SS Great Britln Trwst (a company limlted by guarante) AI¥NUAL REPORT Ai¥D CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Company Iyumbcr: l(KK1878 Charlty Number. 262158
SS Great Brltain Trust Financial Statements Year Ended 31 Januar). 2024 CONTENTS PACE Rew)rt of the Board of Trnstees Legal and Adminisirative InfoTmalion Independent Auditor's Rep)rt 15 Group Stalem¢nt of Financial Aclivilies 19 Group Income and Expenditure Account 20 Group Balan¢¢ Sheel 21 Company Balance Sheet 21 Group Cash Flow Sthiement 22 Notcs lo the Financial Statement5 23 Prior year Group SOFA for compaTalive purp(xses 40
SS Great Britsin Trust Report of the Board of Truslee5 Year Ended 31 Januar 2024 The Memb¢rs of the Board of Trustees have pleasure in pres¢nting their report. including the Strat¢bFic Rel, and th¢ financial staleiD¢nts of thc group for the year ended 31 January 2024. These have been prepared lo m¢rt the requitrments for a directors. report and accountg for Companies Act punjoses. The financial statemenis comply wilh the Charities A¢t 2011, the Componi¢s Act 21XkS, the Articles of A$SlatiOn. and Accountin¥ and R¢porting by ChaTilies.' Statement of Rttommended Pra¢iice applicable to chajiiies preparing their accounts in accordan¢¢ wlth the Financial Rewrting Standard applicable in the UK and Rcpublic of Ireland (FRS 102). OBJEcfivES AND ACTIVITIES The TDJst has two primary long tcrni objective5 which are. l. To conserv¢ and preserve th¢ SS Great Britain in the Great Westem Dockyard for all time for th¢ benefit of the public as a ship of historic and scientific intcrest and to place th¢ same upon publi¢ display as a museum acttssible for all. 2. To increas¢ the sum of publi¢ knowledg¢ and to promot¢ the study of.. maritime & industrial engineering & sci¢n¢¢; maritime &r¢h8eology & social history; the life and works of l.K.Brunel and his histOTical ¢ont¢xt and signifitsnce in the modern world. and to ¢ollect, conscrye, and make acc¢5$ible as a museum, artefacts and 5p¢cimens that demoi)stral¢ and rel]ecl a tangible link with the past and prwent of maritime & industrial engineering & 5cien¢4 and maritime archaeology & social history, for the benefit of thc public. Short ierD] objectives.. The TTusiees are working lo a Sitategic Plan 2021-2031 that will integrdte the Albion Dock into the site and visitor attraclion, and continue to help everyone understand how BTun¢l and SS Grvat Britain changed th¢ world. The plan will be built to achi¢ve the following aims= l. The Trust will take "a hundred Ye view" so that il ensure5 th¢ ship and collections survive for the next century to value, study and enjoy. 2. The Trust will inspire and expand public knowledge so that as my p¢ople as possible can learn about the past, and how it affecis our fiitures. 3. The I'rusl will seek to create the ultimate visitor experience so that every single aspect of every visitor's j04Lrney is engaging, inspiring? memordble and filled with delight. 4. The Trusl will develop a role on the national and international stage so that the Trust grows its reputation and ailra¢tS Visitors. contributes to inclusive growth, placemakin& collaboration. and maximis¢s imp4iCt. 5. The Trusi will dcliver a sustainable future so that the Trus¢ becomes econornieally self-sufficient. ethically generdte more incom¢, and become environmentally iieutrdl. 6. The Trust will be relentlessly ¢ommiltcd l() inclusion dnd access so that the Trst offers no cons¢ious or uneonscious barriers to access for anyone.
SS Great Britain Trust Report of the Board of Trustees Year Ended 31 Januar 2024 STRATEGIC REPORT Overview The SS Great Britain Trust 15 an Accrediied Museum, and its Collections are Designaied as of natioiial imp)rtance by Arts Coun¢il England. A vital objcetive of ihe Trust is to conserve the 1843 steamship the SS GFi'u£ B171(iin and the historic 1839 dock it sits in. Its mission is also to t¢ll tlie story of the i¢onic nineteenth enlury engineer Isambard Kin¥dom Bnmel and, more broadly. inlejprel and make accessible cont¢nt relating to the people who built, cr¢wed and travelled on his ship> &8 well as using its colltionS lo incrcase public knowledge about maritime and social history, building tangible links with past, present and futur¢. The Trust delivers these out¢omes through displays and interpretation on Brun¢l's historic ship itself. and in two related museums in the Great Western Doekyard, the firsl telling the story ofthe SS Greai Britain and the other'Being Brull¢l' chronicling the lift and works of Isambard Kingdom Brnnel. The Brunel Institute, a ¢ollabordtion with ¢h¢ Universily of Bristol, houses the TDJSt'5 National Brunel collection as well a5 an internationally significant maritime history library as wcll ag its other designated object and archive collections. The Institute provides a¢¢¢ss io its collections welcojning researchers and academics and also runs public 'Archive in 5" s¢s8ions for visitors and the publi¢. il is also a centre for iesearch for people from the local Bristol community and has developed an &ctive eohort of conllnunity res¢archers discovering new stories ab()vt the ship and Ople who travelled on her. Thi5 lylltiative suppons and ciunpl¢menls ihe Trust's wider cojnmunity engagcment programm4 which aims to work with local Bristol ¢ommunitie4 especially those from diver5¢ and underreprcs¢nted trp]e in the city- More g¢nernlly the Trust tells th¢ stories of many people from history in order t(Tr enthuse people locally. regionally, nationally and internationally and h¢lp them understand our past and future and does this through Ihcmed inlcrpretation. tour4 ta]ks and lectures, events. oiiline cont1 and oiher activitics including th¢ use of cosiumed inrerpreters. On site interpretation is PTuvid¢d by both staff and volunl¢¢r&, the latter providing invaluable support io th¢ work of thc Trnsi in many areas of its work. 1ht Trust runs a very su¢eessful education programme, attracting thousands of schoolchildren LO the site to nol only see Brunel's historic shipy but also take parl in workshops lillk lo ihe Nattonal Currieulllm. Extemal funding supports the 'GoldeD Ticket. progrdmme which ¢n2bles schools from areas olhigh deprivation to visit providing free admission. The learning offer also has a particular fll$ on inspiring young people using thc legacy of Is2mbard Kin¥dom Brun¢l witb contempornry scienc¢ and engineering and the Trnsi has pioneered the award-winning Future BNnels prowdmme which aims to enthuse cohorts of young people with science and engineering during their time at secondary school. Mttln chievements wlthlD the year Main achi¢vements within the year 2023 Continued ihe trends of 2022 with visitor number l¢vels still proving cha]lengtng and remaining below pre pandemic lev¢ls whilst the Trust saw w>sitive outcomes as it coiitinu¢s to deliver charitable activity io a high Standard and evolve and dev¢lop plans for rhe future. It wos also a significant year as th¢ outgoing Chair of Trustees. Jim McKenna, stepped down at th¢ end of his terni and Matthew J¢)TJes was apwiinted as the new Chair and took up th¢ post. After 23 yeats as CEO Matthew l anner also left the organisation and a new CEO. Andrew Edwords wa5 appointed mid 2024. Significant progress was rnade with the Albion Dockyard project. a trdnsfornialional capital scheme that develops the largFest and oldest hist1¢ dockyard in Bristol. It includes a reconsletion of Brun¢l's first ship, the PS Great W¢stern and introduces an exciting world ¢la%% living history experieD¢e to ihe si*. It will deliv¢r life chanbitng opwrtunilies io young, people through new educational programmes, reach and engmg¢ diverse
SS Great Britain Trust Report of the Board of Trustees communities and improve the maritime environm¢ni around the sile. inspiring action for nature. This work culminated in the submission of a full planning application to Bristol City Council in Decemb 2023. HRH. The Princess Royal visiled in May 2023 and mel rnnberS of the Future Brunel's programme and members of the Brnnel Institutc Corpordl¢ Academy. Thc succ¢5sful Future BNnel's PTogrnmme provides pathways into STEM carecrs for young people. The number of schools in the programme doubl¢d Ihis year as sludents in ycar 7 from 4 schools in the WECA rcgion were added to the existing 4 schools in Bristol {covering y¢aTS 7-11). Th¢ Trust won several awards during the year including STEM Ambassador of the year for its Future Brnnels programme at Engineering and Manufacturing awards and its work on b0 reduction initialives was recognised by wlnning 'Sustainable prOjt of the Year at the Museum and Heritage awards. Like tnuch of the rest of the sector outside of London. visitor numbers were lower Ilian anti¢ipaled compound] by a mix shift towards lower priced tickets. lljis resulted in legs itKome than pIaftn and necessilated managing the CO base lightly. However. the core offer remained strong with over 90 /0 of Trip Advisor reviews bcingJ 5 stars. A 'Kids Go Free, campaign was launchcd for the summer holidays to lielp families in Ihe cost of living crisis. 13,650 children enjoyed the sit¢ for frcc as part of this campaign. The 180thanniversary of SS Great Britain's launch in 1843 was celebJ7td with a promotional event and social media COVCTage and included the baking of a ship shaped cake which was cut by Great British Bake Off winner Guiscppe Dell'Anno who also provided dry icc for steam. The Trust's 'Gold¢n Tickct. scheme provided free entry lo I,9)8 primary school children from the most educationally, economically and socially deprived areas of BTislol. Th¢ scheme also provides assistance with coaLh tTavel costs and children haiie a ticket enabling thcm and their families to relurn for a free visit later in the year. CALM sensory sessions were off¢red throughout the year at quieter times so thai neur(divergent visitors could enjoy the site with reduced audio, visual and smell ¢ffects. More than 500 children Were,ound. as part of Ihe'wocful Wounds, October holf4¢mi event. a collaboration with students from South Gloucestershire and Stroud collegc makeup d¢partmcnt whi¢h saw young visitors recreating wounds and blisters ihat might have been suffered by passengers and crew of the SS Great Britain. The Tnt host¢d an inaugural dinner marking the 60thanRiversary of the arrival of the SS Windrush which led lo rectuiling a second Lohort of community researchers who are focusing on exploring the Caribbean history of the PS Great Western. This is the second phase of conununily led research following on from the groundbreaking AHRC-fundcd collaboration enabling parents from Hannah Mor¢ School lo bOme Community Researchers. The Trust shares ils skills, resources and nclworks with local community members who are noi already stakeholders in the cultural sector, and introduccs the museum and its coll¢clions lo those communities through a positive and creative w-working experiencc. This has resulted in valuable outputs relating to their research a1 has given the Trusi different slories to tell rclaling lo migration and transcoceanic trav¢l.
