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2023-09-30-accounts

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 2023

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 2023

Page
Reference and Administrative Details 1
Report of the Trustees 2 To 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6 To 7
Cash Flow Statement 8
Notes to the Cash Flow Statement 9
Notes to the Financial Statements 10 To 21
Detailed Statement of Financial Activities 22 To 23

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REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 SEPTEMBER 2023

TRUSTEES Air Vice Marshal The Lord Broadbridge Wing Commander M J Harris Sue Godzicz Mary Helen Blachford Martin Johnston REGISTERED OFFICE B-FOB North Parade FALMOUTH Cornwall TR11 2TF REGISTERED COMPANY 09182207 (England and Wales) NUMBER REGISTERED CHARITY 1161201 NUMBER INDEPENDENT EXAMINER Lang Bennetts The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG

Page 1

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023

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 2023. 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).

OBJECTIVES AND ACTIVITIES

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. We also provide support to NHS workers and Frontline Emergency Services Staff.

ACHIEVEMENTS AND PERFORMANCE

2023 has been a year of transition with Shaun Pascoe stepping back from the CEO position and Sally Terry stepping into the role in June. Shaun has moved to a Founder & Ambassador role and is still very much a part of the charity. The team has grown to 12 with five in the Shore Team, six Skippers and one Chief Engineer. The growth in the Skipper Team was due to the charity running the pilot of the Skipper Scholarship Scheme which has involved some very intensive sail training for those veterans wishing to make a career out of sailing. Several of those who went through the Skipper Scheme are already working in the maritime industry and forging new careers. Being able to offer this kind of Career Development to our beneficiaries has opened up new innovative possibilities for the charity but also potential new avenues for funding.

During this period, the charity has sailed more veterans than ever and qualified more Yachtmasters than ever whilst also fulfilling its commercial duties which in turn provide much needed funds to support its core operational activities. The complexities of sailing more veterans on more boats has also necessitated the introduction of some robust operational systems and processes which the team have embraced and implemented seamlessly.

Financially, it has been a strong year although raising funds remains a constant challenge especially with many of the military charities reducing or withdrawing their grant funding. It is clear that the fundraising landscape is changing but the charity has anticipated this and is already exploring and putting into place strategies to mitigate this threat.

In conclusion, the future for Turn to Starboard looks very positive and whilst we would always wish that we were not needed, it is our commitment to the veteran community that we will endure.

The Trustees would like to offer our sincere gratitude to all of the charity's supporters, both new and existing, who make it possible for us to do what we do. In addition, we extend our thanks to all of the charity's employees and volunteers whose selflessness and resilience has enabled the charity to continue its activities despite some challenging circumstances. In particular we would like to acknowledge the determination and commitment of Shaun Pascoe in setting up Turn to Starboard in the first place. His visionary idea remains unique in the UK and he has put in place a team who share his passion for supporting those brave men and women who have given so much.

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023

Demand for our services is greater than ever, yet we receive overwhelmingly positive feedback and witness both life changing and life saving outcomes for beneficiaries. The personal stories of those we support are profound and compelling, but it is clear to us that sailing continues to provide an ideal way for beneficiaries to experience the therapeutic effects of the sea.

FINANCIAL REVIEW

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 2023 are negative £16,050 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.

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.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................

Air Vice Marshal The Lord Broadbridge - Trustee

Page 3

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 2023.

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 member of the Institute of Chartered Accountants in England and Wales, 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.

