Registered number: 02100358 Charity number: 296236
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Unaudited
Trustees' report and financial statements
for the year ended 31 March 2021
The New Medway Steam Packet Company Limited (A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 - 2 |
| Trustees' report | 3 - 7 |
| Independent examiner's report | 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 - 24 |
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Reference and administrative details of the Charity, its Trustees and advisers for the year ended 31 March 2021
Trustees
P Bathurst
J F Kempton, Chairman
R J Stokes
R P Halton
J L Maguire (resigned 20 June 2020)
L Parsons (resigned 7 September 2020) M Bathurst (appointed 15 March 2021)
Company registered number
02100358
Charity registered number
296236
Registered office
Pier Approach Road Gillingham Kent ME71RX
Accountants
Kreston Reeves LLP Chartered Accountants Montague Place Quayside Chatham Maritime Chatham Kent ME4 4QU
Page 1
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Reference and administrative details of the Charity, its Trustees and advisers (continued) for the year ended 31 March 2021
Bankers
CAF Bank Limited 25 Kings Hill Avenue West Malling Kent ME19 4TA
Solicitors
Martin Tolhurst Partnership 7 Wrotham Road Gravesend Kent DA11 0PD
Patrons
Marianna, Viscountess Monckton of Brenchley Sir Mick Jagger Dame Vera Lynn, DBE (deceased 18 June 2020) Timothy West CBE Prunella Scales CBE
President
The Rt. Hon, the Admiral Lord West of Spithead, GCB, DSC
Vice-Presidents
Noreen Chambers Robert Barnes Brian Burton
Page 2
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Trustees' report for the year ended 31 March 2021
The Trustees present their annual report together with the financial statements of the Charity for the year from 1 April 2020 to 31 March 2021. The Annual report serves the purposes of both a Trustees' report and a Directors' report under company law. The Trustees confirm that the Annual report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The principal objective of the Charity is to advance public education on the maritime history of Great Britain in particular by the restoration and preservation of the Paddle Steamer Medway Queen.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Volunteers
We rely on volunteers for the restoration of the Medway Queen, contracting out to professionals where appropriate and affordable. At 31 March 2021, we estimate we had to the order of 30 plus active volunteers, directly involved in restoration work or carrying out administrative or educational work. We are always looking for additional help from skilled volunteers with a range of practical skills; including the electrical, mechanical, welding, carpentry, plumbing, painting trades and accounting and administrative experience.
c. Main activities undertaken to further the Charity's purposes for the public benefit
In shaping our objectives the Trustees have considered the Charity Commission's guidance on public benefit.
Our place in the broader community
We take our place in the local community seriously and one of the Trustees has specific responsibility for working with the local media. Communications include regular coverage of our activities in the local press and radio. We have a high profile within the heritage publications sector with regular appearance of news stories and feature articles. Several volunteers hold talks about the Medway Queen for local schools, clubs, and societies across the South and South East, which are well received and a source of donations. Medway Queen is a member of the National Historic Fleet, overseen by national Historic Ships–UK. We are a member of the Association of Independent Museums and use our membership to learn how some of the smaller historical sites have become successful. We work closely with the Paddle Steamer Preservation Society. We also are active with our own Facebook page Medway Queen Preservation Society, and an active website www.medwayqueen.co.uk. From November 2020, we have formally supported Medway Council’s bid for “City of Culture 2025” status.
