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|---|---|---|---|---|
|Reference and Administrative|||Details ofthe Charity, its Trustees and Advisers||
|Trustees'
Report||||2-9|
|Independent|Auditors'|Report|on the Financial Statements|10-13|
|Consolidated|Statement of Financial Activities||||
|Consolidated|Balance|Sheet||15|
|Chadty Balance Sheet||||16|
|Consolidated|Statement ofCash Flows|||17|
|Notes to the|Financial|Statements||18-36|
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|||Unrestricted|Restdicted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
||Note|2021
6|2021|2021
6|2020f|
|Income from:||||||
|Donations||2,814|58,682|61,496|48,783|
|Charitable
activities||386,623||386,623|717,039|
|Other trading
activities||5,498||5,498|194,123|
|Investments||540||540|4,862|
|Other income||43,794||43,794||
|Total income||439,269|58,682|497,951|964,807|
|Expenditure
on:||||||
|Raising funds|||||23,334|
|Charitable
activities|g|661,831|36,568|698,399|1,212,104|
|Total expenditure||661,831|36,568|698,399|1,235,438|
|Net (expenditure)/income||(222,562)|22,114|(200,448)|(270,631)|
|Transfers
between funds|19|8,945|(8,945)|||
|Net movement
in funds||(213,617)|13,169|(200,448)|(270,631)|
|Reconciliation
offunds:||||||
|Total funds brought forward||266,860|184,608|451,468|722,099|
|Net movement
in funds||(213,617)|13,169|(200,448)|(270,631)|
|Total funds carried forward||53,243|197,777|251,020|451,468|
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|||Note||2021f||2020|
|---|---|---|---|---|---|---|
|Fixed assets|||||||
|Tangible assets||14||37,376||42,977|
|Current assets|||||||
|Debtors||16|251,294||268,951||
|Cash at bank and in|hand||1,338,261||1,229,909||
||||1,589,555||1,498,860||
|Current
liabilities||17|(950,511)||(290,264)||
|Net current assets||||639,044||1,208,596|
|Total assets less current liabilities||||676,420||1,251,573|
|Creditors: amounts|falling due after more||||||
|than one year||||(425,400)||(800,105)|
|Total net assets||||251,020||451,468|
|Chadity funds|||||||
|Restricted funds||19||197,777||184,608|
|Unrestricted
funds||19||53,243||266,860|
|Total funds||||251,020||451,468|
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||FOR|TH|E YEAR ENDED 31 MARCH 202|1||
|---|---|---|---|---|---|
|||||2021|2020|
|||||E|F|
|Cash flows from operating|activities|||||
|Net cash used
in operating|activities|||115,652|(215,569)|
|Cash flows from investing|activities|||||
|Loss on disposal oftangible|fixed assets|||136||
|Purchase oftangible
fixed assets||||(7,436)|(40,003)|
|Net cash used
in investing|activities|||(7,300)|(40,003)|
|Cash flows from financing|activities|||||
|Net cash provided
by financing
activities||||||
|Change
in cash and cash|equivalents|in|the year|108,352|(255,572)|
|Cash and cash equivalents|at the beginning||ofthe year|1,229,909|1,485,481|
|Cash and cash equivalents|at the end|of|the year|1,338,261|1,229,909|
|The notes on pages 18to 36form part ofthese financial statements||||||
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||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|
||funds|funds|funds|funds|
||2021|2021|2021|2020|
||6|F||8|
|Donations|2,814|58,682|61,496|48,783|
|Total2020|500|48,283|48,783||
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|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2021|2021|2020|
|||6||6|
|Organisation|ofTall Ships Races|386,623|386,623|646,719|
|Annual conference||||69,621|
|Recharged|costs|||699|
|||386,623|386,623|717,039|
|Total2020||717,039|717,039||
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|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2021|2021|2020|
||||6|6|
|Otherincome||5,498|5,498|3,245|
|Sponsorship|income|||190,878|
|||5,498|5,498|194,123|
|Total 2020||194,123|194,123||
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|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2021|2021|2020|
|||||6|
|Bank|interest|540|540|4,862|
|Total|2020|4,862|4,862||
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|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2021|2021|2020|
|||6||6|
|CJRS|income|43,794|43,794||
##
|||||Activities||||
|---|---|---|---|---|---|---|---|
|||||undertaken|Support|Total|Total|
