Company registration number.. 04592593 Charity registration number.. 1096256 Horizons (Plymouth) (A company limited by guarantee) Annual Report and Financial Statements for the period from 1 July 2023 to 31 December 2024
Horizons (Plymouth) Contents Trustees Report 1 to6 Reference and Administrative Details Independent Examiner's Report Statement of Financial Activities 8t09 Balance Sheet 10t011 Notes to the Financial Statements 12to26
Horizons (Plymouth) Trustees Report Reference and Administrative Details Trustees A R D Anderson (resigned 17 March 2024) P A Bone, Chair (resigned 17 March 2025) A M Brown (appointed 13 June 2024) J Byme (resigned 17 March 2025) R M Fletcher (appointed 19 February 2024) D M Gratton FCA (appointed 13 June 2024, Chair from 17 March 2025) Dr J D Hill (resigned 13 June 2024) S Jones (appointed 6 October 2023) M R Malric-smith Dr J Richardson T J Vassallo (resigned 13 June 2024) Charity Registration Number 1096256 Company Registration Number 04592593 The charity is incorporated in England and Wales. 5 Richmond Walk Devonport Plymouth Devon PL14LL Registered Office Independent Examiner PKF Francis Clark Chartered Accountants Towngate House 2-8 Parkstone Road Poole Dorset BH15 2PW Page 1
Horizons (Plymouth) Trustees Report For the 18 month period 1 July 2023 to 31 December 2024 The trustees present their annual report together with the financial statements of the Charity for the period 1 July 2023 to 31 December 2024. The trustees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements. the requirements of the charitys governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Since the Charity qualifies as small under section 383, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directorfs Report) Regulations 2013 is not required. Vision and Purpose of Horizons Plymouth We are driven by a clear and enduring mission: to enhan the lives of disadvantaged and disabled children and young people through sailing and water-based activities. We believe passionately in the power of the sea to inspire, build confidence. and transfomi lives. Our goals are simple, yet ambitious: Inclusion: ensuring sailing and powerboating are accessible for all Empowerment: building confidence and practical skills Opportunity: creating space for personal development, leaming. and adventure Our work extends beyond the water, fostering personal development and social inclusion, helping young people to build the resilience. confiden, and teamwork skills that they can carry into the rest of their lives. On 13 June 2024. Horizons Plymouth became a subsidiary of the Andrew Simpson Foundation, allowing the charity to receive further support and resources to grow our charitable output and extend the benefit we bring to the community and other under-represented groups in Plymouth and its surrounding area. Main Activities Undertaken to Further the Charity's Purposes for Public Benefit The trustees have reviewed the Charity's activities in line with the Charity Commission's guidance on public benefit and are confident Ihat the work of the Charity delivers clear public benefit. This is achieved through a strong focus on community-based projects, dedicated supporl for disadvantaged and disabled individuals, and the provision of wellbeing and personal development opportunities for young people and those who support them. Volunteers The Charity plays an active role in the local community and relies on the dedication of its volunteers, with around 53 individuals supporting sailing sessions and a range of other activities. The trustees would like to express their sincere thanks to all our volunteers for their invaluable contribution throughout the period. Page 2
Horizons (Plymouth) Trustees Report Structure, Governance and Management. Governing Document Organisational Structure Horizons Plymouth is a charity registered with the Charity Commission and governed by its Memorandum and Articles incorporated on 18 November 2002 as amended by special resolutions approved by the members on 25 February 2015, 12 June 2024 and 13 June 2024, registered at Companies House on 16 March 2015, 2 November 2024, 12 June 2024 and 13 June 2024 respectively. The charity is a company limited by guarantee and has no share capital. On June 13 2024 the Andrew Simpson Foundation (Company registration 08595862, Charity 1153060) became the sole legal member of the charitable company. The liability of the member (ASF) and trustees in the event of a winding-up is limited to a maximum of £10 each. Recruitment and appointment of trustees The appointment and recruitment of new trustees is by recommendation by Ihe Board of Trustees and appointment by the member, following an interview and "get to know each olherf process. Induction and training of trustees Induction of a trustee takes place at initial meetings with the new Irustee- copies of Charity Commission literature are provided. Management The management team of the Charity comprises the trustees and the Chief Executive Officer of the Andrew Simpson Foundation. Financial Review The Charity had total funds at 31 December 2024 of £211.443 (30 June 2023: £162.117). Cash at bank and in hand at 31 December 2024 was £102,340 (30 June 2023: £37,405} of which £8,896 was restricted usage (2023: £9.006). Financial Performance.. Income for the 18 month period to 31 December 2024 was £260,664 (2023 12 month period: £158,357). Of this, £53,210 (2023: £54.208) has restricted usage. Policy on Reserves The desired policy is to consistently have a level of net liquid funds sufficient to cover twelve months of committed outgoings. net of confirmed future reIptS, at any point in time. This is in order to provide confidence for the ensuing year. This position was achieved at 31 December 2024. The trustees continue to monitor closely the short-temi liquidity of the Trust. The trustees are satisfied that the charity will continue to be a going conrn for the 12 months following the approval of these financial statements. The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Page 3
