2025-01-31-accounts

Trustees’ Annual Report for the period

From February 2024 Period start date To January 2025 Period end date

Charity name: Steamship Freshspring Trust

Charity registration number: 1151907

Objectives and Activities

	SORP reference
Summary of the purposes of the charity as set out in its governing document	Para 1.17	"To advance the education of the public through the preservation and operation of a historic steamship, and the promotion of maritime studies particularly amongst young people for the public benefit."
Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts.	Para 1.17 and 1.19	In 2024, the Trust significantly expanded its educational and community outreach. Activities included public open days (April to October), educational visits, off-site events, and innovative digital experiences such as VR tours. The Trust employed a Community Learning Officer (part-time) and Audience Development staff (via NLHF funding) to widen participation and foster learning, particularly among young people. Youth involvement was a focus; the Trust provided resources to schools, hosted maritime-related talks, and worked with educational and employment providers. Notably, partnerships with BMT Global Ltd, University of the West of England, Petroc College, and local authorities enhanced both reach and impact.
Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit	Para 1.18	The trustees confirm they have had regard to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives and in planning activities.

Additional information (optional) You may choose to include further statements where relevant about:

	SORP reference
Policy on grant making	Para 1.38	No grant-making programme is operated.
Policy on social investment including program related investment	Para 1.38	Not applicable currently, though exploratory partnerships (e.g., green ship operaton, marine fuel innovaton) may lead to future investment models.
Contribution made by volunteers	Para 1.38	The Trust is largely dependent on volunteers to achieve its objectves. Volunteers support ship maintenance, event delivery, open days, tours, fundraising, administraton and the development of the Trust’s systems and processes. A dedicated volunteer Trustee board leads the governance and development of the Trust. The number and diversity of volunteers increased in 2024 and their training and development was improved as a result of enhanced processes implemented across the Trust.
Other

Achievements and Performance

	SORP reference
Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole.	Para 1.20	• The number of people we engaged with grew by 66% when comparing the 2023 season with the 2024 season, reaching a total of 5,237 in 2024. • Revenue from engagement increased by 18.5% to over £7,300. • 29% of visitors came from local areas of higher deprivaton • Gained major funding from NLHF and Pilgrim Trust to support an 18-month development programme. • Recruited new Trustees, mapped board skills, and created sub-groups to support governance. • Conducted a feasibility study with naval architects confrming operatonal potental for the ship. • Improved data capture, communicatons, and audience development strategy. • Positve media exposure (TV, radio, print).

Additional information (optional) You may choose to include further statements where relevant about:	Additional information (optional) You may choose to include further statements where relevant about:	Additional information (optional) You may choose to include further statements where relevant about:
Achievements against objectives set	Para 1.41	The Trust successfully delivered 12 of-ship events, expanded digital outreach via social media including podcasts, launched new governance structures, engaged new harder to reach audiences and improved evaluaton processes. Relatonships with high-profle partners were deepened, and public surveys helped assess interest in maritme heritage. The NLHF project was completed successfully with the results including improved governance, beter oversight of the Trust’s fnancial positon, a more realistcally tmescaled plan for future development with approximate costs, a beter understanding of our audience and an improved reach into the more deprived local areas and a path established for the way forward.

Performance of fundraising activities against objectives set	Para 1.41	Grant income was boosted by NLHF and Pilgrim Trust contributons secured in the previous year. Additonal core funding was raised by bids to local councils and other organisatons including the Alex Ferry and Swire Charitable Trust. Earned income from donatons, merchandise, and events supported unrestricted revenue growth.
Investment performance against objectives	Para 1.41	Not applicable
Other

