BARROW-IN-FURNESS UNIT NO 23 OF THE SEA CADET CORPS T S SOVEREIGN
UNAUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31ST MARCH 2023
BARROW-IN-FURNESS UNIT NO 23 OF THE SEA CADET CORPS T S SOVEREIGN
UNAUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31ST MARCH 2023
Index
| Page | |
|---|---|
| General information | 2 |
| Trustees report | 3 |
| Statement of the trustees responsibilities | 4 |
| Independent Examiners Report | 5 |
| Statements of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 |
| Detailed notes to the financial statements - not for publication | 11 |
1
President:
General information
Mr C Robson Mr S Timms
To 3rd January 2023 From 3rd January 2023
Vice Presidents:
Mr J F Hornby Captain J W Green, MBE, DL Mr R Wood
Holding (Custodian) Trustees:
The Marine Society & Sea Cadets Lt. (SCC) D Constable, RNR, (Rtd.) Captain J W Green, MBE, DL
Trustees:
Chairperson Cdre J P H Fulford, RN (Rtd) Vice Chairperson Lt. Cmdr. P G Douglas, RN (Rtd) Honorary Secretary: Mrs M Gale Honorary Treasurer: Mr I Gerrish Lt. (SCC) D Constable, RNR, (Rtd.) Miss G M Gerrish Mrs A G Husband Mr C Thompson Mr J Aspin Officer in Charge: Lt (SCC) D Swarbrick, RNR To 10th November 2022 Lt (SCC) N Phillips, RNR - temporary From 11th November 2022
Officer in Charge:
Chairperson Parents and Supporters Association:
Mr G Gibson
Independent examiner:
Mr J F Hornby, FCA Chartered Accountant J F Hornby & Co The Tower Daltongate Business Centre Daltongate Ulverston Cumbria LA12 7AJ
Principal address:
1 Dundee Street Barrow in Furness Cumbria LA14 2RP
Registered charity number:
521018
Bankers:
National Westminster Bank plc 113 Dalton Road Barrow - in - Furness Cumbria LA14 1HZ
2
Trustees report for the financial year ended 31st March 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023.
Structure, governance and management
The charity is a trust. Its governing document is a trust deed dated 1st June 2007 incorporating Sea Cadet Regulations.
The charity is governed by its trustees who appoint officers responsible for the management of the charitable activities.
The trustees and officers who served during the financial year are detailed on page 2.
Objectives and activities
The objectives of the charity as contained within Sea Cadet Regulations is, based on the ethos and traditions of the Royal Navy, to give young people the best possible head start in life through nautical adventure and fun.
The principal activity of the charity during the financial year was the provision of an action packed programme from boating to sailing to canoeing, sports and adventure training. Life skills from cookery to computers, engineering, navigation and the art of seamanship were taught.
Trustees
Trustees are elected annually at the annual general meeting. The trustees are elected from the membership of the Sea Cadet Unit which is drawn loosely as those with an interest in the unit. The trustees have the power to appoint new trustees who serve until the next annual general meeting following appointment.
Achievements and performance
The Barrow Unit reopened in January 2023, following a 4 month period of closure at the end of 2022. Since this time, the Unit has thrown itself in to delivering the Cadet Experience we know we are capable of utilising the experienced team of CFAVs, excellent facilities and a highly motivated group of cadets.
The Unit has partaken in all District Competitions and has been fortunate to represent the Lakeland District at Area and National competitions, notably achieving 3rd place in the Junior Boys Rowing Competition.
We have broadened our provision of training we are able to provide as a unit through uptake of district and area courses, development of instructors (3 Mountain Bike Instructors, 1 Instructor completing all core modules, with 3 others on that journey too) and partnering with other local groups like Duddon Canoe Club, who have enabled our large number of Kayaking Qualifications and provided Paddle sports opportunities wider than our current capabilities can offer.
The Barrow Unit has been a large part of the Community for over 91 years and this year we increased our visibility with attendance at large events in the Town Centre, supporting Business events, supporting other charities and a large presence at Civic events
The trustees acknowledge and thank the Ministry of Defence for the extra support by way of grants in aid, loan of equipment and the services of personnel to the unit during the financial year.