Horizons (Plymouth) Trustees Report Risk Management The trustees have evaluated and considered the impact of identifiable risks on the Charity and have policies in place to minimise these. The health and safety of our programme beneficiaries, partners. volunteers and staff in the Charitls care is of utmost importan. Achievements and Perforniance Review of Activities The following figures all reflect an extended reporting period of 18 months, covering activities from the 1 July 2023 to 31 December 2024. including an additional six months beyond the standard annual timeframe. Over this extended 18-month period, Horizons Plymouth has made significant progress in expanding access, deepening impact, and growing community support.. Delivered 212 activity sessions for young people aged 8-25, with 1467 session participants Supported a significant number of young people with registered disabilities, including wheelchair users and visually impaired individuals Delivering the Winter Youth Project, providing structured off-season leaming and support Facilitated new. week-long courses for RNSA Youth Crew young people Delivered RYA accredited summer courses with qualifications awarded Engaged with new audiences, including refugee and asylum-seeking young people through bespoke outreach programmes Grew community participation through private group bookings and inclusive family sessions These achievements reflect our commitment to removing barriers and building a lasting impact in the Plymouth community. Programmes Youth Sailing Club a twice-weekly inclusive after-school sailing programme offering recreational sessions for young people. Schools Sailing Project in partnership with seven local schools, this programme offered hands-on, educational sailing. RYA Summer School structured training delivered over summer holidays with progression from beginner to adVand levels. . Winter Youth Project offering off-season, land-based sessions, the project supported young people across two winter seasons, giving them a safe space to socialise, explore new exPerienS and build confidence. . Bespoke Individual & Community Group Sessions Volunteer Support The 53 volunteers are very important to the SUC$sful running of programmes. This support spanned from sailing instruction and boat maintenance to administration and event support. Page 4
Horizons (Plymouth) Trustees Report Community & Partnerships We are proud to have worked alongside local schools. disability groups, support services, and community organisations. These partnerships are key to building inclusive access to the water and strengthening the local social fabric. In 2025 we are revising our qualitative and quantitative reporting in order to improve our output measures. Funding and Support Horizons Plymouth is deeply grateful to all our supporters. During the period, we received a wide range of generous grants and donations, those valued at over £5,000 are lisled individually below in recognition of their significant contribution. . The Swire Charitable Trust £12,000 restricted The Foyle Foundation £7,500 restricted The Kelsey Trust £10,000 unrestricted Garfield Weston Foundation £15,000 unrestricted Gibbons Family Trust £7,000 unrestricted Note 20 in the Financial Statements details the nature of all restricted income. In addition. donations from individuals, family foundations and events totalled over £30,000, This financial support is critical in ensuring our activities remain outstanding. impactful and aCSsible. allowing us to reach and support those most in need. Page 5
Horizons (Plymouth) Trustees Report Statement of trustees. responsibilities The trustees (who are also the directors of Horizons (Plyrnouth) for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The report and accounts have been prepared in accordan with the provisions in the Companies Act 2006 relating to small companies. Company law requires the trustees to prepare financial statements for each financial period. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resour$, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and apply them consistenlly; observe the methods and principles in the Charities SORP" make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disdosed and explained in the financial statements,. and prepare the financial statements on the going cOnM basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable companvs website. Legislation goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Small companies provision statement This report has been prepared in accordance with the small companies regime under the Companies Act 2006. The annual report was approved by the trustees of the charity on 17 September 2025 and signed on its behalf by: D M Gratton, FCA Trustee Page 6
