REGISTERED COMPANY NUMBER: 09182207 (England and Wales) REGISTERED CHARITY NUMBER: 1161201
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
FOR
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Lang Bennetts The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG
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CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 to 8 |
| Cash Flow Statement | 9 |
| Notes to the Cash Flow Statement | 10 |
| Notes to the Financial Statements | 11 to 19 |
| Detailed Statement of Financial Activities | 20 to 21 |
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REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 SEPTEMBER 2021
TRUSTEES Air Vice Marshal The Lord Broadbridge Wing Commander M J Harris Martin Johnston Sue Godzicz REGISTERED OFFICE B-FOB North Parade FALMOUTH Cornwall TR11 2TF REGISTERED COMPANY 09182207 (England and Wales) NUMBER REGISTERED CHARITY 1161201 NUMBER INDEPENDENT EXAMINER Mr J Mashen FCA Lang Bennetts The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG
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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021
The Trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 September 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity's governing document is its memorandum and articles of association dated 19 August 2014.
Recruitment and appointment of new trustees
The recruitment of trustees is undertaken by the board of trustees. They will recruit a person who is willing to act as a trustee and has an interest in the activities and ultimate success of the charity. The charity may by ordinary resolution appoint a person who is willing to act as director.
Objectives and aims
We have referred to the Charity Commission's guidance on public benefit when reviewing our aims and objectives and planning future activities. Turn to Starboard has now widened its activities to include NHS frontline workers and Emergency Services staff.
Turn to Starboard uses Royal Yachting Association (RYA) sailing courses to support Armed Forces personnel (serving and retired) affected by military operations using the established therapeutic effects of sailing and the sea. The focus is on resettlement, reintegration, reinforcing a sense of value and belonging while ensuring that the true friendship that Service personnel know, continues long after their Service career. We provide tangible experiences, expert training and career building opportunities all in a supportive and unique environment. Individuals who sail with us can also develop their skills to gain internationally recognised sailing qualifications. We do not offer therapy or undertake treatment of any kind and our mission remains to deliver restorative sailing experiences and training courses while supporting beneficiaries in a unique environment.
Based at Falmouth Marina in Cornwall, we offer RYA Competent Crew, Day Skipper and RYA Yachtmaster courses at no cost to our beneficiaries. We also provide family sailing trip opportunities for Service families affected by military Service to help them re-engage and spend quality time together. Sail training takes place on modern yachts, plus we also have our own Tall Ship, a 92ft Merseyside Pilot Schooner - Spirit of Falmouth - which gives beneficiaries the chance to sail on longer voyages and learn traditional sailing techniques. This vessel also provides us with a facility for corporate engagement and promotion.
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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021
OBJECTIVES AND ACTIVITIES
Achievements and performance
*Please note this report reflects severely restricted activity due to pandemic lockdown restrictions.
On March 14, 2020, Turn to Starboard was forced to suspend its operation due to the global coronavirus pandemic. It was unreasonable and impractical to maintain government social distancing guidelines below deck on our vessels. All of the charity's activities were put on hold and we opted to utilise the government's Coronavirus Job Retention scheme for employees for the maximum entitlement during the entire lockdown period. Each staff member received 80 per cent of their usual salary via the government scheme, yet due to a climate of uncertainty, voluntarily declined to receive an additional 20 per cent employer contribution in a selfless attempt to preserve the charity's funds.
A combination of the government scheme, grant awards, corporate and public support and the generosity of staff members has enabled Turn to Starboard to restart its activities in a positive financial position. With the gradual easing of coronavirus restrictions, we relaunched our service in September 2021 with an offer to ex-Service personnel affected by military operations, or struggling with isolation during the pandemic, to be part of an ambitious eight-week sailing expedition from Cornwall to Scotland.
The Long Way Up aimed for participants to experience freedom on the water, meet people facing similar challenges as their own, enjoy camaraderie and gain valuable skills that apply to everyday life. The fleet consisted of a total of five yachts, each led by a fully qualified and highly experienced skipper to safely guide the crew. On September 12, a team of military veterans set sail from Falmouth in Cornwall for a 1000+ mile voyage in either direction with each participant gaining valuable sailing experience and mileage towards a Royal Yachting Association (RYA) Yachtmaster qualification.
