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 2022
FOR
THE WHEELYBOAT TRUST
GMP Audit Limited, Statutory Auditor
82 High Street
Tenterden
Kent
TN30 6JG
THE WHEELYBOAT TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022
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Report of the Trustees |
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Report of the Independent Auditors |
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Statement of Financial Activities |
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Balance Sheet |
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Notes to the Financial Statements |
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THE WHEELYBOAT TRUST (REGISTERED NUMBER: 01872144)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006, present
theirreportwiththefinancialstatementsofthecharityfortheyearended31stMarch2022.The trustees
haveadoptedtheprovisionsofAccountingandReportingbyCharities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
TheCharity'sobjectivesandtheprincipalactivityofthecompanycontinuestobethatof developing,
building,promotingandsupplyingspeciallydesignedboatsforusebypeoplewithlearning,sensory and
mobilityimpairments.Wheelyboatsenabletheiruserstoparticipateinsporting,educational, recreational
andtherapeuticactivitiesonwatersacrosstheUKbenefittingtheirmentalandphysicalhealth and
well-being.
Significant activities
TheprincipalactivityoftheCharityistohelppublicwaters,groupsandorganisations acquire
Wheelyboatsforthebenefitoftheirdisabledvisitors,members,beneficiaries,etc.Itdoesthisby raising
fundsinordertosubstantiallyreducethecapitalcostofacquiringWheelyboatstherebyaiding and
encouraging the maximum provision of the facility nationwide.
Volunteers
AlargeproportionofWheelyboatsoperatingintheUKrelyheavilyonvolunteersupport.For example,
canaltrusts,SailabilitygroupsandanglingclubsthatoperateWheelyboatsarerunentirelyby volunteers.
TheTeesWheelyboatsClubinStockton,OverwaterWheelyboatProjectinCheshireand Wallingford
AccessibleBoatClubontheRiverThamesweresetupbyvolunteerswiththespecificaimof operating
theirownWheelyboat.TheCharitycancallupontheservicesofseveralvolunteerhelpersto provide
assistance at shows, demonstrations and events.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
TwelveWheelyboatsweresuppliedtoprojectsduringtheyearbringingthetotaltheCharityhas supplied
asat31March2022to224.OneCoulamWheelyboatV20,fourCoulamWheelyboatV17sand three
Coulam16WheelyboatswenttoprojectsinCornwall,CoArmagh,Gwynedd,Renfrewshire, Lancashire,
Devon, Derbyshire and Powys. Four older Wheelyboats were refurbished and rehomed.
TheCharityhaspublishedanImpactReporthighlightingtheroleWheelyboatsplayinthemental and
physicalhealthandwelfareoftheirusers.ItdescribestheimportanceoftheCharity'sworkto supporters
and other interested parties and helps with fundraising and other campaigns.
Fundraising
AlltheCharity'sdonatedincomeistheresultofdirectappealstograntmakingtrustsandindividuals. 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 2022
FINANCIAL REVIEW
Financial performance
InspiteoftherestrictionsandchallengesbroughtaboutbytheCovidpandemic,the Charity's
performanceduringtheyearwasrobustanditsfinancialpositionhasstrengthenedcomparedwith the
previous year.
Thenumberofnewboatprojectsbroughttocompletionisupfromseventoeightyearonyear and
reflectsthecontinuingchallengingoperatingenvironmentunderCovidthatbeganinthe previous
financialyear.HighercostsofproductionreducedtheCharity'sgrossmarginsandtherehasbeen an
increaseinoperationalcostsasCovidrestrictionseasedandtheCharitywasabletoresumemore normal
operations. Offsetting these, however, was an increase in grants and donations.
Theoverallcombinedeffectdelivered£330,712oftotalincomingresources(FY21:£339,392) and
£356,370oftotalresourcesexpended(FY21:£284.015),resultinginanetdeficitof£25,658 (FY21:
£55,377netsurplus).Thenetdeficitcomprisesasurplusof£21,116inunrestrictedfunds (FY21:
£5,768)andadeficitof£46,774inrestrictedfunds(FY21:£49,609surplus).Themovement in
restrictedfundsisaresultofthetimingdifferencesbetweenwhenprojectfundingisraisedandwhenit is
spent.
ThedecreaseinnetincomeyearonyearmeantthattheCharity'snetassets(totalfunds)stood at
£184,315attheendoftheyear(FY21:£209,973)andcomprised£94,553ofunrestrictedfunds (FY21:
£73,437) and £89,762 of restricted funds (FY21: £136,536).