Horizons (Plymouth) Independent Examiner's Report to the trustees of Horizons (Plymouth) ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the period ended 31 December 2024. Responsibilities and basis of report As the trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordan 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 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 examiner's statement Since the Company's gross income exeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confim) that l am qualified to undertake the examination because l am a member of the FCA, which is one of the listed bodies. I have completed my examination. I confim that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of Horizons {PlOUth) 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 'true and fair view, which is not a matter considered as part of an independent examination. or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practi 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)]. I have no concems 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. Daniel Tout FCA (a partner ofj PKF Francis Clark Chartered Accountants Towngate House 2-8 Parkstone Road Poole Dorset BH15 2PW 17 September 2025 Page 7
Horizons (Plymouth) Statement of Financial Activities for the Period from 1 July 2023 to 31 December 2024 (Including Income and Expenditure Account) Total 2024 {18 months) Unrestricted funds Restricted funds Note Income and Endowments from: Donations and grants Charitable activities Investment income Other income 172,612 19.148 3,390 12.304 53,210 225,822 19,148 3,390 12,304 Total income 207.454 53.210 260,664 Expenditure on: Raising funds Charitable activities {16.424) (149,172) (16,424) (202.492) {53,320) Total expenditure Gainsl(losses) on investment assets (165,596) 7,578 (53,320) {218,916) 7,578 Net incomel(expenditure) 49,436 (110) 49,326 Net movement in funds 49.436 (110) 49,326 Reconciliation of funds Total funds brought forward 153,111 9,006 162,117 Total funds carried forward 19 202,547 8,896 211,443 The notes on pages 12 to 26 form an integral part of these financial statements. Page 8
Horizons (Plymouth) Statement of Financial Activities for the Period from 1 July 2023 to 31 December 2024 (Including Income and Expenditure Account) Total 2023 {12 months) Unrestricted funds Restricted funds Note Income and Endowments from: Donations and grants Charitable activities Investment income Other income 77.047 21.725 2,377 3,000 54,208 131,255 21,725 2,377 3,000 Total income 104.149 54.208 158,357 Expenditure on: Raising funds Charitable activities (9.715) (108,695) (9,715) (149.260) {40,565) Total expenditure Gainsl(losses) on investment assets (118,410) 969 (40,565) (158,975) 969 Net {expenditure)lincome Transfers between funds (13,292) 21,650 13,643 (21,650) 351 Net movement in funds 8,358 (8,007) 351 Reconciliation of funds Total funds brought forward 144,753 17,013 161,766 Total funds carried forward 19 153,111 9,006 162,117 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 19. The notes on pages 12 to 26 form an integral part of these financial statements. Page 9
Horizons (Plymouth) (Registration number: 04592593) Balance Sheet as at 31 December 2024 31 December 2024 30 June 2023 Note Fixed assets Intangible assets Tangible assets Investments 13 14 15 2.022 45.108 48.772 66,341 60,346 95.902 126,687 Current assets Debtors Cash at bank and in hand 16 20.233 102,340 10,587 37,405 122,573 47,992 Creditors". Amounts falling due within one year 17 7,032 12,562) Net current assets 115,541 35,430 Net assets 211,443 162,117 Funds of the charity: Restricted income funds Restricted funds 19 8.896 9,006 Unrestricted income funds Unrestricted funds 202,547 153,111 Total funds 19 211,443 162,117 The notes on pages 12 to 26 form an integral part of these financial statements. Page 10
Horizons (Plymouth) (Registration number: 04592593) Balance Sheet as at 31 December 2024 For the financial period ended 31 December 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 charity to obtain an audit of its accounts for the period in question in accordance with section 476., and The directors acknowledge their responsibilities for complying wilh the requirements of the Act wilh respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The financial statements on pages 8 to 26 were approved by the trustees, and authorised for issue on 17 September 2025 and signed on their behalf by.. D M Gratton, FCA Trustee The notes on pages 12 to 26 form an integral part of these financial statements. Page11
Horizons (Plymouth) Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2024 1 Charity ststus The charity is a company limited by guarantee. incorporated in England and Wales, and consequently does not have share capital. Its member, the Andrew Simpson Foundation. and each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial stalemenls are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated. Statement of compliance The financial statements have been prepared in accordan 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 (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Horizons Plymouth meets the definition of a public benefit entity under FRS 102. Basis of preparation Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Going concern The trustees consider that there are no material uncertainties about the chariws ability to continue as a going concern nor any significant areas of UnrtaInty that affect the carrying value of assets and liabilities held by the charity. Income and endowments All income is recognised On the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Donations Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of perf0rrnan by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met. or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Page 12
