```
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 2023
```
## **`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 2023`**
||**`Page`**|**`Page`**|**`Page`**|
|---|---|---|---|
|**`Report of the Trustees`**|`1`|`to`|`5`|
|**`Report of the Independent Auditors`**|`6`|`to`|`8`|
|**`Statement of Financial Activities`**||`9`||
|**`Balance Sheet`**|`10`|`to`|`11`|
|**`Notes to the Financial Statements`**|`12`|`to`|`18`|
```
THE WHEELYBOAT TRUST
```
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023`**
```
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006, present
theirreportwiththefinancialstatementsofthecharityfortheyearended31stMarch2023.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`**
```
SevenWheelyboatsweresuppliedduringtheyear.OneCoulamWheelyboatV20,four Coulam
WheelyboatV17sandtwoCoulam16WheelyboatswenttoprojectsinConwy,Cavan, Jersey,
Leicestershire,StirlingshireandWarwickshire.Theseprojectsareforallthreemodelswe currently
supplyandencompassthefullrangeofactivitiesthatWheelyboatsenabledisabledpeopleto participate
in-powerboatingandpowerboattraining,pleasureboating,naturewatchingandangling-andare well
spread geographically (England, Scotland, Wales, Ireland and the Channel Islands).
```
## **`Fundraising`**
```
AlltheCharity'sdonatedincomeistheresultofdirectappealstograntmakingtrustsandindividuals. No
other material fundraising activities, except for the sale and purchase of Wheelyboats, are undertaken.
```
```
Page 1
```
```
THE WHEELYBOAT TRUST
```
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023`**
## **`FINANCIAL REVIEW`**
## **`Financial performance`**
```
Inspiteofchallengingeconomicconditions,theCharityproducedarobustperformanceduringthe year
withoverallincomeupby10%comparedwithlastyear.Itcontinuestomaintainastrongbalance sheet
with unrestricted funds well above the minimum set out in the Reserves Policy.
```
```
Thenumberofnewboatprojectsbroughttocompletionremainsconsistentyearonyear(seventhis year
comparedwitheightlastyear)buthighercostsofproductionduetoinflationreducedtheCharity's gross
margins.Thecorrespondingincreaseinoperationalcostsalongwithprofessionalfeesincurredas a
resultofanaccidentinvolvingaWheelyboatinDevonthatwasoperatedandmaintainedbySouth West
LakesTrustcontributedtothenetdeficitofunrestrictedincomeoverexpenditure.Helpingto mitigate
these external factors was an increase in grants and donations.
```
```
Theoverallcombinedeffectdelivered£363,532oftotalincomingresources(FY22:£330,712) and
£358,214oftotalresourcesexpended(FY21:£356,370),resultinginanetsurplusof£5,318 (FY22:
£25,658netdeficit).Thenetsurpluscomprisesadeficitof£1,997inunrestrictedfunds(FY22: £21,116
surplus)andasurplusof£7,315inrestrictedfunds(FY22:£46,774deficit).Themovementin restricted
funds is a result of the timing differences between when project funding is raised and when it is spent.
```
```
TheincreaseinnetincomeyearonyearmeantthattheCharity'snetassets(totalfunds)stood at
£189,633attheendoftheyear(FY22:£184,315)andcomprised£92,556ofunrestrictedfunds (FY22:
£94,553) and £97,077 of restricted funds (FY22: £89,762).
```
```
TheCharitycontinuestomonitorthefundraisingandeconomicenvironmentcarefully.Increasesin the
costofrawmaterialsandskilledlabourareincreasingboatbuildingcosts.Thesecostincreaseswill need
tobemitigatedthroughcontinueddisciplinedmanagementofexpenditureassociatedwith charitable
activities and efforts to increase the value of funds raised.
```
## **`Principal funding sources`**
```
GrantmakingtrustsprovidethemainsourcesoffundingfortheCharity,fromspecificprojects to
day-to-day running costs.
