ADVENTURES OFFSHORE
Charity Number: 1035015
ACCOUNTS FOR THE YEAR ENDED
31 OCTOBER 2022

ADVENTURES OFFSHORE
CONTENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
Page
Legal & Administrative Information
Trustees, report
Independent Examinerfs Report
Statement of Financial Acts'vities
Detailed Profit and Loss Account
Balan￿ Sheet
10
Notes to the financial statements

ADVENTURES OFFSHORE
LEGAL AND ADMINISTRATIVE INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2022
Charfty number
1035015
Principle Address
Tolken
The Lane
Wesl Mersea
Colchester
Essex
C05 8NT
Chalr
Andrew Black (appointed 19 March 2022)
Trust•
Adrian Slim - Trustee {resigned 19 March 2022}
Freddie Crane- Trustee
Jacqui Victory- District Commissioner lappoinled 7 March 20221
(resigned 31 October 20221
Kevyn Connelly - Trustee Iresigned January 2022}
Mark Gowers- Trustee
Mark Rendle - Secretary
Paula- Anne Deighton - Trustee
Stephen Edwards - Treasurer lappointed 10 January 20221
Steven Roys- Trustee
Stuart Gibson - Scout District Commissioner (resigned)
Indopondent Examiner
Community360
Winsley's House
High Street
Colchesler
Essex, C01 1UG
Bankers
Barclays

ADVENTURES OFFSHORE
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 OCTOBER 2022
The trustees are pleased to present their report and accounts for the year ending 31st October 2022.
Objectlves and activltles
The purpose of Adventures Offshore is to provide young people an opportunity to obtain and develop
transferrable life skills that will conlnbute to their personal development and enable them to thrive in
society.
Use sailing as a medium to enhance young people's sense of purpose and self-esteem, not just to
teach Ihem to sail.
Create opportunities for personal development in a safe bul physically challenging environment and
to encourage initiative and leadership skills.
Provide the basis for a communal experience on board ship in which teamwork and co-operation are
at least as important as self-reliance and individual fortitude.
Develop the values of Integrity, Respect. Care and CoopeTrtion amongst our beneficiaries and to
encourage understanding and tolerance of Bel￿fS and ideas that may not coincide direclly with their
own.
Adventures Offshore meets the Charity Commission's public benefrt criteria under both Ihe
advancement of education and the advancemenl of Citizenship or community development headings.
Achlevernènts and perfomian¢e
Despite continued public caution to mixing in groups as government Covid-19 restrictions were
lifted, Ihe Charity enabled young beneficiaries to spend 716 nights at sea (2020121.. 589>.
The beneficiaries learned the value5 of teamwoik, tolerance and fortitude in a challenging environment.
These are life skills that will help them integrats and make a greater contribution to society as a whole.
Seven people successfully undertook expeditions for their DofE Awards (2020121-. 81. Other
beneficiaries have joined our young sea staff training scheme, which will enable them to provide similar
experiences to future beneficiaries.
Flnanclal revlew
Summary
In the three years to 2018119, the organization achieved consecutive years of growth and improved
financial performance, with income more than doubling from £66k to £135k. Then Covid-19 hit, with
the outcome and sailing was halted as a result, which led to a deficit of £47k in 2019120.
followed by a surplus of £53k in 2020121 due to the partial r6sumption of sailing and generous
Covid-19 support grants from ASTO and the Government.
The result for the latest 2021122 season was a deficFt of £22k. Government Covid-19 restrictions were
fully lifted during the sailing season and the trustees focused on delivering as many voyages for young
people as possible. However, this only resulted in a slight uplift in voyage income, as the public
continued to be cautious about mixing in groups.