Financial Review

Financial Review
Review of the charity’s financial position at the end of the period	Para 1.21	On 31 January 2025 we held cash funds of £31,744 of which £31,485 were unrestricted and £259 restricted. Of the unrestricted funds, £13,950 is designated for ship drydocking and the balance of £17,535 is reserves.
Statement explaining the policy for holding reserves stating why they are held	Para 1.22	The Trust sets aside £350 monthly towards a fve-year dry docking fee with a target of £25,000. This sum is designated within the unrestricted funds to cover the cost of the regular review of the ship’s hull strength and any repairs needed. In additon, the charity holds reserves to cover uncertaintes of income and to cover emergency ship repairs. The target is £17,000 – 4 months operatng costs plus £5,000 for emergency ship costs
Amount of reserves held	Para 1.22	£17,535
Reasons for holding zero reserves	Para 1.22	Not applicable
Details of fund materially in deficit	Para 1.24	none
Explanation of any uncertainties about the charity continuing as a going concern	Para 1.23	No signifcant uncertaintes identfed.

Additional information (optional) You may choose to include further statements where relevant about:

The charity’s principal sources of funds (including any fundraising)	Para 1.47	NLHF, Pilgrim Trust, Alex Ferry Foundaton, Swire Charitable Trust, local councils, visitor donatons and small sales of merchandise.
Investment policy and objectives including any social investment policy adopted	Para 1.46	No formal investment policy; funds are held in current accounts.
A description of the principal risks facing the charity	Para 1.46	Achieving core funding, reliance on seasonal income, ship maintenance costs, and need for specialist volunteers and Trustees.
Other

Structure, Governance and Management

Description of charity’s trusts:
Type of governing document (trust deed,royal charter)	Para 1.25	Consttuton adopted 10 April 2013.
How is the charity constituted? (e.g unincorporated association, CIO)	Para 1.25	Charitable Incorporated Organisaton (CIO)
Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees	Para 1.25	Trustees are appointed or reappointed annually at the AGM by the membership. Recruitment is open with availability of roles advertsed on the website and via social media. Potental trustees are interviewed by the Chair and at least one other nominated Trustee. A trustee meetng introduces them to the rest of the board and they are asked to serve a short term before being proposed to the membership at the AGM if the candidate and other trustees feel there is a good ft. Trustees serve three-year terms and may stand for re- electon. The Chair is elected annually by the membership from among the current Trustees.

Additional information (optional) You may choose to include further statements where relevant about:	Additional information (optional) You may choose to include further statements where relevant about:	Additional information (optional) You may choose to include further statements where relevant about:
Policies and procedures adopted for the induction and training of trustees	Para 1.51	Inducton includes orientaton sessions and ongoing governance development
The charity’s organisational structure and any wider network with which the charity works	Para 1.51	Volunteer-led with a small core staf team of a Trust Coordinator and Community Learning Ofcer. Salaries are set in line with benchmarks of natonal organisatons such as the NCVO and teacher’s salaries for our learning ofcer. Sub- groups support specifc functons. Sub groups make operatonal decisions and refer more major strategic decisions to the board. Collaboratons include River Torridge Heritage Group, Maritme Heritage Trust, BMT Global Ltd, Petroc College, and University of the West of England.
Relationship with any related parties	Para 1.51
Other

Reference and Administrative details

Charityname	SteamshipFreshspringTrust
Other name the charityuses	SS Freshspring
Registered charitynumber	1151907
Charity’s principal address	Litle Cleave, Lower Cleave, Northam, Devon EX39 2RH

Names of the charity trustees who manage the charity

1 2 3 4 5 6 7	Trustee name	Office (if any)	Dates acted if not for whole year	Name of person (or body) entitled to appoint trustee (ifany)
	Stephen Attenborough			SS Freshspring Trust membership
	Brian Michael Gooding			SS Freshspring Trust membership
	John Charles Oliver Puddy	Chair		SS Freshspring Trust membership
	Annemarie Shillito			SS Freshspring Trust membership
	William Blythe			SS Freshspring Trust membership
	Martin Roy Kemp		01/02/2024 to 02/12/2024	SS Freshspring Trust membership
	Michael John Teare			SS Freshspring Trust membership

– Corporate trustees names of the directors at the date the report was approved Director name None

Name of trustees holding title to property belonging to the charity

Trustee name	Dates acted if not for whole year
None

Funds held as custodian trustees on behalf of others

Description of the assets held in this capacity Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe custody and segregation of such assets from the charity’s own assets

