The Nottage Maritime Institute
Charity No. 301440
Trustees' Report and Unaudited Accounts
30 April 2024
The Nottage Maritime Institute Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 to 13 |
| Detailed Statement of Financial Activities | 14 to 15 |
Page 1
The Nottage Maritime Institute Trustees Annual Report
The trustees present their report with the unaudited financial statements of the charity for the year ended 30 April 2024.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 301440
Trustees
The following trustees served during the year:
J. Bieleicki
S.C. Blaxill
B.J. Hetherington
M. Lewis
Accountants
Quantic Accountancy Limited 1 Second Avenue
Bluebridge Halstead Essex CO9 2SU
OBJECTIVES AND ACTIVITIES
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. The Nottage Institute has been renamed the “Nottage Maritime Institute (NMI)”. It is a RYA recognised shore-based teaching establishment and provides RYA Yacht master, Day Skipper and Essential Navigation and Seamanship, the RYA CEVNI, the RYA managed Short Range Marine Radio Certificate of Competency Course and the RYA Emergency First Aid course. It also offers a course of practical boat building and courses for meteorology for sailors and the Trinity House sponsored River Users Course. Courses are provided and modified to meet developments in sailing and waterborne activities. The Nottage River Users Course is a good example of the Institute moving with the times to meet the changing use of the tidal River Colne. Regular lectures and films are provided for a support group called Friends of the NMI. 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 the yachting and other maritime heritage of the River Colne.
The management committee has continued to rearrange and improve the displays of our artefacts on the walls of the main room upstairs and an exhibition based on some of these artifacts was held in the summer. The institute has added the facility to pay for merchandise and make donations using credit and debit cards to meet current practice of not carrying cash. As well as our own courses, local community groups and individuals have hired the premises for art exhibitions, courses and meetings. Our RYA Yacht master, Day Skipper and a RYA First Aid Course as well as several SRC VHF courses ran successfully commencing in October 2023. The boat building class has continued with the new design of dinghy built from plywood.
Page 2
The Nottage Maritime Institute Trustees Annual Report
ACHIEVEMENTS AND PERFORMANCE
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 as required under SORP 2005 and the insurance cover is sufficient to cover rebuilding should the need arise.
FINANCIAL REVIEW
The Institute has managed to grow financially albeit slowly since Covid 19. Rivage, our adjacent Nottage owned property, has been continuously let during this period and this is set to continue. Having come out of the pandemic in late July2021, the programme of activities has continued successfully during this year.
STRUCTURE, GOVERNANCE AND MANAGEMENT
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.
Statement of trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the charity's trustees
M. Lewis Trustee 01 October 2024
Page 3
The Nottage Maritime Institute Independent Examiners Report
Independent Examiner's Report to the trustees of The Nottage Maritime Institute
I report to the trustees on my examination of the financial statements of The Nottage Maritime Institute for the year ended 30 April 2024.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14S(S)(b) of the Act.
Independent examiner's statement
I have completed my examination. I can 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:
-
the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
Stuart Foster (FCCA) ACCA Quantic Accountancy Limited 1 Second Avenue Blue bridge Halstead Essex CO9 2SU 01 October 2024
Page 4
The Nottage Maritime Institute Statement of Financial Activities for the year ended 30 April 2024
| Notes Income and endowments from: Donations and legacies 3 Other trading activities 4 Investments 5 Total Expenditure on: Other 6 Total Net gains/(losses) on investments Net income/(expenditure) 7 Transfers between funds Net income/(expenditure) before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds |
Total funds | Total funds | |
|---|---|---|---|---|
| 2024 | 2024 | 2023 | ||
| £ | £ | £ | ||
| 1,930 | 1,930 | 1,340 | ||
| 15,997 | 15,997 | 12,790 | ||
| 15,902 | 15,902 | 15,100 | ||
| 33,829 | 33,829 | 29,230 | ||
| 29,374 | 29,374 | 34,136 | ||
| 29,374 | 29,374 | 34,136 | ||
| 1,458 | 1,458 | (2,937) | ||
