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|||||Page|
|---|---|---|---|---|
|Reference and Administrative|||Details ofthe Charity, its Trustees and Advisers||
|Trustees'<br>Report||||2-9|
|Independent|Auditors'|Report|on the Financial Statements|10-13|
|Consolidated|Statement|of Financial Activities||14|
|Consolidated|Balance Sheet|||15|
|Charity Balance Sheet||||16|
|Consolidated|Statement|ofCash Flows||17|
|Notes to the|Financial Statements|||18-38|





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||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|
||||2022|2022|2022|2021|
|||Note|6|6|6|8|
|Income from:|||||||
|Donations|||15,917|40,671|56,588|61,496|
|Charitable<br>activities|||695,451||695,451|386,623|
|Other trading<br>activities|||112,084||112,084|5,498|
|Investments|||130||130|540|
|Other income||||||43,794|
|Total income|||823,582|40,671|864,253|497,951|
|Expenditure<br>on:|||||||
|Charitable<br>activities||10|606,396|68,740|675,136|698,399|
|Total expenditure|||606,396|68,740|675, 'I 36|698,399|
|Net income/(expenditure)|||217,186|(28,069)|189,117|(200,448)|
|Transfers<br>between|funds|21|8,607|(8,607)|||
|Net movement<br>in funds|||225,793|(36,676)|189,117|(200,448)|
|Reconciliation<br>offunds:|||||||
|Total funds brought|forward||53,243|197,777|251,020|451,468|
|Net movement<br>in funds|||225,793|(36,676)|189,117|(200,448)|
|Total funds carried|forward||279,036|161,101|440,137|251,020|





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|||||2022||2021|
|---|---|---|---|---|---|---|
|||Note|||||
|Fixed assets|||||||
|Tangible assets||16||25,320||37,376|
|Current assets|||||||
|Debtors||18|119,270||251,294||
|Cash at bank and in hand|||1,679,498||1,338,261||
||||1,798,768||1,589,555||
|Current<br>liabilities||19|(708,558)||(950,511)||
|Net current assets||||1,090,210||639,044|
|Total assets less current liabilities||||1,115,530||676,420|
|Creditors: amounts|falling due after more||||||
|than one year||20||(675,393)||(425,400)|
|Total net assets||||440,137||251,020|
|Charity funds|||||||
|Restricted<br>funds||21||161,101||197,777|
|Unrestricted<br>funds||21||279,036||53,243|
|Total funds||||440,137||251,020|






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||FOR TH|E YEAR ENDED 31 MARCH|2022|||
|---|---|---|---|---|---|
||||Note|2022<br>f|2021|
|Cash flows from operating<br>activities||||||
|Net cash|used<br>in operating<br>activities||23|341,107|115,248|
|Cash flows from investing<br>activities||||||
|Dividends,|interests<br>and rents from investments|||130|540|
|Purchase|oftangible<br>fixed assets||||(7,436)|
|Net cash|provided<br>by/(used<br>in) investing|activities||130|(6,896)|
|Cash flows from financing<br>activities||||||
|Net cash|provided<br>by financing<br>activities|||||
|Change<br>in cash and cash equivalents<br>in||the year||341,237|108,352|
|Cash and|cash equivalents<br>at the beginning|ofthe year||1,338,261|1,229,909|
|Cash and|cash equivalents<br>at the end of|the year|24|1,679,498|1,338,261|
|The notes|on pages 18to 38form part ofthese financial statements|||||





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||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|
||||2022<br>6|2022<br>f|2022f|2021|
||Donations||15,917|40,671|56,588|61,496|
||Total 2021||2,814|58,682|61,496||
|5.|Income from charitable|activities|||||



|||||Unrestricted|Total|Total|
|---|---|---|---|---|---|---|
|||||funds|funds|funds|
|||||2022<br>6|2022<br>6|2021f|
||Organisation|of Tall Ships|Races|695,436|695,436|386,623|
||Recharged|costs||15|15||
|||||695,451|695,451|386,623|
||Total 2021|||386,623|386,623||
|6.|Income from generating||funds||||
||Income from fundraising||events||||



|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2022|2022|2021|
|||6|6||
|Other income||3,057|3,057|5,498|
|Sponsorship|income|109,027|109,027||
|||112,084|112,084|5,498|
|Total 2021||5,498|5,498||





