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2022-12-31-accounts

The Island Trust Limited (Limited by Guarantee) Unaudited Annual Report Year ended 31 December 2022 Company Règlstration No.. 3107339 Charity Registration No.. 1049722

The Island Trust Limited

(Limited by Guarantee)

Contents Page
Trustees’ Annual Report (incorporating the Directors’ Report) 1
Independent Examiner’s Report to the Trustees 7
Statement of Financial Activities
(incorporating the Income and Expenditure Account) 8
Balance Sheet 9
Notes and Accounting Policies 10

The Island Trust Limited

(Limited by Guarantee)

Year ended 31 December 2022

Trustees’ Annual Report

The trustees present their annual report and financial statements of the charitable company for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities Act 2011, and 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).

1. Objectives and activities for the public benefit

The charity was formed to enable disadvantaged young people to enjoy the benefits of sailing, which are perceived to help with their personal development, confidence and motivation. The charity caters for any type of disadvantaged young person, none of whom could even contemplate sailing without the trust’s help. It has supported the following:

The trustees confirm that they have taken into account the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.

2. Achievements and performance

After two years of restrictions due to the Covid-19 pandemic, we were able to return to normal operations in early April 2022, and we sailed through until mid-October, enabling 566 young people to take part in sailing voyages with us. We had a wonderful sailing season taking young people all along the south coast to Hope Cove, Burgh Island, Portmellon Cove, Gorran Haven, Dartmouth, Weymouth, over to The Isle of Wight to take part in the ASTO (Association of Sail Training Organisations) small ships race, to Gosport and Osborne Bay (in the Solent), to Milford Haven and Pembroke Dock (in Wales) and we even managed our first visit in a while to France, sailing over to Paimpol where Pegasus took part in the Classic Channel Regatta. It was fantastic to be able to resume sailing and take young people on so many sailing adventures this year.

We sailed with many groups in 2022 and Next Steps, a home education group from Cornwall, sailed with us for the first time. They were very keen to take part and benefitted hugely from their days out.

After a one-off visit last year when we discovered the extent of the demands and stress among a group of young carers, who are themselves disabled, we were able to start a programme that allows these carers to come sailing with us regularly.

Several individuals who sailed with us showed a particular interest in learning more about sailing both as a sporting activity and as a possible future career. These young people have been recommended by our skippers to return to sail with us on future voyages both to continue to develop their sailing skills and potentially to join our trainee programme.

The impact of our work has been positive, young people who sailed with us have told us that being on board our traditionally rigged boats and taking part in sailing activities enables them to forget the stresses and worries that they felt in their home lives. They enjoyed learning new skills as they sailed together as a team and took part in physical activities they ordinarily would not have been able to participate in.

1

The Island Trust Limited (Limited by Guarantee) Year ended 31 December 2022 Trustees, Annual Report Achlevements and performance (continued) Al nearly 78 years old, our venerable flagship. Johanna Lucrelia, needed essential resloralion works lo ensure her ongoing seaworthiness. She underwent a programme ol works over the winter of 2022123 and was ready lo re-commence youth sail training in the spring. The total cost was subslanlial and funding the work has greatly depleted our funds. The competition for funding has increased since the pandemic and il has become more difficult lo obtain. However, we continue lo focus our fundraising efforts to ensure that we can meet our charitable aims. We are long established and in 2023 we are celebrating our 50th Anniversary. To have helped so many disadvantaged ytsung people over the last 50 years is a tremendous achievement. We remain as committed as ever lo continuing the work of the trust for many years to come. Financial Review Results The Irusl's income increased from £329,440 in 202110 £771,831 in 2022. This increase was due lo a generous legacy. Johanna Lucrelia, our 96ft topsail schooner that is the flagship of our fleet, required an extensive refil and maintenance programme over the winter. Part of the legacy was spent on this in late 2022 and the rest was earmarked for the remaining works Ihal were completed in early 2023. The result is that the Irusl has returned lo tha same financial position that il was in prior lo receipt of the legacy although. of course, Johanna Lucrelia is now in excellent condition. Our expenditure rose by £128,863. Part of this increase w25 due to an increase in the amount expended on sailing courses for beneficiaries and the other part reflected the work done to Johanna Lucrelia over the winter of 2022123. As ever the trust has lo balance the desire lo employ excellent crews and maintain the boats lo the highest standards with the need lo keep costs under control. Once again, we are a150 extremely grateful lo the Reardon Smith Nautical Trust, The Frank Jackson Foundation, the Association of Sail Tralning Organisalions IASTO) and The Ironmongers, Company for their continued annual support. Investment POW9rs and policy The investment powers are to invest in the name of the charity such parts of the funds as is fell fil and lo direct the sale or transposition of such investments and lo expend the proceeds of any such sale in furtherance of the objectives of the charity. The Irusl's policy is lo manage ils investments in a manner that aims lo provide a high and growing income. while al the same time protecting the capital from the erosive effect of Inflation. The Irusl's policy is also lo achieve this objective by investing in one or more major charitable unil trusts rather than investing the money directly itself.

