2022-12-31-accounts

FELLOWSHIP AFLOAT CHARITABLE TRUST (LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FELLOWSHIP AFLOAT CHARITABLE TRUST (Limited by Guarantee)

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REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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CONTENTS

	Pages
Legal and Administration Information	3
Report of the Trustees	4 – 9
Structure, Governance and Management Report of the Trustees	10 – 11
Report of the Independent Examiner	12
Statement of Financial Activities	13
Balance Sheet	14
Notes to Financial Statements	15 – 20
Detailed Income and Expenditure Account	21 – 23
(not part of the statutory accounts)

Page 2

FELLOWSHIP AFLOAT CHARITABLE TRUST (Limited by Guarantee)

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REPORT OF THE TRUSTEES AS AT 31 December 2022

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The Trustees, who are also the directors of the company for the purposes of the Companies Act 2006, present their report with the consolidated financial statements for the year ending 31 December 2022. The Trustees have adopted the provisions of the Statement of Recommended Practices (SORP) ‘Accounting and Reporting by Charities’.

Reference and Administration Details

Company registration number: 3264887 Charity registration number: 1059143 Registered Office: The Sail Lofts, Woodrolfe Road, Tollesbury Essex CM9 8SE

Directors/Trustees

The Directors who are also its Trustees for the purpose of charity law, and who served during the year were:

Mr Neil Kennett-Brown (Chairman) Mr Keith Moscrop Mrs Geraldine Moscrop Revd Hugh Dibbens Mr John Kevan Mr Stephen Moller Miss Ruth Ellam Dr Jonathan Gay Mr Andrew Eastham Mr David Hillyer

Company Secretary

Mr David Hillyer

Chief Executive Officer

Mr Andrew Eastham

Bankers - Barclays Bank Plc, 59 Newland Street, Witham, Essex CM9 2AJ

Independent Examiner – Antony Holdsworth FCMA E. H. Taylors LLP. 203 London Road, Hadleigh Essex SS7 2RD.

Solicitor – Anthony Collins Solicitors, 134 Edmund Street, Birmingham B3 2ES

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FELLOWSHIP AFLOAT CHARITABLE TRUST (Limited by Guarantee)

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REPORT OF THE TRUSTEES YEAR ENDED 31 December 2022

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Our Aims and Objectives

Purpose and Aims

Our charity’s purposes as set out in the objects contained in the company’s memorandum of association are:

• i) The proclamation of the Gospel of Christ together with the advancement of Christianity and

• ii) The education of the public in the development of their physical, mental and spiritual capacities by the provision of recreational facilities, particularly but not exclusively sailing and allied facilities, so that they may grow to full maturity as individuals and members of society.

The charity aims to:

• a) Live out the Christian faith and Christian values as an intentional religious community and to communicate this faith and these values to our guests and the wider community through the quality of our welcome and care, and by taking appropriate opportunities to engage with them.

• b) Ensure that all whom we serve, of whatever faith or none, receive equal welcome and care.

• c) Contribute effectively to the public benefit and common good by encouraging the development of social skills, teamwork, respect for the natural environment, and better appreciation of outdoor activities.

Ensuring our work delivers its aims.

We review our aims, objectives and activities each year in the context of our strategic business plan. The review looks at what we achieved and the outcomes of our work in the previous 12 months. This on-going process reviews our key strategies for the charity, the benefits it has brought to the groups, individuals, local community and the people we work with.

The review also helps to ensure our aims, objectives and activities remain focused on our stated purpose.

Achievements and Performance

Overview

The Trust worked hard on a number of fronts in preparation for the 2022 season, which resulted in a successful year:

• Despite the Omicron variant of COVID-19 the year started with a confidence that bookings would be able to go ahead as planned, and in a more normal way. We had been encouraged by the demand for bookings especially from schools during 2021 and also into 2022.

• Our 2022 calendar was fairly full, which was encouraging, weekend groups were taking longer to recover but more were able to return during the year.

• We enjoyed positive feedback from all our user groups and this resulted in over 84% rebooking for 2023, leading to a stronger calendar of bookings for 2023.

• We met our occupancy target in our recovery plan.

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FELLOWSHIP AFLOAT CHARITABLE TRUST (Limited by Guarantee)

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• We were able to raise additional support to cover a significant operating deficit that enabled us to achieve a break-even budget overall, which thankfully we were able to exceed. This enabled us to support some key project areas through the year. We also continued a range of cost saving measures, as well as seeking fundraising through grants and other support.

