Registered number.. 07267448 Charity number.. 1138239 BLYTH TALL SHIP (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 Armstrongwatson. Accountants, Business & Financial Advisers
BLYTH TALL SHIP (A ¢¢mpany limited by guarnnte•l CONTENTS Page Rafgronca and administrative details of tho Charity. its Trustsos and advisors Trusts¢$' roport Indopondant 8xamin8es rnport Statsment of financial activities Balanc• sh¢•t 9-10 Notes to the financial statements
BLYTH TALL SHIP (A ¢¢mpany limited by guarnnte•l REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MAY 2025 Tw$tg9$ R Brown. Chair J O*es J Barr (appointed 16 January 2025. siOned 28 October 20251 E Fletcher Iresigned 22 January 20261 S Hall Iresiqned 26 Auqust 20251 E O'connor (resigned 26 August 20251 A Quinn (resigned 16 January 20251 A Todd (resigned 26 Augvsl 20251 Cpl D Smith lappoinled 1 October 2025} T Pringle lappointed 26 August 20251 J Nicolson lappointed 26 August 20251 E Dick lappointed 26 August 20251 H Beales lappointe(126 August 20251 Company r•gl•t•r•d number 07267448 Charity r8glstsr•d number 1138239 R•gl•tsr•d offl¢• Port Training Serwces Quay Road Blyth Northumberland NE24 3PA Chlef exfrcutlve officer & Siobhan Sargeant company $•cr•tsry Indopondont oxam5nor E Chapman Armstrong Watyon Accountants LLP First Floor One Slravhjerry Lane Newcastle upon Tyne NE14BX Page 1
BLYTH TALL SHIP (A ¢¢mpany limited by guarnnte•l TRUSTEES. REPORT FOR THE YEAR ENDED 31 MAY 2025 The Trustees present their annual port together vAlh the financial statements of the Charity for the year 1 June 2024 to 31 May 2025. The Annual report serves the purpose5 of both a Trustees. report and a director5. report under company law. The Tru5tee5 confirm that the Annual Teport and financial statemen15 of the charrtable company comply wth the current slatulory requirements. the requirements of the ¢hantable ¢ompanls governing document and th provisions of the Statement of Recommended Practsce ISORPI applicable to charities preparing their accounts in accordance wf(h the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective 1 January 20191. Since the Charity qualifies as small under $e¢tion 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 20C6 (Strategic Report and Directors. Reporti Regulations 2013 has been omitied. Oble¢tlves and a¢llvltle$ a. Pollcl•$ and obl•ctlves The charities objectives are reslncted to the folbwng.. 1. To advance the education of the public in the historical and marib.me heritage of Blyth and the coast of Northumberland in particular bul not exclusively lo the provision of". volunteering. training and employment opportunities for people of all ages. in particular bul not exclusively in the field ol sail training, maritime, engineering, renewable energy, tourism and cultural acts'vilies. b. a harbour side boat building and repair facility and associated services including its maintenance, for public appreciation and utility. 2. To act as a resource for young people liwng in the North East of England by providing advice and assistance and organising programmes of physical. educational an¢J other a¢tivrties as a means of.. advancing in life and helping young people by developing Iheir skills. ¢apa¢rtie$ and Capabilities to enable them to participate in society as independent, malure and responsible individuals. b. advancing education. c. relieving unemployment. d. providing recreational and leisure b.me aclivrty in the inte$19 of social wetfare for people living in the area of benefit vh)0 have need by reason of their youth age. infimirty of disability. povety or social and economic cir¢umslan¢es a view lo improving the ndIti¢)n$ of SLb¢h pers¢)n. In setting objethves and planning for aclivib"es. the Trustees have given due consideration to general guidance published by the Charity Commission rel*ing to public benefit. including the guidance 'Public benefit." running a Charity IPB21'. Page 2
BLYTH TALL SHIP (A ¢¢mpany limited by guarnnte•l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MAY 2025 A¢hlovom•nts and pgrfornian¢ a. Main achievements of the Charity Blyth Tall Ship has been through a period of deliberate and necessary change during the 20225 financial year. The focus throughout has been on strengthening governance, leadership, and finan¢ial resilience, $0 the charity is better placed to deliver its charitable purpose in a sustainable way. Mr R Brown was appointed Chair in June 2025. having already served as a Trustee for four years. This Continuity has supported a smooth transition and ensure(I that organisalional kno%edge was tsined al a lime of change. His background in senior aderShip and business ha$ ¢omplemented the colledive experience of the Board as they have focused on clearer oversight, accountabilty. and long tem) direction. One of the most significant