ADVENTURES OFFSHORE
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 OCTOBER 2022
The trustees continued to protect the Gharity as a going concern by minimising discretionary
expenditure, but also ensuring that the boals were well maintained for the subsequent season. In the
first half of 2021, the Trustees announced a single redundancy. which reduced the wage bill by £22k
compared to the prior year.
This prudent approach means that the organisation is in a good financial posltion given the current
environmenL
Income
Total income in 2020121 of £66k was £89k worse than last year12020121: £155k) and also worse than
pr&covid {2018119.' £138k).
Covid-19 restrictions were fully lifted by Ihe slart of the sailing season and cruise fees increased to
£52k {2020121.' £45k), although these were still much lower than pr&covid {2018119'. £69k).
Grants and donations were significantly lower at £13k (2020121.. £69k). A further £5k of grants were
re￿iVed for our Maritsme Pathways and Training Scheme {2020121.' £20k), of which none was held in
deferred income on the balance sheet at 31 October 2022. The scheme was successfijlly delivered
during the 2022123 season. A Hammond Innes Bursary of £5k {2020121.' £4k) was received from the
Associabon of Sail Training Organisations.
Government Covid-19 restrictions were lifted. so there was no hjrther support towards salaries from Ihe
govemmenys Coronavirus Job Retention Scheme (2020121: £44k) nor business support grants from
Colchestsr Borough Council12020121.' £21k).
Expendlture
Discretionary expenditure continued to be minimised as we emerged from the pandemic. Salaries wer8
£22k better than lasl year due lo a single redundan¢y. Equipment, repairs and maintenance were £3k
better than last year thanks to favourable rates from Suppliers and cost control by the refit-team.
Volunteer travel expenses were £7k lower than last year, due to fewer claims. Insurance costs were
back to normal; the prior year figure was £5k lower than usual due to the reversal in that year of an
over-ac¢rual made in 2019120.
Balance Sheet
The balance sheet remains strong. The organisation wholly owns the two boats and the long-term
leasehold on the Offi￿ space. whilst continuing to operate without any loans, mortgages, or other
long-term liabilities.
Cash and investment reserves decreased by £20k during the year (2020121.. £71 k increase) due to
sailing and donations & gifts remaining at pre-covid levels. The balance of £136k is considèred
enough for the organisation to meet its financial commitments over the next ￿e1ve months.
ReseNe Pollcy
The trustees aim to ensure that the charity works within its means and maintains a prudent level of
reserves, sufficient to allow il to withstand unforeseen operational issues or cash flow disruption.
An updaled cash reserves policy was agreed by the trustees during 2018119.

ADVENTURES OFFSHORE
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 OCTOBER 2022
Restricted cash reserves exist to allow the organisalion to offer funding assistance lo beneficiaries
without having lo guarantee that a donation or grant has been sècured in advance. As most of the
organisats'on's funding arrangements are singEe year deals, the truslees consider it prudent to hold
be￿een 60°/0 and 80410 of a typical season's donation income in reserves. This ensures that
commitments can be reduced in an orderly manner if donations materially reduce.
Free cash reserves exist to allow the organisation to meet short-teTh and emergency funding needs.
Free cash reserves are calculated as the totsl of cash and liquid inveslmenls, less restricted cash
reserves. The charity owns high value fixed assets (the boats) and reserves are required to pay for
unforeseen repairs. Single equipment items can cost over £20k to replace. Free reserves are also
required to miligate the risk of a significant period of booking cancellations and lost income. This is
most likely to be due to major unforeseen repairs which take time to carry out, but could also be due to
extreme weather, government travel advi￿ or an epidemic disease. Noling Ihe significant risk of
simultaneously having to repair the boats and cancel bookings, the trustees consider it is appropriate
to hold the full cost of winding up the charity (estimated at £30,000) plus 750/0 10 1000/0 of annual cruise
fee income in reserve. The actual reserves of £116,226 al 31 October 2022 are higher than the upper
limit and exceed Ihe full Cost of winding up the charity. The trustees actively monitor the reserves to
ensure the organisation continues as a going concern.
The table below compares Offshore's actual reseNes at 31 October 2021 to the range set out in the
reseNes policy.
Free cash reseNes
Restricted cash reserves
Upper Llmlt
Lower Llmlt
Actual Reserves
104.628
38.258
85,971
28,694
116,226 (2020121: 134,057) 50,09012020121.. 52.576)
Overall. the trustees consider that the charity has sufficient available financial ￿SOurCeS to support
Operations for Ihe coming financial year. As such, the trustees believe that the Charity is a going
con￿rn and have prepared the accounts on that basis.
Investment pollcy
Free Reserves
The free reserves are held as cash in accounts wilh minimal notice periods for withdrawal. Although the
retums availablè in such accounts are poor, the trustees have assessed the risks we face and believe
that it is necessary to be able to make immediate calls on the whole reseNe fund.
Bursary Fund
Circa 50¥0 of the bursary fund is invested in the COIF Charrf(ies Ethical Investment fund, managed by
CCLA Invéstrnent Management. This is a diversified fund, investing circa 500/0 in overseas equities,
20 % in U.K. equities. and the remainder distributed equally across other asset classes. The Trustees
do not anticipate calls on this fund in the near tem. The remainirsg bursary funds are held as cash in
an immediate access current account.

