OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-03-31-accounts

REGISTERED COMPANY NUMBER: 01872144 (England and Wales) REGISTERED CHARITY NUMBER: 292216

REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

FOR

THE WHEELYBOAT TRUST

GMP Audit Limited 82 High Street Tenterden Kent TN30 6JG

THE WHEELYBOAT TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 to 11
Statement of Financial Activities 12
Balance Sheet 13 to 14
Notes to the Financial Statements 15 to 20

THE WHEELYBOAT TRUST (REGISTERED NUMBER: 01872144)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Charity's objectives and the principal activity of the company continues to be that of developing, building, promoting and supplying specially designed boats for use by people with learning, sensory and mobility impairments. Wheelyboats enable their users to participate in sporting, educational, recreational and therapeutic activities on waters across the UK benefitting their mental and physical health and well-being.

Significant activities

The principal activity of the Charity is to help public waters, groups and organisations acquire Wheelyboats for the benefit of their disabled visitors, members, beneficiaries, etc. It does this by raising funds in order to substantially reduce the capital cost of acquiring Wheelyboats and thereby aiding and encouraging the maximum provision of the facility nationwide.

Volunteers

A large proportion of Wheelyboats operating in the UK rely heavily on volunteer support. For example, canal trusts, Sailability groups and angling clubs that operate Wheelyboats are run entirely by volunteers. The Tees Wheelyboats Club in Stockton, Overwater Wheelyboat Project in Cheshire and Wallingford Accessible Boat Club on the River Thames were set up by volunteers with the specific aim of operating their own Wheelyboat. The Charity can call upon the services of several volunteer helpers to provide assistance at shows, demonstrations and events.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Eleven Wheelyboats were supplied to projects during the year bringing the total the Charity has supplied as at 31 March 2021 to 216. Two Coulam Wheelyboat V20s, a Coulam Wheelyboat V17 and four Coulam 16 Wheelyboats went to projects in Derbyshire, Norfolk, Nottinghamshire, Outer Hebrides, Oxfordshire and Co Tyrone. Four older Wheelyboats were refurbished and rehomed.

Fundraising

All the Charity's donated income is the result of direct appeals to grant making trusts and individuals. No other material fundraising activities, except for the sale and purchase of Wheelyboats, are undertaken.

Page 1

THE WHEELYBOAT TRUST (REGISTERED NUMBER: 01872144)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

FINANCIAL REVIEW

Financial performance

In spite of the restrictions and challenges brought about by the Covid pandemic, the Charity's performance during the year was robust and its financial position has strengthened compared with the previous year.

The number of new boat projects brought to completion is down from twelve to seven year on year, reflecting the more challenging trading environment under Covid. The Covid restrictions curtailed Wheelyboat demonstrations, deliveries, launches, shows and exhibitions for most of the year. Enquiries for new boat projects have continued to be received, however, and the number of new projects in the pipeline is very encouraging.

Whilst the contribution from boat projects during the year was down compared with the previous year, the Charity was able to offset some of this impact by achieving savings in expenditure related to its charitable activities. In addition, total income from donations and legacies increased during the year compared with the previous year. During the year, Trustees undertook a campaign to raise funds that the Charity can use at its own discretion to support individual Wheelyboat projects, either at the front end to get them off to a good start, or at the back end to bring them to fruition. This has so far raised more than £45,000 and contributed to the overall increase in donations and legacies during the year.

The overall combined effect delivered £339,392 of total incoming resources (FY20: £403,209) and £284,015 of total resources expended (FY20: 374,312), resulting in net income of £55,377 (FY20: £28,897).

The increase in net income year on year meant that the Charity's net assets (total funds) stood at £209,973 at the end of the year (FY20: £154,596).

The Charity continues to monitor the fundraising and economic environment carefully. Shortages of and increases in the cost of raw materials and skilled labour are increasing boatbuilding costs. These cost increases will need to be mitigated through continued disciplined management of expenditure associated with charitable activities and efforts to increase the value of funds raised.

Page 2

THE WHEELYBOAT TRUST (REGISTERED NUMBER: 01872144)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

FINANCIAL REVIEW

Principal funding sources

Grant making trusts provide the main sources of funding for the Charity, from specific projects to day-to-day running costs.

