| Trustees | Mr L Bonham | |||||
|---|---|---|---|---|---|---|
| Mr SJ Chipperfield | ||||||
| Mr B P Cussons | ||||||
| Ms N Levin | ||||||
| Mr DJ Lister MBE | ||||||
| Mr C N Riley | ||||||
| Chair ofTrustees | Mr C N Riley | |||||
| Secretary | Mr B P Cussons | |||||
| Charity number | 1119576 | |||||
| Company | number | 06261868 | ||||
| Registered | office | Coganhayes | ||||
| Buckerell | ||||||
| Honiton | ||||||
| Devon | ||||||
| EX143ER | ||||||
| Auditor | Simpkins Edwards |
Audit LLP | ||||
| The Summit | ||||||
| Woodwater Park |
||||||
| Pynes Hill |
||||||
| Exeter | ||||||
| EX2 5WS | ||||||
| Bankers | Triodos Bank | |||||
| Deanery Road | ||||||
| Bristol | ||||||
| BS15AS | ||||||
| Solicitors | Bates, Wells 8 | Braithwaite | ||||
| 10Queen Street Place | ||||||
| London | ||||||
| EC4R 5AS | ||||||
| Investment | advisors | Investec Wealth and Investment | Limited | |||
| 2 Gresham Street |
||||||
| London | ||||||
| EC2 7QP | ||||||
| Veritas Investment | Partners | (UK) | Limited | |||
| Riverside House |
||||||
| 2a Southwark | Bridge Road | |||||
| London | ||||||
| SE1 9HA |
| Page | |||
|---|---|---|---|
| Trustees' report |
1-5 | ||
| Statement oftrustees' | responsibilities | ||
| Independent auditor's |
report | 7-9 | |
| Statement offinancial | activities | 10 | |
| Summary income and |
expenditure | account | |
| Balance sheet | 12-13 | ||
| Notes to the financial | statements | 14-23 |
| Unrestricted | Endowment | Total | Unrestricted | Endowment | Total | ||||
|---|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | ||||||
| 2023 | 2023 | 2022 | 2022 | 2022 | |||||
| Notes | |||||||||
| Income from: | |||||||||
| Investments | 127,909 | 127,909 | 129,826 | 129,826 | |||||
| Total income | 127,909 | 127,909 | 129,826 | 129,826 | |||||
| Expenditure on: |
|||||||||
| Charitable activities |
200,664 | 200,664 | 399,277 | 399,277 | |||||
| Other expenditure | 26,845 | 26,845 | 28,452 | 28,452 | |||||
| Total expenditure | 200,664 | 26,845 | 227,509 | 399,277 | 28,452 | 427,729 | |||
| Net gains/(losses) | on | ||||||||
| investments | (90,718) | (90,718) | 105,368 | 105,368 | |||||
| Net expenditure | (72,755) | (117,563) | (190,318) | (269,451) | 76,916 | (192,535) | |||
| Transfers between |
|||||||||
| funds | 200,000 | (200,000) | 300,000 | (300,000) | |||||
| Net movement | in | ||||||||
| funds | 127,245 | (317,563) | (190,318) | 30,549 | (223,084) | (192,535) | |||
| Reconciliation | of | funds: | |||||||
| Fund balances at 1 June | 2022 | 189,688 | 7,178,069 | 7,367,757 | 159,139 | 7,401,153 | 7,560,292 | ||
| Fund balances | at | 31 May | |||||||
| 2023 | 316,933 | 6,860,506 | 7,177,439 | 189,688 | 7,178,069 | 7,367,757 |
| All income funds | ||||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| Gross income | 127,909 | 129,826 | ||||
| Transfer from | endowment | funds | 200,000 | 300,000 | ||
| Total income | in | the reporting | period | 327,909 | 429,826 | |
| Total expenditure | from income funds | 200,664 | 399,277 | |||
| Net income for | the year | 127,245 | 30,549 |
| 2023 | 2022 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Notes | |||||||||
| Fixed assets | |||||||||
| Investments | 12 | 7,141,037 | 7,349,796 | ||||||
| Current assets | |||||||||
| Debtors | 13 | 7,237 | 6,848 | ||||||
| Investments | 14 | 26,421 | 57,919 | ||||||
| Cash at bank and | in | hand | 67,936 | 10,745 | |||||
| 101,594 | 75,512 | ||||||||
| Creditors: | amounts | falling due within | |||||||
| one year | 15 | (65,192) | (51,551) | ||||||
| Net current | assets | 36,402 | 23,961 | ||||||
| Total assets less | current | liabilities | 7,177,439 | 7,373,757 | |||||
| Creditors: | amounts | falling due after | |||||||
| more than | one year | 16 | (6,000) | ||||||