• Our four historic sail lofts were able to have repairs through the year. The most significant were to Loft A which was reconfigured to provide access to the attic space which created an additional office space. We were also able to strip all the weatherboarding from Loft A and insulate, line and replace all the external weatherboarding to improve the building and save energy. The maintenance plan continues with repairs scheduled for Loft D & C in 2023.

• The youth group we launched in partnership with the local church called ‘ Salt ’ continues to meet regularly. The group remains at capacity and continues to invest in and benefit the young people and also our staff team.

• The Trust continued to take opportunities to work with, and continues to make its facilities available to local groups and individuals enjoying many links with the local community.

• In 2022, we had huge demand from our regular schools’ groups. Although weekends remain more of a challenge to deliver as those groups had not been meeting and so weren’t in a position to organise. Nevertheless, 1,876 guests used the centre during the year and the feedback was really wonderful.

• Recruitment was a particular challenge as we emerged from the pandemic and continues to be tough. The Trust worked hard to fill vacancies and the team adapted well to ensure we continued to deliver high quality experiences for our guests.

• Our plans to grow our volunteer base were restarted during 2022. It is clear that it is going to take a few years to rebuild this important area of our work following the pandemic. However, many volunteers were able to return and it was a significant benefit to the Trust to have their input, energy and enthusiasm. We look forward to seeing more of them in 2023 and continue to seek to engage new people in the Trusts’ work as we go forward.

• The organisational structure and team members are working well in what has been a very busy period, coping well with significant project management and fundraising, as well as delivering consistent quality residential and adventure experiences.

• The Trust’s buildings continued to support five other business enterprises and the site provides employment for almost 40 people including the FACT staff team.

• With the generous support of many individuals, trusts and grants we were able to ensure we were in a good position for the start of the 2023 season.

• Having reviewed the anticipated needs of our users over the next 25 years we began Trinity3, a project to re-develop our floating centre, Trinity , beginning in 2016. The project aim is to ensure Trinity is better equipped and improved to meet the future needs of all our users, including those with accessibility needs. Work has taken place between groups over the winters.

• Within the Trinity3 project, we used the first part of 2022 to plan and fundraise for the final Phase of this huge project which was planned for and started in late November for completion February 2023. The last phase (Phase 5) involved some piling for the lightvessel to better secure her in the berth, which will allow us to construct a more accessible entrance to the main deck. The phase also facilitated a re-designed & refurbished galley, wash-up and saloon to better cater for the increased numbers that the ship can now accommodate.

• In the autumn, prior to the main works, we were able to schedule the installation of the mooring piles for Trinity , and also replace 44 windows on the main deck with modern doubleglazed units to further save energy and improve the indoor environment for our guests. We also took energy saving measures in our office and workshops.

• Despite an inflationary increase in costs post-pandemic, and thanks to some wonderful donations, the main internal changes of Trinity3 Phase 5 did start on time in late November. A tight ten-week time frame meant that there will be a few elements to complete during the 2023 season; but these are relatively small, and it does mean that the project should be delivered in full, by the end of 2023 – a significant milestone and achievement after 7 years of continuous fundraising & development, all the while continuing to serve a full calendar of guests each season.

• The Trust is hugely thankful to the donors, grant making trusts, contractors, staff and volunteers who have caught the vision and helped to enable this project to be completed – it allows more young people to enjoy a life changing stay onboard Trinity and equips the centre for another 25 years of service .

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FELLOWSHIP AFLOAT CHARITABLE TRUST (Limited by Guarantee)

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• The total redevelopment of Trinity over five winters was expected to be a £1.5m project, however the pandemic and subsequent world events have meant rising costs for both materials and labour that mean the total cost is expected to be nearer £2m.

• We were also able to invest in our sailing fleet during the year thanks to successful fundraising. We replaced our aging single-hander fleet with six Fusion single-handers, purchased an ex-demo RS Toura to complement our wayfarer fleet, and were able to re

• place both engines on our two main safety RIBs.

• We are also continuing to measure the outcomes and impact of the Trust’s work, which provides good evidence for the difference the Trust makes, as well as encouragement for the staff and volunteers.

• Plain Kate , our supplementary accommodation vessel for staff, was repainted and varnished again in 2022. This work should ensure she remains watertight for several years to come.

• We continued to work with the Tollesbury Parish Council to serve the village community.

Our Context

The former lightvessel Trinity provides the residential focus for the Trust’s work. The unique floating residential centre welcomes up to 48 guests and has accommodation for eight FACT staff. A second vessel called Plain Kate provides additional staff accommodation for ten. The surrounding River Blackwater Estuary provides the setting for dinghy and seamanship training; it is also a site of international importance for wildlife conservation and study.