| 5,913 | 5,913 | (7,843) | ||
| - | - | - | ||
| 5,913 | 5,913 | (7,843) | ||
| 5,913 | 5,913 | (7,843) | ||
| 661,772 | 661,772 | 669,615 | ||
| 667,685 | 667,685 | 661,772 | ||
Page 5
The Nottage Maritime Institute Balance Sheet
at 30 April 2024
| Balance Sheet at 30 April 2024 |
|||
|---|---|---|---|
| Charity No. 301440 | 2024 | 2023 | |
| £ | £ | ||
| Fixed assets | |||
| Tangible assets | 9 | 467,649 | 468,108 |
| Investments | 10 | 138,358 | 136,900 |
| 606,007 | 605,008 | ||
| Current assets | |||
| Stocks | 11 | 300 | 300 |
| Debtors | 12 | 4,365 | 4,845 |
| Cash at bank and in hand | 57,918 | 51,619 | |
| 62,583 | 56,764 | ||
| Creditors:Amount falling due within one year | 13 | (905) | |
| Net current assets | 61,678 | 56,764 | |
| Total assets less current liabilities | 667,685 | 661,772 | |
| Net assets excluding pension asset or liability | 667,685 | 661,772 | |
| Total net assets | 667,685 | 661,772 | |
| The funds of the charity | |||
| Restricted funds | 14 | ||
| Unrestricted funds | 14 | ||
| General funds | 651,155 | 646,700 | |
| 651,155 | 646,700 | ||
| Reseres | 14 | ||
| Revaluation resere | 16,530 | 15,072 | |
| 16,530 | 15,072 | ||
| Total funds | 667,685 | 661,772 |
Approved by the trustees on 01 October 2024
And sif'/lin their :•half by, Trustee B.J. Hetherin� 01 October 2024
Page 6
The Nottage Maritime Institute Notes to the Accounts
for the year ended 30 April 2024
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
-
Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
-
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market revaluation of fixed value at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 7
The Nottage Maritime Institute Notes to the Accounts
Expenditure
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT expenditure which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities charitable activities and services in the furtherance of its objects, including the making of grants and governance costs. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from tax on its charitable activities.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Fixtures, fittings and 15-25% Reducing balance equipment
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Page 8
The Nottage Maritime Institute Notes to the Accounts
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.
All exchange differences are are taken into account in arriving at net income/expenditure.
Leased assets
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Pension costs
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
Page 9
The Nottage Maritime Institute Notes to the Accounts
2 Statement of Financial Activities - prior year
| 2 Statement of Financial Activities - prior year |
|||
|---|---|---|---|
| Income and endowments from: Donations and legacies Other trading activities Investments Total Expenditure on: Other Total Net gains on investments Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 3 Income from donations and legacies Gifts and donations 4 Income from other trading activities Course fees Room hire Moorings Sundry income |
Unrestricted £ |
Unrestricted funds 2023 £ 1,340 12,790 15,100 |
Total funds 2023 £ 1,340 12,790 15,100 |
| 29,230 34,136 |
29,230 34,136 |
||
| 34,136 (2,937) |
34,136 (2,937) |
||
| (7,843) | (7,843) | ||
| (7,843) | (7,843) | ||
| (7,843) 669,615 |
(7,843) 669,615 |
||
| 661,772 | 661,772 | ||
| Total 2024 £ 1,930 |
Total 2023 £ 1,340 |
||
| 1,930 | |||
| 1,930 | 1,930 | 1,340 | |
| Unrestricted £ 11,544 3,468 795 190 |
Total 2024 £ 11,544 3,468 795 190 |
Total 2023 £ 9,283 2,201 968 338 |
|
| 15,997 | 15,997 | 12,790 |
Page 10
The Nottage Maritime Institute Notes to the Accounts
- 5 Income from investments
| Fixed asset investment income Deposit account interest Rents received 6 Other expenditure Instructors' fees RYA and other materials Advertising and website Employee costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 7 Net income/(expenditure) before transfers This is stated after charging: Depreciation of owned fixed assets Independent Examiner's fee 8 Staff costs Salaries and wages |
Unrestricted £ 4,901 321 10,680 |
Total 2024 £ 4,901 321 10,680 |
Total 2023 £ 4,801 59 10,240 |
|---|---|---|---|
| 15,902 | 15,902 | 15,100 | |
| Unrestricted £ 3,742 5,663 570 2,493 8,839 459 7,273 335 |
Total 2024 £ 3,742 5,663 570 2,493 8,839 459 7,273 335 |
Total 2023 £ 3,600 3,635 533 2,341 15,920 554 7,235 318 |
|
| 29,374 | 29,374 | 34,136 | |
| 2024 £ 459 335 2024 2,493 |
2023 £ 554 318 2023 2,341 |
||
| 2,493 | 2,341 |
No employee received emoluments in excess of £60,000.
