REGISTERED COMPANY NUMBER: 02399830 (England and Wales) REGISTERED CHARITY NUMBER: 900604
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 FOR THE SOLENT DOLPHIN
THE SOLENT DOLPHIN
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 to 6 |
| Notes to the Financial Statements | 7 to 10 |
| Detailed Statement of Financial Activities | 11 to 13 |
THE SOLENT DOLPHIN
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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) (effective 1 January 2015).
OBJECTIVES AND ACTIVITIES
Objectives and aims
To relieve persons suffering from mental or physical disabilities and those accompanying them, by the provision of facilities for recreation or other leisure time occupation and in particular, by the provision of pleasure boat trips for such persons.
ACHIEVEMENT AND PERFORMANCE Charitable activities
The Alison MacGregor undertook 282 trips in the year (221 in 2021), carrying a total of 2,966 passengers (1,208 in 2021). Sailings and passenger numbers in the previous year were limited due to Covid-19 lockdown restrictions.
FINANCIAL REVIEW
Investment policy
Our intention is to provide a boat replacement fund from any surplus unrestricted funds. This fund is to support the replacement of the existing Alison MacGregor at the end of her working life which is anticipated to be around the year 2030. The timing of a replacement was originally forecast to be in 2023 but following a review of the boat’s condition and anticipated market conditions, carried out in 2020, this has been extended to 2030.
Our investment policy is to adopt a medium risk approach for capital growth of portfolio investments. We have not sought professional advice as we believe there is sufficient experience within the charity.
Funds are invested in three FCA and Charity Commission promoted funds. These are SRI Fund for Charities, Shroders Cazenove Charity Multi-Asset Fund and Eden Tree Amity Balanced Fund for Charities.
The policy is reviewed annually.
Reserves policy
It is our policy to maintain a balance of unrestricted funds equivalent to the previous year's annual expenditure excluding depreciation and exceptional items.
The funds are held on interest bearing deposit accounts with Cambridge & Counties Bank, unless invested as referred to in the Investment Policy.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02399830 (England and Wales)
Registered Charity number
900604
Registered office
Mountbatten House Grosvenor Square Southampton Hampshire SO15 2JU
Page 1
THE SOLENT DOLPHIN
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Trustees
N Bassett Marine Pilot I C O Robson Retired A D Blair MBE Retired G M Stephens Retired M D Stokes Retired I S Duncan Retired P E Wales Retired B J Oliver (resigned 30 July 2022) Retired A Chalkley (appointed 26 October 2022) Director W A R Munt Retired A D Baseley (resigned 23 February 2022) Trustee
Company Secretary
C J Stone (resigned 12 May 2022) I C O Robson (appointed 12 May 2022)
Independent examiner
Numeric Accounting Limited Chartered Certified Accountants Mountbatten House Grosvenor Square Southampton Hampshire SO15 2JU
Approved by order of the board of trustees on and signed on its behalf by:
I C O Robson - Secretary
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SOLENT DOLPHIN
Independent examiner's report to the trustees of The Solent Dolphin ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity's 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 charity'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:
-
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
-
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
-
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
Numeric Accounting Limited Chartered Certified Accountants The Old School House Claypits Lane Dibden Southampton Hampshire SO45 5TN
Page 4
THE SOLENT DOLPHIN
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| 31.12.22 | 31.12.21 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted |
Total funds | Total funds | ||
| fund | funds | ||||
| Notes | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 25,147 | - | 25,147 | 33,762 | |
| Other trading activities | 2 | - | - | - | 1,081 |
| Investment income | 3 | 1,040 | - | 1,040 | 21,518 |
| Total | 26,187 | - | 26,187 | 56,361 | |
| EXPENDITURE ON | |||||
| Charitable activities | |||||
| Boat activities | 44,514 | **7,797 ** | 52,311 | 19,089 | |
| NET INCOME/(EXPENDITURE) | (18,327) | (7,797) | (26,124) | 37,272 | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 346,317 | 39,545 | 385,862 | 348,590 | |
| TOTAL FUNDS CARRIED FORWARD | 327,990 | 31,748 | 359,738 | 385,862 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
Page 4
THE SOLENT DOLPHIN
BALANCE SHEET AT 31 DECEMBER 2022
| 31.12.22 | 31.12.21 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted |
Total funds | Total funds | ||
| fund | funds | ||||
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible assets | 7 | 23,176 | 139,552 | 162,728 | 171,819 |
| Investments | 8 | 222.437 | - | **222,437 ** | 240,739 |
| 245,613 | 139,552 | 385,165 | 412,558 | ||
| CURRENT ASSETS | |||||
| Stocks | 9 | 1,165 | - | 1,165 | 1,400 |
| Other Debtors | 34 |
- | 34 | - | |
| Cash at bank | 99,979 | - | 99,979 | 98,497 | |
| 101,178 | - | 101,178 | 99,897 | ||
| CREDITORS | |||||
| Amounts falling due within one year | 10 | (900) | - | (900) | (888) |
| NET CURRENT ASSETS | 100,278 | - | 100,278 | 99,009 | |
| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 345,891 | 139,552 | 485,443 | 511,567 | |
| NET ASSETS | **345,891 ** | **139,552 ** | 485,443 | 511,567 | |
| FUNDS | 11 | ||||
| Unrestricted funds | 327,990 | 346,317 | |||
| Restricted funds | 31,748 | 39,545 | |||
| Revaluation Reserve – Unrestricted | 17,901 | 17,901 | |||
| Revaluation Reserve – Restricted | 107,804 | 107,804 | |||
| TOTAL FUNDS | 485,443 | 511,567 |
Page 5
THE SOLENT DOLPHIN
BALANCE SHEET - CONTINUED AT 31 DECEMBER 2022
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.
