## Sea-Change Sailing Trust ## Accounts 2024 ## **The View from the Wheel** _Wind, Tide & Oar_ showing in the forehold and the _Skippers of the Future_ exhibition in the main. Last year _Blue Mermaid_ went on tour. The fore hold became a solar-powered cinema for the _Wind, Tide & Oar_ film about engineless sailing while the main hold contained an exhibition about the heritage of Thames barges. The film premiered at Royal Museums Greenwich in April, and we then embarked on an intense schedule taking the barge to ten ports between Lowestoft and Ramsgate finishing at St Katherine Docks in July. The voyages were crewed by sail training clients, many of them completing the Introductory Certificate in Traditional Seafaring awarded by National Historic Ships and developed as part of our Skippers of the Future project funded by the National Lottery Heritage Fund. At each venue the hold was transformed into what you see above, and back again to accommodate the next crew. Over 3000 people engaged with the tour and the engineless barge arrived on time for each venue, demonstrating the dependability of coastal sail cargo. Judy Harrison ran the successful administration of this complex project for which she received the Association of Sail Training Organisations Shorebased Staff Impact Award at its annual conference. Judy has left the Trust to become freelance and we wish her well. The first charter of the season with Youth Sailing Scheme trainees took four tons of thirty-eight feet long planking from Maldon to Kent to restore _Ardwina,_ now in the growing Tiller and Wheel fleet. It took two hours to crane in at Fullbridge and five hours to discharge manually using the safe working load for the barge’s gear. Loading 100 tons would take longer but would be achievable. A highpoint of the year was the way the barge picked her way through the moorings to windward into Lower Halstow Creek to be winched alongside, much as Eastwoods brick barges did in trade. Hang on, we were in trade, and charged the 1931 freight rate! At the time of writing plans for a more normal season in 2025 are coming together. The barge is looking splendid after a stint in the Downs Road Boatyard dry dock, and I am delighted to mention Diggory Rose has joined the Trust. In June there will be a course for museum staff for the Introductory Certificate mentioned above as a fitting legacy of the Skippers of the Future project with the kind support of the National Lottery Heritage Fund. And of course, efforts continue to source cargo. Richard Titchener ## **SEA-CHANGE PROJECTS LIMITED** ## **TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024** ## **DIRECTORS AND TRUSTEES** The trustees of the charity were: Paul Bowen, Professor Francis Douglas, Hilary Halajko (Chair), Stuart James (Treasurer), Captain James Thom, Richard Robinson, Iain Stubbs and Steve Williams. All trustees are directors of the not-for-profit company which is limited by a guarantee not exceeding £10 each. In accordance with its governing document the charity remunerates a minority of trustees for professional services. This only applied to Hilary Halajko when working as Mate or Mentor. The Executive Officer and Skipper was Richard Titchener and Judy Harrison was employed as Assistant Executive Officer part-time. Judy left on 6[th] November. The mate of Blue Mermaid, Oliver Evans, was permanently employed full-time, and left on 1[st] October. An offer has since been made and accepted by Diggory Rose to become Mate in 2025. Other staff are hired on a contract basis as required. The trustees are grateful for the contribution by volunteers to both sailing and administrative activities. ## **STRUCTURE, GOVERNANCE & MANAGEMENT** The charity is governed by its Memorandum and Articles of Association incorporated 15th March 2007 as amended on 14th September 2008, and it obtained charitable status on 18th September 2008. **Appointment of Trustees** : The trustees were selected for their specialist knowledge and experience of working with young people, of sail training and traditional sailing. **Trustee Induction and Training** : The trustees have received copies of the governing document and the policies of the charity, and extensive briefing and discussion. **Organisation:** The trustees met in March and November to decide the strategy