Visitors come from schools, youth groups, churches and agencies serving people with special needs and those who are “at risk”. The emphasis is upon using adventure, recreation and education to develop life skills, self-confidence and competence in sports, and appreciation of the world around.

The Christian community, which is the heart of the centre, encourages people to consider life’s deeper values and truths in a challenging yet sensitive way.

A core team of salaried staff run the Centre; they are supported by a team of year-out staff (trainee instructors) and a further group of sessional volunteers augment this staff team. A wider network of more than 2,000 supporters regularly donate funds, prays for and promotes the work of the Trust. The centre is very much the hub of our intentional religious community (IRC).

The Trust owns the freehold of the 150-acre tidal saltmarsh site that surrounds the centre. The majority of the area has been set aside as an estuary conservation area. Approximately 30 acres of the property is devoted to yacht berthing, and together with an associated boat yard, they are administered by Tollesbury Saltings Limited, a company wholly owned by Fellowship Afloat Charitable Trust, which produces an income stream for the Trust and many other practical benefits. The Trust also owns four Grade II Listed weather boarded buildings, some of which are directly used by the Trust. Surplus buildings are let to local businesses and boat owners.

Staff Team

Andrew Eastham continued as Chief Executive leading the Trust’s work. The whole team comprised eight full-time staff, five part-time staff and seven staff on our trainee instructor / gap-year programme. There were no employees whose emoluments for the year exceeded £60,000.

In addition, sessional volunteers provided a significant contribution to the Trust’s staffing provision, approximately 10,000 hours of such work are freely given each year.

Trustees are grateful for the huge commitment and dedication that the staff team and volunteer team put into the running of the Centre; it’s their Christian commitment and vibrancy that is at the heart of the success of the Trust, and in making it such a strong and effective Christian community.

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FELLOWSHIP AFLOAT CHARITABLE TRUST (Limited by Guarantee)

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Booking Analysis

	2022	2021 (Covid)	2020 (Covid)
Residential bookings	56	30	10
Residential bed nights	3800	2360	494
People attending RYA training	115	66	22
Special Needs attending	57	53	23
Adults attending	807	238	165
School children attending	794	636	123
Young people (not attending as school pupils)	275	229	34
Total people attending*	1876	1103	332

• = does not include our work with our regular volunteers, or free events

Bursary Fund

During the year a total of 177 people were assisted to attend various events and courses on board from this fund, a significant increase on the previous year. A total of £14,661 was disbursed during the year. Apart from having limited means, these individuals can often come with special educational or physical needs, and benefit greatly from a residential experience. In 2022, this also included supporting various Ukrainian refugees to enjoy a Sail Away Day with their host families and four Ukrainian teenage refugees to have a week’s adventure on our summer camps. We are pleased by the ongoing commitment that donors have to this fund, and we continue to seek funds so that we can expand our support in this area. Since the pandemic, extra work has been put into building this fund further as we expect an even greater need as we enter 2023 with the cost of living crisis and current inflationary pressures.

Governance

The Trustees had four board meetings during the period; a regular management meeting (3M) comprising Trustees and staff undertook operational planning and support. A staff and Trustee retreat day was held in January. Individual Trustees also provided significant personal contribution in areas such as literature design and writing, financial management, legal, pastoral, fundraising, HR, safeguarding, catering, compliance checks and sailing instruction all in the context of our mission and strategic plan.

Financial Review

As we recover from the pandemic, we acknowledge the difficult financial climate we are all currently facing. The recovery from the pandemic, has been hampered by the current cost of living crisis and other inflationary pressures. This coupled with limited resources and uncertainty in some areas remains a challenge. Nevertheless, the charity, with the aid of sound financial management and the support of Trustees, staff and volunteers generated a positive conclusion to the year and continues with its recovery plan. We were able to successfully raise funds for a number of needs; however, due to the pandemic impact we weren’t always able to spend the funds and so some will be carried over to 2023.

Principal Funding Sources

The Trust seeks to subsidise its fees as appropriate to fit the needs of its wide range of guests. The Trust has four main income streams from fees, donations, rents and Tollesbury Saltings Ltd. All of these have presented challenges during 2022 and we continue to seek to grow our donations and funding so that we can support any individual or group who wishes to come and to develop new projects and activities that are required.

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FELLOWSHIP AFLOAT CHARITABLE TRUST (Limited by Guarantee)

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Donations

We continue to benefit from the generosity of individuals and grant making trusts, without these contributions, our programme of serving visitors and developing volunteers would not be possible. We are grateful to all who support us financially. We continue to put effort in to maintaining and growing this area as it is important in providing new projects, maintaining the centre and subsidising our fees.

