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|||Page|
|---|---|---|
|Reference and Administrative
Details ofthe|||
|Charity.
Its Trustees and Advisers|||
|Report ofthe|Trustees|2to 9|
|Report ofthe|Independent
Auditors|10to 12|
|Statement of|Financial Activities|13|
|Consolidated|Balance Sheet|14|
|Charity Balance Sheet||15|
|Consolidated|Statement of Cash Flow|16|
|Notes to the|Financial Statements|17to 29|
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|||||Unrestricted|ReslUicted|Total funds|Totalfunds|
|---|---|---|---|---|---|---|---|
|||||funds|funds|2023|2022|
|||||2023|2023|5|6|
||||Note||8|||
|INCOME FROM:||||||||
|Donations and legacies||||580|43,145|43,725|56,588|
|ChaUtable
activities||||653430||653430|695,451|
|Other trading
activities||||133,969||133,969|112,084|
|Investment
income||||3%i||366|130|
|Total||||788545|43 145|||
|EXPENDITURE ON CHARITIAULE||||||||
|ACTIVITIES:||||||||
|Tall Ships Races||||541,952||541,952|528,308|
|Charity operating|costs|||96,767||96,767|64,672|
|Conference||||90,916||90,916|433|
|Project costs||||8,753|75,683|84,436|25,000|
|Bursary costs|||||20,820|20,820|41,525|
|Governance||||I9,079||19,079|11,574|
|Unrealised
movemenfs||on foreign|||2,142|2,142|2,215|
|exchange on reserves||||||||
|Receptions||||3488||3488|I 409|
|Total|||||||675,136|
|NET INCOME/(EXPENDITURE)||||27,590|(55,500)|(27,910)|189,117|
|RECONCILIATION
OF FUNDS||||||||
|Total funds brought|forward|||279036|161.101|440,137|251.020|
|Total funds carried|forward|||306,626|105401|412,227|440,137|
##
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||||||2023|2022|
|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|Total|Total|
||||funds|funds|funds|Funds|
|||||||As restated|
|||Note||||5|
|FIXED ASSETS|||||||
|Intangible
assets||li|13,281||13,281|20,831|
|Tangible assets||12|4896|||4 489|
||||18,177||18,177|25,320|
|CURRENT ASSETS|||||||
|Debtors||14|I94,005||I94,005|119,270|
|Cash at bank and|in hand||1,394,473|139,613|1,534,086|1,679,498|
||||1,588,478|139,613|1,728,091|1,798,768|
|CREDITORS|||||||
|NET CURRENT ASSE15|||||||
|TOTAL ASSETS LESS|CURRENT||547,069|105,601|652 670|1,115,530|
|LIABILITIES|||||||
|Creditors: amount|falling due more|16|(2JI0,443)||(240,443)|(675,393)|
|than one year|||||||
|NET ASSETS|||306626|105601|412227|440 137|
|FUNDS||18|||||
|Unrestricted
funds|||||306,626|279,036|
|Restricted funds|||||105,601|16h101|
|TOTAL FUNDS|||||412,227|440.137|
##
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|||||||||2023|2022|
|---|---|---|---|---|---|---|---|---|---|
||||||Unrestricted||Restricted|Total|Total|
||||||funds||funds|funds|Funds|
||||||||||As restated|
|||||Note|||||F.|
|FIXEDASSETS||||||||||
|Intangible|assets|||11|I|3,281||13,281|20,831|
|Tangible assets||||12||4,896||4,896|4,489|
|Investments||||13||3||3|3|
||||||18,180|||18,180|25,323|
|CURRENT ASSETS||||||||||
|Debtors||||14||2,986||2,986|475|
|Cash at bank and|||in hand|||||||
||||||I43,588||139,613|283,201|338,450|
|CREDITORS||||||||||
|NET CURRENT||ASSETS|||125354||105601|230.955|298,294|
|TOTAL ASSETS LESS|||CURRENT||I43,534||105,601|249,135|323,617|
|LIABILITIES||||||||||
|NET ASSETS||||||||||
|FUNDS||||18||||||
|Unrestricted||funds||||||143,534|162,516|