The Charity would particularly like to recognise the following individuals and organisations for their invaluable support:

Her Majesty The Queen 29th May 1961 Charitable Trust ALA Green Charitable Trust Alpkit Foundation Amazon Smile Ardwick Charitable Trust Army Welfare Grants Committee Arnold Clark Community Fund Astor of Hever Trust Bassil Shippam Charitable Trust Borrows Charitable Trust Brocklebank Charitable Trust Bruce Wake Charitable Trust Canal & River Trust Carsington Reservoir Fund Charles Dunstone Charitable Trust Clarke Charitable Settlement Dalgleish Trust David Laing Foundation Derbyshire Community Foundation Derbyshire Dales District Council Douglas Arter Foundation Enkalon Foundation Ernest Kleinwort Charitable Trust Fishmongers' Company's Fisheries Charitable Trust Florence Turner Trust Friarsgate Trust GE Ellis Foundation Gerald Micklem Charitable Trust Gilander Foundation Gilbert & Eileen Edgar Foundation Green Hall Foundation Grimsby Angling Club Groundwork UK (Tesco) Harold & Alice Bridges Charity Harkness Family Foundation HDH Wills 1965 Charitable Trust Helen Jean Cope Charity Henry Smith Charity Hugh Fraser Foundation Hugh Stenhouse Foundation Inchcape Foundation JR Corah Foundation JR Gibb Charitable Trust JTH Charitable Trust Ireland Roddan Trust Lance Nicholson's Dulverton Localgiving Lord Barnby's Foundation Manchester Guardian Society Charitable Trust Mansfield Building Society Marsh Christian Trust Meikle Foundation

Page 3

THE WHEELYBOAT TRUST (REGISTERED NUMBER: 01872144)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

FINANCIAL REVIEW

Melton Mowbray Building Society Merchants House of Glasgow Mickleham Charitable Trust Middlesex Sports Foundation Millennium Stadium Charitable Trust MM Wylie Charitable Trust Mountbatten Memorial Trust Muriel Woellwarth Trust Norfolk Community Foundation Norman Family Charitable Trust Orrin Charitable Trust Rank Foundation RC Snelling Charitable Trust REF De Pass Charitable Trust Scott (Eredine) Charitable Trust Sir James Roll Charitable Trust Swire Charitable Trust TS Shipman Charitable Trust Thorney Island Sailing Club Thornton Trust Timothy Colman Charitable Trust Trusthouse Charitable Foundation Verdon-Smith Family Charitable Settlement WA Cargill Fund Wesleyan Foundation Whirlwind Charitable Trust WO Street Charitable Trust Woodlawn Trust

The Charity also offers its tremendous thanks to the many individual donors that contribute.

Reserves policy

The present level of funding is sufficient to support the continued demands upon the Charity and is in line with its reserves policy which aims to maintain an unrestricted reserve of £50,000, equivalent to about six months' running costs.

Page 4

THE WHEELYBOAT TRUST (REGISTERED NUMBER: 01872144)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

FUTURE DEVELOPMENTS

The Charity will continue to promote and provide Wheelyboats to waters open to the public for the benefit of their disabled visitors for pleasure boating, nature watching, powerboating, angling, etc. and to help groups and organisations acquire Wheelyboats for their own use.

The Charity is currently raising funds to support projects in Cornwall, Co Fermanagh, Derbyshire, Devon, Dorset, Greater Manchester, Lancashire, Leicestershire, Powys and Stirlingshire (two).

The next new model in development is the Coulam Wheelyboat V24 and this is anticipated to be launched in 2022.

The Charity is drafting an Impact Report to highlight the role Wheelyboats play in the mental and physical health and welfare of their users. It will explain the importance of the Charity's work to supporters and other interested parties and help with fundraising and other campaigns.