Reserves Policy

In compliance with the Charity Commission’s guidance Charities and Reserves (CC19), the Trustees have examined the charity’s requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible assets held by the charity should be at least £70,000. These reserves are needed to bridge the gap between the spending and receiving of resources, and to cover unplanned emergency repairs and other expenditure.

Investment Policy

Cash reserves are held on deposit with Virgin Charity Account and the CAF Bank to ensure commitments can be met when required. All investments are reviewed regularly.

Building & Letting

We are pleased to report that all our available surplus buildings were let during 2022, and we are continuing our work to maintain and repair the sail lofts. Loft A had some refurbishment work during the year, primarily to allow for the attic space to be converted into an additional office space.

Communications

Our annual Lightwaves newsletter was published in January and was mailed to over 2,000 addresses; a monthly newssheet called Prayer Necessities was regularly sent to almost 600 addresses to support the monthly Ship to Shore prayer meetings. This occasion welcomes supporters and staff, and it is designed to further the work of the Trust through discussion, prayer and worship. We also continue to develop our engagement on social media and through our web site.

Our Wider Network

Many FACT friends and supporters are active as leaders in other organisations, enabling mutual informal sharing of ideas, knowledge, experience and inspiration. Sectors involved range from community work in the UK to overseas development, as well as commerce and industry. This benefits the Trust enormously, while giving it opportunities to contribute out of its own wealth of experience and expertise.

Tollesbury Saltings Limited

Tollesbury Saltings Ltd (TSL) is FACT’s wholly owned subsidiary responsible for managing the boatyard and berthing operation. TSL, our ‘ Natural Marina’ , contributes a useful source of income to FACT and much more besides. The visitors to FACT see a vibrant waterside scene as part of their experience. The boats moored on the saltings and the activities of the boatyard are a key part of this scene. They bring many visitors to the site who would otherwise not be aware of FACT’s presence or see the work we do. The boat owners and their friends and families form a lively waterside community and provide links to the village. The way TSL manages the yard and moorings and treats its customers is therefore very much part of FACT’s public face.

The company pays FACT £30,000 p.a. as rent for its premises.

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FELLOWSHIP AFLOAT CHARITABLE TRUST (Limited by Guarantee)

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Plans for the Future

• To continue to navigate our recovery from the pandemic well, while supporting our guests, community and volunteers and to ensure that we are here to serve them.

• The Trinity3 project is almost concluded. The final fifth phase is underway meaning the majority of the work on board will complete by Spring 2023, with final works continuing during the year. This huge project is all about ensuring Trinity is equipped for the next 25 years of service and will continue meeting the needs of our guests, staff and volunteers. At the end of 2022, having started in 2016, the conclusion is within sight. All the internal changes will be complete, leaving just the piling connection, the new accessible entrance and a few other smaller elements yet to be completed. It has provided a wonderful facility and we look forward to celebrating its completion in 2024.

• We continue to look to invest in our fleet and land-based activities to ensure the best experience for our guests.

• To continue boosting our regular giving through the £5p/m campaign, including developing giving from younger members of the community.

• To continue the fundraising & works on the four historic sail lofts, and associated buildings.

• We continue to promote and raise funds for the bursary fund that supports so many individuals and groups.

Public Benefit

The centre is open to all people aged 8 and over.

The Trust benefits individuals, groups, staff, volunteers and the local community in a wide range of ways. These include:

• Life skills

• Transferable employability skills

• Education – through school residentials, adventure activities, through Royal Yachting Association, European Ropes Course Association High Ropes, Archery GB courses and leadership & development training.

• Community links – with Parish Council, Tolls Vols organisation, local primary schools, youth groups, sailing clubs and churches.

• Engagement with and work with the local wildlife reserves.

• Promotion & development of physical, emotional and spiritual wellbeing.

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FELLOWSHIP AFLOAT CHARITABLE TRUST (Limited by Guarantee)

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STRUCTURE, GOVERNANCE AND MANAGEMENT REPORT OF THE TRUSTEES

Governing Document

The Company was formed on 17 October 1996. By an agreement dated 31 March 1997 the Assets and Liabilities of Fellowship Afloat Charitable Trust (a Registered Charity founded in 1968) were transferred to the Company. The activities of the Trust were continued from 1 April 1997.

Recruitment & Appointment of Trustees

The directors of the company are also charity Trustees for the purposes of charity law and under the company’s Articles are known as members.

Every effort is made to ensure that we have a broad range of skills on the board, with training and support where appropriate. Members of the board volunteer and support the centre throughout the year in various forms to participate with the Trust’s every day work. The Trust is also committed to maintaining safeguarding verifications and other legal eligibility requirements for all appointments.

