REGISTERED COMPANY NUMBER: 01872144 (England •nd Wales) REGISTERED CHARITY NUMBER: 292216 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR Ef4DED 31 MARCH 2024 FOR ThE WMEELYBOAT TRusr GMP ALKlit Umited, StatMtory Auditor 82 High street Tenterden Kent TN30 6JG
THE WHEELYBOAT TRUSf CONTErrtS OF THE FINAP4CIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the TSte•S Report ot th• Independent Audltors ststement of Financial Activitits Balance Sheet 10 to 11 Notes to the Flnancial SL)tements 12 to 18
THE WHEELYBOAT TRUST REPORT OF TME TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also direttors of the charity for the purposes of the Companles Act 2006, present their port with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provlsions of Accounbng and Reporting by Charities- Statement of Recommended Prartlce applicable to charities preparing thelr accounts In accordan with the Financial Reporting Standard applScable in the UK and Republic of Ireland IFRS 1021 leffectlve l January 20191. OBJECTIVES AND ACTIVITIES ObJertlve$ and aims The Chaty,$ objectives and the prinupal activity of the company continues to be that of developing, building, pmmotlng and supplying specially designed boats for use by people with learnlng, sensory and mobilty impalrments. Wheelyboats enable their users to participate in sportin9, eduCaOnal, recreational and therapeuty"c attivities on waters across the UK benefitting their mental and physical health and well-belng. Slgnlficant activltl•s The prtnclpal activity of the Charity is to help publlc waters, gro(Jps and organisatlons acqulre Wheelyboats for the benefit of their disabled VisOr5, members, beneficiarles, etc. It does thls by ralslng funds in order to substantyally reduce the capital cost of acquiring Wheelyboats theY aidin9 and encouraging the maximum provlslon of the faclllty nationwide. Volunte•rs A large proportion of Wheelyboats operatlng In the UK rely heavily on volunteer support. For example, canal trusts, Sailability grtsups and angllng clubs that operate Wheelyboats are run entirely by volunteers. The Tees Wheelyboats Club in Stockton, Overwater Wheelyboat Project in CheshSre and Wallingford Accessible Boat Club on the Rlver Thames, for example, were set up by volunteers with the spedfic aSm of operating their owfj Wheelyboat. The Charfty can call upon the services of several volunteer helpers to pmvide as5i5tance at shows, demonstrations and events. ACHIEVEMENT AND PERFORMANCE Ch?rltsble attivltles Three Wheelyboats were supplied during the year. One Coulam Wheelyboat V20 and two Coulam Wheelyboat Vl7s went to projects in Greater Manchester, Dorset and Cumbrla. Fundrnising All the Charity's donated incoffle is the $Ll1t of direct appeals to grant making trusts and individua15. No other material fundraising artivitie5, except for the sale and purchase of Wheelyboats, are undertaken. Pa9e I
THE WHEELYBOAT TRUST REPORT OF THE TAUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Financial performance In spite of challenging economic conditlons, the Charity produced a robust performance during the year with an unrestrlrted surplus of £16,024 compared wlth a defirit of £1,997 last year. It contlnues to malntaln a strong balance sheet with unrestricted fvnds well above the minlmum set out in the Reserves Policv. The number of new boat proletts brought to completion {threel is down on ret years IFY23'. seven, FY22'. eight, FY21.. twelve) and reflects the difficu conditions being experfenced in the boating sector. The Charty has alway5 eXperiend peaks and troughs year on year with the number of boats it supplies. The deficit of £5,541 in restiirted funds is due to the cyclical nature of Wheelyboat supply wlth resthcted grants being spent on the purchase of the three boats supplied in the year outstsipping fund5 raised towards new projects. All three Wheelyboats supplied in the year were purthased with the help of funds raised towards them by the Charlty. There were no outright sales of Wheelyboats in the year where operators funded them in full {FY23.. E108,345}. Contributing to the surplus of unrestrirted income over expendlture were= an Increase In Unrted donations,. lower payroll costs following the restnjrturing of employees, roles,. savings from boat launches and PR due to fewer launches being held; and no professlonal fees in the year SUlting from the accident Involving a Wheelyboat In Devon in 2022 IFY23= £8,129). The overall combined effect delwered £252,210 of total incoming SOurceS IFY23: £363,532) and £241,727 of total resources expended {FY23.. £358,214), resulbng in a net surplus of £10,483 IFY23'. £5,318). The Thet surplus comprises a sutplus of £16,024 In unrestrSrted funds (FY23.