DRAFT
**Registered Charity No. 523934**
## **SHEFFIELD UNIT 302 OF THE SEA CADET CORPS**
## **FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2022**
Page 1 of 15
DRAFT
## **SHEFFIELD UNIT 302 OF THE SEA CADET CORPS** _**FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022**_
|**Contents**|**Page**|
|---|---|
|Legal and administrative details|3|
|Trustees report|4 - 6|
|Independent examiner’s report|7|
|Statement of financial activities|8|
|Balance sheet|9|
|Notes to the financial statements|10 - 14|
Page 2 of 15
DRAFT
## **SHEFFIELD UNIT 302 OF THE SEA CADET CORPS COMPANY INFORMATION** _**YEAR ENDED 31 MARCH 2022**_
## **Reference and Administrative Information**
Charity Name:
Sheffield Unit 302 Of The Sea Cadet Corps
Company Registration Number:
Registered Office:
523934 Falklands Training Centre 275-279 Rutland Road Sheffield S3 9PZ
## **Unit Management Committee (UMC) Trustees**
Marc Anthony Wildes Paul Wood Garry Chambers MBE Melinda Schofield Denise Fox Fr Grant Naylor Tony Downing Phil Mullis
Chairperson, resigned in year Acting Chairperson, appointed in year Commanding Officer Secretary , Resigned in year Secretary, appointed in year Chaplain Appointed in year Treasurer
## **Independent Examiner**
Mrs H Rotherham 14 Waterthorpe Rise Westfield Sheffield S20 8NA
## **Bankers**
Barclays Bank Plc PO Box 43 14 Commercial Street Sheffield S1 1NG
Xferring to Metro Bank PLC One Southampton Row London WC1B 5HA
Page 3 of 15
DRAFT
## **SHEFFIELD UNIT 302 OF THE SEA CADET CORPS REPORT OF THE TRUSTEES** _**YEAR ENDED 31 MARCH 2022**_
The Trustees’ present their report and financial statements for the year ended 31 March 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005 in preparing the annual report and financial statements of the charity.
## **Structure, Governance and Management**
The charity was established by a charitable trust deed on 20 December 1963.
The trustees who serviced during the year are listed on page 3.
The responsibility of running the Training Unit on a day to day basis is in the Unit Management Committee (UMC).
New trustees are generally recruited by the UMC and are required to possess skills and experience both in business and the voluntary sector.
The responsibilities of the trustees are set out on the Statement of Trustees’ Responsibilities. In operation terms the trustees act as custodians of the Charity’s assets; principally Falklands Training Centre, the surrounding campus and a small portfolio of investments.
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate the exposure to the major foreseeable risks.
## **Objectives and Activities**
The charity’s objectives are to help young people towards responsible adulthood by encouraging personable attributes and high standards of conduct, using a nautical theme based on the customs of the Royal Navy. However, the Sea Cadets is not a pre-service organization.
Page 4 of 15
DRAFT
## **SHEFFIELD UNIT 302 OF THE SEA CADET CORPS REPORT OF THE TRUSTEES (CONTINUED)** _**YEAR ENDED 31 MARCH 2022**_
## **Achievements and Performance**
The pandemic and Covid crisis continued to have an effect on the unit. The Unit re-opened in the year and we have seen a return to face to face training. This has already had a positive impact on cadet and volunteer engagement. Morale remains high within the Unit and staff are working hard to improve the cadet experience with staff busy booking cadets onto courses.
The Committee is integrated into the community and the City’s leading business people, the decision makers within the local authority and the media.
This year we have a Lord Lieutenant Cadet and Lord Mayors Cadet. We continue to refurbish the Unit with the accommodation block nearing completion and have upgraded our IT equipment and multimedia including interactive whiteboards in classrooms.
RMCD have gained a number of promotions and qualifications with activities remaining constant and our focus is now on the Blue Jackets. We have very few staff with boating qualifications we are hoping to rectify this by having a designated member of staff responsible for staff development.
We have a very strong team, active across the unit with clear goals and plan of work.
Our galley is currently been refurbished after it was severely damaged by fire. This will be a real asset to the Unit. As well as catering for residential activities it is also designed as a training kitchen.
Our systems and process remain robust and we have a safe system of operation reporting and accountable through the CO to the UMT.