SS Great Britain Trust Report of the Board of Tru5tses Visitors #nd Trading Visitor numbers for the year were just on budget and above prior year l¢v¢ls bul Includ 13.650 frcc child tickets thal were budgctcd as paid tickds. The total number of onsite uxrs was 158,874 compared with 155,612 last year. inanci81 Revlew The Group outgoing resources for the year were £817.383 (last year outgoing resourcas £1220J44). The deficit is the result ofiow¢r Ihaii pre pandemic visitor numbers and spending of resiricted incom¢ re¢eived in prior years (2024 deficit.. £679.715. 2023: deficit £783.565). The Trading Company subsidiary recorded a profit of £109,497 (2023.. loss of £13.360). Th¢ individual fvnds breakdown bdween Unrcstrictel Restricted and EloWMent is as follows: a) Unrestrictcd Funds The tabl¢ below shows the unrestricted Operating deficit for the current year was £362.907 compared with a deficit of £190.025 in the previous year. The deficit is the Tcsult of visitors not recovering in the way thai was expected. 2024 2023 Operdting (DeficilysuluS bcfore Designated fund projects spending Less Designaled fund projects expenditure (not capitalisd) (Deficit) before transfers Transfer of income from Endowrynent Fund & restricted fijnd UnTestricted (Dcficit) Tetained (598,348) (484,133) (660,323) 297 416 362 907 (533.2651 b) Restricted Funds The ovcrall valuc of restricted funds decreased in the year by £399,110 as fulS received in prior years werc expended, the niajority of which were for Bcing Brunel. (2023.. dreased by £783.565). c) Endowment Funds The Endowment Fund produced a nct income of £201,383 (2023". £172,640) which was transferred io the Tn1 during the year. The fund's capital value decreased during lh¢ yffar by £55,367 {2023: increased by £246.754) through £ look drawdown, investmenl gains of £73,992 (2023 losscs .' £213.217). of which £65.463 were r¢alised losses (2023: losses £27,016 were realised} and management fees of £33,326 {2023-. £33,536) and £3.967 inte1 received {2023.' £6,862). This created a totsl Endowment Fund value of £7,015,490 (2023: £7.070,855). Plans for the future The Strategic Plan for ihe ten years 2021-2031 was finalised in 2023. 11 lays out how thc Trust will continue lo meet its primary goals, examines what changes il needs to makc and how it continue lo achieve ils charitabl¢ activities whtlst retaining ils financial stability. The plans for the n¢xl couple of years include those detailed below. The Trnsl will coiilinue lo monitor and preserve the SS Grcal Brilaiii in her dock, and also develop and expand, as far as funding perniils, the aclivities of the Bwnel IStItute education prngratnme5 and parlnerships.
SS Great Britain Trust Report of the Board of Trustees Year Ended 31 Januari. 2024 Having acquired a 125 year peppercorn lease for the Ii¢ighbouring Albion Dock ¢omplex, the Trust is planning how to ineorporate it and expand the site. This addition will allow ihe TnL8t to make tnore of the history of shtp building and Brunel available, enhancing all that is currently on off¢r. In ihe meanti]ne. the TnLSt has sub-l¢t part of the thKk fKility to the Albion Dock Co. to cary oui shipbuilding and repair. The Trust will expand the Future Brunels progrdmme, building on its success and offering the op)rtunItY 10 engage with s¢ience and engineering to double the numb¢T of young pcople and developing new strands to consolidate and sustain the impacl of the prOaMme. and applying the I¢s50ns learned froin the Pilot Ph&se. Risk m*ttAgement The illembets of the Board of Twsl¢¢s monitOT pro889 towards the risk management plan Im a quarterly basis for projects and an anDual basis for the Trust. The risk managrment strategy pr(Klu¢¢s a regular r¢vi¢w of risks that the Trust may fa¢¢. and establishes pro¢edures to mitigate those risks idcntified. It is also the policy of th¢ Board of TTU5tees to hold insurance on th¢ ship and the collection on the basis of the ssible maximum conservation and r¢fit cost that inay be incurred in a major disaster, and not the full Teplacement ¢ost, as most of the ¢ollection and the ship heraelf are unique and irreplaceable. Prlnclpal ri$k$ Ind un¢¢rtolntles The risks on the risk rcgister include.. Environmental risks such as fl0(Kiing or fitt on the site, which could lead to damage or destsyction ot'the ship and museum. Uninsurable risks such as COO510n which could lead to damage or destruction of the ship and colle¢li(bns. The risk of the impaet of irysitor numbeTS not returning to pre pandemic levels and the impact of the Cost of liviDs crisis following the irnpact of the thryd pxndemie on cash balances and resents resulting ID lack of fwids to meet LM)mmitrnents, planned actiiuty or new requirements. Cyber risks of a data breach or network failure suLh that the organisation loses data or cannot nctiOn. The capital value of the Endowment Fund d¢creases due to investmeni losses and funds are no longer available for conservation work. All risks havebeen considered by Trustees artd plans have been put in place to mitigate than and iheir impact on tlJ¢ Trust. These include ri&>orous real timc monitoring and r¢porting of relevant indi¢atotE ihat record risk levels and appropTiat¢ ]nSLanCe cover. HERITAGE ASSETS It is th¢ policy of the Trust nol to capiLalise heritage assets in th¢ SS Great Britain TTUSI Collection. These items are in effe¢1 inalienable, held in pJinciple in perpetuity, and are mosily irreplaceable. Any financially based valuation would be misleading to the value and si¥nificance of the mal¢rial culture involved. The Trust has a clear duty to care for and make available thrte asgets for the enjoymenl and edall01} of the publi¢ as far as is possible, commensurate with the long-tern) care of ih¢s¢ items. The highest possible stsndards of collection managwnent are applicd, and the catalogues ar¢ made available as widely &$ p05sibl¢ tv fa¢ilitate all enquiii¢s and requesls for inforniallo subject to appropriate security and data protection T(kI]neS. The only class of obje¢t thai does not fall into these catcgories are some of the printed library b(K>ks. These biK)ks are managed wilh the same care andrigour as aliy oth¢r items in thc collelOnbuf are notcompletelyirreplaceabl¢ and are not held in petU11Y but utilised for publiL education purpos&8. Wherc Tealistlc valuations exist for these items, and where they conBtitute a si¥rnifi¢ant value, they will be included as financial assets.
SS Great BritsiD Trust Report of the Board of Trustees Year Ended 31 Januar ' 2024 During the year, £6.394 was spent on Heritage Assets12023.. £21.14]). INVESTMEiYf POLICY The Trusl operates a pemianent endowmeni to prot¢d the long terni future of ¢apital arising from th¢ 2010 Phase 2 development and to provide a regular income stream into SS Great Britain Trnst for its charitable purposes. The apFK)inted investment managers IRathbon(s Investment Mana¥etn¢nt Limiledl are instructed to invest to fflaxiTnise the total retum on pern)an¢nl endowment funds within ihe ¢onstrAint of a medium risk portfolio with a lonbT terni limc horizon. The general policy is to invesl in a inanner that can publicly described as socially responsible. li)vestm¢nl should provide for sufficient capital growth to cover for reasonable inflation, and to targ¢t inter¢sl income of 3.5/fj to 4/0 per annum. payable quarterly to the Trust. Thesc targets were achieved for the year. A r¢vi¢w of ethical nature of the portfolio was carried out during 2021 and regular cthi¢al reporting now fomis part of the endowm¢nt fund managemenl. The Trusi has thken decisions lo ensure that the wtfolio follows its ethical poli¢y. During 2023 the Trnst withdrew all investment in fossil fvels. RESF.RVES In a¢cordance with its Resetvts Policy the Trusi has ¢r¢ated reserve funds from r¢pDrted surpluses and other assets. These are laid out in thesc accounts ai Note 20. The named 'Reserv¢ Fund. is intended ¢0 provide conting¢ncy funds for special capital and w¢nue funding at the disposal of the TNsle¢s. The prlnciple of th¢ p(>IEey prior lo the paDd¢mir was to hold amund £400,000 in rhis fund. This has been relaxal post COVID as the organisation r¢builds its reserves. Ag at 31 January 2024 total Trust reserves amounted to £18,679,678. Of these reserves £7.015586 wer¢ held by the SS Great Britain Endowment Trnsl, and £11,421,801 could only be realised by disposing of fix dssets. A filrther £98,616 is Testricted income and not availabl¢ for general purw5es. This leaves a free cash balanc¢ of £143,675 FUNDRAISING There were no material fundraising activities ¢arried out dwing the year. PUBLIC BENEFIT The Tnjst reviews its goals, objectives and activities eacli year. to ensure that the key activities foT the year 8re in keeping with its &yoals and are meeting its Ch1ble aims. The Tn1 has refaT¢d to the Charity Commission's guidance onpublicbenefit when revi¢wing its goals and activiti¢s. The TNstees ensure Ihal all ongoing and filiure a¢tiviiies are consistcnt with the primary goals of the Trust and are of benefit to th¢ public. In accordance with the Charities Act 2011, as amended in 2016. the Trustees reFrfFrt that the Trust carries out fundraising activities to suppon its chaTitabl¢ gn2]s, and that it does not employ an external professional fund- rais¢r or eommercial participator. All fijndraising staty a1 volunteers ar¢ trained and Tnanaged to the highe51 standards of gix)d practice in fundraising.
