## **HULL SEA CADETS – TS IRON DUKE ARGYLE STREET KINGSTON UPON HULL HU3 1EX** **ANNUAL GENERAL MEETING MONDAY 9 SEPTEMBER 2024 7.45 PM FOR 8.00 PM** **CHAIRMAN’S REPORT FOR THE YEAR ENDED 31 MARCH 2024** ## **Review of progress since last AGM** As always, thank you to my team for fully supporting me during the year. Thanks also go to the Commanding Officer and Executive Officer – it is so important for the UMT to have a good relationship with Senior Officers and Uniformed Staff to ensure the smooth running of the Unit. I acknowledge that it is not always easy when Staff are working shifts and maintaining a home life. We are all unpaid volunteers but Uniformed Staff in particular give up their valuable free time to participate in the life of the Unit and support the Cadets in their activities. Without you the Unit could not operate, so thank you for your efforts. However, the door is always open for new staff recruits! On a sad note, I record that our previous Chairman, Hon Alderman David Gemmell OBE passed away in March 2024 at the age of 83. He was highly respected within our City and we were very fortunate to have him as our Chairman for a number of years. ## **Unit Building** Due to the age of the building, maintenance is an on-going project. As previously reported, we were due our 5-yearly Electrics Check. The checks and Report cost £1,000 and the subsequent work £10,000. I am pleased to say that whilst not a complete re-wire, the Electrics were signed off until the next time! We then had some problems (again) with the roof and an area on the Mess Deck collapsed. The cause was ingress of water, which we think must have been happening over a number of years. The area of roof which was the problem has been repaired and work has been carried out internally on the Mess Deck, plus a few other classrooms to restore the paintwork of ceilings. There are other issues with the fabric of the building but we are trying to address them as we go along. ## **Financial Stability** Our financial health will be studied in more detail in the Treasurer’s Report. We remain fortunate that donations are received from our supporters. To mention a few: Our biggest supporter, the Sir James Reckitt Charity gave us £6,000 and a supporter who wishes to remain anonymous gave us £10,000 for the Electrics (£8K donation creating £2K Gift Aid). ABP gave £2,500 for the purpose of wet-suits: £1,200 Cottingham Golf Club: £500 Trinity House Old Boys Assn: 3xBag Packs = £1,830 and various donations from the Masonic Lodges for Stewarding. Utility bills are our greatest worry, particularly in the coming winter months. Additional financial burdens continue to be placed on us such as the Section 19 Permit for the mini-bus which is a Legal Requirement. The bus has to be checked every 6/10 weeks in addition to its MOT. With Insurance at £595 pa: Tax £174: MOT £50: Section 19 Permit checks £1,050 – it all adds up. **We continue to retain £15,000 in our Reserves for emergencies. Due to our dependence on Grants and Donations, the Committee feel it is important to have this money available to sustain our day-to-day obligations should this source of funding cease and we were unable pay our bills.** ## **Raising Cadet Profile** We continued to maintain a high profile in the City, attending Sailors’ Sunday: 50[th] Anniversary Service for the Loss of the Trawler Gaul: Lost Trawlermen’s Service: D-Day Service: VJ Day: Falklands and IMNA Services. It was also the Unit’s 110[th] “Birthday” this year! Particular thanks to Lt (SCC) Janice Spicer MBE who, as Operations Officer, sorts out all the dates/risk assessments and is our front-line Public Relations face! We were delighted to provide a Lord Mayor of Kingston upon Hull’s Cadet and Lord Lieutenant of the East Riding of Yorkshire Cadet during the year. Our Cadets are our greatest asset and the Junior Cadets our future if they complete the system 10-18 years. ## **The Unit Ambassador Scheme** The UMT hopes to re-launch this scheme and seek some additional Corporate Sponsorship from within our City. ## **THE ROYAL MARINE CADETS** The Detachment has performed well under the guidance of Detachment Commander Lt (SCC) Alfie Kerr RMR, aided by Sgt Charlie Featherstone. The RMC Team also won the National Drill Competition – well done to them. ## **DATA