developments during the year wa5 the appointment of a new Chief Executive Officer in January 2025 followng a thorough recruitment process. The CEO brings strong experience in charity leadership. governance, and income generation. Since appointment. the CEO has led a comprehensive review of governance arrangements to ensure that slru¢¢ures. systems, and pres$e$ are appropriate for the charity's size and activity. compliant current legislation. and aligned th Charity Commission guidance. As part of thi5 work, the charity has completed a full policy review. established a risk register, and introduced a rolling policy review timetable. Existing policies have been updale(I to reflect current legal and regulatory requirements, and new policies have been adopted vthere gaps VIE identified. This provides a clearer framework for decision making, safeguarding, and risk management. and supports Trustees in meeting their legal duties. The Board h48 also reviewed ils own effectiveness. A Trustee skills matrix vrds completèd lo agsess the balance of skills and expenence aeross the Board. This has Infomed a taweled recruilmenl process lo address identified gaps and strengthen govemance capacity. A structured Trustee indu¢ts'on programme has also been introduced lo ensure that all Trustee$ understsnd their respon$ibilth'es, the ¢harity'$ objects, and their role in advancing public benefit. Volunteers remain central to Blyth Tall Ship's Irk. During the year, plans were developed lo grow and strengthen the volunteer base across all afeas of operation. A new Volunteer Indu¢tion Programme has been created, shaped by volunteer fee<lback. alongside improved approaches lo engagement and dats collection. This supports better decision making. clearer communicatson, and more meaningfvl volunteering experiences. Financial sustainability has been a key priority. During the year, new trust and foundats'on funding pipelines and corporate relationships were established lo support a more balanced and resilient funding model. In February 2025. the charty delivered ils first Gala Dinner. introducing Blyth Tall Ship to a wider eorporale audience and generating both income and avtareness. Foll¢Mng rts su¢¢ess. Trustees have agreed that this wll become an annual fundraising event. Work has also begun to develop a corporate programme including team building activity, event hire, and corporate events, aligned wth the charity's aims. The Tru51ees are 5atsfied that they have acted in accordance wth their duties under charity law, had due regard lo the Charrty Commission'5 public benefit guidance. and tsken appropriate steps 10 Safeguard the Charity's assets. reputation, and beneficiaries. The Trustees have had due regard to the Charity Commission's guidance on public benefit and the requirements of CC15 vthen preparing this report. Mr R Brovm would like lo thank his fellow Trustees for their time and commitment. the Chief Executive Officer and stsff lor their leadership. and the volunteers. supporters. and partners whose ongoing support enables Blyth Tall Ship to continue its work. This year has laid fimier foundations. Governance is stronger, leadership clearer, and income generation more structured. The Board is confident that Blyth Tall Ship 15 better w)5rtioned to delNer public benefrt and lo grow sustsinably in the years ahead. Page 3
BLYTH TALL SHIP (A ¢¢mpany limited by guarnnte•l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MAY 2025 A¢hlovom•nts and pgrfornian¢o l¢ontinu8d) b. Fundraising policy The charity is required to report how it deals fvndraising from the public. The charity does not use a professional fundraiser or commercial participator lo raise fvnds. Any monies raised direct from the public follows all guidelines set out by the Charity Commission and UK law in every aspect. We respect the privacy and contact preferences of all public donors. ¢. Public nar The Iruslees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 10 have due regard lo the publK benerft guidance published by the charib.es Commission for England and Wales. Financial rgview . Golng concorn After making appropriate enquiries. the Trustees have a reasonable expectsb'on that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going eoncern basis in preparing the financial stslements. Further details rega¥ding the adoptson ef the going concern basis can be found in the accounting polic*s. b. R8sor¥es pollcy The calculation of free reserves is based on the definrtion included in the charity statement of recomm&nd&d practice ISORPI, which provides recommendalions for accounting and reporting for charrties. The trustees have examined the requirements of the charity to hold free reserves - those reserves not invested in tangible fixed assets, excluding long term liabilits'es. or designaled for a particular