OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-01-31-accounts

Page
Chair's statement
Trustees'
Report		 2 to 11
Independent
Examiner's		 Report 12
Statement
of Financial		 Activities
Balance Sheet 14to 15
Notes to the Financial Statements 16to 25
Detailed Statement
of Financial		 Activities 26to 27

Challenge Wale$ Trustees, Report for the Year Ended 31st January 2023 Sail training activities lcontinuedl Challenge Wales. activities often form part of an accredited learning offering participants Agored Cymru sccredilalion or RYA2 sailing qu81ifications supporting literacy, numeracy, STEM and ocean literacy learning. We also provide activities that form part of young peoples, participation in the Duke of Edinburgh's Award scheme as well as the John Muir Award4 We seek lo ensure that we work with and offer services lo as many young people as we can from a variety of diverse backgrounds. Working closeSy with local and national youth organisalions, Local Authorities and third sector we have worked with groups of young people including.. Current and former looked after children Rurslly isolated young people Young Carers Young people with low skillslqualificalions and literacy levels Those who are not in Employment, Education or Training INEET'S) Black and minority ethnic young people, including Travellers Young people who are homeless or al risk of homelessness Young people from economically deprived households Additional learning needs I Searning disabilities {including SEN school gTOUPS} High educational achievers Young people with Mental Health Issues LGBTQ groups Those looking lo improve their prospects in a marine career The work that Challenge Wales does continues to be aligned with a number of initiatives, policies and plans al local, national and UK government level. Most prominent al national level is the Welsh Government's Well-being of Future Generations Act 5{20151 with its seven well-being goals (for example that of creating a healthier and more equal Wales) as well some of the foundations of those goals in particular reducing inequality. Our activities are also relevant lo the Youth Engagement and Progressions Framewor￿, or more recently, Ihe Youth Work Strategy for Wales7 which defines youth work as work which "offers young people opportunities for learning that are educative. expressive, participalive, inclusive and empowering. Sail Training on our vessels certainly does that. We continue lo monitor the impact of our youth voyages through an 'Oulcomes Wheel, which measures the journey a young person goes on, whether it is a day or longer. The majority of young people taking part in Challenge Wales voyages reported improvements. Of those that completed Ihe Outcomes Wheel 630/0 evidenced improvements in mental health and physical wellbeing, 730/0 showed improved teamwork abilities, 680/0 saw improved confidence and self-esleem and 63010 said they had improved social networks Ilhrough msking friends on the voyage). When these results are 8nalysed a little bit deeper, those young people who joined us for Surnmer of Fun activities Iwhich was aimed primarily at disadvantaged young people) saw even higher levels of improvements lup lo 85010) after their sail training activities. We also saw more young people working towards Agor8d Cymru accredilalion. httP5..Ilw￿￿.agored.CYl￿rn1 htlps'.Ilww.rya.org.ukl httys.'Ilwww.dofe.orgl 4 hitps'.Ilwww.johrunuirtrnst.or¥ljohn-muir-awardl 5 https-.IlwN￿￿v.¥ov.WaIC￿'sl1eb1￿eÉa￿Itrf11e￿,pUb]iCatson￿I2o2]-1olwelS-bejllg-fUtUre-geA¢rail0￿5-wa1e￿-att-2o15-the-ts$entlaIs-2o2I.pdr 6 https..IlwMv.goV.wale￿'Y0uth-ertgageMenI-and-prOgre$81oll-framew0rk-overv1ew https'.llwivw.go￿.wale5I8IIeknlderauIb.17]eb.pUbliea1iQn8l2O19-o6lY0uth-wOrk-81￿dtegY-fOr-wales.pdr Page S

2023 2022
Unrestricted Restricted Total funds Total funds
funds funds
Notes E F
Income and endowments from
Donations
and legacies		 31,170 31,170 7,658
Charitable
activities		 4
Core funding 94,505 47,690 142,195 126,189
Investment
income		 9
Other income 206
HIVIRC Corona Virus Job Retention
Scheme 13,256
Total 125,675 47,690 173,365 147,318
Expenditure
on
Raising funds 150 150 140
Charitable
activities
Core funding 240,931 75,876 316,807 134,648
Total 241,081 75,876 316,957 134,788
Net (expenditure)/income (115,406) (28,186) (143,592) 12,530
Other recognised gains
Gain on revaluation offixed assets
(115,406) (28186) (143,592) 12,530
Net movement
in		 funds
Reconciliation
of		 funds
Total funds brought forward 556,145 28,186 584,331 571,801
Transfer between funds
Total funds carried forward 440,739 440,739 584,331

