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2024-03-31-accounts

Charity registration number: 700389

The Ethel Trust

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

For the year ended 31 March 2024

The Ethel Trust

Contents

Page
Legal and administrative information 1
Trustees' annual report 2 – 9
Independent examiner's report 10
Statement of financial activities 11
Balance sheet 12
Notes to the accounts 13 – 19

The Ethel Trust

Legal and administrative information For the year ended 31 March 2024

Charity number

700389

Trustees

Deanna (Dorothy) Glossop Keith Levy David Poulsom David Tuck

Principal Address

The Circle 33 Rockingham Lane Sheffield S1 4FW

Accountants

Seven Hills Accountants Limited 57 Burton Street Sheffield S6 2HH

1

The Ethel Trust

Trustees’ annual report For the year ended 31 March 2024

The trustees are pleased to present their annual report together with the financial statements of the charity for the year ending 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and the relevant version of the 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).

Structure, governance and management

The Ethel Trust was established under a trust deed, dated 7 June 1988, to promote the public's education and involvement in community boating. We are a registered charity, number 700389.

It has 4 trustees, accountable for our administration and financial control.

It employs three part-time staff and several skippers employed on a sessional basis.

Day to day operational matters are delegated to a small group of staff and volunteers: the Operations Group whose individual members have expertise in: boat maintenance and management, training, safeguarding, health and safety, publicity and promotion and volunteer recruitment and coordination. At least one trustee sits as part of the Operations Group.

The Trust has 55 volunteers. Volunteers have:

Objectives and activities

The charity’s legal object is the advancement of education among members of the public by the improvement and diffusion of knowledge of local, regional and national history.

It seeks to fulfil its object by organising educational, therapeutic and leisure outings on its purposebuilt barges ‘Ethel’ and ‘Pearl.’

The Trust`s principle users are:

Users state that the Trust`s services are eagerly anticipated and much enjoyed benefitting their physical health and mental well-being.

Our work with children and young people, especially those with learning and/or physical disabilities, focuses upon a programme of water-based activities which we have called ‘Unlocking Confidence.’

2

The Ethel Trust

Trustees' annual report -continued For the year ended 31 March 2024

The work provides new and stimulating experiences that build self-esteem and develop social and interpersonal skills enabling young people to feel better about themselves and more confident taking on unfamiliar activities.

For older, people we provide day trips that either enable participation (e.g. steering the boat, opening locks and bridges) or allow users to sit back, relax and enjoy the sights and sounds of the waterways.

Trips therefore ensure older people are less isolated and stay active and stimulated which contributes to healthier and happier lives.

We have two barges:

Ethel Barge

Ethel is fully accessible and operates all year round. Her main features are:

Ethel was professionally painted in 2018 and in October 2020 was fitted with a new, environmentally friendly engine. She can accommodate 12 users on day trips and sleeps 10 on residential trips.

Pearl Barge

Pearl is a hybrid boat (diesel/electric) specifically designed for residential trips with a high-quality finish, accessibility and all the latest safety features. She is a state of the art craft designed to be environmentally friendly with a hybrid engine and solar panels. She is fitted with a lift enabling access for all users. She has a fully equipped kitchen, large centrally heated lounge with panoramic windows and accessible toilets and shower rooms.

We have 2 nationally qualified trainers, and we are an accredited training centre for other organisations/individuals.

We have also developed strong, local partnerships (e.g. with ‘Sparkle’, a charity supporting families with severely autistic children) to assist us with the delivery of our object.

3

The Ethel Trust

Trustees' annual report -continued For the year ended 31 March 2024

The trustees have given due consideration to the Charity Commission published guidance on the Public Benefit requirement under the Charities Act 2011 . Our work with people, especially those from disadvantaged communities enables them to experience and enjoy the inland waterways of the UK.

Achievements and Performance

We ran:

We put in place a much more user friendly and robust IT system which helped improve our internal communication.

We recruited 14 more volunteers bringing our number up to 55. We were particularly pleased to have increased the number of female volunteers but disappointed we were unable to recruit younger volunteers and volunteers from minority ethnic communities.

