Reglstered Charity: 1189179 STEAMSHIP SHIELDHALL CHARITY Report and flnanclal slatements for the year ended 31" Ortober2023 Compass Accountants Llrnited Venture House The Tannerles East Street Tltchfield Hampshire P014 4AR
STEAMSHIP SHIELDHALL CHARITY Contents Page Charity Infoimatlon Report of the Chair Report of the Trustees Independent Ex3mlnerfs Report Statement of Financlal Aclivities Balance sheet io Notes to the financial statements 11-19
STEAMSHIP SHIELDHALL CHARITY Charity Information TRUSTEES Captain M Phipps MBE Ichairl Mr P Stephens Mr H Chappell Ms R Slos5 Mr P Smith MITLee Captain J Scott Mr A Bonsor- appointed 2 April 2023 nd nd Mr C Ness- appointed 2 April 2023 REGISTERED ADDRESS Compass Accountants Limited Venture House The Tanneries East Street Titchfield Hampshire P014 4AR CHARITY NUMBER 1189179 WEBSITE www.ss-shieldhall.co.uk ACCOUNTANTS Compass Accountants Limited Venture House The Tanneries East street Titchfield Hampshire P014 4AR INDEPENDENT EXAMINER Kerry Lawrance FCA BANKER5 Santander UK PIC 2 Triton Square Regents Place London NW2 3AN PaEe I
STEAMSHIP SHIELDHALL CHARITY Report of the Chair for the perlod ended 31" October 2023 The main event of the year was the unplanned and unexpected repairs and work that was carried out in drydock at Falmouth, at the request of the MCA. The overall cost was over £191,000 a major financial challenge and drain on our reserves. The Shieldhall Charity has over the year experienced increases in the pricp of fuel and insurance premiums. It 15 expected that tliis financial year we will continue to make a small operatingloss. The prudent establishment of restricted reserves over the last couple of years has allowed the sl)ip to continue operate, to offer additional private cruises, Including being the starlvessel for the Ocean Globe Race and to use the ship as a venue for alongside events and as a facility available for use by the local community seICe5. The Trustees remain confident the ship will continue to operate as a passenger carrying ship for the foreseeable future, offering the public opportunities to sail on the largest opprating steamship in Europe and to learn about our maritime heritcige. Equally important is for us to continue to provide personal development of young and older persons alike. Cadets based in Solent University, church youth, local Southampton schools and Sea Cadet group5, have all received Maritime Awareness Training. Both HampshSre and Thames Valley Police along with Hampshire Fire and Rescue have used the vessel for training and it is expected that this will continue in 2024. 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 szfe operation of the ship and also to those who conduct the often-unseeii activities ashore. _-L G .Plvr Captain Martln Phipps MBE Chair of the Board Date: '20.03.ZLF Page 2
STEAMSHIP SHIELDHALL CHARITY Report of the Trustee5 for the perlod ended 31" October 2023 The Trustees present their report and the financial statements for the period ended 31 October 2023. 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 ISORPI "Accounting and Reporting by Charities" IFRS 1021 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 attounts and comply with the charity's governing document, applicable law and United Kingdom Accounting Standard5 Iunited 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. Inductlon 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 thÈ Charity's code of practice and are providod 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 brinB extensive knowledge in ship management, technical engineering, marine superlntendence, customer experience and safety regulations. Structurej governance and management The Charity is governed by an unpaid Board of Tiustees who have delegated certain responsibilities for day- to-day management to a Flnance and Fundraising Committee, and to a Governance and Compliance Committee, all of whom are unpaid volunteers. The Board Df Trustees holds regular meetings on site, to discuss the major issues affecting the Charity, and to receive report5 from the operational cotntnittees. The trading operations of the main asset - SS Shieldhall are now the responsibility of the Steamship Shieldhall Charity, thi5 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 provlded through another subsidiary -Shieldhall Trading Llmited which will have iesponsibility for cateringi bar, and Shop activities during sailing excursions and alongside events. Rlsk management The Trustees have a duty to identlfy 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. Page 3