At 31 stJanuary 2023
2023 2022
Unrestricted Restricted Total funds Total funds
funds funds
Notes Z F Z F
Fixed assets
Tangible assets 10 442,040 442,040 559,515
Investments 11 100 100 100
442,140 442,140 559,615
Current assets
Stock 400 400 400
Debtors 12 28,184 28,184 44,361
Cash at bank and in hand 106,028 106,028 134,219
134,612 134,612 179,980
Creditors
Amounts
falling due within		 one year 13 (22,766) (22,766) (30,157)
Net current assets 111,846 111,846 148,823
Total assets less current liabilities 553,986 553,986 708,438
Creditors
Amounts
falling due after		 more than one
year 14 (113,247) (113,247) (124,107))
Net assets 440,739 440,739 584,331
Funds 17
Unrestricted funds 440,739 556,145
Restricted funds 28,186
Total funds 440,739 584,331

Income from charitable activ ities
2023 2022
Activity E E
Membership
subscriptions		 Core funding 7,345 8,347
Sail days and training courses Core funding 480 505
Sail Training
Activities		 Core funding 38,482 19,852
Reardon
Smith Nautical		 Trust Core funding 45,750 10,000
Reardon
Smith Nautical		 Trust Centenary grant 20,000
Reardon
Smith Nautical		 Trust Training
Centre Capital Grant		 13,888
Garfield Weston Core funding 20,000 20,000
Wales Council for Voluntary Core, capital and COVID funding 14,063
Action
ASTO Core and COVID funding 4,730 5,750
James Myatt Bursaries 1,275
Royal Thames Yacht Club Bursaries 1,173
CWYVS Summer of Fun Revenue Funding 6,190
Merthyr
County Borough		 Winter of Wellbeing Revenue 2,882
Council Funding
National
Lottery Community		 Core funding 9,307
Fund
Welsh Government
-ERF		 COVID funding 2,500
Welsh Government
—Outdoor		 COVID funding 6,250
activities
Joseph Levy Foundation Core funding 3,000
Crystal Lodge Core funding 1,000
Sports Council for Wales Capital funding 1,263
Sail Training
International		 Core funding 2,815
Vale of Glamorgan
Council		 COVID funding
Co-Operative Core Funding 1,537
142,195 126,189
5. Support costs
Governance
Other
E		 costs
E		 Totals
f
Core funding 13,471 1,480 14,951
Support costs, included in the above, are as follows
2023 2022
E E
Property
rent and rates		 11,838 9,723
Light, heat and water 192 633
Telephone 398 287
Accountancy
and legal fees		 1,480 1,495
Office consumables 737 628
Marketing 948
Office repairs and small equipment 306 708
14,951 14,422
6. Net income
Net income is stated after charging:
2023 2022
E F
Depreciation
and impairment		 charge - owned assets 118,648 5,776
Hire of life rafts 1,907 1,696
Operating
leases		 7,800 7,800
Loan interest 7,079 7,406
Independent
Examiner's		 fee 1,480 1,345

Analysis
of staff costs, trustee
remuneration

personnel		 and expenses
and the costs of key m		 anagement
2023 2022
6 6
Salaries and wages 65,547 53,757
Social security costs 2,213 4,341
Pension costs 1,301 1,094
69,061 59,192

2023 2022
Business Development and Administrative support 2.0 2.0
Ship's skippers and mates 0.7
2.7 2.0

Unrestricted Restricted Total funds
funds funds
E F
Income and endowments from
Donations
and legacies		 7,658 7,658
Charitable
activities
Core funding 49,991 76,198 126,189
Other trading activities 215 215
HMRC Coronavirus
Job Retention		 13,256 13,256
Total 71,120 76,198 147,318
Expenditure on
Raising funds 140 140
Charitable
activities
Core funding 44,114 90,534 134,648
Total 44,254 90,534 134,788
Net income and Net movement in funds 26,886 (14,336) 12,530
Reconciliation
offunds
Total funds brought forward
529,729 42,522 571,801
Transfer between funds
Total funds carried forward 556,145 28,186 584,331

Tangible fixed assets
Adventure
Challenge Wales Other
Wales Yacht Yacht equipment Total
E 6
Cost or valuation
At 1 February 2022 478,843 171,733 4,250 654,826
Additions
At 31 January 2023		 430 ~7 742
4992		 1,172
Depreciation
At 1 February 2022 78,996 14,765 1,550 95,311
Charge for the year 981 700 1,681
Impairment
charge
At 31 January 2023		 ~77 116,966 116,966
~2
Net Book Value
At 31 January 2023		 ~2 ~442
4
At 31 January 2022

Fixed asset investments
Shares in
group
undertakings
R
Market value
At 1st February 2022 and 31stJanuary 2023 100
Net book value
At 1st February 2022 and 31stJanuary 2023 100

