Registered Charity.. 1189179 STEAMSHIP SHIELDHALL CHARITY Report and flnancial statements for the year ended 31" October 2024 Compass Accountants Limited Venture House The Tanneries East Street Tltthfleld Hampshire P014 4AR
STEAMSHIP SHIELDHALL CHARITY Contents Page Charity Information RepoTt of the Chalr Report of the Tru5tee5 Independent Examiner's Report statement of Flnanclal Activltles Balance sheet io Notes to the financial 5tatement5 11-19
STEAMSHIP SHIELDHALL CHARITY Charity Informdtlon TRUSTEES Captain M Phipps MBE Ichairl Mr P Stephens Mr H Chappell Ms R Sloss Mr P Smith MrTLee Captain J Scott Mr A Borbsor Mr C Ness Ms C Warr- appointed 7, April 2024 REGISTERED ADDRESS Compass Accountants Limited Venture House The Tanneries East street Titchfield Hampshire P014 4AR CHARITY NUMBER 1189179 WEBSITE WWW.S5-shieldhall.co.uk ACCOUNTANTS Compass Accountants Limited Venture House The Tanneries East Street Titchfield Hampshire P014 4AR INDEPENDENT EXAMINER Kerry Lawrance FCA BANKERS Santander UK PIC 2 Triton Square Regents Place London NW2 3AN Page I
STEAMSHIP SHIELDHALL CHARITY Report of the Chalr for the period ended 31" Oitober 2024 The highlights of the year have been to be awarded the King5 Award for Voluntary Services and to achieve a small net profit of £16,070 over the year, the first time the account5 have shown a profit for some time. Thi5 has been acF>ieved by careful CDSt control, increased contribution from trading activities, new excursion destinations and very generous support from our members for which we are very grateful. The prudent establishment of restricted re5eive5 over the last couple of years 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 ship has been used extensively for training by the Pollce, Fire and Rescue and Ambulance services 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 operating steamship in Evrope and to learn about our maritime heiitage. The ship will be 70 years old 2025, and inevitably continues to need repair and replacement of corroded items. Ever tightening re8ulations will also require investment and for these purposes the trustees will be seeking grant funding from the National Lottery Heritage Fund in 2025. We will need to implement additional fundraising activities to provide match funding. Equally imporlant is for us to continue to provide personal development of young and older persons alike. Cadets based in Solent University, church yauth, local Southampton schools and Sea Cadet groups, have all received Maritime Awareness Training. Both Hampshire and Thames Valley Police along with Hampshire Fire and Rescue have used the vessel for training and it is expected that thi5 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 ol thousands of hours worked by our volunteers to ensure the safe operation of the ship and also to those who conduct the often-unseen activilies ashore. Captain Martin Phipp5 MBE Chair of the Board Date: . 20.25. Page 2
STEAMSHIP SHIELDHALL CHARITY Report of the Trustees for the period ended 31" October 2024 The Trustees present their report and the financial statements for the peiiod ended 31 October 2024. 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 Reportlng 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 atcounting policies set out in notes to the accounts and comply with the charitws 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 Organi5ation 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 slgn eligibility declarations and the Charity'5 code of practice and are provided with the CIO Constitution, the terms of reference of the Board or Trustee5 and the role profile of a Trustee In accordance wlth the recommendations of the Charity Commission New Trustees were appointed during the year following a recruitment pioce5S, they brirkg extensive knowledge in shlp management, technical engineering, marine superintendence, customer experience and safety regulations. Structurei governance artd management The Charity is governed by an unpaSd Board of Trustees who have delegated certain responsibilities for day- to-day management to 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 i55ue5 affecting the Charity, and to receive reports from the operational committees. The trading operations of the main asset- SS Shieldliall are the responsibility of the Steamship Shieldhall Charity. The supply of catering seNices to Customers using the Shieldh311 has been provided through a subsidiary - Shieldhall Trading Limited which has responslbility for caterin& bar, and shop activities during sailing excursions and alongside events. Risk 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 Charitv maintains a Risk Register. Page 3