TheCharitycontinuestomonitorthefundraisingandeconomicenvironmentcarefully.Shortagesof and
increasesinthecostofrawmaterialsandskilledlabourareincreasingboatbuildingcosts.These cost
increaseswillneedtobemitigatedthroughcontinueddisciplinedmanagementofexpenditure 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 2022
FINANCIAL REVIEW
Principal funding sources
GrantmakingtrustsprovidethemainsourcesoffundingfortheCharity,fromspecificprojects to
day-to-day running costs.
The Charity would particularly like to recognise the following for their invaluable support:
29thMay1961CharitableTrust,ALAGreenCharitableTrust,AlpkitFoundation,Amazon, Ardwick
CharitableTrust,ArmyWelfareFund,ArnoldClarkCommunityFund,AsdaWadebridge, Ashbourne
GardeningClub,AstorofHeverTrust,AureliaFoundation,BassilShippamCharitableTrust, Borrows
CharitableTrust,BrocklebankCharitableTrust,BruceWakeCharitableTrust,BurnValleyCatering, Canal
&RiverTrust,CarsingtonReservoirFund,CharlesDunstoneCharitableTrust,CHKFoundation, Clarke
CharitableSettlement,ConcernWadebridge,Co-opLocalCommunityFund,CreakeAbbey Farmers'
Market,DalgleishTrust,DavidLaingFoundation,DerbyshireCommunityFoundation,Derbyshire Dales
DistrictCouncil,DerbyshireMotorcycleLodge,DerwentLodgeBenevolentFund,Dixon Pitchfork
CharitableTrust,DouglasArterFoundation,DuchyofLancasterCharitableFoundation, Dunclay
CharitableTrust,EastMidlandsAirport,EdenbergCharitableTrust,ElinorTroutFishery, Enkalon
Foundation,ErnestKleinwortCharitableTrust,EsméeFairbairnFoundation,Fishmongers' Company
CharitableFund,FishPal,FlorenceTurnerTrust,Flyfishers'Lodge,FriarsgateTrust,FrognalTrust,GE Ellis
Foundation,Geoff&FionaSquireCharitableTrust,GeraldMicklemCharitableTrust,Gilander Foundation,
Gilbert&EileenEdgarFoundation,GordonTrust,GraceTrust,GrahamCharitableTrust,Grand Charity,
GreenHallFoundation,GrimsbyAnglingClub,GroundworkUK,HDHWills1965Charitable Trust,
HarknessFamilyFoundation,Harold&AliceBridgesCharity,HelenJeanCopeCharity,Henry Smith
Charity,HMSassoonCharitableTrust,HughFraserFoundation,HughStenhouseFoundation,Ian Askew
CharitableTrust,InchcapeFoundation,IrelandRoddanTrust,JRCorahFoundation,JRGibb Charitable
Trust,JTHCharitableTrust,LanceNicholson'sDulverton,LawsonTrust,Leicestershire&Rutland Masons,
LeonardLaityStoateCharitableTrust,Localgiving,LordBarnby'sFoundation,Manchester Guardian
SocietyCharitableTrust,MansfieldBuildingSociety,MarshTrust,MaryHomfrayCharitableTrust, Melton
MowbrayBuildingSociety,MeikleFoundation,MerchantsHouseofGlasgow,MicklehamCharitable Trust,
MiddlesexSportsFoundation,MillenniumStadiumCharitableTrust,MissesBarrieCharitableTrust, MM
WylieCharitableTrust,MountbattenMemorialTrust,MurielWoellwarthTrust,MVHillhouse Trust,
NetherdaleTrust,NorfolkCommunityFoundationFund,NormanFamilyCharitableTrust,Orrin Charitable
Trust,PennycressTrust,PeterMeyerCharitableTrust,PrivyPurseCharitableTrust,Provincial Grand
Charity,RankFoundation,RCSnellingCharitableTrust,REFDePassCharitableTrust,RiverBure Angling
Club,Scott(Eredine)CharitableTrust,SirJamesRollCharitableTrust,StOswaldLodge,Suzuki Marine
GB,SwireCharitableTrust,TheBigGive,ThorneyIslandSailingClub,ThorntonTrust,Timothy Colman
CharitableTrust,TrusthouseCharitableFoundation,TSShipmanCharitableTrust,UnionLodgeNo 52,
UnityPeace&ConcordLodge,Verdon-SmithFamilyCharitableSettlement,ValentineCharitable Trust,
WACargillFund,WaitroseStorrington,WebbFamilyCharitableTrust,WesleyanFoundation,West Riding
Masons,WhirlwindCharitableTrust,WillanCharitableTrust,WOStreetCharitableTrust,Woodlawn Trust,
thefriendsandfamilyofAlisonButler,thefriendsandcolleaguesofBarneyWilson,thefriendsand family
ofBobChurch,thefriendsandfamilyofJohnAinsworth,thefriendsandfamilyofJohnGrimes, the
friendsandfamilyofKevinAdams,thefriendsandfamilyofLeslieCurryandtoeveryonewho made
personal donations.