RELATED TO 2023/2024** In August 2023 all Unit Chairs and Commanding Officers/OiC’s received notification from Captain Sea Cadets to clarify their roles. The leadership and management of a Sea Cadet Unit is a partnership between the Unit Chair and Commanding Officer/OiC. Both roles are geared towards ensuring the Unit’s growth and success by offering a quality experience for the Cadets. ## **Roles and Responsibilities** The Unit Chair and CO/OiC have distinct roles, with each set of responsibilities being equally important to the success of the Unit. The Unit Chair focuses on the business and legal aspects, overseeing the Unit Management Team and managing finances, property and other resources. The CO/OiC is responsible for the leadership of the instructors, welfare of the Cadets and delivery of the Sea Cadets Experience. Regardless of their rank and seniority, the CO/OiC has authority over all other instructional volunteers within the Unit. Both roles must always work within the Sea Cadets Regulations and Charity Laws applicable (enshrined in the Sea Cadets Standard Constitution 2017). **They both hold equal weight in ensuring the Unit’s success and a co-operative partnership between the two is essential for the wellbeing of the Unit and its Cadets.** I can confirm that both the CO and I work in partnership to ensure the success of Hull Unit. ## **Unit Assets** Our building is owned by the Unit and valued at £400,000 Freehold. ## **Asset & Marine Assets** Are covered in the Treasurer’s Report ## **Accounting Systems** As Unit Chairman, I have overall accountability for ensuring the financial systems comply with the requirements of the Sea Cadet Corps, the Marine Society and the Charities Commission. Jacksons, Chartered Accountants are the Independent Examiners of our Annual Accounts. These have been duly examined and signed off. ## **Unit Management Team Structure** The Standard Committee structure is adhered to. |**Ms Susan Coupland**|**Hon Chairman**| |---|---| |**Hon Alderman Bryan Bradley DL**|**Vice Chairman**| |**Ms Tracey Tomlinson**|**Hon Treasurer**| |**WO2 (SCC) Sally Green RNR**|**Commanding Officer**| |**Capt Derek Chadburn MSc**|**Committee Member/Hon Co of Master Mariners**| |**Capt Chris Towne**|**Committee Member/Trinity House Representative**| |**Position Vacant**|**Hon Secretary**| **Mr Ben Rose (Non-Committee Member) is our Hon Legal Advisor and has agreed to continue within his post** ## **The UMT wishes to thank:** Mrs Gemma Smith who undertakes Admin/BTEC/Duke of Edinburgh Scheme/Stores (when needed) Paul Smith – Drives the minibus when shifts allow and helps out with teas/coffees when we are entertaining Ms Gail Ozkan – in charge of Stores ## _**Thank you all for working together to make TS Iron Duke such a strong Unit which does its very best to deliver the Cadet experience to our young people**_ Registered number 505324 Hull Unit of the Sea Cadet Corps Report and Financial Statements 31 March 2024 Hull Unit of the Sea Cadet Corps Report and accounts Contents Page Charity Infomiation TNstees' Report Independent Examlnefs Report Statem8nt of Financlal Actlvities Statement of Financi81 Position Statement of Changes in Charitable Funds Statement of Cash Flows 10 11 Notes to the Flnancial Slatements 12 Delailed Statement of Flnandal Activities 17 Detailed Income and Exp6nditure Account 18 Hull Unlt of the Sea Cadet Corps Charlty Information Tru8tees Ms. Susan Coupland (Hon, Chaimian) Hon. Alderman Bryan Bradley, DL Ivice Chairman) Ms. Tracey Tomlinson (Hon. Treasurer) Captain Der8k Chadburn, Msc Captain Chrls Towne Independent examlners Jacksons Chartered Accountants First Floor, Albion House Albion Street Hull HU1 3TE Banker5 Barclays Bank UK plc 1 Churchlll Placè London E14 5HP Reglstered offlce 118 Argyle Street Hull East Yorkshire HU3 1EX Reglstered number 505324 Governlng document ConslltutionlMemor8ndum of Understanding be￿een the MSSC and the Ministry of Defence Hull Unlt of th? Sea Cadet Corps Reglstered charlty number: 505324 Trustee5' Report for the year ended 31 March 2024 The trustees present their report and financial stalements for the Charity for the year ended 31 March 2024. The financi81 statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practlce ISORP): Accounting and Reporting by Charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic cf Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard 8pplicable in Ihe United Kingdom and Republic of Ireland (FRS 102) and the Charities Act2011. Prlnclpal octlvltle8 The Charlty'5 principal aclivily during the ye8r continued to be offering a range of water and land- based activities In line wlth the tradition and customs of the Roy81 Navy. The nautiC81 focus shapes the behaviour and discipline of our young peopl8 and is distinct from other youth groups offered by schools. Our ethos is lo encourage high standards of bthaviour, which can help young peopl8 8ngag& in education and positively shape theirfuture. Objectlves and actlvltles The principal objectiveslaciivit188 of the Charity are for young people to gain.. life skills.. self-confidence, leadership, tearnwork, communicati￿, citizenship, Innovation,. values.. respect, loyalty, self-disclpline. commitment, honesty & Integrity,. qualrfications: BTEC, Duke of Edinburgh, Nation81 Gov8ming Body: an increase of job prospects; nautical skills.. boatlng, salllng, off-shore voyages in tr8inlng ship. and new friendshlps as well as becomlng a valuable member of soclety. We have referred to the Charity Commisslon's general guidanco on public benefit when reviewing our aims 8nd objecliv8s and in planning our future aclivities. In particular, the trustees conslder how planned activities wlll contribute to the aims and objectives we have set. We exlst to serve people in our community without dlscrimination. We strfve to promote social welfare through the provislon of facillties aimed at improvlng the soclal and physical wellbeing of those in our local community. The Charity provldes a safe worklng environment for vlsltors, members, workers and volunteers and any serious incldences are reported In accordance with our safeguarding policy. There w8re no serious incidents during the year ended 31 March 2024. Fund The Charity ralses funds from the public in the form of volunlary donaiions from benefactors (supporters) in the fonn of personal donations or when cadets undertake Stewarding Duties and our Ma50nic friends give a donation to the Unit. We do have a few Grants which are awarded to us annually to help wilh the running of Ihe Unit. W8 also undertake Bag Packing events at local stores. Hull Unlt of the Sea Cadet Corps Reglstered charlty number: 505324 Truste85' Report for the year ended 31 March 2024 The Charity does nol use the services of a professional fundraiser or commercial participator in the process of raising funds. Also, the Charity (Dr any person actlng on its behalf) is not subject to 8ny voluntary scheme for regulating fundraising, or voluntary standard for fundraising in respect of 8CtiMti8s on behalf of th8 Charily. The Charlty (or any person acting on its behalfj has not received any complaints in regard to its fundraising activities. The followlng activities were carried out during the year.. civic events throughout the CSty and East Riding of York$hire', stewarding lo ralse money for the runnlng of the Unlt., helping other charities (i.e. Royal British Legion, Lost Trawlermen of Hull Servica, Independent Merchant Navy Associatlon. Falkland Veterans); waterborne activities and camping at Welton Waters trainlng courses for internallylextem811y accredited qualifiGations (for example, BTEC-leval diplomas and Duke of Edinburgh awards) off-shore voyages on Sea Cadet Training Ships., tralning weekends at the Unlt; drill compet5tions,' and Bag Packing events. Flnanclal revlew Pri ources f fundin The largast contribution to the Charity 18 usualty from the Slr James Reckitt Charitable Trust (for £6,000) but thi8 year there was a one-off £8,000 donation from an Indi￿dual who gave the money towards our Electrical Project which cost £10.000. Although we kncw his iden15ty he does not wish to be publlejy named. The Charity achieved a surplus of £5,959 for the flnancial year. At 31 March 2024, the Charity held total funds of £537,386; £101,522 of which was cash at the bank and in h8nd. (The rest is the valu8 of fixed assets, £438,228, less creditors of £720.) This, in all, is considered lo be an 8ppropriaia level of funds to anable the Charity to pursue its objectives. Rese es The trustees havg a forecast of the lev81 of free reserves, (th8t is, those funds not tied