We set up a volunteer recruitment group as well as a volunteer support group. The former also wrote a volunteer strategy which set out the importance of volunteers to what we do and highlighted how we value them. (Part of our ‘valuing volunteers’ is the planned volunteer residential {February 2025} which will enable volunteers to come together and socialise without trip responsibilities.)

We organised regular meetings to which everyone involved with Ethel was invited. Our 55 volunteers, staff and friends are spread across South Yorkshire and the meetings provided an opportunity to meet, socialise and learn more about Ethel.

We improved connections with other bodies that can support us e.g. The National Community Boats Association.

We also published 2 newsletters which were circulated to all interested parties. They proved an excellent way of sharing information and keeping everyone up to date with our activities. We maintained our presence on social media (e.g. Facebook) with information about and pictures of trips regularly posted.

We had discussions with the asset management company: Rathbones to look at whether funds not needed for operational activity could be invested to increase the financial return on them. (In the end we decided investing with Rathbones would not significantly improve our financial performance in the short term.)

A key ambition over the year was to build resilience, we feel we have gone someway to doing this.

4

The Ethel Trust

Trustees' annual report -continued For the year ended 31 March 2024

Administration

2023 brought new challenges for the administration role within the trust as our new administrator found her feet and got to grips with managing the trip lists for 2 boats, covering over 200 trips and a growing team of volunteers requesting to crew on those trips. Some small changes were made e.g. the introduction of postcode areas to the volunteers list to encourage lift sharing amongst volunteers and the colour coding of the trip list to highlight trips on each boat and residentials. We also now hold emergency contact numbers for the volunteers who have supplied them.

Promotion work was carried out to establish connections with new groups who might benefit from our service, as well as getting to know the representatives of our existing users. New contact lists were created to assist with more targeted promotions in the future.

The visit of HRH The Princess Royal to name Pearl was a huge success. This would not have been possible without the efficiency and professionalism of our administration.”

Training

The focus of our training team during the year was training up sufficient new volunteers to operate two barges. This was achieved because, as the table below shows, the team delivered 4 NCBA Crew Courses and 1 Skippers Course resulting in 14 new crew members and 4 skippers.

Date Type of Training Attendance
July 23 NCBA 3 Day Community Crew Course 4 Candidates passed the course
Aug 23 NCBA 3 Day Community Crew Course 4 Candidates passed the course
Oct 23 2 x NCBA 3 Day Community Crew
Courses		 6 Candidates passed the courses
Jan / Feb 24 2 x 1 Day Skippers Update Training on
Pearl		 13 Skippers attended
Feb 24 2 x 1 Day H&S Level 3 First Aid
Courses		 23 Volunteers attended and passed the
courses.
Mar 2024 NCBA 3 Day Community Boat
Management (Skippers) Course on
Pearl		 4 Candidates passed the course
Mar 2024 New Skippers induction on Ethel 3 New Skippers attended

5

The Ethel Trust

Trustees' annual report -continued For the year ended 31 March 2024

At the beginning of the season the team also organised refresher training for all Skippers with a particular emphasis on water rescue after the trust purchased some additional new equipment.

Over the years the team has ensured that there was at least one person on each barge trip, usually the skipper, who had received first aid training and held an HSE approved qualification. But this year, in partnership with Humberside Fire and Rescue, the team delivered 2 First Aid courses enabling 23 volunteer crew members to gain an approved HSE First Aid qualification. Now over 75% of all the ‘Ethel’ volunteers holds a First Aid qualification putting us in a better position in the event of accident or injury to a crew member or user.

The training team is made up of 4 highly motivated and very highly skilled individuals ably supported by a group providing back-office support.

Maintenance

2023-24 was extremely busy with both ‘Ethel’ and ‘Pearl’ being out on trips most days and often during weekends. To illustrate how busy we were, the engine hour indicator on ‘Ethel’ showed 351 hours on diesel power and the indicators on ‘Pearl’ showed 242 hours on diesel power and 251 hours on electrical propulsion. Moreover, there was no doubt that apart from the obvious sustainability benefits, our users really enjoyed electrical propulsion, there being no engine noise, enabling them to hear the ‘ripple of the water and singing of the birds.’