Covid 19

The restrictions all of us are now facing in our day-to-day activities serve to illustrate how disabled people feel when their local facilities don't include a Wheelyboat and they can't access the simple pleasures that waterborne activities provide. For those who are mobility impaired and those who have additional special needs, the freedom to enjoy independence and participate in outdoor activities, such as boating, alongside their family and friends is hugely beneficial to their mental and physical health and well-being. Lack of access for disabled people to these activities has isolated many from enjoying what the rest of us simply take for granted. Wheelyboats redress this imbalance and offer everyone the opportunity to experience life on the water. The lockdown is also having serious consequences in terms of isolation, anxiety, wellbeing and the impact on both mental and physical health of the disabled people Wheelyboats are used by. As restrictions begin to be lifted, the fact that Wheelyboats can operate safely as they typically involve only small numbers of people participating together will, we hope, provide isolated disabled people with an early opportunity to get outside and actively participate in healthy life-enhancing activities on the water.

The Charity will continue building its fleet to help disabled people when their local facilities don't include a Wheelyboat and they can't access waterborne activities. Its work is essential to improve the welfare of disabled people and the Charity has the physical resources to hit the ground running and accelerate new Wheelyboat projects as restrictions are lifted.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The Charity is constituted as a Company limited by guarantee, and is therefore governed by its Memorandum and Articles of Association, as amended by special resolutions in March 2004, May 2006 and October 2007.

Recruitment and appointment of new trustees

The directors of the Company are also trustees of the Charity for the purposes of charity law and under the Company's articles are known as members of the Board of Trustees. Under the requirements of the Memorandum and Articles of Association the members of the Board of Trustees are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting.

The Board of Trustees includes members with specific knowledge and skills applicable to the requirements of the Charity. They are a broad mix of individuals with professional expertise and experience in the charity sector, media and public relations, marketing, finance, law, accounting and industry. Any future members will be required to have similar or complementary skills and be aware of the needs of disabled people in the context of the Charity's activities.

Organisational structure

The Charity is structured so that the full Board of Trustees meet three/four times a year and at the Annual General Meeting of the Company. The day-to-day governance of the Charity is the initial responsibility of the Board of Trustees with two sub-committees, Finance & Boat and Fundraising, which are made up of selected trustees with specific knowledge and expertise, the officers and the administrator. Any significant changes to the Charity's forward planning or operations are presented to the Board of Trustees for their consideration and ratification before implementation.

Page 5

THE WHEELYBOAT TRUST (REGISTERED NUMBER: 01872144)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Induction and training of new trustees

All of the existing trustees are fully aware of the practical work of the Charity and have been advised of their responsibilities both to the Charity and to the Charity Commission. New trustees tend to have already been involved with the Charity and its work and, as in the past, all new trustees will be provided with relevant Charity Commission publications; apprised of the objectives and activities of the Charity; provided with a copy of the Memorandum and Articles of Association together with the most recent set of annual accounts. They will also be required to attend a meeting with the chairman of the Board of Trustees who will familiarise them with the workings of the Charity and context within which they will be working.

Wider network

The Charity has working relationships with other charities in the fields in which it operates. It helps groups and organisations acquire Wheelyboats for their own beneficiaries and it promotes the benefits and availability of Wheelyboats through other charities.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

01872144 (England and Wales)

Registered Charity number

292216

Registered office

20 Eversley Road Bexhill-on-Sea East Sussex TN40 1HE

Principal address

North Lodge Burton Park Petworth West Sussex GU28 0JT

Trustees

Mr A G Scott Mrs P V Seligman Mr G E S Seligman Countess L M Lichfield (resigned 3/11/2020) Mr I Thornley OBE Mr S D Barrowcliff Mrs M E Brocklebank Mr J I Leslie Melville (appointed 5/5/2020) Mrs S E Buscall (appointed 2/2/2021)

Auditors

GMP Audit Limited 82 High Street Tenterden Kent TN30 6JG

Page 6

THE WHEELYBOAT TRUST (REGISTERED NUMBER: 01872144)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

REFERENCE AND ADMINISTRATIVE DETAILS

Bankers

CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

National Westminster Bank plc 9 Devonshire Road Bexhill-on-Sea East Sussex TN40 1AG

Administrator

Mr A Beadsley

PUBLIC BENEFIT

The trustees have complied with their duty in the Charities Act to have due regard to guidelines issued by the Charity Commission on public benefit.