Risk Management

A structured matrix of potential risks (Governance, Financial, External and Compliance) is in place, and regular review is maintained. The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that necessary steps can be taken to reduce those risks as necessary.

Organisation

The Directors/Trustees determine the general policy of the Trust. The day to day management of the Trust is delegated to the staff team members led by the CEO. The Trust has a team of experienced lead instructors who deliver the various residential programmes. A team of volunteer instructors support this core team in the delivery under their supervision.

Related Parties

The only related party is the subsidiary, Tollesbury Saltings Ltd (See page 8 above and note 8 in the accounts).

Financial Results

The results for the year to 31 December 2022 are set out on pages 13 to 23. During the year it was possible to transfer funds from the Operating Account to top up our restricted project funds with a total of £71000. The remaining surplus for the year has been added to the retained surplus in the Charitable Fund.

Resources

As stated in notes 6 and 7 to the accounts, the funds are split between those held for restricted purposes and those available for the day to day requirements of the Trust.

Restricted Funds

Funds raised for specific purposes are disclosed in note 6 and show balances held towards future expenditure. The Trust’s assets are sufficient to meet its obligations.

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FELLOWSHIP AFLOAT CHARITABLE TRUST (Limited by Guarantee)

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Statement of Trustees’ Responsibilities

Company law requires the Directors/Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those accounts the Trustees are required to:

1. Select suitable accounting policies and then apply them consistently;

2. Make judgements and estimates that are reasonable and prudent;

3. Prepare the Accounts on the going concern basis unless it is inappropriate to assume that the company will continue in business.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

This report and the accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime in accordance with the Companies Act 2006.

Approved by the Board on 4[th] July 2023 and signed on its behalf by:

Neil Kennett Brown Chairman

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FELLOWSHIP AFLOAT CHARITABLE TRUST Limited by Guarantee

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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

INCOMING RESOURCES Donations received Fees Other income Bank interest Total Incoming Resources RESOURCES USED Direct Charitable Expenditure Expenditure on projects Bursary fund subsidies Lightvessel costs Activity costs Premises costs Support costs Total Charitable Expenditure Trust Administration costs Total Resources Expended NET INCOMING RESOURCES Balance brought forward Transferred (to)/from funds: Trinity Developments Boats and Equipment Fund Covid 19 Contigencies Fund Sail Lofts Fund Assets Capitalised Transferred from Provisions Balance carried forward .

Year end 31/12/22 Year end 31/12/21 Year end 31/12/22 Year end 31/12/21 £ £ £ £ 177538 96305 462053 237856 275081 183640 82242 180127 1630 502 536491 460574 462053 237856 0 0 146155 51521 0 0 14661 8213 45819 47676 78162 72867 275771 249431 47741 10564 44602 31006 63682 1668 93410 95351 2 459602 423464 350403 144833 3067 1873 462669 425337 350403 144833 73822 35237 111650 93023 337192 334955 1568104 1295312 (71000) (33000) 55000 0 6000 6000 0 27000 10000 0 124285 46769 0 100000 340014 337192 1875039 1568104 . . . Unrestricted Funds Restricted Funds

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FELLOWSHIP AFLOAT CHARITABLE TRUST Limited by Guarantee

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BALANCE SHEET AS AT 31 DECEMBER 2022

Notes Year end 31/12/22 Year end 31/12/21 £ £ FIXED ASSETS Tangible Assets 2 201209 201209 Investment 3 100 100 201309 201309 CURRENT ASSETS Stocks 12750 0 Debtors 4 15413 14808 Cash at bank 47013 120772 Virgin Account (cash reserve) 76655 76454 Cash balances 214 243 CAF bank account 93024 12756 CAF bank account -- Bursaries 0 0 245069 225033 CREDITORS Due within 1 year 5 106364 89150 NET CURRENT ASSETS 138705 135883 TOTAL NET ASSETS 340014 337192 RESTRICTED FUNDS 6 Lightvessel Refurbishment Fund Bursary Funds Trinity Development Funds Indoor Activity Centre Fund Plain Kate Accommodation Fund Boats and Equipment Fund J P Award Fund Sail Lofts Fund Sit On Tops Fund NPT Transatlantic Support Fund Covid 19 Contingencies Fund Staff Restructure and Retention Fund Training Fund Restricted Fund Assets Capitalised Total Restricted Funds UNRESTRICTED FUNDS 7 Contingencies Fund 10000 10000 Charitable Fund 330014 327192 Total Unrestricted Funds 340014 337192 . . TOTAL FUNDS 340014 337192 Unrestricted Funds

