REGISTERED NUMBER: 02519754 {England and Wales) TALL SHIPS IWALES) TRUST REPORT OF THE DIRECTORS AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Bevan BucJ(land LLP Chartered Accountants Casile Chambers 6 Westgate Hill Pembroke Pembrokeshire SA714LB TALL SHIPS (WALES) TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Page Company InfonnatTon Report of the Director& Income Ststement Balance Shoet Notes to the Financial Statements Chartered Accountants. Report Detsiled Income and Expenditure Account TALL SHIPS ￿ALES) TRUST COMPANY INFORMATION FOR THE YEAR ENDED 31 JULY 2024 DIRECTORS: MKYork B M Sykes A E Sangster Mrs A M Lort Phillips P A Davies SECRETARY: REGISTERED OFFICE: The Carthouse Vallen Lawrenny lQlgety Pembrokeshire SA68 OQD REGISTERED NUMBER: 02519754 (England and Wales) ACCOUNTANTS: Bevan Buckland LLP Chartered Accountants Castle Chambers 6 Westgate Hill Pembroke Pembrokeshire SA714LB Page 1 TALL SHIPS (WALES) TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 JULY 2024 The directors present their reF)Ort the financial statements of the company for the year ended 31 July 2024. DIRECTORS The directors shown below have held Offi￿ during the whole of the period from 1 August 2023 to the dale of this report. MKYork B M Sykes A E Sangster Mrs A M Lort Phillips P A Davies Oiher changes in directors holding office are as follows: M G Reynolds - resigned 24 April 2024 R D Phillips - resigned 7 May 2024 N E Sawyer- resigned 3 May 2024 This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. ON BEHALF OF THE BOARD: Mrs A M Lort Phillips - Director Date.. Page 2 TALL SHIPS IWALES) TRUST INCOME STATEMENT FOR THE YEAR ENDED 31 JULY 2024 2024 2023 TURNOVER Administrative expenses (17.9231 (38,564) (17,923) (38,564) Other operating income 29,765 52.078 OPERATING SURPLUS 11,842 13.514 Income from fixed asset investments 1,526 1,531 SURPLUS 8EFORE TAXATION 13,368 15,045 Tax on surplus SURPLUS FOR THE FINANCIAL YEAR 13,368 15,045 The notes fomi part of Ihese financial statements Page 3 TALL SHIPS (WALES) TRUST (REGISTERED NUMBER: 025197541 BALANCE SHEET 31 JULY 2024 2024 2023 Notes CURRENT ASSETS Investments Cash at bank and in hand 58,117 29,172 54,301 19,620 87,289 73.921 CREDITORS Amounts falling due wthin one year 473 473 NET CURRENT ASSETS 86.816 73.448 TOTAL ASSETS LESS CURRENT LIABILITIES 86.816 73,448 RESERVES Income and expenditure account 86,816 73,448 86,816 73,448 The company is entitled to exemption from audit under Section 477 of the Companies Act 20(IS for the year ended 31 July 2024. The members have not required the company to obtain an audit of its financial ststements for the year ended 31 July 2024 in accordance wth Section 476 of the Companies Act 2006. The directors aCknO￿edge their responsibilities for. lal ensuring that the company keeps accounting records which comply vAth Seth"ons 386 and 387 of the Companies Act 2008 and (bl preparing financial statements which give a true and fair view of the state of affairs of the company as al the end of each financial year and of its surplus or deficit for each finanual year in accordan￿ wtth the requirements of Sections 394 and 395 and which otherwse comply wlh the requirements of the Companies Act 2006 relating to financial slalements, so far as applicable to the company. The financial statements have been prepared in accordan￿ wth the provisions applicable to companies subject to the small companios regime. The financial statements were approved by the Board of Directors and authorised for issue on and were signed on its behalf by= A E Sangster- Director Mrs A M Lort Phillips - Director The notes fom part of these financial statements Page 4 TALL SHIPS IWALES) TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 STATUTORY INFORMATION Tall Ships (Wales) Trust is a private company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. ACCOUNTING POLICIES Basis of preparing the financial statements These financial statements have been prepared in accordance wth Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities and the Companies Act 2006. The ffinanoal ststements have been prepared under the historical cost convention. Taxation Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement. except to the extent that it relates lo items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilrties are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tsx Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the indusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial slalemenls. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the liming differen￿. Unrelieved lax losses and other deferred tax assets are recognised only to the extent that it 15 probable that they will be recovered against the reversal of deferred tax liabilib'es or other future taxable profits. EMPLOYEES AND DIRECTORS The average number ofemployees during the yearwas NIL (2023- NIL). CURRENT ASSET INVESTMENTS 2024 2023 COIF Charities - Inveslment Fund COIF Chanties - Fixed Interest Fund 49,759 8,358 46,324 7,977 58,117 54,301 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 473 473 GRANT INCOME During the year the chanty received a grant of £5.000 from Milford Haven Port Authority. The grant relates lo a Care Leavers Voyage which will happen in 2024125. As at the 31 st July 2024 no amounts have been spent, the full amount is to be carried forward. During the year the charity re￿iVed a grant of £20.c￿ from The National Lottery. The grant relates to Enhancing Pembrokeshire-Coa5tal Communilies and the chartering of ships. Page 5 CHARTERED ACCOUNTANTS. REPORT TO THE BOARD OF DIRECTORS ON THE UNAUDITED FINANCIAL STATEMENTS OF TALL SHIPS (WALES) TRUST In order to assist you to fulfil your duties under the Companies Act 20￿, we have prepared for your approval the financial statements of Tall Ships (Wales) Trust for Ihe year ended 31 July 2024 which comprise the Income Statement, Balan￿ Sheet and the related notes from the companvs accounting ￿COrdS and from infomiation and explanation5 YOU have given us. As a praclising member firm of the Instilute of Chartered Accountants in England and Wales {ICAEWI, we are subject to its ethical and other professional requirements which are (Jelailed wlhin the ICAEWS regulations and guidance at http'.Ilww.icaew.comlenlmembershiplregulations-standards-and-guidance. This report is made solely to the Board of Directors of Tall Ships Iwales) Trust. as a body, in accordance our temis of engagement. Our work has been undertaken solely to prepare for your approval the financial slatemenls of Tall Ships (Wales) Trust and stale those matters Ihal we have agreed to state to the Board of Directors of Tall Ships Iwalesl Trust, as a body, in this report in accordan￿ wth ICAEW Technical Release 07116AAF. To the fullest extent permitted by law, we do not accept or assume ￿spOnsIbl11ty to anyone other than Tall Ships (Wales) Trust and its Board of Directors, as a body, for our Wofk or for this report. It is your duly to ensure that Tall Ship5 Iwalesl Trust has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets. liabilities. finanaal position and profit of Tall Ships Iwalesl Trust. You consider that Tall Ships (Wales) Trust is exempt from the statutory audit requirement for the year. We have not been instructed to cary out an audit or a review of the financial statements of Tall Ships (Wales) Trust. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, Iherefore, express any opinion on the ststutory financial statements. Bevan Buckland LLP Chartered Accountants Castle Chambers 6 Weslgate Hill Pembroke Pembrokeshire SA714LB This page does not fom) part of the statutory financial statements Page 6 TALL SHIPS IWALES) TRUST DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Income Other income Fund raising & donations received Increase in investments Grants received Dimdends received on investments 950 3,815 25,000 1.526 9.206 42,872 1.531 31,291 53,609 31,291 53,609 Expenditur6 Insurance Decrease in investments Administration expenses Adverbsing Subscriptions Sundry expenses Event costs Ship charter Accountancy Consultancy 403 363 940 31 564 13 1.898 1.000 580 13.434 354 157 21,472 552 13,726 17,923 38,564 NET SURPLUS 13,368 15,045 This page does not fom part of the ststutory finanaal statements Page 7 TALL SHIPS (WALES) TRUST NON-MANDATORY NOTES FOR THE YEAR ENDED 31 JULY 2024 The following data screen has been completed by user enty resulting in ihe relevant note appearing within the finanaal statements. However, it is not required in accordan￿ with The Companies. Partnerships and Groups (Accounts and Reports) Regulations 2015. GRANT INCOME PLEASE CHECK THAT THIS ENTRY IS CORRECT.