SS Grer4¢ Britaln Trust Report of the Board of Tru$le¢s Year Ended 31 Januar 2024 REFERENCE AND ADMINISTRATIVK INFORMATION Th¢ genffal infomiation including the names of manbers of the BoaTd of Tntstees, the prinripal address of the charity and particula of the charity's professional advisers is given on pages 8 to 10. STRUCTURL GOVERNANCE AND MANAGEMENT The charity is govern¢d by the Mcmordndum and Articles of Association with which il was incorporated on 27 January 1971 and which were revi5d in November 1999, June 2005 and June 2)6. It Is registered Èn England and Wal¢s. This do¢um¢nl was reviewed and updated to current standards in June 2011 in which ihe memorandum has be¢n merged with th¢ Articles. Known as th¢ Articles of Association. the new do¢llment is in li with cwrent best practice. Th¢ objects of the chaTity were Tevised in Jwie 2012 and are laid out on page 2. Members of ihc Board of Trustee& who are directors forth¢ purpose of company law and TThstees forth¢ pUnse of chaTity law, and who served during the year and up io the date of thi5 report, are sel out orl page 8. Tn]stees reti in rotatson in accordan¢¢ with ihe Articles of Association. The Members of the Board of TNstees are appoilltcd by the Annual General Meeting. The Board of Ttvstees med fornia]ly at least fow times per annum. The Trnsl holds £1,000,000 of TDJstee indemnity Insurance. It is theresponsibilAty of the Trystee Board to consider and decide Frf)licy. Responsibility for implementing thos¢ poli¢ies is delegated to the Director and Ex¢cutive team. The Trnstees set the strdtcgie direction of ihe Trnst and make strategiic de¢isions. The Trust¢es establish a strdtcgic direction and set obj¢¢tives which will enable the Tt to fulfil its aims and manag¢ delivery against th¢5¢ strategic objectsv¢$. Thop also approve amiual budgcts commensurdte wilh objectives establish¢d in the strategic plan. The DirectOT and Executive team decide how the strategic direction and objtIveS are realised on a day to day basls. Th¢ Director, who is Chi¢f Executive of the organisdtion and r¢ports to the Board of Trustees, heads the staff stNclure. Reporting to him is an Ex¢¢utive team comprising the Director of FEtwice and Resources, Director of the Brun¢l Institute, Director of Exiernal Affairs and th¢ Commercial Director. 71 staff w¢r¢ employed by th¢ Tn]sr at the y&Vv¢nd. The Trust is a Living Wage Foundation Employer and no memb¢r of sldff is paid below the recommend¢d hourly rate of pay for Bristol. In additioD, Ihere are 150 volunte¢rs who support the staff in a wide variety of roles that gr¢Atly enhance the visitor experiences. The Trustees recognise and value the essential and fundamental ¢onlribution mad¢ to the success of th¢ Trust by its staff and volunt¢ers. However, m¢Jsurement issues, includin&F aitribuling an economic value to th¢ eonrribution of volunteets, prevent the in¢lusion of their contribulion in the stalem¢nl of fjnancial activities. The Tt &knowledges the need to r¢fresh ils governing body with new members on a regular basis. It also is aware of the need to idcntify the appropriatc skill sets required amongp its Board of Trustees for ¢ffective govemanc¢. The Governance and Ranuneration Sub-cummittee monitors and advkses the Board of Trnstees on these necds. Ir reviews and idcnlifies p)tential future members of the Board of Truslees }d the skills that ih¢y may have lo offer th¢ Trust. During 2023 & reeruitment consultant was appointed to help recrnit new Trusl¢¢s to the vacanl positions and help crekte a pipeline of future potential candidates. Upon election or ¢o-option new metnbets of the Board of Trustees are inducted through one-to-one se&sions with the Chdirnian and Director. They also iaken throubh an Induction Pa¢k which includes inforn)ation on the organisaiioni gix)d governance,
w to be a good Trustee and pra¢lical inatters such as H¢alth and Safety. The Trust has adopted the Good Governance Code dev¢lop¢d by the Govcrnanee Hub. To this end the Trust has ca)Tied out a ¢omprehensive rcview of all the wblicies and proknxols a5sociat¢d with the nmning of the Trust. The Trnsi regularly Teview$ and updates wher¢ Tjecessary all policie5 ond protocols. Th¢ Trustees yeeW th¢ monthly perforniance of the business usin¥7 a suite of relevant key perforniance indicatoty. The key financial wfoTmance measures are visiior numbers, visitors mix. averdge Spend per
SS Creat Britaln Trust Report of the Board of Trustees Year Ended 31 Januar 2024 transa¢lion and fundrdising perfomiance io date. Visiior income is ihe largest component of ihe Tnjsts income so achieving budg¢l¢d visitor nnber Icvelg is key to financial pcrfornianc¢. To support this a vari¢ty of Inarketing eITlivEnesS m&gsures are also trackd och monlh. The non financial indilOrS focus on delivery of charitable activity, health and safely infonnation and EDI statistics. The charitsble activity rneasur focus on education aiid consmiation of the ship. SS Great Britain Trading Limited is tl)e wholly own¢d trading subsidiary company of the eharity. Any profil ynade by this subsidiary is donaied to the charity by way of a Gift Aid donation. The SS Grt Britain Endowmeni Tn1 is a ¢haritable subsidiary of the Trusl that holds the pernent and non- pernianent ¢ndownent on the Trust's behalf and acts in ucLordan¢e witlh the Endowment, Investment and Reserves Policy. The Board of Ttustees of the SS Great Britain Trust is the sol¢ Itre of the subsidiary. Incolne from this endowrn¢ni is used solely in fulfilling the charitable objectives of the SS Great Britain TTUSt. SS Great Britain Trusi has a IOO/o shareholding in 11]e Albivn Dock Company, currently the sub tenant in th¢ A]bion Dwk. SS Great Britain Trading Company has the right to appoint a dir¢ctor to the board of The Albion Dock Coi)hpany and had appointed therein Matthew Tanner {CEO of SS Great Britain Trust and a director of SS Greai Britain Trdding Company) until his departt]T¢ on 30th September 2023. KEY mANAGEmETr PERSONNEL REMUNERATION The Trusl¢¢s ¢onsider the Board of TNstees, the Director & Chief Executive and the Ex¢¢utive team as omprisinsy the key inanageinenl prrsonnel of the charity in charge of direcling and controlling the charity and ninning and operating of ihe cliarity on a day to day basis. All tn]stees give their time frecly and no tn]stee remuncrati(kn was paid in the year. Details of trustee expenses and lated party transactions are diselosed in notes 9 and l O to the accounls. Trustees are required to disclose all relevant interests in an annual disclosure alid in accordaDfj¢ Wlth the Trust's policy wiihdraw from any decisions where a conflict of inierest arises. The pay of the Director & Chief Executive and the Ex¢eulive team is Teviewed by Trustees annually aiid comparisotts nydde to appropriate benchmark$. in¢luding salary survey inforniaiion for the not for profil sedor.
SS Great Brltain Trust Report of the Board of Trnstees LEGAL AND ADMJNISTRATIVE INFORMATION Regislered chgrity number Regi5teTed Company number 262158 1000878 Reglstered olTi¢e No l Brunel Square Gas Ferry Road Bristol BSI 6UP Patron HRH The Princess Royal Viee Presidents Colin Green CBE Michael Hill MBE John Hollingdale David Parkes Aldernian Brian Richards JP Roger Smedley MBE Capt Christopher Young RN (Rtd) MEMBERS OF THE BOARD OF TRUSTEES AS AT 31 JANUARY 2024 Chairman James McK¢nna (retlTed 23 January 2024} Matthew Jones (appointed 23 January 2024) Vi¢e Chair Sam Mullins OBE Hon. Treasurer Kerry Lock Members James Berresford Kelvin Blake Caroline Duckworth Peaches Golding OBE CStJ Matthcw Jones {appointed October 2023) Gene Joyner Muir Macdonald (w-opted January 2024) Edward ROWbe {-opted January 2024) Sarah Staniforth (co-opted April 2024) Emma Mill]non (co-opted April 2024) io-
SS Great Britsln Trust Report of the Board of Trustees LEGAL AND ADMINISTRATIVE INFORMATION CODtinued Guargntors The legal members of the charitabl¢ company are known as "Guarantors.. All members of the board of trustees and th¢ following individuals are guarantors: Mr Alan Aberg Mr Michael Andrews Mr Chris Booy OBE Mrs Janet Brinnand Mr Edward Cooke Dr Helen Doe Dr Jo Gipps OBE MT Colin Green CBE MT John Griffin Mrs Lynne Griffin Mr Michael Hill MBE Mr Don Jones Mr John Hollingdale Professor Andrew Lambert Mr Chris Legg¢ MTS Jill L¢gg¢ Dr Malcolm Lewis Mrs Jean Macfarlane Dr Liz Mackenzie MBE Dr Campbell Mackenzi¢ Mrs Cara Macmahon Dr Campbell Mcmurray Mrs Dinah Moore Mr David Parkes (deceased D¢c¢mber 2023) Mrs Mary Prior CVO MBE Aldennan Brian Richards JP Mr Roger Srnedley MBE Mr David Sproxton CBE Captain Chris Young RN (Rtd)
SS Great Britain Tru$t Report of the Board of Trn$tee$ Year Ended 31 Janu4rv 2024 LEGAL AND ADMINISTRATIVE INFORMATION (continued) Dlrector & Chief Exffutive Dr Matthew Tanner until 30th September 2023 Andrew Edwards from 3 June 2024 Int¢rlm Co CEOS Phil Smith & Angela Spreadbury From 151 (ktober 2023 until 3 June 2024 Comp4Dy Secretary Key Manag¢tnent Personnel: Angela Sprradbury Matthew Tanner until 30th September 2023 Tim Bryan Phil Smith Angela Sprdbury Nerys Watts until 28 December 2023 Bankers Lloyds Bank plc 2.5 Grtsham Street London EC2V 7HN Auditors Miwrs LLP 90 Victoria Street Bristol BSI 6DP Investment Man#ger$ Ralhbones Investment Management Ltd 10 Queen Square Brisiol BSI 4NT 12-
