OpenCharities

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

← The Pirate Castle

2024-12-31-accounts

Company number: 07370167 Charity number: 1138787

The Pirate Castle

Report and financial statements For the year ended 31 December 2024

The Pirate Castle

Contents

For the year ended 31 December 2024

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent examiner’s report .................................................................................................... 13 Statement of financial activities (incorporating an income and expenditure account) ................... 15 Balance sheet ............................................................................................................................... 16 Notes to the financial statements ................................................................................................. 17

The Pirate Castle

Reference and administration information

For the year ended 31 December 2024

Company number 07370167
Country of incorporation United Kingdom
Charity number 1138787
Country of registration England & Wales
Registered office and Oval Road, London, NW1 7EA
operational address
Trustees Trustees, who are also directors under company law, who served
during the year and up to the date of this report (unless otherwise
stated) were as follows:
Ms Georgina Rowley Chairperson
Mr Kai Jie Shawn Lim Treasurer, resigned effective 29.09.24
Ms Elizabeth Bradshaw
Mr Michael Goldhill
Ms Victoria Hames
Mr Umang Joshi Treasurer, appointed effective 24.01.25
Mrs Helena Harris appointed effective 22.07.25
Key management Mr Timothy Molloy General Manager, resigned effective
personnel 06.04.25
Karen Webb Development and Outreach Manager
Independent examiner Jonathan Coyle
Sayer Vincent LLP
Chartered Accountants and Statutory Auditor
110 Golden Lane
LONDON
EC1Y 0TG

1

The Pirate Castle

Trustees annual report

For the year ended 31 December 2024

The trustees present their report and financial statements for the year ended 31 December 2024. Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Chair’s Report

The Pirate Castle ("the Charity") has weathered challenges during 2024 and into 2025, not least from poor weather which affected our 2024 spring and summer delivery seasons. This was a factor in the reduction in our paddlesport income, though our Canal Boating and Community Centre income generation increased on 2023. As at the date of this report, our financial situation is improving following a sharp focus on costs reduction and fundraising for unrestricted income.

We received two grants in December 2023 totalling £47,500 which were spent during 2024. The timing of that grant income in 2023 goes some way to explaining why expenditure during 2024 therefore appears high versus same year income. These two restricted grants also explain the disparity between our net funds at the end of 2024 which were disproportionately restricted, versus unrestricted. Both grants were however restricted for costs associated with our core cyclical activities, One of the grants was a £30,000 resilience grant from John Lyon’s Charity which was restricted specifically for our core costs and the other from Go! London, which funded paddlesport sessions throughout the year which enabled children whose parents cannot otherwise afford sport outside school to paddle with us. This is at the very core of the Charity's objectives; reaching into the more deprived areas of our community to provide opportunity and adventure.

We were also grateful to receive a further unrestricted donation from longstanding regular donor, Aldenham Club Trust, which has closed down as a final donation from their remaining funds. We are exceptionally grateful for their continued support over many years.

From Q4 of 2024, into 2025, we have put in place a focussed initiative upon the marketing of our Community Centre which is the foundation of our self-generated income stream and is therefore key to sustainability. During 2024 we saw growth in our community hall bookings on the prior year. To replace the loss of two regular customers, we have during 2025 now increased our marketing profile via external booking websites. We have also now launched our new website, which presents our rentable spaces with improved particulars and images.

2024 saw us continue to build lasting partnerships, both with schools and community groups and our continued partnership with the event planning organisation, Cluck. We have built working relationships with 46 schools and organisations and have been delighted to welcome attendees from those initiatives to our holiday schemes. Our collaboration with Cluck has extended to Host, their sister site, and has generated 56 bookings in 2024, more than double than during the prior year. We have also built, during 2025, a collaboration with Knight Frank, which has provided us

2

The Pirate Castle

Trustees annual report

For the year ended 31 December 2024

with volunteer support and funding, both unrestricted and restricted, in the latter case to improve our accessible wet room.