‘Ethel’ and ‘Pearl’ continued to give very reliable service with very few breakdowns. Those that did occur were very quickly repaired by our own Maintenance Team or if more complex, by Thorne Boat Services. Thorne Boat Services also carried the annual in depth service of both boats which was an essential part of ensuring the boats operated safely with less risk of unexpected breakdowns.

The necessary work was also done to make sure both boats complied with all statutory and marine requirements e.g. having boat safety surveys, hull surveys, gas testing, fire safety checks, PAT testing and wheelchair lift load testing.

Our Maintenance Team had eight workdays covering both boats and carrying out a variety of tasks i.e. replacing fenders, touching up paintwork, repairing internal woodwork/fittings and electrical work. A significant amount of time was spent understanding the electrical and digital systems on ‘Pearl’ to ensure they were used correctly and for the maximum benefit of all on board.

Improvements to the shore-based facilities at our Stanilands Mooring were made, including: the construction of a wooden jetty, improved electrical shoreline connections and a shore-based equipment storage container.

6

The Ethel Trust

Trustees' annual report -continued For the year ended 31 March 2024

Financial Review

Despite not prioritising fundraising we still secured the vast majority of our income from Charitable trusts and foundations. This was in part because we have a number of funding agreements which span several years and also because we are on the subscription list of a number of trusts.

Donations from supporters and our users continued to provide a small but important proportion of our income.

We were mindful that we had considerable grant aid carried forward from previous years and this was used to fund our programme of trips. We will again carry forward grant aid but we calculate the cost of delivering trips next year will significantly increase so we will almost certainly spend this money.

We also spent on maintaining ‘Ethel’ and ‘Pearl’ including the boat surveys, a hull survey, fire safety checks and wheelchair lift load testing. And we spent on equipment i.e. a defibrillator, person overboard equipment, a dehumidifier, tables & chairs, and an oven hob. Moreover, we saw our fixed costs i.e. insurance, mooring fees and boat licences with operating 2 boats climb significantly.

We end the year in a strong financial position, we will seek future income as appropriate and continue to spend as and when necessary.

Reserves Policy

We have agreed to hold unrestricted financial reserves in a realisable form so as to deal with possible unforeseen expenditure which is not specifically provided for in our annual budget.

This includes sufficient to (please note this list is not exhaustive) :

The reserves policy is to hold a minimum of free reserves to the value of expected spend. This amount is £72,000 for 2024-25. We will revise the policy annually.

Free reserves at 31 March 2024 (general funds excluding fixed assets) were £224,961. Reserves were increased a few years ago by a significant legacy, and continue to increase due to successful grant applications (and the lack of trips being run during covid lockdowns). The charity is now running trips at full capacity with both boats, and have decided to reduce grant applications until some reserves have been used.

In addition £566,540 funds were held in designated funds representing:

7

The Ethel Trust

Trustees' annual report -continued For the year ended 31 March 2024

Plans for the future

Objectives for 2024-25

Legal structure

Whilst our current legal structure (unincorporated trust) has served us well, increasing responsibilities, especially on our trustees, is making it less suitable.

We have had discussions on this, with input from the Charity Commission and guidance from a firm of solicitors and have decided to become a Charitable Incorporated Organisation, which will put in place a structure that befits Ethel in the 21[st] century.

As well as our legal structure our objects needs to be reviewed because we do much more than “advance education” - i.e. over the years our services have built confidence and improved social skills with children and young, improved physical health and mental well-being with vulnerable adults and we helped tackle loneliness and isolation associated with older people.

The trustees plan on submitted the revised objects and governing document to the Charity Commission in early 2024.

Volunteers

We will implement our volunteer strategy thereby strengthening existing volunteers (through refresher training and the development of additional skills) and bringing on board new volunteers as necessary.

Administration

The administration faces 2 major challenges: providing staffing for all trips over 2 boats and ensuring administrative services are available throughout the year. We will put in place tangible support for our Administrator.

Our users tell us that we provide stimulation, relaxation and much fun and laughter. We are humbled by what they say but recognise none of this would be possible without the hard work and dedication of our staff and volunteers, the generosity of our funders and on-going support of our friends. To each group Ethel says a very big thank you.

