OpenCharities

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

2025-03-31-accounts

COMPANY REGISTRATION NUMBER : 06774183

EAST COAST SAIL TRUST

COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS

31 MARCH 2025

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 2025

----- 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
----- End of picture text -----

EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT

YEAR ENDED 31 MARCH 2025

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 2025.

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 M H Pavey J Scanlon

Independent examiner

Alex Stone FCCA Edmund Carr LLP 146 New London Road Chelmsford Essex CM2 0AW

-1-

EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (continued)

YEAR ENDED 31 MARCH 2025

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 fully considered the Charity Commission’s guidance on public benefit and apply it when making decisions. They will only depart from this guidance with unanimous agreement and a compelling reason.

Our educational charters provide clear and lasting benefits to young participants. These are evident in their feedback, creative work, and the personal growth they experience—particularly in teamwork, confidence, and self-esteem.

Our longstanding philosophy prioritises young people and those facing disadvantage due to medical or other challenges.

When not in use for youth programmes, we charter Thalatta to adult groups. This not only generates essential income—helping us keep youth charter rates low—but also broadens awareness of the Trust’s work and shares the joy of sailing this historic vessel with a wider audience.

ACHIEVEMENTS AND PERFORMANCE

We concluded the year with all scheduled maintenance completed, a successful survey, and the renewal of our annual Exemption Certificate. This certification confirms that Thalatta meets the required standards for passenger operation, covering hull integrity, rigging, and safety equipment.

We continue to take great pride in the vessel’s condition and are grateful for the many compliments received from guests and the wider barging community.

Our sincere thanks go to all who support the Trust, especially Cyril and Cheryl Varley, Nick Hayward, and the many volunteers who help maintain and crew Thalatta throughout the year.

We are also deeply appreciative of our Friends of Thalatta, whose financial support and enthusiasm— including visits and day sails—remain invaluable. While operational pressures have disrupted our newsletter schedule, we are committed to issuing at least one update annually to keep supporters informed.

-2-

EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (continued)

YEAR ENDED 31 MARCH 2025

FINANCIAL REVIEW

Total income for the year fell to £41,875 (2024: £51,023), primarily due to reduced grants and donations. However, income from schools, youth groups, and adult charters remained steady or improved. Expenditure at £54,410 (2024: £53,874) remained substantially unchanged, resulting in a deficit of £12,535 (2024: £2,851).

We began the financial year (1 April 2024 – 31 March 2025) with a bank balance of £20,034 and ended with £16,239. While charter activity is growing steadily, the decline in external funding remains a concern and we see the need to actively address this issue in future.

Despite a challenging year, we expanded our customer base, welcoming more school groups and new Sea Cadet units, beginning with Scarborough and growing throughout the season.

Inflationary pressures persisted, and we anticipate continued financial strain. To address this, we are working to increase term time bookings and diversify income sources.

While Thalatta was substantially rebuilt around 2012, it is important that we acknowledge that some of the equipment on this 1906 vessel is becoming quite elderly and, while we continue to maintain to our own high standards there will always be an ongoing necessity to replace and repair in the future. We believe our operating costs are under control and our ability to increase fees to schools is very limited in the current economic conditions. As a result we need to seek external commercial supporters (whether by grant donations or sponsorship) to help us build up a reserve for the inevitable long-term maintenance projects.

RESERVES POLICY

Our policy is to maintain free reserves—unrestricted funds not tied up in fixed assets—equivalent to 9–12 months of operating expenditure. At present, this remains a concern, as income and expenditure projections are difficult to forecast with confidence.

STRUCTURE, GOVERNANCE AND MANAGEMENT

HOW THE TRUST IS RUN

The Trust is a company limited by guarantee. Its Directors are recognised as Trustees by the Charity Commission.

The organisation is small and supported by a dedicated Management Team, including the Skipper of Thalatta, who oversees the vessel’s operation and maintenance year-round.

