# **COMPANY REGISTRATION NUMBER: 03830241 CHARITY REGISTRATION NUMBER: 1077522**
## **The Pioneer Sailing Trust Company Limited by Guarantee Unaudited financial statements**
**31 October 2024**
## **The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
## **Financial statements**
## **Year ended 31 October 2024**
||**Page**|
|---|---|
|Trustees' annual report (incorporating the directors' report)|**1**|
|Independent examiner's report to the trustees|**6**|
|Statement of financial activities (including income and expenditure account)|**8**|
|Balance sheet|**9**|
|Notes to the financial statements|**11**|
**The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
## **Trustees' annual report (incorporating the directors' report)**
## **Year ended 31 October 2024**
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 October 2024.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Companies Act 2006 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 published in October 2019.
## **Reference and administrative details**
**Registered charity name** The Pioneer Sailing Trust **Charity registration number** 1077522 **Company registration number** 03830241 **Principal office and registered** Harker's Yard **office** Shipyard Estate Brightlingsea Essex CO7 0AR
## **The trustees**
The trustees who served during the year and at the date of approval were as follows:
R P Marks DL T J Marks (resigned 3 October 2024) J A H Geary J Hadlow (Appointed 9 January 2024) J Ormerod (Appointed 16 April 2024) **Company secretary** R P Marks DL **Independent examiner** Mark Proctor FCA DChA Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB **Bankers** Barclays Bank 18 High Street Brightlingsea CO7 0AF
**- 1 -**
**The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
## **Trustees' annual report (incorporating the directors' report)** _**(continued)**_
## **Year ended 31 October 2024**
## **Objectives and activities**
The principal objects are:
a) to acquire, restore, maintain and preserve in sailing condition the last remaining 1st Class Essex Smack "The Pioneer" (CK18), using as far as is reasonably practical similar materials and techniques to those used in the vessel's original construction, in order to educate the public in the nature, history and operation of such a vessel and the skills required in using and conserving it;
b) to acquire and/or to restore, to maintain or to preserve in seaworthy and operational condition other historic vessels, using as far as is reasonably practical similar materials and techniques to those used in the vessels' original construction, in order to educate the public in the nature, history and operation of such vessels and the skills required in using and conserving them;
c) to provide training and apprenticeships in particular to those in need of such training and apprenticeships by reason of their youth, age, ill-health, disability, financial hardship or other disadvantage, in order to advance the education of the public in the building and restoration of boats;
d) to advance the education of the public in the subject of boats, boat building and sailing by such other means as the Trustees think fit;
e) to promote community participation in healthy recreation in particular by the provision of facilities for sailing and rowing;
f) to provide training and recreational and leisure time activities in sailing and allied activities and in particular to persons who have need of such facilities in the interests of social welfare by reason of their age, youth, disability, infirmity, poverty or social or economic circumstances; and
g) such other purposes for the benefit of the community as shall be exclusively charitable.
## _**Public Benefit**_
The Trustees confirm that they have had due regard to the Charity Commission's guidance on public benefit.
Pioneer is fully restored and operational in accordance with the objects of the Trust. She is used by the Trust to take groups of people, mainly young people, on day and/or residential sails out of Brightlingsea. Many of the berths are supported by the Trust's bursary scheme, which is in place to ensure that no individual's lack of finance need exclude him or her from the opportunity of a berth aboard Pioneer.
Pioneer is also visited on open days by hundreds of members of the public, who thus have the opportunity to see a unique example of a fully maintained and operational Deep Sea Essex Smack.
The Trust also operates Harker's Yard where young people are offered apprenticeships, training and work experience in Marine Engineering, through boatbuilding and restoration. This facility is unique in Essex and fulfils a local need.
The existence of the Pioneer Sailing Trust means that a part of the country's maritime heritage from the days of working sail is still accessible to the public.
