Charity Number: 521018
BARROW-IN-FURNESS UNIT NO 23 OF THE SEA CADET CORPS T S SOVEREIGN
UNAUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 March 2025
BARROW-IN-FURNESS UNIT NO 23 OF THE SEA CADET CORPS T S SOVEREIGN
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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| Detailed notes to the financial statements - not for publication | 11 |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
BARROW-IN-FURNESS UNIT NO 23 OF THE SEA CADET CORPS T S SOVEREIGN
CHARITY INFORMATION FOR THE YEAR ENDED 31 MARCH 2025
President: Mr S Timms Vice Presidents: Mr J F Hornby Captain J W Green, MBE, DL Mr R Wood Mrs A Husband Mr C Thompson Holding (Custodian) Trustees: The Marine Society & Sea Cadets Lt. (SCC) D Constable, RNR, (Rtd.) Captain J W Green, MBE, DL Trustees: Chairperson Mrs M Gale Vice Chairperson Current vacancy Honorary Secretary: Mrs M Gale Honorary Treasurer: Mr I Gerrish Lt. (SCC) D Constable, RNR, (Rtd.) Miss G M Gerrish Mr J Aspin Mr G Gibson Mr P Akred Since 22.07.2024 Mr C Stannard Resigned 23.03.2025
Officer in Charge: Lt (SCC) N Phillips, RNR Chairperson Parents and Supporters Association: Miss L Gerrish Mr C Slater Since 01.05.2025 Mr P Hornby, FCCA, FCA J F Hornby & Co Chartered Accountants The Tower Daltongate Business Centre Daltongate Ulverston Cumbria LA12 7AJ
Trustee Appointments since the year end: Independent examiner:
Principal address:
1 Dundee Street Barrow in Furness Cumbria LA14 2RP
Registered charity number:
Bankers:
521018 National Westminster Bank plc 113 Dalton Road Barrow - in - Furness Cumbria LA14 1HZ
2
BARROW-IN-FURNESS UNIT NO 23 OF THE SEA CADET CORPS T S SOVEREIGN
Trustees report for the financial year ended 31 March 2025
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025.
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
Once again the Barrow unit has had a successful 2024. The unit has grown in cadet numbers and the cadets have had a full cadet experience which resulted in a number of achievements in the regattas and personal achievements and awards of the TS Indefatigable Shield for the RMC with most advancement in Boatwork proficiency and two CFAV have also received awards from the Lord Lieutenant of Cumbria recognising their service.
The unit has continued to support many community events including the Battle of Britain parades, Remembrance Sunday and mayoral parades in the town. We have also fully participated in both district and area events and had many successes across all competitions.
We, the trustees, would like to thank the dedicated team of cadet adult volunteers who without them we would not be able to give the cadets the experience that they deserve.
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 2025 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.
The financial statements were approved by the board of trustees on 20th October 2025 and signed on its behalf by: Mrs M Gale
Secretary
3
BARROW-IN-FURNESS UNIT NO 23 OF THE SEA CADET CORPS T S SOVEREIGN
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;
-
2 make judgements and estimates that are reasonable and prudent;
-
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 of BARROW-IN-FURNESS UNIT NO 23 OF THE SEA CADET CORPS T S SOVEREIGN
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 31 March 2025.
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:
-
1 Accounting records were not kept in respect of the Trust as required by section 130 of the act; or
-
2 The financial statements do not accord with those records; or
-
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.
P Hornby, FCCA, FCA Independent Examiner Chartered Accountant The Tower Daltongate Business Centre Daltongate Ulverston Cumbria LA12 7AJ
Dated 28th October 2025
5
BARROW-IN-FURNESS UNIT NO 23 OF THE SEA CADET CORPS T S SOVEREIGN
Statement of financial activities for the year ended 31 March 2025
| Income resources: Incoming resources from generated funds Voluntary income Activities for generating funds Investment income Income resources from charitable activities Total incoming resources Resources expended: Costs of generating funds Costs of voluntary income Fundraising costs Charitable costs Depreciation Total resources expended Transfers between funds: Parent and Supporters Association Net movement of funds Total funds brought forward Total funds carried forward transfers Net incoming/(outgoing) resources before |
Unrestricted revenue funds 13,424 5,174 168 11,229 £29,995 2,476 25,005 280 £27,761 2,234 (621) 1,613 64,784 £66,397 |
Restricted revenue funds - - - - - £ - - - - - £ - 621 621.00 12,946 £13,567 |
Restricted capital funds - - - - - £ 975 £975 (975) - (975) 391,694 £390,719 |
Total 2025 13,424 5,174 168 11,229 £29,995 - 2,476 25,005 1,255 £28,736 1,259 - 1,259 469,424 £470,683 |
Total 2024 10,696 1,165 168 12,063 |
|---|---|---|---|---|---|
| £24,092 | |||||
| 0 225 31,304 1,256 |
|||||
| £32,785 | |||||
| (8,693) - |
|||||
| (8,693) 478,117 |
|||||
| £469,424 |
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 £390,719 at 31 March 2025 are represented by £382,298 net book value of tangible fixed assets and £8,421 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 £8,489 specific funds received: total £37,383.