8

The Ethel Trust

Trustees' annual report -continued For the year ended 31 March 2024

Trustees’ responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

Approved by the Board of Trustees on 13[th] January 2025 and signed on its behalf by:

Name: Keith Levy Trustee

9

Independent Examiner’s report to the trustees of The Ethel Trust (“the Charity”)

I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I have assisted the trustees in the revision of bookkeeping and other records to ensure that the statutory accounts can be prepared accurately. The charity trustees remain responsible for making such judgments and decisions that are needed in relation to the presentation and disclosure of information in the financial statements. During my work I have been mindful of the guidance given by CC32 in relation to day to day administration of the charity, in assisting in preparing the accounts, and the provisions of the Revised Ethical Standard 2016 issued by the Financial Reporting Council (FRC).

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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 respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

Your attention is also to drawn to the fact that the charity has prepared the accounts (financial statements) in accordance with the relevant version of the 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. We understand that this has been done in order for the accounts to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

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.

Signed: ~~> Lighizeoe~~ Sarah Lightfoot FCA DChA Seven Hills Accountants Limited 57 Burton Street Sheffield S6 2HH

Date: 14 January 2025

10

The Ethel Trust

Statement of financial activities (incorporating the income and expenditure statement) For the year ended 31 March 2024

Income from:
Donations and legacies
Grants
Charitable activities - trips
Fundraising
Investments - bank interest
Other income
Total income
Expenditure on:
Charitable activities
Total expenditure
Net income/(expenditure)
Transfers
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Notes
£
2
8,110
3
9,000
2,500
-
7,221
357		 Restricted
funds
£
-
64,266
-
-
-
-		 2024
Total
£
8,110
73,266
2,500
-
7,221
357		 Unrestricted
funds
£
55,411
6,000
5,175
1,510
2,453
863		 Restricted
funds
£
-
106,117
-
-
-
-		 2023
Total
£
55,411
112,117
5,175
1,510
2,453
863
27,188 64,266 91,454 71,412 106,117 177,529
4
31,308		 49,379 80,687 66,988 18,968 85,956
31,308 49,379 80,687 66,988 18,968 85,956
(4,120)
13
16,082		 14,887
(16,082)		 10,767
-		 4,424
63,928		 87,149
(63,928)		 91,573
-
11,962
780,185		 (1,195)
131,191		 10,767
911,376		 68,352
711,833		 23,221
107,970		 91,573
819,803
792,147 129,996 922,143 780,185 131,191 911,376

All of the charity's operations are classed as continuing.

The statement of financial activities includes all gains and losses recognised in the year.

11

The Ethel Trust

Balance Sheet

As at 31 March 2024

2024 2023
Notes £ £
Tangible fixed assets 8 410,194 417,907
Total fixed assets 410,194 417,907
Current Assets
Debtors 9 3,304 2,999
Cash at bank and in hand 516,377 500,821
Total current assets 519,681 503,820
Creditors: amounts falling due within one year 10 (7,732) (10,351)
Net current assets 511,949 493,469
Total assets less current liabilities 922,143 911,376
Creditors: amounts falling due after one year - -
Total net assets 922,143 911,376
Represented By
FUNDS
General fund 225,607 214,278
Designated funds 566,540 565,907
Total unrestricted funds 11 792,147 780,185
Restricted income funds 12 129,996 131,191
Total charity funds 14 922,143 911,376

Approved by the Board of Trustees on 13[th] January 2025 and signed on its behalf by:

Name: Keith Levy Position: Trustee - Treasurer

12

The Ethel Trust

Notes to the Accounts For the year ended 31 March 2024

1 Accounting Policies

(a) General

The accounts (financial statements) have been prepared in accordance with the relevant version of the 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 (FR S 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice. The financial statements have adopted Charities SORP (FRS102) Bulletin 1 and taken advantage of the exemption to the prepare a St atement of Cash Flows.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the relevant version of the 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) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

(b) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of inc ome have been met, it is probable that the income will be received and the amount can be measured reliably.

Legacy gifts are recognised at the earlier of receipt or following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date.

