**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 - 2 the accounts do not accord with those records; or - the accounts do not comply with the accounting requirements of section 396 of the - 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 - 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 - 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