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: 

- Young people from inner cities and areas of deprivation 

- Those suffering financial hardship 

- Those with special educational needs, including 

   - The visually and hearing impaired 

   - Young people with learning difficulties 

   - Young people with learning and/or physical disability 

- Those with behavioural difficulties 

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