6
BARROW-IN-FURNESS UNIT NO 23 OF THE SEA CADET CORPS T S SOVEREIGN
Balance sheet at 31 March 2025
| Notes Fixed assets Tangible assets 3 Total fixed assets Current assets Cash at bank and in hand 4 Creditors:amounts falling due within one year Net current assets Total assets less current liabilities Funds Restricted funds Revenue funds Capital funds Unrestricted funds |
2025 389,783 £389,783 81,730 830 £80,900 470,683 13,567 390,719 404,286 66,397 £470,683 |
2024 391,038 |
|---|---|---|
| £391,038 | ||
| 79,361 975 |
||
| £78,386 | ||
| 469,424 | ||
| 12,946 391,694 |
||
| 404,640 64,784 |
||
| £469,424 |
Signed on behalf of the trustees
The financial statements were approved by the board of trustees on 20th October 2025 and signed on its behalf by: Mrs M Gale
Secretary
7
The notes on pages 8 to 10 form part of these financial statements
BARROW-IN-FURNESS UNIT NO 23 OF THE SEA CADET CORPS
T S SOVEREIGN
Notes to the financial statements for the year ended 31 March 2025
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:
-
the charity becomes entitled to the resources;
-
the trustees are virtually certain they will receive the resources, and;
-
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
BARROW-IN-FURNESS UNIT NO 23 OF THE SEA CADET CORPS T S SOVEREIGN
Notes to the financial statements for the year ended 31 March 2025
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.
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
| Cost: At 1st April Expenditure during the year At 31st March 2025 Depreciation: At 1st April Added during the year At 31st March 2025 Net book value: At 31st March 2025 At 31st March 2024 |
Freehold property 184,305 - 184,305 - - - 184,305 184,305 |
Leasehold property 196,681 - 196,681 - - - 196,681 196,681 |
Boats 55,642 - 55,642 53,359 975 54,334 1,308 2,283 |
Equipment 34,825 - 34,825 34,821 - 34,821 4 4 |
Total 471,453 - |
|---|---|---|---|---|---|
| 471,453 | |||||
| 88,180 975 |
|||||
| 89,155 | |||||
| 382,298 | |||||
| 383,273 |
9
BARROW-IN-FURNESS UNIT NO 23 OF THE SEA CADET CORPS T S SOVEREIGN
Notes to the financial statements for the year ended 31 March 2025
Funded by unrestricted capital funding
| Freehold property Cost: At 1st April 3,384 Expenditure during the year - At 31st March 2025 £3,384 Depreciation: At 1st April - Added during the year - At 31st March 2025 £0 Net book value: At 31st March 2025 £3,384 At 31st March 2024 £3,384 Total net book value tangible fixed assets: At 31st March 2025 £187,689 At 31st March 2024 £187,689 |
Leasehold property 3,837 - £3,837 - - £0 £3,837 £3,837 £200,518 £200,518 |
Boats 11,046 - £11,046 10,504 280 £10,784 £262 £542 £1,570 £2,825 |
Equipment 29,093 - £29,093 29,091 - £29,091 £2 £2 £6 £6 |
Total 47,360 - |
|---|---|---|---|---|
| £47,360 | ||||
| 39,595 280 |
||||
| £39,875 | ||||
| £7,485 | ||||
| £7,765 | ||||
| £389,783 | ||||
| £391,038 |
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
| Unrestricted revenue funds Restricted revenue funds Restricted capital funds |
2025 13,567 8,421 59,742 £81,730 |
2024 12,946 8,421 57,994 |
|---|---|---|
| £79,361 |
5 Trustee
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
No transactions were entered into with related parties during the financial year or the previous financial year.