| Net assets | 7,177,439 | 7,367,757 | |||||||
| Capital funds | |||||||||
| Endowment | funds | - | eneral | ||||||
| General endowment | funds | 6,860,506 | 7,178,069 | ||||||
| 6,860,506 | 7,178,069 | ||||||||
| Permanent | endowment | ||||||||
| Expendable | endowment | 6,860,506 | 7,178,069 | ||||||
| 17 | 6,860,506 | 7,178,069 | |||||||
| Income funds | |||||||||
| Unrestricted | funds | 316,933 | 189,688 | ||||||
| 7,177,439 | 7,367,757 |
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| Income from listed investments | 127,292 | 129,796 |
| Other income from investments | 617 | 30 |
| 127,909 | 129,826 |
| Charitable | Charitable | ||||
|---|---|---|---|---|---|
| activities | activities | ||||
| 2023 | 2022 | ||||
| Direct costs | |||||
| Grant funding | of | activities (see note | 6) | 160,494 | 369,093 |
| Share ofsupport | and governance | costs (see note 5) | |||
| Support | 23,370 | 20,884 | |||
| Governance | 16,800 | 9,300 | |||
| 200,664 | 399,277 | ||||
| Analysis by |
fund | ||||
| Unrestricted | funds | 200,664 | 399,277 | ||
| Support costs allocated to activities | |||||
| 2023 | 2022 | ||||
| E | |||||
| Website costs | 3,151 | 4,196 | |||
| Office costs | 375 | 233 | |||
| Trustees' expenses | 929 | 751 | |||
| Cost oftrustees' | meetings | 3,114 | 954 | ||
| Secretarial | 13,941 | 13,342 | |||
| Bookkeeping | 1,114 | 690 | |||
| Annual return |
13 | 13 | |||
| Bank charges | 40 | 39 | |||
| Insurance | 693 | 666 | |||
| Governance | costs | 16,800 | 9,300 | ||
| 40,170 | 30,184 | ||||
| Analysed between: |
|||||
| Charitable activities |
40,170 | 30,184 | |||
| 2023 | 2022 | ||||
| Governance | costs comprise: | f | |||
| Audit fees | 3,300 | 3,300 | |||
| Legal and professional | 13,500 | 6,000 | |||
| 16,800 | 9,300 |
| Grants payable | ||||||||
|---|---|---|---|---|---|---|---|---|
| Charitable | Charitable | |||||||
| Expenditure | Expenditure | |||||||
| 2023 | 2022 | |||||||
| Grants to institutions: | ||||||||
| UKSA | 7,500 | 150,000 | ||||||
| Ukraine Charity |
50,000 | |||||||
| Key4Life CIO | 5,000 | |||||||
| Wild Elements CIC |
4,818 | |||||||
| Ocean Youth Trust South | 8,000 | 10,000 | ||||||
| Portsmouth Sail Training |
Trust | 9,766 | ||||||
| Martin House | 3,000 | |||||||
| City of Bristol Rowing | Club | 2,791 | 3,973 | |||||
| Islington Boat Club |
4,420 | |||||||
| Disability Snowsport |
UK | 4,000 | ||||||
| Youth Adventure Trust |
6,000 | |||||||
| Seachange | 10,000 | |||||||
| The Scout Association | 5,000 | |||||||
| Sports Forum for the | Disabled | 10,000 | ||||||
| Outfit-Moray | 8,800 | |||||||
| The Wheelyboat Trust |
5,000 | |||||||
| The Island Trust Limited | 10,000 | |||||||
| Vision ofAdventure | 4,455 | 4,422 | ||||||
| Cann Bridge School | 2,000 | |||||||
| Ocean Youth Trust North | 3,740 | |||||||
| The Ahoy Centre | 7,500 | |||||||
| The Venture Trust |
10,000 | |||||||
| Secchi Disk | 3,000 | 7,000 | ||||||
| The Kepplewray Trust |
4,000 | |||||||
| Wider World | 4,000 | |||||||
| The Chesil Sailing Trust | 3,260 | |||||||
| The Jubilee Sailing Trust | 5,000 | |||||||
| Brathay Trust | 5,000 | |||||||
| Bolton Lads and Girls | Club Limited | 5,000 | ||||||
| Milford Haven Unit 564 |
ofthe Sea | C | adet Corps | 3,750 | 3,500 | |||
| Ellen Macarthur Cancer |
Trust | 18,000 | ||||||
| Crebral Palsy Plus | 1,900 | |||||||
| The Outlook Trust for | the | Visually | Im | paired | 10,000 | |||
| Tall Ships Youth Trust | 5,000 | |||||||
| Tectona Trust | 5,000 | 5,000 | ||||||
| Horizons (Plymouth) |
7,769 | |||||||
| Wild and Free Therapy | CIC | 1,120 | ||||||
| Mount Batten Centre | Charity Trust | 4,500 | ||||||
| The Ethel Trust | 4,500 | |||||||
| Centre 81 Limited | 4,000 | |||||||
