The Loch Lomond Steamship Company - Charities report - 22.2

REGISTERED COMPANY NUMBER: SC160932 (Scotland)

REGISTERED CHARITY NUMBER: SC024062

Report of the Trustees and

Financial Statements For The Year Ended 31 March 2023

for

The Loch Lomond Steamship Company

Page

Report of the Trustees

1

to

5

Independent Examiner's Report

6

Statement of Financial Activities

7

Balance Sheet

8

to

9

Notes to the Financial Statements

10

to

22

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 March 2023. 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 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objective of the charitable company is the advancement of education by the restoration, preservation and operation of the steamship, the 'Maid of the Loch'.

ACHIEVEMENT AND PERFORMANCE

The 2022/2023 year could be characterised as one of very mixed fortunes for the charity.

Having agreed to progress 4 major projects in the previous year there were high hopes of the Maid being returned to her berth at Balloch for the beginning of the 2023 visitor season, alas this was not to be. However, the year was certainly not a disappointment.

The successful establishment of the "Ship on the Slip" visitor attraction continued to be very popular. The combination of the Winch House (in-steam once a month), the museum cabin and access to the ship provided the charity with good visitor engagement and some much needed income. The "Hard Hat Tours" conducted by our very talented volunteer guides generated excellent feedback from visitors. In addition, our Programme Manager, Charli Summers curated an exhibition of model ships built by Lachie Stewart displayed in the main aft lounge, entitled "Chariots of Steam" which ran from April to October, yet another success.

Between April and October, we organised a number of special public events which allowed and encouraged interaction with other similarly minded groups and the public. Steamboats were welcomed to the loch, along with model boats being displayed as well as sailing in the loch. Halloween was celebrated too. In addition, we took part in Doors Open Day. Our volunteers attended other events such as ‘Ship Ahoy!’ and a national model railway exhibition. Throughout the year we were able to service a number of requests for talks to clubs and societies throughout the West of Scotland. Social Media went from strength to strength and allowed us to improve our profile. A number of press releases also netted us valuable publicity.

Dismantling of the paddles continued throughout the early part of the year with our volunteer engineers overcoming a range of technical challenges. The new timber for the paddles arrived in July and the paddle components were despatched to the shot-blasters for cleaning and painting, these were returned in September. A temporary covered workshop was established in front of the winch house to enable the rebuilding of the paddles. In addition, the forward dining room was converted into a ‘fitters’ workshop for the components to be stored and prepared with new bearings for assembly. The magnitude of this element of the projects should not be underestimated. Our thanks goes to all of the engineers who contributed their expertise and many hours of their time to moving the project forward.

In the spring of the year our volunteers successfully cut out and removed the old steel from the boiler room floor in preparation for the hull repair. The repair was contracted to Dales of Greenock. The new approved steel was purchased in May and the contractor came on site shortly afterwards. Disappointingly the work ceased at the end of August when the contractor announced that they could not complete the contract within the agreed price and retired from the site. Unfortunately, despite representations by our Engineering Director and our Naval Architect to the contractor we were unable to achieve a positive outcome. As a result of the stalemate it was agreed that 70% of the repair had been completed and a revised charge was agreed. Although there was 7 months until the start of the 2023 season it was already clear that the "Maid" would not be returning to her berth at Balloch Pier. The board was then challenged with raising additional funds to complete the hull repair. A further consequence of the non-completion of the hull repair was the suspension of the hull shot blasting and painting. Fortunately, the majority of the spending for the ‘paddles’ project had been made and work continued unabated through the winter into spring.

On the 23rd of March we hosted an event to celebrate the 70th birthday of "The Maid of the Loch" with volunteers and friends. This included a cutting of the cake by our longest serving volunteer Charles Inglis and Hamish Teaz who witnessed the actual launch.

Finishing the year, we did so on a high note knowing that the charity had been successful in obtaining further funding from our friends at the Paddle Steamer Preservation Society and a successful grant application to the Community Landfill Fund. The combination of these successes will enable the charity to complete the hull repair in 2023/2024 year.

FINANCIAL REVIEW

Financial position

The results for the year show income of £90,087 (2022 - £96,324). Expenditure amounted to £196,788

(2022 - 170,350) resulting in net expenditure of £106,701 (2022 - net expenditure £74,026).

Principal funding sources

Our principal source of funding in the year has been grants from The Paddle Steamer Preservation Society amounting to £33,000 and general donations £39,049.

Reserves policy

It is the policy of the charitable company that unrestricted funds (not including the revaluation fund) should be maintained at a level equivalent to between six months' and one year's expenditure, to allow the continuation of activities in the event of a significant drop in funding and whilst further funding is obtained. At the year end this has been achieved.

At 31 March 2023 the company had restricted funds of £1,902,714 (2022: £1,933,199), designated funds of £100,000 (2022: £100,000) and unrestricted funds of £144,243 (2022: £220,459).