James Pearce FCA Lang Bennetts The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG

Date: ............................................. 28 March 2024

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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
45,523
Charitable activities
5
Charitable Activities
201,309
Other trading activities
3
96,598
Investment income
4
845
Total
344,275
EXPENDITURE ON
Raising funds
6
11,861
Charitable activities
7
Charitable Activities
387,961
Total
399,822
NET INCOME/(EXPENDITURE)
(55,547)
Transfers between funds
18
108,000
Net movement in funds
52,453
RECONCILIATION OF FUNDS
Total funds brought forward
62,949
TOTAL FUNDS CARRIED FORWARD
115,402		 Restricted
funds
£
1
338,080
-
323
338,404
-
261,435
261,435
76,969
(108,000)
(31,031)
47,557
16,526		 2023
Total
funds
£
45,524
539,389
96,598
1,168
682,679
11,861
649,396
661,257
21,422
-
21,422
110,506
131,928		 2022
Total
funds
£
79,814
186,442
116,062
37
382,355
13,144
534,801
547,945
(165,590)
-
(165,590)
276,096
110,506

The notes form part of these financial statements

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BALANCE SHEET 30 SEPTEMBER 2023

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
14
131,452
CURRENT ASSETS
Debtors
15
14,002
Cash at bank and in hand
(26,425)
(12,423)
CREDITORS
Amounts falling due within one year
16
(3,627)
NET CURRENT ASSETS
(16,050)
TOTAL ASSETS LESS CURRENT
LIABILITIES
115,402
NET ASSETS
115,402
FUNDS
18
Unrestricted funds:
General fund
Tudora fixed asset reserve
Angels Share Fixed Asset Designated Fund
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
-
-
376,526
376,526
(360,000)
16,526
16,526
16,526		 2023
Total
funds
£
131,452
14,002
350,101
364,103
(363,627)
476
131,928
131,928
3,244
12,236
99,922
115,402
16,526
131,928		 2022
Total
funds
£
52,244
10,300
70,417
80,717
(22,455)
58,262
110,506
110,506
38,477
24,472
-
62,949
47,557
110,506

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

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BALANCE SHEET - continued 30 SEPTEMBER 2023

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 ............................................. and were signed on its behalf by: 27 March 2024

.............................................

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 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
2
Cash and cash equivalents at the end of
the reporting period
2		 2023
£
386,215
386,215
(108,000)
300
1,168
(106,532)
279,683
70,417
350,100		 2022
£
(124,728)
(124,728)
-
500
37
537
(124,191)
194,608
70,417

The notes form part of these financial statements

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NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

OPERATING ACTIVITIES
2023 2022
£ £
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities) 21,422 (165,590)
Adjustments for:
Depreciation charges 28,347 20,752
Loss on disposal of fixed assets 144 -
Interest received (1,168) (37)
(Increase)/decrease in debtors (3,702) 2,662
Increase in creditors 341,172 17,485
Net cash provided by/(used in) operations 386,215 (124,728)
2. ANALYSIS OF CASH AND CASH EQUIVALENTS
2023 2022
£ £
Cash in hand 413 167
Current account 18,592 38,338
Deposit accounts 331,096 31,912
Total cash and cash equivalents 350,100 70,417
3. ANALYSIS OF CHANGES IN NET FUNDS
At 1/10/22 Cash flow At 30/9/23
£ £ £
Net cash
Cash at bank and in hand 70,417 279,683 350,100
Total 70,417 279,683 350,100

The notes form part of these financial statements

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

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...

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NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2023

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:
ABF The Soldiers Charity
Drapers' Charitable Fund
Queen Mary's Roehampton
Lest We Forget Association
Royal Naval and Royal Marines Charity
Veterans’ Foundation
BFBS Big Salute
Garfield Weston
Scott (Eredine) Charitable Trust
Armed Forces Covenant Fund Trust
Headley Court Charity
Medlock Charitable Trust
The Rifles
Peter Harrison Foundation
Invictus Games Foundation
Royal Air Force Benevolent Fund
Team Army Sports Foundation
Sylvia and Colin Shepherd Charitable Trust
Blue Light Foundation
Forces Support
Carried forward
2023
£
29,700
36,000
5,000
7,500
30,000
35,000
30,000
25,000
3,500
-
-
15,000
-
-
43,872
-
-
1,000
9,600
32,400
303,572

continued...