purpose. The Trustees considered it would be appropriate to hold the equivalent of three month5 of running costs. vknich would equate to holding approximately £100,000 in Iree reserves lo deal with the hypothetscal situation of any unplanned closure. Al the year end, free reserves re £156,92912024." £94,968), an increase of £61,961 in the year. c. Princi1 funding Currently the chanty is funded using restricted grant funding. thich is applied against the projects for which the grants are given. The charrty must then commit to using a percentsge of its own funds to attract further restricted funding. As a result the running costs of the charity currently comprise these 'matched fvnding, costs together wth the governance costs of running the charity. Structurg. govornanc8 and manag•m•nt a. Con$titution The charity 15 controlled by its goveming document, a deed of trust and constitues a limrted company. limited by guarantee, as defined by the Companies Act 2006. The Mernorandum and Arb"cle5 of Association are dated 27th May 2010 and last ament1ed on 7th September 2010, wth the chanty gaining registe charitable stslus on the 4th October 2010. In the event of the charity being %wund up, the maximum liabilty of each member is £1. Page 4
BLYTH TALL SHIP (A ¢¢mpany limited by guarnnte•l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MAY 2025 Structurè, govornan¢• and managament l¢onllnu8d) b. Methods of appointment or election of Tntee5 The trustees, who are also diwlors for the purposes of company law. and vtho served during the year and up lo the date of Signature of the financBI statements were.. R Brown J Oates J Barr E Fletcher S Hall E O'connor A Quinn A Todd Cpl D Smrth H Beales T Pringle J Nicolson E Dick Appointments of trustees were made from Ihe long lemi execulive team vthen the charity was formed. The apppointments were from those prepared to volunteer and yre based upon a mix of business and educational skills. New trustees wll be inwted lo join the board based on their skills and cultural fit, usually after a slrateglc and governance decision to bolster the board in partj'cular areas or when existing trustees move on. c. Kgy Managem•nl Per¥onng1 The board. who give their time freely and no trustees received remuneration in the year. have considered who the Key Management Personnel IKMPI of the charity. as noted in Ihe Reference and Administrab'on section. Together the board. these KMP are Iho$e in charge ol directing and controlling. running and operating the activities of the charity on a day to day basis. The pay of the KMP is rewewed annually and normally increased in accordance wth the average earnings. The trustees benchmark against pay levels of other charities and similar organisalions wlhin the sector and the region. Pay levels are sel using this information together with the budget and forecast information, ensuring that the cl)aTity can afford any proposed increases. The board then agree that any uplift lo remuneration. d. Risk management The Trustees have assessed the major risks to vknich the Charty is exposed, in parbcular those related to the operations and finances of the Charity, and are sats"sfied Ihat systems and procedures are in place to mitigate exposure lo the major risks. Page S
BLYTH TALL SHIP (A ¢¢mpany limited by guarnnte•l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MAY 2025 Plan$ for fulur• porlod$ In the coming year, Blyth Tall Ship wll continue lo develop and expand ils youth training programmes, with a particular focus on engaging young people through structure(I marib.me skills development. h0o1 partnerships and ¢ommunity-based STEM a¢tiwbes. We aim to provide meaningful. hands-on opportunity'es that inspire and equip pa'cip3ntS wth practical skills in seafaring. WOOdy)ln9 and traditional heritage crafts. helping to nurture the next generation of maritime professionals and heritage practitioners. Alongside programme development, the Trustees will prioritise the diversification of income streams In order to strengthen financial resilience and ensure the long-lerm sustainability of the charrty. This wll include exploring new funding partnerships, earned income opportunities and community engagement initiatives. The charty also intends lo relocate ils henlage archive colle¢tion to a more accessible venue that enables public visils, leaming activities and curated exhibitions. This 11 enhance community engagement, safeguard our maritime herrtage assets and create new educational opportunities aligned wth our charitable objeclives. Statsm•nt of TN$1$. Mponslbllbtj The Trustees Ivtho are also the directors of the Ch4rrty for the purposes of company lawl are reyponsible for preparing the Trustees, report and the financial stslements in a¢cordance with applicable law and United Kingdom Accounts'ng Standards