Trustees serve voluntarily and receive no remuneration. We gratefully acknowledge the contributions of part-time accountants Rasa Dalton and Peter Swift, and especially the ongoing commitment of Skipper Cyril Varley.

The Trustees meet regularly throughout the year, with a quorum of three required. They are responsible for the strategic direction, conduct, and day-to-day management of the Trust. New Trustees are invited to attend meetings to understand the Trust’s work before being formally elected.

Finances are closely monitored, with regular reviews of cash flow and projections.

Crew are paid on a daily or weekly basis depending on bookings and operational needs.

-3-

EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (continued)

YEAR ENDED 31 MARCH 2025

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption.

Approved by the Trustees on 19 January 2026 and signed on their behalf by:

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

Michael Keeling

Chairman

-4-

EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

YEAR ENDED 31 MARCH 2025

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2025 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 Edmund Carr LLP 146 New London Road Chelmsford CM2 0AW

19 January 2026

-5-

EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 31 MARCH 2025

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
£
4,231
5,000
22,500
9,655
89
41,475
51,126
2,641
53,767
(12,292)
-
(12,292)
243,751
231,459		 Restricted
Funds
£
400
-
-
-
-
400
643
-
643
(243)
-
(243)
13,931
13,688		 Total Funds
2025
£
4,631
5,000
22,500
9,655
89
41,875
51,769
2,641
54,410
(12,535)
-
(12,535)
257,682
245,147		 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

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.

-6-

EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE

BALANCE SHEET

AS AT 31 MARCH 2025

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		 £
£
235,166
2,390
30,235
16,239
48,864
(38,883)
9,981
245,147
13,688
231,459
245,147
2025		 £
£
242,981
2,390
22,951
20,034
45,375
(30,674)
14,701
257,682
13,931
243,751
257,682
2024

For the year ended 31 March 2025 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 19 January 2026 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.

-7-

EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

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.

-8-

EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2025

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

Unrestricted
Funds
£
Other donations
4,231
4,231
2024
7,463
GRANTS
Unrestricted
Funds
£
Garfield Weston Foundation
-
Holiday Foundation
5,000
5,000
2024
-
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
Funds
£
Fees from school and youth group sailings
22,500
2024
24,950		 Restricted
Funds
£
400
400
-
Restricted
Funds
£
-
-
-
5,000
Restricted
Funds
£
-
-		 Total Funds
2025
£
4,631
4,631
7,463
Total Funds
2025
£
-
5,000
5,000
5,000
Total Funds
2025
£
22,500
24,950		 Total Funds
2024
£
7,463
7,463
Total Funds
2024
£
5,000
-
5,000
Total Funds
2024
£
24,950

3. GRANTS

4. INCOME FROM CHARITABLE ACTIVITIES

-9-

EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2025

5. INCOME FROM OTHER TRADING ACTIVITIES

Unrestricted
Funds
£
Sale of Goods
746
Day Sails and Charters
8,909
9,655
2024
13,410
INVESTMENT INCOME
Unrestricted
Funds
£
Bank interest receivable
89
2024
200
EXPENDITURE ON CHARITABLE ACTIVITIES
Unrestricted
Funds
£
Barge maintenance and running costs
39,519
Depreciation
6,856
Losses on fixed asset disposals
315
Support costs
1,460
Governance costs (note 9)
2,976
51,126
2024
50,636
EXPENDITURE ON OTHER TRADING ACTIVITIES
Unrestricted
Funds
£
Fundraising - sale of goods
369
Day Sails Costs
2,272
2,641
2024
2,123		 Restricted
Funds
£
-
-
-
-
Restricted
Funds
£
-
-
Restricted
Funds
£
-
643
-
-
-
643
1,115
Restricted
Funds
£
-
-
-
-		 Total Funds
2025
£
746
8,909
9,655
13,410
Total Funds
2025
£
89
200
Total Funds
2025
£
39,519
7,499
315
1,460
2,976
51,769
51,751
Total Funds
2025
£
369
2,272
2,641
2,123		 Total Funds
2024
£
660
12,750
13,410
Total Funds
2024
£
200
Total Funds
2024
£
39,215
7,665
-
1,144
3,727
51,751
Total Funds
2024
£
-
2,123
2,123