SS Great Brilain Trust Report of the Board of Tiystees Year Ended 31 Januar ' 2024 BOARD OF TRUSTEES Kelvin Blake and Janies Beresford stood for re-election at the 2023 AGM, a special resolution was passed to extend Sam Mullins for ai) additional year in office as Vice Chair to PTovide ¢onlinuity durin¥ the transition period and Matthew Jones was appoiDled as a new TNstee. Gene Joyner and Carolin¢ Duckworth r¢tir¢ in rotation accordance with the Articles of association at the next AGM. Both are eli¥ibl¢ to offer themselves for re-el¢¢tion. RESPONSIBILITIES OF THE MEMBERS OF THE BOARD OF TRusfEES The Trus¢¢cs (who are also directors of SS Greai Britain Trust for th¢ purSeS of company law) are responsible for preparing the Report of the Board of Trnstees; th¢ Strategic Report and the financial staiements in aecordance with applicable law and United Kingdom Accountin¥ Standards (Unital Kingdom Gen¢rally Acccpted Accounting Practice). Company law r¢quires the trusl¢¢g to prepare financial slatunents for each financial year, which gtve a te and fair view of the state of affaits of the charitabl¢ company and of rhe group and of the incoming resour¢w and application of resources, including in¢oine and expenditure, of thc group for the year. In pr¢poring those financia] statements, Ihe Trustee5 are r¢quired w.. select suitabl¢ a¢¢ounting policies and then apply thLlll Cfflsistently, observe the m¢ihods and principles in the Charities SORP. make judgements and estimates ihat are reasonable and pwd¢nl; state whether applic2ble UK Accounting StaT)dards have been followed, subje¢t to any material departures disclosed aiid explained in the financial stalements. prepare the financial Stat¢llts on the going concen) basis unless it is ITpprOprIate to presume that the chaTitable company will continue in operatityL The Trustees are responsible for keeping proper accounlin&T records that disclose with rvasonable accuracy at any time the financial position of the charitable company and the group and whieh enable Iliem to ¢nsure Ihal the financial statements comply with the Companies Act 2006 and the Charities Act 2011. They are also respoDsible foi safeguarding thc 2s5ets of the charilable Company and the group and hence fortaking reasonable steps for the prevention and detection of fraud and other Iegular1tie$. In so far as the Tru$lees are aware: there is no relevant audil infomtIOn of whi¢h ihe chaTilable company's audilots are unaware., and the Trnsiees have taken all stcps thai ihey ought to have taken lo make themselve5 awar¢ of any relevant audit infomiation and to establish that the auditors ar¢ awatt of that infonnalion. Trllstees have considered the question of the charity's ability to coi)tiThue as a &woin&y concern. A vari¢ty of financial for¢cagtg provided by the management leam have been analys¢d and discussed, in delail by the Finance and Audit Committee and then by die full knrd. The COVID-19 pandemic follow¢d by the cost of living and inflationary pre55ures have reduced rcserves sueh that a fiTrther drawdown from the Endowmcnl fund will be required io maintain a sItIve reserve position throughout the next 12 moi)ths' a range hos been discussed and pr¢-approved by the boaTd, which doesi)'t affect th¢ Endowment mat¢rially. The Finance and Audit c.ommittee continue to m¢¢t regularly to reniain aliv¢ lo changes as they occur and to enable prompt and swift decision making as necessary. Havin¥ considered all the elements previoSEY menlioned, Trustees ar¢ strongly confident in the charity's ability to continue as a going ¢)cern for the Dext 12 monihs at leasl. 13
SS Great Brltain Trust Report of the Board of Trustees Year Ended 31 Januar ' 2024 Trustees recognise that while ihe Trading subsidiary relurned to a pmfit making situation for the year. it still has a negative balance sheet meaning that th¢ I'rnsi continues to subsidise it at the end of January 2024. This 15 a situation that arose as a result of th¢ COVID-19 pandemic. Trusttts are Gonfident that the balance sheet will retum to a positive balan¢e in the next couple of years. AUDITORS A resolthion ro appoint MazaT5 as auditors for the eJ]suinu yvdr will b¢ proposed at the annual general me¢ling in accordance with section 485 of the Companies Ac12006. This report, including Strategi¢ Re[, was approved by order of th¢ Board OrTnlee5 on 181h July 2024. Signed on behalf of the Board of Trnsiees: M Joncs Chaim)an A Spreadbury CIMA Company Secrctary R¢¥isl¢red Office.. No l Brnnel Squa Gas Ferry Road Bristol BSI 6UP 14-
SS Great Britsin Trust Group Statement of Financial Activlties (ineluding illctsme and expelldire) ye Ended 31 Januar , 2024 Independent auditovs report to the Trustees of SS Great Britsin Trust and its subsidiaries Opinion We have audited the financial statements of ss Great Britain Trust (the 'tharityJ and its subsidiaries (the 'group') for thc ended 31 January 2024 which (x)mprise the Group Statement of Finoncial ActiiTrties. the Group Income and Expenditure account, the Group and Parent charitable Company Balance sheets, the Group Cash Flow Statement and notes to the financial Stateents, including a sumTnary of sigDifieant accounting policies. The financial rep)rting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 °The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom GeneTal]yAccepted Accounting Practice). In our opinion. the financial statements: give a true and fAirTr4ew of the state of the group's and the parent charity's affairs as at 31 January 2023 and of the group's income and expenditure for the year then ended. haiTe been properly prepared in accordance with United Kingdom GenerallyAecepted Accounting Practice,. and hai'e been prepared in accordance Mrytb tbe requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing (UKI (ISAS (UK)) and applicable law. Our responsibilities under those standards are rther described in the "Auditor's restK)nsibilities for the audit of the financial statements" section of our report. We are independent of the charity in accordance M4th the ethical requirements that are Televant to our audit of the financial statements in the UK including the f4RC's Ethical Standard and M'e hai'e thlfilled our other ethical responsibilities in aec()rdance Mryth these requirements. We belieiTe that the audit evidence we have obtained is sufficient and appropriate to PToNryde a basis for our opinion. Conclusions relating to going concern In auditingthe financial staternents, we haiTe concluded that the trustees. use of the goiDgconcernbasis of accounting in the preparation of the linancial statements is appropriate. Based on the work we have performed, we haile not identified'any material uncertainties relating to ei'ents or conditions that. individually or collectii'ely, Inay cast Signifint doubt on the group's and the chariws ability to continue as a going eoncern for a period of at least kn'elve months from hen the financial statements are authorised for issue. r responsibilities and the respon.sibilitios of the tllees with respect to going conrn are deseribed in the relevant sections of this report. 15
SS Great Britsin Trust Group Statement of FinxneiAI Activities {Ineludlng income aDd expenditure) Year Ended 31 JallUar 2024 Other Infiirniation Thcotherinformation comprisesthe information included in the annual report, otherthan the financial staternents alld our auditor's report thereon. The Trustees are Tesponsible for the other inft)rniation eontained Mrythin the annual report. Our opinion on the finthncial statements does not eover the other information and, except to the extent otherwise explicitly stated in our report. we do not expre&s any forn) of as9uran(* (x)nelusion thereon. Our reswbnsibility is to read the other iDfOrnti0n and, ID doing so, consider Mthether the otber inforniation is materially inconsistent with the fanCIal statements or our knowledge obtained in the audit or othen%ryse appears to be materially mi&8tated. If we identify sueh material inconsistencies or apparent material mi&statements, we aTe required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfornied. we conclude that there is a material misstatement of this other inforniation. we are required to report that fact. We hal'e nothing to report in this regard. Opinlons on other matters prescribed by the Companles Aet 2006 In our OPiT]ion. based on the work undertaken in the COUTse of the audit: the inforniatioD given in the Report of the Board of Tn]stees for the financiaI year for which the financial statements are prepared is eonsistent with the fmancial stateJnents" and Ihe Rekx>rt of the BoaTd of Trustees has been prepaTed in accordance with applicable legal requireTnents. Matters on which we are required to report by exception In light of the knowledge and understanding of the group and charity and their environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Board of Trustees. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 Tequires us to Teport to you if. in our opinion: • adequate accounting TecoTds have not been kept, or returns adequate for our audit have not been received from branthes not Iqsited by us. OT the financial statements are not in agreement with the aLYounting reeonas and reknrns. or certain disclosures of tsteeS. remuneration specified by law are not madc. or we have not received all the information and explanations we require for OUT audiL Responsibilities of Trustees As explained inore fully in the trustee8' responsibilities statement set out on page 13, the trustees are restx)nsible for the preparation of the financial statements and for being satisfied that they give a trne and fair iryew, and for sueh internal eontrol as the tn]stees determine is necessary to enable the 16-