```
```
The Charity would particularly like to recognise the following for their invaluable support:
```
```
ALAGreenCharitableTrust,Amazon,AstorofHeverTrust,BarkshireCharitableTrust, Bramhall
MethodistGiftShop,BryanLancaster'sTrust,BruceWakeCharitableTrust,Caledonia Investments,
DevonportCharitableTrust,DobiesCharitableTrust,Fishmongers'Company,Geoff&Fiona Squire
CharitableTrust,GilanderFoundation,Gilbert&EileenEdgarFoundation,Harold&AliceBridges Charity,
HughFraserFoundation,InchcapeFoundation,JTHCharitableTrust,LanceNicholson'sDulverton, Lawson
Trust,LennoxHannayCharitableTrust,LordMalmesbury'sCharitableSettlement,Manson Family
CharitableTrust,MicklehamCharitableTrust,MissesBarrieCharitableTrust,MMWylieCharitable Trust,
MOSullivanCharitableTrust,OakdaleTrust,PeterBroughFund,PrivyPurseCharitableTrust, Proven
FamilyTrust,RidgebarnTrust,Scott(Eredine)CharitableTrust,StarTrust,Verdon-Smith Family
CharitableSettlement,WebbFamilyCharitableTrust,WillanCharitableTrustandtoeveryonewho 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.
```
```
WheelyboatsareinbuildforprojectsinGreaterManchesterandDorset.TheCharityiscurrently raising
funds to support projects in Greater Manchester, Perth & Kinross, Cumbria and Berkshire.
```
```
Page 2
```
```
THE WHEELYBOAT TRUST
```
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023`**
## **`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.
```
## **`Employee roles`**
```
TheCharityhascreatedtwonewposts-DirectorofDevelopmentandDirectorofOperations. The
Charity'sFundraisingManager,whopreviouslyworkedpart-time,hastakenonsome additional
responsibilitiesandisnowtheCharity'sfulltimeDirectorofDevelopment.TheCharity's Director
(administrator)whowaspreviouslyfull-timenowoccupiesthepart-timeroleofDirectorof Operations
and continues to carry out the function of administrator. These changes took effect from 1 April 2023.
```
## **`Organisational structure`**
```
The Charity is structured so that the full Board of Trustees meet three/four times a year and at 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`**
```
TheseriousaccidentinDevoninJune2022involvingaMkIIIWheelyboatthatwasoperated and
maintainedbySouthWestLakesTrustsince2012continuestobeinvestigatedbytheMarine Accident
InvestigationBranchwhohaveyettoissuetheirfinalreport.TheCharityincurredprofessionalcosts of
£8,129 in the year and has set aside a further £4,500 in the current year.
```
## **`REFERENCE AND ADMINISTRATIVE DETAILS`**
## **`Registered Company number`**
```
01872144 (England and Wales)
```
## **`Registered Charity number`**
```
292216
```
```
Page 3
```
```
THE WHEELYBOAT TRUST
```
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023`**
## **`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
```
## **`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 4
```
```
THE WHEELYBOAT TRUST
```
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023`**
## **`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 29th October 2023 and signed on its behalf by:
```
```
Mr A G Scott - Trustee
```
```
Page 5
```
```
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
THE WHEELYBOAT TRUST
```
## **`Opinion`**
```
WehaveauditedthefinancialstatementsofTheWheelyboatTrust(the'charitablecompany')forthe year
ended31stMarch2023whichcomprisetheStatementofFinancialActivities,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 2023 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 6
```
```
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 7
```
```
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 December 2023
```
```
Page 8
```
```
THE WHEELYBOAT TRUST
```
## **`STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2023`**
|`Unrestricted`
`funds`
`Notes`
`£`
**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
`2`