up in fixed assels) that the Charity will require to sustain its day-to-day obligatlons. Whilst our actual free resenfes may prove SLrffiGienl, it is the trustees, view Ihat it Is prudent lo maintain the forecasted level of reserves to allow for financial flexibility and slabilty in light of the Charity's depandance on granls and donations. nv ic The tnjstees have adopted a strong, socially responsible Investment policy for the reserves of the Charity. This policy. in tandem with the need to fulfil our st£lutory obllgalions, has the objective of investing in such a way that the principles of socially responsible investmeni are promoted. A further f8Ctor is the need tD have ready access to our reserves las long-term funding canncl be guaranteed) so, for the current period, we have placed surplus funds in the Charity's bank current account. Hull Unlt of the Sea Cadet Corps Reglstered charity number: 505324 Trustees, Report for the year onded 31 March 2024 na ement The trustees activgly review, on a reoular basi$, the major risks that the Charity faces in maintainlng reserves al the levels detailed 8bove,' in addition to an annual review of the controls over key financial systems carried out through an intemal audil process. Intemal control risks are minimised by auihorisation procedures for all financial transactions. Policies and procedures ar8 in place to ensure compliance wilh health and safety regulations by, and for, staff, volunteers and Vlsltors, The trustees have also examined other operational and business rlsks which we face and confirm that they have taken steps lo mitigale any significant risks. Structure, governance and management Govemln docum Hull Unit of the Sea Cadet Corps Is 8 charltable organisation that has been running In Hull since 1914 and was registered as 8 charity In 1976. The Marine Soclety and Sea Cad8ts merged and the cha￿tY Is govemed by 8 Constltullonlmemorandum of Understanding between the MSSC and the Ministry of Defence IMODI. Around 400 Units then became separate charities (funding themselves) with the MSSC as their goveming body. The Charity trades as 'Hull Sea Cadets,. Sn sa nal Siructur Each unit has uniformed staff headed up by the Commanding Officer ICO). The UnSt Managemeni Team (UMT) are "civilian8' and are responsible for the malnten8nce of the Unlt, payment of bills, providing equipment, We are a small team headed up by Ihe Chairman who has ultlm8te responsibility for the UniL To be effective, the Commandlng Officer and Chairman have to malntain a good working relationship. We hav8 an Executive Officer who is second to the CO and an Operations Officer who organlses events In conlunction with Ihe CO and UMT. We also have 8 Royal Marines Oetachmenl headed by 8 Detachment Commander. Volunteers Volunteers (staff and UMT) do not get paid and willlngly give up their free time - without them the Unit would not be able to operal8. There were 11 volunteers, excludlng trustees, throughout the year who aided in Ihe running of the Charity. Rec nta ointment of trustees Cadets can see our Website, sign up online and then visil the Unit. Staff are very often from naval background or volunteers who lust want to sign up as instructors. Trusteas for UMT are harder to find and usually are approached by tha team if we consider them a suitable candidat8. There were no new or additional trustees recruited in tha year to 31 March 2024. Trustee inducti n and trainin Most Induction and Training is now done onllne and monitored by HQ. All the necessary Safeguarding traininglDBS has to be completed before steff are allowed near the Cadets, Hull Unlt of the Sea Cadet Corps Reglstered charity number: 505324 Tru5tees' Report for the year ended 31 March 2024 New trustees are encouraged to familiarise themselves with charity law, Ihelr responsibilities as trustees and with the Charity's rules and practlces. These cover., the obligation8 of Trustee Board; the operational framework for the Charity. the current financial position 8nd revenue generation; and future plans and objectives. TNstees Th6 following persons served as trustees during the year.. Ms. Susan Coupland (Hon. Chairman) Hon, Alderman Bryan 8raél8y, DL (Vicè Chaiman) Ms. Tracey Tomlinson (Hon, Treasurer) Captain Derek Ch8dbum. Msc Capiain Chr18 Towne TN8tees' re8ponslbllltle* The