The 'free reserves' are represented by unrestricted funds less designated funds and funds held in fixed assets and are in surplus by £10,536 (2022: £125,889) at 31 March 2023.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Loch Lomond Steamship Company (LLSC) is controlled by its governing document, the Memorandum and Articles of Association, and is a company, limited by guarantee and registered as a charitable company with the Office of the Scottish Charity Regulator. The charitable company is run by unpaid non-executive directors (the trustees). The Trustees wish to record their thanks to the many volunteers who contribute their labour and skills to the company.

Recruitment and appointment of new trustees

The power to appoint directors is exercisable by the Executive Board. Trustees are recruited and appointed based on their skills so that the Executive Board has a balance of skills and experience required to run the company.

Induction and training of new trustees

As an induction, each new Trustee is provided with the Memorandum and Articles of the company, copies of previous years' accounts, Board minutes for the past years' meetings, and the charitable company's policy on conflicts of interest.

Organisational structure and decision making

None of the Trustees have any beneficial interest in the company. Responsibility for the various aspects of the running of the company lies with the individual Trustees. Regular board meetings are held with all Trustees.

Risk management

The Trustees have assessed the major risks to which the company is exposed, including due consideration of the impact of COVID-19 on the charitable company, and in particular those related to the operations and finances of the company and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC160932 (Scotland)

Registered Charity number

SC024062

Registered office

The Pier

Pier Road

Alexandria

Dunbartonshire

G83 8QX

Trustees

J E Biddulph

S P Cormack

J. Mills (resigned 2.3.23)

J S Mitchell (resigned 15.9.23)

I Robertson

G R Stevenson

Ms A L Urquhart

H G V Van Der Stighelen (resigned 29.11.23)

N S Allan (appointed 17.11.22)

P E Biberbach (appointed 27.4.23)

J Hamilton (appointed 17.11.22)

S M Torrance (appointed 17.11.22)

Independent Examiner

Robb Ferguson Chartered Accountants

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

REFERENCE AND ADMINISTRATION DETAILS

Please refer to the company information page of these financial statements.

The names of those who were members of the Board during the year are also shown on the Company Information page at the start of these accounts.

Plans for future periods

The vision to restore the ship to sailing condition and commercial operation is unchanged and we are in discussion of how and when best to launch another application to the National Lottery Heritage Fund, possibly using a staged approach.

Responsibilities of the Board of Trustees

The charitable company trustees (who are also the directors for the purpose of company law) 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).

Company law requires the charitable company trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period. In preparing the financial statements, the trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the charity SORP (FRS 102);

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies' provisions

The report has been prepared in accordance with the special provisions for small companies under Section 419(2) of the Companies Act 2006.

Approved by order of the board of trustees on 8 December 2023 and signed on its behalf by:

I Robertson - Trustee

I report on the accounts for the year ended 31 March 2023 set out on pages seven to twenty two.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of the independent examiner's report

My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner's statement

In connection with my examination, no matter has come to my attention :

(1)	which gives me reasonable cause to believe that, in any material respect, the requirements

-	to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

-	to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations

have not been met; or

(2)	to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Graham M Cantlay CA

The Institute of Chartered Accountants of Scotland

Robb Ferguson Chartered Accountants

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

9 December 2023

2023

2022

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

39,049

33,855

72,904

90,228

Charitable activities

Catering events and sale of goods

17,183

-

17,183

6,096

Total

56,232

33,855

90,087

96,324

EXPENDITURE ON

Charitable activities

Catering events and sale of goods

107,963

64,340

172,303

151,175

Rental and pier dues

8,584

-

8,584

6,723

Raising funds

15,901

-

15,901

12,452

Total

132,448

64,340

196,788

170,350

NET INCOME/(EXPENDITURE)

(76,216

)

(30,485

)

(106,701

)

(74,026

)

RECONCILIATION OF FUNDS

Total funds brought forward

320,459

1,933,199

2,253,658

2,327,684

TOTAL FUNDS CARRIED FORWARD

244,243

1,902,714

2,146,957

2,253,658

2023

2022

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

9

133,707

1,896,214

2,029,921

2,021,269

CURRENT ASSETS

Debtors

10

29,785

-

29,785

21,540

Cash at bank and in hand

90,043

6,500

96,543

220,309

119,828

6,500

126,328

241,849

CREDITORS

Amounts falling due within one year

11

(9,292

)

-

(9,292

)

(9,460

)

NET CURRENT ASSETS

110,536

6,500

117,036

232,389

TOTAL ASSETS LESS CURRENT LIABILITIES

244,243

1,902,714

2,146,957

2,253,658

NET ASSETS

244,243

1,902,714

2,146,957

2,253,658

FUNDS

12

Unrestricted funds

244,243

320,459

Restricted funds

1,902,714

1,933,199

TOTAL FUNDS

2,146,957

2,253,658

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 8 December 2023 and were signed on its behalf by:

I Robertson - Trustee

1.	GENERAL INFORMATION

These financial statements are presented in pounds sterling (GBP) as that is the currency in which the charitable company's transactions are denominated. They comprise the financial statements of the charitable company.