Financial review
It is the trustees policy of the unrestricted reserves of £10,000 should be represented by cash at bank with all outstanding accounts paid. At 31st March 2023 the reserves exceeded the policy requirement.
Public benefit
The trustees confirm they have complied with their duty under section 4 (2) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission and consider that the pursuit of the trust's objectives through the activities described above is consistent therewith.
Safeguarding of young people
All of the trustees. officers and volunteers hold valid certificates from the Disclosure and Barring Service.
Basis of preparation
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)"; Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011.
Approved by order of the board of trustees on 19[th] February 2024 and signed on its behalf by: M Gale
Mrs M Gale Honorary Secretary
3
Statement of the trustees responsibilities in respect of the preparation of financial statements
The trustees are required, to prepare accounts that give a true and fair view of the state of affairs of the charity and its income and expenditure for the financial year. In doing so the committee are required to:
-
1 select suitable accounting policies and then apply them consistently;
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2 make judgements and estimates that are reasonable and prudent;
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3 prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.
The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at the time the financial position of the charity and to enable then to ensure that the accounts comply with the Charities Act 2011. There are also responsibilities for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
4
Independent Examiners report to the members on the unaudited financial statements
I report to the charity trustees on my examination of the financial statements of the Barrow in Furness Unit No 23 of the Sea Cadet Corps (the Trust) for the financial year to 31st March 2023.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Trusts financial statements 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 aspect:
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1 Accounting records were not kept in respect of the Trust as required by section 130 of the act; or
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2 The financial statements do not accord with those records; or
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3 The financial statements do not comply with the applicable requirements concerning the form and contents of the financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than the 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 proper understanding of the accounts to be reached.
J F Hornby, FCA Independent Examiner Chartered Accountant The Tower Daltongate Business Centre Daltongate Ulverston Cumbria LA12 7AJ
Dated 19[th] February 2024
5
Statement of financial activities for the financial year ended 31st March 2023
| Unrestricted | Restricted | Restricted | |||
|---|---|---|---|---|---|
| revenue | revenue | capital | Total | Total | |
| funds | funds | funds | 2023 | 2022 | |
| Income resources: | |||||
| Incoming resources from generated funds | |||||
| Voluntary income | 2,803 | 15,700 | 0 | 18,503 | 5,022 |
| Activities for generating funds | 0 | 0 | 0 | 0 | 0 |
| Investment income | 42 | 0 | 0 | 42 | 1 |
| Profit on disposal of asset | 0 | 0 | 0 | 0 | 0 |
| Local Restrictions Support Grants | 0 | 0 | 0 | 0 | 26,667 |
| Income resources from charitable activities | 5,354 | 0 | 0 | 5,354 | 3,377 |
| Total incoming resources | £8,199 | £15,700 | £0 | £23,899 | £35,067 |
| Resources expended: | |||||
| Costs of generating funds | |||||
| Costs of voluntary income | 0 | 15,700 | 0 | 15,700 | 1,000 |
| Fundraising costs | 0 | 0 | 0 | 0 | 0 |
| Charitable costs | 18,976 | 0 | 0 | 18,976 | 23,428 |
| Depreciation | 281 | 0 | 978 | 1,259 | 2,394 |
| Total resources expended | £19,256 | £15,700 | £978 | £35,934 | £26,822 |
| Net incoming/(outgoing) resources before | |||||
| transfers | -11,057 | 0 | -978 | -12,035 | 8,245 |
| Transfers between funds: Parent and | |||||
| Supporters Association | -190 | 190 | 0 | 0 | 0 |
| Net movement of funds | -11,247 | 190 | -978 | -12,035 | 8,245 |
| Total funds brought forward | 84,012 | 12,493 | 393,647 | 490,152 | 481,907 |
| Total funds carried forward | £72,765 | £12,683 | £392,669 | £478,117 | £490,152 |
None of the charitable activities were acquired or discontinued during the financial year.
There were no unrealised gains or losses during the financial year.