Reserves policy
ThepresentleveloffundingissufficienttosupportthecontinueddemandsupontheCharityandisin line
withitsreservespolicywhichaimstomaintainanunrestrictedreserveof£50,000,equivalentto about
six months' running costs.
FUTURE DEVELOPMENTS
TheCharitywillcontinuetopromoteandprovideWheelyboatstowatersopentothepublicforthe benefit
oftheirdisabledvisitorsforpleasureboating,naturewatching,powerboating,angling,etc.andto help
groups and organisations acquire Wheelyboats for their own use.
NewWheelyboatshavebeensuppliedinthecurrentyeartoprojectsinCoCavan(two)and Warwickshire.
WheelyboatsareinbuildforprojectsinConwy,Jersey,LeicestershireandStirlingshire.TheCharity is
currently raising funds to support projects in Greater Manchester (two) and Dorset.
Page 3
THE WHEELYBOAT TRUST (REGISTERED NUMBER: 01872144)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
TheCharityisconstitutedasaCompanylimitedbyguarantee,andisthereforegovernedby its
MemorandumandArticlesofAssociation,asamendedbyspecialresolutionsinMarch2004,May 2006
and October 2007.
Recruitment and appointment of new trustees
ThedirectorsoftheCompanyarealsotrusteesoftheCharityforthepurposesofcharitylawand under
theCompany'sarticlesareknownasmembersoftheBoardofTrustees.Undertherequirementsof the
MemorandumandArticlesofAssociationthemembersoftheBoardoftrusteesareelectedtoservefor a
period of three years after which they must be re-elected at the next Annual General Meeting.
TheBoardofTrusteesincludesmemberswithspecificknowledgeandskillsapplicableto the
requirementsoftheCharity.Theyareabroadmixofindividualswithprofessionalexpertise and
experienceinthecharitysector,mediaandpublicrelations,marketing,finance,law,accounting and
industry.Anyfuturememberswillberequiredtohavesimilarorcomplementaryskillsandbeaware of
the needs of disabled people in the context of the Charity's activities.
Recruitment of new administrator
TheadministratorhasinformedtheCharityofhisintentiontoretirein2023andtheCharitywill be
recruiting his replacement.
Organisational structure
TheCharityisstructuredsothatthefullBoardofTrusteesmeetthree/fourtimesayearandat the
AnnualGeneralMeetingoftheCompany.Theday-to-daygovernanceoftheCharityisthe initial
responsibilityoftheBoardofTrusteeswithtwosub-committees,Finance&BoatandFundraising, which
aremadeupofselectedtrusteeswithspecificknowledgeandexpertise,theofficersand the
administrator.AnysignificantchangestotheCharity'sforwardplanningoroperationsarepresented to
the Board of Trustees for their consideration and ratification before implementation.
Induction and training of new trustees
AlloftheexistingtrusteesarefullyawareofthepracticalworkoftheCharityandhavebeenadvised of
theirresponsibilitiesbothtotheCharityandtotheCharityCommission.Newtrusteestendto have
alreadybeeninvolvedwiththeCharityanditsworkand,asinthepast,allnewtrusteeswillbe provided
withrelevantCharityCommissionpublications;apprisedoftheobjectivesandactivitiesofthe Charity;
providedwithacopyoftheMemorandumandArticlesofAssociationtogetherwiththemostrecentset of
annualaccounts.TheywillalsoberequiredtoattendameetingwiththechairmanoftheBoard of
TrusteeswhowillfamiliarisethemwiththeworkingsoftheCharityandcontextwithinwhichtheywill be
working.