STEAMSHIP SHIELDHALLCHARITY Report of the Trustees for the period ended 31" October 2024 Objectives and activities The objects of the CIO are.. 11 To conseNe, 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 8riti5h maritime heritage and particularly 5team- 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, Erants and donations, as well as Subscriptions from its members, to help cover the costs of conseivation and operation of the ship, Includin8 the ongoin8 Costs of repairs and maintenance. All of the above activities have been assigned from The Solent steam Packet Limited, opeiating under a Memorandum of Understanding dated 17 June 2020. Achlevement and performance- charltable actlvltles The Charity continues to meet its objectives set out above. The ship was a venue for training staff from the Ambulance SeTvice, Southampton Fire & Rescue depot5, Hampshire and Thames Valley Police and HM Coastguard Helicopter operations. The charity receives no Income for these activitles 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 participant5. 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 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 sel*-sufficier>t basis. All staff and volunteers receive comprehensive training. SS Shleldhall 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 seriouslytr and we will continue to find ways to provide training and aim to improve their personal skills, their safety and safeguard prolection of the envlronment. Herltage asset SS Shieldhall remains the property of The Solent steam Packet Limited. Page 4
STEAMSHIP 5HIELDHALL CHARITY Report of the Trustees for the period ended 31" October 2024 Financial revlew 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 £220,121 12023: £204,051) and restricted reserves carried forward of £9,00012023.' £9,000). The Charity holds an unrestricted and restricted fund. The Trustees review the funds iegulaily 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 charitvs purpose5. 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 Challenge5'. Designated Reserve Fund It is the intention of the Trustees to establish a reserve of £250,000 In the desSgnated fund. The intention of the fund is to make a provision for the following. l. Abnormal future expenditure that may arise from items such a5 the replacement of equlpment 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 throu8h the general reserve which initially was allocated £50,000. The balance Sheet shDWS a total of £220,12112023'. £213,051) held in unrestricted funds. Of this, £IOO12023'. £6621 related to fixed assets leavin8 £220,02112023'. £203,389) free reseNes which is an increase of £16.632 12023.. Decrease of £107,766) over the previous yearfs balance sheet figure. The board will decide how the ijnrestricted funds should be allocated between the reserves. The trustees will continue to monitorthe level of reserves during the yearand will take the appropriate action to transfer funds as they consider necessary. Principal fundlng sources The principal 50urce5 of funding in the year were income from trading operations, donations and subscriptions from member5. Page 5
STEAMSHIP SHIELDHALL CHARITY Report of the Trustee5 for the perlod ended 31" October 2024 Fundraising standards 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 objective5. Mlth. G IlviPS Captaln Martin Phipps MBE On behalf of the Board of Trustees Date: PaEe 6
STEAMSHIP SHIELDHALL CHARITY Report of the Trustees for the period ended 31" October 2024 Statement of Trustees, responslbllltles The Trustees are responsible for preparing the Trustees, Annual Report and the flnancial statements In accordance witl) applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales reqlre$ the trustees to prepare financial statements for each financial year which Eive a true and fair view of the state of affalrs of the charSty and of the Incoinlng 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 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 explèined 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 Charitie5 Act 2011, the Charities IAccounts 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. nlts & eLeps Captain Martin phipps MBE On behalf of the Board of Trustee5 Date.. .Zoz5. Page 7