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised in the financial stat ements. Further information regarding their contribution is included in the Trustees’ Annual Report.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is the n recognised in expenditure in the period of receipt.

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life, as follows:

Barge 2% reducing balance Barge equipment 20% reducing balance Office equipment 25% Straight line

Assets under construction during the year were not depreciated.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

(f) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

(g) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

(h) Funds

General funds are expendable at the discretion of the trustees in furtherance of the objectives of the charity.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the accounts.

Restricted funds are to be used for specific purposes as laid down by the funder.

13

The Ethel Trust

Notes to the Accounts - continued For the year ended 31 March 2024

1 Accounting Policies - continued

(i) Taxation

As a charity, the organisation is exempt from tax on income and gains falling within the available tax exemptions to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

(j) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial state ments. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

2 Income from donations and legacies

General Donations
Legacies
3
Income from grants
Grants
2024 Restriction
Asda Foundation
Pearl specific items
Bernard Sunley Foundation
Pearl specific items
Bruce Wake Charitable Trust
Unlocking confidence
Children in Need
Unlocking confidence
Douglas Arter Foundation
Unlocking confidence - children
D'Oyly Carte Charitable Trust
Unlocking confidence
Facey Family Foundation
unrestricted
Green Hall Foundation
Unlocking confidence
Gripple Ltd
Unrestricted
Herefordshire Community Foundation
Mooring fees
Hyman Winstone Foundation
Unlocking confidence
Joan Wilkinson Charitable Trust
Unlocking confidence - children
Magic Little Grants
Unlocking confidence
May Hearnshaw Charitable Trust
Unlocking confidence - children
Other grants
Elderly
Postcode Neighbourhood Trust
Vulnerable people
Sheffield And District Association For The Disabled Pearl equipment
Sheffield Grammar School Exhibition Foundation
Trust
Unlocking confidence
Sheffield Town Trust
Unrestricted
Sir John Eastwood Foundation
Unlocking confidence
Skipton Building Society Charitable Foundation
Pearl specific items
South Yorkshire Housing Association
Vulnerable people
South Yorkshire's Community Foundation
Unlocking confidence
Sport England's Together Fund: Delivered by
Versus Arthritis
Elderly
Tesco Community Grants (Groundworks)
Pearl specific items
Tesco Community Grants (Groundworks)
Elderly
The 29th May 1961 Charity
Unlocking confidence
The 29th May 1961 Charity
Unlocking confidence - residentials
The Arnold Clark Community Fund
unrestricted
The Brelms Trust
Elderly
The Charles & Elsie Sykes Trust
Unlocking confidence
The Cutlers Company Charitable Trust
Unlocking confidence
The Dransfield Foundation
Unlocking confidence
The Freshgate Trust Foundation
Unlocking confidence
The Fulmer Charitable Trust
Unlocking confidence - children
The Hedley Foundation
Unlocking confidence
The Hobson Charity
Pearl specific items
The JG Graves Charitable Trust
Unlocking confidence
The Liz and Terry Bramall Foundation
Unlocking confidence
The Sheffield Bluecoat And Mount Pleasant Educat Unlocking confidence - children
The Sheldon Trust
Unlocking confidence - residentials
The Spirit Of Sheffield Children's trust
Unlocking confidence
The Tallulah Lewis Foundation Limited
Unlocking confidence - children
Subtotal carried to following page		 Unrestricted
funds
£
Restricted
funds
£
2024
Total
£
Unrestricted
funds
£
Restricted
funds
£
2023
Total
£
8,110
-
8,110
1,012
-
1,012
-
-
-
54,399
-
54,399
8,110
-
8,110
55,411
-
55,411
Unrestricted
Restricted
2024Unrestricted Restricted
2023
funds
funds
Total
funds
funds
Total
£
£
£
£
£
£
-
-
-
-
1,492
1,492
-
-
-
-
10,000
10,000
-
1,500
1,500
-
-
-
-
7,737
7,737
500
-
500
-
-
-
-
500
500
-
3,000
3,000
-
-
-
5,000
-
5,000
-
5,000
5,000
-
-
-
-
-
-
1,500
-
1,500
-
1,000
1,000
-
2,800
2,800
-
-
-
-
-
-
-
250
250
-
-
-
-
2,320
2,320
-
500
500
-
-
-
-
-
-
-
2,030
2,030
-
-
-
-
1,500
1,500
-
-
-
-
11,920
11,920
-
1,000
1,000
-
1,125
1,125
-
2,200
2,200
-
1,960
1,960
2,500
-
2,500
2,500
-
2,500
-
-
-
-
1,500
1,500
-
-
-
-
2,710
2,710
-
4,592
4,592
-
-
-
-
1,000
1,000
-
-
-
-
-
-
-
3,990
3,990
-
-
-
-
5,000
5,000
-
-
-
-
500
500
-
-
-
-
5,000
5,000
-
5,000
5,000
-
-
-
-
-
-
1,000
-
1,000
-
4,590
4,590
-
4,470
4,470
-
3,000
3,000
-
-
-
-
-
-
-
1,500
1,500
-
2,345
2,345
-
-
-
-
2,000
2,000
-
-
-
-
-
-
-
500
500
-
2,000
2,000
-
-
-
-
-
-
-
2,500
2,500
-
2,000
2,000
2,000
-
2,000
-
-
-
-
3,000
3,000
-
-
-
-
1,450
1,450
-
9,150
9,150
-
-
-
-
500
500
-
-
-
-
-
-
-
1,000
1,000
9,000
54,914
63,914
6,000
72,217
78,217