|||||directly|costs|funds|funds|
|||||2021|2021|2021|2020|
|||||F||6|E|
|Organisation||of|Tall Ships Races|482,302|58,125|540,427|699,716|
|Charity|operating||costs|75,817|26,048|101,865|284,497|
|Annual|Conference|||189||189|47,887|
|Project|costs|||25,240||25,240|59,565|
|Bursary|costs|||11,328||11,328|71,700|
|Governance||costs||19,350||19,350|48,739|
|||||614,226|84,173|698,399|1,212,104|
|Total 2020||||1,101,547|110,557|1,212,104||
##
##
|||||Charfty||||
|---|---|---|---|---|---|---|---|
||||Tall Ships|trading||Total|Total|
||||Races|activities|Governance|funds|funds|
||||2021|2021|2021|2021|2020|
||||E|E|E|E|E|
||Office costs||45,615|14,489||60,104|68,831|
||Depreciation|||12,929||12,929|12,837|
||Exchange losses|/(gains)|661|(1,396)||(735)|10,791|
||Postage, printing|and||||||
||communications||11,849|26||11,875|18,098|
||||58,125|26,048||84,173|110,557|
||Total 2020||49,360|57,720|3,477|110,557||
|10.|Governance costs|||||||
|Governance cos|ts||||
|---|---|---|---|---|
||||2021|2020|
||||E|E|
|Legal and professional||fees|388|3,952|
|Audit fees|||4,000|8,000|
|Other accounting|fees||2,000|4,000|
|ITcosts||||1,077|
|Staff and support|costs||12,213|31,710|
|Training|||749||
||||19,350|48,739|
|11.|Net expenditure||||
|---|---|---|---|---|
||This is stated after charging:||||
||||2021|2020|
||||E||
||Depreciation
oftangible|fixed assets|12,929|12,834|
||Auditors'
remuneration|-audit|8,031|8,000|
||Auditors'
remuneration|-other services|4,015|4,000|
||Operating
lease rentals||21,726|24,674|
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||||||Group|Group|Company|Company|Company|
|---|---|---|---|---|---|---|---|---|---|
||||||2021
6|2020||2021f|2020
5|
|Wages and|salaries||||435,574|448,770||67,947|157,364|
|Social security costs|||||37,379|54,007||6,200|14,350|
|Defined contribution||pension scheme costs|||37,164|61,387||6,119|14,164|
||||||510,117|564,164||80,266|185,878|
|The above|staff costs include F7,947(2020:F10,390)incurred|||||in respect ofstaff medical cover.||||
|During the|year 4 people were made redundant,||||the redundancy|payment
included||within wages|and|
|salaries totalled 550,216.||||||||||
|There were|no staff|costs incurred|by the charity||in the prior year as they were||all|recharged.||
|The average number||ofpersons employed||by the Charity during||the year was|as follows:|||
||||||Group|Group|Company||Company|
||||||2021|2020||2021|2020|
||||||No.|No.||No.|No.|
|Charitable|activities|||||||||
|Administration||||||||||
||||||9|12||||
|Group|Group|
|---|---|
|2021|2020|
|No.|No.|
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||Office|Computer||
|---|---|---|---|
||equipment|equipment|Total|
||5||F|
|Cost or valuation||||
|At 1 April 2020|22332|48,635|70,967|
|Additions||7,436|7,436|
|Disposals|(17,572)|(5,946)|(23,518)|
|At 31 March 2021|4,760|50,125|54,885|
|Depreciation||||
|At 1 April 2020|19,470|8,520|27,990|
|Charge for the year|1,429|11,472|12,901|
|On disposals|(17,572)|(5,810)|(23,382)|
|At 31 March 2021|3,327|14,182|17,509|
|Net book value||||
|At 31 March 2021|1,433|35,943|37,376|
|At 31 March 2020|2.862|40,115|42.977|
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||Office|Computer||
|---|---|---|---|
||equipment|equipment|Total|
||E|F|6|
|Cost or valuation||||
|At 1 April 2020|22 332|48,635|70,967|
|Additions||7,436|7,436|
|Disposals|(17,572)|(5,946)|(23,518)|
|At 31 March 2021|4,760|50,125|54,885|
|Depreciation||||
|At 1 April 2020|19,470|8,520|27,990|
|Charge for the year|1,429|11,472|12,901|
|On disposals|(17,572)|(5,810)|(23,382)|
|At 31 March 2021|3,327|14,182|17,509|
|Net book value||||
|At 31 March 2021|1,433|35,943|37,376|
|At 31 March 2020|2,862|40,115|42,977|
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||Investments||
|---|---|---|
||in||
||subsidiary||
|Charity|companies|5|
|Cost or valuation|||
|At 1 April 2020|||
|At 31 March 2021|||
|Net book value|||
|At 31March 2021|||
|At 31 March 2020|||
##
|||Group|Group|Company|Company|
|---|---|---|---|---|---|
|||2021
6|2020
6|2021f|2020
E|
|Due within one year||||||
|Trade debtors||222,615|176,373|||
|Other debtors||15,929|15,940|210|2,288|
|Prepayments|and accrued income|12,750|76,638|258|44,000|
|||251,294|268,951|468|46,288|