STEAMSHIP SHIELDHALL CHARITY Report of the Trustees for the perlod ended 31" October 2023 ObSectlves and activitles The objects of the CIO are.. 11 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. 21 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, college5, uniformed youth organisations, special interest groups, other educational orEanisations of all iypes and the general public, alongside and atsea. The Charity relies on income from events and excursions, grants and donations, as well as 5ub5criptions from Its members, to help cover the cost5 of conservation and operation of the ship, including the on8oinB 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- charltable activities The Charity continues to meet ils objective5 Set out above. The ship was a venue for training staff from the Ambulance Service, SoLJthampton Fire & Rescue depots, Hampshire and Thames Valley Police 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 Shieldhall. It 15 a150 intended to increase the number of trained volunteers to provide future sustainability. whilst the Charity is a non-profit making orBanisation, the Trustees must ensure that the day to day running of the ship takes place orb a self-sufficient basis. All staff and volunteers recelve comprehensive training. 55 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 tralnlng and aim to improve their personal skills, their safety and safeguard protection of the environment. Heritage asset SS Shieldhall remains the property of The Solent Steam Packet Limited. Page 4
STEAMSHIP SHIELDHALL CHARITY Report of the Trustees for the period ended 31" October 2023 Financial review The Trustees are satisfied the Charity was in a satisfactory position at the year end. The net incoming re50urce5 for the ye.ar have decreased the reserves, with unrestricted reserves carried forward of £204,051 and restricted resee5 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 deliveiitbg the educational activities and resources. Reserves pollcy Reserves are that part of the charity's unrestricted fund5 that are available to spend, at the trustees, discretion, to further the charitWs purposes. The Charity has established two reserve ftjnds, a Designated Reserve Fund, also known as 'Tomorrows Ambitions, and a Geiieral Reserve fund known as Today's Challenges,. Designated Reserve Fund It is the intention of the Trustees to establish a reserve of £250,000 in the designèted fund. The intention of the fund is to make a provision for the following. l. Abnormal future expenditL(re 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 charit¢s financial position due to downturn in income or increase in expenditure. General Reserve Fund The charity has a fundraising committee whith appraises proposals for spending on new projects. Funding will be cliannelled through the general reserve which initially wa5 allocated £50,000. The balance sheet shows a total of £213,05112022.. £322,880) held in unrestricted funds. Of this, £66212022: £2,725) related to fixed assets leaving £203,389 12022.. £311,155) free reserves which is a decrease of £107,76612022= Decrease of £91,371) over the prevlous year's balance sheet figure. The board will decide how th? unrestricted funds should be allocated between the re5erve5. The trustees will continue to monitor the lèvel of reseNes during the year and will take the appropriate action to transfer funds as they consider necessary. Prlnclpal funding 50ur¢es The principal sources of funding in the year were income from trading operations, donations and subscriptions from members. Page 5
STEAMSHIP SHIELDHALL CHARITY Report of the Trustee5 for the perlod ended 31" October 2023 Fundralsing standard5 The Charity continually searches for possible sources of funds. Future developments The Board of Trustees will continue to monitor the activities of the Charity to meet the charitable objectives. rfI-& G.PLf Captain Martln phipps MBE On behalf of the Board of Trustee5 Date: Page 6