**`164,717`**
`Other trading activities`
`3`
**`108,345`**
`Investment income`
`4`
**`2,044`**
`Other income`
**`1,276`**
**`Total`**
**`276,382`**
**`EXPENDITURE ON`**
**`Raising funds`**
`Raising donations and legacies`
`5`
**`25,796`**
`Other trading activities`
`6`
**`93,172`**
**`118,968`**
**`Charitable activities`**
`7`
`Charitable activities - Restricted`
**`-`**
`Charitable activities - Unrestricted`
**`159,411`**
**`Total`**
**`278,379`**
**`NET INCOME/(EXPENDITURE)`**
**`(1,997)`**
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
**`94,553`**
**`TOTAL FUNDS CARRIED FORWARD`**
**`92,556`**|`Restricted`
`funds`
`£`
**`87,150`**
**`-`**
**`-`**
**`-`**
**`87,150`**
**`-`**
**`-`**
**`-`**
**`79,835`**
**`-`**
**`79,835`**
**`7,315`**
**`89,762`**
**`97,077`**|**`2023`**
**`Total`**
**`funds`**
**`£`**
**`251,867`**
**`108,345`**
**`2,044`**
**`1,276`**
**`363,532`**
**`25,796`**
**`93,172`**
**`118,968`**
**`79,835`**
**`159,411`**
**`358,214`**
**`5,318`**
**`184,315`**
**`189,633`**|_`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`_|
|---|---|---|---|
```
The notes form part of these financial statements
```
```
Page 9
```
```
THE WHEELYBOAT TRUST
```
## **`BALANCE SHEET 31ST MARCH 2023`**
|`Unrestricted`
`funds`
`Notes`
`£`
**`FIXED ASSETS`**
`Tangible assets`
`14`
**`2,708`**
**`CURRENT ASSETS`**
`Stocks`
`15`
**`7,380`**
`Debtors`
`16`
**`33,443`**
`Cash at bank`
**`87,933`**
**`128,756`**
**`CREDITORS`**
`Amounts falling due within one year`
`17`
**`(38,908)`**
**`NET CURRENT ASSETS`**
**`89,848`**
**`TOTAL ASSETS LESS CURRENT`**
**`LIABILITIES`**
**`92,556`**
**`NET ASSETS`**
**`92,556`**
**`FUNDS`**
`18`
`Unrestricted funds`
`Restricted funds`
**`TOTAL FUNDS`**|`Restricted`
`funds`
`£`
**`350`**
**`-`**
**`5,409`**
**`91,318`**
**`96,727`**
**`-`**
**`96,727`**
**`97,077`**
**`97,077`**|**`2023`**
**`Total`**
**`funds`**
**`£`**
**`3,058`**
**`7,380`**
**`38,852`**
**`179,251`**
**`225,483`**
**`(38,908)`**
**`186,575`**
**`189,633`**
**`189,633`**
**`92,556`**
**`97,077`**
**`189,633`**|_`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`|
|---|---|---|---|
```
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct 2006
for the year ended 31st March 2023.
```
```
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 10
```
```
THE WHEELYBOAT TRUST
```
## **`BALANCE SHEET - continued`**
## **`31ST MARCH 2023`**
```
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable
companies subject to the small companies regime.
```
```
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
9th November 2023 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 11
```
```
THE WHEELYBOAT TRUST
```
```
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023
```
## **`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 12
```
```
THE WHEELYBOAT TRUST
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023`**
|**`2.`**
**`DONATIONS AND LEGACIES`**
`Donations etc - Wheelyboats`
`Donations - Other`
**`3.`**
**`OTHER TRADING ACTIVITIES`**
`Sale 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`
`£`
**`79,835`**
**`129,176`**
**`209,011`**|**`2023`**
**`£`**
**`153,799`**
**`98,068`**
**`251,867`**
**`2023`**
**`£`**
**`108,345`**
**`2023`**
**`£`**
**`2,044`**
**`2023`**
**`£`**
**`25,796`**
**`2023`**
**`£`**
**`93,172`**
`Support`
`costs (see`
`note 8)`
`£`
**`-`**
**`30,235`**
**`30,235`**||_`2022`_
_`£`_
_`240,816`_
_`89,222`_|_`2022`_
_`£`_
_`240,816`_
_`89,222`_|_`2022`_
_`£`_
_`240,816`_
_`89,222`_|
|---|---|---|---|---|---|---|
|||||_`330,038`_|||
|||||||_`2022`_
_`£`_
_`-`_|
|||||_`2022`_
_`£`_
_`46`_
_`2022`_
_`£`_
_`24,378`_
_`2022`_
_`£`_
_`-`_
`Totals`
`£`
**`79,835`**
**`159,411`**|_`2022`_
_`£`_
_`46`_
_`2022`_
_`£`_
_`24,378`_|_`2022`_
_`£`_
_`46`_|
||||||_`2022`_
_`£`_
_`-`_||
|||||**`239,246`**|||
```
continued...