IUnrte<J Kingdom Generally Accepted Accounting Pracb"cel. Company law requires the Trustee5 to prepare financial statements for each financial year. Under company law, the Trustees musl not approve the financial statements Unless they are satisfied that they give a true and fair view of the slate of affairs of the Charity and of its incoming resources and application of resources. including ils income and expenditure. for that period. In preparing these financial stslements, the Trustees are required lo.. select suitable accounting policies and then apply them consistenlty. observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting eslimales that are reasonable and prudent.. stsle whether applicable UK A¢counting Standards IFRS 1021 have been followed, $ubje¢t lo any material departures disclosed and explained in the financial statements., prepare the financial slalemenls on the going concem basis unless il is inappropriate lo presume that the Charity wll continue in business. The Trustees are responsible for keeping adequate accounting records that are suffieienl lo sh¢w and explain the Charity's transactions and disclose vth reasonable accuracy at any b.me the financial position of the Charity and enable them to ensure that the financial statements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the Chanty and hence for taking reasonable steps for the prevenb'on and detection of fraud and other irregularibes. In accordance wlh section 485 of the Companies Act 2006. a resolution for the appointment of Edith Chapman FCA as independent examiner of the charty is to be propsed at the forthcoming Annual General Meeting. Approved by order of the members of the board of Trustees and signed on their behaw by.. R Brown Chair of Trustees Dale.. 19 March 2026 Page 6
BLYTH TALL SHIP (A ¢¢mpany limited by guarnnte•l INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MAY 2025 Ind•p•nd•nt •xamlnoes roport to th• Tw$t¢es of Blyth Tall Shlp I'th• Charlv) I report lo the charity Trustees on my examination of the accounts of the Charity for the year ended 31 May 2025. Rg$pon$lbllltlg$ and ba$S$ of rgPQrt As the Trustees ol the Charity land ils 1clOr$ for the purposes of Company lawl you are responsible for the preparation of the accounts in accordance the requirements of the Companies Act 20061'lhe 2006 Acl'l. Having satisfied myself that the accounts of the Chanty are not required to be audited under Part 16 of the 2008 Act and are eligible for independent examinabon, I report in respect of my examination of the Charity'5 accounts carried out under section 145 of the Charities A¢t 2011 lkne 2011 Acl'l. In carryng out my examination I have followed the Directions given by the Charty Commission under secbon 14515llbl of the 2011 Act. Indepandent examin•r's statement Since the Charity's gross income exceeded £250.000 your examiner musl be a member of a body listed In section 145 of the 2011 Act. I confim Ihal l am qualrfied lo undertake the examinab'on because l am a member of the ICAEW, which 1$ one of the listed bodies. I have completed my examination. l Confim that no matters have come lo my attention in connection with the examination giving me Cause lo believe". accounting rerdS were not kept in respect of the Charity a$ required by sects'on 386 of the 2006 A¢l,' or the accounts do not accord vath those records,. or the aceounls do not comply wth the accounting requirements of sethon 396 of the 2006 Act other than any requirement that the accounts give a Iwe and fair, wew sthich is not a matter considered as part of an independent examination,. or the accounts have not been prepared in accordance wth the methods and principles of the Statement of Recommended Prath'ce for accounbng and reporting by charities. I have no concerns and have come across no other matters in connection *Mlh the examination lo thich attents'on $hould be drawn in this report in order to enable a proper understanding of the accounts to be reached. Thi5 report 15 made solely lo the Charty's Trustees, as a body, in accordance Part 4 of the Charitie5 (Accounts and Reports) Regulations 2008. My yk has been undertaken so that I might stsle lo the Charity'g Trustees those matters l am reguld lo slate lo them in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law. I do not a¢p1 or assume sponSIbl1 lo anyone other than the Charity and the Charity's Trustees as a body, for my work or lor this report. Signed. E Chapman FCA Date11 19 March 2026 E Chapman Armstrong Watson Accounlanls LLP First Floor One Stravknerry Lane Newcastle upon Tyne NE14BX Page 7
