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2024-03-31-accounts

COMPANY REGISTRATION NUMBER : 06774183

EAST COAST SAIL TRUST

COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS

31 MARCH 2024

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 2024

----- Start of picture text -----
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
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EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT

YEAR ENDED 31 MARCH 2024

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 2024.

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 (Resigned 10/08/2023) M H Pavey (Appointed 10/08/2023) J Scanlon (Appointed (10/08/2023) Independent examiner Alex Stone FCCA 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 2024

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 sea-going 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

We entered the year ending 31 March 2024 (beginning 1[st] April, 2023) with a reasonably good bank balance of £20,034, marginally less than the previous year but we are looking forward with confidence to the 2025 sailing season.

The year ended with all our scheduled maintenance completed, an excellent survey result and our Exemption certification renewed. This certification covers all areas of the hull, rigging and safety equipment. The certificate is renewed annually and is our licence to confirm that the vessel is maintained to the standard necessary to operate with passengers. We take maintenance in all areas seriously and take pride in the many complements that Thalatta receives from customers and others in the “Barging” community.

After a fairly hard year we have increased our customer base in terms of school groups and also gained a reputation with Sea Cadet troops. This started with the Scarborough Sea Cadets and is projected to increase dramatically for the 2025 sailing season.

Inflationary pressures remained a problem during the year but hopefully are now beginning to reduce. We are increasing our efforts to expand our customer base and make the barge work harder, particularly through the non-school holiday period. We are also seeking external commercial supporters to help us build up a reserve for the inevitable long-term maintenance projects.

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EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE TRUSTEES' ANNUAL REPORT (continued)

YEAR ENDED 31 MARCH 2024

Our philosophy has always been that charters are primarily for young people and those disadvantaged by medical conditions or other reasons, and these have always taken booking precedence. However, when not used in this way we would prefer to charter Thalatta out to various other (adult) 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 opens up the joy of sailing this historic vessel and raises the Trust’s profile to a wider audience.

We remain grateful for the continued unstinting support from everyone involved in the Trust, particularly Cyril & Cheryl Varley, Nick Hayward and everyone who helps maintain and crew Thalatta throughout the year.

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. Regrettably, pressure of running Thalatta resulted in the issue of our Newsletter becoming erratic. The Newsletters are intended to keep the Friends informed of all that is going on in the Trust and Thalatta and we intend to maintain at least one issue annually.

FINANCIAL REVIEW

Income for the year bounced back to £51,023 (2023 - £31,937) primarily due increased charter activities and donations. Expenditure at £53,874 (2023 - £56,468) remained substantially unchanged, resulting in a deficit of £2,851 (2023 - £24,531).

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. Currently this is an area of concern as we are unable to project forward income and expenditure with any degree of confidence.

It is imperative that we gradually increase our cash reserves to be able to respond to any unforeseen maintenance/ repair costs in the future. This is very much a cash business and we intend to keep close control of our costs over the next 2 years to provide a greater cushion for the future.

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EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (continued)

YEAR ENDED 31 MARCH 2024

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 remains a small one with the Trustees supported by a Management Team which includes the Skipper of "Thalatta", who has overall responsibility for the maintenance and operation of the vessel when at sea and throughout the year.

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 10 December 2024 and signed on their behalf by:

.............................

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 2024

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2024 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:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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.

..................................

Alex Stone FCCA

146 New London Road Chelmsford CM2 0AW

11 December 2024

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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 2024

Unrestricted
Funds
Note
£
INCOME from:
Donations and legacies
2
7,463
Grants
3
-
Charitable activities
4
24,950
Other trading activities
5
13,410
Investments
6
200
TOTAL INCOME
46,023
EXPENDITURE ON:
Charitable activities
7
50,636
Other trading activities
8
2,123
TOTAL EXPENDITURE
52,759
NET INCOME/(EXPENDITURE)
(6,736)
Transfers between funds
-
NET MOVEMENT IN FUNDS
(6,736)
RECONCILIATION OF FUNDS
Total funds brought forward
250,487
Total funds carried forward
243,751		 Restricted
Funds
£
-
5,000
-
-
-
5,000
1,115
-
1,115
3,885
-
3,885
10,046
13,931		 Total Funds
2024
£
7,463
5,000
24,950
13,410
200
51,023
51,751
2,123
53,874
(2,851)
-
(2,851)
260,533
257,682		 Total Funds
2023
£
4,110
-
19,510
8,216
101
31,937
52,402
4,066
56,468
(24,531)
-
(24,531)
285,064
260,533

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 2024

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		 £
£
242,981
2,390
22,951
20,034
45,375
(30,674)
14,701
257,682
13,931
243,751
257,682
2024		 £
£
250,646
2,390
17,037
23,766
43,193
(33,306)
9,887
260,533
10,046
250,487
260,533
2023

For the year ended 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Trustees' responsibilities:

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 10 December 2024 and are signed on their behalf by:

….........................................