|Restricted|funds|||||||I05,601|161.101|
|TOTAL FUNDS||||||||249,135|323.617|
##
|||||Note|2023|2022|
|---|---|---|---|---|---|---|
||||||F.|5|
|Cash flows from operating|activities||||||
|Net cash used in operating|activities|||19|141572|361,107|
|Cash gow from investing
activities|||||||
|Dividends,
interest and rents from investments|||||3dd|130|
|Purchase of tangible
fixed|assets||||||
|Net cash provided
by investing
activities||||||130|
|Cash flows from financing|activities||||||
|Net cash provided
by financing
activities|||||||
|Change
In cash and cash|equivalents|In the|year||(145,412)|341,237|
|Cash and cash equivalents|at the beginning||ofthe year||1 679498|1,338261|
|Cash and cash equivalents|at the end|of the|year|20||1,679,498|
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||Unrestricted|Restdicted|Total|Total|
|---|---|---|---|---|
||funds|funds|funds|funds|
||2023
5|2023
8|2023
E|2022f|
|Tall Ships Races||||695,451|
|Total 2022|695,451||695,451||
|OTHER TRADING ACTIVITIES|||||
||Unrestricted|Restiicted|Total|Total|
||funds|tunds|funds|funds|
||2023|2023|2023f|2022|
|Annual conference|I27,830||127,830|109,027|
|Other income|6,139||6,139|3,057|
|Total 2022|112084||||
|INVESTMENT INCOME|||||
||Unrestricted|Restricted|Total|Total|
||funds|lund s|funds|funds|
||2023f|2023f|2023|2022f|
|Bank interest|366||366|130|
|Total 2022|130||130||
||||AcllvUles|Grants|Support|Total|Total|
|---|---|---|---|---|---|---|---|
||||undertaken|funding
of|Costs|funds|funds|
||||directly|activUies|2023|2023|2022|
||||2023f|2023f|f|f||
|Tall Ships Races|||493,615||48,337|541,952|528,308|
|Charity trading||costs|68,692||28,075|96,767|64,672|
|Conferences|||90,916|||90,916|433|
|Project Costs|||40,231|44,000|205|84,436|25,000|
|Bursary costs|||20,590||230|20,820|41,525|
|Governance|costs||19,079|||19,079|11,574|
|Unrealised
movements|||||2.142|2,142|2,215|
|on foreign exchange||||||||
|Receptions|||3,488|||3488|I 409|
||||736,611|44,000|78.989|859600|675,136|
|Total 2022|||583,998|25,000|66,138|675.136||
##
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##
|his is state|d after chargi|ng:|||
|---|---|---|---|---|
||||2023|2022|
||||8||
|Deprecation
oftangible||fixed assets|11,349|11,986|
|Auditor's|remuneration|—audit|I6,200|10,550|
|Auditor's|remuneration|—other services|1,000|5,450|
|Operating|leases rentals||20,000|21 726|
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||Group|Group|Company|Company|
|---|---|---|---|---|
||2023f|2022
5|2023
8|2022
5|
|Wages and Salades|288,985|313,074|31,738|33,345|
|Social security cost|24,377|25,641|2,881|4,928|
|Pension costs|17,964|24 633|2,654|3,067|
||331326|363348|37,273|41 340|
|The avera|ge
monthly
number of emp|loyees
duUng the year was as|follows:|||
|---|---|---|---|---|---|
|||Group|Group|Company|Company|
|||2023|2022|2023|2022|
|||No.|No.|No.|No.|
|Charitable|activities|4|4|||
|Administration||2|2|||
|Group|Group|
|---|---|
|2023|2022|
|No.|No.|
|2|2|
##
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||Computer|
|---|---|
||software|
||8|
|COST||
|At I April 2022 and 31 March 2023 (as restated)|37,750|
|AMORTISATION||
|At I April 2022 (asrestated)|Id,919|
|Charge for year|7,550|