Trustees are responslble for keeping accounting records whlch dlsclose with reasonable accuracy the financial posillon of the Charity and enable them to ascertain to ensure that the accDunts comply with the Ch8rities Act 20118nd the provlslons of the trust deed. They are al$0 responsible for safeguarding the a3sets of the Charity and hence for taking reasonable steps for th8 pr8ventlon and detection of fraud and other Irregularities. The Trustees are responsible for the maintenance and integrity of the Charity and financ181 information included on the Charity's websit8 as well as.. a) to prepare financial statements which show a tTue and fair view: b) In preparing financial statements,. (i) to selact suilable 8ccounting pollcles and apply them on a consistent basis., and {il) to make Judgements and estimates Ih8t are prudent and reasonable., as well as c) to keep proper accounting records. Dlsclosure of Infomiatlon to Independent examlners Each person who was a trustaa at the time this report was approved confims that: so far as he is aware. there is no relevant audit information of which the Charitls independent examiner is unaware., and Hull Unlt of the Sea Cadet Corps Registered charity number: 505324 Trustees, Report for tha year ended 31 March 2024 he h8S taken 811 the sleps that he ought to have taken as a trustee in order to make himself aware of any relevant audit information and lo estsbllsh that the Charitls independent examiner is aware of that inform8tion. This report was approved by the board on 24 June 2024 and signed on its behay, Ms. Susan Coupland (Hon. Chainnan) Trustee Hull Unlt of the Sea Cadet Corps Independent Examlnevs Report to the members of Hull Unlt of the Sea Cadet Corps I report to the trustees on my examination of the accDunts of the above charSty {'Ihe Charity,) for the year ended 31 March 2024 which are set out in pages 1 to 19. Respon81bllllles and ba815 of report As the Chariiis trusie&s, you are responsible for the preparation of Ihe accounts in accordance with the requirements of the Charilies Act 2011 ('the Act,). I report in respect of my examinalion of the Charity's accounts carried out under section 145 af the 2011 Aci and in carrying out my examin8lion, I have follow8d all the applicable Directlons glven by tha Charity Commission under section 145(5){b) of the Act. The flnancial statements have been prepared under the historical cost Cc￿vention and in accordance with the Statement of Recommended Practlce (SORP).. Accounting and Reporting by Charities preparing thelr accounts In accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Ihe Financial Reporting Standard applicable in the Unlted Kingdom and Republic of Ireland (FRS 102) and the Charilies Act 2011. Independent examlneV6 Statement I have completed my examination. l Confimi that no material matters have come to my altantlon In connection with Ihe examlnatlon which glves me cause lo believe that In, any malerlal respecl.. the accounting records were not kept in accordance with section 130 of the Charities Act; or • tha accounts did not accord with the accounting records,. or th8 accounts did not comply with the 8ppIic8ble requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulation5 2008 other than any requirement that the accounts give a 'irue and fail view which is not a matter considered as p8rt of an independent examination. I have no concerns and hav8 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 reach&d. Mark Jackson (Senior Statutory Auditor) for and on behalf of Jacksons Charter8d Accountants First Floor, Albion Hous8 Albion Street Hull HU1 3TE 24 June 2024 Hull Unlt of the Sea Cadet Corps Statement of Flnanclal Actlvltles for the year ended 31 March 2024 Notes 2024 2023 In¢ome from charltable actlvltles 32,279 32,057 Expendilure on charllable activities (3,507) (7,400) Net operatlng Income 28,772 24,657 Administrative expenses other operating incom8 134,872) 12,059 159,682) 50.213 Operatlng surplu8 5,959 15,188 Interest recelvable 70 Movement In fund•: Net Income 5,959 15,258 Reconclllatlon of fund8 Net movement In funds Total funds brought forward 5,959 531,427 15,258 516,169 Total funds carried forward 537,386 531,427 Hull Unlt of the Sea Cadet Corps Statement of Flnanclal Posltlon as at 31 March 2024 Notes 2024 2023 Flxed assets