The Island Trust Limited {Limited by Guarantee) Year ended 31 December 2022 Trustees, Annual Report Ri$k management The trustees identify and review from time lo lime the risk5 to which the charity is materially exposed and the action lo be taken to mitigate them. Presently. Iney are seen as.. a lack of funds 8dequale lo support the charity's activities. an accident lo one of the charity's beneficiaries whose costs are not Whol￿ met by insurance and which results in a substantial claim on the charity for negligence andlor breach of contract. In respect of the former, trustees raise as much money as they are able and have in place safeguards lo ensure they do not commit funds in excess of those available. In respect of the latter, contracts for the provision of tltition are bebmeen those being sponsored and our operating subsidiary. Island (Cutter) Ltd, and the trust's role is to help fund the ¢osls of its activities without being a party to the contract, Reserve$ policy The Irusvs income is largely unpredictable, both as lo timing and quantum, whereas operations by the fleet of the subsidiary, Island (Culler) Ltd, require forward commitments incurring expenditure. The Iruslees therefore onsider il desirable to maintain a general reserve of 6 month's anlicipaled expenditure. This reserve is deployed in a blend of bank balances. At 31 December 2022 the trust had free reserves of £584,06912021'. £343,926). This figure includes loans made lo our operating subsidiary Island (Cutter) Ltd for the purchase of oui boats. In the opinion of the Iruslees, a more realistic picture of our financial reserves is given by the trust's cash al bank anli in hand. This stood al £339,509 at the end of 2022, up from £132,195 al the end of 2021. Most of the excess cash balance was earmarked lo be spent on the completion of the refit and maintenance programme for Johanna Lucrelia. This has now occurred and the trust's cash at bank and in hand has returned to a similar level to that al the end of 2021. Plans for future periods We will work towards building a sustainable future by rebuilding our reserves. Structure, governance and management Goveming document The company was incorporated on 27 September 1995 and is limited by guarantee. having no share caprtal. It is a registered charity and is governed by its Memorandum and Articles of Association. Al 31 December 2022 the company had S members. In the event of the eompany being wound up the liability of each member is limited to £10. Organis8tion The Island Trust Limited is adrninislered by a board consisting of al ￿ast three Iruslees and they also serve as directors. The trustees are, in the main, people with professional experien￿ combined with a background of considerable business experience. They currently include people with experience in sailing and people with none, bul all sharing a commitment and enthusiasm for bringing the benefi'ts for sail training to young people who because they are disadvantaged in some ftirm or another would otherwise never have the Chan￿ lo take part

The Island Trust Limited (Limited by Guarantee) Year ended 31 December 2022 Trustees, Annual Report Structure. govgrnance and management Icontlnued) Appointment of trustees Trustees are appointed by the members or existing trustees. Trustee induction and training Newly appointed trustees are given a full introduction to the background and work of the trust, and are provided with all the necessary documents. They are also encouraged to V1511 Plymouth where sail training takes place and our boats are based, and to meet and listen lo the young people who are benefiting from the work of the trust. Related parties During 2006 a subsidiary trading company, 151and Iculterl Limited. was set up, ils purpose being lo build a boat which is now being chartered to organisalions including ourselves. Formal loan agreements exist between the charity and the subsidiary. Key n7anagement personnel reMUn8￿￿.0n The trustees consider the board of trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day lo day basis. All Iruslees give of their lime freely and no trustee remuneration was paid in the year. Details of trustee expenses are disclosed in note 10 to the fi'nancial ststemenls.