- £1,997 deficit) ènd a deficit of £5.541 in restrfrted funds (FY23.. £7,315 surplus). The increase in net income year on year meant that the Charfty's net assets (total funds) stood at £200,116 at the end of the year {FY23.. £189,633) and comprised £108,580 of unrestricted funds (FY23'. £92,556) and £91,536 of restNcted fvnds {FY23.. £97,077}. The CharSty CODVnues to MOnOr the fundralslng and economic environment carefully. Increases in the cost of raw materials and skilled labour have seen IncSed boatbuilding costs and admlnlstratlon costs have not been immune to the effects of inflation either. but there has been less inflationary psu this year. The cost 1C8$e5 are being mltigated through continued discSplined management of expenditu assoclated wlth charitable artivities an¢J efforts to Incase the value of funds ralsed. Prlnclwil funding sources Grant making trusts provide the maln sources of ndIng for the Charity, from speofic projert5 to day-to-day runnlng costs. The Charfty would partlcularly like to recognlse the followlng for th&r invaluable support.. His Majesty The King, Alpkit FoLJndation, Ammco Charitable Ttijst, Army Welfare Service, Astor of Hever Trust, Ba55iI Shippam Charltable Trust, Bennett Family Grantmaklng Charity, Big Give, Brocklebank Charitsble Trust, Bruce Wake Chartsble Trust, Dalgleish Trust, David Knight CharStable Trust, Douglas Arter Foundation, Dumbreck Charty, Geoff Hill Charitable Trust, Gerald Palmer Eling Twst, Gilander Foundation, Gilbert & ESleen Edgar Foundation, Greaves & Wlthey FoLJndation. Green Hall Foundaty"on, Grimmitt Tnjst. Ham)ony Foundation, H D H Wills 1965 Charitable Trust, Inchcape Charitable Trust Fund, Inland Revenue Flyf15hers, Lakeland Disabillty Sport, Lance Nicholson's Dulverton, Lascelles Trust, Leng Trust, Lord Bamby's Foundation, Manchester City Council, Manchester Outdoor Educ3tlon fnjst, Marsh Charitable Trust, Mlddlesex Sports Fouridation, MV Hlllhouse Trust, Muriel Woellwarth Trust, Patck Trust, Rank Foundation. R J Larg Charitable Trust, Swire Charitable Trusts, Scott Eredine Charitsble Trust, Slr James Roll Charitable Trust, Verdon-SmSth Family Charitable Sethement, W A Handley Charitèble Trust, We love Manchester, Wlllan Chantable Trus( the Famlly of Mervyl Mccowan deceased and to everyone who made personal donations. Page 2
THE WHEELYBOAT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCII 2024 FINANCIAL REVIEW Reserves pollcv The present level of funding 15 sufficient to support the continued demands upon the Charity and Is in line with its reserves pollcy whlch aims to maintain an unrestricted SerVe of at least £50,000, equivalent to about SSX months, running costs. FVTURE DEVELOPMENTS The Charity will continue to promote and provide Wheelyboats to waters open to the public for the benefit of their dls3bled visitors for pleasure boating, nattjre watching, powerboating. angllng, etc. and to help groups and oryanisations acquire Wheelyboats for thelr own use. There has been an upsurge in enquiries recently Including from operators whose Wheelyboat Ss oversubscribed and they need a second one to meet the deffland from disabled users. The Charity is currently raislng funds to support projects in the West Midlands, Angus, RenfreWshl, Lancashire, Co Tyrone, Surrey. Kent, East Sussex, Leicestershire and Co Dublln. STRUCTURE, GOVERNANCE AND MANAGEMENT Govèrnin9 document The Charity is consytuted as a Company limited by guarantee, and Is therefo govemed by Its Memornndum and Articles of Association, as amended by special resoluOn$ in March 2004, May 2006 and Ottober 