Tangible as8ets 436,228 439,623 Cuffent assets D8blors Cash at bank 356 101,522 101,878 320 92,204 92,524 Credltors: amounts falllng due vAthln one year (720) (720) Net current a88et8 101,158 91,804 Net assets 537,38e 531,427 Capltal and reserves Unrestricted funds Restricted funds 521,787 15,619 517.241 14,186 Total equlty 537,386 531,427 L. 40, Ms. Susan Coupland (Hon. Chairman) Tnjstee Approved by the board on 24 June 2024 Hull Unlt of the Sea Cadet Corps Statement of Changes In Charltable Funds for the year ended 31 March 2024 This schedule does not fom? part of the statutory accounts Income and Expenditure account Total At 1 Aprll 2022 516.169 516,169 Surplus for the financial year 15,258 15,258 At 31 March 2023 531427 531,427 Al l Aprfl 2023 531,427 531,427 Surplus for the financial year 5,959 5,959 At 31 March 2024 537 386 537,386 10 Hull Unlt of the Sea Cadet Corps Statement of Cash Flows for the year ended 31 March 2024 Note8 2024 2023 Operatlng actlvltles Profit for the financial year 5,959 15.258 Adjustments for., Interest receivable Depreciation (Incre8se)Idecrease in debtor8 Increase in creditors {70) 4,096 60 120 3,995 (36) 9,918 Interest received 70 Cash generated by operating activities 9,918 19,534 Investlng actlvltles Payments to acquire tangible fixed a888t8 (600) Cash used in Inv6stlng acJvities 600 Nét ¢98h generated Cash generated by operatlng activities Cash used in investing activities 9,918 (600) 19,534 Nat cash genarated 9,318 19,534 Cash and cash aqulvalents al l April Cash and cash equivalents at 31 March 92,204 101522 72,670 92,204 Cash and cash aqulvalents comprlse: Cash at bank 101,522 92,204 Hull Unlt of the Sea Cadet Corps Notes to the Financlal Statements for the year ended 31 March 2024 I Summary of slgnlflcant accountlng pollcles Basls of preparatlon The financial statements have been prepared under the hlstorical cost convention and In accordance with the St8t8ment of Recommended Praclice (SORP): Accounting and Reporting by Charities preparing their accounts in accordance with th8 Financial Repcrting Standard appllcable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in tha United Kingdom and Republic of Ireland (FRS 102) and the Charlties Act 2011. The charity constltuies a publlc b6netit entity as defined by FRS 102. Income All income is recognised in Ihe Statement of Financial Activities once the Charity has entitlement to the funds, il 18 probable thal the income will be received, and tho 8mount can be measured reliably. Donated good8 and sen4ice5 8r8 recordgd at thelr expected cost. Tanqlble Ilxed assets Tangible fixed assets are measured at cost 18ss accumulative dapreciation 8nd any accumulative impairment losses. Depreclation is provided on all tangible fixed assets, Other than freehold land. at rates calculaled lo write off the cost, less estimated residu81 value, of each a8set evenly over ils expected useful life, as follows: Land and bulldlngs Plant and machinery Motor vehicles at a rate of at a rate of at a rate of O¥e 100 10 over 10 years of the net book value Depreciation is not provided on freehold buildings because the residual value of the buildlngs at the end of thelr useful life is expected to be higher than its cost or Valuatic￿. Debtoys Short term debtors are measured at transaction price (which is usually Ihe invoice price), less any impaimient losses for bad and doubtful debts. Loans and olher financial assets are initially recognised at transaction price including any transactlon costs and subsequently measured at emortised cost determined using the effectlV8 interest m8thod. less any impaimient Ios8es for bad and doubtful debls. Credltors Short tenn creditors ar& me8sured at transaction price (which is usually the invoice price). Loans and other financial lia￿'1111eS are initially recognised at transaclion price net of any transactton c05tS and subsequently measured at amortised cosi delemiined using the effective Interest method. Taxation The charity is exempt from taxation under sections 521 to 538 of the Income Tax Act 20D7 {ITA 200n. Fund accountlng.. restrictéd and unrestrtcted funds Unrestricted funds can be used in accordance with the charitable objectives at th8 discretion of the ttustees. 