| Lindley Educational Trust |
Limited | 5,000 | ||||||
| Mytime | 4,866 | |||||||
| Wecil Ltd | 6,206 | |||||||
| Yes Futures | 5,000 | |||||||
| Cetacean Research &Rescue Unit |
1,000 | |||||||
| Whitby Hidden Impairments Suppo |
rt | and Help | 4,320 |
| The Rona Trust | 3,000 | |||||
|---|---|---|---|---|---|---|
| 1stSt. Peter-In-Thanet/1st | Broadstairs | Sea Scout Group RN55 | 2,320 | |||
| Clean Planet | 1,100 | |||||
| The Royal National | College | ForThe Blind | 1,109 | |||
| The Disabled Sailors Association | 5,000 | |||||
| Visually Impaired |
Sailing Association | 7,500 | ||||
| Grampian Children's |
Respite | Care | 2,500 | |||
| Turn to Starboard | 2,508 | |||||
| The Cirdan Sailing |
Trust (Incorporating | The Faramir Trust) Limited | 10,000 | |||
| Edinburugh Young |
Carers | 2,000 | ||||
| Break | 5,674 | |||||
| 160,494 | 369,093 |
| Endowment | Endowment | ||
|---|---|---|---|
| funds | funds | ||
| general | general | ||
| 2023 | 2022 | ||
| Portfolio | management | 26,845 | 28,452 |
| 26,845 | 28,452 |
| Endowment | Endowment | ||
|---|---|---|---|
| funds | funds | ||
| general | general | ||
| 2023 | 2022 | ||
| f: | |||
| Revaluation | ofinvestments | (56,760) | (68,467) |
| Gain on sale | of investments | (33,958) | 173,835 |
| (90,718) | 105,368 |
| Fixed asset investments | |
|---|---|
| Listed | |
| investments | |
| E | |
| Cost or valuation | |
| At 1 June 2022 | 7,349,796 |
| Additions | 1,206,433 |
| Valuation changes |
(90,718) |
| Disposal proceeds | (1,324,474) |
| At 31 May 2023 | 7,141,037 |
| Carrying amount |
|
| At 31 May 2023 | 7,141,037 |
| At 31 May 2022 | 7,349,796 |
| 13 | Debtors | ||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Amounts | falling due | within one year: | E | ||
| Prepayments and accrued income |
7,237 | 6,848 | |||
| 14 | Current | asset investments | |||
| 2023 | 2022 | ||||
| Unlisted | investments | 26,421 | 57,919 | ||
| 15 | Creditors: amounts | falling due within one year | |||
| 2023 | 2022 | ||||
| E | |||||
| Other creditors | 59,713 | 47,120 | |||
| Accruals | and deferred | income | 5,479 | 4,431 | |
| 65,192 | 51,551 |
| At 1 June | Resources | Transfers | Gains and | At 31 May | ||
|---|---|---|---|---|---|---|
| 2022 | expended | losses | 2023 | |||
| F | ||||||
| Permanent | endowments | |||||
| Expendable | endowment | 7,178,069 | (26,845) | (200,000) | (90,718) | 6,860,506 |
| Previous year: | At 1 June | Resources | Transfers | Gains and | At 31 May | |
| 2021 | expended | losses | 2022 | |||
| E | E | |||||
| Expendable | endowments | |||||
| 7,401,153 | (28,452) | (300,000) | 105,368 | 7,178,069 |
| At 1 June | Incoming | Resources | Transfers | At 31 May | ||
|---|---|---|---|---|---|---|
| 2022 | resources f |
expended | 2023 | |||
| General | funds | 189,688 | 127,909 | (200,664) | 200,000 | 316,933 |
| Previous | year: | At1 June | Incoming | Resources | Transfers | At 31 May |
| 2021 | resources | expended | 2022 | |||
| E | E | |||||
| General | funds | 159,139 | 129,826 | (399,277) | 300,000 | 189,688 |
| Analysis of net assets between funds | ||||
|---|---|---|---|---|
| Unrestricted | Endowment | Total | ||
| funds | funds | |||
| 2023 | 2023 | 2023 | ||
| F | ||||
| Fund balances at 31 May 2023 are represented | by: | |||
| Investments | 280,531 | 6,860,506 | 7,141,037 | |
| Current assets/(liabilities) | 36,402 | 36,402 | ||
| 316,933 | 6,860,506 | 7,177,439 | ||
| Unrestricted | Endowment | Total | ||
| funds | funds | |||
| 2022 | 2022 | 2022 | ||
| Fund balances at 31 May 2022 are represented | by: | |||
| Investments | 171,727 | 7,178,069 | 7,349,796 | |
| Current assets/(liabilities) | 23,961 | 23,961 | ||
| Long term liabilities | (6,000) | (6,000) | ||
| 189,688 | 7,178,069 | 7,367,757 |