We recognise the main facility lacking at the unit is an undercover drill hall, which is not ideal with bad weather and with our increase in cadets. There is also the need for a dedicated boating facility. We are working hard to secure these with the aim of completing everything in our plan by 2026/2027. In the meantime we are in the process of arranging boating with Rotherham Unit.
Our social media presence remains high attracting a number of potential new cadets and volunteers and we continue to strive to attach these to the unit.
With regards to the UMT there have been major changes this year with many of the members including the Chair resigning during the year. This created some difficulty but we have quickly identified new and returning previous members to fill the void and have an interim Chair in place. Whilst this could have been seen to be a major issue it has in fact galvanised the remainder of the UMT and new members to push the Unit forward. The general atmosphere in the unit is positive and forward looking. We continue towards our goal to be a centre of excellence.
## Financial Review
The results for the year show an increase in unrestricted funds of £15639
Overall unrestricted funds stand at £346744 (2021: £331105). The charity is in a strong position to move forward with the plans for the future.
We have been trying to move our banking from Barclays for most of this year. This has proved more difficult than it should due to Barclays incompetence regarding the mandate and signatories. The new facilities with Metro bank are set up and proving effective. We continue to push Barclays to actually close the account and transfer the rest of the monies across.
Page 5 of 15
DRAFT
## **SHEFFIELD UNIT 302 OF THE SEA CADET CORPS REPORT OF THE TRUSTEES (CONTINUED)** _**YEAR ENDED 31 MARCH 2022**_
## **Statement of trustees’ responsibilities**
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year end of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention of fraud and other irregularities.
## **Paul Wood**
Acting Chair
Date:
Page 6 of 15
DRAFT
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF SHEFFIELD UNIT 302 OF THE SEA CADET CORPS**
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2022 which are set out on pages 8 to 14.
## **Responsibilities and basis of report**
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## **Mrs H Rotherham**
14 Waterthorpe Rise Westfield Sheffield
Date: 30/12/2022
Page 7 of 15
DRAFT
## **SHEFFIELD UNIT 302 OF THE SEA CADET CORPS STATEMENT OF FINANCIAL ACTIVITIES** _**(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2022**_
|Note
**Incoming resources**
Incoming resources from:-
Donations and legacies
2
Other income
4
Fundraising
3
Investment income
**Total incoming resources**
**Resources expended**
Charitable activities
5
**Total resources expended**
**Net outgoing/incoming resources**
**Transfer between funds**
**Net movement in funds**
Total funds brought forward at 1 April 2021
**Total funds carried forward at 31 March 2022**|**Unrestricted**
**Restricted**
**Total**
Total
**Funds**
**Funds**
**2022**
2021
**£**
**£**
**£**
**£**
38,134
0
38,134
20,194
10,950
0
10,950
3,600
7,615
0
7,615
3,717
6
0
6
2|
|---|---|
||56,705
0
56,705
27,513|
||41,066
5,000
46,066
28,902|
||41,066
5,000
46,066
28,902|
|||
||**15,639**
**(5,000)**
**10,639**
**(1,389)**|
||0
0
0
**0**|
||**15,639**
**(5,000)**
**10,639**
**(1,389)**|
||331,105
11,439
342,544
**343,933**|
||**346,744**
**6,439**
**353,183**
**342,544**|
Page 8 of 15
DRAFT
## **SHEFFIELD UNIT 302 OF THE SEA CADET CORPS BALANCE SHEET** _**YEAR ENDED 31 MARCH 2022**_
|Note
**Fixed assets**
Tangible assets
8
**Current assets**
Stock
Debtors & prepayments
9
Investments held as current assets
Cash at bank and in hand
Total current assets
**Creditors: amounts falling due**
**within one year**
10
**Net current assets/liabilities**
**Total assets less current liabilities**
**Represented by:**
(8)
Unrestricted funds
Restricted funds|2022
2021
330,908
334,035
0
0
0
0
1,757
1,751
32,381
21,758
34,138
23,509
11,863
15,000
22,275
8,509
353,183
342,544
346,743
331,104
6,439
11,439
353,182
342,543|2022
2021
330,908
334,035
0
0
0
0
1,757
1,751
32,381
21,758
34,138
23,509
11,863
15,000
22,275
8,509
353,183
342,544
346,743
331,104
6,439
11,439
353,182
342,543|2022
2021
330,908
334,035
0
0
0
0
1,757
1,751
32,381
21,758
34,138
23,509
11,863
15,000
22,275
8,509
353,183
342,544
346,743
331,104
6,439
11,439
353,182
342,543|
|---|---|---|---|
||||23,509|
|||||
||||15,000|
|||||
|||22,275
8,509||
|||||
|||353,183
342,544||
|||346,743
331,104
6,439
11,439||
|||353,182
342,543||
The financial statements were approved by the Trustees on and signed on their behalf by:
Paul Wood
Phil Mullis
## **Charity registration number: 523934**
Page 9 of 15
DRAFT
## **SHEFFIELD UNIT 302 OF THE SEA CADET CORPS NOTES TO THE FINANCIAL STATEMENTS** _**YEAR ENDED 31 MARCH 2022**_
## **1. Accounting policies**
## **(a) Basis of accounting**
These financial statements are prepared under the historic cost convention and in accordance with the Financial Reporting Standards for Smaller Entities (effective June 2002) and include the results of the charity’s operations which are described in the Trustees Report and all of which are continuing. The financial statements have been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities (SORP 2005) issued in March 2005 and SORP update Bulletin 1 issued in December 2002. The charity has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it qualifies as a small charity.