ADVENTURES OFFSHORE
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 OCTOBER 2022
Principal Rlsk$
The tnjstees have identffied the major risks to which they believe the organisation is exposed,. these
have been reviewed and systems have been established to mits'gats against them. The main areas of
concern that have been identified are..
Accident at sea.. Sea staff are fully qualified, there are regular training days and a comprehensive set
of manuals and processes that are continuously reviewed and monitored to manage safety at sea. The
organisation has a marine accident insurance policy with Navigators & General.
Significant vessel breakdown.. The￿ is an ongoing regime of continuous maintenance refit inspections
and planned replacements and stock of common parts.
Crew shortage.. The charity is dependent upon the goodwill of unpaid volunteers. There is an ongoing
programme of training young people (Young Sea Staff Stheme). Older volunteers are continually
recruited by word of moLrth.
Interruption to voyage income.. Example causes include vessel breakdown, crew shortage, ststutory
suspension due to pandemic, etc. Active financial management and the reseThes policy mitigate this
risk for a substsntial period.
Reduction in grant and bursary income.. The reserves policy enables temporary respite to a short-term
dip. The organisation works closely wilh exists'ng and potential supporters to try to align our activities
with their specific and targeted aims. where they fit with our own charitable objectives.
Prlnclple sources of funds
Principal sources of income in a normal year are voyage fees and grants and bursaries from external
bodies. See the financial review above for the spe¢ifi¢ 2021122 year.
Structurèi governance and management
The governing doojment is the Scout Association Royal charter of 1914 as arnended in 1953, 1984
and 1999.
Adventures Offshore is an unincorporated association registered as an educational charity
(No. 1035015).
The Trustees are appointed in accordance wbth the Policy, Organisation and Rules of The Scout
Association.
Trnstees complete'Essential Informats'on for Executive Committee, training within the first 5 months of
being appointed.
The organisational structure consists of a board of trustees, primarily resF)onsible for governance, that
has delegated limitèd powers ne￿SSary for the day-tO•day adivity to subject matter experts via
Operations. Finance and TSE (Training, Safety & Ethics) committees.

ADVENTURES OFFSHORE
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 OCTOBER 2022
Although il has only adult members, the organisation is recognised as a "distriGt" as part of
'Essex County. within The Scout Association.
By order of the board of trustees.
Adrian Slim, Scout DistriGt Commissioner and Acting Chair
Chairman
Board of Trustees

ADVENTURES OFFSHORE
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 OCTOBER 2022
I report on the accounts of Adventures Offshore for the year ended 31 October 2022 which
are set out on pages 8 to 15.
Respective responsibilities of trustees and examiner
The Charity's Trustees are responsible for the preparation of the accounts. The Charity's
Trustees consider that an audit is not required for this year (under section 144 (2} of the
Charities Act 2011 (The Act) but that an independent examination is needed.
It is my responsibility to..
Examine the accounts under section 145 of the Charities Act,
To follow the prO￿dureS laid down in the General Directions given by the Charity
Commissioners (under section 145(5}(b) of the Charities Act, and
To stale whether particular matters have come to my attention.
Basis of independent examiner's Statement
My examination was Carried out in accordance with the General Directions given by the
Charity Commissioners. 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 considerations 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 the course of my examination, no material matters have come to my attention which
gives me cause to believe that in, any material respect..
the accounting records were not kept in accordance with section 130 of the
Charities Act- or
the accounts did not accord with the accounting records., or
the accounts did not comply with the applicable requirements conceming the
form and content of the accounts set out in the Charities (Accounts and
Reports) Regulations 2008 other than any requirement that the accounts give a
true and fairf view which is not a matter considered as part of an independenl
examination.
I 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.
David Courtier FMA4T AAT
Community360
Winsley's House, High Street, Colchester, Essex
Bfor
nd on behalf of:
Date ' 8103/14-