|At 31 March 2023|24,449|
|NET BOOK VALUE||
|At 31 March 2023|~281|
|At 31 March 2022 (as restatedj|20,831|
|COMPANY||
||Computer|
||software|
||E|
|COST||
|At I Alxil 2022and 31 March 2023 (asrestated)|37,750|
|AMORTISATION||
|At I Apfil 2022 (as restated)|Id,919|
|Charge foryear|7,550|
|At 31 March 2023|24,4d9|
|NET BOOK VALUE||
|At 31 March 2023|I3.281|
|At 31 March 2022 (as restated)|~20 831|
##
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|TANGIBLE FIXED ASSETS
GROUP||||
|---|---|---|---|
||Office|Computer||
||equipment|equipment
P,|Totals
f|
|COST||||
|At I April 2022 (as restated)|4,760|9,689|14,449|
|Additions
Disposals|~4.153)|4,206
~2,253)|4,206
~b,406)|
|At 31 March 2023|607|11,642|12,249|
|DRIIRECIATION||||
|At
I April 2022 (as restated)|4.268|5.692|9,960|
|Charge for year
Eliminated
on disposal|385
~4,153)|3.414
~2,253)|3,799
~4,40')|
|At 31 March 2023|500|6,853|7,353|
|NET BOOK VALUE||||
|At 31 March 2023|107|4,789|4,896|
|At 31 March 2022 (as restated)|492|3,997|4489|
|COMPANY||||
||Office|Computer||
||equipment|equipment|Totals|
|COST||||
|At I April 2022 (as restated)|4,760|9,689|14,449|
|Additions
Disposals|~4,153)|4,206
~2,253)|4,206
~6,406)|
|At 31 March 2023|607|11,642|12,249|
|DEPRECIATION||||
|At
I April
2022 (as restated)|4,268|5,692|'1,960|
|Charge foryear
Eliminated
on disposal|385
~4,153)|3,414
~2,253)|3,799
~6,40d)|
|At 31 March 2023|500|6,853|~7353|
|NET BOOK VALUE||||
|At 31 March 2023|107|4,789|~4896|
|At 31 March 2022 (as restated)|492|3,997|4,489|
##
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|FI|XED ASSET INVESTMENTS (Charily only)|||
|---|---|---|---|
|||Shares in|group|
|||undertakings
f||
|MARKET VALUE||||
|At|1 April 2022 and 31 March 2023|||
|NET BOOK VALUE||||
|At|31 March 2023||3|
|At|31 March 2022||3|
##
||Group|Group|Company|Company|
|---|---|---|---|---|
||2023f|2022
F.|2023f|2022|
|Trade debtors|I65,823|72,567|||
|Other debtors|5,897|5,691|443|173|
|Prepayment|22 285|41,012|2,543|302|
|||119,270|2,986|475|
##
||Group|Group|Company|Company|
|---|---|---|---|---|
||2023|2022f|2023f|2022f|
|Trade creditors|58,480|67,385|33,190|16,746|
|Amounts
owed to group underlakings|||8,051|7,145|
|Corporation
Tax|5,387|7,889|||
|Other creditors||3,554|||
|Accruals and deferred income|1,029,731|629.730|11,005|16.265|
|||708,558|52,246|40,156|
##
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|Group|Group|
|---|---|
|2023f|2022|
|240,443|675,393|
##
||||Group|Group|Company|Company|
|---|---|---|---|---|---|---|
||||2023f|2022f|2023|2022|
|Not later than||I year|16,667|20,000|16,667|20,000|
|Later than|1 year and not later than 5years|||16,667||16,667|
||||16,667|36,667|Ifi,667|36,667|
##
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##
|||||Net|Transfer||
|---|---|---|---|---|---|---|
|||||movement|between||
||||At 1.4.22|in funds|funds|At 31.3.23|
|||||5||5|
|Unrestricted
lands|||||||
|General funds||||||306626|
|Resldicted funds|||||||
|Sultan ot Oman fund|||36,387|(15,675)|(200)|20.517.|
|Ross MacDonald|fund||3.911|||3,9TI|
|Aalborg Commune
fund
Canadian
Legacy fund|||1.027
!13.976|(1,027)
(32.798)||81,178|
|Burnett fund|||5.800||200||
|||||||105,601|
|Total oflands||||||412,227|