2007. Re¢rultment and appointment of new trustees The directors of the Company are also trustees of the Charity for the purposes of chaty law and under the Company's artlcles a known a5 members of the Board of Tr(Jstees. Under the requirements of the MemorandLJm and Articles of Assodation the membets of the Board of trustees are elerted to serve for a period of three years after which they must be re-detted at the next Annual General Meeting. The Board of Trustees includes members wlth specific knowledge and skllls appllcable to the requirements of the Charlty. They are a broad mix of Indlviduals with profrssional expertlse and expertence in the charity 5eetor, medla and p(Jblic relations, marketing, flnance, law, accounting and industry. Any future rnembers wlll be required to have similar or complementary skllls and be aware of the needs of disabled people in the context of the Charlty's artivities. Organlgatlon•l structure The chatY is stryttured so that the full Board of Trustees meet threelfour times a year and at the Annual General Meeting of the Company. The day-to-day governan of the Charlty Is the inStSal sponsibility of the 8oard of Trustees with two sub-committees, Finan & Bo* and Fundraising, WhCh are made up of selerted trustees wlth specific knowledge and expertise, the OffirS and the administrator. Any significant changes to the Charity's fotward planning or operations are presented to the Board of Trustees for thelr consideration and ratrfication before Implementatyon. Indurtlon and tralning of new trusttes All of the exisb.ng trustees are fully awafe of the practycal work of the Charity and have been advlsed of their responsibilltSes both to the Charity and to the Charlty Commission. New tru5tee5 tend to have already been involved with the Charlty and its work and, as in the past, all new trustees will be prgvided with relevant Charity Commission publications,. apprfsed of the objettive5 and activities of the Charity,. provided with a copy of the Memorandum and ArtScles of Assoaation together with the most recent set of annual accounts. They wlll also be reqLJired to attend a meeting with the chairman of the Board of Trustees who will familiarise them wSth the worksng5 of the Charity and context wh1 which they will be working. Wlder network The Charity has working relatlonshlps wSth other charities in the fields In whlch It operates. It helps groups and organisations acquire Wheelyboats for their own beneficiaries and St promotes the benefits and availability of Wheelyboats through other charleS. Page 3
THE WHEELYBOAT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 sTRUURE, GOVERNANCE AND MANAGEMENT Roadford A¢cklent A serious incident involvin9 a Mk III Wheelyboat, operated and maintained by south West Lakes Trust, took Pla in Devon In June 2022 where, tragically, tr40 people lost their Ive5. Our heartfelt sympathies and condolen5 remain with the families and friends of those who died. We have co-operated fully with the Marine Accldent Investigation Branch throughout their investigation and acknowledge their port and note that they dld not find that the design of the vessel Involved contributed to the inadent. We wlll be reviewing the recommendatlons coming out of the report to ensure that our guidance and processes a updated as may be required. The Chaty incurred no professional costs lang to the accident in the year IFY23'. £8,129) but has set aside £3,000 In the current year. REFERENCE AND ADMINISTRATIVE DETAILS Re9lstered Company number 01872144 (England and Wales) Register Charlty number 292216 Registered office 20 Ever51ey Road Bexhill-on-sea East Sussex TN40 IHE Trustees MrAGScott Mrs P V Seligman Mr G E S Seligman Mr I Thornley OBE Mr S D Barrowcllff Mrs M E Brocklebank Mr J I Leslie Melville Mrs S E Buscall tsdy Z L B Benyon Audltors GMP Audlt Llmited, Statutgry Auditor 82 High Street Tenterden Kent TN30 6JG Bankers CAF Bank Umited 25 Kings Hlll Avenue Klngs Hill West MallSng Kent ME19 4JQ National Westmlnster Bank plc 9 Devonshlre Road Bexhill-on-sea East Sussex TN40 IAG Administrators Mr A Beadsley Mr P Elgood Page 4
