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← Blyth Tall Ship

2024-05-31-accounts

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Charity registration number 1138239

Company registration number 07267448 (England and Wales)

BLYTH TALL SHIP

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

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BLYTH TALL SHIP

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees A S Todd
A L Quinn
E O'Connor
R Brown
E J Fletcher
J Oats
S A Hall
Secretary C Gray
Charity number 1138239
Company number 07267448
Registered office Port Training Services
Quay Road
Blyth
Northumberland
United Kingdom
NE24 3PA
Independent examiner Simon Brown BA ACA DChA
Azets Audit Services
Bulman House
Regent Centre
Gosforth
Newcastle Upon Tyne
NE3 3LS

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BLYTH TALL SHIP

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Statement of financial position 7
Notes to the financial statements 8 - 17

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BLYTH TALL SHIP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MAY 2024

The trustees present their annual report and financial statements for the year ended 31 May 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's memorandum and articles of association, the Companies Act 2006 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 (FRS 102)" (effective 1 January 2019).

Objectives and activities

The Charity's objectives are restricted to the following:

  1. To advance the education of the public in the historical and maritime heritage of Blyth and the coast of Northumberland in particular but not exclusively through the provision of:

a. volunteering, training and employment opportunities for people of all ages, in particular but not exclusively in the field of sail training, maritime, engineering, renewable energy, tourism and cultural activities

b. a harbour side boat building and repair facility and associated services including its maintenance, for the public appreciation and utility.

  1. To act as a resource for young people living in the North East of England by providing advice and assistance and organising programmes of physical, educational and other activities as a means of:

a. advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals

b. advancing education

c. providing recreational and leisure time activity in the interests of social welfare for people living in the area of benefit who have need by reason of their youth, age, infirmity of disability, poverty or social and economic circumstances with a view to improving the conditions of such person.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Fundraising policy

The charity is required to report how it deals with fundraising from the public. The charity does not use a professional fundraiser or commercial participator to raise funds. Any monies raised direct from the public follows all guidelines set out by the Charity Commission and UK law in every respect. We respect the privacy and contact preferences of all public donors.

Public benefit

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

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BLYTH TALL SHIP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024

Achievements and performance

As with many charities, we entered this period carrying the residual slowness of funders left over from COVID and increased competition for funds after the loss of EU charitable finding into the UK. There have therefore been reductions in giving but increases in revenue from the ship as confidence has grown. Our four new board members with skills in commercialisation, digital marketing and community development brought in to support the strategic development of the charity have proved beneficial as a revenue sustainability plan develops. This has created a confidence in securing funding to create and support this strategic shift and will include a full review of governance and leadership to support the momentum.

The National Lottery Heritage Fund post COVID relief funding has ensured a consistent revenue stream to deliver a programme of well-being skills courses, the demand for which has been high. Early research by Newcastle University has identified considerable well-being improvement over the course of a range of heritage skills courses for a wide range of well-being measures. The early results have also suggested that volunteering groups are forming to enable the impact to continue. We are confident this will become a long term facet of the charities outcomes.

The ship sailed mainly out of Blyth in the summer, cementing its place as both a charitable community sailing vessel and building a one to three day set of commercial offerings. We also made it to the Shetland Islands which is as far north as the Southern Shetland Islands are South, remembering once again the achievements of Capt William Smith in discovering the first land in Antarctic in 1819 from Blyth.

The charity was also able to restart employability skills courses. These NVQ level 1’s in engineering operations (working with heritage woodworking skills) have been a cornerstone in serving the marginalised in Blyth and have resulted in 80% being employed.

In the circumstances the board feels that we have responded well and positively post COVID. We have seen a reduction in reserves as coming out of COVID much of these are to get restarted, but the board remain confident in the considered strategy that looks to build alternative revenues from commercial operations, will ensure plans for continued skills and well-being activity to support our charitable aims are enabled.

Financial review

The charity’s forecasts and projections for the next twelve months show that the charity should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance. The charity has strong positive cash balances and is forecasting for this to continue to be the case.