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|||||Group|Group|Company|Company|
|---|---|---|---|---|---|---|---|
|||||2021|2020|2021|2020|
|||||E|F|E|6|
|Trade creditors||||47,120|42,734|21,495|14,894|
|Amounts|owed|to group undertakings||||6,079|264,666|
|Corporation
tax|||||19,478|||
|Other taxation||and social security||26,822|12,783|||
|Accruals|and deferred||income|876,569|215,269|27,849|36,601|
|||||950,511|290,264|55,423|316,161|
##
|||||Group|Group|
|---|---|---|---|---|---|
|||||2021|2020|
|||||6|F|
|Accruals|and|deferred|income|425,400|800,105|
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|||||||||Balance at|
|---|---|---|---|---|---|---|---|---|
|||||Balance at 1|||Transfers|31 March|
|||||April 2020
5|Income
F|Expenditure
E|In)out
E|2021
f|
|Unrestricted
funds|||||||||
|General Funds||||266,860|439/69|(661,831)|8,945|53,243|
|Restricted funds|||||||||
|Sultan ofOman bursary|||fund|47,628|44,358|(25,000)|(8,945)|58,041|
|Ross MacDonald|fund|||3,911||||3,911|
|Aalborg
Commune||fund||1,267||(240)||1,027|
|Canadian
Legacy||fund||127,519||(11,328)||116,191|
|STAG fund||||4,283|4,324|||8,607|
|Burnett fund|||||10,000|||10,000|
|||||184,608|58,682|(36,568)|(8,945)|197,777|
|Total offunds||||451,468|497,951|(698,399)||251,020|
|Statement offunds - 2020|||||||||
|||||||||Balance at|
||||||Balance at|||31 March|
||||||1 April 2019|Income|Expenditure|2020|
||||||6|E||E|
|Unrestricted
funds|||||||||
|General Funds|||||535,531|916,524|(1,186,195)|266,860|
|Restricted funds|||||||||
|Sultan of Oman bursary|||fund||37,779|44,000|(34,151)|47,628|
|Ross MacDonald||fund|||3.911|||3,911|
|Aalborg Commune||fund|||2,545||(1.278)|1,257|
|Canadian
Legacy||fund|||141,333||(13,814)|127,519|
|STAG fund||||||4,283||4,283|
||||||185,568|48,283|(49,243)|184,608|
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|Analysis ofn|et assets between funds - 2021||||
|---|---|---|---|---|
|||Unrestricted|Restricted|Total|
|||funds|funds|funds|
|||2021
6|2021f|2021
6|
|Tangible fixed|assets|37,376||37,376|
|Current assets||1,391,778|197,777|1,589,555|
|Creditors due|within one year|(950,511)||(950,511)|
|Creditors due|in more than one year|(425,400)||(425,400)|
|Total||53,243|197,777|251,020|
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|Analysis|ofn|et assets between funds - 2020||||
|---|---|---|---|---|---|
||||Unrestricted|Restricted|Total|
||||funds|funds|funds|
||||2020|2020|2020|
|||||E|6|
|Tangible|fixed|assets|42,977||42,977|
|Current|assets||1.314,252|184,608|1,498,860|
|Creditors|due|within one year|(290,264)||(290,264)|
|Creditors|due|in more than one year|(800.105)||(800,105)|
||||266,860|184,608|451,468|
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|||||||Group|Group|
|---|---|---|---|---|---|---|---|
|||||||2021|2020|
|||||||F|E|
|Net expenditure
for the year|||(as per Statement||of Financial Activities)|(200,448)|(270,631)|
|Adjustments
for:||||||||
|Depreciation
charges||||||12,901|12,834|
|(Increase)|in debtors|||||17,657|(37,216)|
|Increase|in creditors|||||305,020|79,444|
|Net cash|provided|by/(used|in) operating|activities||135,130|(215,569)|
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|under non-|cancellable
operating
leases as follow|s;||||
|---|---|---|---|---|---|
|||Group|Group|Company|Company|
|||2021|2020|2021|2020|
|||5|F||5|
|Not later than 1 year||20,000|20,000|20,000|20,000|
|Later than|1 year and not later than 5 years|36,667|56,667|36,667|56,667|
|||56,667|76,667|56,667|76,667|
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|The following were subs|idiary
u|ndertakin|gs
ofthe Charity:||||
|---|---|---|---|---|---|---|
|Names||||Company|Holding
Included|in|
|||||number|consolidation||
|Tall Ships Races International||Limited||04894646|100'/o Yes||
|Tall Ships International|Limited|||05025229|100'/
Yes||
|Sail On Board Limited||||10501077|100'/o Yes||
|The financial
results of|the subsidiaries||for the year were:||||
|Names|||Income|Expenditure|Profitl(Loss)|Net|
||||6|6|ISurplus/|assets|
||||||(Deficit) for|6|
||||||the year||
||||||F||
|Tall Ships Races International||Limited|386,623|(454,059)|(67,436)|15,605|
|Tall Ships International|Limited|||||1|
|Sail On Board Limited||||||1|