The principal activity of The Loch Lomond Steamship Company is the advancement of education by the restoration, preservation and operation of the steamship, the "Maid of the Loch".

The Loch Lomond Steamship Company is a private company limited by guarantee incorporated in the United Kingdom and registered in Scotland. It is recognised as a charity for tax purposes by HMRC and is registered with the Office of the Scottish Charity Regulator (OSCR) under charity number SC024062. In the event of the winding up of the charitable company a member is liable to contribute a sum not exceeding £1. Details of the registered office and company registration number can be found on the company information page of these financial statements.

2.	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 2019)', 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.

The Loch Lomond Steamship Company meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Trustees to exercise their judgement in the process of applying the accounting policies. Use of available information and application of judgement are inherent in the formation of estimates. Actual outcomes in the future could differ from such estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been applied consistently to all the years presented in dealing with items which are considered material in relation to the charitable company's financial statements unless otherwise stated.

Going concern

The financial statements have been prepared on a going concern basis. The Trustees have assessed the charitable company's ability to continue as a going concern and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In preparing the financial statements, Trustees are required to make estimates and assumptions which affect reported income, expenses, assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

The Trustees are satisfied that the accounting policies are appropriate and applied consistently. Key sources of judgement and estimation have been applied in relation to the recognition of income in accordance with the Charity SORP principles and in relation to depreciation rates. The recognition of income is deemed to be appropriate due to the Trustees' understanding of the SORP principles and the conditions attached to the grants received. The depreciation rates are deemed to be appropriate based on the expected useful lives for each class of asset.

Income

Income is included in the Statement of Financial Activities when the charitable company is entitled to the income, it is probable that the economic benefits associated with the transaction will flow to the charitable company and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

- Donations and legacies are recognised and included in the Statement of Financial Activities when the charitable company becomes entitled to the funds, the receipt of economic benefit is probable, and the economic benefit can be measured reliably.

- Revenue grants are credited to the Statement of Financial Activities in the period that conditions for receipt have been complied with, the charitable company is entitled to the grant, it is probable that the income will be received, and the amount can be measured reliably.

- Income from charitable activities is accounted for when earned.

- Gifts in kind are included in the Statement of Financial Activities based on a reasonable estimate of the amount the charitable company would have to pay in the open market for an equivalent item, service or facility.

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:

- Raising funds costs comprise the costs associated with attracting fundraising income.

- Charitable expenditure comprises those costs incurred by the charitable company in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

- Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charitable company and include the audit fees and costs linked to the strategic management of the charitable company.

- Support costs are allocated to activities on the basis of the relative cost of these activities.

Tangible fixed assets

Tangible fixed assets are stated at cost or deemed cost less accumulated depreciation. Depreciation is calculated by the straight-line method to write off the cost of fixed assets over their estimated useful lives on the following basis:

Pier and slipway

- straight line over the term of the lease

Ship

- straight line over 30 years

Fixtures & equipment

- 10% and 20% on a straight-line basis

Taxation

The company is a charity and is recognised as such by HM Revenue and Customs for taxation purposes. As a result, there is no liability to taxation on any of its income.

Fund accounting

Unrestricted funds are funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.

Designated funds are funds which have been set aside at the discretion of the Trustees for specific purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The costs of raising and administering such funds are charged against the specific fund.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises purchase costs only. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Debtors

Debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors

Creditors are recognised where the charitable company 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 are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charitable company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. Debt instruments (other than those wholly repayable or receivable within one year) are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Financial Activities.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset, and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire, or when the charitable company has transferred substantially all the risks and rewards of ownership.

Financial liabilities are derecognised only once the liability has been extinguished through discharge, cancellation or expiry.

3.	SUPPORT COSTS

Total support costs have been allocated on the following basis:

Raising funds - 10%

Charitable activities - 90% (94% catering events and sale of goods, 6% rental and pier dues)

All support costs allocated to raising funds expenditure are allocated to costs of maintaining membership. Support costs allocated to charitable activities are split across the various activities on the basis of the relative cost.