**- 2 -**
**The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
## **Trustees' annual report (incorporating the directors' report)** _**(continued)**_
## **Year ended 31 October 2024**
## **Achievements and performance**
During the year we appointed two new Trustees. As a former secondary school headmistress Jane Hadlow brings a huge depth of knowledge to the educational side of the Trust and vast experience as a school chairperson and governor. Jim Omerod who has worked with us over many years brings a lifetime's experience in outdoor education, particularly sailing. We say goodbye to Tim Marks and thank him for his 21 years of service as a trustee.
The year began with Pioneer coming into the yard for her winter maintenance. All went to plan with no serious problems and she returned to her mooring and sailing again in April. Pioneer's sailing season was successful but still not up to pre-Covid levels and while the 2025 season will also remain lower, we have recently recruited an engagement officer and are confident that higher levels of sailing will return in 2026.
The Harkers Yard gigs continued to flourish with their winter series.
Our Heritage Engineering Marine Technician Apprenticeship is developing well. The first cohort of three apprentices is on track to complete their training by the end of 2025 and a second cohort of five apprentices was recruited in early 2025. We are working well with both the Department for Education and Ofsted.
Our successful £2.3 million pound bid to the National Lottery Heritage Fund was announced in April 2024, and the delivery phase started in July. This gives us a very clear plan over the next 5 years, expanding our educational offer and premises, to deliver a more sustainable future for the Trust.
We continued to work with National Historic Ships as their regional heritage hub.
Relationships with Orsted, Brightlingsea Harbour and our new neighbours remained good.
Most importantly our safety record remained good, and strong focus on it continued.
Another positive, progressive and safe year for the Trust.
## **Financial review**
The Trust had net expenditure in the year totalling £71,477 (2023: £90,827).
In accordance with Charity Commission recommendations "The Pioneer" has been classified as a "Heritage Asset" and is included as such under fixed assets in the balance sheet.
## _**Reserves policy**_
The free reserves at 31 October 2024 amount to £64,138 (2023: £118,720) representing approximately 2 months' expenditure, excluding Heritage Fund expenditure and depreciation. The trustees have a policy of maintaining at least 6 months expenditure.
Restricted funds totalled £10,165 at 31 October 2024 (2023: £107).
## **Plans for future periods**
With the success of our Heritage Fund bid our plans for the next 5 years are very clear. With the support of the fund we are recruiting new staff, growing our educational outputs and apprenticeship as well as extending the building in order to achieve our goal to provide a sustainable future for the Trust. We will continue to provide sailing experiences on Pioneer and Priscilla and increase the level of community activities in the local marine environment.
**- 3 -**
**The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
## **Trustees' annual report (incorporating the directors' report)** _**(continued)**_
## **Year ended 31 October 2024**
## **Structure, governance and management**
## _**Governing Document**_
The organisation is a charitable company limited by guarantee, incorporated on 18 August 1999 and registered as a charity on 22 September 1999. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association, as amended by resolutions of 11 May 2011, 23 May 2014, 17 November 2014 and 19 August 2016. In event of the company being wound up members are required to contribute an amount not exceeding £1.
## _**Recruitment and Appointment of Trustees**_
Trustees are persons who through occupation, employment or otherwise have special knowledge of the area of benefit or who are otherwise able by virtue of their personal or professional qualifications to make a contribution to the pursuit of the objects of the Trust.
The Trustees are also the directors, appointed under the Companies Act 2006. The Trustees, who served during the period are listed on page 1.
## _**Induction and Training of Trustees**_
All new Trustees are encouraged to visit and read the Charity Commission website's guidance notes CC3 - "The Essential Trustee - What you need to know, what you need to do". They are also provided with a copy of the Trust's Memorandum and Articles of Association, the latest accounts of the Trust, and other relevant paperwork. In addition Trustees are encouraged to read Charity Commission and other newsletters designed to keep them abreast of their duties and responsibilities.
## _**Organisational Structure**_
The Trust is managed by a board of Trustees with the day to day administration being overseen by R P Marks.
