COMPANY REGISTRATION NUMBER : 06774183
EAST COAST SAIL TRUST
COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS
31 MARCH 2021
Charity Number : 1128353
Edmund Carr LLP Chartered Accountants 146 New London Road Chelmsford Essex CM2 0AW
EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
| CONTENTS | PAGE |
|---|---|
| Trustees' Annual Report | 1 |
| Independent examiner's report | 5 |
| Statement of financial activities (incorporating the | 6 |
| income and expenditure account) | |
| Balance sheet | 7 |
| Notes to the financial statements | 8 |
EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT
YEAR ENDED 31 MARCH 2021
The trustees, who are also directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2021.
The report fulfils the requirements for a directors’ report as required by company law. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name East Coast Sail Trust Charity registration number 1128353 Company registration number 06774183 Registered office 146 New London Road Chelmsford Essex CM2 0AW
The trustees
The trustees who served the charity during the period were as follows:
M Keeling (Chairman) J W Keeble J C Carter
Independent examiner
Colin Barker FCA Edmund Carr LLP 146 New London Road Chelmsford Essex CM2 0AW
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EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2021
OBJECTIVES AND ACTIVITIES
The objectives of the East Coast Sail Trust Ltd are that of maintaining and preserving the traditional Thames Sailing Barge, "Thalatta", or other similar barge as may be acquired, in seagoing order and using the vessel to benefit young people from all walks of life by the provision of educational cruises.
PUBLIC BENEFIT
The Trustees have had due regard to the Charity Commission's guidance on Public Benefit in carrying out the Charity's activities as described above.
The Trustees are aware of the guidance;
The Trustees will take into account when making a decision to which the guidance is relevant; The Trustees will only decide to depart from the guidance when they have a very good reason for doing so.
Our charters are most beneficial to the young people who take part in them. The benefits they receive are easily identified by their comments, their written work, their artwork, and the increased self-esteem and personal confidence derived from working together as a team.
ACHIEVEMENTS AND PERFORMANCE
The 2020 season was one of continued growth as we expanded our customer base as a result of the marketing and customer support activities put in during this and the previous years. It is one thing to widen our base of new customers by excellent publicity, but even better when those same customers return to sail with us again.
Our philosophy has always been that charters are for young people and those disadvantaged by medical conditions or other reasons and these have always taken precedence. However, when not used in this way we would prefer to charter Thalatta out to various other groups rather than having her sitting alongside a dock. In this way we not only raise additional funds which help us keep charter rates low but also open up the joy of sailing this historic vessel and raise the Trust’s profile to a wider audience.
The 2021 financial year (this comprises the 2020 sailing season) was hit by the Covid pandemic and we lost our entire charter income as the barge remained under cover for the entire sailing season and through the winter due to the nationwide lockdowns.
We have been fortunate in two ways. Firstly, all our 2021 season customers that had to be cancelled deferred their bookings (and any associated deposits) to the following year. Secondly we were grateful to receive 2 grants from the Heritage Lottery fund totalling circa £16k. During the year we received other donations from Friends of Thalatta our loyal support organisation.
As a result of these cash injections we have been able to survive the year, carry out all our usual maintenance work and entered the new year with a cash balance of £31.8k (2020: £32.3k). Combining this with entering the next year (ending March 2022) with a healthy forward order book we looked forward to a successful season provided that lockdown restrictions were eased.
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EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2021
(Note: In the event, lockdown restrictions were eased in June 2021 which enabled us to retrieve the vast majority of our sailing season).
We remain grateful for the continued unstinting support from everyone involved in the Trust, particularly Cyril & Cheryl Varley, Roger Davies, Tamsin Preston and Nick Hayward. One casualty of the lockdown is that regular Board meetings were unable to be held. However, this was not a hindrance as communication between the Trustees was maintained via email and phone.
