THE SOLENT DOLPHIN
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 2025 FOR THE SOLENT DOLPHIN
THE SOLENT DOLPHIN
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| Report of the Trustees | 1 to 3 |
|---|---|
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 to 7 |
| Notes to the Financial Statements | 8 to 13 |
| Detailed Statement of Financial Activities | 14 to 15 |
THE SOLENT DOLPHIN
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025
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 2025. 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 318 trips in the year (364 in 2024), carrying a total of 3,033 passengers (4,330 in 2024).
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.
During this year it became necessary to replace the two engines and this cost, together with the additional costs of fitting these, is included in Tangible Fixed Assets, and depreciated accordingly. As a result of this expenditure, we will carry out a further review in 2026 to ascertain whether the 2030 date should be extended further.
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 two FCA and Charity Commission promoted funds. These are Newton Ethically Screened Fund for Charities and Shroders Cazenove Charity Multi-Asset Fund.
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 and Lloyds Bank, unless invested as referred to in the Investment Policy.
Page 1
THE SOLENT DOLPHIN
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025
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
Trustees
I C O Robson Retired A D Blair MBE Retired G M Stephens Retired I S Duncan Retired A Chalkley Director W A R Munt Retired Mrs A L Oakley Director Mr N Jeffrey Director Mr J A Taylor Director
Page 2
THE SOLENT DOLPHIN
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025
Company Secretary
I C O Robson
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
Date:
Page 3
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's trustees on my examination of the accounts of the company for the year ended 31 December 2025.
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
-
1 386 of the 2006 Act; or
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2 the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the
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3 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
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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
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4 [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 Mountbatten House
Grosvenor Square Southampton Hampshire SO15 2JU
Page 4
THE SOLENT DOLPHIN
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025
| Unrestricted | Restricted | 31/12/2025 | 31/12/2024 | ||
|---|---|---|---|---|---|
| Funds | Funds | Total Funds | Total Funds | ||
| Notes | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM: | |||||
| Donations and legacies | 36,987 | - | 36,987 | 29,218 | |
| Other trading activities | 2 | - | - | - | - |
| Investment income | 3 | 28,012 | - | 28,012 | 23,476 |
| Total | 64,999 | - | 64,999 | 52,694 | |
| EXPENDITURE ON: | |||||
| Charitable activities | |||||
| Boat activities | 24,174 | 7,797 | 31,971 | 33,825 | |
| NET INCOME / (EXPENDITURE) | 40,825 | -7,797 | 33,028 | 18,869 | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 369,540 | 16,154 | 385,694 | 366,825 | |
| TOTAL FUNDS CARRIED FORWARD | 410,365 | 8,357 | 418,722 | 385,694 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
Page 5
THE SOLENT DOLPHIN
BALANCE SHEET AS AT 31 DECEMBER 2025
| Unrestricted | Restricted | 31/12/2025 | 31/12/2024 | ||
|---|---|---|---|---|---|
| Funds | Funds | Total Funds | Total Funds | ||
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible assets | 7 | 70,012 | 116,163 | 187,469 | 144,546 |
| Investments | 8 | 220,636 | - | 220,636 | 197,975 |
| 290,648 | 116,163 | 408,105 | 342,521 | ||
| CURRENT ASSETS | |||||
| Stocks | 9 | 668 | - | 668 | 1,054 |
| Other debtors | 1,506 | - | 1,506 | 1,312 | |
| Cash at bank | 156,397 | - | 156,397 | 167,452 | |
| 158,571 | - | 158,571 | 169,818 | ||
| CREDITORS | |||||
| Amounts falling due within one year | 10 | -20,955 | - | -20,955 | -940 |
| NET CURRENT ASSETS | 137,616 | - | 137,616 | 168,878 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 428,264 | 116,163 | 544,427 | 511,399 | |
| NET ASSETS | 428,264 | 116,163 | 544,427 | 511,399 | |
| FUNDS | 11 | ||||
| Unrestricted funds | 410,365 | 369,540 | |||
| Restricted funds | 8,357 | 16,154 | |||
| Revaulation reserve - unrestricted | 17,901 | 17,901 | |||
| Revaulation reserve - restricted | 107,804 | 107,804 | |||
| 544,427 | 511,399 |
Page 6
THE SOLENT DOLPHIN
BALANCE SHEET (continued) AS AT 31 DECEMBER 2025
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.
The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
ensuring that the charitable company keeps accounting records that comply
-
(a) with Sections 386 and 387 of the Companies Act 2006 and
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 (b) 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:
Signed on behalf of the Trustees
I C O Robson Trustee …................................................
A D Blair MBE Trustee …................................................
Page 7
THE SOLENT DOLPHIN
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
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.
Page 8
THE SOLENT DOLPHIN
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025
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 Activities.
2. Other trading activities
| Sales of clothing and merchandise Other trading activities Investment income Gains on investments Deposit account interest |
31/12/2025 31/12/2024 £ £ - - - - |
|---|---|
| - - |
|
| 31/12/2025 31/12/2024 £ £ 22,661 18,178 5,351 5,298 |
|
| 28,012 23,476 |
3. Investment income
Page 9
THE SOLENT DOLPHIN
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025
4. Net income / (expenditure)
Net income/(expenditure) is stated after charging/(crediting):
| ncome/(expenditure) is stated after charging/(crediting): | |
|---|---|
| Depreciation - owned assets | 31/12/2025 31/12/2024 £ £ 9,091 9,091 |
| 9,091 9,091 |
5. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.
