**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** ## **TURN TO STARBOARD** Lang Bennetts The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG **TURN TO STARBOARD** ## **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| **TURN TO STARBOARD** ## **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 Page 1 **TURN TO STARBOARD** ## **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. Page 2 **TURN TO STARBOARD** ## **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. Page 3 ## **TURN TO STARBOARD** ## **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: ........................................................................ Air Vice Marshal The Lord Broadbridge - Trustee Page 4 ## **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: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. 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 4. 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 Page 5 ## **TURN TO STARBOARD** ## **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 Page 6 ## **TURN TO STARBOARD** ## **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 - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (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 continued... Page 7 ## **TURN TO STARBOARD** ## **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: ............................................. Air Vice Marshal The Lord Broadbridge - Trustee The notes form part of these financial statements Page 8 ## **TURN TO STARBOARD** |**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 Page 9 ## **TURN TO STARBOARD** ## **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 Page 10 **TURN TO STARBOARD** ## **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. continued... Page 11 ## **TURN TO STARBOARD** ## **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| |---|---|---| continued... Page 123 ## **TURN TO STARBOARD** ## **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
£
-| |---|---|---| continued... Page 13 ## **TURN TO STARBOARD** ## **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)
-| |---|---|---| continued... Page 14 (95,367) (12,055) (107,422) **Net movement in funds** continued... Page 14 ## **TURN TO STARBOARD** ## **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| |---|---|---|---| ||||| ||||| ||||| ||||| ||||| ||||| Page 15 continued... ## **TURN TO STARBOARD** ## **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)| |---|---|---| Page 16 continued... **TURN TO STARBOARD** ## **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)| |---|---|---| continued... Page 17 **TURN TO STARBOARD** ## **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)| |---|---|---| continued... Page 18 **TURN TO STARBOARD** ## **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. Page 19 ## **TURN TO STARBOARD** ## **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
-| |---|---|---| This page does not form part of the statutory financial statements Page 20 ## **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)| |---|---|---| This page does not form part of the statutory financial statements Page 21