The Island Trust Limited (Limited by Guarantee) Year ended 31 December 2022 Trustees, Annual Report Legal and administrative details Trustees and directors S C L Dobson (Chairman) S W Arnold C E Cleaves J M Lloyd C J Macdonald-Brown R F Lloyd MBE (passed away 14 October 2022} R F Riding {passed away 11 May 2022> Independent Examiner Neil Hilchings FCA Francis Clark LLP Charlored Accounlanls Centenary House Peninsula Park Rydon Lane EXETER EX2 7XE Solicitors TLT LLP One Redcliff Sireel BRISTOL BS16TP Bankers Lloyds Bank plc High Sireel EXETER EX4 3NL Registered Officg 17 Halyards Topsham EXETER EX3 OJU Registered Number 3107339 Registered Charlty Number 1049722

The Island Trust Limited (Limited by Guarantee) Year ended 31 December 2022 Trustees, Annual Report 10. Trustegs, Responsibilities in Relatlon to the Financlal Statements The Gharily Iruslees (who are also the directors of The Island Trust Limited for the purposes of Company lawl are responsible for preparing a Iruslees, annual report and financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the charity Iruslee5 to prepare financial statements for each year which give a true and fair view of the stale of affairs of the charitable charity and of the incoming resources and application of resources. including the income and expenditure, of the charity for that period. In preparing the financial slalemenls, the Iruslees are required lo.. select suitable accounting policies and then apply them consistently., observe the rnelhods and principles in the Charities SORP.. make judgements and eslimales that are reasonable and PTudenl', slate whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial slalemenls., prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the Gharilable company will continue in business. The Iruslees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position of the charity and lo enable them lo ensure that the financial slalemenls corllply with the Companies Act 2006. They Sre also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. 11. Small Company Provisions This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006. By Order of the Board S C L Dobson Trustee Dale

The Island Trust Limited (Limited by Guarantee) Year ended 31 December 2022 Independent Examinerfs Report to the Truslees I report on the charity Iruslees on my examination of the accounts of the Charity for the year ended 31 December 2022. Responsibilities and basis of report As the charity's Iruslees of the Charity land also ils 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 I'the 2006 Acl'l. Having satisfied myself that the accounts of the Charity are not required lo be audited under Parl 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 {'Ihe 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515) Ib) of the 2011 Act. Independent examlner's statement Since the Company s gross incotlle ex￿eded £250.000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified lo undertake the examination because l am a member of the ICAEW. which is one of the listed bodies. I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause lo believe.. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act.. or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'lrue and fair view which is not a maller considered as parl of an independent examin8tion', or 4. the ac¢ounls have not been prepared in accordance with the methods and principles of the Slalemenl of Recommended Practice for accounting and reporting by charities (applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come across no other m811ers in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Signed.. Neil Hilchings FCA Francis Clark LLP Chartered Accountants Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE DaleL41¥{Is

The Island Trust Limited ILimited by Guarantee) Year ended 31 December 2022 Statement of Financial Activities (incorporating the Income and Expenditure Account) Rostrictod Unrestrlcted funds funds 2022 Total funds 2021 Total funds INCOME Notès Donations and legacles 71,665 614,457 686,122 228,383 Income from charitable actlvltles 43.397 43,397 75,181 Income from other trading actlvltles 8,214 8.214 6,449 Investment Income 34,098 34,098 19,427 Total Income 71,66S 700,166 771,831 329,440 EXPENDITURE Cost of raising funds 30,729 30,729 29,013 Expenditure on charitablè actlvStles Sailing courses for benefiCiar￿S Grants Payable 324,186 324,188 47,295 208,917 168,060 47,295 Other costs 232,643 232,643 100,000 Total expendlture 47,295 587,558 634,853 605,990 Nat Incomall•xpendlturel for the ygar 24,370 112,608 136,978 1176,5501 Transfers between fLbnds 1127,1421 127,142 Net movement in fund$ 1102,772) 239,750 136,978 1176,5501 Reconciliation of funds Total funds brought forward 441,565 344,592 786,157 962.707 Total funds carried forwar(I 338.793 584,342 923,135 786,157 2022 2022 2021 Rèprèsented by: Fixed 8ssets Current assets lincluding debtors over one yearl 273 591,697 17.628) 273 666 930,490 816.934 17,6281 131,4431 338,793 338,793 584,342 923,135 786,157 2021 2021 2020 Represented by.. Fixed assets Curronl assets (including debtors over one y88rl 666 375,369 131,4431 666 642 816,934 1,003,546 131,4431 141.4811 441,565 441,565 344,592 786,157 962,707 The statement of financial activities includes all gains and losses re¢ognised in the year. All income and expenditure derive from continuing aclivilies.