SS Great Brit2in Trnst Group Ststement of Finanelal Activities (including ineome and expenditure) Year Ended 31 Januar 2024 preparation of financial statements that are free from material misstatenient, whether due to fraud or eLTOr. In preparing the financial statemeDty the trustees are responsible for a&S1ng the group's and chariws ability to continue as a going con(Ern, diselosing, as applicable, matters related to going concern and using the going conceTn basis of accounting unless the trustees either intend to liqllidate the group or charity or to (*ase operations. or hdl'e no realistic alteTnative but to do so. Auditor's responsibilities for the audit of the flnandal statements Our objectives are to obtain reasonable assuranee about whether the financial statements as a whole are free from material misstatement. whether due to fraudor error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuranee but is not a guarantee that an audit condurted in acLY)rdanceMrythlSAs (UK) Mryllalways detect a material misstatementwhen it cxists. Misstatements can arise from fraud or error and are considered material if. IndidUallY or in the aggTegate, they could reasonablybe exTrected to inflllenee the economic decisions of users tsken on the basis of the financial statements. The extent to Mthieh our procedu$ are (Apable of detecting irregularities. including fraud is detailed below. [egulaTitie5, ineluding fraud, aiy illstan of non-compliallce with laws and regulations. We design procedures in line with our responsibilities. outlined aboi'e, to detect material misstatements in respect of irreglllarities, ineludillg fraud. Based on our vnderstaDding of the group and charity and their industry, we eonsidered the non- compliance Ivith the follomryng laws and regulations migbt hai'e a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laurjdering regulation. To help identifyinstanees of non-compliance with these laws and regulations, and in identifying and assessing the risks of material mi5Statement in respect to non-compliance, our prOaure5 iu¢luded, but were not limited to: Inquiring of management and, w.here appropriate, those charged with governanLf, as to whether the group and chaTity is Rn compliance with laws and regulations. alld discu&sing their policies and procedures regarding comp]iance Muth laws and regulations. Inspecting correspondence, if any> relevant licensing or regulatory autborities. Communieating identified laws and regulations to the ensasement team and remaining alert to any indications of non-eompliance throughout our audit,. and Considering tbe risk of acts by the group and the charity which Mtre eontrary to applicable laws and Tegulations. including fraud. We a]so considered those laws and regulations that haile a direct effeet on the preparation of the financial statements, such as tax legislation, pension legislation, the Charities SORP and the Companies Act 2006. 17-
SS Great Britain Trust Group Statement of Financial Activities (ineluding income and expenditsre) Year Ended 31 Janu4r}' 2024 In addition, we evaluated the directors. and management's ineentii'es and opportunities for fraudulent manipulation of the financial statements. including the risk of management override of ntrolS, and determined that the principal risks related to posting manual journal entries to manipulate financial perfonnance, management bias through judgemeuts and &UmptionS in significant accounting estimates. particularly, ID relation to Tevenue recognition (which we pinw)inted to the risk of cut off and the allocation of restricted r&serYes) and significant one-off OT unusual transactions. Our audit procedures in relation to fraud included but were not limited to: Making enquiries of the trustees and management on whether they had knowledge of 8J]y actuAI, suspected or alleged fraud. Gaining an undeTStanding of the internal controls established to mitigate risks related to fraud. Discussing amongst the engagement team the risks of fraud. and Addressing the risks of fraud thTough management override of coDtro]s by Ferforniing joun1 entrytesting. TheTe are inherent limitatiolls in the audit procedures described above and the primary responsibility for the prevention and Lletection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion. forgery, intentional omissions, misrepresentations OT the override of internal controls. A further description of OUT responsibilities for the audit of the financial statements is located on the Financial Reporting CouncRI's website at wwy.fre.o.llklaUdit0TsK$ponSIb]lltIes. This description fornks pthrt of our auditorfs report. Use of the audit report This report is made solely to the chaTiWs members as a body in accordance Mryth Chapter 3 of Part 16 of the Companio8 Act 2006. OUT audit work has beeii undertaken sothat we might state to the charitys members those matters M'e arerequiTed to state to them in an auditor's report and for no other purpose. To the fullest exient perniitted by laMT we do not accept or assume responsibility to anyone other than the charity and the charitys members as a body for our audit M'ork. for this report. or for the opinioDs we have fornd. Richard Bott (Sénior Statutory Auditor) for and on behalf of Forvis MaFArs LLP FoNis Mazars LLP, Cbartered Accountants and StatutoryAuditor 90 Vicloria Street Bristol BSI 6DP Date: 5 August 2024 18
SS Grea¢ Brilain Trust Group Statemenl of Financial Actlvllles (including Income and expendlture) Year Ended 31 Januan. 2024 Unwslricted Restri¢red Funds Funds Endowment Fun& 2024 2023 Note Ineome •nd Ettdowmtnts from: Donolions and i£ga¢ies Other Trading Activiti& Investment Income 269279 1,815,324 563 854,885 10,1 1,124.164 1.825,324 201,946 719,845 584,153 173,(X)9 201.383 Chrltable aetllqtieg Day membh]p lincluding gift aid) Members covenants and subscriptions Total 1384,886 2,384,886 2,212,865 16.831 5.545,986 3,706,703 4,479,718 864,885 201,383 Expendlture on: Cost of rwisiDg funds SS Greai Britain Tradin&. Limilo Fundraising and communication8 Inveslment mana¥ement ftts Charitable activitie5 1.928,889 204.829 1,928,R89 782,392 204.829 166,870 33,326 33,536 4,270.317 3,731.031 6,437,361 4.713,829 33,326 3,000.323 5,140,041 1,263,991 1.263,991 Total 33,326 Net lexpenditureyincome before ij)vestment (lossesY1nS Gainsl{L(ksses) on investMt as5e15 - realised 168 057 91 3751 1007 126 (65,463) 139,455 165.463) 139.455 127,016) {1862021 unreali8¢d Iyet incomingl{outgolng) resources before tran51ers 10 (660,323) 1399,109) 242,049 297,416 1297,416) {362,907) {399,109} {55.3671 (817,383) (1,220,344} 2,499.226 9,926,978 7,070.857 19,497.061 20,717,405 2,136.319 9.527,869 7.015,41X) 18,679.678 19,497,061 (817.383) (1.220J44) Trallgfers between funds 21 Net movement Att funds for the veAr To( funds broughi forward Total funds rmrried fonvard All of the above are (krived from continuing activities. All Eain5 and losses Teco8nised in the year are in¢luded Sn the Stsiem(*t of Finan¢Aal A¢livities. 19
SS Gr1 Brltsin Trust Group Income and Expendlture Account Year EDded 31 JYdDuari 2024 Summary Income nd Expendlture Aceoun¢ for the yer ended 31 J•nu4ry 2024 Unrestricted Restricted Furtds Funds 2024 2023 Gross income 4,479,718 864,885 5.344,603 3,534.063 Total expenditure 5,140,041 1.263,994 6,404,035 4,680293 Nei lexpenditureyincfflie for the year 23 1059 432 146230 The sujninary income and expenditure account is derived from ih¢ Stsiem¢n¢ of Financial A¢tivilies on pag¢ 17 and excludes endowrnent funds.. In with the provisions of the Companies Aci 2006. a wate income and ¢Kp¢ndilure account dcaling with ihe results of the pareDt company only has tt been presented. The net 0going resources for the charily only for the y¢ar wffe £871.51412023.. £1.(M2.426). -20-
SS Creat Brlialn Trust Balance Sheets Year Ended 31 Janu8n' 2024 Group 2024 Company 2024 2023 2023 ote FIXED ASSETS l angibl¢ fixed assers Investh)¢nt5 12 13 .421,801 11,811,204 11,412.899 11,799.136 l A,437,391 18.882,158 11.413,099 11.799,336 CURRENT ASSETS Stock5 D¢bt(TrTS Cash at bank and in hand 14 15 16 185,210 106,962 496 788,179 170,012 359.675 646.(1)3 887,536 ,187,418 987,081 1.482.480 CREDITORS: Amoun18 falllng due in one veor 17 89 NET CURRENT ASSETS 473 797 959 075 TOT AL ASSETS LESS CURRENT LIABILITIES 20 FUND5 Endowmeni fund5 22 7.015,4 7,070,R55 Restricted fillK15 9J27,869 9,926,978 9,527.868 9,926,978 Unrestricted funds.. Designated funds es¢rve fithd General funds 24 120,670 400,000 182,648 400,OIK) 1916$7 2.499.227 120,670 4(K>.000 182,648 400,000 2.136.319 2.359,028 2.831,433 TOTAL FUNDS These financial statements were approved by the Board of TDJstees and authorised for i&8ue on 18th July 2024 and are sign] on their behalf by". Matthew Jones {Chairman) K¢ (HonoTary Treasurer) 21
SS Great Britain Trust