Wider network
TheCharityhasworkingrelationshipswithothercharitiesinthefieldsinwhichitoperates.It helps
groupsandorganisationsacquireWheelyboatsfortheirownbeneficiariesanditpromotesthe benefits
and availability of Wheelyboats through other charities.
Roadford Accident
AseriousaccidentoccurredonRoadfordReservoirinDevonon8June2022.Theaccidentinvolveda Mk
IIIWheelyboattheCharityhadsuppliedtoRoadford'sowners,SouthWestLakesTrust,in2012. The
WheelyboatwasoperatedandmaintainedbySouthWestLakesTrust.TheMarineAccident Investigation
BranchisinvestigatingthecauseoftheaccidentandtheCharityisassistingthemfullywiththeir ongoing
investigation.TheCharityhasincurredprofessionalcostsof£3,129todateandhassetasidea further
£6,000 in the current year.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
01872144 (England and Wales)
Registered Charity number
292216
Page 4
THE WHEELYBOAT TRUST (REGISTERED NUMBER: 01872144)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022
Registered office
20 Eversley Road
Bexhill-on-Sea
East Sussex
TN40 1HE
Trustees
Mr A G Scott
Mrs P V Seligman
Mr G E S Seligman
Mr I Thornley OBE
Mr S D Barrowcliff
Mrs M E Brocklebank
Mr J I Leslie Melville
Mrs S E Buscall
Lady Z L B Benyon (appointed 2/11/2021)
Auditors
GMP Audit Limited, Statutory Auditor
82 High Street
Tenterden
Kent
TN30 6JG
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
EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.
PUBLIC BENEFIT
ThetrusteeshavecompliedwiththeirdutyintheCharitiesActtohavedueregardtoguidelinesissued by
the Charity Commission on public benefit.
TRUSTEES' RESPONSIBILITY STATEMENT
Thetrustees(whoarealsothedirectorsofTheWheelyboatTrustforthepurposesofcompanylaw) are
responsibleforpreparingtheReportoftheTrusteesandthefinancialstatementsinaccordance with
applicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerally Accepted
Accounting Practice).
Page 5
THE WHEELYBOAT TRUST (REGISTERED NUMBER: 01872144)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022
TRUSTEES' RESPONSIBILITY STATEMENT - continued
Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyearwhichgive a
trueandfairviewofthestateofaffairsofthecharitablecompanyandoftheincomingresources and
applicationofresources,includingtheincomeandexpenditure,ofthecharitablecompanyforthat period.
In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewith reasonable
accuracyatanytimethefinancialpositionofthecharitablecompanyandtoenablethemtoensure that
thefinancialstatementscomplywiththeCompaniesAct2006.Theyarealsoresponsiblefor safeguarding
theassetsofthecharitablecompanyandhencefortakingreasonablestepsfortheprevention and
detection of fraud and other irregularities.
In so far as the trustees are aware:
-
there is no relevant audit information of which the charitable company's auditors are unaware; and
-
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
Theauditors,GMPAuditLimited,StatutoryAuditor,willbeproposedforre-appointmentat the
forthcoming Annual General Meeting.
ThisreporthasbeenpreparedinaccordancewiththespecialprovisionsofPart15oftheCompanies Act
2006 relating to small companies.
Approved by order of the board of trustees on 31st October 2022 and signed on its behalf by:
Mr A G Scott - Trustee
Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
THE WHEELYBOAT TRUST
Opinion
WehaveauditedthefinancialstatementsofTheWheelyboatTrust(the'charitablecompany')forthe year
ended31stMarch2022whichcomprisetheStatementofFinancialActivities,theBalanceSheet and
notestothefinancialstatements,includingasummaryofsignificantaccountingpolicies.The financial
reportingframeworkthathasbeenappliedintheirpreparationisapplicablelawandUnited Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
-
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31st March 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK)) and
applicablelaw.Ourresponsibilitiesunderthosestandardsarefurtherdescribedinthe Auditors'
responsibilitiesfortheauditofthefinancialstatementssectionofourreport.Weareindependentof the
charitablecompanyinaccordancewiththeethicalrequirementsthatarerelevanttoourauditof the
financialstatementsintheUK,includingtheFRC'sEthicalStandard,andwehavefulfilledour other
ethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcern basis
of accounting in the preparation of the financial statements is appropriate.
Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelating to
eventsorconditionsthat,individuallyorcollectively,maycastsignificantdoubtonthe charitable
company'sabilitytocontinueasagoingconcernforaperiodofatleasttwelvemonthsfromwhen the
financial statements are authorised for issue.
Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribed in
the relevant sections of this report.
Other information
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisesthe information
includedintheAnnualReport,otherthanthefinancialstatementsandourReportofthe Independent
Auditors thereon.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttothe extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheother information
and,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththe financial
statementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If we
identifysuchmaterialinconsistenciesorapparentmaterialmisstatements,wearerequiredto determine
whetherthisgivesrisetoamaterialmisstatementinthefinancialstatementsthemselves.If,based on
theworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisother 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
WehavenothingtoreportinrespectofthefollowingmatterswheretheCharities(Accountsand Reports)
Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
the charitable company has not kept adequate accounting records; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
THE WHEELYBOAT TRUST
Responsibilities of trustees
AsexplainedmorefullyintheTrustees'ResponsibilitiesStatement,thetrustees(whoarealso the
directorsofthecharitablecompanyforthepurposesofcompanylaw)areresponsibleforthe preparation
ofthefinancialstatementsandforbeingsatisfiedthattheygiveatrueandfairview,andfor such
internalcontrolasthetrusteesdetermineisnecessarytoenablethepreparationoffinancial statements
that are free from material misstatement, whether due to fraud or error.
Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitable company's
abilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcern and
usingthegoingconcernbasisofaccountingunlessthetrusteeseitherintendtoliquidatethe charitable
company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreport in
accordance with the Act and relevant regulations made or having effect thereunder.
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawhole are
freefrommaterialmisstatement,whetherduetofraudorerror,andtoissueaReportofthe Independent
Auditorsthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnot a
guaranteethatanauditconductedinaccordancewithISAs(UK)willalwaysdetecta material
misstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterial if,
individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisions of
users taken on the basis of these financial statements.
Theextenttowhichourproceduresarecapableofdetectingirregularities,includingfraudis detailed
below:
-
Discussions with management which included consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
-
Reviewing, evaluating and testing systems and controls to assess their effectiveness to prevent and detect irregularities.
-
Identifying, reviewing and testing of cashbook and working papers.
-
Challenging assumptions and judgements made by management in respect of significant accounting estimates.
Thereareinherentlimitationsintheauditproceduresdescribedaboveandthefurther removed
non-compliancewithlawsandregulationsisfromtheeventsandtransactionsreflectedinthe financial
statements,thelesslikelywewouldbecomeawareofit.Also,theriskofnotdetectinga material
misstatementduetofraudishigherthantheriskofnotdetectingoneresultingfromerror,asfraud may
involvedeliberateconcealmentby,forexample,forgeryorintentionalmisrepresentations,or through
collusion.
Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedon the
FinancialReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.Thisdescription forms
part of our Report of the Independent Auditors.
Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
THE WHEELYBOAT TRUST
Use of our report
Thisreportismadesolelytothecharitablecompany'strustees,asabody,inaccordancewithPart4 of
theCharities(AccountsandReports)Regulations2008.Ourauditworkhasbeenundertakensothat we
mightstatetothecharitablecompany'strusteesthosematterswearerequiredtostatetothemin an
auditors'reportandfornootherpurpose.Tothefullestextentpermittedbylaw,wedonotaccept or
assumeresponsibilitytoanyoneotherthanthecharitablecompanyandthecharitable 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, Statutory Auditor
Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006
82 High Street
Tenterden
Kent
TN30 6JG
1st November 2022
Page 9
THE WHEELYBOAT TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2022
Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
227,046
Other trading activities
3
-
Investment income
4
46
Other income
628
Total
227,720
EXPENDITURE ON
Raising funds
Raising donations and legacies
5
24,378
Other trading activities
6
-
24,378
Charitable activities
7
Charitable activities - Restricted
-
Charitable activities - Unrestricted
182,226
Total
206,604
NET INCOME/(EXPENDITURE)
21,116
RECONCILIATION OF FUNDS
Total funds brought forward
73,437
TOTAL FUNDS CARRIED FORWARD
94,553 |
Restricted
funds
£
102,992
-
-
-
102,992
-
-
-
149,766
-
149,766
(46,774)
136,536
89,762 |
2022
Total
funds
£
330,038
-
46
628
330,712
24,378
-
24,378
149,766
182,226
356,370
(25,658)
209,973
184,315 |
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 |
The notes form part of these financial statements
Page 10
THE WHEELYBOAT TRUST (REGISTERED NUMBER: 01872144)
BALANCE SHEET 31ST MARCH 2022
Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
13
4,367
CURRENT ASSETS
Stocks
14
10,834
Debtors
15
50,803
Cash at bank
110,509
172,146
CREDITORS
Amounts falling due within one year
16
(81,960)
NET CURRENT ASSETS
90,186
TOTAL ASSETS LESS CURRENT
LIABILITIES
94,553
NET ASSETS
94,553
FUNDS
17
Unrestricted funds
Restricted funds
TOTAL FUNDS |
Restricted
funds
£
700
-
12,790
78,872
91,662
(2,600)
89,062
89,762
89,762 |
2022
Total
funds
£
5,067
10,834
63,593
189,381
263,808
(84,560)
179,248
184,315
184,315
94,553
89,762
184,315 |
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 |
|
|
|
|
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct 2006
for the year ended 31st March 2022.