THE WHEELYBOAT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 EVENTS SINCE THE END OFTHE YEAR Information fftlatlng to events since the end of the year is given in the notes to the flnancial statements. PUBLIC BENEFIT The twstees have cornplied with their duty In the Charltles Act to have due regard to guidelines issued by the Charity Commlsslon on public benefit. TRUSTEES. RESPONSIBI STATEMENT The trustees {who are also the dittOr5 of The Wheelyboat Trust for the purposes of company lawl are responsible for preparng the Report of the Trustees and the flnanclal ststements in accordance with pplicable law and United Kingdom Accounting Standards (United Kin9dom Generally ACpted Accounting Practlcel. Company law requires the trustees to prepare financial Statements for each financial year whlch give true and fair view of the state of thirs of the charitable company and of the Incomlng reswrces and application of resour, including the income and expenditure, of the charitable tompany for that period. In prepadng those financial ststefflents, the trustees are required to seleLt suitsble accounting policies and then apply them ctsnsistently observe the methods and princlples In the Charlty SORP,. make ](Jdgements and estimates that are reanable and prudent,. prepare the finandal statements on the going concem basis unless it is InapprOpate to presume that the charitrble company will continue Sn buslness. The trustees are responslble for keeping proper accounting records which disclose wlth reasonable accuracy at any time the flnanclal poslbon of the chantable 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 tharitable company and hence for tsking reasonable steps for the pVents.0n and detectlon of fraud and other irwularities. In so far as the trustees are aware.. there is no relevant audit information of which the charitable company's audltors are unaware; and the trustees have tsken all steps that they ought to have taken to make themselves awa of any relevant audit information and to establish that the audltors are aware of that information. AUDITORS The auditors, GMP Audit timyced, Ststutory Auditor, will bè proposed for -appOIntsent at the forthcoming Annual General Meeting. This port has been ppared In accordance with the special provisions of Part 15 of the Companles Act 2006 relating to small companies. Approved by order of the board of trustees on 2 November 2024 and slgned on behalf by: Mr A G Scott- Trustee Pa9e 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE WHEELYBOAT TRUST Oplnlon We have audited the financSal statements of The Wheelyboat Trust (the 'Chatsb1e company'l for the year ended 31 March 2024 which comprise the Statement of Financial Artivities, the Balan Sheet. and fiotes to the financlal 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 Klngdom Generally Accepted Accountlng PrartSce). In our opinion the flnanclal statements.. give a true and fair view of the state of the Charble company's affalrs as at 31 March 2024 and of Its incoming resou$ ènd application of SourCes, includlng ts income and expendlture, for the year then ended,. have been properly prepared In accordance wh United Kingdom Generally Accepted Accountin9 Practice,. and have been prepa In accordance wlth the requ5ments of the CompanSes Art 2006. Bas1$ for oplnlon We conducted our audlt In accordance wlth Intematlonal Stsndards on Audltyng {UK) IISAS (UK)) and applicable law. Our responsibilities under those stsndards are further described in the Auditors, responslbillties for the audit of the financial statements secbon of our report. We are independent of the charitable company in accordance wlth the ethlcal requlrements that are relevant to our audlt of the financial statements In the UK, Includlng the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in aecordance with these requirements. We believe that the audit evldence we have obtsined is sufficient and appropriatè to prowde a basis for our opinion. Concluslons relating to going concern In auditing the finanaal statements, we have concluded that the trustees. use of the going cOnrn basis of accountlng in the preparatSon of the financlal ststements Is