and policy of the charity, which is discharged on a day-to-day basis by the Executive Officer. **Risk Management** : The Chair of Trustees and Executive Officer regularly review risks associated with the operation of the charity and have established methods to avoid or mitigate them. A regular assessment of risk associated with the sailing activity is carried out. Also, monthly assessment of the financial situation is carried out. ## **OBJECTIVES & ACTIVITIES** The objective of the charity is to provide activity-based learning for young people, and adults with special needs, and thus to enhance their confidence and improve their lives. This is done by living and working residentially aboard a traditional sailing vessel, with or without accompanying staff, where the emphasis is on participation taking the needs of the individual into account. The trustees confirm that when deciding upon the specific activities to be carried out by the charity during the year they have paid due regard to the Charity Commission's guidance on Public Benefit. ## **CHAIR'S REPORT** **Achievements and Performance** : The trustees recognise the importance of objective measures of success in the work of the charity and have taken steps to provide accreditation of the learning achieved by clients. The charity is a Royal Yachting Association Training Centre, RYA Sailability Foundation Organisation in recognition of its work with people with disabilities, and a member of the Association of Sail Training Organisations (ASTO). There is research evidence that working together in a structured environment providing individual and group challenge is beneficial, and this is borne out by the reports of the staff who, in many cases accompany clients. They find a positive change in people when they return to school, college, youth club or work, and transfer the evidence of achievement with the charity back to normal life. ASTO carried out a research project in 2018/19 based on a significant sample of participants and it supported these results. In April a cargo of wood was transported from Maldon to Lower Halstow for the SB _Ardwina_ and Tiller and Wheel CIC, being discharged with the barge’s own gear using the Safe Working Load of 300kg recently awarded. Efforts continue to find cargoes in pursuit of our charitable objectives to provide purpose to our Sail Training voyages. The major challenge for the season was the delivery of the _Skippers of the Future_ Project, being an exhibition on the heritage of sailing barges supported by the National Lottery Heritage Fund built around visiting ten ports to show the _Wind, Tide & Oar_ film about engineless sailing. The schedule was completed on time for each venue and was a testament to both the performance of the crew and Judy in organising it. There was a small underspend at the end of the project and this is being carried forward to enable a three-day course for the Introductory Certificate in Traditional Seafaring in June 2025 by kind permission of the National Lottery Heritage Fund as a legacy. The certificate was developed by National Historic Ships with our help as part of the project. Training of sailing barge crews continued with the support of Trinity House and in partnership with the Thames Sailing Barge Trust. ## **FINANCIAL REVIEW** The charity depends on donations to discharge its ongoing work, both to cover a proportion of fixed costs and to provide funds for individuals and groups who are not able to afford full charter fees. Judy Harrison continued to devote around half her time to fund-raising. The season was less busy overall and charters were fewer than the last, with a total of 22 charters (2023 – 28) and sailed with 119 people (2023 – 216). The reason was the difficulty of obtaining charters during term time for some passages in the schedule for the Sea Tour of the _Wind, Tide & Oar_ film. Having said that, the nature of the Sea Tour made it an intensive period for the crew. The tour was to both show the film and carry an exhibition on the heritage of Thames barges. This was supported by the National Lottery Heritage Fund with the _Skippers of the Future_ Project. The financial situation at the end of the year was sound as a starting point to enter 2025 with an amount equivalent to the reserves policy in hand. There was not