Our General Manager left us in early April 2025 and Trustees made the decision not to replace the role in the foreseeable future in order to reduce costs and start to build reserves. Trustees are therefore more actively involved in the day to day operation of the Charity. As at the date of this report, we have been notified that we have been successful in our application to the Community Infrastructure Levy for £50,000 unrestricted funding which we expect to receive during Q3 of 2025. Trustees are united in our aim to continue to adopt a cautious approach to spending through the end of 2024 and into 2025.

I am optimistic that the initiatives we have started during 2025 to reduce expenses and to drive up bookings of our hall hire and our increased take up of paddlesport, combined with the delivery of our new website and our fundraising pipeline will mean that the Charity will build financial resilience into 2025 and beyond.

I would like to thank, on behalf of our trustee board, our donors in 2024 and so far in 2025, for their generosity and contribution to our charitable aims and mission.

Georgina Rowley Chair of Trustees

3

The Pirate Castle

Trustees annual report

For the year ended 31 December 2024

Objectives and activities

Purposes and aims

The trustees review the aims, objectives and activities of the Charity each year. This report looks at what the Charity has achieved and the outcomes of its work in the reporting period. The trustees report the performance of each key activity and the benefits the Charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the Charity's aims, objectives and activities remained focused on its stated purposes, as follows:

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

The Pirate Castle is an inclusive boating charity and fully accessible community centre on the bank of the Regent's Canal in the heart of Camden Town, London. We promote life chances, learning and healthy living through a raft of specialist canal and land-based initiatives and have been flying the flag for opportunity and adventure for over 58 years.

Canoeing, kayaking and canal boating are core to our work, with a focus on tackling disadvantage, challenging exclusion and providing opportunities for Special Needs and Disability (SEND) groups of all ages. Our projects and services improve health and wellbeing, nurture life and social skills and bring people together through active participation.

Our main hall and club room overlooking the canal are available for community and private hire, generating vital income towards core and project costs. ‘Black Pearl’, our traditional narrowboat, is ideal for day trips and boat handling training, whilst ‘Pirate Prince’, our purpose-built, fully accessible wide-beam canal, equipped with a state-of-the-art joystick control and hydraulic steering platform, is the only canal boat in central London that can be operated by wheelchair users or people with severe mobility restrictions.

Thanks to earned income, grants and donations we are able to offer subsidised rates and large discounts to schools, charities and community organisations wishing to book activities or venue space. We also provide funded or free activities for individuals most in need. This reflects our commitment to ensuring that our activities are inclusive and accessible by all.

4

The Pirate Castle

Trustees annual report

For the year ended 31 December 2024

Achievements and performance

The Charity's main activities and its beneficiaries are described below. All the activities run by the Charity are undertaken to further The Pirate Castle’s charitable purposes for the public benefit.

We saw a 4% reduction in earned income in 2024 from the prior year. This was due to lower income generated from Outdoor Education. Our total earned income accounted for 53% of our overall income, up from 49% in 2023. The balance was met through fundraising activity.

Canal Boating

2024 saw an increase in canal boating activity from the previous year. Private hire and community cruises provided the majority of activity and income through the year.

Canal boating earned income grew by 13% on 2023 and accounted for 24% of all the Charity’s earned income. As well as private and community trips, as an accredited training centre for the National Community Boats Association, we offer boat handling, certified skipper and crew courses for our own volunteers as well as the wider community. The majority of our boat trips are run by our team of volunteer skippers and crew, who are trained in-house.

In 2024 our canal boating highlights were:

Outdoor Education

Our core community paddlesport services include school holiday activity schemes, sessions for visiting schools, youth and community groups, term-time after school and weekend youth sessions known as Pirate Club. We continued to deliver British Canoeing-accredited training programmes, along with private hire for youth, adult and corporate events. We also run weekly “Upperdeckers” sessions for over 50s, “Adult Club” twice a week for anyone over 18 and “Rainbow Paddlers” run by and for the LGBTQ+ community.

During 2024, we saw 2,876 individual youngsters access our paddlesport services, up from 2,591 in 2023, an 11% increase. Overall we provided 7,640 youth attendances (many youngsters visited us more than once), up from 6,870 in 2023, an 11% increase. This was delivered over 377 sessions, down from 430 in 2023, though average attendance per session rose from 16 in 2023 to 20 in 2024.