approprfate. ased on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively* may cast signrficant doubt on the charitsble company's ability to continue as a going concern for a period of at least twelve month5 from when the finèncial statements are authorised for issue. Our responslbilties and the responsibilities of the trustèes with rèspect tts going toncem arÈ dèstribed in the relevant sections of thls pOrt. other inforniation The trustees are responsible ft)r the other inforniation. The other information comprises the information included In the Annual Report, other than the financial statements and our Report of the Independent Audfcors thereon. Our oplnlon on the flnanclal statements does not cover the other Inforniation and, except to the extent otherwise explicitly stated in our report, we do not exp$5 any form of assurance conduslon thereon. In connection with our audit of the financlal statements, our responsibS1ity Is to read the other lnfomiaty.on and, in dolng so, consider whether the other Informabon is matenally Inconsistent with the financial statements or our knowledge obtained in the audlt or otheNlse appears to be materfally mlsstated. If we identyfy such material inconsistencies or apparent material misstètements. we are required to deterTninè whether this glves se to a mateNal mSsstatement Sn the financial staternents themselves. If, based on the work we have perfomied, we conclude that there is a material rnisststement of thS other infomation. we a required to report that fact. We have nothing to report In thls regard. M•tt•rs on vthlch we are requlred to report by exceptlon We have nothing to report respect of the following matters where the Charttie5 (Accounts and Reports) Regulations 2008 reouires us to rtport to you If, In our opSnlon'. the infrlrmation given in the Report of the Trustees 15 inconsistent in any materièl respett with the flnandal statements,. or the charitable company has not kept adequate accounting records., or the financial ststefflent5 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 WMEELYBOAT TRUST Responslbllbtleg of trusteès As explained more fully in the Trustees. ResponsSbl1ies Ststement, the trustees Iwt)o are also the dirertors of the charitable company ftir the PLSrposes of company law) are sPOnSIble for the pparatIOn of the financlal statements and for being satisfied that they give a true and falr vlew, and for such intemal control as the trustees determine is necessary to enable the preparation of flnandal statements that are free from material misstatement, whether due to fraud or error. In prepang the financial ststements, the trustees are responsible for assessing the charttable company's ability to continue as a going concern, disclosing, as appllcable, matters related to going concem and using the going concem basis of accoijnb.ng unless the trustees either Intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Our respon$lbllltles for the audit of the flnan¢lal statements We have been appoSnted as audito under Section 144 of the Charities Att 2011 and report In accordance with the Act and relevant wulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi5Statement, 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 assuran, but Is not a guarantee that an a(Jdit condLlCted in accordance wlth ESAS IUKI will always detect a Mateal misstatement when it exists. Misstatements can arise from fraud or error and are considered Mateal If, individkjally or in the aggregate, they could reasonably be expected to Influence the economic decisions of users taken on the basis of these financlal statements. The extent tr& which our procedu are capable tsf detecting irregularltles, Including fraud is detailed below.. Discussions wlth management which included consideratlon of known or suspected instan$ of non-compliance with laws and regulations and fraud. Reviewingt evalua¥ng and testing systems and controls to assess thelr effettiveness to prevent and detett irregularities. Idents'fylng, reviewing and testing of cashbook and worklng papers. Challenging assumptlons and judgements made by management respett of significant accounting