The financial statements were approved by the Board of Trustees on and were signed on its behalf by:
N Bassett -Trustee
I C O Robson -Trustee
Page 6
THE SOLENT DOLPHIN
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, 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) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery – m/v Alison McGregor - equal instalments until 31 December 2030 Computer equipment - 25% on cost
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Fixed asset investments
Investments held for long term growth are classified as fixed assets investments. In accordance with the Statement of Recommended Practice, Accounting and Reporting for Charities, these are valued at market value at the balance sheet date and any movement in value is dealt with through the Statement of Financial Activitie
Page 7
THE SOLENT DOLPHIN
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
2. OTHER TRADING ACTIVITIES
| 31.12.22 | 31.12.21 | ||
|---|---|---|---|
| £ | £ | ||
| Clothing sales | - | 331 | |
| Merchandise sales | - | 750 | |
| - | 1,081 | ||
| 3. | INVESTMENT INCOME | ||
| 31.12.22 | 31.12.21 | ||
| £ | £ | ||
| Gains on investments | - | 21,115 | |
| Deposit account interest | 1,040 | 403 | |
| 1,040 | 21,518 | ||
| 4. | NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| 31.12.22 | 31.12.21 | ||
| £ | £ | ||
| Depreciation - owned assets | **9,091 ** | 9,091 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | Restricted | Total funds | |
|---|---|---|---|
| fund | funds | ||
| £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 33,762 | - | 33,762 |
| Other trading activities | 1,081 | - | 1,081 |
| Investment income | 21,518 | - | 21,518 |
| Total | 56,361 | - | 56,361 |
| EXPENDITURE ON | |||
| Charitable activities | |||
| Boat activities | (11,292) | (7,797) | (19,089) |
Page 8
THE SOLENT DOLPHIN
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES – continued
| Unrestricted | Restricted | Restricted | Total funds | ||
|---|---|---|---|---|---|
| fund | funds | ||||
| £ | £ | £ | |||
| NET INCOME/(EXPENDITURE) | 45,069 | (7,797) | 37,272 | ||
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 301,248 | 47,342 | 348,590 | ||
| TOTAL FUNDS CARRIED FORWARD | 346,317 | 39,545 | 385,862 | ||
| 7. | TANGIBLE FIXED ASSETS | ||||
| Plant and | Computer | ||||
| machinery | equipment | Totals | |||
| £ | £ | £ | |||
| COST | |||||
| At 1 January 2022 and 31 December 2022 | 257,176 | 2,550 | 259,726 | ||
| DEPRECIATION | |||||
| At 1 January 2022 | 85,357 | 2,550 | 87,907 | ||
| Revaluation | - | - | |||
| Charge for year | **9,091 ** | - | **9,091 ** | ||
| At 31 December 2022 | 94,448 | 2,550 | 96,998 | ||
| NET BOOK VALUE | |||||
| At 31 December 2022 | 162,728 | - | 162,728 | ||
| At 31 December 2021 | 171,819 | - | 171,819 | ||
| 8. | FIXED ASSET INVESTMENTS | ||||
| Listed | |||||
| investments | |||||
| £ | |||||
| MARKET VALUE | |||||
| At 1 January 2022 | 240,739 | ||||
| Additions (disposals) | - | ||||
| Revaluations | (18,302) | ||||
| At 31 December 2022 | 222,437 | ||||
| NET BOOK VALUE | |||||
| At 31 December 2022 | 222,437 | ||||
| At 31 December 2021 | 240,739 |
There were no investment assets outside the UK
Page 9
THE SOLENT DOLPHIN
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
| 9. | STOCKS | ||||
|---|---|---|---|---|---|
| 31.12.22 | 31.12.21 | ||||
| £ | £ | ||||
| Finished goods | 1,165 | 1,400 | |||
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | |||
| 31.12.22 | 31.12.21 | ||||
| £ | £ | ||||
| Accruals and other creditors | 900 | 888 | |||
| 11. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement in | |||||
| At | 1.1.22 | funds | At 31.12.22 | ||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 364,218 | 45,069 | 364,218 | ||