Themembershavenotdepositednotice,pursuanttoSection476oftheCompaniesAct2006requiring an
audit of these financial statements.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
ThesefinancialstatementshavebeenauditedundertherequirementsofSection145oftheCharities Act
2011.
The notes form part of these financial statements
continued...
Page 11
THE WHEELYBOAT TRUST (REGISTERED NUMBER: 01872144)
BALANCE SHEET - continued 31ST MARCH 2022
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable
companies subject to the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
31st October 2022 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 12
THE WHEELYBOAT TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'Accountingand Reporting
byCharities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheir accounts
inaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicof Ireland
(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancial Reporting
StandardapplicableintheUKandRepublicofIreland'andtheCompaniesAct2006.The financial
statements have been prepared under the historical cost convention.
Income
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure
isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all
costrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadings they
have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetover its
estimated useful life.
Boat equipment- 25% on cost
Office equipment- 33% on cost
Wheelyboatsarefullydepreciatedintheirfirstyeartoreflectthebespokenatureoftheboatsand
residual value once transferred to their location for use.
Stocks
Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowance for
obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsof the
charity.Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedfor particular
restricted purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
continued...
Page 13
THE WHEELYBOAT TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022
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
£
149,766
155,072
304,838 |
2022
£
240,816
89,222
330,038
2022
£
-
-
-
2022
£
46
2022
£
24,378
2022
£
-
Support
costs (see
note 8)
£
-
27,154
27,154 |
2022
£
240,816
89,222
330,038
2022
£
-
-
-
2022
£
46
2022
£
24,378
2022
£
-
Support
costs (see
note 8)
£
-
27,154
27,154 |
|
2021
£
239,315
76,097 |
2021
£
239,315
76,097 |
2021
£
239,315
76,097 |
|
|
|
|
|
315,412 |
|
|
|
|
|
|
|
2021
£
20,073
1,000
21,073
2021
£
38
2021
£
23,002
2021
£
11,558
Totals
£
149,766
182,226 |
2021
£
20,073
1,000 |
|
|
|
|
|
|
|
21,073 |
|
|
|
|
|
|
|
2021
£
38
2021
£
23,002 |
2021
£
38 |
|
|
|
|
|
|
2021
£
11,558 |
|
|
|
|
|
|
331,992 |
|
|
continued...
Page 14
THE WHEELYBOAT TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2022
8. SUPPORT COSTS
SUPPORT COSTS |
|
|
Governance |
|
costs |
|
£ |
Charitable activities - Unrestricted |
27,154 |
9. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting): |
|
|
|
2022 |
2021 |
|
£ |
£ |
Depreciation - owned assets |
52,648 |
1,969 |
10. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31stMarch2022nor for
the year ended 31st March 2021.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31stMarch2022norfortheyear ended
31st March 2021.
11. STAFF COSTS
The average monthly number of employees during the year was as follows:
|
2022 |
2021 |
Administration and fundraising |
2 |
2 |
No employees received emoluments in excess of £60,000.
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
130,093
Other trading activities
21,073
Investment income
38
Other income
2,869
Total
154,073
EXPENDITURE ON
Raising funds
Raising donations and legacies
23,002
Other trading activities
11,558
34,560
Charitable activities
Charitable activities - Restricted
-
Charitable activities - Unrestricted
113,745 |
Restricted
funds
£
185,319
-
-
-
185,319
-
-
-
135,710
- |
Total
funds
£
315,412
21,073
38
2,869 |
|
|
339,392 |
|
|
23,002
11,558 |
|
|
34,560
135,710
113,745 |
continued...