STEAMSHIP SHIELDHALL CHARITY Report of the Trustee5 for the perlod ended 31" October 2023 Statement of Trustees, re5ponsibilitles 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 Praclicel. The law appllcable lo charities in England & Wales requires the trustees tD 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 applicalion of resources of the charity for that period. In preparing these financial statements, the Trustees are rÈqulred to: select suitable accounting pollcies and then apply them consi5tently,' observe the method and principles of the Charities SORP 2019 IFRS 1021,. 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 financia1 statements on the going concern basis unless It Is inappropriate to presume that the charily will continue In operation. The Trustees are responslble for keeping proper accounting records that disclose wlth reasonable accuracy at any time the financial position of the charity and enable ihem to ensure that the financial statements comply with the Charities Act 2011, the Charitie5 (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 Martin Phipps MBE On behalf of the Board of Trustee5 Date: 20,0.3.2Lp Page 7
STEAMSHIP SHIELDHALL CHARITY Independent Examiner's Report to the Trustees of Steamship Shleldhall Charity I report to the charlty trustees on my examination of the account5 of the charity fDr the period ei)ded 31 October 2023 which are Set out on pages 9 to 18. Respon5ibllltles and basis of report As thÈ tharity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the charities Act 20111'the Act'l. I report in respect of my examination of the charit¢s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Direclions given by the Charity Commission under section 14515llbl of the Art. Independent examiner's statement Since the charity's Eross income exceeded £250,000 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 examination because l am a member of the Institute of Chartered Accountai)ts in England and Wales. which 15 one of the listed bodies. I have completed my examination. I confirm that no Inaterial matters have come to my attention in connection with the examination giving MÈ cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act,. or the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirement5 concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regu13tion5 2008 other than any requirement that the accounts give a 'true and fair vlew, which is not a matter considered as part of an independent examinotion. I have rbo concerns and have come acr055 no other matter5 in connection with the examination to which attention should be dfawn in this report in order to enable a proper understanding of the accounts to be reached. Kerry Lawrance FCA Institute of Chartered Accountants in England and Wales. Venture House, The Tanneries East Street, Titchfield Hampshire P014 4AR Date: J (1 Qo2 Page 8
STEAMSHIP SHIELDHALLCHARITY Statement of flnancial activities lincorporatlng the income and expenditure account) For the year ended 31" Ottober 2023 Unrestrlcted Jlestricted funds fund5 2023 Unrestrlcted Restrlcted Total fund5 funds 2022 Total Notes Income from: Donations and legacie5 Charitable activities other trading activities Grants Income froni investments 81,015 161.786 38,776 30,050 111.065 161,786 38,776 33,526 155.104 24,346 3,0 17,161 50,687 155,1(14 24.346 226.415 196,415 409 409 Total Income 281,986 30.050 312,036 242,978 213,576 456.554 Expenditure on: Fundraising cost5 Charitable activities ii,ioi 191,298 10,122 ii,ioi 400,642 10,122 7.761 308,527 18,061 7,761 565,233 18,061 209.344 256,706 Governance costs Total expenditure 212,521 209,344 421,865 334,349 256,706 591,055 Net incomellexpenditurel 69,465 1179,2941 1109,8291 191,3711 143,1301 1134,5011 Transfer between funds 1179,2941 179.294 Net movement in funds 1109,8291 1109.8291 191,3711 143,1301 1134,5011 Reconciliation of fund5: Total funds biought forward 313,880 9,000 322.880 405,251 52,130 457,381 Total funds carried forward 204.051 9,000 213,051 313,880 9,000 322,880 The notes on pa8es 11 to 18 form an Integral part of these financlal slatemertts. Page g