## _**Risk Management**_
The Trustees are aware of the recommendations of the Charity Commission that the major risks to which the charity is exposed should be reviewed and systems established to mitigate those risks. The Trustees have completed an overall risk assessment and have regular meetings at which risks, health and safety and safeguarding issues are monitored and discussed.
## _**Independent examiner**_
A resolution to reappoint Mark Proctor FCA DChA of Lovewell Blake LLP as independent examiner will be proposed at the next Annual General Meeting.
## **Small company provisions**
This report has been prepared taking advantage of the small companies' exemption of section 415A of the Companies Act 2006.
**- 4 -**
**The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
**Trustees' annual report (incorporating the directors' report)** _**(continued)**_
## **Year ended 31 October 2024**
The trustees' annual report was approved on 24 July 2025 and signed on behalf of the board of trustees by:
R P Marks DL Trustee
**- 5 -**
**The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
## **Independent examiner's report to the trustees of The Pioneer Sailing Trust**
## **Year ended 31 October 2024**
I report to the charity trustees on my examination of the financial statements of the company for the year ended 31 October 2024 which comprise the statement of financial activities (including income and expenditure account), balance sheet and the related notes.
## **Responsibilities and basis of report**
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the financial statements of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's financial statements 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 examiner's statement**
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
**- 6 -**
## **The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
## **Independent examiner's report to the trustees of The Pioneer Sailing Trust**
_**(continued)**_
## **Year ended 31 October 2024**
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.
Mark Proctor FCA DChA Independent Examiner
Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB
24 July 2025
**- 7 -**
## **The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
## **Statement of financial activities (including income and expenditure account)**
## **Year ended 31 October 2024**
||||**2024**||2023|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|||
|||funds|funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|**£**|£|
|**Income and endowments**||||||
|Donations and legacies|**5**|79,960|70,851|150,811|126,049|
|Charitable activities|**6**|92,711|–|92,711|78,805|
|Other trading activities|**7**|77,541|–|77,541|72,354|
|Investment income|**8**|1|–|1|9|
|||``|``|``|``|
|**Total income**||250,213|70,851|321,064|277,217|
|||``|``|``|``|
|**Expenditure**||||||
|Charitable activities|**9**|(335,174)|(57,367)|(392,541)|(368,044)|
|||``|``|``|``|
|**Total expenditure**||(335,174)|(57,367)|(392,541)|(368,044)|
|||``|``|``|``|
|**Net expenditure before transfer of funds**||(84,961)|13,484|(71,477)|(90,827)|
|Transfers between funds||3,426|(3,426)|–|–|
|||``|``|``|``|
|**Net movement in funds**||(81,535)|10,058|(71,477)|(90,827)|
|**Reconciliation of funds**||||||
|Total funds brought forward||1,294,512|107|1,294,619|1,385,446|
|||``|``|``|``|
|**Total funds carried forward**||1,212,977|10,165|1,223,142|1,294,619|
|||``|``|``|``|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
**The notes on pages 11 to 21 form part of these financial statements.**
**- 8 -**
## **The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
## **Balance sheet**
## **31 October 2024**
|||**2024**||2023||
|---|---|---|---|---|---|
||**Note**|**£**|**£**|£|£|
|**Fixed assets**||||||
|Tangible fixed assets|**14**||729,251||746,353|
|Heritage assets|**15**||449,588||459,439|
||||``||``|
||||1,178,839||1,205,792|
|**Current assets**||||||
|Stocks|**16**|–||8,333||
|Debtors|**17**|83,969||61,546||
|Cash at bank and in hand||42,312||110,242||
|||``||``||
|||126,281||180,121||
|**Creditors: Amounts falling due within**||||||
|**one year**|**18**|(51,978)||(61,294)||
|||``||``||
|**Net current assets**|||74,303||118,827|
||||``||``|
|**Total assets less current liabilities**|||1,253,142||1,324,619|
|**Creditors: Amounts falling due after**||||||
|**more than one year**|**19**||(30,000)||(30,000)|
||||``||``|
|**Net assets**|||1,223,142||1,294,619|
||||``||``|
|**Funds of the charity**||||||
|Restricted funds|||10,165||107|
|Unrestricted funds|||1,212,977||1,294,512|
||||``||``|
|**Total charity funds**|**21**||1,223,142
``||1,294,619
``|
For the year ending 31 October 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
## Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The balance sheet continues on the following page. **The notes on pages 11 to 21 form part of these financial statements.**
**- 9 -**
## **The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
**Balance sheet** _**(continued)**_
## **31 October 2024**
These financial statements were approved by the board of trustees and authorised for issue on 24 July 2025, and are signed on behalf of the board by:
R P Marks DL Trustee
Company registration number: 03830241
**The notes on pages 11 to 21 form part of these financial statements.**
**- 10 -**
**The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
## **Notes to the financial statements**
## **Year ended 31 October 2024**
## **1. General information**
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Harker's Yard, Shipyard Estate, Brightlingsea, Essex, CO7 0AR.