5

The Pirate Castle

Trustees annual report

For the year ended 31 December 2024

We also delivered 1,228 adult attendances over 259 sessions. In total, we delivered 636 paddlesport sessions with some selected highlights below:

Twelve adult/youth volunteers participating with seven passing their paddlesport Instructor accreditation and another achieving their paddlesport Coach accreditation.

Community Centre

The Pirate Castle’s fully accessible venue offers two characterful spaces for hire, both overlooking the Regent’s Canal. Our main hall and club room are used by a diverse range of local community and voluntary groups, private individuals and businesses for a wide range of activities and events. We offer substantial discounts for SEND groups, charities and other support organisations.

The recovery of our community space hire following the pandemic continues to be a challenge. As with last year we saw a steady improvement during 2024, hall hire continued to show some growth, albeit still taking time to return to previous levels. Hire income grew by 12% in 2024 on the previous year and accounted for 34% of earned income during 2024. In total we secured 374 community hire bookings and 78 private hire sessions through 2024. Hall hire remains a key priority for and we have begun wider promotion via marketing initiatives and third party hire websites.

Volunteering

As always, we would like to take this opportunity to recognise the hard work and dedication of our loyal team of volunteers, upon whom we rely to deliver some of our services and activities.

In 2024, our volunteer canal boat skippers, crew and training mentors continued to give their time generously when possible to deliver boat trips and training courses and on the maintenance of our two boats.

To ensure continued sustainability and growth of canal boating into 2025 and beyond we continued to deliver training to our youth and adult competent crew and three completed their Certificate in Community Boating management (CCBM) skipper qualification. In addition, four of our youth paddlesport volunteers have qualified as competent crew.

We also continued our programme of training and development of our paddlesport volunteers which was a pre-requisite to them undertaking their instructor courses which took place early in

6

The Pirate Castle

Trustees annual report

For the year ended 31 December 2024

  1. From this we have seven newly qualified paddlesport Instructors and one new paddlesport Coach.

Financial review

During 2024 total income was £308,212 (2023: £336,138) and total expenses were £409,229 (2023: £308,653). Increased expenditure, versus income, is in some part due to the timing of grants having been received and accounted for in December 2023 to be spent in 2024 (Go! London tranche 1 and JLC tranche 1).

Total funds carried forward as at 31 December 2024 were £873,488 (2023: £974,505). This includes designated funds of £806,049 (freehold and leasehold property, Pirate Prince); restricted funds of £8,528 (Black Pearl, our canal boat bought with the 2017 LB Camden s106 restricted grant) and part of the LB Camden Community Infrastructure Levy (CIL) fund that has not been applied and a deficit of £1,089 on unrestricted general funds which includes all cash at bank and in hand less creditors falling due within one year.

Income

We received donations and grants of £143,241 (2023: 164,599). Of this, £126,639 were restricted funds towards infrastructure projects and delivery of our charitable objectives. The purpose of each restricted grant is more fully set out below.

Income from charitable activities and trading activities was £163,924 (2023: £170,927), including revenue generated through the hire of our community spaces £55,739 (2023: £49,789).

Income from our canal boats (including subsidised Camden Community Cruises was £38,885 (2023: £34,476) and community paddle sport / outdoor education was £63,761 £ (2023: £80,175).

Grants and Donations

Fundraising and donations accounted for 9% of our total unrestricted income in 2024. The trustees would like to thank all of our funders and donors for their contributions, however large or small, without which The Pirate Castle would struggle to maintain and develop our community services or achieve our charitable aims.

Donors in 2024 included the following organisations:

7

The Pirate Castle

Trustees annual report

For the year ended 31 December 2024

There was also unrestricted funding from other organisations and individual donors.

During 2024 we received £126,639 in restricted funds. This includes funds restricted for the following purposes:

Expenses

Total operating expenses (total expenses excluding governance costs) in 2024 were £402,895 (2023: £304,153). Community centre costs were higher reflecting the various infrastructure projects that were funded via restricted grants. A high proportion of our costs were associated with owning and running the building and employing our six members of staff to manage the charity and deliver our charitable activities.