Group Cash Flow Statements
~~Year Ended 31 Januar2024~~
| ~~Year Ended 31Januar 2024~~ | |||
|---|---|---|---|
| Cash used in operating activities Investment income Purchase of tangible fxed assets Endowment charges (Decrease) in cash and cash equivalents in the year Cash and cash equivalents at beginning of the year Total cash and cash equivalents at the end of the year (note 16 RECONCILIATION OF NET INCOME TO NET CASH INFLOW FROM OPERATING ACTIVITIES |
2024 £ (64,690) 201,946 (332,306) 33,326 |
2023 £ (294,824) 173,009 (17,012) |
|
| (~~161~~724) 657,731 496 0 |
(138,827) | ||
796,558 657.731 |
| Net income for the year Investment income Endowment changes to capital Depreciation and loss on disposal (Increase) in stocks Decrease in debtors (Decrease) in creditors Cash used in operating activities |
2024 2023 £ £ (891,375) (201,946) 96,033 721,707 (15,198) 252,713 (26,624) (1,007,126) (173,009) 33,536 719,443 (13,879) 232,544 (86,333) |
2024 2023 £ £ (891,375) (201,946) 96,033 721,707 (15,198) 252,713 (26,624) (1,007,126) (173,009) 33,536 719,443 (13,879) 232,544 (86,333) |
|---|---|---|
| ~~(6~~4~~,6~~90) ~~(294,824)~~ |
- 22 -
SS Great Brltath Trust Notes to the Finanelal Statements GENE114L INFORMATION SS Greai Britain Trust is a charitable company limited by guarant¢¢. incorporated in England and Wales, company number is l(KK1878 and charity number is 262158. Its reg]ered offic¢ and thai of its subsidiary. is l Bruncl Square, Bristol BSI 6UP. I. ACCOUNTING POLICIES The principal accoun11n policies adoMed? jud¥emcnts and key sources of estimation uncertainty in the preparation of the financial slalemenls are as lollows: 919 of aecounting '1¢ futhncial statemenis have been prq)ared in accordance with Accounting and Reporting by Charities." Siaiemenl of Recommended Prncti¢¢ applicable lo charities pTq)aring their accounts in accordance with the Financial R¢poning SiandaTd applicable in the UK and Rq)ublic or Ireland (FRS102) (Charities SORP (FRS102)), Ik finan¢io1 RepoTiing Sthndanl applicable in ihe UK a1 Rq)ublic of Iland (FRS102) and the Companies Act 2(M)6. SS Great Britain Tn nieets lh¢ dcfinition of a public benefit entity under FRS 102. A&8ets and liabilili&8 are initially recogniscd ai histOTical cosi or Iransaclion valuc unless otherwise stated in the rclevant accounting policy n(rtes. The prescntation currency is sterling and Ihe accoums are rounded to the nearest £. 1C comwarative infomialion i5 for the year ended 31 January 2023. Preparation of the leutI on a going con¢¢rn basis The Truste re¢ognise Ihal whilst Ihtte is much uncertainly due lo Ihe recent global pandemic. the Trust has the ability io ¢onlinue as a going con¢¢rn. since it can meet liabiliti as they fall du¢ bttaus¢ of the level of assets ¢urrenily held. Ba515 of COllsolid*tlon The Consolidated finan¢ial aterneS incorporate the financial ststemenls of the company and ils subsidiaries, SS Great Britain Trnding Limited and The SS Great Brilain Endowmcnt Trust, on a line by line basis. A separate statement of financial aclivilies, or income and expenditure account. for ih¢ charilablc company itself is not presenled because the charitable company has tak0] advantage of the excmpliorns afforded by section 408 of th¢ Companies Act 2006 and SORP (FRS 102). loeoming resources All income is Ognised oncc the cl]arity has eniitlement to th¢ income. 1¢ is probable that Ihe income will be received and the amounl be measured reliably. Income comprises donatio8 and grants receivdby the company together with income from fund-raistftg and the trading subsidiary. exclusive of Value Added Tax where applicable. Donations, legacy and fund-rnising income are recogniscd on a receiveAJ basis. Grdnls and income from trading are reco&Tnised on a receivablc basis. Visitors purchase a ticket on their firsl vis11 and any rther visits during the year are free. All lickel sale income is Tecogynised on the dalc of rirsi visit. Resources expended Resources expended are re¢ognised in the pcriThJ in which they are 1tKurr. Resources expended are allocated to a particular activity where th¢ cost relales dtredly lo thal aclivily. 23-
SS Great Brltaln Trust Notes to the FinAncial Statements Year EDded 31 Januari 2024 ACCOUNTING POLICIES (continued) General suppon costs are allocated to charitsble activities based on the prop()rtion of cffe staff attributable to¢aehactivity. Provisions for tcrniination benefits are recognised only when the company is d¢monstrably committed to temiinale th¢ ¢mplo)qnent of an employee or group of employe¢s or to provid¢ terniination benefits as a result of an offerrnad¢ in order to encourage volltary rdundancy. Endowment fuDd Net ii)¢om¢ derived from the endowment fund is transferred to unr¢slricted funds and is available frir th¢ Trust to us¢ to further its obj¢cts. Tgjngible Ilxed assets Tangible fixed assets h¢ld for use by the TrUp are slated al cost l¢ss depreciation. Expcnditure on the dock and Conservation equipment which SUTround the hull of the SS Great Britsin has been included in the balance sheet as fixed assets. Expenditure on interpretation assets plac•J around and inside the hull of the SS Great Britain has bren included in tlie balance sh¢d as fixed assets. Heritage #ssets It is the policy of the Boord not to capitslise herilage assets in the museum ¢olle¢iion. The Board considers ihai financial valuations of heritage assets would be misleadin¥ lo the value and significan¢e ofthe material culture involved. In many cases r¢liAble cost infornialion is not availabl¢ or Ihere are signifi¢anl costs involved in obtainin¥ a valuation that would ou1wei any beritS. However. it is very imporiant for a tnus¢um to account to the public foT the management alld ¢are for the coll¢¢tions entnjsted 10 it. Higl) standards of Collections Managemenl are applied to th¢ collection in ordeT tiTrprtsYrYe and managT¢ li on behalf of, and io make it availabl¢ lo, the public. An Accession Register and fvll records are kept on the collection. its provenallce, and lis donors. These ar¢ made available for all enquiri¢s and requests, subject to appropriate security and data protection gvuidelines. The museum is Aeeredited with Arts Council England and achieves Go(Kl or B¢st Prdctice in all categorie5 within the dcfinitiv¢ "Bendjmarks in Collections Care" PToI(Kols. Conservation eXndItUre inrurred on heritage assets. including Ihc hull of the SS Greal Britaio, ha5 bE¢n wrii¢¢n off to the Stalanent orrit]ancial Adivities. Depreeladon Depr¢¢iation is calculated so as lo writ¢ off the c05t of an asset, le&8 its estimated trsidual value. over the us¢] ttonomic life orth asset as follows.. t£asehold property Dock and coll*rvation equipment Access 2nd interpretation assets Furniture and equipment Straight line over 10 or 50 years Straight line over 10 or 25 years Straighi line over 5, 10 or 20 years 10- 33•/Th Straight lin¢ or 20- 25Vo redu¢in&i balance The development proj15 have not becn depreciated. Depreciation will be chargd fn)m the completion of the relevanl projwt to whicli the exp¢iiditure relatcs kfter nsfer to the appropriate fixed assel ¢ategory. I. ACCOUNTING POLICIES (tontlnued) -24-
SS Great Britaill Trust Note5 to the Financial Statements Year Ended 31 J4nllar ' 2024 Stocks Siocks, all of which relate to SS Great Britain I'Tading Limited, are valued at the lower of cost and n¢t realisable value, after making due allowance for obsolete and slow movkng items. Debtors Trade and other debiot3 are recognised at ihe settleinent amount du¢ after any trdde diwunt offered. Prepa]ents ar¢ valued at the amount relating to future periods. Casb at bank in hand Cash at bank and cash in hand Includ cash and slM)rt ternj highly liquid investrnents with a short matltrity ofthree months OT less from the date of acquisition or opening of the deposit or similar accouDt. Cr¢ditors and provisions Creditot3 and provisions are recognised where the charity has a present obligation resuliing from a past event that will probably result in the trdnsfer of funds to a third party and the atllount due ¢an be rnfdsur¢d or estimated reliably. Creditors and provisions are nomally recolIsed at their 5¢tt1ement amount after allowinkF foT any trade discounts due. Finllcial Instruments The Trnst only has financial assets and financial liabilities of a kind thal quality as btisi¢ finan¢ial ingirnments. Basic finaneial instrnments are initially recognised at I75action value and subsequently e&sured at th¢ir settlemeni value. Oper#tlng lease and hir¢ purchase greements Rentals appli¢able lo operating lease5 w11¢ subslanlially all of the benefits and risks of ownership remain with thc le*sor are char¥ed again$t in¢ome as InCued. Ass¢ts purchased under hire purchase contrncts and finance le&s¢s dTe capitalised as tangible fixed assets. Asset5 acquir by financc l¢a%e are depreciaied over thc shoner of the lease teTm and Iheir useful lives, A5Kls acquired by lu.re pubaSe are depreciated over their useful lives. Finanet leases are those wher¢ substantially all of the benefits and risks of ownetBhip are assum¢d by the company. Obligations under su¢h agreeinents are includd in Creditors net of the finanee charge allocated io tUre riods. The finance element of the rental payment is chargyed to the Statement of Fii)ancial Aetivities so as to produce a constant periodic rnte of charge on Ihe net oblisation outstanding in each period. Invcstments Investtnents are stated al maTk¢l value at the balance sh¢¢t date. The Statement of Financial Activities include8 the net gains and loss¢s aristng on revaluation and diswsals throughout the year. Pen$ioth ¢osts The company operdi¢S & defin contribution group personal pension. Amounts payablc by the company are chargcd to th¢ Siateinent of Financial Activities. -25-