The Island Trust Limited (Limited by Guarantee) 31 De￿rnber 2022 Balance Sheet 2022 2021 Noto$ Fixed assets Tangible assets Investments- unlisted 11 12 272 665 273 666 Current assets Debtors Debtors due after more than one year Cash al bank and in hand 13 13 76.189 514,792 339.509 90,794 593,945 132,195 930.490 816,934 Creditors - Amounts falling due within one year 14 17,628) 131.4431 Net current assets 922,862 785.491 Total assets less current liabilities 923,135 786.157 Creditors - Amounts falling due after one year 14 Net assets 923,135 786,157 The Funds ot the Charity Income funds Restricted funds Linrestricted funds 17 17 338,793 584.342 441,565 344,592 Total charity lunds 923,135 786,157 The trustees are satisfied that the charity is enlilled lo exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial ststements for the year by virtue of section 477, and that no member or members have requested an audit pursuant to section 476 of the Act. The trustees acknowledge their responsibilities for. lil ensuring that the charity keeps adequate accounting records which comply with section 386 of the Act, and lill preparing financial statements which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of its profi'l or loss for the financial year in accordance with the requirements of sections 394 and 395, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the charity. These fi'nancial ststements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006 relating lo small companies. These financial statements were approved by the members of the Board on i £17123 and are signed on their behalf by.. S C L Dob$on Trustee Rggistergd Company Numbor: 3107339

The Island Trust Limited (Limited by Guarantee) 31 De￿mber 2022 Notes to the financial statements Accounting policies The financial statements have been prepared under the historical cost convention, except ft)r investments which are included al market 'ialue, and in acco',dance with 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" IFRS 1021- (Charities SORP IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 20(￿. The Island Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recogni5ed at historic cost or transacts'on value, unless otherwise staled in the relevant accounting policy note. The Trustees do not believe that there are material ￿n￿rtaInlieS in relation to going concem. The Island Trust Limi(ed is a company limited by guarantee and therefore has no share c8Pltal. The Charity wa5 incorporated in England and Wales and details of the registered office can be found in the reference and administration section of the trustees, report. The functional currency of the charity is cOns￿ered to be pounds sterfing because it is the Cur￿ncY of the primary economic environment in which the charitable company operates. {al Group accounts Advantage has been tsken of the exempb'on from preparing group accounts on the basis that the group is a small group. Accordingly, the financial statements present information about the charity as a single entity and not about the group. Ibl Fund accounting Funds held by the charity are erther, Rgstricted funds These funds represent funds that 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. Unrgstricted general fund Unrestricted funds a￿ available lo spend on any charitable purpose. Icl Tangible fixed assets and depreeialion Tangible fixed assets are included in the accounts al cost and are depreciated over their estimated useful lives al the following rates. offi￿ equipment 20Wo per annum on the reducing balance basis Id) Investments Listed investments held as fixed assets are re-valLJed al market value al the balance sheet date and the unrealised gain or loss tsken to the Statement of Financial Activities. 10

The Island Trust Limited ILimited by Guarantee) 31 December 2022 Notes to the financial statements Accounting policies {continuedl lel Income Donations are recognised where there is enlillement, ￿rtaInlY of receipt and the amount can be measured with sufficient reliability. For legacy income, entitlement is taken as the earlier of the dale.. when the charity becomes aware that probate has been granted., when the eslale has been finalised and nolificalion made by the executors that a distribution will be made,. or when the distribution is received. Investment income is recognised on a receivable basis. Income in respect of contributions towards sailing activities is recognised when the charity 15 enliued lo the funds. {f} Expenditure Expenditure is included on an accruals basis. Overhead and other costs not directly allribulable to particular functional activities are apportioned over the relevant categories on the basis of management eslimales of the amount of costs relevant lo that activity. The irrecoverable element of VAT is included within the item of expense to which it relates. Costs of generating funds are those costs incurred in allracling voluntary income and those incurred in trading activities that raise funds. Costs of chsrilable activities include expenditure associated with the cost of sailing activities and include both the direct costs and support costs relating lo those aclivilies. {gl Financlal Instruments The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments which are initially recognised al transaction value. The company holds the following financial inslrumenls.. Short term trade and other debtors and creditors.. Inveslmenls., Inlercompany loan Legal status of the trust The trust is a company limited by guarantee and has no share capital. The liability of each member in the event of wnding up is limited lo £10. 11