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NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2023

5. INCOME FROM CHARITABLE ACTIVITIES - continued

Brought forward
Team Forces Foundation
Whirlwind Charity
National Grid
EnnismoreTrust
AirTanker Sponsorship
i3Secure
Galliford Try Holdings
6.
RAISING FUNDS
Raising donations and legacies
Fundraising costs
7.
CHARITABLE ACTIVITIES COSTS
Charitable Activities
8.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Vessel costs
Course expenses
Consultancy fees		 Direct
Costs (see
note 8)
£
523,219		 2023
£
303,572
17,000
2,508
5,000
72,000
80,000
9,309
50,000
539,389
2023
£
11,861
Support
costs (see
note 9)
£
126,177
2023
£
315,251
186,429
20,739
800
523,219		 2022
£
186,442
-
-
-
-
-
-
-
186,442
2022
£
13,144
Totals
£
649,396
2022
£
291,920
164,537
10,722
-
467,179

continued...

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NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2023

9. SUPPORT COSTS

SUPPORT COSTS
Management Finance Totals
£ £ £
Charitable Activities 125,909 268 126,177

10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Depreciation - owned assets
Deficit on disposal of fixed assets		 2023
£
28,347
144		 2022
£
20,752
-

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 September 2023 nor for the year ended 30 September 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 September 2023 nor for the year ended 30 September 2022.

12. STAFF COSTS

Average number of employees
No employees received emoluments in excess of £60,000.
13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
74,312
Charitable activities
Charitable Activities
16,700
Other trading activities
108,562
Investment income
27
Total
199,601
EXPENDITURE ON
Raising funds
11,274
Charitable activities
Charitable Activities
342,869
Total
354,143
NET INCOME/(EXPENDITURE)
(154,542)		 2023
12
Restricted
funds
£
5,500
169,742
7,500
10
182,752
1,870
191,930
193,800
(11,048)		 2022
13
Total
funds
£
79,812
186,442
116,062
37
382,353
13,144
534,799
547,943
(165,590)

continued...

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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023

13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -
Unrestricted
funds
£
RECONCILIATION OF FUNDS
Total funds brought forward
217,490
TOTAL FUNDS CARRIED FORWARD
62,948
14.
TANGIBLE FIXED ASSETS
Plant and
Vessels
machinery
£
£
COST
At 1 October 2022
468,945
17,620
Additions
108,000
-
Disposals
-
(3,500)
At 30 September 2023
576,945
14,120
DEPRECIATION
At 1 October 2022
421,390
14,755
Charge for year
27,314
605
Eliminated on disposal
-
(3,056)
At 30 September 2023
448,704
12,304
NET BOOK VALUE
At 30 September 2023
128,241
1,816
At 30 September 2022
47,555
2,865
15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Prepayments and accrued income
Prepayments		 continued
Restricted
funds
£
58,606
47,558
Fixtures
and
fittings
£
6,655
-
-
6,655
4,831
428
-
5,259
1,396
1,824
2023
£
14,002
-
14,002
Total
funds
£
276,096
110,506
Totals
£
493,220
108,000
(3,500)
597,720
440,976
28,347
(3,056)
466,267
131,453
52,244
2022
£
10,100
200
10,300

continued...

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NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2023

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Social security and other taxes
Other creditors
Accruals and deferred income		 2023
£
-
-
363,627
363,627		 2022
£
6,693
7,000
8,762
22,455

17. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Tudora fixed asset reserve
Angels Share Fixed Asset Designated Fund
Restricted funds
Project Argo
Tudora Homeless Project
MERT Armed Forces Covenant Grant
Peter Harris Foundation
Angels Share - Purchase
TOTAL FUNDS		 At
1/10/22
£
38,477
24,472
-
62,949
13,409
(667)
31,660
3,155
-
47,557
110,506		 Net
movement
in funds
£
(35,323)
(12,236)
(8,078)
(55,637)
(12,148)
6,022
(21,660)
(3,155)
108,000
77,059
21,422		 Transfers
between
funds
£
-
-
108,000
108,000
-
-
-
-
(108,000)
(108,000)
-		 At
30/9/23
£
3,154
12,236
99,922
115,312
1,261
5,355
10,000
-
-
16,616
131,928

continued...