```
```
Page 13
```
```
THE WHEELYBOAT TRUST
```
```
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023
```
## **`8. SUPPORT COSTS`**
|`Charitable activities - Unrestricted`
**`NET INCOME/(EXPENDITURE)`**
`Net income/(expenditure) is stated after charging/(crediting):`
`Depreciation - owned assets`
**`AUDITORS' REMUNERATION`**
`Fees payable to the charity's auditors for the audit of the charity's`
`financial statements`|`Governance`
`costs`
`£`
**`30,235`**
**`2023`**
_`2022`_
**`£`**
_`£`_
**`20,009`**
_`52,648`_
**`2023`**
_`2022`_
**`£`**
_`£`_
**`6,330`**
_`4,625`_|
|---|---|
## **`9. NET INCOME/(EXPENDITURE)`**
## **`10. AUDITORS' REMUNERATION`**
## **`11. TRUSTEES' REMUNERATION AND BENEFITS`**
```
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31stMarch2023nor for
the year ended 31st March 2022.
```
## **`Trustees' expenses`**
```
Therewerenotrustees'expensespaidfortheyearended31stMarch2023norfortheyear ended
31st March 2022.
```
## **`12. 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.`
**`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`**
`Unrestricted`
`funds`
`£`
**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
`227,046`
`Investment income`
`46`
`Other income`
`628`
**`Total`**
`227,720`
**`EXPENDITURE ON`**
**`Raising funds`**
`Raising donations and legacies`
`24,378`||**`2023`**
**`2`**
`Restricted`
`funds`
`£`
`102,992`
`-`
`-`
`102,992`
`-`|_`2022`_
_`2`_
`Total`
`funds`
`£`
`330,038`
`46`
`628`|
|---|---|---|---|
|||||
||||`330,712`|
||||`24,378`|
## **`13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`**
```
continued...
```
```
Page 14
```
```
THE WHEELYBOAT TRUST
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023`**
|**`13.`**
**`COMPARATIVES FOR THE STATEMENT OF FINANCIAL`**
**`Charitable activities`**
`Charitable activities - Restricted`
`Charitable activities - Unrestricted`
**`Total`**
**`NET INCOME/(EXPENDITURE)`**
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
**`TOTAL FUNDS CARRIED FORWARD`**
**`14.`**
**`TANGIBLE FIXED ASSETS`**
`Boat`
`equipment`
`£`
**`COST`**
`At 1st April 2022`
**`14,194`**
`Additions`
**`-`**
`Disposals`
**`-`**
`At 31st March 2023`
**`14,194`**
**`DEPRECIATION`**
`At 1st April 2022`
**`9,127`**
`Charge for year`
**`2,009`**
`Eliminated on disposal`
**`-`**
`At 31st March 2023`
**`11,136`**
**`NET BOOK VALUE`**
`At 31st March 2023`
**`3,058`**
`At 31st March 2022`
_`5,067`_|**`ACTIVITIES -`**
`Unrestricted`
`funds`
`£`
`24,378`
`-`
`182,226`
`206,604`
`21,116`
`73,437`
`94,553`
`Office`
`equipment`
`£`
**`1,091`**
**`-`**
**`-`**
**`1,091`**
**`1,091`**
**`-`**
**`-`**
**`1,091`**
**`-`**
_`-`_|**`continued`**
`Restricted`
`funds`
`£`
`-`
`149,766`
`-`
`149,766`
`(46,774)`
`136,536`
`89,762`
`Boats`
`£`
**`249,473`**
**`18,000`**
**`(94,195)`**
**`173,278`**
**`249,473`**
**`18,000`**
**`(94,195)`**
**`173,278`**
**`-`**
_`-`_|`Total`
`funds`
`£`
`24,378`
`149,766`
`182,226`
`356,370`
`(25,658)`
`209,973`
`184,315`
`Totals`
`£`
**`264,758`**
**`18,000`**
**`(94,195)`**
**`188,563`**
**`259,691`**
**`20,009`**
**`(94,195)`**
**`185,505`**
**`3,058`**
_`5,067`_|
|---|---|---|---|
```
continued...