## **(b) Income**
Grants, donations and income from charitable trading are recognised in the year in which they are received.
## **(c) Restricted funds**
Restricted fund are used for the specific purpose as laid down by the donor. Expenditure which meets the criteria is identified to the fund together with a fair allocation of management and support costs.
## **(d) Unrestricted funds**
Unrestricted funds are other income received or generated for the objects of the charity without further specified purpose and are available as general funds.
## **(e) Resources expended**
Resources expended are included in the Statement of Financial Activities on an accrual basis, inclusive of VAT. The charity is not VAT registered. Governance costs of the charity relate to the costs of running the charity such as the costs of meetings, professional costs and statutory compliance and include any costs which cannot be specifically identified to another expenditure classification. In the opinion of the Trustees, all support costs relate to charitable expenditure.
## **(f) Tangible fixed assets and depreciation**
Depreciation is provided on all tangible fixed assets at rates calculated to write off the costs of each asset less its residual value over its useful life. Equipment at 33.3% on the reducing balance basis.
## **(g) Fund accounting**
Funds held by the charity are either restricted funds or unrestricted funds. Unrestricted funds are funds which can be used within the objects of the charity. Restricted funds can only be used for particular restricted purposes within objects of the charity. Restrictions arise when specified by the donor or when funds are raised for a particular restricted purpose.
Page 10 of 15
DRAFT
## **SHEFFIELD UNIT 302 OF THE SEA CADET CORPS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**YEAR ENDED 31 MARCH 2022**_
|**SHEFFIELD UNIT 302 OF THE SEA CADET CORPS**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
**_YEAR ENDED 31 MARCH 2022_**||
|---|---|
|**2.Donation and legacies**
Marine Society & Sea Cadets
Cadet experience income
Miscellaneous
General donations
**3.Fundraising**
Flag days, collections, subscriptions, nutty bar
income
Parade Night Subscriptions
**4.Other income**
Investment Income
Rents received|Total
Total
2022
2021
417
- 417 694
- - - -
20,462
- 20,462
17,255
- 17,255 19,500
Unrestricted
Funds
Restricted
Funds|
||38,134
- 38,134 20,194|
||824
- 824 2,947
6,791
- 6,791 770|
||7,615
- 7,615 3,717|
||6
- 6 2
10,950
- 10,950 3,600|
||10,956
- 10,956 3,602|
Page 11 of 15
DRAFT
## **SHEFFIELD UNIT 302 OF THE SEA CADET CORPS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**YEAR ENDED 31 MARCH 2022**_
|**5**
**Resources expended – Charitable activities**
Events
Loss/(Profit) Sale of Assets
**6**
**Surplus for the year**
Rates/premises (rates 2021)
Utilities
Professional Fees
Telephone
Printing, stationery, post, admin and office supplies
Camp and cadet experience
Repairs, maintenance boats and minibus
Depreciation
Motor expenses and travel
Miscellaneous
Insurance
Professional Fees
The surplus for the year is stated after charging:-
Depreciation of tangible fixed assets for use by the charity|Total
Total
2022
2021
9,940
-
9,940
10,718
2,328
-
2,328
44
869
-
869
793
976
976
793
865
-
865
35
1,737
-
1,737
189
13,367
5,000
18,367
9,106
3,127
-
3,127
4,161
1,729
-
1,729
419
2,990
-
2,990
160
3,023
-
3,023
4,152
-
-
-
(944)
115
-
115
70
Unrestricted
Funds
Restricted
Funds|Total
Total
2022
2021
9,940
-
9,940
10,718
2,328
-
2,328
44
869
-
869
793
976
976
793
865
-
865
35
1,737
-
1,737
189
13,367
5,000
18,367
9,106
3,127
-
3,127
4,161
1,729
-
1,729
419
2,990
-
2,990
160
3,023
-
3,023
4,152
-
-
-
(944)
115
-
115
70
Unrestricted
Funds
Restricted
Funds|
|---|---|---|
||41,066
5,000
46,066
29,696||
|||3,127 4,161
115 70|
|||3,242 4,231|
**7**
Staff costs and Directors’ expense and remuneration
There were no paid employees during the year.