The Trust is very grateful to our Friends of Thalatta for their considerable financial support and interest, including visits to the barge and participating in our day sails. The Friends receive regular newsletters which keep them informed of all that is going on in the Trust and Thalatta. We are putting greater efforts into involving the Friends in our activities.
FINANCIAL REVIEW
Income for the year of £25.1k was almost entirely due to HLF grants and donations. We were able to maintain our cash at bank £31.8k (2020: £32.3k). These reserves are lower than ideal and we intend to keep close control of our costs to increase them over the next 2 years to provide a greater cushion for the future.
Increased maintenance costs are inevitable over the forthcoming years and our marketing objectives are geared towards meeting this need.
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EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2021
Reserves Policy
It is our policy to maintain free reserves (being unrestricted funds excluding those represented by fixed assets) at a level that equates to between nine and twelve months of revenue expenditure. It is our intention to maintain this level or reserves for the 2022 year and develop them further in subsequent years. How the Covid situation develops may affect the overall level of future reserves but at present we can see our way forward.
STRUCTURE, GOVERNANCE AND MANAGEMENT
HOW THE TRUST IS RUN
The Trust is registered as a company limited by guarantee and the Directors are regarded as Trustees by the Charity Commission.
The organisation is a small one with the Trustees supported by a Management Team which includes the Skipper of "Thalatta", who has overall responsibility for the vessel when at sea.
Trustees continue to donate their services and receive no form of remuneration. Their contribution and that of part time accountant, Rasa Dalton, to the smooth running of the trust is acknowledged and greatly appreciated as is that of the Skipper, Cyril Varley.
The Trustees are mindful of the obligations imposed as a registered charity. They periodically review overall policy. A quorum of three members must be present at the meetings of the Trustees which are held regularly throughout the year. The Trustees are responsible for promoting the objects of the Trust, its conduct and management and day-to-day running. Proposed new Trustees are initially invited to attend trustee meetings to meet the other Trustees and ensure they have a good understanding of the trust and its objectives and will be able to contribute. They may then be elected.
Finances are carefully controlled and projections and cash flow reviewed on a regular basis.
Crew are paid on a weekly or daily basis according to bookings and other work required.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Approved by the Trustees on 17 December 2021and signed on their behalf by:
Michael Keeling
Michael Keeling
Chairman
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EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
YEAR ENDED 31 MARCH 2021
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2021 which are set out on pages 6 to 14.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and 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.
Colin Barker
Colin Barker FCA
146 New London Road Chelmsford CM2 0AW
17 December 2021
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EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 MARCH 2021
| Note INCOME from: Donations and legacies 2 Grants 3 Charitable activities 4 Other trading activities 5 Investments 6 TOTAL INCOME EXPENDITURE ON: Charitable activities 7 Other trading activities 8 TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) Transfers between funds NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Total funds brought forward Total funds carried forward |
Unrestricted Funds £ 3,515 - - 1,646 8 |
Restricted Funds £ - 19,930 - - - |
Total Funds 2021 £ 3,515 19,930 - 1,646 8 |
Total Funds 2020 £ 9,056 5,000 3,900 9,467 41 |
|---|---|---|---|---|
| 5,169 | 19,930 | 25,099 | 27,464 | |
| 10,287 - |
16,581 - |
26,868 - |
45,788 1,370 |
|
| 10,287 | 16,581 | 26,868 | 47,158 | |
| (5,118) - |
3,349 - |
(1,769) - |
(19,694) - |
|
| (5,118) 289,888 |
3,349 10,775 |
(1,769) 300,663 |
(19,694) 320,357 |
|
| 284,770 | 14,124 | 298,894 | 300,663 |
The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities.
The notes on pages 8 to 14 form part of these financial statements.