Other significant costs include the depreciation of property and our canal boats.

Balance Sheet

The charity’s fixed assets include The Pirate Castle building, which is part freehold and part leasehold, and our two canal boats. Our fixed assets of £839,939 are unchanged, with the exception of depreciation over the year.

Our current assets are £47,405. This includes cash at bank and in hand at year end of £45,169. There were Creditors of £13,856 (2023: £8,103) and Debtors of £2,236 (2023: £2,030) at the end of 2024.

8

The Pirate Castle

Trustees annual report

For the year ended 31 December 2024

Reserves policy

A reserves policy was reviewed and approved at the Trustee meeting held on 20 March 2025. Reserves are needed to meet the gap between the spending and receipt of income and to cover any unplanned emergency repairs, events and other expenditure. The Charity aims to build free cash reserves of £30,000.

The Charity's approach to reserves is to strike a balance between retaining sufficient funds unreserved to operate flexibly and react to unforeseen changes in delivery, income streams or take up of services, consistent with the reality of a small charity in the event of an unexpected operational challenge or a winding up situation.

As at 31 December 2024, The Pirate Castle had negative free reserves of £1,089 (2023: positive reserves of £55,777). However, our restricted net funds (cash in bank) included £47,500 of funding which was restricted for core cyclical activities.

Trustee focus will continue to be on the financial resilience of the Charity, including the building back of free reserves in the final two quarters of 2025 and into 2026, in accordance with our reserves policy. As set out in the Chair's report, we have been notified that we have been successful in securing unrestricted funding of £50,000 which we expect to receive in Q3 of 2025, in addition to grant of £30,000, the third tranche of a multi-year resilience grant which we expect to receive in December 2025.

Plans for the future

In view of the challenges we faced during 2024, our plan is to reduce our spending in the short term and with that in mind, the role of General Manager will not be replaced in the short-term. We also intend to engage our Lead Paddlesport Coach on a part-time basis in order to save costs during the winter.

The focus of our staff team is to market our opportunities and services, in particular the hire of the hall, which is key to sustainability. In conjunction with a sharp focus on cost reduction, our fundraising focus will shift to core costs. We intend to build our reputation for Paddlesport, including the introduction of a wider range of training courses leading to qualifications following the qualification of our Lead Paddlesport Coach as an examiner.

Our iconic building requires improvement to ensure it remains usable and safe. With the support of a grant from Knight Frank received during 2025 our next infrastructure priority will be to improve our bankside facilities.

9

The Pirate Castle

Trustees annual report

For the year ended 31 December 2024

Going concern

After making adequate enquiries, the trustees have a reasonable expectation the company has adequate resources to continue in operational existence for the foreseeable future.

Trustees have focused upon reducing the Charity's expenditure. From Q2 2025 with the departure of our General Manager and the engagement of our Lead Paddlesport Coach on a part-time basis, we will significantly reduce our annual payroll costs. We are also committed to reducing expenditure on external paddlesport instructors, having adopted a youth volunteer initiative and introduced expectations of volunteering from our paid instructors. We have also reduced the costs associated with our external bookkeeping service and reviewed and reduced our utility outgoings and insurance premium.

We draw confidence from the value of bookings secured during 2025 that we can generate income from a range of activities and reinvigorate the income stream from the hire of our main hall through sustained marketing and by expanding the range of paddle qualifications and paid tuition and qualification courses we offer.

We also plan to focus on fundraising for core costs, alongside our infrastructure project fundraising. We have been notified that we have been successful in our application for £50,000 of core funding from the Community Infrastructure Levy fund which we expect to receive during Q4 of 2025. We also expect to receive a further £30,000 of core cost funding during December 2025, being the third tranche of resilience funding from John Lyon's Charity.

Our reserves policy has been reviewed in light of our challenging financial situation and was approved at our March 2025 Board meeting. Trustees are committed to building back free reserves of £30,000.

Further information regarding the adoption of the going concern basis and our future plans can be found below and in the Accounting Policies to the accounts.