ADVENTURES OFFSHORE
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 OCTOBER 2022
Unieslri¢ted Restrlcted
funds
funds
2022
Totsl
2021
Totsl
Notes
Incoming re$ourees
Donatsons and legacies
Investment income
Incoming resources from charttable activities
Total incoming rosources
1,945
183
52,841
54,968
10,944
12,889
183
52,841
65,912
110,007
44,820
10,944
Re￿urceS expended
Cost of generating funds
Cost of generating donations and lega¢ies
Charitable activities
Sail training scheme expenditure
Total rasourcos frxppnded
102
74,537
74,537
11.588
86,125
86,125
107,611
107,712
Net loirtgolngvincoming resources
119,5691
{6441 {20,213}
47,118
Gain on investments
11.8411
11,841)
5.972
Net movement in funds
19,569
2,485
22,054
53,090
Fund balan¢e$ at 1 November 2021
236,996
52.575
289,571
236,481
Fund balances at 31 October 2022
217.427
50,090
267 517
289.571
The notes on pages 10 - 14 fomi an integral part of these financial statements.

ADVENTURES OFFSHORE
DETAILED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2022
2022
2021
Incorne
Donations and gifts
Cruise fees
Sundry sales and courses
Annual scheme dinner re￿ip1S
CJRS scheme
Covid grants
Inte￿$t receNable
12,889
51.741
225
875
69,110
44,820
20,274
20,622
183
65,912
154,831
Expendlturo
Salaries
Equipment, sails. repairs and maintenance
Food, fuel and cruise expenses
Travel expenses
Insurance - boat and travel net
Insuran¢e- general
Rates, light and heal
Administration
Annual scheme dinne¥ expenditure
Fundraising expenses
Bank charges
22,128
20,692
13,997
124
6,294
41
428
4,758
700
44,074
23,458
8,578
7,251
1,705
295
1861
5,267
102
288
90,931
70
69,232
69,232
90,930
Net operdtional {d•flcltysurplus before
deprèelatlon
13,321)
63,900
Depreciation
Gainlloss on investments
{16,893}
11.841}
{16,7821
5,972
Surplusl{doficttl for the y•ar after depreciation
22,054
53.090
The notes on pages 10 - 14 fomi an Integral part of these financial statements.

ADVENTURES OFFSHORE
BALANCE SHEET
AS AT 31 OCTOBER 2022
2022
2021
Notos
Flxed a88ets
Tangible assets
11
108.308
124.647
Current ass•ts
Debtors
Investments
Cash at bank and in hand
12
6,748
29.837
136,479
173,064
2,836
31,678
154,956
189,469
Credltors: amounts falllng duo wlthln ono year
13
113,8541
{24,S451
Not curr•nt assets
159.209
164,924
Total assets188$ Current liabillties
267,517
289,571
Not assets
267,517
289 571
Funds
Reslricled funds
Unrestricted funds
14
50.090
217,427
267,517
52,575
236,996
289,571
The account5 were approved by the trustees on 12th March 2024
Signed
Dale
12th March 2024
A Slim - Scout District Commissionef and Acting Chaim)an
Slgned
Dale
12th Ma￿h 2024
S Edwards - Treasurer
The notes on pages 10 - 14 fomi an integral part of these financial Statements.
10

