2025-03-31-accounts - The Wheelyboat Trust

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

`REPORT OF THE TRUSTEES AND`

AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

`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 31 MARCH 2025

		`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 31 MARCH 2025

ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,present their
reportwiththefinancialstatementsofthecharityfortheyearended31March2025.Thetrustees have
adoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting 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,groupsandorganisationsacquire Wheelyboats
forthebenefitoftheirdisabledvisitors,members,beneficiaries,etc.Itdoesthisbyraisingfundsinorder to
substantiallyreducethecapitalcostofacquiringWheelyboatstherebyaidingandencouragingthe maximum
provision of the facility nationwide.

`Volunteers`

AlargeproportionofWheelyboatsoperatingintheUKrelyheavilyonvolunteersupport.Forexample, canal
trusts,SailabilitygroupsandanglingclubsthatoperateWheelyboatsarerunentirelybyvolunteers. The
TeesWheelyboatsClubinStockton,OverwaterWheelyboatProjectinCheshireandWallingford Accessible
BoatClubontheRiverThames,forexample,weresetupbyvolunteerswiththespecificaimof operating
their own Wheelyboat.

`ACHIEVEMENTS AND PERFORMANCE`

`Charitable activities`

ThreeWheelyboatsweresuppliedduringtheyear.AV20forAccessibleBoatingThames,aC16for Mochrum
FishingClubandasecondhandV17.FundraisingforafurtherthreeV20Wheelyboatswascompleted for
projectsatHollingworthinRochdale,WoolverstoneinSuffolkandBewlWaterinKent,withtheboats being
delivered in the 2025/6 financial year.

`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 31 MARCH 2025

`FINANCIAL REVIEW`

`Financial performance`

TheCharitycontinuestomaintainastrongbalancesheetwithunrestrictedfundswellabovetheminimum set
outintheReservesPolicybutthecharityrecordedadeficitofincomeoverexpenditurefortheyear of
£11,252.Thenumberofnewboatprojectssuppliedreflectsthedifficultconditionsbeingexperiencedin the
boatingsectorbuttheprincipalreasonforthedeficitwasareductioninunrestrictedincome.In 2025
unrestrictedincomewas£117,928comparedwith£154,828in2024whileunrestrictedexpenditure was
broadlysimilarat£130,396in2025and£138,804in2024.AllnewWheelyboatssuppliedduringthe year
were purchased with the help of funds raised towards them by the Charity.

TheCharitydelivered£208,709oftotalincomingresources(FY24:£252,210)and£219,961of total
resourcesexpended(FY24:£241,727),resultinginanetdeficitof£11,252(FY24:£10,483surplus). The
netdeficitcomprisesasurplusof£1,216inrestrictedfunds(FY24:£5,541deficit)andadeficitof£12,468 in
unrestricted funds (FY24: £16,024 surplus).

ThedecreaseinnetincomeyearonyearmeantthattheCharity'snetassets(totalfunds)stoodat £188,864
attheendoftheyear(FY24:£200,116)andcomprised£96,112ofunrestrictedfunds(FY24:£108,580) and
£92,752 of restricted funds (FY24: £91,536).

TheCharitycontinuestomonitorthefundraisingandeconomicenvironmentcarefully.Increasesinthe cost
ofrawmaterialsandskilledlabourhaveseenincreasedboatbuildingcostsandadministrationcostshave not
beenimmunetotheeffectsofinflationeither,buttherehasbeenlessinflationarypressurethisyear. The
costincreasesarebeingmitigatedthroughcontinueddisciplinedmanagementofexpenditureassociated with
charitable activities and efforts to increase the value of funds raised.

`Principal funding sources`

GrantmakingtrustsprovidethemainsourcesoffundingfortheCharity,fromspecificprojectsto day-to-day
running costs.