Structure, governance and management

The organisation is a charitable company limited by guarantee, incorporated on 8 September 2010 and registered as a charity on 2 November 2010.

The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 7 to the accounts.

10

The Pirate Castle

Trustees annual report

For the year ended 31 December 2024

Appointment of trustees

As set out in the Articles of Association, trustees are appointed by resolution of the Board. Under the Articles, there must be no fewer than three trustees and no more than twelve, all of whom must also be members of the company. The Chair is elected by the Board of trustees. One third of trustees are required to retire annually under the Articles, unless the individuals remain willing to act in which case, they may be reappointed.

Details of the trustees who served during the year and to the date of this report are shown on page 1.

Statement of responsibilities of the trustees

The trustees (who are also directors of The Pirate Castle for the purposes of company law) are responsible for preparing the trustees’ annual 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

11

The Pirate Castle

Trustees annual report

For the year ended 31 December 2024

Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 December 2024 was 4 (2023: 5). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

The trustees’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

The trustees’ annual report has been approved by the trustees on 21 September 2025 and signed on their behalf by

Georgina Rowley Chair

12

Independent examiner’s

Report to the trustees of

The Pirate Castle

I report to the trustees on my examination of the accounts of The Pirate Castle for the year ended 31 December 2024.

This report is made solely to the trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity trustees of the charitable company 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 the charitable company’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011 (‘the 2011 Act’).

Independent examiner’s statement

Since the Company’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 the Institute of Chartered Accounts in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

13

Independent examiner’s

Report to the trustees of

The Pirate Castle

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.

Name: Jonathan Coyle FCA Independent Examiner Address: Sayer Vincent LLP, 110 Golden Lane, London, EC1Y 0TG Date: 25 September 2025

14

The Pirate Castle

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2024

Note
Income from:
2
3
3
3
4
5
15a
Reconciliation of funds:
Total income
Expenditure on:
Investment income
Canal Boating
Outdoor Education
Donations and legacies
Charitable activities
Total funds brought forward
Total funds carried forward
Net movement in funds
Raising funds
Total expenditure
Charitable activities
Community Centre
Other trading activities		 Unrestricted
general

£
16,602
38,885
63,761
55,739
5,538
1,048
Restricted
£
126,639
-
-
-
-
-		 Unrestricted
designated
£
-
-
-
-
-
-		 2024

Total
£
143,241
38,885
63,761
55,739
5,538
1,048		 Unrestricted
general
£
96,879
34,476
80,175
49,789
6,486
612
Restricted
£
67,720
-
-
-
-
-		 Unrestricted
designated
£
-
-
-
-
-
-		 2023

Total
£
164,599
34,476
80,175
49,789
6,486
612
181,573 126,639 - 308,212 268,418 67,720 - 336,138
26,585
211,854		 -
144,788		 -
26,002		 26,585
382,644		 30,182
216,781		 -
36,478		 -
25,212		 30,182
278,471
238,439 144,788 26,002 409,229 246,963 36,478 25,212 308,653
(56,866)
55,777		 (18,149)
86,677		 (26,002)
832,051		 (101,017)
974,505		 21,455
34,322		 31,242
55,435		 (25,212)
857,263		 27,485
947,020
(1,089) 68,528 806,049 873,488 55,777 86,677 832,051 974,505

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 15 to the financial statements.

15

The Pirate Castle

Balance sheet

Balance sheet
As at 31 December 2024 Company no. 07370167
Note
Fixed assets:
11
Current assets:
12
Liabilities:
13
15
Total unrestricted funds
Total charity funds
Creditors: amounts falling due within one year
Net current assets
Total net assets
Cash at bank and in hand
Tangible assets
Restricted funds
The funds of the charity:
Unrestricted funds
Designated funds
General funds
Debtors		 £
2,236
45,169		 2024
£
839,939		 £
2,030
114,636		 2023
£
865,942
33,549
873,488		 108,563
974,505
47,405
(13,856)		 116,666
(8,103)
806,049
(1,089)
68,528 86,677
804,960 832,051
55,777
887,828
873,488 974,505

The opinion of the directors is that the company is entitled to the exemptions conferred by Section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge the following responsibilities:

These accounts have been prepared in accordance with the special provisions applicable to small companies subject to the small companies' regime.