Page 3
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Trustees' report (continued) for the year ended 31 March 2021
Achievements and performance
a. Background
The Medway Queen has a long and varied history but sadly her hull was in a very poor state of repair when she arrived back in Kent in 1984. The rate of decay was slowed and the ship was kept afloat but gradually the corrosion spread and the effort needed to keep her afloat increased. Having achieved grant funding, primarily from the Heritage Lottery Fund, the hull has now been re built in Bristol to the 1924 specification with some concessions to current requirements. She returned to the Medway on 19 November 2013 to much local acclaim and is berthed at Gillingham Pier. Alongside the berth is a workshop and the Medway Queen Visitor Centre formed from pre existing buildings on the site. The main purpose of the Gillingham workshops now is to complete the restoration of the ship to a public venue, with the long term aim of returning the ship to steam.
b. Review of activities
Restoration
The pandemic lockdowns and restrictions have impacted our work towards making Medway Queen a venue for hire. Despite that, our enthusiastic band of volunteers have made great strides in bringing the upper aft saloon to a presentable state. They have improved and waterproofed the forward deck house and built a replacement Purser’s office ready for installation in 2021. Considerable work has taken place on the promenade deck to eliminate rain water ingress.
· ·
Ensuring access to our activities
We actively encourage new membership and have a steady number of renewals, especially following the publication and distribution of the Full Ahead member's magazine. The publication of “HMS Medway Queen – Memories of Dunkirk” also contributed to this.
Our visitor footfall was severely curtailed this year by the pandemic and successive lock downs and restrictions. In previous years it had been building due to our publicity efforts and membership of Kent’s Wheels of Time marketing initiative but the effects of Covid hit that revenue stream hard. Sales to visitors and income from exhibition attendances were also severely reduced; partly mitigated by an increased online effort and new products that had been planned for the Dunkirk 80th anniversary.
Outreach
This has also been hit by Covid-19. We normally have an active outreach programme which includes the Medway Queen Visitor Centre, social events and presentations to various groups and two remotely based "Support Groups": the Reading Support Group and the London & South of England Support Group, based in Swanage. Both are informally organised and would normally attend external events of all types to promote the Society's restoration activities, recruit new members and to raise funds towards the restoration costs
To compensate for lack of visitors and events much extra effort has gone into our online activities with a “virtual tour” on the website and various other digital “exhibitions” and activities. This resulted in Medway Queen being awarded “Regional Flagship” status by National Historic Ships–UK. We marked this with a ceremonial hoisting of the pennant by our President, the Rt. Hon, the Admiral Lord West of Spithead, GCB, DSC.
The planned visit to Ramsgate for May/June, to take part in the Dunkirk anniversary commemorations and to undertake maintenance on the slipway there, was another victim of the pandemic.
Communications
Our primary method of contact with our members and, with other interested parties, is via our magazine, "Full Ahead", which is published quarterly, and our website.
Page 4
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Trustees' report (continued) for the year ended 31 March 2021
Achievements and performance (continued)
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The Charity has to maintain cash reserves to cover the Medway Queen's share of the costs of any further restoration work. As at 31 March 2021, there is insufficient funding to undertake the full refit and budgets are being amended accordingly, until such time that further substantial funding is obtained. At this point we consider no specific reserve is necessary.
Although some income streams were hit due to Covid there was also a lower level of expenditure on restoration work. Donations and bequest income continued and some Covid related support was received via Medway Council. The Trustees believe that there are currently sufficient reserves, subject to the points detailed above. At 31 March 2021, total free reserves amounted to £196,361 (2020: £138,244).
c. Principal risks and uncertainties
We recognise that current best practice suggests that the Trustees and Officers should give thought regularly to the risks being run by renovating the Medway Queen and should identify risk management options. This activity has been in place for some time; however we are reviewing risks by way of a structured process as a matter of course on a regular basis and to try to identify emerging challenges or areas where the risk is emerging, increasing or reducing.
One of our primary risks is financial, being able to finance the rest of the restoration of the Medway Queen. This is receiving much attention from the Trustees. We have documented a number of other risks and have identified a range of mitigation techniques which include having access to skilled volunteers, using strong and effective controls and ensuring an adequate level of insurance. We are also alert to the threat of fraud.
We have a continual process of updating the formal documentation of our existing governance procedures, including policies, systems, procedures and controls. This is a significant activity which developed from a now completed transition project supported by the Heritage Lottery Fund. Our plans include ensuring that Medway Queen's history and heritage are maintained and celebrated, whilst widening her appeal, and developing strong strategies for future financial stability.
d. Principal funding
Currently our funding mainly comes from membership fees and personal donations from our registered members, and others. Event style fundraising contributions, and grants from various charitable organisations are sought where appropriate.