12 Hull Unit of the Sea Cadet Corps Notes to the Flnanclal Statements for the year ended 31 March 2024 Restricted funds can only be used for particular restricted purposes withln the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restrlcled purposes. Further explanation of the nature and PUTpose of @ach fund is induded in the notes to the financial ststements. Golng concern The accounts have been prepared on the going concern basis, which assumes that tha Charity will be in operational existence fvielve months from the date of approval of these accounts. The trustees are satlsfied thal thls basls Is 8pproprlat8. There are no materi81 uncertainties. Pmvlslons Provisions (1,8. liabilities of uncertain Ilmlng or amount) are recognised when there is an obllgallon at lh8 reporting date as a result of a past eveni, it is probable that economlc benefit will be transferred to sellle the obligalion and the amount of Ihe obligakn'on can be estlmated Penslons Contributions to defined contribution plans are expensed in the period to which they re18te. Government grants The accrual model (FRS 102 24.5C-G) was applied in produclng these accounts., therefore grants were recognlsed as elther relating to revenue (over th8 period In which the Charlly recognises the related costs for which the gr8nt wag Intended to rA)mpensate) or rel8tlng to assets (over the expected useful lrfe ol the 858etl. 2 Analy818 of Income from ¢harlt4ble actlvltles 2024 2023 Gifts, donations and pledges Cadel subscriptions other contributions Cadel nully (Tuck shopl 19,415 9,705 3,159 18,938 9,379 3,557 183 32,279 32,057 By geographlc21 market.. UK 32,279 32,057 3 Operatlng surplus 2024 2023 This is stated after charglng.. Depreciation of owned fixed assets 13 Hull Unlt of the Sea Cadet Corps Notes to the Flnancial Statements for the year ended 31 March 2024 4 Role played by general volunteers Volunteers play a vitsl role in the running of the Charity and Iheir conlribution helps the Charily achleve its objectlves. S Tanglble flxed a8set8 Land and bulldlngs At cost Plant and machlnery At Gost Motor vehlcle8 At cost Total Cost or valuatlon At 1 April 2023 Additions 40D,000 34,570 600 22,000 456,570 600 At 31 March 2024 400,000 35,170 22,000 457,170 Depreclatlon Al 1 April 2023 Charge for the year At 31 March 2024 9,381 2,552 11.933 7,566 1,443 16,947 3,S95 20 942 Carrylng amount Al 31 March 2024 400,000 436 228 At 31 March 2023 400 000 14.434 439 623 8 Debtor8 2024 2023 Other debtors 356 320 7 Credltor8: amount8 lalllng due wlthln one year 2024 2023 Trade creditors 720 720 8 Funds 2024 2023 At 1 April Net income for the financi81 year 531.427 5.959 516,169 15,258 At 31 March 537,386 531,427 14 Hull Unlt of the Sea Cadet Corps Notes to the Financial Statements for the year ended 31 March 2024 Reserves 2024 2023 Restrlcted and unre8trlcted funds At 1 April Unrestricted funds R8Stricted fvnds 517.241 14.186 502,391 13,778 Net income for the financial year Unrestricted funds Restricted funds 4,526 1,433 14,850 408 At 31 Marth Unrestricted funds Restiicted funds 521,767 15,619 517,241 14,186 Total funds Ganled fornard 537,386 531,427 Unr85trict8d funds are available for use at the discretion of the trustees, In order to further the charitys ol'ectives. The restricted funds as detailed above have been set asideldesignated for use in refurbishment of the building I'lhe Univ,), 9 Analysls ol net assets between lunds Unre8lrlcted Restrlcted funds fund8 2024 2023 Flxed assets Current assets Current liablllties 436,228 86,259 (720) 436,228 101,878 (720) 439,623 92,524 {720) 15,619 521,767 15,619 537,386 531,427 10 Related party transactlon8 No trustees were paid any ￿muneratIon (compensatlon) or received any other benefits from employment with the Charity or 8 related enb'ty nor did any trustee claim expenses or had their expenses met by tha Charity. 11 Presentatlon currency The financi81 statements are presented in Sterling, rounded to the nearest pound (£). 15 Hull Unlt of the Sea Cadet Corps Notes to the Financial Statements for the year ended 31 March 2024 12 Legal form of entlly and country of Incorporatlon Hull Unit of the Sea Cadet Corps is an unlncorporaleiy charity and registered with the Cttarity Commission for England and Wales. 13 Prlnelpal place of bu81ne88 The addr68s of th8 charitys princlp81 place of business and registered office is.. 118 Argyle Stre6t Hull East Yort