```
```
Page 15
```
```
THE WHEELYBOAT TRUST
```
```
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023
```
|**`15.`**
**`STOCKS`**
`Stocks`
**`16.`**
**`DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
`Trade debtors`
`Other debtors`
`VAT`
`Prepayments`
**`17.`**
**`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
`Trade creditors`
`Social security and other taxes`
`Other creditors`
`Accruals and deferred income`
**`18.`**
**`MOVEMENT IN FUNDS`**
`At 1/4/22`
`£`
**`Unrestricted funds`**
`General fund`
**`94,553`**
**`Restricted funds`**
`Restricted fund`
**`89,762`**
**`TOTAL FUNDS`**
**`184,315`**
`Net movement in funds, included in the above are as follows:`
`Incoming`
`resources`
`£`
**`Unrestricted funds`**
`General fund`
**`276,382`**
**`Restricted funds`**
`Restricted fund`
**`87,150`**
**`TOTAL FUNDS`**
**`363,532`**||
|---|---|
|||
```
continued...
```
```
Page 16
```
```
THE WHEELYBOAT TRUST
```
```
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023
```
## **`18. MOVEMENT IN FUNDS - continued`**
## **`Comparatives for movement in funds`**
|**`Unrestricted funds`**
`General fund`
**`Restricted funds`**
`Restricted fund`
**`TOTAL FUNDS`**|`At 1/4/21`
`£`
`73,437`
`136,536`
`209,973`|`Net`
`movement`
`in funds`
`£`
`21,116`
`(46,774)`
`(25,658)`|`At`
`31/3/22`
`£`
`94,553`
`89,762`|
|---|---|---|---|
||||`184,315`|
```
Comparative net movement in funds, included in the above are as follows:
```
|**`Unrestricted funds`**
`General fund`
**`Restricted funds`**
`Restricted fund`
**`TOTAL FUNDS`**|`Incoming`
`resources`
`£`
`227,720`
`102,992`
`330,712`|`Resources`
`expended`
`£`
`(206,604)`
`(149,766)`
`(356,370)`|`Movement`
`in funds`
`£`
`21,116`
`(46,774)`
`(25,658)`|
|---|---|---|---|
```
Therestrictedfundsaboverelatetoamountsdonatedbygrantmakingtrusts&individuals for
boat projects at specific locations.
```
## **`19. RELATED PARTY DISCLOSURES`**
```
Donationstotalling£5,250(2022-£6,760)werereceivedfromthetrusteesandothertrusts in
which they are involved.
```
## **`20. POST BALANCE SHEET EVENTS`**
```
TheseriousaccidentinDevoninJune2022involvingaMkIIIWheelyboatthatwasoperated and
maintainedbySouthWestLakesTrustsince2012continuestobeinvestigatedbythe Marine
AccidentInvestigationBranchwhohaveyettoissuetheirfinalreport.TheCharity incurred
professional costs of £8,129 in the year and has set aside a further £4,500 in the current year.
```
```
continued...
```
```
Page 17
```
```
THE WHEELYBOAT TRUST
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023`**
## **`21. 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 18
```