Total Year end 31/12/22 Year end 31/12/21 Year end 31/12/22 £ £ 1159118 1110275 1360327 100 1159118 1110275 1360427 0 0 12750 0 0 15413 435147 264027 482160 0 0 76655 (5) 0 209 254271 167395 347295 26508 26407 26508 715921 457829 960990 0 106364 715921 457829 854626 1875039 1568104 2215053 10568 6302 10568 31248 28990 31248 395430 142261 395430 80000 0 80000 1479 2366 1479 67079 72128 67079 3411 2287 3411 45085 74767 45085 493 2596 493 20724 36727 20724 0 29000 0 60000 60000 60000 404 404 404 1159118 1110276 1159118 1875039 1568104 1875039 10000 330014 340014 . . . 1875039 1568104 2215053 Restricted Funds

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FELLOWSHIP AFLOAT CHARITABLE TRUST Limited by Guarantee

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. Accounting Policies

Basis of preparation

The accounts are prepared under the historic cost convention and in accordance with the financial reporting standards for smaller entities and the Statement of Recommended Practice, Accounting by Charities.

Tangible Fixed Assets

Depreciation is provided on all tangible fixed assets in use other than freehold land, at rates and bases cacluated to write off the cost less residual value on each asset over its expected useful life as follows:

llows:
Freehold Buildings	0%
Lightship (Trinity) & Plain Kate Development	4%
Site Improvements & High Ropes	10%
Equipment	25%

Income

Income comprises donations, fees and charges for the year less bursaries, allowances and excluding VAT.

Expenditure

Expenditure is allocated to expenses headings either directly or apportioned according to time spent including:

time spent including:
	Year end	Year end
	31/12/22	31/12/21
	£	£
Depreciation of owned assets	75442	71620
Pension costs	30957	28645

Activity Costs

Supplies of materials are written off as the expenditure is incurred.

Pension Scheme

The Trust contributes to a Defined Contributions Pension Scheme for permanent staff at 8%. There were no prepaid or outstanding contributions at 31 December 2022 or 31 December 2021.

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FELLOWSHIP AFLOAT CHARITABLE TRUST Limited by Guarantee

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Tangible Fixed Assets

2. Tangible Fixed Assets
	Unrestricted Funds			Restricted Funds
	Freehold		Total
	Land and		Unrestricte	Trinity and		Total
	Buildings	Equip-ment	d	Plain Kate	Equip-ment	**Restrict ed **	Total
	£	£	£	£	£	£	£
Cost
As at 1 January 2022	201209	291810	493019	1675695	45918	1721613	2214632
Additions	0	0	0	124285	0	124285	124285
Disposals	0	0	0	0	0	0	0
As at 31 December 2022	201209	291810	493019	1799980	45918	1845898	2338917
Depreciation
As at 1 January 2022	0	291810	291810	568863	42475	611338	903148
Charge for the year	0	0	0	71999	3443	75442	75442
On disposals	0	0	0	0	0	0	0
As at 31 December 2022	0	291810	291810	640862	45918	686780	978590
Net Book Values
As at 1 January 2022	201209	0	201209	1106832	3443	1110275	1311484
As at 31 December 2022	201209	0	201209	1159118	0	1159118	1360327

The directors believe that the market value of the assets may be in excess of the stated net book value shown in the accounts. However as this is not material to the ongoing operations of the Trust the directors have decided not to incur the expense of obtaining a professional valuation.

3. Investment in Tollesbury Saltings Ltd

The investment in the subsidiary company comprises the entire share capital of 100 ordinary shares of £1 each and the retained profits of the company. As at the company's year end of 31 March 2022 these stood at £58285. The accounts have not been consolidated.

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FELLOWSHIP AFLOAT CHARITABLE TRUST Limited by Guarantee

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

4. Debtors

4. Debtors
	Unrestricted	Funds	Restricted	Funds
	Year end	Year end	Year end	Year end
	31/12/22	31/12/21	31/12/22	31/12/21
	£	£	£	£
Due within 1 year:
Trade debtors	15148	14600
Other debtors	265	208
Total debtors	15413	14808	0	0
5. Creditors
	Unrestricted	Funds	Restricted	Funds
	Year end	Year end	Year end	Year end
	31/12/22	31/12/21	31/12/22	31/12/21
	£	£	£	£
Due within 1 year:
Trade creditors	65381	22912
Fees invoiced in advance	52733	48483
PAYE and VAT	(24006)	8171
Other creditors	12256	9584
Total	106364	89150	0	0

6. Restricted Funds

6. Restricted Funds
		Year end	Year end
		31/12/22	31/12/21
		£	£
Lightvessel Refurbishment Fund
As at 1 January 2022		6302	6306
Donations		5771	5835
Transfer from Trinity Phases 1 & 2		4658	0
Spending		6163	5839
As at 31 December 2022		10568	6302
	.
Bursary Fund
As at 1 January 2022		28990	26856
Donations		16919	10347
Bursaries		14661	8213
As at 31 December 2022		31248	28990
	.