Policy on reserves

The calculation of free reserves is based on the definition included in the charity statement of recommended practice (SORP), which provides recommendations for accounting and reporting for charities. The trustees have examined the requirements of the charity to hold free reserves - those reserves not invested in tangible fixed assets, excluding long term liabilities, or designated for a particular purpose. The Trustees considered it would be appropriate to hold the equivalent of three months running costs, which would equate to holding a range of approximately £70,000 - £100,000 in free reserves to deal with the hypothetical situation of any unplanned closure.

At the year end, free reserves were £94,968 (2023: £33,153), an increase of £61,815 in the year. The trustees realise this position to be below satisfactory, however they will continue to work with grant funders on a project by project basis to continue to improve this position.

Principal funding sources

Currently the charity is funded using restricted grant funding, which is applied against the projects for which the grants are given. The charity must then commit to using a percentage of its own funds to attract further restricted funding. As a result the running costs of the charity currently comprise these 'matched funding' costs together with the governance costs of running the charity.

Structure, governance and management

The charity is controlled by its governing document, a deed of trust and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The Memorandum and Articles of Association are dated 27th May 2010 and last amended on 7th September 2010, with the charity gaining registered charitable status on 4th October 2010.

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BLYTH TALL SHIP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

A S Todd

A L Quinn

E O'Connor

R Brown E J Fletcher J Oats S A Hall

Appointments of trustees were made from the long term executive team when the charity was formed. The appointments were from those prepared to volunteer and were based upon a mix of business educational skills. New trustees will be invited to join the board based on their skills and cultural fit, usually after a strategic and governance decision to bolster the board in particular areas or when existing Trustees move on.

Risk Management

The trustee have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Key Management Personnel

The board, who give their time freely and no trustees received remuneration in the year, have considered who the Key Management Personnel (KMP) of the charity, as noted in the Reference and Administration section. Together with the board, these KMP are those in charge of directing and controlling, running and operating the activities of the charity on a day to day basis. The pay of the KMP is reviewed annually and normally increased in accordance with average earnings. The trustees benchmark against pay levels of other charities and similar organisations within the sector and the region. Pay levels are set using this information together with the budget and forecast information, ensuring that the charity can afford any proposed increases. The board then agree any uplift to remuneration

Statement of trustees' responsibilities

The trustees, who are also the directors of Blyth Tall Ship for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Independent Examiner

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Simon Brown BA ACA DChA as independent examiner of the charity is to be propsed at the forthcoming Annual General Meeting.

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BLYTH TALL SHIP

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024

The trustees' report was approved by the Board of Trustees.

Alan Todd 27 Jan 2025 15:38:18 GMT (UTC +0) .............................. A S Todd Trustee Date: .............................................27 January 2025

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BLYTH TALL SHIP

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BLYTH TALL SHIP

I report to the trustees on my examination of the financial statements of Blyth Tall Ship (the charity) for the year ended 31 May 2024.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

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:

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 financial statements to be reached.

Simon Brown 27 Jan 2025 15:38:19 GMT (UTC +0)

Simon Brown BA ACA DChA

Azets Audit Services Bulman House Regent Centre Gosforth Newcastle Upon Tyne NE3 3LS

Dated: .........................27 January 2025

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BLYTH TALL SHIP

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MAY 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and
legacies
3
27,696
32,875
Charitable activities
4
13,500
219,494
Other income
5
46,319
-
Total income
87,515
252,369
Expenditure on:
Charitable activities
6
41,442
267,038
Gross transfers
between funds
-
-
Net income/(expenditure)
for the year/
Net movement in funds
46,073
(14,669)
Fund balances at 1 June
2023
157,641
85,208
Fund balances at 31 May
2024
203,714
70,539		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
60,571
30,460
69,900
232,994
16,913
174,767
46,319
27,808
-
339,884
75,181
244,667
308,480
138,606
211,399
-
(4,481)
4,481
31,404
(67,906)
37,749
242,849
225,547
47,459
274,253
157,641
85,208		 Total
2023
£
100,360
191,680
27,808
319,848
350,005
-
(30,157)
273,006
242,849
Donations and
legacies
3
Charitable activities
4
Other income
5
Total income
Expenditure on:
Charitable activities
6
Gross transfers
between funds
Net income/(expenditure)
for the year/
Net movement in funds
Fund balances at 1 June
2023
Fund balances at 31 May
2024