STEAMSHIP SHIELDHALL CHARITY Independent Examiner's Report to th8 Trustees of Ste3mshlp Shieldhall Charity I report to the charity trustees on my examination of the accounts of the charity for the period ended 31 October 2024 which are set out on pages 9 to 18. Responslbllltles and basis of report As the charit¢s trustees you are responsible for the preparation of the accounts In accordance wlth the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the charity's accounts carried out under soctlon 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent ex4miner's statement since the charity's gross income exceeded £250,000 your examiner must be a membei of B body listed in section 145 of the Act. I confirm that l am qua51fied to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examinalion. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respecl of the charity as required by section 130 of the Act,. or 2. the accounts do rbot accord with those records. or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Account5 and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Kerry L?wrance FCA Institute of Chartered Accountants in England and Wales. Venture House, The Tanneries East Street, Titchfield Hampshire P014 4AR D?te:*Trl hep i i_ 2oL< Pagè 8
STEAMSHIP SHIELDHALL CHARITY st?tement of flnanclal actlvltles {Incorporatlng the Income and expendlture account) Forthe yearended 31" October 2024 Unrestrlcted Restrlcted funds funds 2024 Unre51TlCted Restricted Total funds funds 2023 Total Notes Income from: Donations atld legacies Charilable activitie5 Other tiading actlvitle5 Income from investments 105,354 165,131 40,964 2,280 105,354 165,131 40,964 2,280 81,015 161,786 38,776 409 30,050 111,065 161,786 38.776 409 Total income 313,729 313,729 281,986 30,050 312,036 Expenditure on: Fundralslng costs Charitable activities Governance costs 12.542 272,331 12.786 12.542 272,331 12,786 ii.ioi 191,298 10.122 ii.ioi 400,642 10.122 209,344 Total expendlture 297,659 297,659 212,521 209,344 421,865 Net Income/(expenditurel 16,070 16,070 69.465 1179,2941 1109,8291 Transfer between funds 1179,2941 179,294 Net movement Sn funds 16,070 16,070 1109,8291 1109,8291 Reconciliation of funds: Total funds brought forward 204,051 9,OCN) 213,051 313,880 322,880 Total funds carried fonNard 220.121 9.000 229,121 204,051 9,000 213.051 The rEote5 on pages 11 to IS form an Integral part of these flnanclal statements. Page 9
STEAMSHIP SHIELDHALLCHARITY Balance Sheet as at 31, October 2024 2024 2023 Notes Flxed assets Intangible assets Tangible assets Investments io li 12 562 loo 11)0 loo 662 Current assets stock Dgbtoys Cash at bank and hand 13 14 14,738 23,001 227,909 27,070 22.120 192,056 265,648 241,246 Creditors: amounts falling due wlthln one year 15 136,6271 128.8571 Net current assets 229,021 212,389 Total assets less current Ilabllltles 229.121 213,051 Net assets 229,121 213,051 Capital and reserves Unrestricted funds 16 220,121 204,051 Restrlcted fund5 9,000 9,(K)O Total funds 229.121 213,051 The financial statements were approved and authorised for issue by the Board of Trustees siEned on it5 behalf by.. rf-L G Pkiff£ Captaln Martln Phlpps MBE On behalf of the Board of Trustees Date: .LF.2015. The notes on pages 11 to 18 form an InteEial part of these flnènclal siatements. Page 10
STEAMSHIP 5HIELDHALL CHARITY Notes to the flnanclal statements for the period ended 31" October 2024 Accounting pollcles 1.1. Charity information The Steamship Shieldhall Charity 15 3 regislered charltyi number 1189179. The registered address is Compass Accountallts Limlted, Venture House, The Tanneiies, East Street. Titchlield. Hampshire, P014 4AR. The Charity operètes Ihe Steamship Shieldhall from Berth 110, WestÈin Docks, Southampton, Hampshire, S015 OHH. The Steamship Shieldhall Chaiity meets the definilion of a public benefit entity under section 34 of FRS 102. Asset5 and liabilities are initially recoEnised at hislorScal cost or transaction value, unless otherw¥%è stated In the relevant accounting policy. The prlntlpal oblectlves of the charity are detailed in the Trustees, report. Basis of accounting The financ131 statements have been prepared in accordance with Accounting and Reporting bycharities.. Statement of Recommended Practice applicable to charilies preparing their account5 in accordance wSth the Financlal Repoiting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019, the Financial Rppoitin8 Standard appllcable in the United Kingdom and Republic of Ireland IFRS 1021, artd UK Generally AtcÈpted Accounting Practice. The linantial statements are presented In sterling which 15 the functional cuirency of the charlty. MonÈt8rv amounts in these financial statements are rounded to the nearest É. Fund accounting Unrestricted lunds can be used In accordance with the charitable objective5 at the discretion of the Trusteès. Restricted furids can only be Used for a p3rtlcular restricted purpose within the rules of the Charity. Restrictions arise when specified by the donor. or when furkd5 are r8ised for pBfticular restrlcted purposes. 