 405,251 242,978 (334,349) At 1 November Incoming Outgoing 2020 resources resources £ £ £ Unrestricted funds 249,138 322,082 (180,026) 249,138 322,082 (180,026) |
At 31 October Transfers 2022 £ £ 313,880 313,880 At 31 October Transfers 2021 £ £ 14,057 405,251 14,057 405,251 |
|---|---|
Page 17
STEAMSHIP SHIELDHALL CHARITY
Notes to the financial statements
for the period ended 31[st ] October 2022
19. Restricted funds
| Restricted funds | |||||
|---|---|---|---|---|---|
| At 1 November | Incoming | Outgoing | At 31 October | ||
| 2021 | resources | resources | Transfers | 2022 | |
| £ | £ | £ | £ | £ | |
| Drydock fund | 43,130 | 213,576 | (256,706) | ||
| Cabin refurbishment fund | 9,000 | 9,000 | |||
| 52,130 | 213,576 | (256,706) | 9,000 | ||
| Restricted funds | |||||
| At 1 November | Incoming | Outgoing | At 31 October | ||
| 2020 | resources | resources | Transfers | 2021 | |
| £ | £ | £ | £ | £ | |
| Drydock fund | 87,844 | 7,655 | (52,369) | 43,130 | |
| Resilience fund | 24,621 | 8,000 | (36,527) | 3,906 | |
| Cabin refurbishment fund | 9,000 | 9,000 | |||
| National Lottery Heritage Emergency fund | 34,740 | (9,220) | (25,520) | ||
| Culture Recovery Fund | 61,200 | (68,759) | 7,559 | ||
| Other restricted funds | 2 | (2) | |||
| 156,207 | 76,855 | (166,875) | (14,057) | 52,130 |
19. Restricted funds
Purposes of restricted funds
The restricted funds, detailed above, are those which can only be used for a particular restricted purpose within the rules of the society. Restrictions arise when specified by a donor, sponsor, the conditions of a grant award, or when raised as the result of a specific fund raising appeal for example, towards the cost of dry dock.
Drydock Funds
The 2022 Dry Dock exceeded budget and the associated Restricted Fund of £256.706 was used in its entirety together with £81,371 from Unrestricted Funds
Cabin Refurbishment
The programme to improve onboard accommodation for the crew and young people participating in training courses was put on hold in 21-22. £9,000 has been carried forward to 2022-23 when it is expected the refurbishment work will commence.
20. Related party transactions
There are no related party transactions.
21. Ultimate parent undertaking
The ultimate controlling party are the Board of Trustees.
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STEAMSHIP SHIELDHALL CHARITY
Notes to the financial statements
for the period ended 31[st ] October 2022
22. Financial instruments
The carrying amounts of the charity's financial instruments are as follows:
| Financial assets Debt instruments measured at amortised cost: - Other debtors (note 15) - Gift aid claim (note 15) Financial liabilities Measured at amortised cost - Other creditors (note 16) - Amount owing to connected companies (note 16) |
2022 £ 9,333 9,333 3,813 23,926 27,739 2021 £ 5,267 12,561 17,828 552 23,728 24,280 |
|---|---|
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