Horizons (Plymouth) Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2024 Grants receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Deferred income Deferred income represents amounts received for future periods and is released to incoming resources in the period for which. it has been received. Such income is only deferred when= The donor specifies that the grant or donation must only be used in future accounting periods, or has imposed conditions which must be met before the charity has unconditional entitlement. Investment income Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity- this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raising funds These are costs incurred in attracting voluntary income. the management of investments and those incurred in trading activities that raise funds. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature neSSary to support them. Governance costs These include the costs attributable to the charitys compliance with constitutional and statutory requirements. including audit, strategic management and trustees meetings and reimbursed expenses. Page 13
Horizons (Plymouth) Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2024 Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from iaxation in respect of income or capitsl gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. Intangible assets and amortisation Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over Iheir estimated useful lives. Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows= Asset class Website Amortisation method and rate 33.3 % straight line Tangible fixed assets and depreciation Individual fixed assets are initially recorded at cost. less any subsequent accumulated depreciation and subsequent accumulated impainnent losses. Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Asset class Short-term leashold property Boats Motor Vehicles Equipment Depreciation method and rate 5-100/0 Straight line 25 /0 Straight line 25 /0 Straight line 25 /0 Straight line Fixed asset investments Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the period. or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the period and are credited or charged to the Statement of Financial Activities based on the market value at the period end. Page 14
Horizons (Plymouth) Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2024 Trade debtors Trade debtors are amounts due from customers for merchandise sold or ServIS performed in the ordinary course of business. Trade debtors are recognised initially at the transaction pri. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original temis of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer setllement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction pri and subsequently measured at amortised cost using the effective interest method. Fund structure Unrestricted income funds are general funds that are available for use at the trustees, discretion in furtherance of the objectives of the charity. Designated funds are unrestricled funds set aside for specific purposes at the discretion of the trustees,. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Pensions and other post retirement obligations The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee Servi in the current and prior periods. Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exed the contribution due for service, the excess is recognised as a prepayment. Page 15
Horizons (Plymouth) Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2024 3 Income from donations and grants Unrestricted Restricted Total Total 2024 2023 {18 months) (12 months) Donations and grants Donations Grants. including capital grants Grants 140,682 140,682 77,047 31,930 53,210 85,140 54,208 172,612 53,210 225,822 131,255 4 Income from charitable activities Unrestricted Total Total 2024 2023 {18 months) (12 months) Sailing activities 19,148 19,148 21,725 5 Investment income Unrestricted Total Total 2024 2023 {18 months) (12 months) Income from dividends Dividends receivable from other listed investments Interest receivable and similar income Interest receivable on bank deposits 2.379 2.379 1,011 1.011 2,377 3,390 3.390 2,377 6 Other income Unrestricted Total Total 2024 2023 (18 months) {12 months} Gains on sale of tangible fixed assets for charity's own use 12,304 12.304 3,000 Page 16
Horizons (Plymouth) Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2024 7 Expenditure on raising funds Total 2024 Total 2023 Staff costs Investment management costs Allocated support costs 13.970 1,530 924 8,000 1,020 695 16,424 9,715 8 Expenditure on charitable activities Total Total 2024 2023 {18 months) (12 months) Note Boat operations and maintenance Mooring fees Boat storage Subscriptions and publications Rent, rates and utilities Safety equipment and clothing Minibus running costs Administration and support costs Depreciation, amortisation and other similar costs Staff costs Governance costs 24,128 15.657 4.590 3,316 20,708 2.380 6.975 12.370 22,011 85,869 4,488 22,731 8,870 2,601 2,483 8,583 4,223 1,847 8,674 12,234 75,214 1,800 202,492 149,260 9 Analysis of governance and support costs Governance costs Unrestricted Total Total 2024 2023 {18 months) (12 months) Independent examiner fees Examination of the financial statements Other fees paid to examiners 4,200 288 4.200 288 1,800 4,488 4,488 1,800 Page 17