1.4. Incoming resources All incominE iesource5 ale included in the statement of financial activities whe.n thg charity is le.gally pntitlo.d to the IncomÈ and the amount can be quantified with reasonable accuracy. The following Specific policie5 are applied to parlicular cateRories of income.. All Income Ss accounted for on an accruals basis, with the exception of external donatlons and fundralsing, whlch are accounted for on a re¢elpt's basis. Where items and services have beèn donated, the value of the donation has been assessed by the Trustees. The charity 15 also reliant on volunteers to assist with the maintenance of the SS Shieldhall. The contribution of these volunteers has not been included as a monetaTV value in the account5. Resources expended Expenditure is actounted for on an accruals basis and has been classified unde¥ headings that a£greEate all cost related to the cate8ory. Where costs cannot be directly atlribuled to paititular headings, they have been allocated to activities on a basls conslstent with the use of resour5. Intanglble flxed assets Intangible fixed 3SSets are stated at tost less accumulated depreciatlon. Depreciation is provided at rates calculated to write off the cost over ils expected useful lile of 4 years. 1.7. Tangible fixed assets and depreclation Tanglble fixed asset5 are stated at cost less 3ccumulatÈd dÈpreeiation. Depreclation is provided al rates calculated to wrlle off the cost less resldual value of each asset over its expected useful Ilfe, as follows: Saloon 20% stralBhl Ilne Equipment 20Yo reduclng balance 1.7. Stock Stock is valued at the lower of cost and Ilkely dlsposal proceeds, after expense5 of disposal. Page 11
STEAMSHIP SHIELDHALLCHARITY Notes to the financlal statements for the period ended 31" October 2024 1.8. Financial Instruments The Charity h3s elected lo apply the provisions of Section 11 'Basic Financial InstfEEments' and Section 12 '0ther Flnancial Inslruments Issues, ol FRS102 to all of itk finantlal Instruments. The Charity only has financlal assets and financial liabilities of a kind that qualify as basic financial instruments. These are recoEnised at transaction value and subsequenily measured at thelr settlement value. Financial assets and liabilities are offset, wlth the net amourkts presented in the financial statements, when there 15 a legally enforceable light to Set off the recognlsed amounls and there is an intentlDn Io s@ttlÈ on a net basls or to realisÈ the asset and settle the liability simultaneously. 1.9. Going Concern The financial statèmÈnts have been prepared on a going concern basis as the trustees believe that no material unceitainties exist. The Irustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authori5ing these financlal stalements. The budReled income and exp@nditurÈ15 suflicient with thè level of reserves for the charity to be able to continue as a going concern. Donations and legacies Unrestricted Restricted lunds funds 2024 Unrestrlcted Restricted funds funds 2023 Total Total Donktlons Gift aid recovered Donations from trading company Le&atles 59,996 12,326 32,982 50 59,996 12,326 32,982 50 25,346 9,526 40,643 5,500 30,050 55,396 9,526 40,643 5,500 105,354 105.354 81,015 30,050 111,065 Charitable activities Unrestrlcted Restrlcted funds funds 2024 Total Unrestrl¢ied funds Restrlcted funds 2023 Total Ticket sales ChartÈrs 155,832 9,299 155,832 9,299 150,798 10,948 150,798 10,948 165,131 165,131 161,786 161,786 Income from other trading actlvltles Unrestricted funds Re5trlcted funds 2024 Total Unrestrlcted Restrlcted funds funds ZOZ3 Total Membership substrlptlons Rallles 20,365 2,361 8,108 3,124 7,(X)6 20,365 2,361 8,108 3.124 7,006 13,951 3,408 9,797 4,003 7.617 13,951 3,408 9,797 4,003 7,617 Lotiery Fundraising Other tradlng attlvlties 40,964 40,964 38,776 38,776 Page 12
STEAMSHIP SHIELDHALL CHARITY Notes to the financial statements for the perlod ended 31" October 2024 Activities undertaken dlrectlv Unrestrlcted Restrlcted fund5 fund5 2024 Unrestrlcted Re5trlcted Total funds funds 2023 Total Fuel Pllot% berthlnÈ 82,237 23.918 12,849 24,999 88,700 5,701 16,087 3,854 1,913 1,517 7,994 82,237 23.918 12.849 24,999 88,70D 5,701 16,087 3,854 1,913 1,517 7,994 2,000 562 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 16.970 9.404 17,496 246,967 2,372 13,920 3,559 I,A61 2,629 8,679 2.770 2,063 Insuran Ship repairs and maintenance General repairs arnd maintenance MarketlllE Card charges Event costs 209,344 Travel and sub515tence Professlonal fees Sundry expen5e5 Depreciation 562 272,331 272,331 191,298 209,344 400,642 Governance and support costs Goveinance 2024 Governance Total 2023 Total COStS ¢osts Independent examiner'5 fee Accovntancy fees Telephone. stationery an(1 office Subscrlptlons Internet 1,000 3,535 2,289 1,242 4,720 1,000 3,535 2,289 1,242 4,720 1,000 3.953 741 595 3,833 1,000 3,953 741 595 3,833 12.786 12,786 10,122 10.122 Net incomlnE resources for the year 2024 2023 Net outgoing resourcc5 15 Stated aftci chaiElnE'. Depreciation and Dther amovnts w¥llten olf tangible fixed assets Independent examiTrer'5 remuneTation Independent examiner'5 remuneiation from other work 562 1,0 3,535 2,063 1,000 3,953 Employees The charity employed no staff during the year. There were no remuneration or other benefits for the year ended 31 October 202412023.. £Nill paid to the Trustees. Mo trustee expenses have been incuired duiing the year. Taxatlon All ol the charily's income is applied for chaiitable purpose5 and therefore the tharlty Is Èxempt from torptsratiors tax. Page 13