## **2. Statement of compliance**
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) issued in October 2019 and the Companies Act 2006 and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
## **3. Accounting policies**
## **(a) Basis of accounting**
The accounts have been prepared on a going concern basis under historical cost convention.
## **(b) Going concern**
The accounts have been prepared on the going concern basis and the Trust believes that no material uncertainties exist. The Trustees have considered the level of funds held and the expected income and expenditure for the next 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Trust to be able to continue as a going concern.
## **(c) Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal.
## **(d) Income**
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
- Grant income is recognised when receipt is probable and entitlement is established.
- Letting income is included in the year to which it relates.
- Investment income is included in the year in which it is earned.
**- 11 -**
**The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 31 October 2024**
## **3. Accounting policies** _**(continued)**_
**Income** _**(continued)**_
- Boatbuilding construction and restoration training scheme income is included in the year in which the work is undertaken.
- Sailing income is included in the year in which the sail is undertaken.
## **(e) Expenditure**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- Charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
## **(f) Pensions**
The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable and directly allocated to the activities of the Trust.
## **(g) Tangible assets**
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
## **(h) Depreciation**
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10% - 20% straight line Boatyard - 1% straight line Tools and equipment - 33.33% straight line Boat - 5 - 10% straight line
Land is not depreciated.
**- 12 -**
**The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 31 October 2024**
## **3. Accounting policies** _**(continued)**_
## **(i) Heritage assets**
The charity owns three vessels as heritage assets, these being fixed assets of historic importance held to advance the preservation and conservation objects of the charity.
Following its rebuild in 2006, The Pioneer, the main purpose for which the Trust was formed, was included in the accounts at a value with subsequent additions at cost and is being depreciated on a straight line basis over 50 years to a residual value of £150,000.
The Priscilla, an Essex Smack, and the Trinity House launch were acquired for a nominal value with all restoration work being funded by grants and using trainees. These vessels will require significant ongoing maintenance and the trustees do not see benefit in including them at a value in the balance sheet.
## **(j) Stocks**
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
## **(k) Financial instruments**
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
## **4. Limited by guarantee**
The company is limited by guarantee. Each member of the company undertakes to contribute such sum (not exceeding £1) as may be required in the event of a winding up.
