REGISTERED CHARITY NUMBER: 301440
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021
FOR
THE NOTTAGE MARITIME INSTITUTE
Martyn Lewis Chartered Accountants 1 Brewery House Brook Street Wivenhoe Essex C07 9DS
THE NOTTAGE MARITIME INSTITUTE
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 30 April 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 11 |
| Detailed Statement of Financial Activities | 12 to 13 |
THE NOTTAGE MARITIME INSTITUTE
REPORT OF THE TRUSTEES for the Year Ended 30 April 2021
The trustees present their report with the financial statements of the charity for the year ended 30 April 2021. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
In his will Captain Nottage required his executors to establish an Institution managed by Trustees to be called "The Nottage Institute" at Wivenhoe and elsewhere "for the purpose of instructing yachtsmen and other sailors in the science of navigation". This public benefit objective has been continued since the inception of the Trust and supplemented by the provision of a course of practical boat building and courses for diesel engine maintenance, VHF procedure, the CEVNI licence and other relevant nautical knowledge. The Institute is a recognised Royal Yachting Association Teaching Establishment for theoretical courses. New courses are provided and course syllabi adjusted, to meet developments in sailing and waterborne activities. In addition, there is a substantial nautical library and collection of artefacts, both inherited and donated, to inspire and enthuse course attendees and members of the public concerning yachting and the maritime heritage of the River Colne.
Financial Review
The Institute is still holding its own against the tide of rising running costs. Rivage, the adjacent Nottage owned property, has been continuously let during this period and this is set to continue.
Activities
These were restricted due to Covid but the river users course sponsored by Trinity House did run and proved very popular.
Conclusion
Finally, a sincere vote of thanks must be given to all the volunteers who continue to provide sound advice practical help and their valuable time to the Nottage.
The Trustees believe that their conservation policies have proved responsible over the years and continue to support the management committee with the operational activities and make continual improvements to the fabric of the property. They believe that the level of reserves is satisfactory for current purposes and the insurance cover is sufficient to cover rebuilding should the need arise.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The name of the charity is "The Nottage Maritime Institute" which emphasises the maritime connection. The Trust is governed by Trustees initially appointed under the will of Captain C G Nottage dated 27 October 1894. On 19 August 2008 the Trustees,with the full assistance of the Charity Commission,sealed a governing scheme which sets up the basis of the Trust administration for the future.The property assets of the charity are held by the Official Custodian for Charities.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
301440
Principal address
The Quay Wivenhoe Essex CO7 9BX
Trustees
M L Lewis B J Hetherington S Blaxill J M Bielecki
Page 1
THE NOTTAGE MARITIME INSTITUTE
REPORT OF THE TRUSTEES for the Year Ended 30 April 2021
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner
Louis Pace FCA ICAEW Martyn Lewis Chartered Accountants 1 Brewery House Brook Street Wivenhoe Essex C07 9DS
Approved by order of the board of trustees on 17 February 2022 and signed on its behalf by:
M L Lewis - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NOTTAGE MARITIME INSTITUTE
Independent examiner's report to the trustees of The Nottage Maritime Institute
I report to the charity trustees on my examination of the accounts of The Nottage Maritime Institute (the Trust) for the year ended 30 April 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Louis Pace FCA ICAEW Martyn Lewis Chartered Accountants 1 Brewery House Brook Street Wivenhoe Essex C07 9DS
17 February 2022
Page 3
THE NOTTAGE MARITIME INSTITUTE
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 30 April 2021
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2,366 Other trading activities 2 11,030 Investment income 3 14,677 Total 28,073 EXPENDITURE ON Raising funds 4 16,529 Other 300 Total 16,829 Net gains/(losses) on investments 13,078 NET INCOME/(EXPENDITURE) 24,322 RECONCILIATION OF FUNDS Total funds brought forward 644,215 TOTAL FUNDS CARRIED FORWARD **668,537 ** |
Restricted fund £ - - - - - - - - - - - |
2021 Total funds £ 2,366 11,030 14,677 28,073 16,529 300 16,829 13,078 24,322 644,215 **668,537 ** |
2020 Total funds £ 1,479 17,626 16,222 35,327 34,822 300 35,122 (9,609) (9,404) 653,619 644,215 |
|---|---|---|---|
The notes form part of these financial statements
Page 4
THE NOTTAGE MARITIME INSTITUTE
BALANCE SHEET 30 April 2021
| Notes FIXED ASSETS Tangible assets 7 Social investments 8 CURRENT ASSETS Stocks 9 Debtors 10 Cash at bank and in hand NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
Unrestricted fund £ 468,631 139,986 608,617 300 1,226 58,394 59,920 59,920 668,537 **668,537 ** |
Restricted fund £ - - - - - - - - - - |
2021 Total funds £ 468,631 139,986 608,617 300 1,226 58,394 59,920 59,920 668,537 668,537 668,537 **668,537 ** |
2020 Total funds £ 469,318 126,908 596,226 300 4,010 43,679 47,989 47,989 644,215 644,215 644,215 644,215 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 17 February 2022 and were signed on its behalf by:
M L Lewis - Trustee
The notes form part of these financial statements
Page 5
THE NOTTAGE MARITIME INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 30 April 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - in accordance with the property Fixtures and fittings - 15% on reducing balance Computer equipment - 25% on reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Page 6
continued...