STEAMSHIP SHIELDHALL CHARITY Notes to the flnanclal statements for the perlod ended 31" October 2024 io. Intangible fixed assets Webslte Total Cost At l November 2023 Additions Disposals 8,250 8,250 At 31 Oclober 2024 8,250 8,250 Depreciation At l November 2023 Charge for the year On di5P05als 7,688 562 7,688 562 At 31 October 2024 8,250 8,250 Net book values At 31 October 2024 At 31 Oclobei 2023 562 562 11. Tanglble flxed assets Saloon Equlpment Total C05t At l November 2023 Additions DSsposals 367 9,361 9,728 13671 19,3611 19.7281 At 31 OctobeT 2024 Depreclatlon At l November 2023 Charge for the year On disposals 367 9,361 9,728 13671 19,3611 19,7281 At 31 October 2024 Net book values At 31 October 2024 At 31 October 2023 12. Investments 2024 2023 AI c05t ICKJ loo Page 14
STEAMSHIP SHIELDHALL CHARITY Notes to the financial statements for the perlod ended 31" October 2024 Thè investment is the entlre Issued share capital of the following UK registered company, transferred to the Steamship Shieldhall Charity from The Solent Steam Packet Limited on 12, April 2021.. Reserves Reserves Company number Share capltal 2024 2023 Shieldhall Trading Llmiled 05664230 loo 29.056 29.386 2024 2023 Summary of tradlng results.. Turnover Expenditure Net Ideficitllsurplus for the year 77.357 177,6871 13301 80,232 178,5751 1,657 13. Stock 2024 2023 Fuel and oll Pèint and consumables io,ooo 4,738 18,620 8.450 14,738 27,070 14. Debtors 2024 2023 PiepaymÈnts Other debtor5 18,006 4.995 15,382 6,738 23,001 22,120 15. Creditors: amounts falllng due wlthin one year 2024 2023 Accruals Other credltors Amounts owing to connected companie5 5,143 6,419 25,065 3,250 25,607 36,627 28.857 16. Net assets between funds Unrestrlcted Restrlcted funds funds Total 2024 Investments loo loo Current assets 256,648 136,6271 265,648 136,6271 220,121 9,000 229,121 Page IS
STEAMSHIP SHIELDHALL CHARITY Notes to the financl31 statements for the period ended 31" October 2024 Unrestrlcted Restricted funds funds Total 2023 Inlangible fixed assets Investments Curient assets 562 562 loo loo 232,246 128,8571 9,000 241.246 128,8571 204,051 9,00 213,051 17. Unrestrlcted funds At l November 2023 Incomlng re50urce5 Outgolng re50uice5 At 31 Octijber 2024 Transfers Unrestricted fund5 Drydock deslgÈ)ated funrls 54,051 150,000 313,729 1230,5781 167,0811 167,0811 67,081 70,121 150.000 204,051 313,729 1297,6591 220,121 At l November 2022 lrt¢omlng re50urce5 Outgolng resources At 31 October 2023 Transfers Unre5trlcted funds Orydock designated lunds 313,880 281,986 1212,5211 1329,2941 150.000 54,051 150,000 313,880 281,986 1212,5211 1179,2941 204,051 18. Restricted funds At l November Incomlng 2023 resources OutgolnE resources At 31 October 2024 Transfers Cabln relurblshment fund 9,000 9,000 9.000 9,0(X> At l November Incoming 2022 resources Outgoing resources At 31 October 2023 Transfers Drydock fund Cabin refurbishment fund Ladie5 Tollets fund Bridge Electrics fund 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 Purposes of restricted funds The restricted lund5, det3ilÈd above, are those which tan trnly be used for a partlcular rÈstrlcted purpose Wlthin the rules of the society. Reslrictions aiise when 5peciÉied by a donor, 5ponsoT, the conditions of a grant award, or when raised a5 the result of a spe¢ifi¢ fundraising app@al for example, towards the cost of dry dock. Page 16
STEAMSHIP SHIELDHALL CHARITY Notes to the financlal ststements for the period ended 31" October 2024 Cabln Refurblshment The programme to Improve onboard accommodation for the crew and young people participating In training courses wa5 Put on hold in 21-22. £9,ocX) ha5 been cariied forward lo 2024-25 when it 15 expected the refurbishment work will ¢tsmmence. 19. Related party transactions There are no related party tiansactlons. 20. ultlmate parent undertaklng The ultimate controlling p&ft¥ are the Board of Trustees. 21. Financlal Instruments The carrying amounts of the charity's financial instiuments are a5 follows.. 2024 2023 Financial assets Debt instruments measured at amortised cost.. other debtors Inote 141 4.995 6,738 4,995 6,738 Measured at amortlsed Cost Other creditois Inote 151 - Amount owing to connected companie5 Inote 151 6,419 25,065 25,607 31,484 25,607 Page 17