No trustees received remuneration (2021: £nil) and were not reimbursed for any expenses in the year (2021: £nil).
Page 12 of 15
DRAFT
## **SHEFFIELD UNIT 302 OF THE SEA CADET CORPS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**YEAR ENDED 31 MARCH 2022**_
**8 Tangible fixed assets**
|**8**|**Tangible fixed assets**||||
|---|---|---|---|---|
|||**Freehold**|**Equipment**|**Total**|
|||**Property**|||
||**Cost**||||
||As at 1 April 2021|331,453|74,542|
405,995|
||Additions/(Disposal)|-|-|
-|
||**As at 31 March 2022**|**331,453**|**74,542**|
**405,995**|
||**Depreciation**||||
||As at 1 April 2021|-|71,960|
71,960|
||Charge for the year|-|3,127|
3,127|
||Adjustment on disposal|-|-|
-|
||**As at 31 March 2022**|**-**|**75,087**|
**75,087**|
||Net book value 31 March 2021|331,453|2,582|
334,035|
||Net book value 31 March 2022|**331,453**|**(545)**|**330,908**|
|**9**|**Debtors and prepayments**||2022|2021|
||Prepayments||-|
-|
||||-|
-|
|**10**|**Creditors: amounts falling due within one year**||2022|2021|
||Accruals and trade creditors||863|
4,000|
||Final payment for Rutland Road premises||11,000|
11,000|
||||11,863|
15,000|
Page 13 of 15
DRAFT
## **SHEFFIELD UNIT 302 OF THE SEA CADET CORPS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**YEAR ENDED 31 MARCH 2022**_
|**11**
**Funds**
**Unrestricted**
General
**Restricted**
MSSC - New Boats
Accommodation
Parade Square
Transport
**Total Funds**
**Prior year**
**Balance**
**Unrestricted**
General
**Restricted**
MSSC - New Boats
Accommodation
Parade Square
Transport
**Total Funds**|Balance
**Income**
**Expenditure**
**Balance**
01/04/21
**31/03/22**
**331,104**
**56,705**
**(41,066)**
**-**
**346,743**
Transfer
between
funds|
|---|---|
||(3,561)
-
-
-
(3,561)
9,000
-
(4,000)
-
5,000
5,000
-
-
-
5,000
1,000
-
(1,000)
-
-|
||**11,439**
**-**
**(5,000)**
**-**
**6,439**|
|||
||**342,543**
**56,705**
**(46,066)**
**-**
**353,182**|
||Balance
**Income**
**Expenditure**
**Balance**
01/04/20
**31/03/21**
**327,013**
**21,513**
**(25,241)**
**7,819**
**331,104**
Transfer
between
funds|
||2,847
-
(3,561)
(2,847)
(3,561)
14,073
-
(101)
(4,972)
9,000
-
5,000
-
-
5,000
**-**
**1,000**
**-**
**-**
1,000|
||**16,920**
**6,000**
**(3,662)**
**(7,819)**
**11,439**|
|||
||**343,933**
**27,513**
**(28,903)**
**-**
**342,543**|
## MSSC – Rutland Road
Income to pay off the balance on the purchase of Rutland Road.
## MSSC – New boat
Income to purchase a new boat which is now in fixed assets and will be depreciated over its useful life.
## Accommodation
Income to be used to establish a 40-bed accommodation block, utilising existing building space/rooms, including ablutions (toilets, showers, boot cleaning and drying room), to support and enable overnight training and development activity.
## Parade Square
Funding designated for the development of an external parade parade 'Normandy Square'.
## Transport
Funding designated and donated to help purchase minibus(es).
Page 14 of 15
DRAFT
Page IS of 15