STEAMSHIP SHIELDHALL CHARITY Balance Sheet as at 31" October 2023 2023 2022 Notes Fixed 35sets Intangible assets T3ngible assets Investmont5 li 12 13 562 2.625 100 IOD 662 2,725 Current assets Stock Debtor5 Cash at bank and in hand 14 27,070 22,120 192,056 29,567 9.333 348,961 15 241,246 387,861 Credltors: amounts falling due withln one year 16 128,8571 167,7061 Net current assets 212,389 320,155 Total assets less current 213,051 322,880 Net assets 213,051 322.880 Capltsl and reserves 17 Unrestrictecl funds 204,051 313.880 Restricted f6tsnds 9.000 9,000 Total funds 213,051 322.880 The flnan¢lal siaten)ents were approved and authoris@d for issuÈ by the Board of Trustees and signed on it5 behalf by.. rfla G.Pi4p' Captain Martin Phipps MBE On behalf of the Board of Trustees Date: 20,03.2LI- The noles on pages 11 to 18 form an Integral part of thèse financlal statements. Page 10
STEAMSHIP SHIELDHALL CHARITY Notes to the financial statement5 for the period ended 31" October 2023 Actounting pollcles Charity information The Steamship Shieldhall Charity is a registered ch8Tlty, number 1189179. Th? registered address is 11 Compass Accountant5 Limited. Venture House, The Tanneiies, East Street. Titchlield, Hampshire, P014 4AR. The Charity operates the Steamshlp Shieldhall frorn YerLh 110, Western Dock5, Southampton, Hampshire, S015 OHH. The Steemship Shleldhall Charity meets the deflhliitsn of a public benefit entity under sÈttlon 34 of FRS 102. A55ets and liabilities are initially recognised at hisiorical cost or transaction value, unless otherwise staled in the relevant accounting policv. The prlncipal objectives of the charity are delBiled in the Trustees, repoTt. 1.2. Basis of accounting The financial statements have been prepared in accordancewith Accountingand RÈportlng by Charities.. Stalement of Recommended Practice applicable to Charities prepaiing their accounts in accordance with the Flhanci31 Reporting Standard appllcable in the UK and Republic of Iieland IFRS 1021 issued in October 2019, the Financial Reporting Standard applicable the Unlted Kingdom and Republic of Ireland IFRS 1021, and UK GenerallyAccepted Accounting Practice. The financial statements are presented in sterling which is the functional curfency of the charity. Monetary amounts in these financial statements afe rounded to the nearest £. 1.3. Fund accounting Unrestricted fund5 can be used in accordance wÉth the charitable objectives at the discretion of the Trustees. RestrÈcted funds can only be used for a particular restricted purpose wtrthln the rules of the Charily. Restrictions arise when specified by the donor, oi when funds are raised fof partltular restricted Purposes. 1.4. Incomlng resources All incoming resources are included in the statement of financial ilctivities when the charity 15 legally entitled to the income and the amount can be quantilicd with reasonable accuracy. The following specific pulicies are applied to particular categories of income.. All income 15 awounted for on an accrLta15 basis, wlth the exception of external donation5 and fundraising, which are accounted for on a Teceipl'5 basi5. Where Items and services have been don3ted. the value of the donation ha% been assessed by the Trustees. The charity is also ieliant on volunteers to assist with the maintenance of the SS Shieldhall. The contributlon of these volunteers has not been included as a monetary value in these accounts. Resources expended Expenditure is accounted for on an accruals basis and has been classifled under headings that aggregate all cost related to the categoTV. Where costs cannot be directly attrlbuted to particular headings. they have been allocated to activities on a basis consislent with the use of resources. 1.6. Intangible fixed assets Intangible flxed assets are stated at cost less accumulated depreciation. Depreciation is provided at rate5 calculatcd to write off the cost over its expected useful life of 4 years. 1.7. Tangible flxed assets and depreclatlon Tangible fixed a55Et5 dre stated at cost less accumulated depreciation. Depreciation 15 provlded at rales calcul3ted to write off the cost less residual value of each asset over its expected useful life, as follow5= Saloon 20% stralght line Equipment 20Yo ieduclng balance 1.7. Stock Stock Is valued at the lower of c05t and likely di5pos31 proceeds, after expenses of disposal. Page 11