**- 13 -**
**The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 31 October 2024**
## **5. Donations and legacies**
|||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|---|
|||Funds|Funds|**2024**|
|||£|£|**£**|
|**Donations**|||||
|Donations||3,088|–|3,088|
|**Gifts**|||||
|Gift aid received||206|–|206|
|**Grants**|||||
|Grants||76,666|70,851|147,517|
|||``|``|``|
|||79,960|70,851|150,811|
|||``|``|``|
|||Unrestricted|Restricted|Total Funds|
|||Funds|Funds|2023|
|||£|£|£|
|**Donations**|||||
|Donations||21,130|–|21,130|
|**Gifts**|||||
|Gift aid received||–|–|–|
|**Grants**|||||
|Grants||78,904|26,015|104,919|
|||``|``|``|
|||100,034|26,015|126,049|
|||``|``|``|
|**Charitable activities**|||||
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
||Funds|**2024**|Funds|2023|
||£|**£**|£|£|
|Sailing income|83,364|83,364|59,233|59,233|
|Other income|16,057|16,057|–|–|
|Boat construction and restoration training|||||
|scheme|(6,710)|(6,710)|19,572|19,572|
||``|``|``|``|
||92,711|92,711|78,805|78,805|
||``|``|``|``|
|**Other trading activities**|||||
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
||Funds|**2024**|Funds|2023|
||£|**£**|£|£|
|Letting income|77,541|77,541|72,101|72,101|
|Fundraising income|–|–|253|253|
||``|``|``|``|
||77,541|77,541|72,354|72,354|
||``|``|``|``|
## **6. Charitable activities**
## **7. Other trading activities**
**- 14 -**
**The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 31 October 2024**
**8. Investment income** Unrestricted **Total Funds** Unrestricted Total Funds Funds **2024** Funds 2023 £ **£** £ £ Interest receivable 1 1 9 9 ` `
**- 15 -**
**The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 31 October 2024**
## **9. Expenditure on charitable activities**
||**Unrestricted**|**Restricted**|**Total Funds**|
|---|---|---|---|
||**funds**|**funds**|**2024**|
||**£**|**£**|**£**|
|Boat construction and restoration training scheme|3,747|–|3,747|
|Wages|79,498|45,608|125,106|
|Employees' pension|2,723|–|2,723|
|Employers NIC|7,500|–|7,500|
|Apprenticeship consultancy|6,941|–|6,941|
|Apprenticeship IT|9,142|–|9,142|
|Repairs and maintenance|42,714|325|43,039|
|Crew|26,170|–|26,170|
|Staff training, clothing and travel|6,926|3,862|10,788|
|Safety costs|5,430|–|5,430|
|Insurance|16,208|–|16,208|
|Electricity and water|6,870|494|7,364|
|Telephone and stationery|3,445|–|3,445|
|Legal and professional|7,313|3,860|11,173|
|Miscellaneous|7,940|894|8,834|
|Bursaries|66,239|1,451|67,690|
|Depreciation|27,295|–|27,295|
|Governance costs (see below)|9,073|873|9,946|
||``|``|``|
||335,174|57,367|392,541|
||``|``|``|
||**Unrestricted**|**Restricted**|**Total Funds**|
||**funds**|**funds**|**2023**|
||**£**|**£**|**£**|
|Boat construction and restoration training scheme|4,800|–|4,800|
|Wages|134,479|–|134,479|
|Employees' pension|3,094|–|3,094|
|Employers NIC|7,639|–|7,639|
|Repairs and maintenance|41,522|–|41,522|
|Crew|32,146|–|32,146|
|Staff training, clothing and travel|3,616|–|3,616|
|Safety costs|3,976|–|3,976|
|Insurance|18,503|–|18,503|
|Electricity and water|4,190|–|4,190|
|Telephone and stationery|2,453|–|2,453|
|Legal and professional|13|43,646|43,659|
|Miscellaneous|7,188|–|7,188|
|Bursaries|28,665|1,495|30,160|
|Gain on disposal of fixed assets|(5,627)|–|(5,627)|
|Depreciation|29,327|–|29,327|
|Governance costs (see below)|6,919|–|6,919|
||``|``|``|
||322,903|45,141|368,044|
||``|``|``|
**- 16 -**
## **The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 31 October 2024**
||**Analysis of Governance costs**|||
|---|---|---|---|
|||**2024**|**2023**|
|||**£**|£|
||Independent examination fees|5,340|4,250|
||Bookkeeping fees|4,606|2,669|
|||``|``|
||Total|9,946|6,919|
|||``|``|
|**10.**|**Net expenditure**|||
||Net expenditure is stated after charging/(crediting):|||
|||**2024**|2023|
|||**£**|£|
||Depreciation of tangible fixed assets|17,444|19,476|
||Depreciation of heritage assets|9,851|9,851|
|||``|``|
|**11.**|**Independent examination fees**|||
|||**2024**|2023|
|||**£**|£|
||Fees payable to the independent examiner for:|||
||Independent examination of the financial statements|5,340|4,250|
|||``|``|
|**12.**|**Staff costs**|||
||The total staff costs and employee benefits for the reporting period are analysed as follows:|||
|||**2024**|2023|
|||**£**|£|
||Wages and salaries|125,106|134,479|
||Social security costs|7,500|7,639|
||Employer contributions to pension plans|2,723|3,094|
|||``|``|
|||135,329|145,212|
|||``|``|
The average head count of employees during the year was 5 (2023: 4).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
## **13. Trustee remuneration and expenses**
The trustees were not entitled to and received no remuneration during the year.