estimates. There are inherent Ilmitations in the audit procedures described above and the further removed non-complian wtth laws and regulatlons is from the events and transacuons reflected in the financial statements, the less likely we would become aware of it. Also, the sk of not deterting a fnaterial mlsstatement due to fraud is higher than the rSsk of not detertlng one resultsng from error, as fraud may Involve deliberate concealmert by, for example, forgery or IntenOnal misrepresentstions, or through collusion. A further descrlptSon of our responsibilities for the audit of the financial staternents is located on the Financial Reporting Councll's webslte at www.frc.org.uklauditorsresponslblllVes. This description foms 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 Thi5 report is made soldy to the charitable company's twstees, as a body, in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken 50 that we might state to the charitable company's trustees those matters we are QUIred to state to them In an audito, report and for no other purpose. To the ftjllest extent permitted by law, we do not accept or assume responslblllty to anyone Other than the charltable company and the charitable company's trustees as a body, for our audit work, for thls report, or for the opinions we have formed. for and on behalf of GMP Audit Limited, Ststutory Auditor Eligible to act as an auditor in terms of Section 1212 of the Companies Att 2006 82 High Street Tenterylen Kent TN30 6JG 5 November 2024 Page 8
THE WHEELYBOAT TRusr STATEMENT OF FINANCIAL ACTivmES FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Totsl funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donation5 and legacles 149,953 97,382 247.335 251,867 other tradlng activitie5 Investment Income Other income 108,345 2,044 1,276 4,500 375 4,500 375 Totsl 154,828 97,382 251210 363,532 ExpeNDITURE ON Ralslng funds Raising donatSons and legaoe5 Other trading activitles 27,158 27,158 25,796 93,172 27,158 27,158 118.968 Charitabl• a<tlvltles CharStsble activitie5 - Restricted Charitable activltSes - Unrestricted 10&923 102,923 111,fj46 79,835 159,411 111,646 Total 138,804 102,923 241,727 358,214 NET INCOMEI(EXPENDITURE) 16,024 {5.541) 10,483 5,318 RECONCILIATION OF FUNDS Total funds brought forward 92,556 97,077 189,633 184,31S TOTAL FUNDS CARRIED FORWARD 108,580 91.536 200,116 189,633 The notes fomi part of these finhndal statements Page 9
THE WHEELYBOAT TRUST BALANCE SHEET 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestrlcted funds RestHrted funds Notes FIXED ASSETS Tangible assets 14 1,050 1,050 3,058 CUIIRENT ASSETS Stocks Debtors Cash at bank 15 16 26,794 41.136 64.075 12,500 47.061 31.975 39,294 88,197 96,050 7,380 38,852 179,251 132,005 91,536 223,541 225,483 CREDThORS Amounts falllng due wlthln one year 17 (24,47S) {24,475) (38,908) NEf CURRENT ASSETS 107,530 91.536 199,066 186,575 TOTAL ASSETS LESS CURRENT LIABILITIES 108,580 91,S36 200,116 189,633 NET ASSETS 108,580 91,536 200.116 189,633 FIINDS Unrestricted funds Restrirted funds 18 108,580 91,536 92,556 97,077 TOTAL FUNDS 200,116 189,633 The charltable company Is entlyed to exempb.on from audit under Settion 477 of the Companies Att 2006 for the year ended 31 March 2024. The members have not deposited notice, pursuant to Section 476 of the Companles Act 2006 requIng an udit tsf these finanaal ststements. The trustees acknowledge their responsibilitles for lal ensurlng that the charitable company keeps accounvng records that comply with Settions 386 and 387 of the Companies Act 2006 and pparing financial statements which give a true and fair view of the state of affairs of the chatable cornpany as at the end of eath financial year and of its surplus or deffclt for each flnancial year In accor(5ance with the requirements of Sections 394 and 395 and which otherwise omply with the requirements of the Companles Act 2006 rdatlng to financlal statements, so far as applicable to the Charable company. Ib} These financlal statements have been audrted under the requirements of Section 145 of the Charities Act 2011. The no fomi part 01tSe finandal staternents Page 10 continued...