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|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2022|2022|2021|
|||E|9|5|
||Bank interest|130|130|540|
||Total 2021|540|540||
|8.|Other income||||
|||Unrestricted|Total|Total|
|||funds|funds|funds|
|||2022<br>E|2022f|2021<br>5|
||CJRS income|||43,794|
||Total 2021|43,794|43,794||
|9.|Analysis ofgrants||||
|||Grants to|Total|Total|
|||institutions|funds|funds|
|||2022f|2022f|2021<br>5|
||Grants to institutions|25,000|25,000|25,000|





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||||Unrestricted|Restricted|||
|---|---|---|---|---|---|---|
||||funds|funds|Total|Total|
||||2022|2022|2022|2021|
||||6||F|6|
|Tall Ships Races|||528,308||528,308|540,427|
|Charity trading expenses|||64,672||64,672|101,865|
|Conference|||433||433|189|
|Project costs||||25,000|25,000|25,240|
|Bursary costs||||41,525|41,525|11,328|
|Governance|costs||11,574||11,574|19,350|
|Unrealised|movements|on foreign exchange|||||
|on reserves||||2,215|2,215||
|Receptions|||1,409||1,409||
||||606,396|68,740|675,136|698,399|
|Total 2021|||661,831|36,568|698,399||



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||||||Activities|Grant|Grant||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||undertaken|funding|of|Support|Total|Total|
||||||directly|activities||costs|funds|funds|
||||||2022f|2022<br>6||2022<br>E|2022<br>E|2021<br>f|
|Organisation||of Tall Ships|||||||||
|Races|||||480,964|||47,344|528,308|540,427|
|Charity trading||costs|||45,878|||18,794|64,672|101,865|
|Annual conference|||||433||||433|189|
|Project costs||||||25,000|||25,000|25,240|
|Bursary costs|||||41,525||||41,525|11,328|
|Governance|costs||||11,574||||11,574|19,350|
|Unrealised|movements|||on|||||||
|foreign exchange|||on reserves||2,215||||2,215||
|Receptions|||||1,409||||1,409||
||||||583,998|25,000||66,138|675,136|698,399|
|Total 2021|||||614,226|||84,173|698,399||





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|||||||Charity|||
|---|---|---|---|---|---|---|---|---|
||||||Tall Ships|trading|Total|Total|
||||||Races|activities|funds|funds|
||||||2022<br>5|2022<br>6|2022f|2021<br>F|
||Office costs||||34,450|14,292|48,742|50,104|
||Depreciation|||||11,986|11,986|12,929|
||Exchange losses||I (gains)||4,319|(7,637)|(3,318)|(735)|
||Postage, printing||and communications||8,575|153|8,728|11,875|
||||||47,344|18,794|66,138|84,173|
||Total 2021||||58,125|26,048|84,173||
|12.|Governance|costs|||||||
||||||||2022f|2021|
||Legal and professional|||fees|||1,862|388|
||Audit fees||||||5,349|4,000|
||Other accounting||fees||||2,675|2,000|
||Staff and support||costs||||1,557|12,213|
||Travel and subsistence||||||125||
||Training|||||||749|
||||||||11,568|19,350|





