Registered number: 07344707
Charity number: 1137874
P1 MARINE FOUNDATION
UNAUDITED
TRUSTEES' REPORT
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2022
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P1 MARINE FOUNDATION
(A company limited by guarantee)
CONTENTS
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Trustees' responsibilities statement
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Statement of financial activities
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Income and expenditure account
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Notes to the financial statements
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P1 MARINE FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2022
Purposes and Aims
Our charity’s purposes set out in the objects contained in the company’s memorandum of association are:
- To promote for the benefit of the public the conservation, protection and improvement of the physical and natural marine environment; and
- To advance the education of the public in the conservation, protection and improvement of the marine environment
- The aims of our charity are to safeguard and restore the marine and coastal environment and raise awareness through education and effective partnerships for this generation and those to follow. Our aims fully reflect the purposes that the charity was set up to further.
Ensuring our work delivers our aims
We review our aims, key objectives and activities annually. This report looks at the work that was carried out in the 12 months to August 2022, following the Management Committee's important decision the previous year to put the two main programmes - National Student Awards and Coast Explorer schools education program and internship initiative - on hold to carry out a major piece of work to:
a) assess the potential to grow existing activity at different levels;
b) evaluate the likely returns at each level;
c) identify the resources and funding required for each approach.
The rationale for this decision was the disappointing number of entries for the Awards scheme and the very limited footprint of the schools programme.
The shifting focus of our work
The ultimate aim of the work of the Foundation is to encourage personal responsibility so as to change attitudes and behaviour, particularly amongst younger people. A key objective of the in-depth review and development program that was undertaken was to create a structured framework and methodologies to secure increased profile with key influencers to raise awareness of, and funding support for, Foundation activities. A two-year forecast framework was produced together with a plan of action for further discussion.
A significant recommendation that emerged was for the Foundation to seek to develop its Marine Environmental Consultancy work which it had begun in 2016 by supporting Powerboat P1, the international marine motorsport promoter, to deliver its environmental management system targets. Following in the footsteps of World Sailing's 'Sustainability Agenda 2030', the Foundation has joined forces with Powerboat P1 to devise a strategy that will define its approach across three pillars of sustainability - economic, environmental and social - encapsulated in a simple message: sport, technology and nature in harmony.
Following the identification of risks and opportunities, a number of objectives have been set to drive the strategy. These include:
- protect and enhance marine motorsport's waters and the wider water environment;
- promote research into the impact of powerboat and jet ski racing on the environment;
- encourage a robust approach to sustainability across the sport and its affiliated industries and key stakeholders;
- communicate the benefits and importance of sustainability and facilitate stakeholder engagement in the delivery of the strategy.
A key element of the programme will be the setting up of a Sustainability Education Programme focusing on youngsters aged 6-12.
Communication and partnerships
It has been recognised that the Foundation needs to build a wider set of connections together with greater
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P1 MARINE FOUNDATION
(A company limited by guarantee)
knowledge and appreciation of its current aims and activities. Building relationships will lead to gaining support in important areas such as resources, publicity, goodwill and funding. It is felt that partnership activity can play a key role in growing the Foundation’s leading programmes.
Funding Support
It is recognised that the Foundation has limited experience of corporate fundraising and no links with potential government sources or via charitable trust applications, and this weakness needs to be addressed.
Ambassadors & Volunteers
The workshop identified the need to recruit new ambassadors and volunteers to help target new audiences.
In Summary
It is the belief that the Foundation has considerable potential but a new, structured plan is required, incorporating specific, proven techniques and insights.
On behalf of the board of trustees
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P1 MARINE FOUNDATION
(A company limited by guarantee)
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2022
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
∙select suitable accounting policies and then apply them consistently;
∙observe the methods and principles of the Charities SORP (FRS 102);
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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. 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.
Approved by order of the members of the board of Trustees on 27 July 2023 and signed on its behalf by:
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Asif Rangoonwala
(Trustee)
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P1 MARINE FOUNDATION
(A company limited by guarantee)
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ACCOUNTANTS REPORT
FOR THE YEAR ENDED 31 AUGUST 2022
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements for the year ended 31 August 2022 which comprise the Income and Expenditure Statement, the Statement of Fiancial Position and the related notes from the charity's accounts and from information and explanations you have given to us.
As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW) we are subject to it's ethical and professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the board of trustees of P1 Marine Foundation, as a body, in accordance with the terms of our engagement as detailed at wtca.co.uk/company-terms-conditions. Our work has been taken solely to prepare for your approval the financial statements of P1 Marine Foundation and state those matters that we have agreed to them in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other then P1 Marine Foundation and it's board of trustees, as a body, for our work in this report.
It is your duty to ensure that P1 Marine Foundation has kept adequate accounting records and to prepare statutory financial statement that give a true and fair view of the charity's assets, liabilities, financial position and profit and loss. You consider that P1 Marine Foundation is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the Financial Statements of P1 Marine Foundation. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Wellden Turnbull Limited
Albany House
Claremont Lane
Esher
KT10 9FQ
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P1 MARINE FOUNDATION
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2022
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Total funds brought forward
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Total funds carried forward
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The Statement of financial activities includes all gains and losses recognised in the year.
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The notes on pages 8 to 13 form part of these financial statements.
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P1 MARINE FOUNDATION
(A company limited by guarantee)
SUMMARY INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2022
Gross income in the reporting period
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Net expenditure/(income) for the reporting period
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The notes on pages 8 to 13 form part of these financial statements.
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P1 MARINE FOUNDATION
(A company limited by guarantee)
REGISTERED NUMBER: 07344707
BALANCE SHEET
AS AT 31 AUGUST 2022
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Total assets less current liabilities
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The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 27 July 2023 and signed on their behalf by:
Asif Rangoonwala
(Trustee)
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The notes on pages 8 to 13 form part of these financial statements.
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P1 MARINE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
P1 Marine Foundation is a private company limited by guarantee incorporated in England and Wales, registration number 07344707, charity number 1137874, registered office of Queen Anne Mansions, 86/87 Wimpole Street, London W1G 9RL.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
P1 Marine Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.
Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.
Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Company's accounting policies.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
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P1 MARINE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
2.Accounting policies (continued)
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
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P1 MARINE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
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Income from donations and legacies
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Analysis of expenditure on charitable activities
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Analysis of expenditure by activities
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P1 MARINE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
5.Analysis of expenditure by activities (continued)
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Analysis of support costs
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Trustees' remuneration and expenses
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During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
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During the year ended 31 August 2022, no Trustee expenses have been incurred (2021 - £NIL).
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Financial assets measured at fair value through income and expenditure
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Financial assets measured at fair value through income and expenditure comprise cash and cash equivalents.
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P1 MARINE FOUNDATION
(A company limited by guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
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Statement of funds - current year
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Balance at 1 September 2021
£
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Balance at 31 August 2022
£
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Summary of funds - current year
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Balance at 1 September 2021
£
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Balance at 31 August 2022
£
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P1 MARINE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
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Analysis of net assets between funds
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Analysis of net assets between funds - current year
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Analysis of net assets between funds - prior year
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