THE NOTTAGE MARITIME INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 April 2021
2. OTHER TRADING ACTIVITIES
| Moorings Course fees Room hire Sundry income 3. INVESTMENT INCOME Rents received Other fixed asset invest - FII Deposit account interest 4. RAISING FUNDS Raising donations and legacies Sundries Instructors' fees Support costs Investment management costs Office costs Property costs Staff costs Aggregate amounts |
2021 £ 340 9,092 1,587 11 11,030 2021 £ 10,200 4,475 2 14,677 2021 £ 1,029 2,699 1,002 4,730 2021 £ 2,785 8,694 320 11,799 16,529 |
2020 £ 520 11,047 5,380 679 17,626 2020 £ 11,550 4,659 13 16,222 2020 £ 130 5,891 2,007 8,028 2020 £ 5,139 19,586 2,069 26,794 34,822 |
|---|---|---|
continued...
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THE NOTTAGE MARITIME INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 April 2021
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 April 2021 nor for the year ended 30 April 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 April 2021 nor for the year ended 30 April 2020.
6.
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 1,479 Other trading activities 17,626 Investment income 16,222 Total 35,327 EXPENDITURE ON Raising funds 34,822 Other 300 Total 35,122 Net gains/(losses) on investments (9,609) NET INCOME/(EXPENDITURE) (9,404) RECONCILIATION OF FUNDS Total funds brought forward 653,619 TOTAL FUNDS CARRIED FORWARD 644,215 |
Restricted fund £ - - - - - - - - - - - |
Total funds £ 1,479 17,626 16,222 35,327 34,822 300 35,122 (9,609) (9,404) 653,619 644,215 |
|---|---|---|
continued...
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THE NOTTAGE MARITIME INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 April 2021
7. TANGIBLE FIXED ASSETS
| Freehold property £ COST At 1 May 2020 and 30 April 2021 465,270 DEPRECIATION At 1 May 2020 - Charge for year - At 30 April 2021 - NET BOOK VALUE At 30 April 2021 465,270 At 30 April 2020 465,270 8. SOCIAL INVESTMENTS MARKET VALUE At 1 May 2020 Revaluations At 30 April 2021 NET BOOK VALUE At 30 April 2021 At 30 April 2020 Cost or valuation at 30 April 2021 is represented by: Valuation in 2021 |
Fixtures and fittings £ 4,502 1,249 488 1,737 2,765 3,253 |
Computer equipment £ 2,900 2,105 199 2,304 596 795 |
Totals £ 472,672 3,354 687 4,041 468,631 469,318 Other investments £ 126,908 13,078 139,986 139,986 126,908 Other investments £ 139,986 |
|---|---|---|---|
continued...
Page 9
THE NOTTAGE MARITIME INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 April 2021
9. STOCKS
| Stocks 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments |
2021 £ 300 2021 £ 500 726 1,226 |
2020 £ 300 2020 £ 500 3,510 4,010 |
|---|---|---|
11. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 28,073 TOTAL FUNDS 28,073 |
At 1.5.20 £ 644,215 644,215 Resources expended £ (16,829) **(16,829) ** |
Net movement At in funds 30.4.21 £ £ 24,322 668,537 24,322 668,537 Gains and Movement losses in funds £ £ 13,078 24,322 13,078 24,322 |
|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.5.19 £ 653,619 653,619 |
Net movement in funds £ (9,404) (9,404) |
At 30.4.20 £ 644,215 644,215 |
|---|---|---|---|
continued...
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THE NOTTAGE MARITIME INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 April 2021
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 35,327 | (35,122) | (9,609) | (9,404) |
| TOTAL FUNDS | 35,327 | (35,122) | (9,609) | (9,404) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.5.19 £ 653,619 653,619 |
Net movement in funds £ 14,918 14,918 |
At 30.4.21 £ 668,537 668,537 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 63,400 | (51,951) | 3,469 | 14,918 |
| TOTAL FUNDS | 63,400 | (51,951) | 3,469 | 14,918 |
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 April 2021.
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THE NOTTAGE MARITIME INSTITUTE
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 30 April 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Gifts | 264 | 1,479 |
| Donations | 2 | - |
| Grants | 2,100 | - |
| 2,366 | 1,479 | |
| Other trading activities | ||
| Moorings | 340 | 520 |
| Course fees | 9,092 | 11,047 |
| Room hire | 1,587 | 5,380 |
| Sundry income | 11 | 679 |
| 11,030 | 17,626 | |
| Investment income | ||
| Rents received | 10,200 | 11,550 |
| Other fixed asset invest - FII | 4,475 | 4,659 |
| Deposit account interest | 2 | 13 |
| 14,677 | 16,222 | |
| Total incoming resources | 28,073 | 35,327 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Sundries | 1,029 | 130 |
| Instructors' fees | 2,699 | 5,891 |
| 3,728 | 6,021 | |
| Investment management costs | ||
| Office costs | 2,785 | 5,139 |
| Property costs | 8,694 | 19,586 |
| Staff costs | 320 | 2,069 |
| 11,799 | 26,794 | |
| Support costs | ||
| Finance | ||
| Fixtures and fittings | 488 | 574 |
| Computer equipment | 199 | 265 |
| 687 | 839 |
This page does not form part of the statutory financial statements
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THE NOTTAGE MARITIME INSTITUTE
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES | ||
|---|---|---|
| for the Year Ended 30 April 2021 | ||
| 2021 | 2020 | |
| £ | £ | |
| Finance | ||
| Other | ||
| Room hire costs | - | 883 |
| Advertising | 315 | 285 |
| 315 | 1,168 | |
| Governance costs | ||
| Accountancy | 300 | 300 |
| Total resources expended | 16,829 | 35,122 |
| Net income before gains and losses | 11,244 | 205 |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | 13,078 | (9,609) |
| Net income/(expenditure) | 24,322 | (9,404) |
This page does not form part of the statutory financial statements
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