14

The Ethel Trust

Notes to the Accounts - continued For the year ended 31 March 2024

3 Income from grants - continued

Grants
2024 Restriction
Subtotal carried from previous page
The Veolia Environmental Trust
Pearl specific items
The Whirlwind Charitable Trust
Unlocking confidence - residentials
The Worshipful Company of Shipwrights
Unlocking confidence
VINCI UK Foundation
Pearl specific items
W.G.Edwards Charitable Foundation
Ethel equipment
Yorkshire Young Achievers Foundation
Unlocking confidence - residentials
Charitable expenditure
Notes
People costs
Staff costs
5
Volunteers' expenses
Training and supervision
Barge costs
Equipment, repairs and maintenance
Fuel
Berthing and mooring fees
Pump Out
Boat licence
Depreciation
Refreshments
Administration costs
Insurance
Rent and I.T. service charge
Promotion and marketing
Printing, stationery and postage
Telephone and website
Other administration costs
Independent examination
7
Payroll Service
Legal and professional fees
Grants and match funding paid out		 Unrestricted
Restricted
2024Unrestricted Restricted
2023
funds
funds
Total
funds
funds
Total
£
£
£
£
£
£
9,000
54,914
63,914
6,000
72,217
78,217
-
-
-
-
26,400
26,400

-
5,250
5,250
-
4,500
4,500
-
2,000
2,000
-
-
-
-
-
-
-
3,000
3,000
-
1,000
1,000
-
-
-

-
1,102
1,102
-
-
-
9,000
64,266
73,266
6,000
106,117
112,117
Unrestricted
Restricted
2024Unrestricted Restricted
2023
funds
funds
Total
funds
funds
Total
£
£
£
£
£
£
3,385
24,685
28,070
13,929
2,030
15,959
692
5,844
6,536
7,941
1,305
9,246
668
-
668
1,597
-
1,597
6,287
10,409
16,696
18,054
4,199
22,253
1,781
1,220
3,001
1,421
597
2,018
1,813
5,278
7,091
5,340
2,372
7,712
336
-
336
27
-
27
1,018
160
1,178
1,402
-
1,402
8,574
-
8,574
8,563
-
8,563
20
1,286
1,306
386
360
746
4,177
194
4,371
2,424
1,019
3,443
96
-
96
-
-
-
-
-
-
1,478
-
1,478
250
7
257
245
-
245
340
-
340
292
-
292
508
296
804
2,139
191
2,330
720
-
720
894
-
894
643
-
643
346
145
491
-
-
-
510
-
510
-
-
-
-
6,750
6,750
31,308
49,379
80,687
66,988
18,968
85,956

5 Staff costs

Salaries 2024
2023
£
£
28,070
15,959
28,070
15,959

The average number of staff during the year was 6.1 with most staff working part time .