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||||||2022f|2021<br>6|
|---|---|---|---|---|---|---|
|Depreciation<br>oftangible||fixed assets|||11,986|12,929|
|Auditors'<br>remuneration||- audit|||10,550|8,031|
|Auditors'<br>remuneration||- other services|||5,450|4,015|
|Operating<br>lease rentals|||||21,726|21,726|
|Staff costs|||||||
||||Group|Group|Company|Company|
||||2022|2021|2022|2021|
||||5||6|f|
|Wages and salaries|||313,074|435,574|33,345|67,947|
|Social security costs|||25,641|37,379|4,928|6,200|
|Defined contribution|pension scheme costs||24,633|37,164|3,067|6,119|
||||363,348|510,117|41,340|80,266|



|||Group|Group|Company|Company|
|---|---|---|---|---|---|
|||2022|2021|2022|2021|
|||No.|No.|No.|No.|
|Charitable|activities|||||
|Administration||||||





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|Group|Group|
|---|---|
|2022|2021|
|No.|No.|



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||Office|Computer||
|---|---|---|---|
||equipment|equipment|Total|
|||6|6|
|Cost or valuation||||
|At 1 April 2021|4,760|50,125|54,885|
|Disposals||(2,686)|(2,686)|
|At 31 March 2022|4,760|47,439|52,199|
|Depreciation||||
|At 1 April 2021|3327|14,182|17,509|
|Charge for the year|941|11,045|11,986|
|On disposals||(2,616)|(2,616)|
|At 31 March 2022|4,268|22,611|26,879|
|Net book value||||
|At 31 March 2022|492|24,828|25,320|
|At 31 March 2021|1,433|35,943|37,376|





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||Office|Computer||
|---|---|---|---|
||equipment|equipment|Total|
||F||6|
|Cost or valuation||||
|At 1 April 2021|4,760|50,125|54,885|
|Disposals||(2,686)|(2,686)|
|At 31 March 2022|4,760|47,439|52,199|
|Depreciation||||
|At 1 April 2021|3,327|14,182|17,509|
|Charge for the year|941|11,045|11,986|
|On disposals||(2,616)|(2,616)|
|At 31 March 2022|4,268|22,611|26,879|
|Net book value||||
|At 31 March 2022|492|24,828|25,320|
|At 31 March 2021|1,433|35,943|37,376|





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|||Group|Group|Company|Company|
|---|---|---|---|---|---|
|||2022f|2021|2022<br>5|2021<br>8|
|Due within one year||||||
|Trade debtors||72,567|222,615|||
|Other debtors||5,691|15,929|173|210|
|Prepayments|and accrued income|41,012|12,750|302|258|
|||119,270|251,294|475|468|





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|||Group|Group|Company|Company|
|---|---|---|---|---|---|
|||2022f|2021f|2022f|2021f|
|Trade creditors||67,385|47,120|16,746|21,495|
|Amounts<br>owed to group undertakings||||7,145|6,079|
|Corporation<br>tax||7,889||||
|Other taxation and social security|||26,822|||
|Other creditors||3,554||||
|Accruals and deferred|income|629,730|876,569|16,265|27,849|
|||708,558|950,511|40,156|55,423|



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|||Group|Group|
|---|---|---|---|
|||2022<br>E|2021f|
|Deferred|income|675,393|425,400|





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||||||||Balance at|
|---|---|---|---|---|---|---|---|
||||Balance at 1|||Transfers|31 Ilil arch|
||||April 2021f|Income<br>E|Expenditure<br>6|in/out<br>F|2022<br>F|
|Unrestricted<br>funds||||||||
|General<br>Funds|||53,243|823,582|(606,396)|8,607|279,036|
|Restricted<br>funds||||||||
|Sultan ofOman bursary||fund|58,041|40,671|(62,325)||36,387|
|Ross MacDonald|fund||3,911||||3,911|
|Aalborg<br>Commune|fund||1,027||||1,027|
|Canadian<br>Legacy|fund||116,191||(2,215)||113,976|
|STAG fund|||8,607|||(8,607)||
|Burnett fund|||10,000||(4,200)||5,800|
||||197,777|40,671|(68,740)|(8,607)|161,101|
|Total offunds|||251,020|864,253|(675,136)||440,137|