Horizons (Plymouth) Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2024 10 Net incomingloutgoing resources Net {incoming)loutgoing resour$ for the period include: 2024 2023 {18 months) {12 months) Profit on disposal of tangible fixed assets Depreciation of tangible fixed assets Amortisation of intangible fixed assets Independent examination fees (12,304) 21.233 778 4.200 (3,000) 12,234 1,800 11 Staff costs The aggregate payroll costs were as follows: 2024 2023 {18 months) (12 months) Staff costs during the period were: Wages and salaries Social security costs Pension costs 95.343 1.579 2.917 78,067 1,296 3,851 99.839 83,214 The monthly average number of persons (including senior management I leadership team) employed by the charity during the period was as follows: 2024 2023 {18 months) (12 months) Sailing activities Fundraising No employee received emoluments of more than £60,000 during the period. Page 18
Horizons (Plymouth) Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2024 12 Taxation The charity is a registered charity and is therefore exempt from taxation. 13 Intangible fixed assets Website Total Cost Additions 2.800 2,800 At 31 December 2024 2,800 2,800 Amortisation Charge for the period 778 778 At 31 December 2024 778 778 Net book amount At 31 December 2024 2.022 2,022 Page 19
a) co cry fD (N o)0 G) tJ) ¢ fD ¢7) fD L><Q < Q<L)LU < Z
Horizons (Plymouth) Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2024 15 Fixed asset investments Other investments Listed investments Total Cost or Valuation At 1 July 2023 Revaluation Additions Transfer to cash at bank 60,346 7.578 848 (20,000) 60,346 7,578 848 (20,000) At 31 Dember 2024 48.772 48,772 Net book value At 31 December 2024 48,772 48,772 At 30 June 2023 60.346 60,346 16 Debtors 31 December 2024 30 June 2023 Trade debtors Due from group undertakings Prepayments Other debtors 835 8.000 4.233 8.000 7,148 2,604 20.233 10,587 17 Creditors: amounts falling due within one year 31 December 2024 30 June 2023 Trade creditors Due to group undertakings Other taxation and social security Other creditors Accruals Deferred income 10 1.799 393 390 4.440 1,329 344 6,889 4,000 7,032 12,562 Page 21
Horizons (Plymouth) Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2024 18 Commitments Pension Commitments The charity operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable to the charity to the fund and amounted to £2,917 (2023.. £3,852). The amount payable in respect of pension contributions at the period end was £nil (2023: £nil). Page 22
)7JW tro000{0 oINoooo oj o m 00 WJ 88888 8888 ootso o ou) o nw
o
511 J aoo v)OtC>Li L)Li
0 o r ¢00 ow)oa) o(>0 (Do v)0 o) 0 Tr40 a) CIQQ It co > v) O tt > LL oa L)
Horizons (Plymouth) Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2024 The specific purposes for which the funds are to be applied are as follows: Designated Reserves: The designated fixed asset reserve represents tangible and intsngible assets which did not fomi part of any other reserve. Similady the designated building purchase reserve represented reserves set aside for the purchase of suitable premises should any become available, Restricted reserves: The row descriptions in the tables above outline the nature of the restrictions imposed by the donors. Transfers between funds In June 2024 Horizons Plymouth became a subsidiary of the Andrew Simpson Sailing Foundation, following the change in group structure the Trustees have reviewed fund designations, both funds are deemed to be aspirational in nature. Therefore both the designated fixed asset reserve and designated building purchase reserve amounts have been transferred back to general unrestricted funds. 20 Analysis of net assets between funds Total funds at31 December 2024 Unrestricted funds General Restricted funds Intangible fixed assets Tangible fixed assets Fixed asset investments Current assets Current liabilities 2.022 45.108 48,772 113,677 (7,032) 2,022 45,108 48,772 122,573 17,032) 211,443 8,896 Total net assets 202,547 8,896 Total funds at 30 June 2023 Unrestricted funds General Designated Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities 66,341 60,346 66,341 60,346 47,992 (12,562) 38,986 (12,562) 9.006 Total net assets 26,424 126.687 9,006 162,117 Page 25
Horizons (Plymouth) Notes to the Financial Statements for the Period from 1 July 2023 to 31 December 2024 21 Related party transactions The parent company is Andrew Simpson Sailing Foundation. The charity has related paty transactions to derive benefit from operational and support efficiencies principally with Andrew Simpson Watersports Centres Limited a wholly owned subsidiary of Andrew Simpson Sailing Foundation. During the period the charity made the following related party transactions: Andrew Simpson Watersports Centres Limited - related by common control During the period grants of £8,000 (2023: £nil) were received by Horizons Plymouth from Andrew Simpson Watersport Centres (who claim it from Andrew Simpson Sailing Foundation as part of the project funding), at the balance sheet dale £8,000 (2023: £nil) was owed to Horizons Plymouth by Andrew Simpson Watersport Centres and is included in debtors. During the period wages recharges of £19,048 {2023: £nil} were made by Andrew Simpson Watersports Centres Limited to Horizons Plymouth for new Horizons Plymouth staff who are on the Andrew Simpson Watersports Centres Limited payroll as part of the ongoing operational structure. At the balance sheet date £1,799 (2023: £nill was owed to Andrew Simpson Watersport Centres by Horizons Plymouth and is included in creditors. At the balance sheet date the net amount due from Andrew Simpson Watersports Centres Limited was £6,201 (2023- £nil). Page 26