Page 11
The Nottage Maritime Institute Notes to the Accounts
9 Tangible fixed assets
| Cost or revaluation At 1 May 2023 At 30 April 2024 Depreciation and impairment At 1 May 2023 Depreciation charge for the year At 30 April 2024 Net book values At 30 April 2024 At 30 April 2023 10 Investments Cost or revaluation At 1 May 2023 Revaluation At 30 April 2024 Net book values At 30 April 2024 At 30 April 2023 11 Stocks Raw materials and consumables Carrying value analysed by activities Course fees 12 Debtors Other debtors Prepayments and accrued income |
Land and buildings £ 465,270 |
Fixtures, fittings and equipment |
Total £ 473,372 |
|---|---|---|---|
| £ 8,102 |
|||
| 465,270 | 8,102 | 473,372 | |
| - - |
5,264 459 |
5,264 459 |
|
| - | 5,723 | 5,723 | |
| 465,270 | 2,379 | 467,649 | |
| 465,270 | 2,838 | 468,108 | |
| 2024 £ 300 |
Other investments - Unlisted £ 136,900 1,458 |
Total £ 136,900 1,458 |
|
| 138,358 | 138,358 | ||
| 138,358 | 138,358 | ||
| 136,900 | 136,900 | ||
| 2023 £ 300 |
|||
| 300 | 300 | ||
| 2024 £ 300 |
2023 £ 300 |
||
| 300 | 300 | ||
| 2024 £ 500 3,865 |
2023 £ 500 4,345 |
||
| 4,365 | 4,845 |
Page 12
The Nottage Maritime Institute Notes to the Accounts
13 Creditors:
amounts falling due within one year
| Other creditors Accruals 14 Movement in funds Restricted funds: Unrestricted funds: General funds Revaluation Reserves: Revaluation fund Total revaluation reserves Total funds |
2024 £ 335 |
2023 £ - |
||
|---|---|---|---|---|
| 570 | - | |||
| At 1 May 2023 |
905 | Resources expended £ |
- | |
| Incoming resources (including other gains/losses) £ |
At 30 April 2024 £ 651,155 |
|||
| 646,700 | 33,829 | (29,374) | ||
| 15,072 | 1,458 | 16,530 | ||
| 15,072 | 1,458 | 16,530 | ||
| 661,772 | 35,287 | (29,374) | 667,685 |
Purposes and restrictions in relation to the funds: Revaluation reserves Represent the amount by which investments exceed their historical cost.
15 Analysis of net assets between funds
| Fixed assets Investments Net current assets 16 Reconciliation of net debt Cash and cash equivalents Net debt |
At 1 May 2023 £ |
Unrestricted funds £ 467,649 |
Total £ 467,649 |
|---|---|---|---|
| 138,358 | 138,358 | ||
| 61,678 | 61,678 | ||
| 667,685 | 667,685 | ||
| Cash flows £ |
At 30 April 2024 £ |
||
| 51,619 | 6,299 | 57,918 | |
| 51,619 | 6,299 | 57,918 | |
| 51,619 | 6,299 | 57,918 | |
Page 13
The Nottage Maritime Institute Detailed Statement of Financial Activities
for the year ended 30 April 2024
| Income and endowments from: Donations and legacies Gifts and donations Other trading activities Course fees Room hire Moorings Sundry income Investments Fixed asset investment income Deposit account interest Rents received Total income and endowments Expenditure on: Other expenditure Instructors' fees RYA and other materials Advertising and website Employee costs Salaries/wages Premises costs Rates Light, heat and power Premises cleaning Premises repairs and maintenance Other premises costs General administrative costs, including depreciation and amortisation Depreciation of Fixtures, fittings and equipment Equipment repairs and maintenance |
Unrestricted funds 2024 £ 1,930 1,930 11,544 3,468 795 190 15,997 4,901 321 10,680 15,902 33,829 3,742 5,663 570 9,975 2,493 2,493 1,639 2,638 500 3,847 215 8,839 459 2,304 |
Total funds 2024 £ 1,930 1,930 11,544 3,468 795 190 15,997 4,901 321 10,680 15,902 33,829 3,742 5,663 570 9,975 2,493 2,493 1,639 2,638 500 3,847 215 8,839 459 2,304 |
Total funds 2023 £ 1,340 |
|---|---|---|---|
| 1,340 | |||
| 9,283 2,201 968 338 |
|||
| 12,790 | |||
| 4,801 59 10,240 |
|||
| 15,100 | |||
| 29,230 3,600 3,635 533 |
|||
| 7,768 | |||
| 2,341 | |||
| 2,341 | |||
| 1,640 2,264 500 11,307 209 |
|||
| 15,920 | |||
| 554 1,412 |
Page 14
The Nottage Maritime Institute Detailed Statement of Financial Activities
| General insurances Stationery and printing Sundry expenses Telephone, fax and broadband Legal and professional costs Audit/Independent examination fees Total of expenditure of other costs Total expenditure Net gains on investments Net income/(expenditure) Net income/(expenditure) before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
3,970 119 114 766 7,732 335 335 29,374 29,374 1,458 5,913 5,913 - 5,913 661,772 667,685 |
3,970 119 114 766 7,732 335 335 29,374 29,374 1,458 5,913 5,913 - 5,913 661,772 667,685 |
4,395 360 531 537 |
|---|---|---|---|
| 7,789 | |||
| 318 | |||
| 318 | |||
| 34,136 | |||
| 34,136 (2,937) |
|||
| (7,843) | |||
| (7,843) - |
|||
| (7,843) | |||
| 669,615 | |||
| 661,772 |
Page 15