Expenditure on raising funds

Direct costs

Support costs

Total costs 2023

£

£

£

Cost of maintaining membership

-

15,901

15,901

Direct costs

Support costs

Total costs 2022

£

£

£

Cost of maintaining membership

-

12,452

12,452

Charitable activities expenditure

Direct costs

Support costs

Total costs 2023

£

£

£

Catering events and sale of goods

37,790

134,513

172,303

Rental and pier dues

-

8,584

8,584

37,790

143,099

180,889

Direct costs

Support costs

Total costs 2022

£

£

£

Catering events and sale of goods

45,852

105,323

151,175

Rental and pier dues

-

6,723

6,723

45,852

112,046

157,898

4.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2023

2022

£

£

Depreciation - owned assets

85,001

73,067

5.	TRUSTEES' REMUNERATION AND BENEFITS

No trustee received remuneration for their services to the charitable company in the year (2022: £nil). Expenses which were reimbursed by the charitable company to trustees in the year amounted to £nil (2022: £nil).

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

6.	STAFF COSTS

2023

2022

£

£

Wages and salaries

27,775

39,919

Other pension costs

644

700

28,419

40,619

The average monthly number of employees during the year was as follows:

2023

2022

Staff

1

2

No employees received emoluments in excess of £60,000.

7.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

16,503

73,725

90,228

Charitable activities

Catering events and sale of goods

6,096

-

6,096

Total

22,599

73,725

96,324

EXPENDITURE ON

Charitable activities

Catering events and sale of goods

85,415

65,760

151,175

Rental and pier dues

6,723

-

6,723

Raising funds

12,452

-

12,452

Total

104,590

65,760

170,350

NET INCOME/(EXPENDITURE)

(81,991

)

7,965

(74,026

)

RECONCILIATION OF FUNDS

Total funds brought forward

402,450

1,925,234

2,327,684

TOTAL FUNDS CARRIED FORWARD

320,459

1,933,199

2,253,658

8.	GOVERNANCE COSTS

2023

2022

Accounting and bookkeeping

6,905

10,258

9.	TANGIBLE FIXED ASSETS

Fixtures

Pier and

and

slipway

Ship

equipment

Totals

£

£

£

£

COST

At 1 April 2022

852,016

1,671,261

59,934

2,583,211

Additions

8,419

140,642

614

149,675

Disposals

(686

)

(61,532

)

-

(62,218

)

At 31 March 2023

859,749

1,750,371

60,548

2,670,668

DEPRECIATION

At 1 April 2022

365,125

154,524

42,293

561,942

Charge for year

21,406

59,516

4,079

85,001

Eliminated on disposal

(10

)

(6,186

)

-

(6,196

)

At 31 March 2023

386,521

207,854

46,372

640,747

NET BOOK VALUE

At 31 March 2023

473,228

1,542,517

14,176

2,029,921

At 31 March 2022

486,891

1,516,737

17,641

2,021,269

10.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

9,143

984

Other debtors

323

-

VAT

1,657

3,360

Accrued income

1,616

-

Prepayments

17,046

17,196

29,785

21,540

11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

3,418

2,519

Social security and other taxes

526

854

Accrued expenses

5,348

6,087

9,292

9,460

12.	MOVEMENT IN FUNDS

Net

movement

At

At 1.4.22

in funds

31.3.23

£

£

£

Unrestricted funds

General fund

220,459

(76,216

)

144,243

Revaluation reserve - designated

100,000

-

100,000

320,459

(76,216

)

244,243

Restricted funds

Slipway restoration fund

244,041

(21,407

)

222,634

Ship restoration fund - grant funded

257,241

(11,002

)

246,239

Ship refit stage 1 - Scottish Government (RCGF)

869,527

(24,414

)

845,113

Museum Galleries digital grant

1,480

(153

)

1,327

Museum Galleries covid grant

1,070

(178

)

892

Robertson Trust

51,000

-

51,000

Graeme Varley

4,000

-

4,000

Dewer Gibb

2,000

-

2,000

Brian Patton

500

-

500

Slipway carriage replacement - Historic Environment Scotland

94,108

-

94,108

Ship restoration fund - donation funded

21,975

-

21,975

New boiler fund

14,650

-

14,650

Pier restoration fund - Historic Environment Scotland

44,635

-

44,635

Wolfson Foundation

40,000

-

40,000

Swire Trust

20,000

-

20,000

Hugh Fraser Foundation

50,000

-

50,000

Adam Bruce donation

20,000

-

20,000

Scottish Landfill Communities Fund

25,000

-

25,000

The Pilgrim Trust

15,000

-

15,000

Headley Trust

20,000

-

20,000

Paddle Steamer Preservation Society

65,000

33,000

98,000

Sundry Ship specific projects - donation funded

11,898

-

11,898

Carriage fund - Architectural Heritage fund

10,000

-

10,000

Paddle Steamer Preservation Society

2,000

-

2,000

Adapt and Thrive

20,849

(7,186

)

13,663

Crowdfunder 2022

27,225

205

27,430

Scottish Community Alliance

-

650

650

1,933,199

(30,485

)

1,902,714

TOTAL FUNDS

2,253,658

(106,701

)

2,146,957