This model has proved adequate for the interior refurbishment of the vessel's saloons, but will need to be considerably enhanced for future stages of the restoration, when the ship's propulsion system is restored.
Page 5
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Trustees' report (continued) for the year ended 31 March 2021
Structure, governance and management
a. Constitution
The Charity is registered as a charitable company, limited by guarantee, and was set up by a Memorandum of Association. The Company is a registered charity number 296236.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co opted under the terms of the Articles of Association.
Trustees may be directly elected by members or appointed by the Trustee Board until the next Annual General Meeting and they are made aware, on their appointment, of their responsibilities under Charities legislation.
The Trustee Board has overall responsibility for managing the affairs of the Charity. Each Trustee is elected for a three year term by the registered membership at the Annual General Meeting. Arrangements are in place to allow for Trustees to be re-elected every three years. The Trustee Board has the power to fill any vacancies arising during the year, up to the maximum set out in the Articles of Association, between Annual General Meetings by co option, such arrangements to be confirmed by the next AGM.
c. Organisational structure and decision-making policies
On 28 March 2015, an Extraordinary General Meeting of the Charity approved the adoption of the current Articles of Association, in accordance with the template for charitable companies published by the Charity Commission on their website.
The President and Vice Presidents are honorary positions made at the discretion of the Trustee Board and which do not carry attendance or copy minute rights.
The Trustee Board meets formally each month to discuss and consider a range of topics against a formal agenda. This includes progress and plans for the restoration of the Medway Queen, financial plans, performance and governance. All meetings are formally minuted. Ad hoc meetings are convened as required.
Sub committees are formed and meet as necessary, usually to work on specific items of work which may require specialist skills. Reports are made to the Trustee Board following any subcommittee meetings. The Trustee Board considers that it has a good range of qualifications, skills and experience for this stage of the restoration project. It recognises that new skills will need to be added to the team in anticipation of the completion of the next stage of restoration and the Medway Queen becoming financially self sustaining and taking its place in the community and will be active in seeking new members and/or volunteers to assist with this development.
Page 6
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Trustees' report (continued) for the year ended 31 March 2021
Plans for future periods
In the long term the ship will be developed as a visitor attraction and function venue, whilst retaining the capability to go to sea under her own steam for special charters and visits to other ports.
We are reviewing our existing detailed plans on the future of the Medway Queen once restored, with the objective of maximising outreach across as wide a demographic as possible whilst maintaining the integrity of the vessel's history and working toward financial sustainability. We are also looking to work with Medway Council and other partners to map out a clearer role for the Medway Queen in local plans, including tourism.
Specific targets, not listed in priority, for the coming financial year include:
-
Increasing the range and scale of funding including large scale project funding,
-
Further restoring the Medway Queen.
-
Further improving governance.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its income and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the Board of Trustees on and signed on their behalf by:
J F Kempton Chairman
Page 7
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Independent examiner's report
for the year ended 31 March 2021
Independent examiner's report to the Trustees of The New Medway Steam Packet Company Limited ('the Charity')
I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2021.
Responsibilities and basis of report
As the Trustees of the Charity (and its Directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 2 August 2021 S Robinson BA FCA FCIE DChA MCMI
Kreston Reeves LLP
Chartered Accountants Chatham Maritime
Page 8
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Statement of financial activities (incorporating income and expenditure account) for the year ended 31 March 2021
| Note Income from: Donations and legacies 3 Other trading activities 4 Investments 5 Total income Expenditure on: Raising funds 6 Charitable activities 7 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 111,009 4,379 29 115,417 3,936 39,811 43,747 71,670 3,403,179 71,670 3,474,849 |
Total funds 2021 £ 111,009 4,379 29 115,417 3,936 39,811 43,747 71,670 3,403,179 71,670 3,474,849 |
Total funds 2020 £ 126,167 5,117 34 |
|---|---|---|---|
| 131,318 | |||
| 4,933 55,353 |
|||
| 60,286 | |||
| 71,032 | |||
| 3,332,147 71,032 |
|||
| 3,403,179 |
The notes on pages 11 to 24 form part of these financial statements.
