## **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 FutiTJr*siiw Ship Costs Insuranc8 Tnjslee IVduni8er costs Sala Profe5*0nal 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)