The restricted capital funds of £392,669 at 31st March 2023 are represented by £384,249 net book value of tangible fixed assets and £8,420 cash at bank.
£28,894 of the unrestricted revenue funds has been allocated by the trustees as a contribution towards the cost of the Sir John Fisher Sailing Centre proposed development additional to the £8,420 specific funds received: total £37,314.
6
Balance sheet at 31st March 2023
| Notes | 2023 | 2022 | |
|---|---|---|---|
| Fixed assets | |||
| Tangible assets | 3 | 391,345 | 392,604 |
| Total fixed assets | £391,345 | £392,604 | |
| Current assets: | |||
| Debtors | 0 | 0 | |
| Cash at bank and in hand | 4 | 87,237 | 97,548 |
| Total current assets | 87,237 | 97,548 | |
| Creditors:amounts falling due within | |||
| one year | 465 | 0 | |
| Net current assets | £86,772 | £97,548 | |
| Total assets less current liabilities | 478,117 | 490,152 | |
| Creditors:amounts falling due after | |||
| more than one year | 0 | 0 | |
| Net assets | £478,117 | £490,152 | |
| Funds | |||
| Restricted funds | |||
| Revenue funds | 12,683 | 12,493 | |
| Capital funds | 392,669 | 393,647 | |
| 405,352 | 406,140 | ||
| Unrestricted funds | 72,765 | 84,012 | |
| £478,117 | £490,152 | ||
| Signed on behalf of the trustees | |||
| The financial statements were approved by the board of trustees on 19th February | 2024 and signed on its behalf | ||
| by:M Gale | |||
| Acting Chairperson |
The notes on pages 8 to 10 form part of these financial statements
7
Notes to the statement of financial activities in Respect of the financial year ended 31st March 2023
1 Accounting convention and 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)"; 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.
The Trust's annual income being less than £250,000 the financial statements are not subject to audit.
Change to previous financial statements
No changes have been made to the financial statements for previous years.
Recognition of incoming resources
Incoming resources are included when:
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I the charity becomes entitled to the resources;
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I the trustees are virtually certain they will receive the resources, and;
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I the monetary value can be measured with sufficient reliability.
Incoming resources with related expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross.
Grants and donations
Grants and donations are included when the charity has unconditional entitlement to the resource.
Tax reclaims on donations and gifts
Incoming resources from tax reclaims are included at the same time as the gift to which they relate.
Contractual income and performance related grants
Contractual income and performance related grants are included once the related goods or services have been delivered.
Gifts in kind
Gifts in kind are not included as income due to the difficulty in assessing the value of the many gifts the charity receives.
Donated services and facilities
Donated services and facilities are not included in incoming resources (with an equivalent amount in resources expended) due to the difficulty in assessing the value of the many donated services and facilities received.
Volunteer help
The value of voluntary help received is not included.
Investment income
Investment income is included when receivable.
Liability recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
8
Tangible fixed assets for use by charity
Tangible fixed assets are capitalised if they can be used for more than one year, and cost at least £2,000.
Depreciation, to write off each tangible fixed asset over its estimated useful life is provided at the following rates on the straight line basis.
| aight line basis. | |
|---|---|
| Freehold property | not provided |
| Leasehold property | not provided |
| Shipping properties | 10% |
| Equipment | 20% |
Freehold and leasehold property have not been depreciated which is a departure from Financial Reporting Standard 102. Depreciation if provided would not have been of a material nature. The trustees consider that this policy results in the financial statements showing a true and fair view.
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the leaser are charged in the statement of financial activities as incurred.
2 Cash Flow
The financial statements do not include a cash flow statement. The trust as a small reporting entity is exempt from the requirement to prepare a cash flow statement under Financial Reporting Standard 1: Cash flow statements.