Earlier in the year, when the charity was unable to provide sailing opportunities to the Armed Forces community, we found ourselves with the resources for some individuals to voluntarily provide a limited number of sailing opportunities for frontline NHS staff. The aim was to help provide participants with an escape from the mental and physical toll of the pandemic, along with an offer of thanks for their service to the nation. These sailing experiences were deemed highly successful with extremely positive feedback from all participants. The voyages were an alternative to those provided by Turn to Starboard for military veterans, with no requirement for participants to gain sailing qualifications. As a consequence of these sailing trips, the charity has received numerous requests from NHS Trusts from across the UK on behalf of their staff members. We also received initial funding support for this strand of activity from several generous benefactors.
To continue this new service and formally incorporate it within the charity's operation, advice was sought from the charity's Trustees and The Charity Commission. Once completed, our charitable objectives were officially updated to also include frontline NHS staff and Emergency Services staff. A point of note is the contrasting requirements of sailing experiences for NHS staff and military veterans, along with the independent funding streams. Incorporating this activity into our service does not affect the number of military veterans we are able to support. In fact, the subsequent engagement and publicity of this new endeavour means that we are now able to reach more members of the Armed Forces community and we anticipate providing more sailing opportunities to military veterans in the coming year.
We are also pleased to report that restoration work to the traditional motor cruiser gifted to the charity in July 2018 is now complete. 'Tudora' is now providing much-needed accommodation for military veterans attending our sail training programmes. This ongoing project would not be possible without the generous support by The Lest We Forget Association, Freemasons Covid-19 Community Fund, The David Medlock Trust, local companies and individuals.
In conclusion, the future for Turn to Starboard looks promising and the Trustees would like to offer our sincere gratitude to all of the charity's supporters during this challenging period. In addition, we extend our thanks to all of the charity's employees and volunteers whose selflessness and resilience has enabled the charity to restart its activities in a positive position for those in need. Demand for our services is constant, yet we regularly receive positive feedback and witness successful outcomes for beneficiaries. We feel proud to hold numerous examples from individuals of all branches of the Armed Forces demonstrating a renewed sense of focus and purpose. It is apparent the sport of sailing continues to provide an ideal way for beneficiaries to experience the therapeutic effects of the sea. Sailing can sometimes light a spark in an individual's life and reinforce a sense of value and belonging. For others, it can lead to career-building and life-changing opportunities. The impact of what we do is clear.
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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021
FINANCIAL REVIEW
The charity has a target to hold free reserves, which are general funds of the charity that are not designated or represented by fixed assets, equivalent to six months general running costs.
Free reserves at 30 September 2021 are £143,994 and fall short of this target, however there is a current focus on fundraising to meet this target, whilst balancing this carefully with the need to spend to ensure the current demand of those we support is met.
Approved by order of the board of trustees on 22 December 2021 and signed on its behalf by:
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Air Vice Marshal The Lord Broadbridge - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TURN TO STARBOARD
Independent examiner's report to the trustees of Turn to Starboard ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) 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 your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of FCA which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Jonathan Mashen FCA Lang Bennetts The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG
Date: 22 December 2021
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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 222,804 Charitable activities 5 Charitable Activities 16,900 Other trading activities 3 33,647 Investment income 4 8 Other income 104,758 Total 378,117 EXPENDITURE ON Raising funds 6 2,919 Charitable activities 7 Charitable Activities 413,330 Other 10 675 Total 416,924 NET INCOME/(EXPENDITURE) (38,807) RECONCILIATION OF FUNDS Total funds brought forward 256,297 TOTAL FUNDS CARRIED FORWARD 217,490 |
Restricted funds £ 21,891 79,980 - - - 101,871 393 68,993 - 69,386 32,485 26,121 58,606 |
2021 Total funds £ 244,695 96,880 33,647 8 104,758 479,988 3,312 482,323 675 486,310 (6,322) 282,418 276,096 |
2020 Total funds £ 139,268 112,250 23,621 58 87,519 362,716 7,727 462,411 - 470,138 (107,422) 389,840 282,418 |
|---|---|---|---|
The notes form part of these financial statements
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BALANCE SHEET 30 SEPTEMBER 2021