2023 2022
E
Turnover 19,170 10,809
Total expenditure
Net profit for year		 ~1389
~1		 ~762
~17
Total assets 8,332 13,565
Total liabilities ~451 ~3418
Shareholders' funds 7,881 10,147
12. Debtors: amounts falling due within one year
2023 2022
E
Trade debtors 10,668 31,421
VAT 3,683 836
Amounts
owed		 by group undertakings 461
Prepayments and accrued income 13,372 12,104
28,184 44,361
13. Creditors: amounts falling due within one year
2023 2022
Otherloans 10,692 17,711
Trade creditors 3,052 1,929
Amounts
owed		 to group undertakings 100
Social security and other taxes 5,096 3,860
Accruals and deferred income 3,826 6,657
22,766 30,157

Credi tors: amounts
falling due after more than o		 ne year
2023 2022
Other loans - 1-2years 17,417 18,150
Other loans - 2-5 years 33,343 35,925
Other loans —over 5years 62,487 70,032
113,247 124,107

The following operating
lease payments
 are committed
to be paid:
2023 2022
Expiring:
Within
1 year		 10,800 10,800
Within 2 to 5 years
Secured debts
The following secured debts are included within creditors:
2023 2022
F 6
Otherloans 93,650 124,107

Net Transfers
movement between
At 1.2.22 in funds funds At 31.1.23
Unrestricted funds
General fund 269,184 (115,406) 153,778
Revaluation reserve 286,961 286,961
556,145 (115,406) 440,739
Restricted funds
National Lottery Awards for All 8,186 (8,186)
Reardon Smith Nautical Trust 20,000 ~20,000)
28,186 (28,186)
TOTAL FUNDS 584,331 (143,592) 440,739

Net mov ement
in funds,
includ		 ed
in the		 above are as follo ws:
Incoming Resources Movement
resources expended in funds
6 E
Unrestricted
funds
General fund 94505 ~240 931 146426
Restricted funds
ASTO 4,730 (4,730)
Garfield Weston 20,000 (20,000)
Merthyr County Borough Council 2,882 (2,882)
The National
Lottery Awards		 for All (8,186) (8,186)
CWVYS 6,190 (6,190)
Reardon Smith Nautical Trust 13,888 (13,888)
Reardon Smith Nautical Trust ~20000 ~20 000
47690 75876 28 186
TOTAL FUNDS ~14 (~

for th e Y ea r Ended 31stJanuary 2023
2023 2022
Income and endowments
Donations
and legacies
Third party donations
Gift aid		 7,564
2,060		 5,227
2,380
Challenge
Wales (Sales) Limited		 20,047 51
Private Donations 1,499
31,170 7,658
Investment
income
Deposit account interest
Charitable
activities
Membership
subscriptions		 7,345 8,347
Crew fees 480 505
Sail Training
Activities		 38,482 19,852
Reardon
Smith Nautical Trust —sail training		 bursary 45,750 10,000
Reardon
Smith Nautical		 Trust —general grant 13,888 20,000
Garfield Weston 20,000 20,000
Wales Council for Voluntary Action 14,063
Welsh Government
ERF		 funding 2,500
Welsh Government
Outdoor		 Activities grant 6,250
ASTO 4,730 5,750
The National
Lottery Community		 Fund-Awards for All 9,307
James Myatt 1,275
Millenium
Stadium
Charitable		 Trust
Sail Training
International		 2,815
Co-Operative 1,537
Royal Thames Yacht Club 1,173
Crystal Lodge 1,000
Sports Council for Wales 1,263
Joseph Levy Foundation 3,000
CWYVS 6,190
Merthyr
County Borough		 Council 2,882
142,195 126,189
Other income
Sundry
income		 206
206
HMRC Corona Virus Job Retention Scheme 13,256
Total incoming
resources		 173,365 147,318

2023 2022
F
Expenditure
Charitable
activities
Wages 86,635 59,192
Skipper and mates' fees 22,850 8,700
Insurance 7,362 7,341
Postage and stationery 50 19
Coding of Challenge
Wales and		 Adventure Wales 13,631
Sundries 1,666 674
Offshore costs 20,100 18,394
Boat repairs and maintenance 6,112 7,256
Onshore storage costs 224 272
Marine Charts and publications 592 337
Subscriptions
and donations		 1,458 1,561
Travel and subsistence 6,271 387
Computer
and software		 2,536 2,429
Depreciation
ofVessels and other equipment		 1,682 5,776
Impairment
charge on Adventure		 Wales 116,966
Bank and other loan interest 7,079 7,406
Staff and volunteer
training		 793
Course accreditation,
monitoring		 and evaluation 83 300
296,090 120,044
Support costs
Other
Property
rent and rates		 11,838 9,723
Light, heat and water 192 633
Telephone 398 287
Office consumables 737 628
Marketing 948
Office repairs and maintenance 306 708
Bank charges 211 182
13,682 13,109
Governance costs
Accountancy
and legal fees		 1,480 1,495
Recruitment fees 5,555
Fund raising costs 150 140
7,185 1,635
Total resources expended 316957 134788
Net (expenditure)l
income