THE WMEELYBOAT TRUST BALANCE SHEET- eontlnued 31 MARCH 2024 These flnancial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The finantial statements were approved by the 8oard of Trustees and authorised for issue on 2 November 2024 and We signed on Its behalf by: Mr A G Scott - Trustee Mr I Thornley OBE - Trustee The notes fDrm part of these flnanclal statements Pa9e 11
THE WHEELYBOAT TRUST NOTES TO THE nNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Ba$ls of preparing the financlal stat•ments The financSal statements of the charitable tompany¢ which is a publlc benefit entlty under FRS 102, have been prepared in accordance with the CharSties SORP IFRS 102} 'Accounting and Reporting by Charlties.. Ststement of Recommended Practice applicable to ChatieS pparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland {FRS 102) leffective l January 20191., Financial Reporting Standard 102 'The FinancSal Reporting Stsndard applicable in the UK and Republlc of Iland. and the Companie5 Att 2006. The financial statsments have been prtpad under the hist0Cal cost conventlon. Income All Income 15 recognised in the Ststement of Financial Activib'es once the chanty has enutlement to the funds, it is probable thèt the income wi11 be received and the amount can be measured reliably. Expenditurn Uabllities are recognised as expenditure as soon as there Is a legal or constructive obligation commlttSng 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 rellably. 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 direttly attributed to particular headings they have been allocated to activities on a ba515 Consistent with the use of resources. Grants gffered subjett to condltlons whlch have not been met at the year end date are noted as a commltment but not accrued as expenditure. Tangible fixed ass•ts Depretiation is provlded at the following annual rates in order to write off each asset over Its estimated useful life. Boat equipfflent Office equipment 25% on cost 33% on cost Wheelyboats are fully depreoated in their first year to reflect the bespoke nature of the boats and residual value Orn transferred to theSr location for use. stocks are valued at the lower of cost and net realisable value, after maklng due allowance for obsolete and slow moving items. Taxatlon The charity is exempt from corporatlon tax on ts charitable artivities. Fund •ccounting Unrestricted fijnds can be usÈd in attOrdan with the charStable obJertSves at the dlscretion of the trustee5. Restricted funds can only be used for partlcular restrfcted purposes within the objetts of the charity. RestrSthons arise when specified by the donor or when funds a ralsed for partlcular restricted purposes. Further explanation of the nature and purpose of each fund Is Included in the notes to the financial statements. Paoe 12 continued...
THE WHEELYBOAT TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACIES 2024 2023 Donations etc - Wheelyboats Donab"ons - Other 95.442 151,893 153,799 98,068 247.335 251,867 OTHER TRADING ACllVITIES 2024 2023 Sale of Wheelyboats 108,345 INVESTMENT INCOME 2024 2023 Deposlt account Interest 4,500 2,044 RAISING DONATIONS AND LEGACIES 2024 2023 Stsff costs 27.158 25,796 OTHER TRADING AcfiviTIES 2024 2023 Purchase of Wheelyboats for resale 93,172 CHARITABLE ACTIVMES COSTS Grant fundlng of activie5 Support costs (see note 81 Dirert Costs Totals CharStable acbvitr.es - Restricted Charitable acuvlty.es - Unrestricted 99.423 85.835 3,500 102,923 111,646 25,811 185,258 3,500 25,811 214,569 Page 13 contlnued...
THE WMEELYBOAT TRusr NOTES TO THE FINANCIAL SfATÈMENTS- tontSnutd FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSTS Governance costs Charttable activIeS - un$tritted 25,811 NET INCOME/(EXPENDITURE) Net income/lexpenditurel Is stated after charging1{crediting)'. 2024 2023 Depreciation - owned assets 2.008 20,009 10. AUDITORS. REMUNERATION 2024 2023 Fees payable to the charity's auditors for the audlt of the charity's financSal statements 6,920 6,330 11. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees. mneraton or otr+er benefits for the year ended 31 Mard) 2024 nor for the year ended 31 March 2023. Trnstseg, expen There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. 12. STAFF cosrs The average monthly number of employees during the year was as follow5: 2024 2023 AdmlnSStraoD and fundraising No employees received emoluments in excess of £60,000. 13. COMPARATIVES FOR THE STATEME OF FINANCIAL ACTIVITIES Unrestricted funds Restrirted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacie5 164,717 87,150 251,867 Other tradlng attlvlties Investment income other income 108,345 2,044 1,276 108,345 2,044 1,276 T¢)tsl 276,382 87,150 363,532 EXPENDITURE ON Ral$lng fvnds Raising donations and legacies 25,796 25,796 Page 14 (K>rtinued...
