Seaways – May 2018

Statement of Financial Activities

for the Year Ended 31 December 2017

Unrestricted Designated Total Funds Total Funds

Note Fund Fund 2017 2016

Income and endowments from: £ £ £ £

Donations and Legacies 208,747 – 208,747 256,226

Charitable activities 2 2,282,995 – 2,282,995 2,171,223

Other trading activities 4 695,467 – 695,467 493,671

Investment income 5 941 34,827 35,768 33,223

Other – – – –

Total 3,188,150 34,827 3,222,977 2,954,343

Expenditure on:

Raising funds 6 266,539 – 266,539 296,486

Charitable Activiites 7 2,718,048 6,714 2,724,762 2,832,504

Other – – – –

Total 2,984,587 6,714 2,991,301 3,128,990

Net Gain on investments – 56,256 56,256 90,789

Net income/(expenditure) 203,563 84,369 287,932 (83,858)

Transfers between funds – – – –

Net movement in funds 203,563 84,369 287,932 (83,858)

Reconciliation of funds:

Total funds brought forward 437,216 1,101,662 1,538,878 1,622,736

Total funds carried forward

at 31st December 2017 18 640,779 1,186,031 1,826,810 1,538,878

Movements in funds are disclosed in Note 18 to the financial statements.

All amounts above relate to unrestricted funds.

The notes on pages 8 to 12 form part of these financial statements.

Balance Sheet as at 31 December 2017

Company No. 2570030

Total Total

Funds Funds

2017 2016

Note £ £ £ £

Fixed assets

Tangible assets 13 109,910 99,498

Investments 14 1,177,196 1,092,330

Total fixed assets 1,287,106 1,191,828

Current assets

Stocks 15 79,398 128,599

Debtors 16 290,038 246,823

Cash at bank and in hand 528,539 270,026

Total current assets 897,975 645,448

Liabilities:

Creditors: amounts falling

due within one year 17 (358,271) (298,398)

Net current assets 539,704 347,050

Total net assets or liabilities 1,826,810 1,538,878

The funds of the charity:

Unrestricted funds:

Designated funds 18 1,186,031 1,101,662

General funds 640,779 437,216

Total charity funds 1,826,810 1,538,878

These financial statements have been prepared in accordance with the special

provisions for small companies under Part 15 of the Companies Act 2006.

Approved by the board of trustees on 22 March 2018 and signed on their behalf by:

Captain J A Robinson Captain R B Middleton

Trustee Trustee

The notes that follow form part of these financial statements.

Notes to the Accounts for the year ended

31 December 2017

1. Accounting policies
   a) Basis of accounting
   The financial statements have been prepared in accordance with the Companies
   Act 2006 and follow the recommendations of the 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).
   b) Depreciation of fixed assets
   Furniture and office equipment is depreciated on the straight line basis at cost
   over its estimated useful life at the rate of 10% per annum. Computer equipment is
   depreciated at a rate of 33 1/3% per annum on cost.
   c) Revaluation of investments
   The investment assets have been shown at market value in the year ending 31st
   December 2017 with the comparatives for the year ending 31st December 2016
   also shown at their market value. The revaluation surplus has been shown on the
   statement of financial activities as net realised and unrealised gain on investment
   assets.
   d) Corporation tax
   The company has taken advantage of the tax exemption allowed due to its
   charitable status.
   e) Allocation of expenditure
   10% of salaries and 50% of travelling and meeting expenses have been allocated
   to management and administration of the Institute, which reflects the proportion
   incurred in this activity.
   f ) Capital reserve fund
   This has been set up to create a Contingency Reserve and a Projects Reserve. The
   Contingency Reserve should be based on 3 months staff costs, 6 months rent
   and services and the average trade creditors. The Projects Reserve is to enable
   the Institute to fund specific projects with the approval of the Executive Board of
   Trustees. This Fund would be reviewed annually.
   g) Stock
   The stock held is the stock of books, both historical and current, and are valued
   at estimated selling price less costs to complete and sell. The stock of books is
   reviewed periodically for the professional content and current relevance and a bad
   debt provision is calculated on this basis.
   h) Lüddeke Prize Trust
   The closing balance of the Lüddeke Prize Trust, a sum of £27,290, was transferred
   to the Capital Reserve Fund as a result of the closure of the Luddeke Prize Trust.

Unrestricted Designated Total Total

Fund Fund 2017 2016

2 Charitable activities £ £ £ £

Charitable activities 3 213,301 – 213,301 182,772

Entrance fees, transfer

fees and subscriptions 665,825 – 665,825 650,558

Accreditation and

Certification 1,403,869 – 1,403,869 1,337,777

Educational grants – – 116

2,282,995 – 2,282,995 2,171,223

3 Seminars & Conferences Seminar/ Seaways

Conferences Journals 2017 2016

£ £ £ £

Income

Conferences/seminars 88,266 – 88,266 69,610

Seaways income – 66,586 66,586 71,448

Seaways advertising

income – 58,449 58,449 41,714

88,266 125,035 213,301 182,772

Financial Statement

26   | Seaways | May 2018 Read Seaways online at http://www.nautinst.org/seaways

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