|Net move|m|ent
in f|unds, included
in the above a|re as follows:|||
|---|---|---|---|---|---|---|
|||||Incoming|Resources|Movement|
|||||resources|Expended|in funds|
|||||||5|
|Unrestricted||funds|||||
|General|funds|||||27,590|
|Restricted||lands|||||
|Sultan of|Oman fund|||43,145|(58,820)|(15,675)|
|Aaiborg|Kommune||fund||(1,027)|(1,027)|
|Canadian||Legacy|fund||(32.798)|(32,798)|
|Burnett fund|||||||
|TotalFunds|||||||
##
##
|MOVEMENT
IN|FU||NDS - contin|NDS - contin|ued|ued|||||
|---|---|---|---|---|---|---|---|---|---|---|
|Comparalives|for||movement||In funds - prior year||||||
|||||||||Net|Transfer||
|||||||||movement|between||
|||||||At|I u821|in funds|funds|At 31.3.22|
||||||||5|8||8|
|Unrestricted
funds|||||||||||
|General
funds|||||||53243|217,186|8,607|279036|
|Restricted funds|||||||||||
|Sultan of Oman|fund||||||58,041|(21.654)||36,387|
|Ross MacDonald||fund|||||3,911|||3,911|
|Aalborg Commune||||fund|||1,027|||1,027|
|Canadian
Legacy|||fund|||116,191||(2.215)||113,976|
|STAG fund|||||||8,607||(8,607)||
|Burnett fund|||||||10000|||5.800|
|||||||||||161,101|
|Total offunds||||||251.020||189,117|||
|Comparative
net|||movement||in funds, included|in the above are as follows:|||||
|||||||||Incoming|Resources|Movement|
|||||||||resources|Expended|In funds|
|||||||||F,|8|8|
|Unrestricted
lands|||||||||||
|General funds||||||||||217,186|
|Restricted funds|||||||||||
|Sultan ofOman|fund|||||||40,671|(62,325)|(21,654)|
|Canadian
Legacy|||fund||||||(2,215)|(2,215)|
|Burnett fund|||||||||||
|TotalFunds||||||||||189,117|
##
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||||||||Group|Group|
|---|---|---|---|---|---|---|---|---|
||||||||2023f|2022f|
|Net (expenditure)
/income||for the year (as per the statement||of financial|activities)||(27,910)|189,117|
|Adjustment
for:|||||||||
|Depreciation
charges|||||||11,349|I 1,986|
|Loss on ihe sale of fixed assets||||||||70|
|llncrease)/decrease|in debtors||||||(74,735)|I32,024|
|(Decrease)/increase|in creditors||& Iyear||||385,040|5,825|
|Decrease in creditors|& I year||||||(434,950)||
|Bank interest income|||||||(366)|(130)|
|Unrealised
forex movements||||||||2,215|
|Net cash used in operating||activities|||||( I41,572)|341,107|
|ANALYSIS OF CASH AND CASH EQUIVALENTS|||||||||
||||||||Group|Group|
||||||||2023f|2022|
|Cash in hand|||||||1,534,086|1,679.498|
|CASHFLOW RECONCILIATION|||||||||
||||||At|I Apriil|Cash flows|At 31|
|||||||2022||March|
|||||||||2023|
|Cashin hand||||||||I 534086|
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|The follawing were subsidiary|The follawing were subsidiary|undertakings|undertakings|ofthe charity:|||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Names||||||Company|Holding||Included|in|
|||||||number|||consofidatlon||
|Tall Ships Races International||Limited||||04894646|100%||Yes||
|Tall Ships International|Limited|||||05025229|100%||Yes||
|Sail On Board Limited||||||10501077|100%||Yes||
|The financial
result ofthe subsidiaries|||for the|year were:|||||||
|Names|||||Income|Expenditure|ProN/|Surplus||Net Assets|
||||||5||for|the year|||
|Tall Ships Races International||Limited|||655,474|484,381||171,093||163,093|
|Tall Ships International|Limited|||||||||I|