**- 17 -**
## **The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 31 October 2024**
## **14. Tangible fixed assets**
||**Freehold**|**Plant and**||**Tools and**|||
|---|---|---|---|---|---|---|
||**Land**|**machinery**|**Boatyard**|**equipment**|**Boats**|**Total**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|**Cost**|||||||
|At 1 Nov 2023|240,000|42,667|517,343|46,459|34,910|881,379|
|Additions|–|–|–|342|–|342|
||``|``|``|``|``|``|
|**At 31 Oct 2024**|240,000|42,667|517,343|46,801|34,910|881,721|
||``|``|``|``|``|``|
|**Depreciation**|||||||
|At 1 Nov 2023|–|18,869|67,023|43,666|5,468|135,026|
|Charge for the|||||||
|year|–|7,549|5,174|2,787|1,934|17,444|
||``|``|``|``|``|``|
|**At 31 Oct 2024**|–|26,418|72,197|46,453|7,402|152,470|
||``|``|``|``|``|``|
|**Carrying amount**|||||||
|**At 31 Oct 2024**|240,000|16,249|445,146|348|27,508|729,251|
||``|``|``|``|``|``|
|At 31 Oct 2023|240,000|23,798|450,320|2,793|29,442|746,353|
||``|``|``|``|``|``|
On 26 March 2024 a charge was been registered by The Trustees of The National Heritage Memorial Fund over the charity's property, Harkers Yard in connection with funding being granted by the charity.
## **15. Heritage assets**
||**Boats**|
|---|---|
||**£**|
|**Cost or valuation**||
|**At 1 November 2023 and 31 October 2024**|642,544|
||``|
|**Accumulated depreciation**||
|At 1 November 2023|(183,105)|
|Charge for the year|(9,851)|
||``|
|**At 31 October 2024**|(192,956)|
||``|
|**Carrying amount**||
|**At 31 October 2024**|449,588|
||``|
|At 31 October 2023|459,439|
||``|
## **Summary of transactions**
There have been no transactions relating to heritage assets in the past 5 years.
Pioneer is included at £449,588 (2023: £459,439) and The Priscilla and Trinity House Launch are included at nil value.
## **16. Stocks**
||**2024**|2023|
|---|---|---|
||**£**|£|
|Raw materials and consumables|–|8,333|
||``|``|
**- 18 -**
**The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 31 October 2024**
## **17. Debtors**
|||**2024**|2023|
|---|---|---|---|
|||**£**|£|
||Trade debtors|33,562|44,761|
||Prepayments and accrued income|48,369|16,662|
||Other debtors|2,038|123|
|||``|``|
|||83,969|61,546|
|||``|``|
|**18.**|**Creditors:** **Amounts falling due within one year**|||
|||**2024**|2023|
|||**£**|£|
||Trade creditors|3,538|5,400|
||Accruals and deferred income|44,825|51,145|
||Social security and other taxes|3,615|4,749|
|||``|``|
|||51,978|61,294|
|||``|``|
|||**2024**|2023|
|||**£**|£|
||Deferred income brought forward|10,685|9,535|
||Released during the year|(10,685)|(9,535)|
||Deferred during the year|10,685|10,685|
|||``|``|
||Deferred income carried forward|10,685|10,685|
|||``|``|
||Deferred income relates to rental income received in advance.|||
|**19.**|**Creditors:** **Amounts falling due after more than one year**|||
|||**2024**|2023|
|||**£**|£|
||Other creditors|30,000|30,000|
|||``|``|
## **20. Pensions and other post retirement benefits**
## **Defined contribution plans**
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £2,723 (2023: £3,094).