BLYTH TALL SHIP (A ¢¢mpany limited by guarnnte•l STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MAY 202S Unrostrl¢tsd funds 2025 Rostrf¢led funds 2025 Totsl funds 2025 Total funds 2024 Note Income from: Grants and donats'ons SS.960 169,945 198,050 225,905 198,050 62,898 60,571 232,994 46,319 Charitable activ.eS Other income 62.898 Total incomo 118.858 367,995 486,8S3 339,884 Exp8nditure on: Charitable aCtiv.eS 60.798 277,926 338,724 308,479 Totsl oxpondltur• 60.798 277,926 338,724 308.479 Not In¢om• Transfers bets%Een funds $8,060 11751 90,069 175 148,129 31,405 15 Not mov•m•nt In lunds S7.885 90,244 148,129 31.405 Roconclllatlon of funds: Totsl funds brought forward Net movement in fvnds 203,715 57.885 70,539 90,244 274,254 148,129 242,849 31,405 Totsl funds carrled forward 261.600 160,783 422,383 274,254 The Slalemenl of financial athiities includes all gains and k)sses Cognised in the year. All income and expenditure derives from continuing activities. The notes on pages 1110 24 fom part of these financial statements. Page 8
BLYTH TALL SHIP IA Company limitod by guaranteo) REGISTERED NUMBER: 07267448 BALANCE SHEET AS AT 31 MAY 2025 2025 2024 Mote Flxed assets Tangible assets 12 104.671 108, 746 104.671 108, 746 Curr•nt assets Debtors Cash al bank and in hand 13 12.708 317.540 49,510 136,040 330,248 185,550 Current liabilities Creditors.. amounts falling due wlhin one year 14 {12,5361 (20.042? Not currgnt assots 317,712 165,508 Total a••ot# lès ¢urr•nt Ilabllltl•s 422,383 274,254 Not ass•t8 •xcludlng nSIon a888t 422,383 274,254 Total not ss•t8 422,383 274,254 Charlty funds Reslricled funds Unrestricted funds 15 15 160,783 261,600 70,539 203, 715 Totsl funds 422,383 274,254 The Charity was enlilled to exemption from audil under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in quests'on in accordance wth section 476 of Cornpanies Act 20C6. The Trustees acknovledge their responsibilities for complying vth the qU1mentS of the Act with respect lo accounting records and preparation of financial statements. The financial statements have been prepared in accordance the provisions applicable to entities subject to the small companies regime. The financial stslements approved and authorise(I for issue by the Trustees and signed on their behalf by". R Brown Chair of Trustees Dale.. 19 March 2026 Page 9
BLYTH TALL SHIP IA Company limitod by guaranteo) REGISTERED NUMBER: 07267448 BALANCE SHEET (CONTINUED) AS AT 31 MAY 2025 The notes on pages 11 to 24 forni part of these financial statements. Page 10
BLYTH TALL SHIP (A ¢¢mpany limited by guarnnte•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 202S Charty information B1h Tall Ship is a private company limited by guarantee incorporated in England and Wales. The registered office is Port Training Servi¢es. Quay Road. 81h. Northumberfand, NE24 3PA, United Kingdom. Accounting policies 2.1 8asls of preparatlon of financlal statements The financial statements have been prepared in accordance th the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Statement of Re¢ommended Practice applicable to charities preparing their accounts in accordance Trmih the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. The financial statements are prepared in Steding %thich is Ihe fvnclional and presenlab'onal currency ol the charity. Blyth Tall Ship meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transact value unless olherwse slated in the relevant accounting policy. The charity has taken advantage of the provisions in the SORP for char.e$ not to prepare a Statement of Cash Flows. 2.2 Golng concem Al the ts'me of approwng the financial stslements. the Iruslees have a reasonable expeclab'on that the charity has adequate resources to continue in operatsonal existence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 2.3 Incom• Income and ondowm8nts Income is recognised vthen the charity is legally entitled to it after any performance condits'ons have been met, the amounts can be measured reliably, and it is probably that income wll be received. Donations and legacie¥ Donations are recognised when the charty has been noltfied in vrriling of both the amount and the seement date. In the event that a donation is subject to condrtions that require a level of performance by the charty before the charity is entilled to the funds, the income is deferred and not recognised until either those conditions are full met. or the fulfilment of those condits'ons is wholly wrthin the control of the charity and rt is probable that these conditions will be fulfilled In the reporting period. Grants recai¥abl• Grants are recognised en the charity has an entiyement to the fund and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet lo be met, the income Is recognised as a liabilrty and induded on the balance sheet as deferred Income lo be leased. Page11