Additional infomiation (optional) Names and addresses of advisers (Optional information) Type of Name Address adviser Evaluation and planning Marine and feasibility Real Ideas Organisation Real Ideas Organisation CIC, Sea House. Brenton Road, Downderry, Cornwall. United Kingdom, PLII 3JA BMT BMT, Quays. l Foundry Ln. Bath BA2 3GZ HR and accounting RT Marke 69 High St, Bideford EX39 2AT Name of chief executive or names of senior stsff members (Optional infomiation) Ros White- Trust Operations and Development Coordinator Exemptions from disclosure Reason for non-disclosure of ke ersonnel details Other o tional information Declarations The trustees declare that they have approved the trustees, report above. Slgned on behalf of the charity's trustees Signature(s) Full name(s) Position (eg Secretary, Chair. etc) fy7r Chair Date 27 lo %5.

CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of Steamship Freshspring Trust On accounts for the year ended 31 January 2025 Charity no (if any) 1151907 Set out on pages I report to the trustees on my examination of the accounts of the above charity (Ihe Trusf) for the year ended 3110112025. Responsibllities and As the charty trustees of the Trust, you are responsible for the preparation basis of report of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act"). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination. I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. I have completed my examination. I confirm that no material matters have come to my attention (other than that disclosed below ") in connection with the examination which gives me cause to believe that in, any material respect: accounting records were not kept in accordance with section 130 of the Act or the accounts do not accord with the accounting records Independent examiner's statement I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. . Please delete the words in the brackets rf they do not apply. Signed: Date: Name: £94oA/ Relevant professional qualification(s) or body (if any): ICAé Address: 69 High Street Bideford EX39 2AT IER October 2018

Section B Disclosure Only complete rf the examiner needs to highlight matters of concem (see CC32. Independent examination of charity accounts: directions and guidance for examiners). Give here brief details of any items that the examiner wishes to disclose. IER October 2018

(HARITY COMMI55KIN Sle•nshlp Fffeshsprlng Trust 1151907 Receipts and payments accounts CC16a For thg period 01A12f2D24 31A)Ir2025 Section A Receipts and payments Unrestricted funds Endowment funds funds ToLIl funds Last year A1 Recelpts Grdnts Donabcffis Memberst s8,n7 115.170 7.224 Z.UBg 187 4,716 GIftA 720 7.125 720 Sub total(Gross inccvne for AR) 74544 129,386 A2 Asset and investThnt sales. (see Lible). Sub totsl 40.707 3S.837 76 129.386 A3Pa ents Grant E4)endilwe FutiTJrsiiw Ship Costs Insuranc8 Tnjslee IVduni8er costs Sala Profe50nal cmts Membw5h¢i (nher fjJ.n7 n7 ISA69 4711 3.201 4.406 833 17.S46 1,384 1310 4.320 11133 423 11133 4123 1232 Sub total 63.n7 121169 A4 Assel and Investrnent purchas8$. (soe tsble) Sub total ¥516 63,737 122.169 Net of recwpts/(paymentsJ A5 Transfers between funds A6 Cash funds last y•¥ ernl Cash fiinds this year end 6.191 27,91)0 21.709 7217 25294 31N85 28,159 31,744 7.217 CCXX Rl acrAiunts (SS)

Section B Statement of assets and liabilities at the end of the period Unrestricted funds Restricted funds Endowment funds lo n•ami£ B1 Cash funds 31.185 Total cash funds 31,485 259 11 Unrnstrlcl•d funds funds 19 nea￿1£ Details to nwsl£ Fund to T•hl¢ umintv•k Deiails C06t l00iondl "z40 Fund to ¥ththl¢h Cun*nt ¥alu¢ Details Cost lo￿Onal 84 Assets relalned for the charitys own use F￿￿ to ¥Jhirh knunt d Details 85 Llabilltles Signed by on8 Injstees on behalf of all Ihe trust Date of roval Swalu Prnl Namo CCXX R2 8(xowts ISS)