ADVENTURES OFFSHORE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
1 Accountlng poll¢le$
1.1 Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities..
ststement on Recommended Praclise applicable lo charities preparing their a¢¢ounts in accordance with
the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} (effective 1
January 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and
Republic of Ireland IFRS 1021 and the Companies Act 2006.
The financial ststements do not include a cash flow statement because the charity, as a small reporting
entity, is exempl from the requirement lo prepare such a statement under Financial Reporting Standard
1 "Cash flow Statements"
1.2 Incoming rosources
Donabons. legacies and other forms of voluntary income are recognised as incoming ￿$OUrceS when
receivable, except insofar as they are incapable of financial measurement. Voluntary income also includes
income tsx recoverable.
The Charity receNes the benefit of work carried out by volunteers. and receives the use of facilities and
equipment without ¢harge. No value is pla¢ed on these rtems.
Revenue grants are credited lo the income and expenditure account as receNed unless related to a spe¢ifi¢
purpose, when they are placed in ￿$tricted funds until used.
1.3 Resources expended
Expenditure is included in the accounts on an accruals basis.VAT is recoverable by the oharity and is
included with the expenditure to which it relates.
Support costs which could not be attributed directty lo activitses are apportioned equally be￿eerS activities.
1.4 Tang5ble fixed as$ets and depreciatSon
Tangible fixed assets are slated al cost less accumulated depreciation. Depreciation is provided at rates
calculated to wnle off the ￿$1 less estimated residual valLte of each asset over its expected useful life as
follows..
Freehold land is not depreciated
Freehold buildings
Yacttts
Offi¢e equipmenuother equipment
20k strauhl line
30A straight line
20% straight line
1.5 Taxatlon
The organisation is a registered ¢h8rity and. as such is exempt from corporation tsx.
1.6 Investments
Realised gains and losses are taken lo the Income and Expenditure Account. Investment inwme has been
taken in to account on the basis of the due dale of payment.
Short term investments shown within current assets are inve51ed in COIF Funds Accumulation Units and
are included al market value al the year end. The dIffe￿nCe from the value al the start of the ￿rIOd is
reflected in unrealised profit and loss during the year.
11

ADVENTURES OFFSHORE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
1.7 Forelgn cuiren¢y translatlon
Transactions denominated in foreign currencies are recorded at the rale ruling at the dale of the
transaction.
Monetary assets and liabilities denominated in foreign currencies are translated into steding at the rates
of exchange ruling at the balan￿ sheet date. All differences are included in net outgoing resources.
1.8 Fund structur•
Unrestricted income funds are general funds that are available fof use al the Trustee's
discretion in furtheran￿ of the objectives of the charity.
Restricted income fvnds are those donated for use in a particular area or for specific
purposes, the use of which is ￿$trIcted to that area or purpose.
2 Donatlons and legacles
Unr¢8trl¢ted Restricted
Funds
Funds
2022
Total
2021
Total
Donations and gifts
Grants
CJRS Scheme
1.945
10,944
12,889
69,110
20,622
20,274
1,945
12,889
3 Investment incomo
Unr•strlct•d Restricted
Funds
Funds
2022
Total
2021
Totsl
Interest receNable
183
183
183
183
4 Incoming resources from charitable •ctlvttles
Unrestricted Rostrlcted
Funds
Funds
2022
Totsl
2021
Total
Cruise fees
Sundry sales and courses
Annual scheme dinner receipts
51,741
22S
875
52,841
51,741
225
875
44.820
52,841
44,820
S Total rosouT¢es expended
Staff Depreclatlon Other
Costs
costs
Grant
Fundlng
2022
Total
2021
Total
C¢)Sts of geTreratlng funds
Costs of generating
donations and legacies
102
Ch¥rltable actlvllles
Sail training scheme-
expenditure
Activities undertaken directly 22,128
Grant fundin9 of activities
16.893
35,516
74,537
11,588
103,181
4,430
11,588
22.128
16,893
11,S88
86.125
107,712
12