The Island Trust Limited (Limited by Guarantee) 31 December 2022 Notes to the financial statements Subsidiary undertakings The charity wholly owns the UK subsidiary Island (Culler) Lirnited. The subsidiary's principal activity is the hire of boats for transport for in excess of len people. Trading results for the year ended 31 December 2022, extracted from ils accounts, are shown below.. 2022 2021 Turnover and other income Cost of sales and adrllinislralion costs Interest payable 503,585 1657,229) {35,031} 528,337 1502,7831 120,6361 ProfiU{Lossl for the financial year 1188,675} 4,918 The assets and liabilities of the subsidiary were.. Tangible fixed assets Current assets Current liabilities Creditors due after more than one year 652,579 69,740 1173,3601 11,015,193) 703,274 25,471 1134,3141 1871,9901 Aggregate share capital and reserves - deficiency 1466,2341 1277,5591 Donations and legacies 2022 2022 Restricted Unrostri￿ed Funds Funds 2022 Total 2021 Total Donations Legacies 71,665 109,974 504,483 181,639 504,483 228,070 313 71,665 614,457 686,122 228,383 Of the £686,122 {2021'. £228,383) income from donations and legacies in 2022, £71,66512021'. £176,573) were reslricled funds ané £614,45712021'. £51,810) were unreslricl8d. Income from charitable activities 2022 2022 Restricted Unrestricted Funds Funds 2022 Total 2021 Total Sailing activities 43,397 43,397 75,181 43,397 43,397 75,181 The income was wholly for sailing aclivilies, all of which was unreslricled. 12

The Island Trust Limited (Limited by Guarantee} 31 December 2022 Notes to the financial statements Income from other trading adivities 2022 2022 Restricted Unrestricted Funds Funds 2022 Total 2021 Total Fundraising events 8.214 8.214 6,449 8,214 8.214 6,449 Investment Income 2022 2022 Restricted Unrestricted Funds Funds 2022 Total 2021 Total Dividends Interest 34,098 34,098 19,427 34,098 34,098 19,427 All comparative income was unreslricled. Expenditure 2022 2022 Restricted Unrestricted Funds Funds 2022 Total 2021 Total Sailing expenses Depreciation Support costs (Note 8a) Grants payable - Covid19 support paid lo subsidiary Other costs- provision against amounts due from subsidiary Loss on disposal of fixed asset 298,886 105 55,924 298,886 105 55,924 164,852 166 72,912 47,295 47.295 168,060 232,355 288 232,355 288 100,000 47.295 587,558 634,853 505,990 For the year ended 31 December 2022 expenditure on charitable activities {including grants payable) was £371,481 12021: £376,977} of which £324,186 12021.. £146,400) was unreslricled and £47,295 12021: 230,5771 was reslricled. Cost of raising funds of £30,729 {2021'. £29,013) was unrestricted. 13

The Island Trust Limited (Limited by Guaranteel 31 December 2022 Notes to the financial statements 8a Allocation of support costs The Trust allocates ils support costs on the basis of usage as shown below.. 2022 Sailing Activities 2022 Costs of raising funds 2022 Total 2021 Total Support costs Wages Printing, postage and stationery Running expenses Travel and subsistence Bank Charges Campaign costs Donation collection costs Subscriptions Fundraising PR & Marketing Miscellaneous Governance costs.- Accountancy and Segal 15.368 1,117 3,153 1,266 111 28,430 43.798 1,117 3.153 1,266 111 339 278 290 820 15 572 62,523 805 3.087 196 110 267 112 290 825 389 193 339 278 290 820 15 572 4,165 4,165 4,115 25,195 30,729 55,924 72,912 Included in the above are recharged wages relating lo one etnployee used on a part lime basis. Costs of generating voluntary income inclLJde costs relating lo two fundraisers who are engaged on a part lime basis. No employees were paid In excess of £60,000. Taxation The company is a registered charity and its charitable activities are exempl from corporation lax. 10 Trustees. emoluments and key management personnel No remuneration was received by the trustees during the year and no Iruslees were reimbursed for expenditure {2021.. £nil reimbursed expenses}. The key management personnel of the Trust comprise the Iruslees. 14

