**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|Detailed notes to the financial statements - not for publication|11|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