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 15 73,496 CURRENT ASSETS Debtors 16 12,962 Cash at bank and in hand 136,002 148,964 CREDITORS Amounts falling due within one year 17 (4,970) NET CURRENT ASSETS 143,994 TOTAL ASSETS LESS CURRENT LIABILITIES 217,490 NET ASSETS 217,490 FUNDS 18 Unrestricted funds: General fund The Spirit of Falmouth fixed asset reserve Tudora fixed asset reserve Restricted funds TOTAL FUNDS |
Restricted funds £ - - 58,606 58,606 - 58,606 58,606 58,606 |
2021 Total funds £ 73,496 12,962 194,608 207,570 (4,970) 202,600 276,096 276,096 180,782 - 36,708 217,490 58,606 276,096 |
2020 Total funds £ 165,520 40,706 78,936 119,642 (2,744) 116,898 282,418 282,418 137,352 70,000 48,945 256,297 26,121 282,418 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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BALANCE SHEET - continued 30 SEPTEMBER 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 22 December 2021 and were signed on its behalf by:
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Air Vice Marshal The Lord Broadbridge - Trustee
The notes form part of these financial statements
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| CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2021 2021 Notes £ Cash flows from operating activities Cash generated from operations 1 114,864 Net cash provided by/(used in) operating activities 114,864 Cash flows from investing activities Purchase of tangible fixed assets (1,199) Sale of tangible fixed assets 1,999 Interest received 8 Net cash provided by/(used in) investing activities 808 Change in cash and cash equivalents in the reporting period 115,672 Cash and cash equivalents at the beginning of the reporting period 78,936 Cash and cash equivalents at the end of the reporting period 194,608 |
2020 £ (28,265) (28,265) (48,945) - 58 (48,887) (77,152) 156,088 78,936 |
|---|---|
The notes form part of these financial statements
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NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2021
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||||
|---|---|---|---|---|
| 2021 | 2020 | |||
| £ | £ | |||
| Net expenditure for the reporting period (as per the Statement of | ||||
| Financial Activities) | (6,322) | (107,422) | ||
| Adjustments for: | ||||
| Depreciation charges | 91,117 | 80,161 | ||
| Loss on disposal of fixed assets | 107 | - | ||
| Interest received | (8) | (58) | ||
| Decrease in stocks | - | 15,070 | ||
| Decrease/(increase) in debtors | 27,744 | (15,020) | ||
| Increase/(decrease) in creditors | 2,226 | (996) | ||
| Net cash provided by/(used in) operations | 114,864 | (28,265) | ||
| 2. | ANALYSIS OF CHANGES IN NET FUNDS | |||
| At 1/10/20 | Cash flow | At 30/9/21 | ||
| £ | £ | £ | ||
| Net cash | ||||
| Cash at bank and in hand | 78,936 | 115,672 | 194,608 | |
| 78,936 | 115,672 | 194,608 | ||
| Total | 78,936 | 115,672 | 194,608 |
The notes form part of these financial statements
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Vessels - Straight line over 4 years Fixtures and fittings - 25% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
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NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2021
| 2. DONATIONS AND LEGACIES Donations Gift aid 3. OTHER TRADING ACTIVITIES Merchandise sales Other fundraising 4. INVESTMENT INCOME Deposit account interest 5. INCOME FROM CHARITABLE ACTIVITIES Grants Grants received, included in the above, are as follows: Golden Bottle Trust Lest We Forget Association RAF Benevolent Fund BFBS Big Salute Team Ethos Scott (Eredine) Charitable Trust Armed Forces Covenant Fund Trust Little Britain Challenge Cup RYA Foundation Grant Headley Court Charity Masonic Charitable Foundation Cornwall Council Medlock Charitable Trust |
2021 £ 223,265 21,430 244,695 2021 £ 80 33,567 33,647 2021 £ 8 2021 Charitable Activities £ 96,880 2021 £ - 23,000 - - 15,000 1,500 - - - - 26,980 400 30,000 96,880 |
2020 £ 131,648 7,620 139,268 2020 £ 278 23,343 23,621 2020 £ 58 2020 Total activities £ 112,250 2020 £ 10,000 15,000 12,500 10,000 - 1,500 33,250 2,000 3,000 25,000 - - - 112,250 |
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NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2021
6. RAISING FUNDS
| Raising donations and legacies Fundraising costs Other trading activities Purchases Aggregate amounts 7. CHARITABLE ACTIVITIES COSTS Direct Costs (see note 8) £ Charitable Activities 357,002 8. DIRECT COSTS OF CHARITABLE ACTIVITIES Staff costs Vessel costs Course expenses Consultancy fees 9. SUPPORT COSTS Management £ Charitable Activities 125,313 10. OTHER Loss on sale of assets |
2021 £ 3,312 2021 £ - 3,312 Support costs (see note 9) £ 125,321 2021 £ 211,949 141,510 2,163 1,380 357,002 Finance £ 8 2021 £ 675 |
2020 £ 7,274 2020 £ 453 7,727 Totals £ 482,323 2020 £ 233,169 83,922 17,697 - 334,788 Totals £ 125,321 2020 £ - |
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NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2021
11. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Depreciation - owned assets Deficit on disposal of fixed assets |
2021 £ 91,117 107 |
2020 £ 80,161 - |
|---|---|---|
12. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2021 nor for the year ended 30 September 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 September 2021 nor for the year ended 30 September 2020.