enough to commence an endowment fund providing interest and this desire continues to be held over pending either a significant legacy or a specific organised appeal aimed at a target, with resource implications. I am pleased to report towards the end of the year discussions were well-advanced concerning a grant as a legacy from Canon Bill Broad to assist in this endeavour. **Reserves Policy** : The objective is to carry unrestricted reserves sufficient to finance six months of forward operation. The cyclical nature of the operational year makes this very difficult to achieve. Fundraising is prioritised over the winter period, though carried on throughout the year, and operations take precedence in the sailing season. The position at this year-end enables trustees to conclude they are entering the next operational cycle with sufficient reserves to embark on the new season. **Pay Policy for Senior Staff** : It is the policy of the charity to remunerate all staff reasonably for work done in accordance with ability to pay in the financial situation existing at the time, in comparison with similar-sized charities in the area. For sailing staff, comparison is made with staff working on the same or similar vessels doing such work. **Investment Policy** : The Articles of Association of the charity enable it to invest as it considers necessary. This has not been actioned to date as there have been no excess funds, except in as much as the building of the new vessel represents investment. The trustees intend to establish an endowment fund for the future of the charity as resources allow, and this will be invested in an interest-bearing account. ## **FUTURE PLANS** Plans for 2025 are well-advanced at the time of writing, with a sound base of bookings and funding against them for the majority of the season. ## **TRUSTEES RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS** The trustees, as directors of the company, warrant that there is no relevant information of which the examining accountant is not aware, so far as we are aware, and that we have taken all reasonable steps to inform the accountant of any relevant information. ## **SMALL COMPANY PROVISIONS** The report has been prepared in accordance with the provisions applicable to companies entitled to the exemption for small companies. Signed by order of the Trustees Hilary Halajko, Chair of Trustees Dated ............................. ## **SEA-CHANGE PROJECTS LIMITED** ## **LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2024** |**Trustees**|**Paul Bowen**| |---|---| ||**Francis Douglas**| ||**Hilary Halajko**| ||**James Thom**| ||**Stephen Williams**| ||**Richard Robinson**| ||**Stuart Allan James**| ||**Iain Murray Stubbs**| |**Charity number**|**1125958**| |**Company number**|**6163852**| |**Registered office**|**Downs Road Boatyard**| ||**Maldon,**| ||**Essex,**| ||**CM9 5HG**| |**Independent examiner**|| ||**Community360**| ||**Winsleys House**| ||**High Street**| ||**Colchester**| ||**CO1 1UG**| ## **SEA-CHANGE PROJECTS LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024** |**Note **
**Income and endowments from :**
Donations & legacies
Charitable activities
**2**
**Total incoming resources**
**Resources expended**
Charitable activities
**4**
Fund raising
**3**
**Total resources expended**
**Net incoming resources before transfers**
**Transfer between funds**
**Net income for the year**
**Funds at 1 January 2024**
**Funds at 31 December 2024**|**2024**
**Unrestricted**
**£**
17,856
150,500
168,356
152,481
12,186
164,667
3,689
-
3,689
75,933
**79,622**|**2024**
**Restricted**
**£**
-
-
-
7,578
-
7,578
(7,578)
-
(7,578)
665,863
**658,285**|**2024**
**Designated**
**£**
-
-
-
-
-
-
-
-
-
19,202
**19,202**|**2024**
**Total**
**£**
17,856
150,500
168,356
160,059
12,186
172,245
(3,889)
-
(3,889)
760,998
**757,109**|**2023**
**Unrestricted**
**£**
27,692
122,573
150,265
128,169
10,633
138,802
11,463
-
11,463
64,470
**75,933**|**2023**
**Restricted**
**£**
-
-
-
7,578
-
7,578
(7,578)
-
(7,578)
673,441
**665,863**|**2023**
**2023**
**Designated**
**Total**
**£**
**£**
-
27,692
-
122,573
-
150,265
-
135,747
-
10,633
-
146,380
-
3,885
-
-
-
3,885
19,202
757,113