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FELLOWSHIP AFLOAT CHARITABLE TRUST Limited by Guarantee

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

		Year end	Year end
		31/12/22	31/12/21
		£	£
Trinity Development Fund Phase 1
As at 1 January 2022		3139	3139
Transfer to Trinity Refurbishment fund		3139	3139
As at 31 December 2022		0	3139
	.
Trinity Development Fund Phase 2
As at 1 January 2022		1520	4500
Transfer to Trinity Refurbishment fund		1520
Spending		0	2980
As at 31 December 2022		0	1520
	.
Trinity Development Fund Phase 3
As at 1 January 2022		43052	25052
Transferred from Phase 4		0	20000
Spending		184	2000
As at 31 December 2022		42868	43052
	.
Trinity Development Fund Phase 4
As at 1 January 2022		48181	64886
Donations		0	62610
Transferred to Phase 3		0	20000
Transferred to Phase 5		0	20000
Spending		2228	39315
As at 31 December 2022		45953	48181
	.
Trinity Development Fund Phase 5
As at 1 January 2022		46369	0
Donations		327114	27905
Transferred from Operating Account		55000	20000
Spending		121874	1536
As at 31 December 2022		306609	46369
	.
Indoor Activity Centre Fund
As at 1 January 2022		0	0
Donations		80000	0
Spending		0	0
As at 31 December 2022		80000	0
	.
Plain Kate Accommodation Fund
As at 1 January 2022		2366	2745
Donations		0	0
Spending		887	379
As at 31 December 2022		1479	2366
	.

Page 18

FELLOWSHIP AFLOAT CHARITABLE TRUST Limited by Guarantee

.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

		Year end	Year end
		31/12/22	31/12/21
		£	£
Boats and Equipment Fund
As at 1 January 2022		72128	13867
Donations		18249	58233
Sales of equipment		5239	0
Transferred from Operating Account		21000	6000
Spending		49537	5972
As at 31 December 2022		67079	72128
	.
J P Award Fund
As at 1 January 2022		2287	2053
Donations		4000	2500
Spending		2876	2266
As at 31 December 2022		3411	2287
	.
Sail Lofts
As at 1 January 2022		74767	6956
Donations		10000	31479
Transferred from Operating Account		24000	38000
Spending		63682	1668
As at 31 December 2022		45085	74767
	.
Sit On Tops Funds
As at 1 January 2022		2596	376
Donations		0	2220
Spending		2103	0
As at 31 December 2022		493	2596
	.
NPT Transatlantic Support Fund
As at 1 January 2022		36727	0
Donations		0	36727
Spending		16003	0
As at 31 December 2022		20724	36727
	.
Covid 19 Contingencies Fund
As at 1 January 2022		29000	0
Transferred from Operating Account		0	27000
Transferred from Provision for Liabilities		0	2000
Transferred to Operating Account		29000	0
As at 31 December 2022		0	29000
	.
Staff Restructure and Retention Fund
As at 1 January 2022		60000	0
Transferred from Provision for Liabilities		0	60000
Spending		0	0
As at 31 December 2022		60000	60000

Page 19

FELLOWSHIP AFLOAT CHARITABLE TRUST Limited by Guarantee

.

	.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
	Year end	Year end
	31/12/22	31/12/21
	£	£
Training Fund
As at 1 January 2022	404	3449
Donations	0	0
Spending	0	3045
As at 31 December 2022	404	404
	.
Restricted Funds Asset Capitalisation
As at 1 January 2022	1110275	1135127
Additions	124285	46769
Depreciation Charge	75442	71621
As at 31 December 2022	1159118	1110275
	.

7. Unrestricted Funds

7. Unrestricted Funds
		Year end	Year end
		31/12/22	31/12/21
		£	£
Contingencies Fund
As at 1 January 2022		10000	10000
Allocations		0	0
As at 31 December 2022		10000	10000
	.
Charitable Fund
As at 1 January 2022		327192	324955
Surplus/(deficit) for the year		73822	35237
Allocated to funds		(71000)	(33000)
As at 31 December 2022		330014	327192
	.

8. Related Party Transactions

The Trust's subsidiary company Tollesbury Saltings Ltd (the company) has a lease in respect of the premises and grounds it uses at a rent of £30000 p.a.