3 Tangible fixed assets
Funded by restricted capital funding
| Freehold | Leasehold | ||||
|---|---|---|---|---|---|
| property | property | Boats | Equipment | Total | |
| Cost: | |||||
| At 1st April | 184,305 | 196,681 | 55,642 | 34,825 | 471,453 |
| Expenditure during the year | 0 | 0 | 0 | 0 | 0 |
| At 31st March 2023 | £184,305 | £196,681 | £55,642 | £34,825 | £471,453 |
| Depreciation: | |||||
| At 1st April | 0 | 0 | 51,405 | 34,821 | 86,226 |
| Added during the year | 0 | 0 | 978 | 0 | 978 |
| At 31st March 2023 | £0 | £0 | £52,383 | £34,821 | £87,204 |
| Net book value: | |||||
| At 31st March 2023 | £184,305 | £196,681 | £3,259 | £4 | £384,249 |
| At 31st March 2022 | £184,305 | £196,681 | £4,237 | £4 | £385,277 |
9
Funded by unrestricted capital funding
| Freehold | Leasehold | ||||
|---|---|---|---|---|---|
| property | property | Boats | Equipment | Total | |
| Cost: | |||||
| At 1st April | 3,384 | 2,887 | 11,046 | 29,093 | 46,410 |
| Expenditure during the year | 0 | 0 | 0 | 0 | 0 |
| At 31st March 2023 | £3,384 | £2,887 | £11,046 | £29,093 | £46,410 |
| Depreciation: | |||||
| At 1st April | 0 | 0 | 9,942 | 29,091 | 39,033 |
| Added during the year | 0 | 0 | 281 | 0 | 281 |
| At 31st March 2023 | £0 | £0 | £10,223 | £29,091 | £39,314 |
| Net book value: | |||||
| At 31st March 2023 | £3,384 | £2,887 | £823 | £2 | £7,096 |
| At 31st March 2022 | £3,384 | £2,887 | £1,104 | £2 | £7,377 |
| Total net book value tangible fixed assets: | |||||
| At 31st March 2023 | £187,689 | £199,568 | £4,082 | £6 | £391,345 |
| At 31st March 2022 | £187,689 | £199,568 | £5,341 | £6 | £392,604 |
Freehold and leasehold property have not been depreciated which is a departure from Financial Reporting Standard 102. Depreciation if provided would not have been of a material nature. The trustees consider that this policy results in the financial statements showing a true and fair view.
4 Cash at bank and in hand
| Restricted revenue funds Restricted capital funds Unrestricted revenue funds |
£87,237 2023 12,683 8,420 66,134 |
£97,548 2022 12,493 8,420 76,635 |
|---|---|---|
5 Truste
No fees or expenses were paid to the trustees during either the financial year or the previous financial year.
6 Paid employees
The trust had no paid employees during either the financial year or the previous year.
7 Transactions with related parties
10
Detailed notes to the statement of financial activities in Respect of the financial year ended 31st March 2023
1 Voluntary income
| 2023 Net Income Expenditur e income Donations: Amazon UK Limited 10 BAE Systems Marine 800 Buddies in Boats 450 In memory of the late Mr S Bould 843 Keswick to Barrow Walk 700 2,803 0 2,803 Donations for specific projects - revenue restricted funds: Solar panels: Baywind Energy Community Trust 5,700 Barrow Borough Council 10,000 15,700 15,700 0 Donations for specific projects - capital restricted funds: 0 0 0 0 0 0 £18,503 £15,700 £2,803 |
2022 Net income 4,021 0 0 |
|---|---|
| £4,021 |
2 Activities for generating funds
| 2023 Net Income Expenditur e income Flag days, collections and bag packing 0 0 0 Fundraising 0 0 0 Trafalgar ball 0 0 0 £0 £0 £0 |
2023 Net income 0 0 0 |
|---|---|
| ~~£0~~ |
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3 Income resources from charitable activities
| 2023 | 2022 | |||
|---|---|---|---|---|
| Net | Net | |||