Approved by the trustees on 21 September 2025 and signed on their behalf by

Georgina Rowley Chair

16

The Pirate Castle

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b) Company status and public benefit entity

The company is a charitable company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company. The charity meets the definition of a public benefit entity under FRS 102.

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

Key judgements that the charitable company has made which have a significant effect on the accounts include the impact that the cost of living crisis has had on the charity in 2024 and the ability of the charity to weather further disruptions. As we entered 2025 with a sufficient level of reserves we are confident on the ability of the charity to continue as a going concern.

As at 31 December 2024, The Pirate Castle had negative free reserves of £1,089. However, our restricted net funds (cash in bank) included £47,500 of funding which was restricted for core cyclical activities.

As we entered 2025 with a sufficient level of reserves we are confident on the ability of the charity to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. The Trustees annual report includes further information on the Trustees' assessment of going concern.

d) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.

f) Expenditure and irrecoverable VAT

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 charitable 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.

All expenditure is inclusive of irrecoverable VAT. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Charitable activities are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities. Costs of raising funds relate to the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose

17

The Pirate Castle

Notes to the financial statements

For the year ended 31 December 2024

g) Allocation of staff and support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. Where possible to attribute to specific activities, staff costs have been allocated to each activity based on an estimate of staff time. The remaining staff costs which are not directly attributable have been allocated to support costs.

Shared costs which contribute to more than one activity and support costs (the cost of overall direction and administration of each activity, comprising the salary and overhead 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 allocated on the portion of the asset’s use.

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based in part on estimated staff time, of the amount attributable to each activity:

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Items of equipment are capitalised at cost where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful lives on the following bases:

j) Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k) Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Liabilities and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit to a third party will be required in settlement, and the amount of the settlement can be measured or estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt, or the amount it has received as advanced payments for the goods or services it must provide.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

m) Pensions The charity contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the charity to the fund. The charity has no liability under the scheme other than for the payment of those contributions.

18

The Pirate Castle

Notes to the financial statements

For the year ended 31 December 2024

2
Income from donations and legacies
3
Private trips and training
Camden Community Cruises
Other
Private bookings
Community and schools
School holiday scheme
Other
Room hire
Income from charitable activities
Outdoor education
Canal Boating
Community Centre room hire
Total income from charitable activities
Donations		 Unrestricted
£
16,602		 Restricted
£
126,639		 Designated
£
-		 2024
Total
£
143,241		 Unrestricted
£
96,879		 Restricted
£
67,720		 Designated
£
-		 2023
Total
£
164,599
16,602 126,639 - 143,241 96,879 67,720 - 164,599
2024
Total
£
31,605
7,040
240		 2023
Total
£
25,660
7,945
871
38,885 34,476
15,190
23,132
19,667
5,772		 25,770
29,380
19,309
5,716
63,761 80,175
55,739 49,789
55,739 49,789
158,386 164,440

Income from charitable activities is unrestricted in both periods

4
Other
Hire of storage space
Income from other trading activities		 2024
Total
£
4,586
952		 2023
Total
£
2,888
3,598
5,538 6,486

Income from other trading activities is unrestricted in both periods

19

The Pirate Castle

Notes to the financial statements

For the year ended 31 December 2024

5a Analysis of expenditure (current year)

Staff costs (Note 7)
Canal Boating Direct Costs
Outdoor Education Direct Costs
Community Centre Direct Costs
Holiday scheme Direct Costs
Office Core Costs
Depreciation
Independent examiner's fees
Support costs
Governance costs
Total expenditure 2024
Total expenditure 2023		 Cost of
raising
funds
£
26,585
-
-
-
-
-
-
-
26,585
-
-
26,585
30,182		 Charitable activities Charitable activities Charitable activities Governance
costs
£
-
-
-
-
-
-
-
6,334
6,334
-
(6,334)
-
-		 Support
costs
£
57,803
-
-
-
-
48,753
26,002
-
132,557
(132,557)
-
-
-		 2024
Total
2023
Total
£
£
180,534
167,676
14,208
12,432
42,038
28,188
83,205
14,777
8,156
8,464
48,753
46,614
26,002
26,002
6,334
4,500
409,229
308,653
-
-
-
-
409,229
308,653
Canal
Boating
£
24,221
14,208
-
-
-
-
-
-
38,429
33,139
1,583
73,151
72,373		 Outdoor
education
£
34,714
-
42,038
-
8,156
-
-
-
84,908
46,395
2,217
133,520
130,294		 Community
centre
£
37,211
-
-
83,205
-
-
-
-
120,417
53,023
2,534
175,974
75,805