Page 9
The New Medway Steam Packet Company Limited
(A company limited by guarantee) Registered number: 02100358
Balance sheet as at 31 March 2021
| Note Fixed assets Tangible assets 9 Heritage assets 10 Current assets Stocks 11 Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total net assets Charity funds Unrestricted funds 14 Total funds |
6,314 8,357 190,099 204,770 (8,409) |
2021 £ 728 3,277,760 3,278,488 196,361 3,474,849 3,474,849 3,474,849 |
8,299 13,413 127,910 149,622 (11,378) |
2020 £ 1,198 3,263,737 |
|---|---|---|---|---|
| 3,264,935 138,244 |
||||
| 3,403,179 | ||||
| 3,403,179 | ||||
| 3,403,179 |
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf by:
J F Kempton Chairman
The notes on pages 11 to 24 form part of these financial statements.
Page 10
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2021
1. General information
The New Medway Steam Packet Company Limited is a charitable company and an exempt charity incorporated in England and Wales, with charity registration number 296236 and company registration number 02100358. The registered office is Pier Approach Road, Gillingham, Kent, ME7 1RX. The principal activities of the Charity are as set out in the Trustees Report on page 3.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The New Medway Steam Packet Company Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Company status
The Company is a company limited by guarantee. The members of the Company are the Trustees named on page 1. In the event of the Company being wound up, the liability in respect of the guarantee is limited to £10 per member of the Company.
2.3 Going concern
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Whilst the impact of the COVID-19 pandemic has been assessed by the Trustees, so far as is reasonably possible, due to its unprecedented impact on the worldwide economy it is difficult to evaluate with any certainty the potential outcomes on the Charity's future activities. However, taking into consideration the Charity's level of reserves, the Trustees believe that the Charity will be able to continue in operational existence for the foreseeable future.
Page 11
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2021
2. Accounting policies (continued)
2.4 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 12
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2021
2. Accounting policies (continued)
2.7 Tangible fixed assets and depreciation
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on the following bases:
- Plant and machinery 3 years straight line
2.8 Heritage assets
As stated in the Trustees' report the Paddle Steamer Medway Queen is under reconstruction and all costs connected with the reconstruction have been capitalised. In the opinion of the Trustees no depreciation is required as the asset is under reconstruction.
2.9 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.10 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.11 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 13
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2021
2. Accounting policies (continued)
2.12 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.13 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2.14 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 14
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2021
3. Income from donations and legacies
| Donations Grants Subscriptions Total 2020 |
Unrestricted funds 2021 £ 87,687 14,297 9,025 111,009 126,167 |
Total funds 2021 £ 87,687 14,297 9,025 111,009 126,167 |
Total funds 2020 £ 119,546 - 6,621 |
|---|---|---|---|
| 126,167 | |||