15

The Ethel Trust

Notes to the Accounts - continued For the year ended 31 March 2024

Trustees were not paid or received any other benefits in their role as trustees during the year (2023: £nil).

Two trustees were paid £615 travel expenses during the year in their role as volunteer crew (2023: Two trustees were paid £1,802). No other remuneration or out of pocket expenses were paid to any trustees during the year.

Independent examiner's fee
The independent examiner's organisation was also paid the following:
Accounts preparation/bookkeeping assistance		 2024
2023
£
£
720
894
-
510

8 Tangible fixed assets

Cost or Valuation
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge this period
At 31 March 2024
Net Book Value
At 31 March 2024
At 31 March 2023
9
Debtors
Prepayments
10 Creditors: amounts falling due within one year
HMRC VAT reclaimed
Taxes and social security
Accruals
Income received in advance		 Ethel
Barge
£
Pearl
Barge
£
89,551
374,516
-
-		 Boat
equipment
£
5,079
-


Office
equipment
£
Total
£
4,973
474,119
861
861
89,551
374,516		 5,079 5,834
474,980
38,670
7,490
1,018
7,341		 5,079
-		 4,973
56,212
215
8,574
39,688
14,831		 5,079 5,188
64,786
49,863
359,685		 - 646
410,194
50,881
367,026		 - -
417,907
2024
2023
£
£
3,304
2,999
3,304
2,999
2024
2023
£
£
3,560
3,560
276
276
1,871
5,575
2,025
940
7,732
10,351

The VAT registration of the organisation is still under discussion, a provision for the VAT received from HMRC has been included in the creditor balance above in case it is required to be repaid.

Income received in advance relates to trip income received in advance of the trip.

16

The Ethel Trust

Notes to the Accounts - continued For the year ended 31 March 2024

11 Unrestricted funds

Unrestricted funds
Designated funds
Ethel Barge
Ethel barge - major repairs
Pearl Barge
Pearl Barge - maintenance and running costs
Total designated funds
General funds		 Balance
Balance
brought
carried
forward
Income Expenditure
Transfers
forward
£
£
£
£
£
50,881
-
(1,018)
-
49,863
24,000
-
-
12,000
36,000
367,026
-
(7,341)
-
359,685
124,000
-
(3,008)
-
120,992
565,907
-
(11,367)
12,000
566,540
214,278
27,188
(19,941)
4,082
225,607
780,185
27,188
(31,308)
16,082
792,147

Ethel Barge

The accounting value of Ethel barge has been set aside in a designated fund to give a clearer picture of the unrestricted free reserves of the charity. The depreciation of the barge is charged to this fund as expenditure.

Ethel barge - major repairs

A large overhaul of the barge is due every 5 years - the next one being due in 2027. The estimated cost is approximately £60,000 therefore the trustees aim to set aside up to £12,000 a year towards this cost.

Pearl Barge

The accounting value of Pearl barge has been set aside in a designated fund to give a clearer picture of the unrestricted free reserves of the charity. The depreciation of the barge is charged to this fund as expenditure.

Pearl Barge - maintenance and running costs

A part of the remaining legacy monies, after allocating funds for the purchase of the second barge Pearl, were set aside to cover future maintenance and running costs of this barge, in accordance with the wishes of the deceased who provided for ongoing running costs of the barge. Each barge requires a major overhaul every 5 years.

Prior year comparison
Ethel Barge
Ethel barge - major repairs
Pearl Barge
Pearl Barge - maintenance and running costs
Total designated funds
General funds		 Balance
brought
forward
£
Income
£
51,919
-
12,000
-
362,253
-
124,000
-		 Expenditure
£
(1,038)
-
(7,490)
-		 Transfers
£
Balance
carried
forward
£
-
50,881
12,000
24,000
12,263
367,026
-
124,000
550,172
-
161,661
71,412		 (8,528)
(58,460)		 24,263
565,907
39,665
214,278
711,833
71,412		 (66,988) 63,928
780,185