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

HisMajestyTheKing,AlfredWilliamsCharitableTrust,ArmyWelfareService,AstorofHeverTrust, Bassil
ShippamCharitableTrust,BennettFamilyGrantmakingCharity,BigGive,BrocklebankCharitable Trust,
BruceWakeCharitableTrust,ClarkeSettlement,DalgleishTrust,DavidKnightCharitableTrust, Douglas
ArterFoundation,DumbreckCharity,GeoffHillCharitableTrust,GeraldPalmerElingTrust,EFAndMG Hall
CharitableTrust,GilanderFoundation,Gilbert&EileenEdgarFoundation,GreenHallFoundation, Harmony
Foundation,HDHWills1965CharitableTrust,HRPrattBoormanFamilyFoundation,Inchcape Charitable
TrustFund,InlandRevenueFlyfishers,LanceNicholson'sDulverton,LascellesTrust,LengTrust, Lennox
HannayCharitableTrust,LordBarnby'sFoundation,MarshCharitableTrust,MiddlesexSportsFoundation, MV
HillhouseTrust,MurielWoellwarthTrust,MrsALacyTateTrust,PatrickTrust,RankFoundation,RJ Larg
CharitableTrust,SwireCharitableTrusts,ScottEredineCharitableTrust,SirJamesRollCharitableTrust, Sir
RobertGoochCharitableTrust,Verdon-SmithFamilyCharitableSettlement,WAHandleyCharitable Trust,
WhiteheadMoncktonFoundation,WillanCharitableTrust,WOStreetCharitableTrustandtoeveryone who
made personal donations.

`Reserves policy`

ThepresentleveloffundingissufficienttosupportthecontinueddemandsupontheCharityandisin line
withitsreservespolicywhichaimstomaintainanunrestrictedreserveofatleast£50,000,equivalent to
about six months' running costs.

Page 2

THE WHEELYBOAT TRUST

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025

`FUTURE DEVELOPMENTS`

TheCharitywillcontinuetopromoteandprovideWheelyboatstowatersopentothepublicforthebenefit of
theirdisabledvisitorsforpleasureboating,naturewatching,powerboating,angling,etc.andtohelp groups
and organisations acquire Wheelyboats for their own use.

Therehavebeenanumberofnewenquiriesfromoperatorstocontinuetomeettheongoingdemand from
disabledusers.TheCharityiscurrentlyraisingfundstosupportprojectsinEastSussex, Warwickshire,
Derbyshire,Surrey,GreaterManchester,Renfrewshire,CountyArmaghandCountyFermanagh.The Charity
isexploringamoreaffordableboatoptiontosupplytooperators,whomightotherwisestruggleto fully
contribute funds in the light of rising costs.

`STRUCTURE, GOVERNANCE AND MANAGEMENT`

`Governing document`

TheCharityisconstitutedasaCompanylimitedbyguarantee,andisthereforegovernedbyits Memorandum
and Articles of Association, as amended by special resolutions in March 2004, May 2006 and October 2007.

`Recruitment and appointment of new trustees`

ThedirectorsoftheCompanyarealsotrusteesoftheCharityforthepurposesofcharitylawandunder the
Company'sarticlesareknownasmembersoftheBoardofTrustees.Undertherequirementsof the
MemorandumandArticlesofAssociationthemembersoftheBoardoftrusteesareelectedtoservefor a
period of three years after which they must be re-elected at the next Annual General Meeting.

TheBoardofTrusteesincludesmemberswithspecificknowledgeandskillsapplicabletotherequirements of
theCharity.Theyareabroadmixofindividualswithprofessionalexpertiseandexperienceinthe charity
sector,mediaandpublicrelations,marketing,finance,law,accountingandindustry.Anyfuturemembers will
berequiredtohavesimilarorcomplementaryskillsandbeawareoftheneedsofdisabledpeoplein the
context of the Charity's activities.

`Organisational structure`

The Charity is structured so that the full Board of Trustees meet three/four times a year and at the
AnnualGeneralMeetingoftheCompany.Theday-to-daygovernanceoftheCharityistheinitial responsibility
oftheBoardofTrusteeswithtwosub-committees,Finance&BoatandFundraising,whicharemadeup of
selectedtrusteeswithspecificknowledgeandexpertise,theofficersandtheadministrator.Any significant
changestotheCharity'sforwardplanningoroperationsarepresentedtotheBoardofTrusteesfor their
consideration and ratification before implementation.