10
BARROW-IN-FURNESS UNIT NO 23 OF THE SEA CADET CORPS T S SOVEREIGN
Detailed notes to the financial statements for the year ended 31 March 2025
1 Voluntary income
| Donations: Westmorland & Furness BAE ST Georges IPSOS Mori In memory of the late Mr E R R Thompson Indefatigable OBA M&G Gale Cushman & Wakefield Keswick to Barrow Walk Donations for specific projects - revenue restricted funds: Solar panels: Baywind Energy Community Trust Barrow Borough Council Donations for specific projects - capital restricted funds: |
Income 500 800 75 673 1,500 100 9,076 700 13,424 - - - |
Income 500 800 75 673 1,500 100 9,076 700 13,424 - - - |
Expenditure - - |
Expenditure - - |
2025 Net income 13,424 - - - £13,424 |
2024 Net income 10,696 - - |
|---|---|---|---|---|---|---|
| - | - | - | ||||
| - £13,424 |
- - £ |
|||||
| £10,696 |
2 Activities for generating funds
| Flag days, collections and bag packing Fundraising Trafalgar ball |
Income 2,087 3,087 5,174 £ |
Expenditure 151 2,325 2,476 £ |
2025 Net income - 1,936 762 2,698 £ |
2024 Net income 350 150 440 |
|---|---|---|---|---|
| 940 £ |
11
BARROW-IN-FURNESS UNIT NO 23 OF THE SEA CADET CORPS T S SOVEREIGN
Detailed notes to the financial statements for the year ended 31 March 2025
3 Income resources from charitable activities
| Income resources from charitable activities | ||||
|---|---|---|---|---|
| Bank charges Camps and fees for use of facilities Courses Contribution to Christmas party Expenses contribution: Model Railway Society Galley Gas and gas bottles Insurance Insurance claim Legal fees Log books and certificates Marine Society & Sea Cadet Corps Marine Society & Sea Cadet Corps - contribution Maintenance: Boats Equipment Headquarters Sailing Centre Minor equipment Miscellaneous Offshore training Parental donations: Cadets Platinum Jubilee Presentations and awards Printing, stationery, office supplies and computer consumables Rates Refuse and waste disposal Supplies Telephone and broadband Travelling expenses Uniforms Water |
Income 2,080 2,495 3,856 2,547 251 £11,229 |
Expenditure 35 1,042 30 - 3,631 357 6,675 - - - 3,856 250 - 884 940 2,019 1,333 280 15 - - 286 89 - - 42 - 1,227 332 726 956 £25,005 |
2025 Net income/ expenditure 35 - 1,042 - 30 - - 2,080 -1,136 (357) (6,675) - - - - (250) (884) (940) (2,019) (1,333) (280) (15) - 2,547 - (286) (89) - - (42) - (1,227) (332) (475) (956) 13,776) (£ |
2024 Net income/ expenditure - - - (100) 2,193 263 (298) (6,284) 1,710 - (76) 19 (100) (2,394) (336) (1,552) (7,552) (1,305) (757) - 1,818 - (138) (182) - - (332) (930) (1,265) (881) (407) (355) |
| 19,241) (£ |
12
BARROW-IN-FURNESS UNIT NO 23 OF THE SEA CADET CORPS
T S SOVEREIGN
Detailed notes to the financial statements for the year ended 31 March 2025
4 Parent and Supporters Association
The Parent and Supporters Association generated £621 (2024: £263) of the income received during the financial year.
5 Investment income
| Bank interest Capital restricted funds Cumbria Community Foundation - sailing centre Daddy's Catering - sailing centre George Wood Memorial Fund - sailing centre GlaxoSmithKline plc - sailing centre International Nuclear Services Limited - sailing centre |
Balance 01.04.24 3,800 121 1,000 500 3,000 £8,421 |
Income 2025 - - - - - - £ |
2025 £168 Expenditure 2025 - - - - - - £ |
2024 £168 |
|---|---|---|---|---|
| Balance 31.03.25 3,800 121 1,000 500 3,000 |
||||
| £8,421 |
6 Capital restricted funds
7 Revenue restricted funds
| BAE Systems Submarines - tablets Furness Building Society - ladies heads Kimberly Clark UK Limited - electrical project Kimberly Clark UK Limited - bevies Mayor of Barrow in Furness - safety helmets Parent and Supporters Association Parent and Supporters Association - controlled funds |
Balance 01.04.24 660 150 380 1,000 675 8,500 1,581 £12,946 |
Income 2025 - - - - - - 621 621 £ |
Expenditure 2025 - - - - - - - - £ |
Balance 31.03.25 660 150 380 1,000 675 8,500 2,202 |
|---|---|---|---|---|
| £13,567 |
13