TRUSTEES' RESPONSIBILITY STATEMENT

The trustees (who are also the directors of The Wheelyboat Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, GMP Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Page 7

THE WHEELYBOAT TRUST (REGISTERED NUMBER: 01872144)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 2nd November 2021 and signed on its behalf by:

Mr A G Scott - Trustee

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE WHEELYBOAT TRUST

Opinion

We have audited the financial statements of The Wheelyboat Trust (the 'charitable company') for the year ended 31st March 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE WHEELYBOAT TRUST

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE WHEELYBOAT TRUST

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

for and on behalf of GMP Audit Limited Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 82 High Street Tenterden Kent TN30 6JG

30th November 2021

Page 11

THE WHEELYBOAT TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2021

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
130,093
Other trading activities
3
21,073
Investment income
4
38
Other income
2,869
Total
154,073
EXPENDITURE ON
Raising funds
Raising donations and legacies
5
23,002
Other trading activities
6
11,558
34,560
Charitable activities
7
Charitable activities - Restricted
-
Charitable activities - Unrestricted
113,745
Total
148,305
NET INCOME
5,768
RECONCILIATION OF FUNDS
Total funds brought forward
67,669
TOTAL FUNDS CARRIED FORWARD
73,437		 Restricted
funds
£
185,319
-
-
-
185,319
-
-
-
135,710
-
135,710
49,609
86,927
136,536		 2021
Total
funds
£
315,412
21,073
38
2,869
339,392
23,002
11,558
34,560
135,710
113,745
284,015
55,377
154,596
209,973		 2020
Total
funds
£
287,675
114,526
276
732
403,209
20,828
96,171
116,999
105,954
151,359
374,312
28,897
125,699
154,596

The notes form part of these financial statements

Page 12

THE WHEELYBOAT TRUST (REGISTERED NUMBER: 01872144)

BALANCE SHEET 31ST MARCH 2021

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
13
1,922
CURRENT ASSETS
Stocks
14
17,331
Debtors
15
38,952
Cash at bank
64,168
120,451
CREDITORS
Amounts falling due within one year
16
(48,936)
NET CURRENT ASSETS
71,515
TOTAL ASSETS LESS CURRENT
LIABILITIES
73,437
NET ASSETS
73,437
FUNDS
17
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
1,050
-
69,808
133,587
203,395
(67,909)
135,486
136,536
136,536		 2021
Total
funds
£
2,972
17,331
108,760
197,755
323,846
(116,845)
207,001
209,973
209,973
73,437
136,536
209,973		 2020
Total
funds
£
1,108
2,231
30,367
131,200
163,798
(10,310)
153,488
154,596
154,596
67,669
86,927
154,596

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2021.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The notes form part of these financial statements

continued...

Page 13

THE WHEELYBOAT TRUST (REGISTERED NUMBER: 01872144)

BALANCE SHEET - continued 31ST MARCH 2021

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 2nd November 2021 and were signed on its behalf by:

Mr A G Scott - Trustee

Mr I Thornley OBE - Trustee

The notes form part of these financial statements

Page 14

THE WHEELYBOAT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Boat equipment - 25% on cost Office equipment - 33% on cost Boats - 100% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

Page 15

THE WHEELYBOAT TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

2.
DONATIONS AND LEGACIES
Donations etc - Wheelyboats
Donations - Other
3.
OTHER TRADING ACTIVITIES
Sale of Wheelyboats
Hire of Wheelyboats
4.
INVESTMENT INCOME
Deposit account interest
5.
RAISING DONATIONS AND LEGACIES
Staff costs
6.
OTHER TRADING ACTIVITIES
Purchase of wheelyboats for resale
7.
CHARITABLE ACTIVITIES COSTS
Charitable activities - Restricted
Charitable activities - Unrestricted		 Direct
Costs
£
135,710
88,863
224,573		 2021
£
239,315
76,097
315,412
2021
£
20,073
1,000
21,073
2021
£
38
2021
£
23,002
2021
£
11,558
Support
costs (see
note 8)
£
-
24,882
24,882		 2020
£
202,671
85,004
287,675
2020
£
114,526
-
114,526
2020
£
276
2020
£
20,828
2020
£
96,171
Totals
£
135,710
113,745
249,455

continued...