`Induction and training of new trustees`

AlloftheexistingtrusteesarefullyawareofthepracticalworkoftheCharityandhavebeenadvisedof their
responsibilitiesbothtotheCharityandtotheCharityCommission.Newtrusteestendtohavealready been
involvedwiththeCharityanditsworkand,asinthepast,allnewtrusteeswillbeprovidedwith relevant
CharityCommissionpublications;apprisedoftheobjectivesandactivitiesoftheCharity;providedwith a
copyoftheMemorandumandArticlesofAssociationtogetherwiththemostrecentsetofannual accounts.
TheywillalsoberequiredtoattendameetingwiththechairmanoftheBoardofTrusteeswhowill familiarise
them with the workings of the Charity and context within which they will be working.

`Wider network`

TheCharityhasworkingrelationshipswithothercharitiesinthefieldsinwhichitoperates.Ithelps groups
andorganisationsacquireWheelyboatsfortheirownbeneficiariesanditpromotesthebenefits and
availability of Wheelyboats through other charities.

`REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number`

01872144 (England and Wales)

`Registered Charity number`

Page 3

THE WHEELYBOAT TRUST

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025`

`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 (resigned 27/5/2025)
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

`Administrators`

Mr A Beadsley
Mr P Elgood

`PUBLIC BENEFIT`

ThetrusteeshavecompliedwiththeirdutyintheCharitiesActtohavedueregardtoguidelinesissuedby the
Charity Commission on public benefit.

`TRUSTEES' RESPONSIBILITY STATEMENT`

Thetrustees(whoarealsothedirectorsofTheWheelyboatTrustforthepurposesofcompanylaw) are
responsibleforpreparingtheReportoftheTrusteesandthefinancialstatementsinaccordance with
applicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAccepted Accounting
Practice).

Page 4

THE WHEELYBOAT TRUST

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025`

`TRUSTEES' RESPONSIBILITY STATEMENT - continued`

Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyear.Underthat law,
thetrusteeshaveelectedtopreparethefinancialstatementsinaccordancewithUnitedKingdom Generally
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Undercompanylawthetrusteesmustnotapprovethefinancialstatementsunlesstheyaresatisfied that
theygiveatrueandfairviewofthestateofaffairsofthecharitablecompanyandoftheincoming resources
andapplicationofresources,includingtheincomeandexpenditure,ofthecharitablecompanyfor that
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 Charities 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.

Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonable accuracy
atanytimethefinancialpositionofthecharitablecompanyandtoenablethemtoensurethatthe financial
statementscomplywiththeCompaniesAct2006.Theyarealsoresponsibleforsafeguardingtheassets of
thecharitablecompanyandhencefortakingreasonablestepsforthepreventionanddetectionoffraud 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-appointmentatthe forthcoming
Annual General Meeting.

ThisreporthasbeenpreparedinaccordancewiththespecialprovisionsofPart15oftheCompanies Act
2006 relating to small companies.

Approved by order of the board of trustees on ............................................. and signed on its behalf by: 28/10/2025

Alistair Scott

.........................................................

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
ended31March2025whichcomprisetheStatementofFinancialActivities,theBalanceSheetandnotes to
thefinancialstatements,includingasummaryofsignificantaccountingpolicies.Thefinancial reporting
frameworkthathasbeenappliedintheirpreparationisapplicablelawandUnitedKingdom 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 31 March 2025 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
charitablecompanyinaccordancewiththeethicalrequirementsthatarerelevanttoourauditofthe financial
statementsintheUK,includingtheFRC'sEthicalStandard,andwehavefulfilledourother ethical
responsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidencewehave obtained
is sufficient and appropriate to provide a basis for our opinion.

`Conclusions relating to going concern`

Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasis of
accounting in the preparation of the financial statements is appropriate.

Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingto events
orconditionsthat,individuallyorcollectively,maycastsignificantdoubtonthecharitablecompany's ability
tocontinueasagoingconcernforaperiodofatleasttwelvemonthsfromwhenthefinancialstatements are
authorised for issue.

Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedin 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,basedon the
workwehaveperformed,weconcludethatthereisamaterialmisstatementofthisotherinformation,we are
required to report that fact.  We have nothing to report in this regard.

Page 6

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

`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.

`Responsibilities of trustees`

AsexplainedmorefullyintheTrustees'ResponsibilitiesStatement,thetrustees(whoarealsothe directors
ofthecharitablecompanyforthepurposesofcompanylaw)areresponsibleforthepreparationof the
financialstatementsandforbeingsatisfiedthattheygiveatrueandfairview,andforsuchinternal control
asthetrusteesdetermineisnecessarytoenablethepreparationoffinancialstatementsthatarefree from
material misstatement, whether due to fraud or error.

Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitable company's
abilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernand using
thegoingconcernbasisofaccountingunlessthetrusteeseitherintendtoliquidatethecharitablecompany or
to cease operations, or have no realistic alternative but to do so.

`Our responsibilities for the audit of the financial statements`

WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreportin accordance
with the Act and relevant regulations made or having effect thereunder.

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholeare free
frommaterialmisstatement,whetherduetofraudorerror,andtoissueaReportofthe Independent
Auditorsthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnota guarantee
thatanauditconductedinaccordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhen it
exists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorin the
aggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenon the
basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is 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.

Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedonthe Financial
ReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.Thisdescriptionformspartof 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,inaccordancewithPart4of the
Charities(AccountsandReports)Regulations2008.Ourauditworkhasbeenundertakensothatwe might
statetothecharitablecompany'strusteesthosematterswearerequiredtostatetotheminan auditors'
reportandfornootherpurpose.Tothefullestextentpermittedbylaw,wedonotacceptor assume
responsibilitytoanyoneotherthanthecharitablecompanyandthecharitablecompany'strusteesasa 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

Date: .............................................

Page 8

THE WHEELYBOAT TRUST

`STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025`

`Unrestricted` `funds` `Notes` `£` `INCOME AND ENDOWMENTS FROM` `Donations and legacies` `2` `83,858` `Other trading activities` `3` `29,450` `Investment income` `4` `3,846` `Other income` `774` `Total` `117,928` `EXPENDITURE ON` `Raising funds` `Raising donations and legacies` `5` `28,251` `Other trading activities` `6` `25,000` `53,251` `Charitable activities` `7` `Charitable activities - Restricted` `-` `Charitable activities - Unrestricted` `77,145` `Total` `130,396` `NET INCOME/(EXPENDITURE)` `(12,468)` `RECONCILIATION OF FUNDS` `Total funds brought forward` `108,580` `TOTAL FUNDS CARRIED FORWARD` `96,112`	`Restricted` `funds` `£` `85,781` `5,000` `-` `-` `90,781` `-` `-` `-` `89,565` `-` `89,565` `1,216` `91,536` `92,752`	`2025` `Total` `funds` `£` `169,639` `34,450` `3,846` `774` `208,709` `28,251` `25,000` `53,251` `89,565` `77,145` `219,961` `(11,252)` `200,116` `188,864`	`2024` `Total` `funds` `£` `247,335` `-` `4,500` `375`
			`252,210`
			`27,158` `-`
			`27,158` `102,923` `111,646`
			`241,727`
			`10,483` `189,633`
			`200,116`

