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.
1. 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.
2. £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.
**Page 18**
## **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|
|---|---|
**Page 19**