ADVENTURES OFFSHORE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
6 Grants payable
2022
2021
Sail training scheme expenditure
11,438
11,438
4,430
4.430
7 Galn on Investmonts
2022
2021
COIF Investrnent fvnd - bursary
1,841
5,972
5,972
8 Trustees
None of the trustees received any remuneration dunng the year, but some of the trustees were
reimbursed a total of £812 for Iravelling, office and orltise expenses12021 £4,011).
Trustee insurance was paid for in the year totalling £300 for the financial year12021 £2351.
9 Employees
Number of employees
The average monthly number of employees during the year was..
2022
Number
2021
Numbor
Full time employees
Part time employees
Total
Employment Costs
2022
2021
Wages and salaries
There were no employees whose annual remuneratson was £60,000 or more.
10 Key management pernonnel
During the year, £6,126 was paid12021 £33,445} to key management personnel.
The remunerati'on of key management personnel is de¢ided upon and aulhorised by the trustees.
22,128
44,074
13

ADVENTURES OFFSHORE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
11 Tangible flxed assets
Land and
building$
Yachts
Office
Othor
equlpment equlpment
Total
Cost
At 1 November 2021
Additions
Disposal
At 31 October 2022
50,000
478,624
524
554
7,117
536,265
554
50,000
478,624
1,078
7.117
536,819
Depreclatlon
At 1 November 2021
Charge for the year
Disposal
At 31 October 2022
25,833
1,000
380,992
14,359
524
111
4,269
1,423
411,618
16.893
26,833
395,351
635
5.692
428,511
Net book v•lu¢
At 31 Octobor 2022
23,167
24,167
83.273
1.425
108,308
124,647
At 31 October 2021
97,632
2,848
The building 'Tolken' was last valued by the trustees as al 1 January 1996 at £50.000.
12 Debtors
2022
2021
Other debtors
Prepayments and accrued income
5,595
1,153
6.748
1,661
1,175
2.836
13 Crgdttors: amounts falling due wlthln one year
2022
2021
Other creditors
Deferred In¢ome
Accruals
61
12,368
1,425
23,704
841
14 Restrlcted Funds
The income funds of the chaiity include reslricled fvnds ￿mprising the following unexpended balances
of donations and grants held on Ifust for specific purposes.
Movements in fvnds
Balance at 1 Income
ExpenditureGainsllosseg Balance at
November
on
31 O¢tober
2021
Investments
2022
Bursary fund
Maritsme pathways & training
Bursary fund total
Young vol. training
38,829
10,947
49.775
2.800
5,470
5.473
10,944
111,4381
{1,841}
31,020
16,420
47,441
2,650
111,4381
11501
11,588
{1,841}
14

ADVENTURES OFFSHORE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
15 Related partl•s
Dufing the year, there We￿ no related parties.
16 Golng con¢ern
The charity is operating on a going concem basis.
17 Previous Yeaf Ststement of Finan¢lal Actlvltle8
Unrestrictsd Restrlcted
funds
funds
2021
Total
Incomlng resources
Incoming resources from generatsng funds..
Donations and Legacies
Investment Income
Incoming resources from charrtable activities
Total Incoming rosour¢es
94,631
15,376
110,007
44,820
139,454
44,820
154,831
15,376
Resourcos 0x￿nded
Cost of generating funds
Cost of generating Donations arKI Legacies
Charitsble Act'vilies
Sail Training Scheme Expenditure
Total resources expended
102
102
103,181
103,282
4,430
107,611
107 712
Net outgolng resour¢es
36,172
10,946
47,118
Other recognised gains and losses
Previous year adjustments
Gains (Lossesl on investment assets
Not movement in funds
5,972
16,918
5,972
53,090
36,172
Fund balances at 1 November 2020
200,824
35,657
236,481
Fund balances at 31 October 2021
236 996
289 571
This note shows you the stalement of financial activitses as il was in the accounting year 31 October 2021
for comparative pufposes.
18 Non4dlustln9 events after the reporting pgriod
On or around the 3rd week of February, after being launched at the annual maintenance marina, both
boats each suffered a separate flooding incident. The root causes We￿ different, but the result was similar.
The damage is currently being assessed and with the insurer. At this stage, we anticipate that neither
boat will be available to fuKIl voyages during al least the first four to Six weeks of the sailing season, when
bookings are historically 5i9ht due lo the colder and better weather.
1S