20

The Pirate Castle

Notes to the financial statements

For the year ended 31 December 2024

5b Analysis of expenditure (prior year)

Staff costs (Note 7)
Canal Boating Direct Costs
Outdoor Education Direct Costs
Community Centre Direct Costs
Holiday scheme Direct Costs
Office Core Costs
Depreciation
Independent examiner's fees
Support costs
Governance costs
Total expenditure 2023		 Cost of
raising
funds
£
30,182
-
-
-
-
-
-
-
30,182
-
-
30,182		 Charitable activities Charitable activities Charitable activities Governance
costs
£
-
-
-
-
-
-
-
4,500
4,500
-
(4,500)
-		 Support
costs
£
75,454
-
-
-
-
46,614
26,002
-
148,070
(148,070)
-
-		 2023
Total
£
167,676
12,432
28,188
14,777
8,464
46,614
26,002
4,500
Canal
Boating
£
21,798
12,432
-
-
-
-
-
-
34,230
37,018
1,125
72,373		 Outdoor
education
£
40,242
-
28,188
-
8,464
-
-
-
76,894
51,825
1,575
130,294		 Community
centre
£
-
-
-
14,777
-
-
-
-
14,777
59,228
1,800
75,805
308,653
-
-
308,653

21

The Pirate Castle

Notes to the financial statements

For the year ended 31 December 2024

6 Net income / (expenditure) for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2024 2023
£ £
Depreciation 26,002 26,002
Independent examiner's remuneration (excluding VAT):
Current examiner - for examination 4,000 3,750

Staff costs were as follows:

Staff costs were as follows:
Employer's contribution to defined contribution pension scheme
Salaries and wages
Social security costs		 2024
£
163,447
15,189
1,898		 2023
£
152,535
13,526
1,615
180,534 167,676

No employee earned more than £60,000 during the year (2023: nil).

The total employee benefits including pension contributions of the key management personnel (the General Manager and Development manager) were £84,387 (2023: £82,036 ).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2023: £0). No charity trustee received payment for professional or other services supplied to the charity (2023: £0)

8 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:


follows:
Support staff
Outdoor Education		 2024
No.
1.0
5.0		 2023
No.
1.0
6.0
6.0 7.0

9 Related party transactions

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

22

The Pirate Castle

Notes to the financial statements

For the year ended 31 December 2024

10 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

11
At the start of the year
At the end of the year
Cost
Depreciation
Net book value
At the end of the year
At the start of the year
Charge for the year
At the start of the year
At the end of the year
Tangible fixed assets		 Freehold
property
£
1,014,444		 Long
Leasehold
£
112,406		 £
133,761
Narrowboat -
Pirate Prince		 £
39,485
Narrowboat -
Black Pearl		 Total
£
1,300,096
1,014,444 112,406 133,761 39,485 1,300,096
308,119
20,289		 86,998
2,248		 34,233
2,675		 4,805
790		 434,155
26,002
328,408 89,246 36,908 5,595 460,157
686,036 23,160 96,853 33,890 839,939
706,325 25,408 100,318 33,891 865,942

All of the above assets are used for charitable purposes.