| Income | Expenditure | income | income | |
| Back Packs | 0 | 0 | 0 | 0 |
| Badges | 0 | 0 | 0 | -66 |
| Band expenses | 0 | 0 | 0 | 0 |
| Bank charges | 0 | 35 | -35 | 0 |
| Camps and fees for use of facilities | 80 | 0 | 80 | 0 |
| Cadets welfare | 0 | 0 | 0 | 0 |
| Courses | 0 | 131 | -131 | 0 |
| Computer services | 0 | 0 | 0 | 0 |
| Cleaning materials | 0 | 0 | 0 | 0 |
| Christmas party | 0 | 0 | 0 | 0 |
| Expenses contribution: Model Railway Society | 2,080 | 0 | 2,080 | 1,560 |
| Galley | 938 | 747 | 190 | 168 |
| Gas and gas bottles | 0 | 15 | -15 | -580 |
| Insurance | 0 | 5,290 | -5,290 | -4,895 |
| Legal fees | 0 | 810 | -810 | 0 |
| Log books and certificates | 0 | 0 | 0 | 0 |
| Licences | 0 | 0 | 0 | -360 |
| Marine Society & Sea Cadet Corps | 70 | 0 | 70 | 0 |
| Marine Society & Sea Cadet Corps - contribution | 0 | 0 | 0 | -100 |
| Maintenance: | ||||
| Boats | 0 | 916 | -916 | -1,281 |
| Equipment | 0 | 0 | 0 | 0 |
| Headquarters | 0 | 4,094 | -4,094 | -286 |
| Headquarters relating to the ingress of damp | 0 | 0 | 0 | -8,852 |
| Sailing Centre | 0 | 369 | -369 | -55 |
| Minor equipment | 0 | 1,603 | -1,603 | -2,352 |
| Miscellaneous | 52 | 59 | -6 | -159 |
| Offshore training | 920 | 290 | 630 | -480 |
| Parental donations: Cadets | 1,005 | 0 | 1,005 | 836 |
| Platinum Jubilee | 0 | 660 | -660 | 0 |
| Postage | 0 | 0 | 0 | -16 |
| Presentations and awards | 0 | 0 | 0 | 0 |
| Printing, stationery, office supplies and computer | ||||
| consumables | 0 | 42 | -42 | -132 |
| Rates | 0 | 1,664 | -1,664 | -849 |
| Refuse and waste disposal | 0 | 35 | -35 | -91 |
| Sale of surplus equipment | 0 | 0 | 0 | 0 |
| Security expenses | 0 | 0 | 0 | -270 |
| St Georges competition | 0 | 0 | 0 | 0 |
| Supplies | 0 | 100 | -100 | -288 |
| Telephone and broadband | 0 | 999 | -999 | -1,556 |
| Travelling expenses | 0 | 630 | -630 | 0 |
| Transport and travelling | 0 | 0 | 0 | 0 |
| Training expenses other than courses | 0 | 0 | 0 | 0 |
| Uniforms | 210 | 228 | -18 | 248 |
| Water | 0 | 260 | -260 | -195 |
| . | ||||
| £5,354 | £18,976 | -£13,621 | -£20,051 |
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4 Parent and Supporters Association
The Parent and Supporters Association generated £190 (2022: £168) of the income received during the financial year.
5 Investment income
| Bank interest 6 Capital restricted funds Balance Income 01.04.21 2023 Cumbria Community Foundation - sailing centre 3,800 0 Daddy's Catering - sailing centre 120 0 George Wood Memorial Fund - sailing centre 1,000 0 GlaxoSmithKline plc - sailing centre 500 0 International Nuclear Services Limited - sailing centre 3,000 0 £8,420 £0 7 Revenue restricted funds Balance Income 01.04.21 2023 BAE Systems Submarines - tablets 660 0 Furness Building Society - ladies heads 150 0 George Wood Memorial Fund 0 0 Kimberly Clark UK Limited - electrical project 380 0 Kimberly Clark UK Limited - bevies 1,000 0 Mayor of Barrow in Furness - safety helmets 675 0 Parent and Supporters Association 8,500 0 Parent and Supporters Association - controlled funds 1,128 190 £12,493 £190 |
2023 2022 £42 £0 Expenditure Balance 2023 31.03.22 0 3,800 0 120 0 1,000 0 500 0 3,000 £0 £8,420 Expenditure Balance 2023 31.03.22 0 660 0 150 0 0 0 380 0 1,000 0 675 0 8,500 0 1,318 £0 £12,683 |
|---|---|
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