BLYTH TALL SHIP (A ¢¢mpany limited by guarnnte•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 202S Accounng poll¢l•s {¢ontlnu•d} 2.4 Expenditure Expenditure is recognise<l once there is a legal or construclive obligation to transfer economic benefit to a third paty, it is probable that a transfer ol economic benefits wll be required in setuement 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 ath"vity. Direct coslg attributable to a single activity are allocated directly lo that activity. Shared costs vthich Contribute lo more than one activity and support costs vthich are not attributable to a single activity are apportioned befften those activits'es on a basis consistent wth the use of resources. Central staff costs are allocated on the basis of tsme spent, and depreciation charges alkjcated on the porb'on ol the asset's use. Charltabl• actlvl Expenditure on charitsble a¢livity'es 1$ incurred on dire¢Uy undertaking the aclivrties vthich further the Charily's objectsves, as ¥%EII as any associated support costs. Support costs Support costs have been drfferenliate(J belween 9ovemance costs and other support costs. Governan co$t$ comprise all $ts involwng the public a¢¢ounlability of the charity and 11$ compliance wth regulation and good practice. These costs include costs related to the statutory audit and other costs Yth an apportionment of ovehead and support costs. Govemance costs and Sup costs relating lo charitable actsvities have been apportioned as sel out in the Support Costs note. 2.5 Tanglbl• fixed ass•ts and d•prnclatSon Tangible fixed assets are initialty recogni5ed at cost. After recognition, under the cost model, tangible fixed assets are measure(J al cost less accumulate<l depwiation and any accumulated impairment losses. All costs incurred to bring a tsngible fixed asset into ils intended working condition should be included in the mea$uiement ol cost. Depreciation is charged so as to allocate the cost of tangib fixed assets less their residual value over their eslimaled useful live5. Depreciation 1$ prOded on the followng bases." Plant and machinery Office equipment 5% - 20% straight line 20% straighl line 2.6 Debtors Trade and other debtors a recognised al the setuement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.7 Cash at bank and in hand Cash at bank and in hand indudes cash and deposits held at call wth bank and short term highly liquid invesments wth a short maturity of three months or less from the date of acquisition or opening of the deposrt OT similar account. Bank overdrafts are shown wihin borrowings in current liabilities. Page 12
BLYTH TALL SHIP (A ¢¢mpany limited by guarnnte•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 202S Accounng poll¢l•s {¢ontlnu•d} 2.8 Liabilities and provisions LiabIle$ are recognised vA)en is an Obligati at the Balance sheet date as a result of a past event, it is probable that a transfer of economic beneffit wll be required in settlement, and the amount ol the settlement can be estsmated reliably. Liabilities are recognised at the amount that the Charity anticipates il wll p3y to settle the debt or the amount il has received as advanced payments for the goods or services il must provide. 2.9 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are inib.alty recognised al Iran5aclion value and subsequently measured al their settlement value. 2.10 Fund accountlng General fiJnds are unrestricted funds Nthich are available for use at the discreb'on of the Trustees in furtherance ol the general objeth.ves of the Charity and vthich have not been desi9naled for other purposes. Reslrided lund$ are fund$ 1¢h are to be used in aordanCe wth $pe¢ffic reslri¢tion$ imposed by donors or vthich have been raised by the Chanty for particular purposes. The costs of raising and administering such funds are charged again5l Ihe specific fvnd. The aim and use of each restricted fund is sel out in the notes lo the financial statements. Investrnenl income, gains and losses are allocated lo the appropriate fund. Crltlcal accountlng estbmates and arnas of Judgment In the application of the chariws accounb.ng Fdicies, the trustees are required lo make judgements, estimates and assumplions abo the carrwng amount of assets an¢J liabilrties that are not readily apparent from other sources. The e$b"mates and a$slated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estmates and undedwng assumptions a rewe¥j on an ongoing basis. Revisions lo accounting estimates a recognised in the period in which the eslim*e is revised vthe the revision affects only that period, or in the period of revision and fvture period vknere the revision affects both current and future periods. Page 13