Page 15
THE WHEELYBOAT TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022
12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
13.
TANGIBLE FIXED ASSETS
Boat
equipment
£
COST
At 1st April 2021
11,116
Additions
4,200
Disposals
(1,122)
At 31st March 2022
14,194
DEPRECIATION
At 1st April 2021
8,241
Charge for year
2,008
Eliminated on disposal
(1,122)
At 31st March 2022
9,127
NET BOOK VALUE
At 31st March 2022
5,067
At 31st March 2021
2,875
14.
STOCKS
Stocks |
ACTIVITIES -
Unrestricted
funds
£
148,305
5,768
67,669
73,437
Office
equipment
£
1,424
-
(333)
1,091
1,327
97
(333)
1,091
-
97 |
continued
Restricted
funds
£
135,710
49,609
86,927
136,536
Boats
£
212,698
50,543
(13,768)
249,473
212,698
50,543
(13,768)
249,473
-
-
2022
£
10,834 |
Total
funds
£
284,015
55,377
154,596
209,973
Totals
£
225,238
54,743
(15,223)
264,758
222,266
52,648
(15,223)
259,691
5,067
2,972
2021
£
17,331 |
Total
funds
£ |
|
|
|
|
284,015 |
|
|
|
|
55,377
154,596 |
|
|
|
|
209,973 |
continued...
Page 16
THE WHEELYBOAT TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022
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 1/4/21
£
Unrestricted funds
General fund
73,437
Restricted funds
Restricted fund
136,536
TOTAL FUNDS
209,973
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
227,720
Restricted funds
Restricted fund
102,992
TOTAL FUNDS
330,712 |
2022
£
45,784
16,154
215
1,440
63,593
2022
£
40,319
1,099
7,225
35,917
84,560
Net
movement
in funds
£
21,116
(46,774)
(25,658)
Resources
expended
£
(206,604)
(149,766)
(356,370) |
|
2021
£
71,449
8,752
784
27,775
108,760
2021
£
97,354
1,485
5,851
12,155
116,845
At
31/3/22
£
94,553
89,762
184,315
Movement
in funds
£
21,116
(46,774)
(25,658) |
|
|
|
|
|
|
|
|
|
|
|
|
continued...
Page 17
THE WHEELYBOAT TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2022
17. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Restricted fund
TOTAL FUNDS |
At 1/4/20
£
67,669
86,927
154,596 |
Net
movement
in funds
£
5,768
49,609
55,377 |
At
31/3/21
£
73,437
136,536 |
|
|
|
209,973 |
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Restricted fund
TOTAL FUNDS |
Incoming
resources
£
154,073
185,319
339,392 |
Resources
expended
£
(148,305)
(135,710)
(284,015) |
Movement
in funds
£
5,768
49,609
55,377 |
|
|
|
|
Therestrictedfundsaboverelatetoamountsdonatedbygrantmakingtrusts&individuals for
boat projects at specific locations.
18. RELATED PARTY DISCLOSURES
Donationstotalling£6,760(2021-£2,500)werereceivedfromthetrusteesandothertrusts in
which they are involved.
19. POST BALANCE SHEET EVENTS
AseriousaccidentoccurredonRoadfordReservoirinDevonon8June2022.Theaccident involved
aMkIIIWheelyboattheCharityhadsuppliedtoRoadford'sowners,SouthWestLakesTrust, in
2012.TheWheelyboatwasoperatedandmaintainedbySouthWestLakesTrust.The Marine
AccidentInvestigationBranchisinvestigatingthecauseoftheaccidentandtheCharityis assisting
themfullywiththeirongoinginvestigation.TheCharityhasincurredprofessionalcostsof £3,129
to date and has set aside a further £6,000 in the current year.
continued...
Page 18
THE WHEELYBOAT TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022
20. GUARANTEE OF MEMBERS
EverymemberoftheTrustundertakestocontributesuchamountasmayberequired (not
exceeding£5)totheTrust'sassetsifitiswoundupwhileheisamember,orwithinoneyear after
heceasestobeamember,forpaymentoftheTrust'sdebtsandliabilitiescontractedbefore he
ceasestobeamember,andofthecosts,chargesandexpensesofwindingup,andfor the
adjustment of the rights of the contributories among themselves.
Page 19