**- 19 -**
**The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 31 October 2024**
## **21. Analysis of charitable funds**
## _**Unrestricted funds**_
Year ended 31 October 2024
|Year ended 31 October 2024||||||
|---|---|---|---|---|---|
||||||**At 31**|
||At 1 November||||**October**|
||2023|Income|Expenditure|Transfers|**2024**|
||£|£|£|£|£|
|General funds|1,294,512|250,213|(335,174)|3,426|1,212,977|
||``|``|``|``|``|
|Year ended 31 October 2023||||||
||||||**At 31**|
||At 1 November||||**October**|
||2022|Income|Expenditure|Transfers|**2023**|
||£|£|£|£|£|
|General funds|1,366,213|251,202|(322,903)|–|1,294,512|
||``|``|``|``|``|
|**_Restricted funds_**||||||
|Year ended 31 October 2024||||||
||||||**At 31**|
||At 1 November||||**October**|
||2023|Income|Expenditure|Transfers|**2024**|
||£|£|£|£|£|
|Asto|–|1,451|(1,451)|–|–|
|Heritage Fund|107|6,130|(557)|(5,680)|–|
|The National Lottery Heritage||||||
|Fund|–|30,110|(22,199)|2,254|10,165|
|Department for Education|–|30,160|(30,160)|–|–|
|Trinity House Maritime|–|3,000|(3,000)|–|–|
||``|``|``|``|``|
||107|70,851|(57,367)|(3,426)|10,165|
||``|``|``|``|``|
|Year ended 31 October 2023||||||
||||||**At 31**|
||At 1 November||||**October**|
||2022|Income|Expenditure|Transfers|**2023**|
||£|£|£|£|£|
|Asto|–|1,495|(1,495)|–|–|
|Heritage Fund|19,233|24,520|(43,646)|–|107|
||``|``|``|``|``|
||19,233
``|26,015
``|(45,141)
``|–
``|107
``|
Asto funds received to be used as bursaries towards sailing activities.
Heritage Fund represents funds towards the Growing Heritage Training and Restoration Project.
The National Lottery Heritage Fund is funding towards the Developing Young People Through Practical Experience, Growing Heritage Training and Restoration Project.
Department for Education funding towards the apprenticeship programme.
Trinity House Maritime fund is towards training costs.
**- 20 -**
**The Pioneer Sailing Trust**
## **Company Limited by Guarantee**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 31 October 2024**
## **22. Analysis of net assets between funds**
||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|
||Funds|Funds|**2024**|
||£|£|**£**|
|Tangible fixed assets|1,178,839|–|1,178,839|
|Net current assets|64,138|10,165|74,303|
|Liabilities due > 1 year|(30,000)|–|(30,000)|
||``|``|``|
||1,212,977|10,165|1,223,142|
||``|``|``|
||Unrestricted|Restricted|**Total Funds**|
||Funds|Funds|**2023**|
||£|£|**£**|
|Tangible fixed assets|1,205,792|–|1,205,792|
|Net current assets|118,720|107|118,827|
|Liabilities due > 1 year|(30,000)|–|(30,000)|
||``|``|``|
||1,294,512
``|107
``|1,294,619
``|
## **23. Related parties**
Included in other creditors is a loan of £30,000 (2023: £30,000) owed by the Trust to R P Marks.
Included within donations is £30,000 (2023: £Nil) received from the Mulberry Trust of which R P Marks and T J Marks are Trustees.
## **24. Operating lease commitment as lessee**
The Trust granted a lease to Dong Energy (now Orsted) in 2011 for 50 years which generates rental income of £51,904 per annum. The lease is subject to a break with one year's notice.
**- 21 -**