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EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT 31 MARCH 2021
| Note FIXED ASSETS Tangible assets 12 CURRENT ASSETS Stock Debtors 13 Cash at bank and in hand LIABILITIES Creditors: Amounts falling due within one year 14 NET CURRENT ASSETS NET ASSETS FUNDS OF THE CHARITY Restricted income funds 16 Unrestricted funds 17 TOTAL CHARITY FUNDS |
£ £ 263,673 2,618 14,214 31,777 48,609 (13,388) 35,221 298,894 14,124 284,770 298,894 2021 |
£ £ 263,673 2,618 14,214 31,777 48,609 (13,388) 35,221 298,894 14,124 284,770 298,894 2021 |
£ £ 271,292 2,357 10,877 32,316 45,550 (16,179) 29,371 300,663 10,775 289,888 300,663 2020 |
£ £ 271,292 2,357 10,877 32,316 45,550 (16,179) 29,371 300,663 10,775 289,888 300,663 2020 |
|---|---|---|---|---|
| 298,894 | 300,663 | |||
| 14,124 284,770 |
10,775 289,888 |
|||
| 298,894 | 300,663 |
For the year ended 31 March 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Trustees' responsibilities:
-
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and with the special provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the Trustees on 17 December 2021 and are signed on their behalf by:
Michael Keeling
M KEELING
Chairman
Company Registration Number: 06774183
The notes on pages 8 to 14 form part of these financial statements.
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EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective 1 January 2019) (Charities SORP FRS102) and the Companies Act 2006.
Legal Status
The charity is a company limited by guarantee and meets the definition of a public benefit entity under FRS102. It is incorporated in England and Wales and its registered address is 146 New London Road Chelmsford, Essex, CM2 0AW.
Going Concern
The Trustees have considered the impact of the Covid-19 pandemic in their assessment of the charity’s ability to prepare accounts as a going concern. Because of the uncertainties surrounding the effects of the economic slowdown it is difficult to predict the impact on the charity, but having taken all the factors into account, the trustees are of the opinion that the charity has sufficient resources to continue trading for the next 12 months from the date of signing these accounts.
Income
Income from donations and grants, including capital grants, is included in incoming resources when these are receivable, except as follows:
-
when donors specify that donations and grants given to the charity must be used in future accounting periods, the income is deferred until those periods.
-
when donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the pre-conditions have been met.
When donors specify that donations and grants, including capital grants, are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.
Expenditure
Expenditure is recognised on an accruals basis. Support costs which relate to the day to day running of the charity and governance costs are included as costs of charitable activities.
Fund accounting
Funds held by the charity are either:
Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity.
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EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES (continued)
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Sailing Barge - Depreciated over 50 years Equipment - 10% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value.
Debtors
Trade and other debtors are recognised at the settlement amount due.
Creditors
Creditors are recognised when the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount.
2. DONATIONS AND LEGACIES
| Legacies Other donations 2020 |
Unrestricted Funds £ - 3,515 |
Restricted Funds £ - - |
Total Funds 2021 £ - 3,515 |