BLYTH TALL SHIP (A ¢¢mpany limited by guarnnte•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 202S Income from grants and donations Unrgstrictad Rostrict8d funds funds 2025 2025 Total funds 2025 Donations Grants 4,710 51,250 4.710 221,19S 169,945 55.960 169,945 225,905 Unroslricled funds 2024 Roslricled funds 2024 Total funds 2024 Donations Grants 5.696 22,000 5.696 54,875 32,875 27.696 32,875 60,577 Charltable actlvltl Restrictod funds 2025 Total fund$ 2025 Performance related grants 198,050 198.050 UnTrstricted funds 2024 Restrict8d funds 2024 Total funds 2024 Training prowsion Perfomiance related grants 13.500 13.500 219,494 219,494 13,500 219,494 232,994 Page 14
BLYTH TALL SHIP (A ¢¢mpany limited by guarnnte•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 202S Other income Unrnstrict8d funds 2025 Total funds 2025 Other income 62,898 62,898 UnStriCted funds 2024 Total funds 2024 Other income 46,319 46,319 Analy818 of oxpondltur on ¢harftabl actlvltle* Unrtstrlcted R•8trlct•d funds funds 202$ 202$ Total 202S Training Share of govemance costs Isee note 8) 60,626 172 273,126 4,800 333.752 4.972 60,798 277,926 338.724 UnTrstiicted fvnds 2024 Restncted funds 2024 Total 2024 Training Share of goveman¢e costs 37,557 704 267.038 3, 180 304,595 3.884 38,261 270,218 308.479 Page 15
BLYTH TALL SHIP (A ¢¢mpany limited by guarnnte•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 202S Support costs 2025 2024 Accountsncy fees Independent examination fees 1.472 3,SOO 634 3,250 4.972 3,884 The charity allo¢ates costs direct to acliwb.es as far as possible and then rt identifie5 the remaining costy of ils support lunclions.11 then identifies those Costs which relate lo the govemance function. Having identified ils governance costs. the remaining support costs together the governance costs are apportioned between the key chartsble acty'vilies undertaken in the year. The basis lor apportionment and the analysis of support and governance costs is set out as follows.. Direct lo govemance.. Independent examination fees, other professional fees and bank charges. Direct to charitable acb'vibes.. All other expendrture incurred. No expenses have been apportioned betsveen the funds mentsoned above. Reslricled funds have been received which allows payment of me govemance costs. Governance costs includes payments to the independent examiner of £3,50012024- £3,250> for independent examination fee$. Page 16
BLYTH TALL SHIP (A ¢¢mpany limited by guarnnte•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 202S Taxation The ¢harty is exempl from tax on income and gain$ falling wlhin seth'on 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied lo ils charitable objects. 10. Tru$t¢•s None of the trustees {or any person connected wth Ihem) received any remuneration or benefits from the charity during the year. 11. Staff ¢08ts 2025 2024 Wages and salaries Social security ¢osl$ Other employee benefrts 24.375 3,042 585 28,002 The average number of person$ employed by the Chanty during the year was as follows.. 2025 No. 2024 No. Employees No employee received remUneratft amounting to more than £60,000 in erther year. Page 17
BLYTH TALL SHIP (A ¢¢mpany limited by guarnnte•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 202S 12. Tangible fixed assets Plant and Offic machinery equipment Total Cost or valuation At 1 June 2024 Additions Disposals 296.417 2.504 {4.8201 16,988 6,655 13,7051 313.40S 9.159 18.5251 At 31 May 2025 294.101 19,938 314.039 D8preciation At 1 June 2024 Char9e for the year On disposals 190.921 11.019 {4,8201 13,738 1,917 13,4071 204.659 12,936 18.2271 At 31 May 2025 197.120 12,248 209.368 Not book value Al 31 May 2025 96.981 7,690 104,671 Al 37 May2024 105,496 3,250 108, 746 Page 18
BLYTH TALL SHIP (A ¢¢mpany limited by guarnnte•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 202S 13. Debtors 202$ 2024 Due within one year Trade debtors Other debtors Prepayments and accrued income 944 3,S30 8.234 6,465 36,330 6, 715 12.708 49.510 14. Creditors: Amounts falling due within on• year 2025 2024 Trade creditors Other taxation and social securty Other creditors Accruals and deferred income 2.498 1.777 878 7,383 10, 773 9,269 12.536 20,042 Page 19
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BLYTH TALL SHIP (A ¢¢mpany limited by guarnnte•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 202S 17. Other financial commitments The lolal amount of other financial commrtmenls not prowded in the financial statements was £7,800 12024- £7,800). 18. R•lat•d party transactlons The Charity has not entered into any related paty transaction during the year, nor are there any outstanding balances owin9 beMEen related parties and the Charity at 31 May 2025. The key management personnel of the charrty comprise the Iruslees, the Chief Executive and the shipwright. The total benefrts invoiced by the key management personnel of Ihe charity were £84,565 12024 £94,265). At the balance sheet date the amount due to key management personnel was £964 12024 - £3,496). The lotsl employment benefits received by the key management pefgonnel were £28,00212024'. £nill. Page 24