| Restricted funds | |||||
| Boat fund | 147,349 | (7,797) | 147,349 | ||
| TOTAL FUNDS | **511,567 ** | 37,272 | **511,567 ** | ||
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources |
Movement in | |||
| resources | expended | funds | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 56,361 | (11,292) | 45,069 | ||
| Revaluation | - | - | - | ||
| Restricted funds | |||||
| Boat fund | - | (7,797) | (7,797) | ||
| Revaluation | - | - | - | ||
| TOTAL FUNDS | **56,361 ** | (19,089) | 37,272 |
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022
Page 10
THE SOLENT DOLPHIN
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
13. GAINS (LOSSES) ON INVESTMENTS
The accounts have been prepared in accordance with the General Directions given by the Charity Commission and as such include in the Statement of Financial Activities, Losses on Investments of £18,302 (2021 Gains £20,755).
The Trustees acknowledge their responsibilities for preparing financial statements which give a true and fair view however they wish to put on record their view that the inclusion of the Gains (Losses) on Investments in the Statement of Financial Activities does not accurately reflect the income for the year as it is based, not on money received in the year but on a valuation at the year-end that may not be realised when the investment is closed.
14. REVALUATION
During the year ended 31 December 2020 the Trustees carried out an assessment of the current open market valuation of m/v Alison McGregor. The vessel commenced service in July 2012 and in the opinion of the trustees remains in an exceptional operational condition. There are no plans to replace the vessel in the short term and due to its unique build any replacement would take some time to design and commission.
Having carefully considered the vessel’s estimated working life and consulted the original builder of the boat the trustees considered that the value at 1 January 2020 was £190,000 and its residual value at 31 December 2030 would be £90,000 accordingly annual depreciation has been provided for in the accounts on that basis..
Page 11
THE SOLENT DOLPHIN
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| 31.12.22 | 31.12.21 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Gifts and Boat Show income | 10,780 | 10,425 |
| Donations from trips | 14,367 | 7,168 |
| Gift Aid | - | 19 |
| New Forest District Council – The Chairman’s Charity Donation | - | 16,150 |
| 25,147 | 33,762 | |
| Other trading activities | ||
| Clothing sales | - | 331 |
| Merchandise sales | - | 750 |
| 25,147 | 34,843 | |
| Investment income | ||
| Gains on investments | - | 20,755 |
| Deposit account interest | 1,040 | 763 |
| 1,040 | 21,518 | |
| Total incoming resources | 26,187 | 56,361 |
| EXPENDITURE | ||
| Charitable activities | ||
| Telephone | 443 | 357 |
| Stationery and consumables | 248 | 290 |
| Sundries | 208 | 364 |
| Boat expenses | 8,584 | 1,818 |
| Boat fuel | 7,177 | 2,976 |
| Third Party damage | 867 | - |
| Insurance and licence | 2,334 | 2,112 |
| Trip refreshments and costs | 528 | 360 |
| Purchases of merchandise | 3,410 | 613 |
| Promotional video | - | - |
| Losses on investments | 18,302 | - |
| Depreciation: | ||
| Plant and machinery | **9,091 ** | 9,091 |
| 51,192 | 17,981 | |
| Support costs | ||
| Governance costs | ||
| Bank charges | 31 | 26 |
| Accountancy fees | 912 | 906 |
| Professional fees | 176 | 176 |
| 1,119 | 1,108 | |
| Total resources expended | 52,311 | 19,089 |
Page 12
THE SOLENT DOLPHIN
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES | ||
|---|---|---|
| FOR THE YEAR ENDED 31 DECEMBER 2022 | ||
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Net income (expenditure) | (26,124) | 37,272 |
Page 13