SS Great Brltsln Trust Notes to the Flnan¢fial Statements Y(r Ended 31 Jannari. 2024 INCOME Volunlary In¢ome in¢ludes £0 mery¢ncy grant funding (2023.. £14,007). £1.124.164 Ernnt. donaiion and legacy inwme {2023.. £705,838). A¢tlvldes Cor gw)ernd2 funds Group 2024 Company 2024 2023 2023 Uore$trirt¢d Income from fundraisin 33.650 34.325 33.650 34.325 IKome from SS Great Britain Tradingp Limired (see note 3) Facility Fee from SS Great Britain Trading Limited 1.678,674 436.828 1,815,324 574.153 151,650 152J25 Restrlrted Income from fundt7isin8 10,otK) 10. 10.0 10.0 NET INCOME FROM TRADING ACTIVITIES OF SUBSIDIARY The principal activities of the subsidiary SS Greai Brilain Trading Limited (company number 00999528) were those of providing a retail, caiering and funclion business at ihe SS Great Britain. A summary of the results and balance sheet of SS Great Britain Trading Limited is set out below. 2024 2023 Tumover 1.678,675 436.829 Expenditure 11.933.241) {802.734) Intra-group recharges, income and expenses 364,063 352.545 Retained profit for the year 109.497 (13,3) Prior ye4r distributicA) Balance brougjhi f(rward (332,101) (318,741) Balanc¢ caTTied f(Thard {222,604) (332,101) 352,609 275,876 Liabilities (575,213) 1607,977) Net a&sds {222,6041 (332,101) -26-
SS Great Britain Trust Note5 to the FlnAneial Statements Year Ended 31 Januar 2024 FUND1141SIIYG AND COMMUNICATIONS Expenditure amounted to 04,829 compared with £166.870 last y¢ar. CHAIUTABLF. EXPENDITURE Group 2024 Company 2024 2023 2023 Conservation and Maint¢nance (see note 6) Curdlorial and Education (see nole 71 Brunel Institute Project Day Membership and Adv¢rtising Mana¥etncnl ¢harge by SS Great Britain Trading Limited 1,361,435 2,094,289 58,426 756,167 1,311,029 1.360.16A 1,309.472 1,553,573 2,092,838 1,551.793 51,334 58,244 51,112 815,095 867,620 831,685 226,159 334,175 4.270317 3.731,031 4.645,026 4 078,237 CONSERVATION AND MAINTENANCE COSTS Group Unrestricted Restricted 2024 Total 2023 Total Conservation and Dehumidification Maintenance Depr¢¢iation Support Costs (see note 8) 235.144 471,515 235,144 471,515 245,796 408 980 1,361435 183,402 522,493 245,796 359.338 1311 029 245.796 19.146 389.834 1,096,493 CURATORIAL AND EDUCATION COSTS Group and Company Unrestricted R¢stricted 2024 Totsl 2023 Total Curatorial Education Depreciation Support Costs (see note 8) 529,058 171,557 577.838 51,181 297,250 1,106,896 222,738 297,250 465 954 2 092 838 634,523 220,758 287,620 410672 553 573 1 146 139 27-
SS Great Brilain Trust Notes to the FIllclaI Statements Year Ended 31 Januarv 2024 SUPPORT COSTS Group and Company Unrestricted Restricted 2024 Total 2023 Total Wages and Salaries Establishment Costs Legal and Professional ftts Finance Costs Depreciation Marketing and PR Governanc¢ Other overheads 582,462 240,301 582,462 240,301 558.654 1118,525 28,524 109.853 177.545 47,785 150.102 1,336.572 28,524 175,497 177,545 47,785 150,102 1,402,216 28,571 182,383 71,126 33.629 169,129 1,232.017 65,644 65,644 sup[ ¢OSts have been allocated to charitable activities as shown in the tabl¢ below. The allo¢ation is b&sed on the proportion of core staff attributabl¢ to each activity. Group and Company Unrestricted R¢strActed 2024 Total 2023 Total Cons¢rv2tion and Maintenance Curatorial and Education Brunel Institut¢ Project Day memboship 389,834 445,524 55,691 445.523 1,336,572 19.146 21.881 2,735 21,882 65.644 408,980 467,405 58,426 467,405 1,402,216 359,338 410,672 51,334 410673 1,232,017 RELATED PARTY TRANsAcfioNS TheTe w¢re no related party transactions during the year. 10. NET INCOME FOR THE YEAR The net income is slal¢d after charging.. Group 2024 CoMpY 2024 2023 2023 Depr¢¢iation Operating lease costs- plant and machinery Expenditur¢ on Designated projects from wior year sutpluges Audit related servir¢s Non audit rela accountancy services 721,709 21,452 719.443 21,452 718,543 21,452 715,799 21,452 61,978 20,696 2.850 49,132 19,500 5,710 61,978 20,696 49.132 19,500 3200 During the year no members of th¢ Board of Truste¢5 or related partics received any remuneration. FOUT Trnstees received travel Cxpenses tolallin¥ £935 (2023.. 3 trustees (eiVed total of £956 in rravel expenses). During the year O TNstees mad¢ donations {2023.. 1 trustees donated a totsl of £250}. -28-
SS Great Britain Trust Notes to the Financigl Statements Year Ended 31 Januar 2024 I I. PARTICULARS OF EMPLOYEES The avcrdgc monthly headcount W&8 73 staff {2023: 77). Of those 23 staff were On hourly contracts (2023. 24). The aggregate yayroll cosls of the aTrM)ve werc." Group 2024 Company 2024 2023 2023 Wagcs and salaries &Kial svrity rosts Oih¢r pension costs Other staff benefits Redundan¢y and termination payments 2.065,829 191,910 105,433 5,613 1,860,546 173,510 95.285 9,431 1,540,366 151293 79,807 3.177 .385,939 139.376 73,441 5.334 58,000 2,426.785 58,000 1,832,643 2,138.772 1,604,090 No employees earned remuneration in the range £Ix),( to £1 00,OIKb per annum {2023.. 1 employee in lh¢ range £g),000 lo £l(K),0001. A total of £477,56712023.. £455,986) was paid in respect of salary and benefits for k¢y management personnel12024.. 5 staff. 2023.. 5 staffi. Two COrnnSatIon payments were mad¢ lotdlling £58,000 {2023- 0) Staff costs, including pension. are charged aLiains¢ th¢ appropriate fund based on work undertaken. Pension Commitments The group op¢ra1¢5 a defined contributions pension scheme. The &ssets of the s¢h¢me are held scparately from ihose of the company in an independently administered fund. The pension cost Charge r4)resents contributions payable by the group to the fund and amounted to £105,433 (2023- £95.285). Pension contributions for key managemenl p¢rsonnel amounied to £28,388. All p¢nsion costs are allated between activities and funds on the basis of work undcTtakcn. Coniributions totalling £17,594 {2023.. £0) were payable to The fund at th¢ balance sheet date and are included in cr¢dilors. -29-
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SS Great Britain Trust
Notes to the Financial Statements
Year Ended 31 Januar 2024
I 3. INVESTMENTS Group
| Market value at I February 2023 Additions Disposals Investment gains Cash movement Market value at 31 January 2024 Historical cost |
National Savings £ 100 100 100 |
Listed Investment Portflio Cash Total £ £ £ 6,628,351 442,506 7,070,957 1,251,622 1,251,622 (1,352,505) (1,352,505) 67,065 67,065 (21,549) (21,549) 6,594,533 420,957 7,015,590 4,934,986 420,957 5,355,943 |
|---|---|---|
Included within inveshnents is £420,957 (2023: £442,506) of cash which is to be used for reinvestment. Further information on the Endowment Fund is in note 21.
Company
| Company | ||
|---|---|---|
| COST AND NET BOOK VALUE | 2024 | 2023 |
| At 1 February 2023 and 31 January 2024: | £ | £ |
| Shares in SS Great Britain Trading Limited | 100 | 100 |
| National Savings | 100 | 100 |
| 200 | 200 |
SS Great Britain Trading Limited is a wholly owned subsidiary, incorporated in the UK.
| 14. | TRADING INVENTORIES | ||
|---|---|---|---|
| Group | 2024 | 2023 | |
| £ | £ | ||
| Opening Stocks | 170,012 | 156,133 | |
| Purchases Less COS |
174,600 (159,02} |
160,114 (146,235) |
|
| Closing Stocks | 185,21Q | 11Q,Q12 |
Stock recognised in cost of sales during the year as an expense was £159,402 (2023: £146,235)
- 32 -
SS Great Britain Trust
Notes to the Financial Statements
Year Ended 31 January 2024
15. DEBTORS
| Trade Debtors Amounts owed by group undertakings VAT recoverable Prepayments and accrued income |
Group Company 2024 2023 2024 2023 £ £ £ £ 831 19,318 542,611 556,897 305 105z826 340,357 103~~1~~992 330z639 |
|---|---|
106,962 359,675 646,603 887,536 |
16. CASH AT BANK AND IN HAND
(Being cash and cash equivalents)
| CASH AT BANK AND IN HAND Being cash and cash equivalents) |
|
|---|---|
| Restricted fnds Unrestricted fnds: Reserve fnd Designated fnds General fnds |
Group Company 2024 2023 2024 2023 £ £ £ £ 105,623 186,278 105,623 186,278 400,000 400,000 400,000 400,000 120,670 182,648 120,670 182,648 (130~~2~~286} (111,195} (285,815) (173~~2~~982} |
496 007 657 731 340 478 594 944 |
Of the £496,007 cash held, the free cash balance is £63,020 (see Reserves on page 6)
17. CREDITORS: Amounts falling due within one year
| Trade Creditors Retentions PA YE and social security VAT owing Accruals and deferred income Group 2024 £ 89,006 7,007 51,400 9,688 388,791 545,892 |
2023 £ 92,515 7,007 44,763 7,962 420z269 572,516 Company 2024 £ 82,687 7,007 41,601 9,688 372,301 513,284 |
2023 £ 86,311 7,007 36,726 7,962 385,401 523,407 |
|---|---|---|
Deferred income includes ticket sales that relate to future first visits and for other events. Income deferred for the year is £41,001 (2023: £243,410).
18. COMMITMENTS
Capital Commitments
As at 31 January 2024 the group had authorised capital commitments of £381,000 outstanding.