Total Funds 2020 £ - 9,056 |
|---|---|---|---|---|
| 3,515 | - | 3,515 | 9,056 | |
| 9,056 | - | 9,056 |
3. GRANTS
| Foyle Foundation National Lottery Heritage Fund The Hedley Foundation 2020 |
Unrestricted Funds £ - - - |
Restricted Funds £ - 15,600 4,330 |
Total Funds 2021 £ - 15,600 4,330 |
Total Funds 2020 £ 5,000 - - |
|---|---|---|---|---|
| - | 19,930 | 19,930 | 5,000 | |
| - | 5,000 | 5,000 |
4. INCOME FROM CHARITABLE ACTIVITIES
| Fees from Sailings 2020 |
Unrestricted Funds £ - |
Restricted Funds £ - |
Total Funds 2021 £ - |
Total Funds 2020 £ 3,900 |
|---|---|---|---|---|
| 3,900 | - | 3,900 |
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EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2021
5. INCOME FROM OTHER TRADING ACTIVITIES
| Sale of Goods Day Sails and Charters 2020 INVESTMENT INCOME Bank interest receivable 2020 |
Unrestricted Funds £ 271 1,375 |
Restricted Funds £ - - |
Total Funds 2021 £ 271 1,375 |
Total Funds 2020 £ 717 8,750 |
|---|---|---|---|---|
| 1,646 | - | 1,646 | 9,467 | |
| 9,467 Unrestricted Funds £ 8 |
- Restricted Funds £ - |
9,467 Total Funds 2021 £ 8 |
Total Funds 2020 £ 41 |
|
| 41 | - | 41 |
6. INVESTMENT INCOME
7. EXPENDITURE ON CHARITABLE ACTIVITIES
| Barge maintenance and running costs Depreciation Support costs Governance costs (note 9) 2020 |
Unrestricted Funds £ 3,291 6,951 32 13 |
Restricted Funds £ 9,740 981 3,371 2,489 |
Total Funds 2021 £ 13,031 7,932 3,403 2,502 |
Total Funds 2020 £ 31,660 8,146 2,823 3,159 |
|---|---|---|---|---|
| 10,287 | 16,581 | 26,868 | 45,788 | |
| 44,698 | 1,090 | 45,788 |
8. EXPENDITURE ON OTHER TRADING ACTIVITIES
| Fundraising - sale of goods Day Sails Costs 2020 |
Unrestricted Funds £ - - |
Restricted Funds £ - - |
Total Funds 2021 £ - - |
Total Funds 2020 £ 639 731 |
|---|---|---|---|---|
| - | - | - | 1,370 | |
| 1,370 | - | 1,370 |
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EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2021
9. GOVERNANCE COSTS
| Accounts Preparation Fees Independent Examiner Fees Other Professional Fees Total paid to /Independent Examiner Bookkeeping |
Unrestricted Funds £ - - 13 |
Restricted Funds £ 865 370 120 |
Total Funds 2021 £ 865 370 133 |
Total Funds 2020 £ 1,395 550 128 |
|---|---|---|---|---|
| 13 - |
1,355 1,134 |
1,368 1,134 |
2,073 1,086 |
|
| 13 | 2,489 | 2,502 | 3,159 |
10. STAFF AND TRUSTEES' COSTS AND EMOLUMENTS
No salaries or wages have been paid to employees, including the members of the committee, during the year. During the year, Trustees were reimbursed expenses of £Nil (2020: £Nil).
11. NET OUTGOING RESOURCES FOR THE YEAR
| NET OUTGOING RESOURCES FOR THE YEAR | ||
|---|---|---|
| 2021 | 2020 | |
| This is stated after charging: | £ | £ |
| Depreciation | 7,932 | 8,146 |
12. TANGIBLE FIXED ASSETS
| COST As at 1 April 2020 Additions At 31 March 2021 DEPRECIATION As at 1 April 2020 Charge for the period At 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 |
Equipment £ 30,820 313 |
Thames Sailing Barge £ 300,000 - |
Total £ 330,820 313 |
|---|---|---|---|
| 31,133 | 300,000 | 331,133 | |
| 11,528 1,932 |
48,000 6,000 |
59,528 7,932 |
|
| 13,460 | 54,000 | 67,460 | |
| 17,673 | 246,000 | 263,673 | |
| 19,292 | 252,000 | 271,292 |
The Thalatta is insured for £470,600. The sailing barge was revalued in the year-ended 31st March 2012 at the net realisable value of £300,000 which has now been treated as the base cost and is being depreciated over 50 years. The Trustees consider the value as continuing to be appropriate and no impairment review is necessary.
As part of the HLF funding it took a legal charge over Thalatta which is only exercisable should the Trust be unable to continue to operate for any reason.