STEAMSHIP SHIELDHALL CHARITY Notes to the flnanclal statements for the period ended 31" October 2023 Financial Instruments The Charity has elecled to apply the provision5 of Section 11 'Basic Financial Instrument5. and Section 12 '0ther Financlal Instiument5155ues' of FR5102 to all of Its financial inslrument5. The charity only has financial assets and fEnanclal liabllities of a kind that qualify as basic financial instruments. These are recognised al tian5aCtion vale and subsequently measured at thelr settlement value. Financial assets 3nd liabilities are offset, with the net amounts pres@nt@d in the financial statements, when there is a legally enforceable rlght to set off the recognised amounts and there is as) intention to settle on a net basis or to re)lise the asset and setlle the liability simultanèouslv. Going concern The financial statements have been prepared on a going contern basis as the trustee5 believe that no materÉal uncertainties exlst. The trustees have considered the level uf lunds held and the expected level of income and expenditure for 12 months fiorn 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. Donations and legacles Unrestritted funds Restricted funds 2023 Total Unrestrscted Restrlcted funds funds 2022 Total Donations 25,346 Gilt aid recovered 9,526 Donatlons Irom iradlng company 40,643 Legacies 5,500 30,050 55.396 9,526 40,643 5,50D 13,675 17,161 30,836 13,888 5.963 13,888 5,963 81,015 30,050 111,065 33,526 17,161 50,687 Charitsble actlvltles Unrestricted funds Restrlcted funds 2023 Total Unrestrlcied Restrlcted funds fund5 2022 Total Ticket sales 150,798 10.948 150,798 10,948 136,415 18.689 136,415 18,689 Charters 161.786 161,786 155.104 155,104 Income Irom other trading activities UnTe51rlcted funds Restilcted funds 2023 Total UnrestrScled Restricted funds funds 2022 Total Membership subscription5 Raffle5 13.951 3,408 9,797 4,003 7,617 13,951 3,408 9,797 4.003 7,617 8.935 3.985 7,065 8,935 3,958 7,065 Lotiery Fundraising Other tradSng aclivities 4,388 4,388 38,776 38,776 24,346 24,346 Page 12
STEAMSHIP SHIELDHALL CHARITY Notes to the financial statements for the period ended 31" October 2023 Grants Unreslrlcted Restricted funds funds 2023 Unrestricted Restrlcted Total funds funds 2022 Total National Lottery Heritage Memorlal Fund Garfield Weston 196,415 196,415 30,000 30,000 30,000 196,415 226.415 Activities undertaken dlrectlv Unrestrlcted Restrlctod funds funds 2023 Unrestrlcted Restrlcted Total lund5 funds 2022 Total Fuel Pllots berthing 71,952 16,970 9,404 17,496 37,623 2,372 13.920 3,559 1,861 2.629 8,679 2,770 2,063 71,952 16,97 9,404 17,496 246.967 2,372 13,920 3.559 1,861 2,629 8.679 2,770 2.063 68,657 24,272 8,928 15,768 148,656 8,073 10,167 2,391 3,882 2,718 8,831 4,121 2,063 68,657 24,272 8,928 15,768 405.362 8,073 10,167 2,391 3,882 2,718 8,831 4,121 2.063 Insuratlce Shlp repairs and maint?n3nce General repairs and maintenance Ma¥keting Card charges Event Costs Travel and subsist@nce Professlonal fees Svndry expenses Depreclatlon 209.344 256,706 191,298 209,344 400,642 308,527 256.706 565,233 Governance and support costs Governance 2023 Governance Total costs 2022 Total costs Independent examine¥'5 fEe Accountancy fees Telephone, stalionery and oflice Subscriplions Internet 1,000 3,953 741 1,000 3,953 741 1.000 3.903 5.165 2,893 5,100 I,ooo 3,903 5,IS5 2.893 5,100 595 3,833 595 3,833 10,122 10,122 18,061 18,601 Net Incomlng resources for the year 2023 2022 Net outgolng reSoUrS Is stated altei charging.. Depreciation and other amount5 written off langible fixed assets Independent examiner's remuneration Independent examlner's remuneralion from other work 2.063 1,000 3,953 2,063 1.000 3,903 Page 13
STEAMSHIP SHIELDHALL CHARITY Notes to the financial statements for the period ended 31, October 2023 Employees The charity employed no staff durine the year. There were no remuneration or other benefils for the year ended 31 Oclober 202312022: £Nill paid to the Trustees. No trustee expenses have been Incurred durlng the year. 10. Taxatlon All of the charity's income 15 applted ft)r chaiitable purposes and therefore the charity is exempt from corporation tax. 11. Intanglble fixed assets Website Total Cost At l Novèmber 2022 Additions Dlsposals 8.250 8,250 At 31 October 2023 8,250 8,250 Depreciation At l November 2022 Charge for the year On dlsposals 5.625 2,063 5.625 2,063 At 31 October 2023 7,688 7,688 Net book values At 31 Octobei 2023 562 562 At 31 Oetober 2022 2,625 2,625 Page 14