**19,202**
**760,998**| |---|---|---|---|---|---|---|---| ## **SEA-CHANGE PROJECTS LIMITED** ## **BALANCE SHEET AS AT 31 DECEMBER 2024** |||**2024**|**2023**| |---|---|---|---| ||**Notes**|**£**|**£**| |**Fixed assets**|||| |Tangible assets - (Sail-Training Vessel)|**5**|715,385|722,963| |||**715,385**|**722,963**| |**Current assets**|||| |Debtors|**7**|22,586|3,581| |Cash at bank & in hand||45,356|67,003| |||**67,942**|**70,584**| |**Creditors: amounts falling due**|**8**|(26,218)|(32,549)| |**within one year**|||| |**Net current assets/(liabilities)**||41,724|38,035| |**Net assets**||**757,109**|**760,998**| |**Funds**|||| |Unrestricted funds|**10**|79,622|75,933| |Restricted funds|**10**|658,285|665,863| |Designated funds|**10**|19,202|19,202| |**Total funds**||**757,109**|**760,998**| For the period ended 31st December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The director's acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to small companies regime. The directors declare that they have approved the accounts above. Hilary Halajko, Chair of Trustees Date wel 6 **SEA-CHANGE PROJECTS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1. Accounting Policies** ## **Basis of accounting** The financial statements have been prepared in accordance with Accounting and preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. ## **Cash flow** The financial statements do not include a cash flow statement because the charity, as a small reporting entity, is exempt from the requirement to prepare such a statement under Financial Reporting Standard 1 "Cash flow statements". ## **Accounting period** The accounts are prepared on the basis for 12 months. Previous accounts were for 16 months. ## **Incoming resources** All incoming resources are included in the statement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Investment income consists of bank interest received within the year. ## **Resources expended** Expenditure is included on an accruals basis including irrecoverable VAT. ## **Fixed assets** Assets over £1,000 are capitalised and depreciated at the following rates in order to write them off over their estimated effective lives. |Computer and Office equipment|25% Straight line| |---|---| |Barge equipment|1% Straight Line| |Sailing equipment|25% Straight line| ## **Funds** Funds held by the charity are either: Unrestricted - these are funds that can be used in accordance with the charitable objects at the discretion of the trustees; or Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Designated funds - are funds the trustees have put aside for the maintenance of the Blue mermaid ## **Going concern** The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. ## **Charity status** The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the Trustees is liable to contribute an amount not exceeding £1 towards the asset of the charity in the event of liquidation. ## **SEA-CHANGE PROJECTS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** |**2. Charitable activities income**
Grants
Events
Fee income
**3. Fund raising**
Management salaries
Fundraising
**4. Charitable activities**
Personnel
Directors salaries
Management salaries
Training
Establishment
Insurance
Rent & rates
Barge expenses
Charter fees
Fuel, food & maintenance
Support costs
Motor & travel
Telephone & computer charges
Printing & stationery
Advertising
Sundry
Depreciation
Governance costs
Independent examination fee
Other professional fees
Other accounting services|**Total**
**2024**
**£**
109,797
2,357
38,346
**150,500**
**2024**
**£**
11,803
383
**12,186**
**Total**
**2024**
**£**
5,895
72,160
1,560
7,558
1,981
11,600
29,842
1,310
1,462
73
120
6,370
7,578
540
11,875
136
**160,059**|**Total**
**2023**
**£**
78,365
822
43,386| |---|---|---| |||**122,573**| |||**2023**
**£**
10,608
25| |||**10,633**| |||**Total**
**2023**
**£**
12,557
59,873
4,930
7,371
2,468
10,430
25,001
448
796
16
1,173
1,508
7,578
540
688
370| |||**135,747**| Personnel costs total of £79,614 (2023: £77,360) is split Unrestricted £79,614 (2023: £77,360) Restricted £0 (2022: £0). Barge expenses total of £41,442 (2023: £35,431) is split Unrestricted £41,442 (2023 £35,431) Restricted £0 (2022: £0) Designated £0 (2023: £0) Support costs total of £21,226 (2023: £13,117) is split Unrestricted £21,226 (2023: £13,137) Restricted £0 (2023: £0). ## **SEA-CHANGE PROJECTS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** |**Tangible Fixed Assets**