12 Debtors

12
Debtors
13
Trade debtors
Creditors: amounts falling due within one year
Accruals
Trade creditors
Other taxation and social security
Other creditors		 2024
£
2,236		 2023
£
2,030
2,236 2,030
2024
£
2,183
3,603
3,270
4,800		 2023
£
300
3,913
-
3,890
13,856 8,103

23

The Pirate Castle

Notes to the financial statements

For the year ended 31 December 2024

14a Analysis of net assets between funds (current year)

14b
Net assets at the end of the year
Tangible fixed assets
Creditors due within one year
Current assets
Net assets at the end of the year
Tangible fixed assets
Current assets
Creditors due within one year
Analysis of net assets between funds (prior year)		 General
unrestricted
£
-
12,767
(13,856)		 £
33,890
34,638
-
Restricted		 Designated
£
806,049
-
-		 Total funds
£
839,939
47,405
(13,856)
(1,089) 68,528 806,049 873,488
General
unrestricted
£
-
63,880
(8,103)		 £
33,891
52,786
-
Restricted		 Designated
£
832,051
-
-		 Total funds
£
865,942
116,666
(8,103)
55,777 86,677 832,051 974,505

24

The Pirate Castle

Notes to the financial statements

For the year ended 31 December 2024

15a Movements in funds (current year)

Movements in funds (current year)
Total unrestricted funds
Total restricted funds
JLC Resilience fund
Active Thames
LB Camden CIL
Black Pearl
Designated assets (fixed assets)
General funds
Unrestricted funds:
Camden warm spaces
Total funds
LabTech London Limited
Greene King
Go!London
Restricted funds:
LB Camden resilience		 At the start
of the year
£
55,777
832,051		 Incoming
resources &
gains
£
181,573
-		 Outgoing
resources &
losses
£
(238,439)
(26,002)		 Transfers
£
-
-		 At the end
of the year
£
(1,089)
806,049
887,828 181,573 (264,441) - 804,960
391
-
-
33,891
2,268
17,244
30,000
2,883
-		 -
1,000
3,000
-
-
14,000
30,000
-
78,639		 (391)
(1,000)
(3,000)
(790)
(1,948)
(31,244)
(30,000)
(2,883)
(73,532)		 -
-
-
-
-
-
-		 -
-
-
33,101
320
-
30,000
-
5,107
86,677 126,639 (144,788) - 68,528
974,505 308,212 (409,229) - 873,488

Purposes of restricted funds

Camden warm spaces - warm space for local community during winter months

LabTech London Limited - Free paddlesport taster sessions for Camden children during the summer holidays

Greene King - Adult paddlesport sessions

Black Pearl - includes the net book value of the 'Black Pearl' canal boat. Depreciation related to this asset is charged to the fund.

LB Camden resilience - website development

Go!London - paddlesport sessions for underserved young Londoners / salaries / paddlesport kit

JLC Resilience - core funding

Active Thames - Paddlesport training

LB Camden CIL (infrastructure) - infrastructure spending for installation of new boilers, heating system and reflooring of club room.

Purposes of designated funds

Designated funds represent the net book value of the freehold and leasehold property and the 'Pirate Prince' canal boat. Depreciation related to these assets is charged to the fund.

25

The Pirate Castle

Notes to the financial statements

For the year ended 31 December 2024

15b Movements in funds (prior year)

Movements in funds (prior year)
Total unrestricted funds
Total restricted funds
Unrestricted funds:
General funds
Designated assets (fixed assets)
LB Camden CIL (infrastructure)
CIL funding
SHAF Holiday activity fund
Total funds
Camden warm spaces
Black Pearl
LB Camden resilience
Restricted funds:
Go!London
JLC Resilience fund
Active Thames		 At the start
of the year
£
34,322
857,263		 Incoming
resources &
gains
£
268,418
-		 Outgoing
resources &
losses
£
(246,963)
(25,212)		 Transfers
£
-
-		 At the end
of the year
£
55,777
832,051
891,585 268,418 (272,175) - 887,828
-
34,681
-
17,026
-
-
-
3,728
-		 6,250
-
4,000
-
17,500
30,000
4,970
-
5,000		 (5,859)
(790)
(1,732)
(17,026)
(256)
-
(2,088)
(3,728)
(5,000)		 -
-
-
-
-
-
-
-
-		 391
33,891
2,268
-
17,244
30,000
2,883
-
-
55,435 67,720 (36,478) - 86,677
947,020 336,138 (308,653) - 974,505

26