STEAMSHIP SHIELDHALL CHARITY Notes to the financlal statements for the period ended 31" October 2023 12. Tanglble flxed asset5 Saloon Equipment Total Cost At l November 2022 Addltions Disposals 367 9.361 9.728 At 310ctober 2023 367 9,361 9,728 Depreciatlon At l November 2022 Charge lor the year On dlsposals 367 9,361 9,728 At 31 October 2023 367 9,361 9,728 Net book values At 31 October 2023 At 31 October 2022 13. Investments 2023 2022 At cost loo loo The investment is the entire issued share capital of the following UK registered company, transferred to the Steamship Shieldh811 Charity frotn The Solenl Steam Packet Limited on 12, April 2021.. Reserves Reserves 2022 Companynumber Share capltal 2023 Shieldhall Trading Limited OS664230 loo 29.386 27,729 2023 2022 Summary of trading results.. Turnover Expendlture Net surplus for the year 80,232 178,5751 1,657 48.598 135.2041 13,394 14. Stock 2023 2022 Fuel and oll Pèlnt and consumables 18,620 8,450 26,895 2,672 27,D70 29.567 Page IS
STEAMSHIP SHIELDHALL CHARITY Notes to the financial statements for the period ended 31" October 2023 15. Debtors 2023 2022 Prepayments other debtors 15,382 6,738 9.333 22,120 9,333 16. Creditors: amounts fallinE due within one yÈar 2023 2022 Accruèls other creditors other taxes Amounts owing to connected companies 3,250 ii,oii 3,813 28,956 23,926 25,607 28,857 67,706 17. Net asset5 between funds Unrestricted Restrlcteil funds funds Total 2023 Intangible fixed assets Investments 562 562 loo loo Current asseis Current liabilitie5 232,246 128,8571 9,000 241,246 128,8571 204,051 9,000 213,051 Unrestricted Restrlcted furEds funds Tolal 2022 Intanglble fixed asset5 Investments 2,625 loo 2,625 loo Current assets 378.861 167,7061 9,OOCI 387,861 167.7061 Current liabilltles 313.880 9,OOt 322,880 PaBe 16
STEAMSHIP SHIELDHALL CHARITY Notes to the financial statements for the perlod ended 31 October 2023 18. Unrestricted funds At l November 2022 Incoming resources Outgoing resources At 31 October 2023 Transfers Unrestricted fund5 313,880 281,986 1212,5211 1329,294 150,000 54,051 150.00 Drydock designated funds 313,880 281,986 1212.5211 1179.2941 204.051 Unrestricted funds At l Novèmber 2021 Incomlng re50ur¢es Outgolng resouY¢es At 31 October 2022 Transfers Unrestricted funds 405,251 242,978 1334,3491 313,880 405.251 242,978 1334.3491 313,880 19. Restricted fund5 At l November In¢omlh8 2022 resources Outggln resources At 31 OctDber Transfers 2023 Drydock fund Cabin refurbishment fund Ladies Toilets fund Bridge Electrics (EFnd 30,050 1185,7351 155,685 9,000 9,000 120,0001 13,6091 20,000 3,609 9,000 30,050 1209.3441 179.294 9,000 At l November Incoming 2021 resources Outgoing resources At 31 October Transfer5 2022 Drydock lund Cabin refurbishment fund 43,130 213,576 9,000 1256,706 9,000 52,130 213.576 1256,7061 9,000 Purposes of restricted funds The restricted funds, detailed above, are those which can only be used for a partlcular restricted purpose wtthin the rules of the society. Reslrictions arise when specified by a donoi, Sponsor, thè conditions of a grant award, or when raised a5 the result of a specific fundraising appeal lor example, toward5 the cost of dry dock. Drydock Funds The 2023 Dry Dock Reslricted Fund of £30,050 was used In Its entSrety togethei with £155,685 from Unrestricted Funds Cabin Refurbishment The programme to improve onboard accommodatlon for the crew and young people participating in traininE courses was put on hold in 21-22. £9,000 has been carried forward to 2023-24 when it Is expected the refurbishment work will commence. Page 17
STEAMSHIP SHIELDHALLCHARITY Note5 to the financial statements for the period ended 31" October 2023 20. Related party transaction5 There are no related paity tran5aCtIOn5. 21. Ultlmate parent undertaklng The ulttmate controlling p3ity are the Board of Tru5teÈs. 22. Flnantlal Instruments The carryinÈ amounts of the charltvs flnarnclal Instcuments are as f(>llows'. 2023 2022 Financlal assets Debt instruments measured at amortised cost: oiher debtor5 Inote 151 6,738 9,333 6,738 9,333 Financlal liabilitles Measured at amortised cost Other creditors (note 161 - Amount owing to connected companles (note 161 3,813 23,926 25,607 25,607 27,739 Page 18