**Cost**
As at 1 January 2024
Additions(Disposals)
As at 31 December 2024
**Depreciation**
As at 1 January 2024
Additions
As at 31 December 2024
**Net Book Value**
As at 31 December 2023
As at 31 December 2024|**Office**
**Equipment**
**Sailing**
**Equipment**
**Blue**
**Mermaid**
**Total**
**£**
**£**
**£**
**£**
4,387
2,980
757,771
765,138
-
-
-
-| |---|---| ||**4,387**
**2,980**
**757,771**
**765,138**
4,387
2,980
34,808
42,175
-
-
7,578
7,578| ||**4,387**
**2,980**
**42,386**
**49,753**
-
-
722,963
722,963| ||**-**
**-**
**715,385**
**715,385**| The cost of building Blue Mermaid is being written off over 100 years from 27/05/2019. The depreciation for 2024 is £7,577.71. |**6 Staff Costs**
Wages & Salaries
Social Security Costs
**7 Debtors**
Accrued income
Prepaid Insurance|**Total**
**2024**
**£**
86,513
3,344
**89,857**
**Total**
**2024**
**£**
18,982
3,604
**22,586**|**Total**
**2023**
**£**
80,835
2,203| |---|---|---| |||**83,038**| |||**Total**
**2023**
**£**
-
3,581| |||**3,581**| A prepayment of £3,604 has been included in the 2024 accounts in relation to the insurance payment. This equates to 6 months payments for insurance. ## **SEA-CHANGE PROJECTS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **8. Creditors: falling due within a year** |**Creditors: falling due within a year**
Trade creditors
Accruals
Deferred income
Taxation & Social Security|**Total**
**Total**
**2024**
**2023**
**£**
**£**
921
1,297
14,528
540
10,000
29,228
769
1,484
**26,218**
**32,549**| |---|---| ## **9. Related Parties** One trustee was remunerated a total of £5,495 (2023: £12,557) for the time spent providing sailing and mentoring services. Mr R D Titchener is a party related to a trustee and earned wages in his capacity as Executive Officer and Barge Skipper of £34,653 (2023: £32,871). ## **10. Summary of Funds** |**ry of Funds**|||||| |---|---|---|---|---|---| |Unrestricted
Restricted
Designated|**Brought**
**Forward**
**£**
75,933
665,863
19,202|**Incoming**
**Resources**
**£**
168,356
-
-|**Gift Aid**
**£**
-
-
-|**Outging**
**Resources**
**£**
164,667
7,578
-
**172,245**|**Transfer**
**Carried**
**Forward**
**£**
-
79,622
-
658,285
-
19,202
**-**
**757,109**| ||**760,998**|**168,356**|**-**||| Analysis of Net Assets (between restricted & unrestricted funds) |Restricted
Designated
Unrestricted|**Tangible**
**Fixed**
**£**
658,285
-
57,100|**Net**
**Current**
**£**
-
19,202
22,522|**Total 2024**
**£**
658,285
19,202
79,622|**Tangible**
**Fixed**
**£**
665,863
-
57,100
**722,963**|**Net**
**Current**
**Total**
**2023**
**£**
**£**
-
665,863
19,202
19,202
18,833
75,933
**38,035**
**760,998**| |---|---|---|---|---|---| ||**715,385**|**41,724**|**757,109**||| ## **11. Designated Fund** The trustees have agreed to create a designated fund for the maintenance of Blue Mermaid as 20% of charter fees according to full cost recovery principles. ## **SEA-CHANGE PROJECTS LIMITED** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024** I report on the accounts of Sea-Change Projects Limited for the year ended 31st December 2024. ## **Respective responsibilities of trustees and examiner** The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year (under section 144 (2) of the Charities Act 2011 (The Act) but that an independent examination is needed. It is my responsibility to: - Examine the accounts under section 145 of the Charities Act, - To follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the Charities Act, and - To state whether particular matters have come to my attention. ## **Basis of independent examiner’s Statement** My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes considerations of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts. ## **Independent examiner’s statement** In the course of my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect: - the accounting records were not kept in accordance with section 130 of the Charities Act; or - the accounts did not accord with the accounting records; or - the accounts did not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair' view which is not a matter considered as part of an independent examination. I have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. David Courtier FMAAT AATQB for and on behalf of: Community360 Winsley’s House, High Street, Colchester, Essex Date 01/08/2025