17

The Ethel Trust

Notes to the Accounts - continued For the year ended 31 March 2024

12 Restricted funds

Restricted funds
Un-Locking Confidence Project
Un-Locking Confidence Project - Children in Need
Un-Locking Confidence Project - specific use
Un-Locking Confidence Project – residentials
Elderly groups
Elderly groups - specific use
Vulnerable people
Ethel Equipment
Pearl equipment
Pearl running costs
Other running costs		 Balance
Balance
brought
forward
Income Expenditure
Transfers
carried
forward
£
£
£
£
£
46,758
19,700
-
(10,150)
56,308
-
7,737
(7,737)
-
-
8,120
2,345
(6,090)
(2,030)
2,345
8,700
20,502
-
(2,940)
26,262
27,965
4,590
-
-
32,555
13,097
-
(8,103)
-
4,994
18,300
4,592
(16,360)
-
6,532
-
1,000
-
-
1,000
5,891
1,000
(5,929)
(962)
-
2,360
-
(2,360)
-
-
-
2,800
(2,800)
-
-
131,191
64,266
(49,379)
(16,082)
129,996

Restricted funds have been split into key areas - where funders have specified what their grant can be spent on they are shown separately, and costs are allocated specifically to this grant. Where funders have restricted the use of the grant to a particular group of clients, but not specified expenditure, then transfers have been made based on a cost per day of £290 when trips have been given free of charge for eligible groups of beneficiaries.

Details of transfers are given in note 13.

Prior year comparison
Un-Locking Confidence Project
Un-Locking Confidence Project - Children in Need
Un-Locking Confidence Project - specific use
Un-Locking Confidence Project – residentials
Elderly groups
Elderly groups - specific use
Vulnerable people
Equipment
Pearl equipment
Pearl running costs		 Balance
brought
forward
Income Expenditure
£
£
£
41,858
17,950
-
4,610
-
(4,110)
6,090
4,060
(2,030)
5,940
4,500
-
21,495
6,470
-
13,097
3,990
(3,990)
8,700
11,920
(2,320)
6,180
-
(2,200)
-
52,227
(1,678)
-
5,000
(2,640)		 Transfers
£
(13,050)
(500)
-
(1,740)
-
-
-
(3,980)
(44,658)
-		 Balance
carried
forward
£
46,758
-
8,120
8,700
27,965
13,097
18,300
-
5,891
2,360
107,970
106,117
(18,968)		 (63,928) 131,191

Restricted funds have been split into key areas - where funders have specified what their grant can be spent on they are shown separately, and costs are allocated specifically to this grant. Where funders have restricted the use of the grant to a particular group of clients, but not specified expenditure, then transfers have been made based on a cost per day of £290 when trips have been given free of charge for eligible groups of beneficiaries.

13 Transfers

Transfer from:
Transfer to:
Reason
Restricted funds
Un-Locking Confidence Project
General funds
Trips funded by restricted funding
Un-Locking Confidence Project - specific use
General funds
Re-allocation of 2023 funding
Un-Locking Confidence Project - residentials
General funds
Trips funded by restricted funding
Pearl running costs
General funds
Grant funding 2022-23 costs
Designated funds
General funds
Ethel barge - major repairs
Set aside monies for future overhaul
Total funds transfer - as per SOFA		 General
Fund
£
10,150
2,030
2,940
962
(12,000)


Designated
Funds
-
-
-
-

12,000

Restricted
Funds
£
(10,150)
(2,030)
(2,940)
(962)
-
4,082 12,000 (16,082)

16,082
(16,082)

18

The Ethel Trust

Notes to the Accounts - continued For the year ended 31 March 2024

14 Analysis of net assets by Fund

Analysis of net assets by Fund
Fixed Assets
Net Current Assets
Prior year comparison
Fixed Assets
Net Current Assets		 General Designated Restricted
Total
Fund
£
Funds
£
Funds
£
Funds
£
646
409,548
-
410,194
224,961
156,992
129,996
511,949
225,607
566,540
129,996
922,143
General
Fund
£
Designated
Funds
£
Restricted
Funds
£
Total
Funds
£
-
417,907
-
417,907
214,278
148,000
131,191
493,469
214,278
565,907 131,191
911,376

15 Related party transactions

There were no related party transactions during the year, other than those disclosed in note 6.

19