The Trust and the company have made inter company charges for overheads and supplies at cost during the year.

Page 20

FELLOWSHIP AFLOAT CHARITABLE TRUST Limited by Guarantee

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DETAILED INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

Donated Income Donations Covenants and gift aid Total Donated Income Fees Sailing activities Educational Other activities Total Fees Other Rents Shop and sundry sales Corona Virus Job Support Sundry receipts Total Other Income Total Income (Excluding interest)	Year end 31/12/22 Year end 31/12/21 £ £ 93102 15901 84436 80404 177538 96305 63131 33237 192520 139616 19430 10787 275081 183640 52751 53220 3988 1966 0 74282 25503 50659 82242 180127 534861 460072 Unrestricted Funds	Year end 31/12/22 £ 462053 0 462053 0 0 462053 Restricted	Year end 31/12/21 £ 237856 0 237856 0 0 237856 Funds

Page 21

FELLOWSHIP AFLOAT CHARITABLE TRUST Limited by Guarantee

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DETAILED INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

	Unrestricted Funds	Unrestricted Funds	Restricted	Funds
	Year end	Year end	Year end	Year end
	31/12/22	31/12/21	31/12/22	31/12/21
	£	£	£	£
Direct Charitable Expenditure
Projects			146155	51521
Bursaries			14661	8213
Total Direct Charitable Expenditu	0	0	160816	59734
Lightvessel Expenses
Food	35404	26823
Lighting and heating	4868	12388
Water rates	923	417
Cleaning and consumables	2322	4088
Waste	127	147
Maintenance Trinity	1468	3141	6163	5839
Telephone	707	672
Depreciation: Lightvessel	0	0	71999	67028
Total Lightvessel Expenditure	45819	47676	78162	72867
Activity Costs
Salaries and NIC	225076	201880
Volunteer staff	23775	17995
Other staff costs	18749	4665
Fleet maintenance and fuel	5013	11308	44298	5972
Course materials and expenses	777	8783
Shop purchases for resale	2381	4800
Depreciation: Sailing equipment	0	0
High Ropes			3443	4592
Total Activity Costs	275771	249431	47741	10564
Premises Costs
Insurance	24614	20861
Electricity	1372	3936
Sail lofts re-furbishment	14274	4807	63682	1668
General maintenance	4342	1402
Total Premises Costs	44602	31006	63682	1668

Page 22

FELLOWSHIP AFLOAT CHARITABLE TRUST Limited by Guarantee

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DETAILED INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

Support Costs Staff salaries, pension and NIC Prinitng and stationery IT Telephone Postage Promotional and display Motor expenses and travelling Bank charges Subscriptions Miscellaneous expenses Total Support Costs Trust Adminstration Costs Auditors remuneration Accountancy charges Legal and professional Total Trust Adminstration Costs Total Expenditure Surplus/(Deficit) on Ordinary Activities (Before interest) Bank interest received Bank interest paid Net Interest Received/(Paid) Surplus/(Deficit) on Ordinary Activities .	Year end 31/12/22 Year end 31/12/21 £ £ 62075 61602 2572 3161 13023 6986 1581 1486 1961 3685 5958 2265 2804 3014 758 624 1726 1322 952 11206 93410 95351 0 0 0 0 3067 1873 3067 1873 462669 425337 72192 34735 1630 502 0 0 1630 502 73822 35237 . . Unrestricted Funds	Year end 31/12/22 £ 2 2 0 350403 111650 0 111650 . Restricted	Year end 31/12/21 £ 0 0 144833 93023 0 93023 Funds

Page 23

FELLOWSHIP AFLOAT CHARITABLE TRUST (Limited by Guarantee) - fact INDPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 December 2022 I report to the charity trustees on my examination of the accounts of the Company for the year ended 3111212022 which are set out on pages 13 to 23 of the Annual Report and Accounts.. Responsibilities and basis of the report As the charity's trustees of the Company (who are also the directors of the company 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 ("the 2006 Act"). Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 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 ("the 2011 Act"). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act. Independent examinerfs statement The company's gross income exceeded £250,000 and l am qualified to undertake the examination by being a qualified member of the Chartered Institute of Management Accountants. I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that: accounting records were not kept in accordance with section 386 of the Companies Act 2006; or the accounts do not accord with such records; or the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination; or .the accounts have not been prepared in accordance with the Charities SORP (FRS102). I have no concerns and 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. Signed: Antony Holdsworth FCMA Chartered Management Accountant E. H. Taylors LLP. 203 London Road, Hadleigh, Essex SS7 2RD. Dated: IcL3 Page 12