The notes form part of these financial statements

Page 9

THE WHEELYBOAT TRUST

`BALANCE SHEET 31 MARCH 2025`

`Unrestricted` `funds` `Notes` `£` `FIXED ASSETS` `Tangible assets` `14` `-` `CURRENT ASSETS` `Stocks` `15` `-` `Debtors` `16` `8,307` `Cash at bank` `96,954` `105,261` `CREDITORS` `Amounts falling due within one year` `17` `(9,149)` `NET CURRENT ASSETS` `96,112` `TOTAL ASSETS LESS CURRENT` `LIABILITIES` `96,112` `NET ASSETS` `96,112` `FUNDS` `18` `Unrestricted funds` `Restricted funds` `TOTAL FUNDS`	`Restricted` `funds` `£` `-` `-` `10,047` `82,705` `92,752` `-` `92,752` `92,752` `92,752`	`2025` `Total` `funds` `£` `-` `-` `18,354` `179,659` `198,013` `(9,149)` `188,864` `188,864` `188,864` `96,112` `92,752` `188,864`	`2024` `Total` `funds` `£` `1,050` `39,294` `88,197` `96,050` `223,541` `(24,475)` `199,066` `200,116` `200,116` `108,580` `91,536` `200,116`

ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct2006 for
the year ended 31 March 2025.

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 31 MARCH 2025`

Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable
companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 28/10/2025

.. ~~.................................~~ Alistair Scott (Nov 26, 2025 17:22:06 GMT) .......... Mr A G Scott - Trustee

Ian Thornley .......................... Ian Thornley (Dec 2, 2025 13:25:09 GMT) ...................

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 31 MARCH 2025

`1. ACCOUNTING POLICIES`

`Basis of preparing the financial statements`

Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReporting by
Charities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccounts in
accordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland (FRS
102)(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCompaniesAct2006.Thefinancial statements
have been prepared under the historical cost convention.

`Income`

AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementto the
funds, it is probable that the income will be received and the amount can be measured reliably.

`Expenditure`

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswill be
requiredinsettlementandtheamountoftheobligationcanbemeasuredreliably.Expenditure is
accountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregateall cost
relatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingsthey have
been allocated to activities on a basis consistent with the use of resources.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedas a
commitment but not accrued as expenditure.

`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.

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedforparticular restricted
purposes.

Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.

continued...

Page 12

THE WHEELYBOAT TRUST

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025`

`2024` `£` `95,442` `151,893`	`2024` `£` `95,442` `151,893`	`2024` `£` `95,442` `151,893`
`247,335`
		`2024` `£` `-`
	`2024` `£` `4,500` `2024` `£` `27,158`	`2024` `£` `4,500`
	`2024` `£` `-`
	`Totals` `£` `89,565` `77,145`
`166,710`

continued...

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THE WHEELYBOAT TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025

`8. SUPPORT COSTS`

`Charitable activities - Unrestricted` `9.` `NET INCOME/(EXPENDITURE)` `Net income/(expenditure) is stated after charging/(crediting):` `Depreciation - owned assets` `10.` `AUDITORS' REMUNERATION` `Fees payable to the charity's auditors for the audit of the charity's` `financial statements`	`Governance` `costs` `£` `31,875` `2025` `2024` `£` `£` `1,050` `2,008` `2025` `2024` `£` `£` `6,690` `6,920`

`11. TRUSTEES' REMUNERATION AND BENEFITS`

Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2025norfor the
year ended 31 March 2024.

`Trustees' expenses`

Therewerenotrustees'expensespaidfortheyearended31March2025norfortheyear ended
31 March 2024.

`12. STAFF COSTS`

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

	`2025`	`2024`
`Administration and fundraising`	`2`	`2`

No employees received emoluments in excess of £60,000.

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THE WHEELYBOAT TRUST

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025`

`13.` `COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES` `Unrestricted` `funds` `£` `INCOME AND ENDOWMENTS FROM` `Donations and legacies` `149,953` `Investment income` `4,500` `Other income` `375` `Total` `154,828` `EXPENDITURE ON` `Raising funds` `Raising donations and legacies` `27,158` `27,158` `Charitable activities` `Charitable activities - Restricted` `-` `Charitable activities - Unrestricted` `111,646` `Total` `138,804` `NET INCOME/(EXPENDITURE)` `16,024` `RECONCILIATION OF FUNDS` `Total funds brought forward` `92,556` `TOTAL FUNDS CARRIED FORWARD` `108,580`	`Restricted` `funds` `£` `97,382` `-` `-` `97,382` `-` `-` `102,923` `-` `102,923` `(5,541)` `97,077` `91,536`	`Total` `funds` `£` `247,335` `4,500` `375`
		`252,210`
		`27,158`
		`27,158` `102,923` `111,646`
		`241,727`
		`10,483` `189,633`
		`200,116`

