``` 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`** ``` 292216 ``` ``` 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`** |**`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`
`£`
**`89,565`**
**`45,270`**
**`134,835`**|**`2025`**
**`£`**
**`89,690`**
**`79,949`**
**`169,639`**
**`2025`**
**`£`**
**`34,450`**
**`2025`**
**`£`**
**`3,846`**
**`2025`**
**`£`**
**`28,251`**
**`2025`**
**`£`**
**`25,000`**
`Support`
`costs (see`
`note 8)`
`£`
**`-`**
**`31,875`**
**`31,875`**||_`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... ``` ``` Page 13 ``` ``` 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. ``` ``` continued... ``` ``` Page 14 ``` ``` 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`| ``` continued... ``` ``` Page 15 ``` ``` THE WHEELYBOAT TRUST ``` ## **`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`_| |---|---|---|---| ||||| ||||| ||||| ||||| ``` continued... ``` ``` Page 16 ``` ``` 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`|| |---|---|---|---| ||||| ||||| ||||| ``` continued... ``` ``` Page 17 ``` ``` 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. ``` ``` Page 18 ```