6. INVESTMENT INCOME

7. EXPENDITURE ON CHARITABLE ACTIVITIES

8. EXPENDITURE ON OTHER TRADING ACTIVITIES

-10-

EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2025

9. GOVERNANCE COSTS

----- Start of picture text -----
|||||| |---|---|---|---|---| |Unrestricted|Restricted|Total Funds|Total Funds| |Funds|Funds|2025|2024| |£|£|£|£| |-| |Accounts Preparation Fees|1,080|1,080|1,425| |Independent Examiner Fees|500|-|500|500| |Other Professional Fees|184|-|184|153| |-| |Total paid to Independent Examiner|1,764|1,764|2,078| |-| |Bookkeeping|1,212|1,212|1,649| |-| |2,976|2,976|3,727|

----- End of picture text -----

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 (2024: £Nil).

11. NET OUTGOING RESOURCES FOR THE YEAR

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |This is stated after charging:|£|£| |Depreciation|7,499|7,665|

----- End of picture text -----

12. TANGIBLE FIXED ASSETS

----- Start of picture text -----
||||| |---|---|---|---| |Thames| |Equipment|Sailing Barge|Total| |£|£|£| |COST| |As at 1 April 2024|33,751|300,000|333,752| |Additions|-|-|-| |-| |On disposal|(1,140)|(1,140)| |At 31 March 2025|32,611|300,000|332,611| |DEPRECIATION| |As at 1 April 2024|19,596|71,175|90,771| |Charge for the period|674|6,825|7,499| |-| |On disposal|(825)|(825)| |At 31 March 2025|19,445|78,000|97,445| |NET BOOK VALUE| |At 31 March 2025|13,166|222,000|235,166| |At 31 March 2024|14,155|228,825|242,981|

----- End of picture text -----

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.

-11-

EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2025

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		 2025
£
24,790
4,792
653
-
30,235
2025
£
2,377
1,770
34,658
78
38,883		 2024
£
17,230
4,692
653
376
22,951
2024
£
314
1,960
28,400
-
30,674

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
e)
National Maritime Museum		 Balance at
1 Apr 2024
£
965
6,436
1,530
5,000
-
13,931		 Incoming
Outgoing
£
£
-
-
-
(643)
-
-
-
-
400
-
400
(643)
Movement in res		 Transfers
£
-
-
-
-
-
-
ources:		 Balance at
31 Mar 2025
£
965
5,793
1,530
5,000
400
13,688

b) Fixed assets purchased from restricted grants and donations. Depreciation is charged to the fund over the life of the assets.

e) The National Maritime Museum donated £400 to purchase maintenance items for Thallatta.

-12-

EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2025

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

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 reso		 Transfers
£
-
-
-
-
-
urces:		 Balance at
31 March 2024
£
965
6,436
1,530
5,000
13,931

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

17. UNRESTRICTED FUNDS

Balance at
1 Apr 2024
Incoming
Outgoing
Transfers
£
£
£
£
General unrestricted funds
243,751
41,475
(53,767)
-
2024
250,487
46,023
(52,759)
-
ANALYSIS OF NET ASSETS (between restricted and unrestricted funds)
Current year
Tangible
Other net
fixed assets
assets
£
£
Restricted
5,793
7,895
Unrestricted
229,373
2,086
235,166
9,981
Prior year
Tangible
Other net
fixed assets
assets
£
£
Restricted
6,436
7,495
Unrestricted
236,545
7,206
242,981
14,701
Movement in funds:		 Balance at
31 Mar 2025
£
231,459
243,751
Total
£
13,688
231,459
245,147
Total
£
13,931
243,751
257,682

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

-13-

EAST COAST SAIL TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2025

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.

-14-