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`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025`

`14. TANGIBLE FIXED ASSETS`

`Boat` `equipment` `£` `COST` `At 1 April 2024` `14,194` `Disposals` `-` `At 31 March 2025` `14,194` `DEPRECIATION` `At 1 April 2024` `13,144` `Charge for year` `1,050` `Eliminated on disposal` `-` `At 31 March 2025` `14,194` `NET BOOK VALUE` `At 31 March 2025` `-` `At 31 March 2024` `1,050` `15.` `STOCKS` `Stocks` `16.` `DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR` `Trade debtors` `Other debtors` `VAT` `Prepayments and accrued income` `Prepayments`	`Office` `equipment` `£` `1,091` `-` `1,091` `1,091` `-` `-` `1,091` `-` `-`	`Boats` `£` `152,635` `(76,776)` `75,859` `152,635` `-` `(76,776)` `75,859` `-` `-` `2025` `£` `-` `2025` `£` `10,358` `1,964` `4,112` `-` `1,920` `18,354`	`Totals` `£` `167,920` `(76,776)` `91,144` `166,870` `1,050` `(76,776)` `91,144` `-` `1,050` `2024` `£` `39,294` `2024` `£` `30,009` `2,321` `7,119` `47,019` `1,729` `88,197`

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THE WHEELYBOAT TRUST

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025`

`17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`

`Trade creditors` `Social security and other taxes` `Other creditors` `18.` `MOVEMENT IN FUNDS` `Unrestricted funds` `General fund` `Restricted funds` `Restricted fund` `TOTAL FUNDS` `Net movement in funds, included in the above are as follows:` `Unrestricted funds` `General fund` `Restricted funds` `Restricted fund` `TOTAL FUNDS` `Comparatives for movement in funds` `Unrestricted funds` `General fund` `Restricted funds` `Restricted fund` `TOTAL FUNDS`		`At 1/4/24` `£` `108,580` `91,536` `200,116` `Incoming` `resources` `£` `117,928` `90,781` `208,709` `At 1/4/23` `£` `92,556` `97,077` `189,633`

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THE WHEELYBOAT TRUST

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025`

`18. MOVEMENT IN FUNDS - continued`

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

`Unrestricted funds` `General fund` `Restricted funds` `Restricted fund` `TOTAL FUNDS`	`Incoming` `resources` `£` `154,828` `97,382` `252,210`	`Resources` `expended` `£` `(138,804)` `(102,923)` `(241,727)`	`Movement` `in funds` `£` `16,024` `(5,541)` `10,483`

Therestrictedfundsaboverelatetoamountsdonatedbygrantmakingtrusts&individualsfor boat
projects at specific locations.

`19. RELATED PARTY DISCLOSURES`

Donationstotalling£Nil(2024-£2,289)werereceivedfromthetrusteesandothertrustsin which
they are involved.

`20. GUARANTEE OF MEMBERS`

EverymemberoftheTrustundertakestocontributesuchamountasmayberequired(not exceeding
£5)totheTrust'sassetsifitiswoundupwhileheisamember,orwithinoneyearafterheceases to
beamember,forpaymentoftheTrust'sdebtsandliabilitiescontractedbeforeheceasestobe a
member,andofthecosts,chargesandexpensesofwindingup,andfortheadjustmentofthe rights
of the contributories among themselves.

`21. POST BALANCE SHEET EVENTS`

AseriousincidentinvolvingaMkIIIWheelyboat,operatedandmaintainedbySouthWestLakes Trust,
tookplaceinDevoninJune2022where,tragically,twopeoplelosttheirlives.TheMarine Accident
InvestigationBranchpublishedtheirreportinOctober2024.Professionalfeesof£2,012were incurred
duringtheyear(2024-£Nil).TheincidentisstillunderinvestigationbuttheTrusteesdonot anticipate
any further material costs to the Charity.

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