4. Income from other trading activities
| Fundraising Total 2020 5. Investment income Interest received Total 2020 |
Unrestricted funds 2021 £ 4,379 5,117 Unrestricted funds 2021 £ 29 34 |
Total funds 2021 £ 4,379 5,117 Total funds 2021 £ 29 34 |
Total funds 2020 £ 5,117 |
|---|---|---|---|
| Total funds 2020 £ 34 |
|||
Page 15
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2021
6. Expenditure on raising funds
| Shop purchases General publicity and newsletters Total 2020 |
Unrestricted funds 2021 £ 3,583 353 3,936 4,933 |
Total funds 2021 £ 3,583 353 3,936 4,933 |
Total funds 2020 £ 3,335 1,598 |
|---|---|---|---|
| 4,933 | |||
7. Analysis of expenditure by activities
| Charitable activities Total 2020 Analysis of direct costs Preservation and reservation Marine insurance Ramsgate costs Depreciation Total 2020 |
Direct costs 2021 £ 23,133 34,631 |
Support costs 2021 £ 16,678 20,722 Unrestricted funds 2021 £ 18,340 4,550 - 243 23,133 34,631 |
Total funds 2021 £ 39,811 55,353 Total funds 2021 £ 18,340 4,550 - 243 23,133 34,631 |
Total funds 2020 £ 55,353 |
|---|---|---|---|---|
| Total funds 2020 £ 29,245 3,986 1,000 400 |
||||
| 34,631 | ||||
Page 16
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2021
Analysis of support costs
| Office expenses Telephone Printing, postage and stationery Bank charges Professional fees Independent examination fees VAT non-reclaim Write-offs Loss on disposal of fixed assets Total 2020 |
Unrestricted funds 2021 £ 5,891 2,828 3,701 217 2,154 1,660 - - 227 16,678 20,722 |
Total funds 2021 £ 5,891 2,828 3,701 217 2,154 1,660 - - 227 16,678 20,722 |
Total funds 2020 £ 9,822 1,564 3,293 180 6,008 2,220 (4,000) 1,635 - |
|---|---|---|---|
| 20,722 |
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).
During the year ended 31 March 2021, 2 Trustees received reimbursement of expenses amounting to £528 (2020: 3 Trustees received reimbursement of expenses amounting to £4,659).
Page 17
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2021
9. Tangible fixed assets
| Cost or valuation At 1 April 2020 Disposals At 31 March 2021 Depreciation At 1 April 2020 Charge for the year On disposals At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 |
Plant and machinery £ 12,817 (4,048) |
|---|---|
| 8,769 | |
| 11,619 243 (3,821) |
|
| 8,041 | |
| 728 1,198 |
Page 18
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2021
10. Heritage assets
Assets recognised at cost
| Carrying value at 1 April 2020 Additions |
'Medway Queen' 2021 £ 3,263,737 14,023 3,277,760 |
Total 2021 £ 3,263,737 14,023 |
|---|---|---|
| 3,277,760 |
The Paddle Steamer 'Medway Queen' is the last estuary pleasure steamer surviving in the United Kingdom. She was built in 1924, on the River Clyde in Scotland, but sailed in the estuary waters of the River Thames and River Medway. In WWII she was requisitioned and converted to a minesweeper. Her finest moment came in 1940 when she made seven crossings to the beaches of Dunkirk, rescuing 7,000 men. After the war the 'Medway Queen' returned to pleasure steaming on the River Medway and Thames, under her original owners, until withdrawal in 1963. From 1966 the ship served as a marina club house and night club at Island Harbour on the Isle of Wight. In 1984 the Medway Queen was salvaged from the River Medina and towed on a salvage barge back to her home river in Chatham.
After a prolonged period of attempts to restore the 'Medway Queen' funding was raised to restore her hull, which was carried out in Bristol. Following the restoration of her hull, she returned to a berth in her home port on the River Medway in December 2013.