13. STAFF COSTS
14.
| Average number of employees No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 139,268 Charitable activities Charitable Activities 41,000 Other trading activities 23,621 Investment income 58 Other income 87,519 Total 291,466 EXPENDITURE ON Raising funds 7,727 Charitable activities Charitable Activities 414,320 Total 422,047 NET INCOME/(EXPENDITURE) (130,581) Transfers between funds 35,214 |
2021 12 Restricted funds £ - 71,250 - - - 71,250 - 48,091 48,091 23,159 (35,214) |
2020 15 Total funds £ 139,268 112,250 23,621 58 87,519 362,716 7,727 462,411 470,138 (107,422) - |
|---|---|---|
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(95,367) (12,055) (107,422)
Net movement in funds
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NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2021
| 14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - Unrestricted funds £ RECONCILIATION OF FUNDS Total funds brought forward 351,664 TOTAL FUNDS CARRIED FORWARD 256,297 15. TANGIBLE FIXED ASSETS Plant and Vessels machinery £ £ COST At 1 October 2020 468,945 21,462 Additions - 500 Disposals - (3,842) At 30 September 2021 468,945 18,120 DEPRECIATION At 1 October 2020 312,917 14,263 Charge for year 89,236 1,274 Eliminated on disposal - (1,736) At 30 September 2021 402,153 13,801 NET BOOK VALUE At 30 September 2021 66,792 4,319 At 30 September 2020 156,028 7,199 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments |
continued Restricted funds £ 38,176 26,121 Fixtures and fittings £ 5,956 699 - 6,655 3,663 607 - 4,270 2,385 2,293 2021 £ 12,762 200 12,962 |
Total funds £ 389,840 282,418 Totals £ 496,363 1,199 (3,842) 493,720 330,843 91,117 (1,736) 420,224 73,496 165,520 2020 £ 27,224 13,482 40,706 |
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NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2021
17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors Accrued expenses 18. MOVEMENT IN FUNDS Unrestricted funds General fund The Spirit of Falmouth fixed asset reserve Tudora fixed asset reserve Restricted funds Long Way Up Challenge Positive Pathways - Making the Right Turn Project Argo Tudora Homeless Project TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund The Spirit of Falmouth fixed asset reserve Tudora fixed asset reserve Restricted funds Tudora Project Long Way Up Challenge Project Argo Tudora Homeless Project TOTAL FUNDS |
At 1/10/20 £ 137,352 70,000 48,945 256,297 17,622 8,499 - - 26,121 282,418 Incoming resources £ 378,117 - - 378,117 26,980 23,000 21,891 30,000 101,871 479,988 |
2021 2020 £ £ 2,081 - 2,889 2,744 4,970 2,744 Net movement At in funds 30/9/21 £ £ 43,430 180,782 (70,000) - (12,237) 36,708 (38,807) 217,490 (15,889) 1,733 - 8,499 20,512 20,512 27,860 27,860 32,485 58,606 (6,322) 276,096 Resources Movement expended in funds £ £ (334,687) 43,430 (70,000) (70,000) (12,237) (12,237) (416,924) (38,807) (26,980) - (38,889) (15,889) (1,379) 20,512 (2,138) 27,860 (69,386) 32,485 (486,310) (6,322) |
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NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2021
18. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund The Spirit of Falmouth fixed asset reserve Tudora fixed asset reserve Restricted funds Tudora Project Racing salary grant Long Way Up Challenge Positive Pathways - Making the Right Turn TOTAL FUNDS |
At 1/10/19 £ 211,664 140,000 - 351,664 25,692 12,484 - - 38,176 389,840 |
Net movement in funds £ (60,581) (70,000) - (130,581) 9,522 (12,484) 17,622 8,499 23,159 (107,422) |
Transfers between funds £ (13,731) - 48,945 35,214 (35,214) - - - (35,214) - |
At 30/9/20 £ 137,352 70,000 48,945 256,297 - - 17,622 8,499 26,121 282,418 |
|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund The Spirit of Falmouth fixed asset reserve Restricted funds Tudora Project Racing salary grant Long Way Up Challenge Spirit Rigging Positive Pathways - Making the Right Turn TOTAL FUNDS |
Incoming resources £ 291,466 - 291,466 10,000 - 25,000 3,000 33,250 71,250 362,716 |
Resources Movement expended in funds £ £ (352,047) (60,581) (70,000) (70,000) (422,047) (130,581) (478) 9,522 (12,484) (12,484) (7,378) 17,622 (3,000) - (24,751) 8,499 (48,091) 23,159 (470,138) (107,422) |
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NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2021
18. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund The Spirit of Falmouth fixed asset reserve Tudora fixed asset reserve Restricted funds Tudora Project Racing salary grant Long Way Up Challenge Positive Pathways - Making the Right Turn Project Argo Tudora Homeless Project TOTAL FUNDS |
At 1/10/19 £ 211,664 140,000 - 351,664 25,692 12,484 - - - - 38,176 389,840 |
Net movement in funds £ (17,151) (140,000) (12,237) (169,388) 9,522 (12,484) 1,733 8,499 20,512 27,860 55,644 (113,744) |
Transfers between funds £ (13,731) - 48,945 35,214 (35,214) - - - - - (35,214) - |
At 30/9/21 £ 180,782 - 36,708 217,490 - - 1,733 8,499 20,512 27,860 58,606 276,096 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund The Spirit of Falmouth fixed asset reserve Tudora fixed asset reserve Restricted funds Tudora Project Racing salary grant Long Way Up Challenge Spirit Rigging Positive Pathways - Making the Right Turn Project Argo Tudora Homeless Project TOTAL FUNDS |
Incoming resources £ 669,583 - - 669,583 36,980 - 48,000 3,000 33,250 21,891 30,000 173,121 842,704 |
Resources Movement expended in funds £ £ (686,734) (17,151) (140,000) (140,000) (12,237) (12,237) (838,970) (169,388) (27,458) 9,522 (12,484) (12,484) (46,267) 1,733 (3,000) - (24,751) 8,499 (1,379) 20,512 (2,138) 27,860 (117,478) 55,644 (956,448) (113,744) |
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
18. MOVEMENT IN FUNDS - continued
Unrestricted reserves:
The Spirit of Falmouth fixed asset reserve : a designated reserve representing the net book value of a vessel previously donated to the charity.
Tudora fixed asset reserve : a designated reserve representing the capitalised costs of renovating the vessel Tudora, a 25-tonne wooden motor cruiser which was donated to the charity in a previous year.
Restricted reserves:
Long Way Up Challenge : Grants from Lest We Forget and Team Army to fund a sailing challenge for veterans using three yachts to sail from Falmouth to the northern tip of Scotland.
Positive Pathways - Making the Right Turn : Grant from the Armed Forces Covenant Fund Trust towards a sailing programme for veterans.
Project Argo : Donations from Air Tanker, Huboo, various gift aid and the web to support NHS and other emergency response workers.
Tudora Homeless Project : Grant from the Medlock Charitable Trust to support the use of the wooden motor cruiser Tudora as accommodation for homeless veterans.
19. RELATED PARTY DISCLOSURES
The charity rents office space from Take Point Training Limited, and rent has been charged to the charity in the sum of £16,000 (2020: £14,400). The company is controlled by a close family member of the charity's key management personnel.
20. LIMITED BY GUARANTEE
The charity is a private company limited by guarantee and consequently does not have a share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.
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DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021
| INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Other trading activities Merchandise sales Other fundraising Investment income Deposit account interest Charitable activities Grants Other income Gain on sale of tangible fixed assets Furlough pay recovered Total incoming resources EXPENDITURE Raising donations and legacies Fundraising costs Other trading activities Purchases Charitable activities Wages Social security Pensions Vessel costs Course expenses Consultancy fees Other Loss on sale of tangible fixed assets Support costs |
2021 £ 223,265 21,430 244,695 80 33,567 33,647 8 96,880 568 104,190 104,758 479,988 3,312 - 200,717 9,090 2,142 141,510 2,163 1,380 357,002 675 |
2020 £ 131,648 7,620 139,268 278 23,343 23,621 58 112,250 - 87,519 87,519 362,716 7,274 453 221,006 10,349 1,814 83,922 17,697 - 334,788 - |
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TURN TO STARBOARD
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021 Support costs Management Rent and rates Insurance Light and heat Telephone Postage and stationery Advertising Sundries Computer costs Motor and travelling expenses Accountancy Uniforms Vessels Plant and machinery Fixtures and fittings Finance Bank charges Total resources expended Net expenditure |
2021 £ 17,931 4,804 6 32 - 2 3,229 1,461 2,916 3,816 - 89,236 1,273 607 125,313 8 486,310 (6,322) |
2020 £ 21,710 7,224 583 1,349 984 525 3,706 1,379 5,738 3,132 1,078 77,000 2,400 761 127,569 54 470,138 (107,422) |
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