**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 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 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 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. **-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| |---|---|---|---|---| - a) Bursaries may be awarded to assist schools meet the costs of sailing courses. b) Fixed assets purchased from restricted grants and donations. Depreciation is charged to the fund over the life of the assets. - c) The Hedley Fund awarded a grant of £4,330 towards the cost of two new life rafts for the sailing barge. - d) The Garfield Weston fund awarded a donation of £5,000 towards the costs of upgrades to Thallatta's rudder control 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._ - _b) Fixed assets purchased from restricted grants and donations. Depreciation is charged to the fund over the life of the assets._ - _c) The Hedley Fund awarded a grant of £4,330 towards the cost of two new life rafts for the sailing barge._ - _d) The Garfield Weston fund awarded a donation of £5,000 towards the costs of upgrades to Thallatta's rudder control_ ## **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-**