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||||||||Balance at|
|---|---|---|---|---|---|---|---|
||||Balance at|||Transfers|31 March|
||||1 April 2020f|Income<br>f|Expenditure<br>f|in/out<br>6|2021f|
|Unrestricted<br>funds||||||||
|General Funds|||266,860|439,269|(661,831)|8,945|53,243|
|Restricted funds||||||||
|Sultan of Oman bursary||fund|47,628|44,358|(25,000)|(8,945)|58,041|
|Ross MacDonald<br>Burnett|fund||3,911||||3,911|
|Aalborg<br>Commune|fund||1,267||(240)||1,027|
|Canadian<br>Legacy|fund||127,519||(11,328)||116,191|
|STAG fund|||4,283|4,324|||8,607|
|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|
|Restricted funds||||||||



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|Analysis|of n|et assets between funds - current|year|||
|---|---|---|---|---|---|
||||Unrestricted|Restricted|Total|
||||funds|funds|funds|
||||2022<br>5|2022f|2022<br>5|
|Tangible|fixed|assets|25,320||25,320|
|Current|assets||1,613,622|185,146|1,798,768|
|Creditors|due|within one year|(684,513)|(24,045)|(708,558)|
|Creditors|due|in more than one year|(675,393)||(675,393)|
|Total|||279,036|161,101|440,137|



|Analysis|of n|et assets between<br>funds - prior y|ear|||
|---|---|---|---|---|---|
||||Unrestricted|Restricted|Total|
||||funds|funds|funds|
||||2021|2021|2021|
||||F|6|F|
|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)|
||||53,243|197,777|251,020|





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||||||||||||||Group|Group|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||||2022<br>6|2021f|
||Net<br>income/expenditure||||for|the|year|(as|per|Statement|of|Financial|||
||Activities)||||||||||||189,117|(200,448)|
||Adjustments||for:||||||||||||
||Depreciation||charges||||||||||11,986|12,901|
||Loss on the||sale of|fixed|assets||||||||70|136|
||Decrease|in|debtors||||||||||132,024|17,657|
||Increase|in creditors|||||||||||5,825|285,542|
||Bank interest||income||||||||||(130)|(540)|
||Unrealised|forex movements|||||||||||2,215||
||Net cash|provided||by operating|||activities||||||341,107|115,248|
|24.|Analysis|of|cash and cash equivalents||||||||||||
||||||||||||||Group|Group|
||||||||||||||2022|2021|
||||||||||||||6||
||Cash<br>in hand||||||||||||1,679,498|1,338,261|
|25.|Cashflow|reconciliation|||||||||||||
||||||||||||At|1 April||At 31 March|
|||||||||||||2021|Cash flows|2022|
|||||||||||||6|F|6|
||Cash at bank||and<br>in|hand|||||||1,338,261||341,237|1,679,498|



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|under non|-can|cellable<br>operating<br>leases as follow|s:||||
|---|---|---|---|---|---|---|
||||Group|Group|Company|Company|
||||2022f|2021|2022<br>6|2021f|
|Not later than||1 year|20,000|20,000|20,000|20,000|
|Later than|1 year and not later than 5 years||16,667|36,667|16,667|36,667|
||||36,667|56,667|36,667|56,667|



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|The following were sub|sidiary<br>|undertaki|ngs<br>ofthe Charity:|||||
|---|---|---|---|---|---|---|---|
|Names||||Company|Holding|Included|in|
|||||number||consolidation||
|Tall Ships Races International||Limited||04894646|100%|Yes||
|Tall Ships International|Limited|||05025229|100%|Yes||
|Sail On Board Limited||||10501077|100%|Yes||
|The financial<br>results of|the subsidiaries||for the year were:|||||
||||Incomef|Expendituref|Profit/(Loss)<br>/ Surplus/|Net|assetsf|
||||||(Deficit) for|||
||||||the year|||
||||||6|||
|Tall Ships Races International||Limited|805,897|(258,251)|300,916|116,521||
|Tall Ships International|Limited||||||1|
|Sail On Board Limited||||||||