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EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2021
13. DEBTORS
| Trade debtors Prepayments and accrued income Other debtors - gift aid VAT CREDITORS: Amounts falling due within one year Trade creditors Accruals Deferred income VAT |
2021 £ 9,600 3,974 561 79 |
2020 £ 5,900 3,971 1,006 - |
|---|---|---|
| 14,214 | 10,877 | |
| 2021 £ 150 1,630 11,608 - |
2020 £ 4,490 2,845 8,792 52 |
|
| 13,388 | 16,179 |
14. CREDITORS: Amounts falling due within one year
Deferred income relates to fees received in advance for sailing trips that took place after the year end. Deferred income brought forward totalling £3,459 was carried forward at the year end.
15. CONTINGENT LIABILITY
As is usual practice were Thalatta to be sold, or in certain other circumstances, restoration grants previously made by HLF could become repayable. In the event of a sale it is likely that the sum becoming repayable could absorb, but be limited to, the whole sale proceeds. As stated in Note 12, HLF has a charge over Thalatta to secure any sums which might become payable.
16. RESTRICTED FUNDS
| a) Schools promotion and assistance b) Barge fixed asset fund c) National Lottery Heritage Fund d) Hedley Fund |
Balance at 1 Apr 2020 £ 965 9,810 - - |
Incoming Outgoing £ £ - - - (981) 15,600 (15,600) 4,330 - 19,930 (16,581) Movement in reso |
Transfers £ - - - urces: |
Balance at 31 Mar 2021 £ 965 8,829 - 4,330 |
|---|---|---|---|---|
| 10,775 | 19,930 | - | 14,124 |
-
a) Bursaries may be awarded to assist schools meet the costs of sailing courses.
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b) Fixed assets purchased from restricted grants and donations. Depreciation is charged to the fund over the life of the assets.
-
c) The National Lottery Heritage Fund was provided to support the trust for the loss of income during the pandemic.
-
d) The Hedley Fund awarded a grant of £4,330 toward two new life rafts for the sailing barge.
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EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2021
16. RESTRICTED FUNDS (cont'd) - PRIOR YEAR
| a) Schools promotion and assistance b) Barge maintenance c) Barge fixed asset fund |
Balance at 1 Apr 2019 £ 965 - 5,900 6,865 |
Incoming Outgoing £ £ - - 5,000 (1,090) 5,000 (1,090) Movement in resou |
Transfers £ - (5,000) 5,000 rces: |
Balance at 31 Mar 2020 £ 965 - 9,810 |
|---|---|---|---|---|
| - | 10,775 |
a) Bursaries may be awarded to assist schools meet the costs of sailing courses.
-
b) The Holliday Foundation awarded a grant of £5,000 towards the cost of replacing two winches. The winches have been purchased and are included in the barge fixed asset fund.
-
c) Fixed assets purchased from restricted grants and donations. Depreciation is charged to the fund over the life of the assets.
17. UNRESTRICTED FUNDS
Movement in funds:
| General unrestricted funds 2020 |
Balance at 1 Apr 2020 £ 289,888 313,492 |
Incoming £ 5,169 22,464 |
Outgoing £ (10,287) (46,068) |
Transfers £ - |
Balance at 31 Mar 2021 £ 284,770 |
|---|---|---|---|---|---|
| - | 289,888 |
18. ANALYSIS OF NET ASSETS (between restricted and unrestricted funds)
| Current year Restricted Unrestricted Prior year Restricted Unrestricted |
Tangible fixed assets £ 8,829 254,844 263,673 Tangible fixed assets £ 9,810 261,482 271,292 |
Other net assets £ 5,295 29,926 |
Total £ 14,124 284,770 |
|---|---|---|---|
| 35,221 | 298,894 | ||
| Other net assets £ 965 28,406 |
Total £ 10,775 289,888 |
||
| 29,371 | 300,663 |
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EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2021
19. RELATED PARTIES TRANSACTIONS
There were no related parties transactions requiring disclosure during the year.
20. COMPANY LIMITED BY GUARANTEE
The company is limited by guarantee and does not have share capital. In the event of the company being wound up the liability of the members is limited to £10.
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