Analysis of heritage asset transactions
| Purchases 'Medway Queen' Total additions |
2021 £ 14,023 14,023 |
2020 £ 20,425 20,425 |
2019 £ 25,501 25,501 |
2018 £ - - |
2017 £ - |
|---|---|---|---|---|---|
| - |
Page 19
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2021
| 11. | Stocks | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Stocks | 6,314 | 8,299 |
| 12. Debtors Due within one year Trade debtors Prepayments and accrued income Tax recoverable |
2021 £ 62 7,671 624 8,357 |
2020 £ 1,335 9,826 2,252 |
|---|---|---|
| 13,413 |
13. Creditors: Amounts falling due within one year
| Trade creditors Accruals and deferred income |
2021 £ 5,341 3,068 8,409 |
2020 £ 8,202 3,176 |
|---|---|---|
| 11,378 |
Page 20
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2021
14. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Paddle Steamer 'Medway Queen' Fixed Asset Fund General funds General Funds Total Unrestricted funds |
Balance at 1 April 2020 £ 3,263,737 1,198 3,264,935 138,244 3,403,179 |
Income £ - - - 115,417 115,417 |
Expenditure £ - (243) (243) (43,504) (43,747) |
Transfers in/out £ 14,023 (227) 13,796 (13,796) - |
Balance at 31 March 2021 £ 3,277,760 728 |
|---|---|---|---|---|---|
| 3,278,488 | |||||
| 196,361 | |||||
| 3,474,849 |
Designated funds
Paddle Steamer 'Medway Queen'
The Paddle Steamer 'Medway Queen' fund has been established following the completion of the hull and the main restoration as a result of funding from the Heritage Lottery Fund and Interreg IVA 2 Seas Heroes 2C. The balance of this fund reflects the closing value of the Charity's heritage assets as at 31 March 2021.
Fixed Asset Fund
The designated fixed asset fund is comprised of the Charity's fixed assets. The transfer in to the fund this year corresponds to the fixed asset additions made during the financial year. The depreciation charge for the year, of £243, has then been allocated against the fund, with the closing balance of the fund representing the closing net book value of these fixed assets as at 31 March 2021.
Page 21
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2021
14. Statement of funds (continued)
Statement of funds - prior year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at | Transfers | 31 March | |||
| 1 April 2019 | Income | Expenditure | in/out | 2020 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| Designated funds | |||||
| Paddle Steamer 'Medway | |||||
| Queen' | 3,243,312 | - | - | 20,425 | 3,263,737 |
| Fixed Asset Fund | 396 | - | (400) | 1,202 | 1,198 |
| 3,243,708 | - | (400) | 21,627 | 3,264,935 | |
| General funds | |||||
| General Funds | 88,439 | 131,318 | (59,886) | (21,627) | 138,244 |
| Total Unrestricted funds | 3,332,147 | - | (60,286) | - | 3,403,179 |
| Summary of funds | |||||
| Summary of funds - current | year | ||||
| Balance at | |||||
| Balance at 1 | Transfers | 31 March | |||
| April 2020 | Income | Expenditure | in/out | 2021 | |
| £ | £ | £ | £ | £ | |
| Designated funds | 3,264,935 | - | (243) | 13,796 | 3,278,488 |
| General funds | 138,244 | 115,417 | (43,504) | (13,796) | 196,361 |
| 3,403,179 | 115,417 | (43,747) | - | 3,474,849 |
15. Summary of funds Summary of funds - current year
Page 22
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2021
15. Summary of funds (continued)
Summary of funds - prior year
| Designated funds General funds |
Balance at 1 April 2019 £ 3,243,708 88,439 3,332,147 |
Income £ - 131,318 131,318 |
Expenditure £ (400) (59,886) (60,286) |
Transfers in/out £ 21,627 (21,627) - |
Balance at 31 March 2020 £ 3,264,935 138,244 |
|---|---|---|---|---|---|
| 3,403,179 |
16. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Heritage assets Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 728 3,277,760 204,770 (8,409) 3,474,849 |
Total funds 2021 £ 728 3,277,760 204,770 (8,409) |
|---|---|---|
| 3,474,849 |
Analysis of net assets between funds - prior year
| Tangible fixed assets Heritage assets Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 1,198 3,263,737 149,622 (11,378) 3,403,179 |
Total funds 2020 £ 1,198 3,263,737 149,622 (11,378) |
|---|---|---|
| 3,403,179 |
Page 23
The New Medway Steam Packet Company Limited
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 March 2021
17. Related party transactions
During the financial year the Trustees made cumulative donations to the Charity amounting to £Nil (2020: £1,400).
There were no transactions with any related parties of the Charity (2020: £Nil} and there are no balances in existence with them at the Balance sheet date (2020: £Nil).
Page 24