Commitments under operating leases:
At 31 January 2024 the group and company had annual commitments under non-cancellable operating leases as set out below:
- 33 -
SS Great Brithln Trust Noles to the Finan¢i#l Statements Year Ended 31 Janyari 2024 Group md Company Assets other than land and buildings 2024 2023 Wiihin l year Within 2- 5 yeaT5 12.572 16,266 21,542 26,805 19. LEGAL STATUS The chilY is a company limited by guarantee and has share capital. The liability of each ¥uarantor in the Cvenl of winding-up is limited to £5. 20. NET ASSETS Group Unr¢stri¢d Gc¥)ernl and reserve Restricted EdowM¢nI Funds Funds Fd$ Fulld Tangible fixed assets Investmen15 C&sh 1,992.548 i(N) (1302861 292,172 1538.R115) 9.429253 11,421.801 7,015.590 496,007 292,172 1545,892) 7,015.49) 520.670 105.623 Cuffenl liabilili¢s {7,(K)7) 1615649 520 670 9 527 869 7015490 18 679 678 Company Unr¢stri¢ted Designated and reserve nds General Fund8 Restricted Funds TolBI Tangible fixed assets Investhienls Cash Current assets Current liabilities 1,983,646 200 (285,815) 646,603 (5(K.277) 9,429253 11,412.899 2(Ml 340,478 646,603 (7.007) (513,284) 520.670 105.623 57 520 670 9 527 869 11.886 896 -34-
SS Greal Britsin Trust Notes to the Financial Statements Year Ended 31 Janua 2024 21. FUNDS Balan¢¢ l Febnry Incomtng 2023 Resources Moven)rnt in funds Balance 31 JaDuary 2024 GROUP Expendilure Gains TTonsfers Endowrnent Fund Restricted fvnds Unrestricted funds.. Designatal fLmds Reserve funds General ndS 7,070,857 9,926,978 201,383 864,885 (33,326} {1,263,994} 73,992 (297,416) 7,015,490 9.527,869 182,648 400,0(M) ,916,578 4.479,718 5,078 0631 2,499,226 4,479,718 15,140.041) (61,978> 120,670 4W,(KJO 1,615,649 2,136.319 297416 19,497,061 5 545 986 16 437 J611 18,679.678 COMPANY Restricted funds Unrestricted filnds: Desig[t¢d funds Reserve funds General funds 9,926,978 864,885 (1.263,994) 9.527,869 182,648 400,0 2,248,785 2,831.433 {61,97R) 120,670 400,000 1838 3.$8 2,359,028 3013460 3.013.460 3 523 887 (3.585.865) I IM),000- l(K),O(N 12,758,411 3 878 345 4.849,859 loo.0- 11886.896 22. ENDOWMENT FUND The Endomrynent Fund represents themovement on the investsnent portlolio of the subsidiary clwity called The SS Great Brilain Endowmcnt Trust (charity number 262158.1). The net income ¢arned by the Endowment Fund during the year amounted lo £201,383 (2023.. £172.640} and ihis has been treated as a transf¢r from the Endowmeni Fund to unr¢stricted funds. The capital value of the Endowmeni Fund dttreased by £55,367 (2023.. in¢re8sed by £246,754) during the year due to a £IOOk drawdown from the fund, realised loss¢s of £65.463 {2023.. £27,016) and investment management fees of £33.326 {2023.. £33.5J61 offset by unrealised gains of £139.455 {2023.. 105s¢s of £186,202). Included within Endowment Funds is an inveskn¢nt r¢valuation reserve of £1,587,991 (2023: £1.441.610). -35-
SS Great BrilaiD Trust Notes to the Financial Statements Year Ended 31 Januarv 2024 23. RESTIUCTED FUNDS Restricied funds comprise the following amounts h¢ld for Specific Purpos.. Balance l February 2023 Movem¢nt in funds.. Incoming R¢sourees Balance 31 January 2024 ExpendituRr Trdnsfers Flxed asset funds Being Brun¢l Brunel Institute Dry Dock Engine Weather Deck Ship interpretation and dockyard &ssets 5.148,218 2,494,568 16,761 77,933 {244,543) 165,644) (1,344) (43,0771 4,903,675 2,428,924 15,417 34,856 280.606 280.606 2,010,227 9.747 707 244.452 1,765,775 9 429253 Reveuu¢ funds Aequisitions Albion Dock Project Being Brnnel Bmnel Institute Educatio Exchange Project H¢lp the Hull IGKT Mast App¢al Mus¢ums and Schools Oth¢r small grdnls SellingT immibFrntion Weaih¢r Deck 2,750 428247 (2,750) {465,691) (51,238) (53,946) (5,038) (16,716) 58,199 76,038 20,755 24,800 53,946 16,01)0 4,905 10,0( 2.399 3,170 50.544 1,330 10,962 2.299 24,410 14,110 14,410 ,815 6,460 (4,213) (9,630) {46,143) (1,330) (8,239) 4.401 8,239 291 594 864.885 1280 606 280,606 179271 664.934 98.616 9 926 978 1263 994 9 527 869 36-
SS Great Britsin Trust Nole5 to the Financial Statements Year Ended 31 Janua 2024 Prior year re5trictsd funds B8lance l February 2022 MoYeTnent in fiJnd8'. Ineomill8 Resources Balance 31 January 2023 Expenditure Transfers Flxed asset fvnds Being Brunel Brunel Instilllt¢ Dry Dock Enginc Ship interprelation and dockyard ets 5,392,761 2,560,212 18.105 121.010 1244,543) (65.644) (1,344) (43,077) 5,148.218 2,494,568 16,761 77,933 2 254 679 10 346,767 24.452 2,010,227 9 747 707 Revenue fuDds Soth Anniversary Acquisitions Albion Dock Proj1 Being Brunel Brunel Instite Educallon Endowment Fund Exrhange Project Help the Hull IGKT Mast Appeal Museums and Schools Other small ¥ranls S¢llin¥i immiation 1,000 25 (1.000) (25) (61,707) (91,374) (51,1061 (15,000) 119,900 58,199 76,038 167,412 51,106 15,000 170.600 {170,600) 29,702 (15,592) 1922) (4.185) 14,110 14,410 1,815 6,460 15.332 6,000 6,460 50,544 ,410 9,407 (59,951) (1,410) 2.0701 304.3421 363 776 290 437 179271 10,710543 290,437 {903,402) (170,6) 9,926,978 37-
SS Great Britain Trust Notes to the Financlal Statements 24 RESTRICTED FUNDS {continued) Restricted fixed Asset funds These funds are reprcsenled by tangible fixed assets financed by grdnts and donali0Tr8 given for thesc spwific putp)ses. Such assets are written off ov¢r their estimai¢d useful life and th¢ ¢xpenditure charg lo these funds is the depreciaiion of thcse asgels. Being Brnnel The redevelopment of the buildings on the north side of Ihe dry dock to house a Brunel Museum and the opening of the Drawing Office. Brun¢llnslitute The Brunel Institute fixed ass¢t fund relates lo funds raised towards ihe capital costs ofcreating the Bnmel Instilul¢. Dry dock Th¢ dry dock nd has been used for the purpose of reducing the water ingr¢ss and the ¢ner8y costs of operating ihe contn)Iled environm¢nt in the dock. Engine fvnd The Engin¢ fund has been used to rccreale and maintain a replica Ship's Engine and associated fllItieS. Sh£p inteFpretaiion and dockytsrddssels This fund is rcpresenlal by assct8 acquir¢d for ihe long terni preservation of Ihe ship and was finan¢cd by th¢ sums reccived from the Heritage Lolt¢ry Fund together with the partnership element of funding the TNst raised from other source& Weather DL'ck The wther deck on the SS Great Britain is king replaCj fvnded by an award from Arts Council England's Museum Eastate and Development Fund. Revenue funds Revenue funds ar¢ financed by grants and donations givcn for the specific revenue PUTwses set out below, Acquisih"ons Grants received io purchase spxific itcms for the coll¢*tion. Albion Dock Projecl SS Great Britain obtained the lea5c for the adjoining Albion Dock in 2017. This ptDject eons¢rv¢s the dock and recreatcs the PS Great Western alongside a new education suitc, expanded living history sil¢ experience and improvcmenl ocmaritime environmeM around the sile. BeingBn¢nel Th¢ redevelopment of ihe buildings on the north side orth¢ dry dock to housc a Brunel Museum and the openiThg of the Drdwing Office. NHMF (HLF) has awarded £4.9 million grant and DCMS havc awarded £620k toward5 this project. NHMF have taken out a legal charge against the site. The Bpvnel Inslitute fiind -38-
SS Creat Brltain Trust Notes to the Finan¢fial Statements rEn The Brunel Institute fund rclates to fvnds rdiscd for the revenue costs of creating and the subsequent running of the Brunel Institute. Educalion Programme Monies received towards the various Education progrnnunes ihat are n)ade available to children of school age, including the Future Brunels project which has a cohort from caL'h of the senior school years and Golden Ticket programme which admits pupils and visitors from the most educationlllly* economically and socially deprived areas of Bristol. Exchange Project AHRC funding for community engagemcnt. A collaboration between the TTUSt and parents from Hannah Moore school to beci>me community researchers. Help ihe Hull Funds received to upgade and replace Ihc ship's hull condition monitoring hardware and related softwa systems IGKT Intcrnalional Guild of Knol Tyers have donated funds lo enable the cataloguing of the collection of book5 thai they a180 donateA. Masi Appeal For the replacement of the masts of ihe ship. Museum al Schoo Working in wllabordtion with the Science Museum. this is a project funded by Arts Council England aimed at keeping children engaged in education as they transitioii between primary and Secondary s¢h¢)ol. Weuther Dvck The w¢athcr deck on the SS Great Britain is being replaced funded by an award from Arts Council England's Museum Eastate and Development Fund. 24. DESIGNATED FUNDS 2024 2023 Openin¥ Balance Ulilised New deSIatiOnS 182.648 (61,978) 66.832 (49.132) 164,948 Closing Balanc¢ 120 670 Designated funds Tepresenl unrestricted fvnds set aside by Trustee5 for current and approved projects. The new designations are the matchcd funding for the development phase of The Albion Project, funded by NHLF. Of the £61,978 (2023: £49.132) designated funds ulilised, £nil was capilalised. -39-
SS Great Britain Trust Group Statement of Financial Aelivitie5 (including income and exp¢ndtti]re) Year Ended 31 Januar¥ 2023 Unreslricled Fund% Restri¢ied Endowm¢nt Funds Funds 2023 2022 Note Income Endowments from: Donalions aTKI Lega¢ies Otlier Trading Activiti&8 Investtnent Income 439.408 574.153 369 280,437 10,000 719,845 584,153 173,009 ,829,R07 335,735 155,319 172,640 Chgritable aclivitie$ Day Mejnbership (includin& gift aid) McmbeTS ¢ovenants and subscriptions Total 2.212.865 16,831 3.243,626 1212,865 16,831 3,706,703 ,363,062 16,788 3,700,711 290,437 172,640 ExpÈttditllre on: Cvst of rAl$lng funds SS Great Britain Trading Limited Fundraising and communications Investtnent nllagn¢nt fees Charitable actilities 782,392 166,720 782.392 598,996 166,870 163,930 33,536 26,481 3,731,031 3,651,082 4,713.X29 4,440,489 150 33,536 2.827,779 3,776,891 903,252 9)3,402 Total 33.536 Net {exp¢nditure)lincome investment (loS)IgalnS (Losses)IGains on investment as5¥r5 realised before 533265 612.9651 139 104 1.007.126 739 778 (27.016) {27.016) (186,202) {1862021 89,734 342,682 nrealised Net 1nc0minglloutgo5n resource5 before transfers 10 1533,265) (612.965) 174.114) {1,220.344) (307.362) 343240 (170,600) 1172.640) (190,025} (7R3.565) (246,754) {1.220J441 (307,3621 2.689253 10,710,543 7,317,609 20,717,405 21,024,767 2.499,228 9,926,978 7,070,85fj 19.497,061 20,717,405 TTansfers between funds Net movement in funds for the yeAr Total funds broughi fonvard Tot41 funds carried foDv#rd 21 All of ihe above are derive4J from continuing activities. All ]n$ and losses recognised in the year are included in the Statement of Financial Activities. -40-