The Island Trust Limited {Limited by Guarantee) 31 December 2022 Notes to the financial statements 11 Flxed assets - tangible Fixtures & fittings Total Cost At 1 January 2022 Disposals 9,349 17,5271 1.822 9.349 17,5271 1,822 At 310ecember 2022 Depreciation Al 1 January 2022 Charge for the year Eliminated on disposal At 31 December 2022 8.684 105 17,239) 1,550 8,684 105 17,2391 1,550 Net book value At 31 December 2022 272 272 At 31 Oecember 2021 665 665 12 Investments Unlisted investments Subsidiary undertaking al cost As al 1 January 2022 and 31 December 2022 The unlisted subsidi8ry undertaking is Island (Cutter) Limited whose principal actlvily is the operation of three boats. Ils registered office is 17 Halyards, Topsham, Exeler, EX3 OJU. The Island Trust Limited owns 100Q/o of the subsidiary's ordinary shares. 13 Debtors 2022 2021 Due wlthln one yoar:. Prepayrnenls and accrued income Tax recoverable Accrued Income Amounts owed by subsidiary undertaking 516 2,134 2,125 71,414 478 1,473 88,843 76,189 90,794 Due after more than one year-. Amounts owed by subsidiary undertaking 514,792 593,945 590,981 684,739 A formal loan agreement exisls belween the subsidiary and the charity. The amounts due afler more than one year are shown nel of a provision against recoverability of £466,23412021.. £233,879). 15

The Island Trust Limited (Limited by Guarantee) 31 December 2022 Notes to the financial statements 14 Creditors 2022 2021 Amounts falling due within one year.. Trade creditors Trustee Loan PAYE and social security Accruals and deferred income 49 552 25,000 3.191 2.700 2,559 5,020 7.628 31,443 Amounts falllng due after one year.. Trustee Loan 15 Members. liabillty The company is lirniled by guarantee. Al 31 December 2022 there were 5 members, whose maximum liability in the event of the company being wound up is £10 each. 16 Control The company is under the control of its Trustees. 16

The Island Trust Limited {Limited by Guarantee) 31 December 2022 Noles to the financial statements 17 Funds 2022 1Jan Incoming Expenditure 2022 resources Transfgr 31 Dec 2022 Restricted funds The Frank Jackson Foundation- Capital Sailing courses Boat refil costs Peter Harrison Foundation Coronavlrus Covid-19 support 298,555 125,7741 272.781 61,159 46,590 25,075 189,409} 12,5031 11,200} 18.256} 18.340 22.572 25.100 26,300 55,551 147,295) 441,565 71,665 147,295) 1127.142) 338,793 Unreslricled funds 344,592 700,166 {587,5581 127.142 584,342 Total funds 786,157 771,831 1634,8531 923,135 2021 1Jan Incoming Expenditure 2021 rgsources ProfiU{lossl on Investmentsl Transfer 31 Dec 2021 Restrlcted funds The Frank Jackson Foundation The Frank Jackson Foundation Capital Sailing courses Equipment Peter Harrison Foundation Coronavirus Covid-19 support 15,000 324,330 {15,0001 {25.7751 298.555 91.356 49,684 440 179.881 } 61,159 14401 11,2001 27.500 79,798 26,300 55,551 126,449 1150.6g61 537,984 176,573 1230,577} 142,4151 441,565 Unreslricled funds 424.723 152,867 1275.4131 42,415 344,592 Tol81 funds 962,707 329.440 {485.871} 786,157 Restricted funds represent money received by the charity subject to conditions requiring the charity lo spend the money on specified purposes. 17

The Island Trust Limited {Limited by Guarantee) 31 December 2022 Notes to the financial statements 17 Funds {continuedl Monies received from The Frank Jackson Foundation were spectfied for the building of a boat. The boat is held as an asset in Island Icullerl Limited, the charity's subsidiary company. A transfer will be made each year releasing the depre¢ialion on the asset lo unreslricled funds. Monies received from the Peter Harrison Foundation were reslricled for the purposes of the new boat purchase, this has therefore been recorded as reslricled. The boat is held as an asset in Island {Cullerl Limited, the charity's subsidiary company. A transfer will be made each year releasing Ihe depreciation on the asset lo unrestricted funds. Other restricted donations during the year related lo specific sail training trips and the refil and maintenance programme for Johanna Lucrelia, of which £18.340 and £22.572 respectively, remains to be spent in 2023. The remaining Coronavirus Covid-19 support was fully expended during the year. 18 Related partles Al 31 De￿mber 2022, £1,052,44012021.. £916,667) was owed lo the parent charity by ils subsidiary {before a provision of £466,234>. A formal loan agreement exists between the Charity and the Island {Cullerl Limited. Interest is lo be paid on the loan al 20/0 above the base rale of Lloyds Bank, as varied from lime to lime. During the year £34.04012021.' £19.4171 has been received. 18