Page 16

THE WHEELYBOAT TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

8. SUPPORT COSTS

SUPPORT COSTS
Governance
costs
£
Charitable activities - Unrestricted 24,882

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Depreciation - owned assets
Surplus on disposal of fixed assets		 2021
£
1,969
-		 2020
£
24,505
(200)

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2021 nor for the year ended 31st March 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st March 2021 nor for the year ended 31st March 2020.

11. STAFF COSTS

The average monthly number of employees during the year was as follows:

Administration and fundraising
No employees received emoluments in excess of £60,000.		 2021
2		 2020
2
12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
172,536
Other trading activities
114,526
Investment income
276
Other income
732
Total
288,070
EXPENDITURE ON
Raising funds
Raising donations and legacies
20,828
Other trading activities
96,171
116,999
Charitable activities
Charitable activities - Restricted
-
Restricted
funds
£
115,139
-
-
-
115,139
-
-
-
105,954		 Total
funds
£
287,675
114,526
276
732
403,209
20,828
96,171
116,999
105,954

continued...

Page 17

THE WHEELYBOAT TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
Charitable activities - Unrestricted
151,359
Total
268,358
NET INCOME
19,712
RECONCILIATION OF FUNDS
Total funds brought forward
47,957
TOTAL FUNDS CARRIED FORWARD
67,669
13.
TANGIBLE FIXED ASSETS
Boat
Office
equipment
equipment
£
£
COST
At 1st April 2020
7,283
1,424
Additions
3,833
-
Disposals
-
-
(
At 31st March 2021
11,116
1,424
DEPRECIATION
At 1st April 2020
6,369
1,230
Charge for year
1,872
97
Eliminated on disposal
-
-
(
At 31st March 2021
8,241
1,327
NET BOOK VALUE
At 31st March 2021
2,875
97
At 31st March 2020
914
194
14.
STOCKS
Stocks		 - continued
Restricted
funds
£
-
105,954
9,185
77,742
86,927
Boats
£
319,970
-
107,272)
(
212,698
319,970
-
107,272)
(
212,698
-
-
2021
£
17,331
Total
funds
£
151,359
374,312
28,897
125,699
154,596
Totals
£
328,677
3,833
107,272)
225,238
327,569
1,969
107,272)
222,266
2,972
1,108
2020
£
2,231

continued...

Page 18

THE WHEELYBOAT TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
VAT
Prepayments
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income
17.
MOVEMENT IN FUNDS
At 1/4/20
£
Unrestricted funds
General fund
67,669
Restricted funds
Restricted fund
86,927
TOTAL FUNDS
154,596
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
154,073
Restricted funds
Restricted fund
185,319
TOTAL FUNDS
339,392		 2021
£
71,449
8,752
784
27,775
108,760
2021
£
97,354
1,485
5,851
12,155
116,845
Net
movement
in funds
£
5,768
49,609
55,377
Resources
expended
£
(148,305)
(135,710)
**(284,015) **		 2020
£
15,250
5,191
8,729
1,197
30,367
2020
£
2,704
1,669
5,937
-
10,310
At
31/3/21
£
73,437
136,536
209,973
Movement
in funds
£
5,768
49,609
55,377

continued...

Page 19

THE WHEELYBOAT TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

17. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Designated Fund
Restricted funds
Restricted fund
TOTAL FUNDS		 At 1/4/19
£
15,703
32,254
47,957
77,742
125,699		 Net
movement
in funds
£
19,712
-
19,712
9,185
28,897		 Transfers
between
funds
£
32,254
(32,254)
-
-
-		 At
31/3/20
£
67,669
-
67,669
86,927
154,596

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Restricted fund
TOTAL FUNDS		 Incoming
resources
£
288,070
115,139
403,209		 Resources
expended
£
(268,358)
(105,954)
(374,312)		 Movement
in funds
£
19,712
9,185
28,897

18. RELATED PARTY DISCLOSURES

Donations totalling £2,500 (2020 - £4,000) were received from the trustees and other trusts in which they are involved.

19. GUARANTEE OF MEMBERS

Every member of the Trust undertakes to contribute such amount as may be required (not exceeding £5) to the Trust's assets if it is wound up while he is a member, or within one year after he ceases to be a member, for payment of the Trust's debts and liabilities contracted before he ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves.

Page 20