THE WHEELYBOAT TRusr NOTES TO THE FINANCIAL STATEMENTS- cortinuéd FOR THE YEAR ENDED 31 MARCH 2024 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfivITIES- continued Unrestricted Restrirted funds funds Total funds Other tradln9 activities 93,172 93, 172 118,968 118,968 Charltable •ctlvltie5 Charitable acJvlb"es - Restricted Charitable activives - Unrestricted 79,835 79,835 159,411 159,411 Total 278,379 79,835 358,214 NET INCOME/{EXPENDITURE} (1,997} 7,315 5,318 RECONCILIATION OF FUNDS Total f(Jnds brought forward 94,553 89,762 184,315 TOTAL FUNDS CARRIED FORWARD 92,556 97,077 189,633 14. TANGIBLE FIXED ASSETS Boat equipment Office equipment Boats Totals COST At l Aprll 2023 Disposals 14,194 1,091 173,278 (20,643) 188,563 {20.fA3) At 31 March 2024 14,194 1,091 152.635 167,920 DEPRECIATION At l April 2023 Charge for year ElirrEinated on disposal 11,136 2,008 1,091 173,278 185,505 2,008 (20.643) (20,643) At 31 March 2024 13,144 1,091 152.635 166,870 NET BOOK VALVE At 31 March 2024 1.050 1.050 At 31 March 2023 3,058 3,058 paye L5 Continued...
ThE WHEELYBOAT TRusr NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 15. STOCKS 2024 2023 stocks 39,294 7,380 16. DEBTORS: AMOUNTS FALLIt4G DUE W1N ONE YÉAR 2024 2023 Trade debtors other debtors VAT Prepayments and accrued income payments 30.009 2.321 7,119 47,019 1,729 24,664 10,135 2,643 1,410 88,197 38,852 17. CREDITORS: AMOUNTS FALUNG DUE WThHIN ONE YEAR 2024 2023 Tr4de tditOrS Social security and other taxes Other creditors 16,471 1,455 6,549 30,821 1,651 6,436 24,475 38,908 MOVEMENT IN FUNDS Net movement in fvnds At 3113124 At 114123 Unrestrict•d funds General fund 92,556 16,024 108,580 R•strlcted fundg Restrirted fund 97,077 (5,541) 91,536 TOTAL FUNDS 189,633 10,483 200,116 Net movement In funds, included in the above are a5 follows.. Incomlng resources Resour expended Movemert in funds Unrestrictéd funds General fund 154,828 (138,804) 16,024 R•strlct•d lundg Restricted fund 97,382 (102,923} (5,541) TOTAL FUNDS 252,210 (241,727} 10,483 Page 16 cont4nued...
THE WHEELYBOAT TAVST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUP4DS - continu Comparati$ for movement In funds Net movement in funds At 3113123 At 114122 Unrnstrict•d fvnds General fund 94,553 (1,9971 92,556 Restrirted funds Restricted fund 89,762 7,315 97,077 TOTAL FUNDS 184,3L5 5,318 189,633 Comparative net movement In funds, Included in the above a as follows.. Incomlng resources Resour expended Movement In funds Ufftr*stTkted fund$ General fund 276,382 {278,379) (1,9971 R05trl¢t•d funds Restricted fund 87,150 {79,835) 7,315 TOTAL FUNDS 363,532 1358,214) 5,318 The Stritted funds above late to amounts donated by grant making trusts & Sndlvlduals boat projects at speclfic locations. for 19. RELATED PARTY DISCLOSURES Donations totalllng £2,289 12023 £5,250) were recelved from the trustees and other trusts in which they are involved. 20. POST BALANCE SHEET EVEf4TS A serious incident Involvlng a Mk JII Wheelybgat, operated and malntalned by South West Lake5 Ttijst, took place in Devon in June 2022 where, tragically, two people lost thelr Ilves. The Marine Accident Investlgation Branch published their report In Ortober 2024. The Charity incurred professional costs of £NII {2023- £8,129) in the year and has set aslde a rther £3,000 in the current year. Page 17 ontinued...
THE WYEELYBOAT TRUST NOTES TO THE FINANCIAL sfATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 21. GUARANTEE OF MEMBERS Every member of the Trust undertakes to conthbute such amoLJnt as may be required (not exceeding £51 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 contrarted before he ceases to be a member, ond of the costs, charges and expenses of winding Ups and for the adjustment of the rights of the contributorie5 among themselves. Page 18