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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BLYTH TALL SHIP

STATEMENT OF FINANCIAL POSITION

AS AT 31 MAY 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 11 108,746 124,488
Current assets
Debtors 12 49,509 43,538
Cash at bank and in hand 136,040 91,953
185,549 135,491
Creditors: amounts falling due within
one year 13 (20,042) (17,130)
Net current assets 165,507 118,361
Total assets less current liabilities 274,253 242,849
Income funds
Restricted funds 14 70,539 85,208
Unrestricted funds 203,714 157,641
274,253 242,849

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 May 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................27 January 2025

..............................Alan Todd 27 Jan 2025 15:38:18 GMT (UTC +0)

A S Todd Trustee

Company registration number 07267448

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BLYTH TALL SHIP

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

1 Accounting policies

Charity information

Blyth Tall Ship is a private company limited by guarantee incorporated in England and Wales. The registered office is Port Training Services, Quay Road, Blyth, Northumberland, NE24 3PA, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's memorandum and articles of association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income and endowments

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

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BLYTH TALL SHIP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs have been differentiated between governance costs and other support costs.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the statutory audit and other costs with an apportiionment of overhead and support costs.

Governance costs and support costs relating to charitable activities have been apportioned as set out in the Support Costs note.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost , net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment 5% - 20% straight line Office equipment 20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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BLYTH TALL SHIP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024

1 Accounting policies

(Continued)

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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BLYTH TALL SHIP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations
5,696
-
Grants
22,000
32,875
27,696
32,875		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
5,696
10,460
-
54,875
20,000
69,900
60,571
30,460
69,900		 Total
2023
£
10,460
89,900
100,360

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BLYTH TALL SHIP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024

4 Charitable activities

Charitable
Charitable
Income Income
2024 2023
£ £
Training provision 13,500 16,913
Performance related grants 219,494 174,767
232,994 191,680
Analysis by fund
Unrestricted funds 13,500 16,913
Restricted funds 219,494 174,767
232,994 191,680
5 Other income
**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Other income 46,319 27,808
6 Charitable activities
Charitable
Charitable
Expenditure Expenditure
2024 2023
£ £
Training 304,596 346,214
Share of governance costs (see note 7) 3,884 3,791
308,480 350,005
Analysis by fund
Unrestricted funds 41,442 138,606
Restricted funds 267,038 211,399
308,480 350,005

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BLYTH TALL SHIP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024

7 Support costs

Support
costs
Governance
costs
£
£
Accountancy fees
-
634
Independent examination fees
-
3,250
-
3,884
Analysed between
Charitable activities
-
3,884		 2024
£
634
3,250
3,884
3,884		 2023
£
1,141
2,650
3,791
3,791

The charity allocates costs direct to activities as far as possible and then it identifies the remaining costs of its support functions. It then identifies those costs which relate to the governance function. Having identified its governance costs, the remaining support costs together with the governance costs are apportioned between the key charitable activities undertaken in the year. The basis for apportionment and the analysis of support and governance costs is set out as follows:

Direct to governance: Independent examination fees, other professional fees and bank charges.

Direct to charitable activities: All other expenditure incurred.

No expenses have been apportioned between the two funds mentioned above.

Restricted funds have been received which allows payment of some governance costs.

Governance costs includes payments to the independent examiner of £3,250 (2023- £2,650) for independent examination fees.

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

9 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

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BLYTH TALL SHIP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024

11
Tangible fixed assets
Plant and
equipment
Office
equipment
£
£
Cost
At 1 June 2023
296,242
16,988
Additions
175
-
At 31 May 2024
296,417
16,988
Depreciation and impairment
At 1 June 2023
176,122
12,620
Depreciation charged in the year
14,799
1,118
At 31 May 2024
190,921
13,738
Carrying amount
At 31 May 2024
105,496
3,250
At 31 May 2023
120,120
4,368
12
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
6,464
Other debtors
36,330
Prepayments and accrued income
6,715
49,509
13
Creditors: amounts falling due within one year
2024
£
Trade creditors
10,773
Accruals and deferred income
9,269
20,042		 Total
£
313,230
175
313,405
188,742
15,917
204,659
108,746
124,488
2023
£
466
38,764
4,308
43,538
2023
£
10,319
6,811
17,130