There were no trustees' expenses paid for the year ended 31 December 2025 nor for the year ended 31 December 2024.
6. Comparatives for the Statement of Financial Activities
| 6. Comparatives for the Statement of Financial Activities |
|
|---|---|
| INCOME AND ENDOWMENTS FROM: Donations and legacies Investment income Total EXPENDITURE ON: Charitable activities Boat activities NET INCOME / (EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted Total Funds Funds Funds £ £ £ 29,218 - 29,218 23,476 - 23,476 |
| 52,694 - 52,694 26,028 7,797 33,825 |
|
| 26,666 -7,797 18,869 342,874 23,951 366,825 |
|
| 369,540 16,154 385,694 |
Page 10
THE SOLENT DOLPHIN
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025
7. Tangible Fixed Assets
| COST At 1 January 2025 Additions during the year At 31 December 2025 DEPRECIATION At 1 January 2025 Charge for the year At 31st December 2025 NET BOOK VALUE At 31st December 2025 At 31st December 2024 8. FIXED ASSET INVESTMENTS MARKET VALUE At 1st January 2025 Additions (disposals) Revaluations At 31st December 2025 NET BOOK VALUE At 31st December 2025 At 31st December 2024 |
Plant & Computer Total Machinery Equipment £ £ £ 257,176 2,550 259,726 50,720 - 50,720 |
Plant & Computer Total Machinery Equipment £ £ £ 257,176 2,550 259,726 50,720 - 50,720 |
|---|---|---|
| 307,896 2,550 310,446 |
||
| 112,630 2,550 115,180 7,797 - 7,797 |
||
| 120,427 2,550 122,977 |
||
| 187,469 - |
187,469 | |
| 144,546 - |
144,546 | |
| Listed Investments £ 197,975 - 22,661 |
||
| 220,636 | ||
| 220,636 | ||
| 197,975 |
The above investments are managed by UK companies regulated by the Financial Conduct Authority.
Page 11
THE SOLENT DOLPHIN
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025
9. STOCKS
| Stock of boat fuel Other stock 10. CREDITORS: Amounts falling due within one year Accruals and other creditors * |
31/12/2025 31/12/2024 £ £ 668 1,054 - - |
|---|---|
| 668 1,054 |
|
| 31/12/2025 31/12/2024 £ £ 20,955 940 |
- This figure includes a provision of £20,000 that relates to the additional costs incurred in respect of two gear boxes and ancillary parts bought as part of the engine replacement work around the year end.
11. MOVEMENT IN FUNDS
| 11. MOVEMENT IN FUNDS |
|
|---|---|
| Unrestricted Funds General fund Restricted Funds Boat Fund Total Funds Net movement in funds, included in the above are as follows: Unrestricted Funds General fund Restricted Funds Boat Fund |
At Movement At 01/01/2025 in Year_31/12/2025_ £ £ £ 387,441 40,825 428,266 123,958 -7,797 116,161 |
| 511,399 33,028 544,427 |
|
| Incoming Resources Movement resources expended in funds £ £ £ 64,999 -24,174 40,825 - -7,797 -7,797 |
|
| 64,999 -31,971 33,028 |
Page 12
THE SOLENT DOLPHIN
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025
12. RELATED PARTY DISCLOSURES
There were no related party transactions in the year to 31 December 2025 (2024 £ 0)
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, Gains on Investments of £22,661 (2024 £18,178).
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 13
THE SOLENT DOLPHIN
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 |
|
|---|---|
| INCOME AND ENDOWMENTS Donations and legacies Gifts, legacies and donations Donations from trips Gift Aid Other Other trading activities Sales of clothing and merchandise Other trading activities Investment income Gains on investments Deposit account interest Total income resources EXPENDITURE Charitable activities Telephone Postage and stationery Sundry expenses Boat expenses Boat fuel Insurance and licences Trip refreshments and other costs Purchases of merchandise Training costs Depreciation: Plant and machinery - restricted funds - unrestricted funds carried forward |
31/12/2025 31/12/2024 £ £ 18,377 13,993 16,130 15,225 2,480 - - - |
| 36,987 29,218 - - - - |
|
| 36,987 29,218 22,661 18,178 5,351 5,298 |
|
| 28,012 23,476 |
|
| 64,999 52,694 |
|
| 124 156 45 339 - 166 8,432 11,001 4,814 6,046 2,819 2,450 916 853 4,224 1,905 288 660 7,797 7,797 1,294 1,294 |
|
| 30,753 32,667 |
Page 14
THE SOLENT DOLPHIN
DETAILED STATEMENT OF FINANCIAL ACTIVITIES (continued) FOR THE YEAR ENDED 31 DECEMBER 2025
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 |
|
|---|---|
| EXPENDITURE (continued) Charitable activities - brought forward Support costs Governance costs: Bank charges Accountancy Professional charges Total resources expended Net income (expenditure) |
31/12/2025 31/12/2024 £ £ 30,753 32,667 33 24 975 948 210 186 |
| 1,218 1,158 |
|
| 31,971 33,825 |
|
| 33,028 18,869 |
Page 15