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 2024

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 financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

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, 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 2024

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
2023
GRANTS
Garfield Weston Foundation
2023		 Unrestricted
Funds
£
-
7,463
7,463
4,110
Unrestricted
Funds
£
-
-
-		 Restricted
Funds
£
-
-
-
-
Restricted
Funds
£
5,000
5,000
-		 Total Funds
2024
£
-
7,463
7,463
4,110
Total Funds
2024
£
5,000
5,000
-		 Total Funds
2023
£
-
4,110
4,110
Total Funds
2023
£
-
-

3. GRANTS

4. INCOME FROM CHARITABLE ACTIVITIES

Fees from school and youth group sailings
2023		 Unrestricted
Funds
£
24,950
19,510		 Restricted
Funds
£
-
-		 Total Funds
2024
£
24,950
19,510		 Total Funds
2023
£
19,510

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EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2024

5. INCOME FROM OTHER TRADING ACTIVITIES

Sale of Goods
Day Sails and Charters
2023
6.
INVESTMENT INCOME
Bank interest receivable
2023		 Unrestricted
Funds
£
660
12,750
13,410
8,216
Unrestricted
Funds
£
200
101		 Restricted
Funds
£
-
-
-
-
Restricted
Funds
£
-
-		 Total Funds
2024
£
660
12,750
13,410
8,216
Total Funds
2024
£
200
101		 Total Funds
2023
£
424
7,792
8,216
Total Funds
2023
£
101

7. EXPENDITURE ON CHARITABLE ACTIVITIES

Barge maintenance and running costs
Depreciation
Support costs
Governance costs (note 9)
2023		 Unrestricted
Funds
£
38,815
6,950
1,144
3,727
c
50,636
51,207		 Restricted
Funds
£
400
715
-
-

1,115
1,195		 Total Funds
2024
£
39,215
7,665
1,144
3,727
51,751
52,402		 Total Funds
2023
£
40,434
7,857
727
3,384
52,402

8. EXPENDITURE ON OTHER TRADING ACTIVITIES

Fundraising - sale of goods
Day Sails Costs
2023		 Unrestricted
Funds
£
-
2,123
2,123
4,066		 Restricted
Funds
£
-
-
-
-		 Total Funds
2024
£
-
2,123
2,123
4,066		 Total Funds
2023
£
2,267
1,799
4,066

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EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2024

9. GOVERNANCE COSTS

Accounts Preparation Fees
Independent Examiner Fees
Other Professional Fees
Total paid to Independent Examiner
Bookkeeping		 Unrestricted
Funds
£
1,425
500
153
2,078
1,649
3,727		 Restricted
Funds
£
-
-
-
-
-
-		 Total Funds
2024
£
1,425
500
153
2,078
1,649
3,727		 Total Funds
2023
£
1,250
450
143
1,843
1,541
3,384

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 (2023: £Nil).

11. NET OUTGOING RESOURCES FOR THE YEAR

This is stated after charging:
Depreciation
TANGIBLE FIXED ASSETS
COST
As at 1 April 2023
Additions
At 31 March 2024
DEPRECIATION
As at 1 April 2023
Charge for the period
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 Equipment
£
33,752
-
33,752
17,106
1,665
18,771
14,981
16,646		 2024
£
7,665
Thames
Sailing Barge
£
300,000
-
300,000
66,000
6,000
72,000
228,000
234,000		 2023
£
7,857
Total
£
333,752
-
333,752
83,106
7,665
90,771
242,981
250,646

12. TANGIBLE FIXED ASSETS

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 2024

13. DEBTORS
Trade debtors
Prepayments and accrued income
Other debtors - gift aid
VAT
14.
CREDITORS: Amounts falling due within one year
Trade creditors
Accruals
Deferred income
VAT		 2024
£
17,230
4,692
653
376
22,951
2024
£
314
1,960
28,400
-
30,674		 2023
£
11,891
4,594
552
-
17,037
2023
£
1,253
2,247
29,775
31
33,306

Deferred income relates to fees received in advance for sailing trips that took place after the year end. All deferred income brought forward was released in the current year.

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)
Hedley Fund
d)
Garfield Weston Fund		 Balance at
1 Apr 2023
£
965
7,151
1,930
-
10,046		 Incoming
Outgoing
£
£
-
-
-
(715)
-
(400)
5,000
-
5,000
(1,115)
Movement in res		 Transfers
£
-
-
-
-
-
ources:		 Balance at
31 Mar 2024
£
965
6,436
1,530
5,000
13,931

a) Bursaries may be awarded to assist schools meet the costs of sailing courses.

d) The Garfield Weston fund awarded a donation of £5,000 towards the costs of upgrades to Thallatta's rudder control

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EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2024

16. RESTRICTED FUNDS (cont'd) - PRIOR YEAR

a) Schools promotion and assistance
b) Barge fixed asset fund
c) Hedley Fund		 Balance at
1 Apr 2022
£
965
7,946
4,330
13,241		 Incoming
Outgoing
£
£
-
-
-
(795)
-
(400)
-
(1,195)
Movement in resou		 Transfers
£
-
-
(2,000)
(2,000)
rces:		 Balance at
31 Mar 2023
£
965
7,151
1,930
10,046

a) Bursaries may be awarded to assist schools meet the costs of sailing courses.

17. UNRESTRICTED FUNDS

Movement in funds:

General unrestricted funds
2023		 Balance at
1 Apr 2023
£
250,487
271,823		 Incoming
£
46,023
31,937		 Outgoing
£
(52,759)
(55,273)		 Transfers
£
-
2,000		 Balance at
31 Mar 2024
£
243,751
250,487

18. ANALYSIS OF NET ASSETS (between restricted and unrestricted funds)

Current year
Restricted
Unrestricted
Prior year
Restricted
Unrestricted		 Tangible
fixed assets
£
6,436
236,545
242,981
Tangible
fixed assets
£
6,356
236,433
242,789		 Other net
assets
£
7,495
7,206
14,701
Other net
assets
£
3,690
14,054
17,744		 Total
£
13,931
243,751
257,682
Total
£
10,046
250,487
260,533

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EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2024

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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