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BLYTH TALL SHIP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024

14 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 June 2022
r
£
Northumberland County Council
2,650
Community Foundation - Provision of NVQ
Level 1
19,310
Garfield Weston Foundation
3,370
Community Chest
265
Heritage Lottery Fund - Traineeship
Programme
6,864
Samares Investments
15,000
Ballinger Trust
-
Blyth Town Council
-
47,459		 Movement in funds
Incoming
esources
Resources
expended
Revaluations,
gains and
losses
Balance at
1 June 2023
r
£
£
£
£
15,000
(3,059)
-
14,591
9,900
(7,817)
-
21,393
20,000
(8,193)
-
15,177
-
-
-
265
174,767
(177,849)
-
3,782
15,000
-
-
30,000
10,000
(10,000)
-
-
-
(4,481)
4,481
-
244,667
(211,399)
4,481
85,208		 Movement in funds
Incoming
esources
Resources
expended
£
£
2,975
-
9,900
(14,565)
20,000
(9,704)
-
-
219,494
(242,769)
-
-
-
-
-
-
252,369
(267,038)		 Transfers
Balance at
31 May 2024
£
£
-
17,566
-
16,728
(19,493)
5,980
-
265
19,493
-
-
30,000
-
-
-
-
-
70,539		 Transfers
Balance at
31 May 2024
£
£
-
17,566
-
16,728
(19,493)
5,980
-
265
19,493
-
-
30,000
-
-
-
-
-
70,539
70,539

VirtualSignature Transaction Ref. VH4K-QDW2-YL7W 27 Jan 2025 15:38:20 GMT (UTC +0) D 1/2 P 19/20

BLYTH TALL SHIP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024

14 Restricted funds

(Continued)

Restricted funds

The specific purposes for which the funds are to be applied are as follows:

The Northumberland County Council fund - represents expenditure to develop museum, archiving work and the covering central costs for the benefit of the community.

The Community Foundation Fund - Provision of NVQ Level 1 fund represents funding received towards the costs of providing NVQ Level 1 in Engineering Operations as well as the costs and associated materials for a new berth.

The Garfield Weston Foundation represents funding received towards the central operating costs of running training, sailing and visitor activities. The transfer in 2024 to the Heritage Lottery Fund was match funding to support the HLF claim in skills development.

The Ballinger Trust fund is to support the costs of the Williams II vessel for community sailing voyages. The transfer in 2023 was to restore the overspent restricted funds.

The Community Chest donation is to be spent on the Gansey knitting project for wool, postage, travel and marketing.

The Heritage Lottery fund - Traineeship Programme is funding received to run a programme that results in training 36 people to level 2 NVQ qualification in Marine Engineering through to April 2021. The transfer in 2024 from Garfield Weston Foundation was the match funding requirement to support the HLF claim.

Blyth Town Council - Provided funding to support unemployed people to take part in the Round Britain Expedition by covering revenue costs.

Samares Investments grant is for the maintenance, insurance and operating cost of the Williams II.

VirtualSignature Transaction Ref. VH4K-QDW2-YL7W 27 Jan 2025 15:38:20 GMT (UTC +0) D 1/2 P 20/20

BLYTH TALL SHIP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2024

15
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2024
2024
£
£
Fund balances at 31
May 2024 are
represented by:
Tangible assets
108,746
-
Current assets/(liabilities)
94,968
70,539
203,714
70,539		 Total Unrestricted
funds
Restricted
funds
2024
2023
2023
£
£
£
108,746
124,488
-
165,507
33,153
85,208
274,253
157,641
85,208		 Total
2023
£
124,488
118,361
242,849

16 Financial commitments, guarantees and contingent liabilities

Other financial commitments

The total amount of other financial commitments not provided in the financial statements was £7,800 (2023 - £7,800).

17 Related party transactions

Key Management Personnel

The key management personnel of the charity comprise the trustees, the Chief Executive and the boat builder. The total benefits invoiced by the key management personnel of the charity were £94,265 (2023 - £88,932 ). At the balance sheet date the amount due to Key Management Personnel was £3,496 (2023 - £5,584 ).