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NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2023

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Tudora fixed asset reserve
Angels Share Fixed Asset Designated Fund
Restricted funds
Project Argo
Tudora Homeless Project
Invictus Games Foundation Funding
MERT Armed Forces Covenant Grant
RNRMC/Greenwich Hospital
Peter Harris Foundation
ABF
BFBS (T3S)
Blue Light Foundation
Forces Support
Team Forces Foundation
Whirlwind Charity
National Grid Christmas Grant
Veterans Foundation October 2022 -
October 2023
Angels Share - Purchase
TOTAL FUNDS		 Incoming
resources
£
344,275
-
-
344,275
-
15,000
43,872
323
30,001
-
29,700
30,000
9,600
32,399
17,000
2,508
5,000
15,001
108,000
338,404
682,679		 Resources
Movement
expended
in funds
£
£
(379,598)
(35,323)
(12,236)
(12,236)
(8,078)
(8,078)
(399,912)
(55,637)
(12,148)
(12,148)
(8,978)
6,022
(43,872)
-
(21,983)
(21,660)
(30,001)
-
(3,155)
(3,155)
(29,700)
-
(30,000)
-
(9,600)
-
(32,399)
-
(17,000)
-
(2,508)
-
(5,000)
-
(15,001)
-
-
108,000
(261,345)
77,059
(661,257)
21,422

continued...

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NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2023

17. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At
1/10/21
£
Unrestricted funds
General fund
180,782
Tudora fixed asset reserve
36,709
217,491
Restricted funds
Long Way Up Challenge
1,733
Positive Pathways - Making the Right Turn
8,499
Project Argo
20,512
Tudora Homeless Project
27,861
MERT Armed Forces Covenant Grant
-
Peter Harris Foundation
-
58,605
TOTAL FUNDS
276,096
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
199,601
Tudora fixed asset reserve
-
199,601
Restricted funds
Long Way Up Challenge
-
Positive Pathways - Making the Right Turn
36,749
Project Argo
7,500
Tudora Homeless Project
-
Headley Court Tudor Run
20,000
Invictus Games Foundation Funding
19,742
MERT Armed Forces Covenant Grant
33,260
RAF Benevolent Fund
5,000
RNRMC/Greenwich Hospital
30,000
Team Forces Tudor Run
10,001
Ultra Tudor Run
5,500
Peter Harris Foundation
15,000
182,752
TOTAL FUNDS
382,353		 At
1/10/21
£
180,782
36,709		 Net
movement
in funds
£
(142,305)
(12,237)
182,752
382,353		 (193,800)
(547,943)

continued...

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NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2023

17. MOVEMENT IN FUNDS - continued

A current year and prior year combined position is as follows:

Unrestricted funds
General fund
Tudora fixed asset reserve
Angels Share Fixed Asset Designated Fund
Restricted funds
Long Way Up Challenge
Positive Pathways - Making the Right Turn
Project Argo
Tudora Homeless Project
MERT Armed Forces Covenant Grant
Angels Share - Purchase
TOTAL FUNDS		 At
1/10/21
£
180,782
36,709
-
217,491
1,733
8,499
20,512
27,861
-
-
58,605
276,096		 Net
movement
in funds
£
(177,628)
(24,473)
(8,078)
(210,179)
(1,733)
(8,499)
(19,251)
(22,506)
10,000
108,000
66,011
(144,168)		 Transfers
between
funds
£
-
-
108,000
108,000
-
-
-
-
-
(108,000)
(108,000)
-		 At
30/9/23
£
3,154
12,236
99,922
115,312
-
-
1,261
5,355
10,000
-
16,616
131,928

continued...

Page 18

TURN TO STARBOARD

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2023

17. MOVEMENT IN FUNDS - continued

A current year and prior year combined net movement in funds, included in the above are as follows:

Incoming
resources
£
Unrestricted funds
General fund
543,876
Tudora fixed asset reserve
-
Angels Share Fixed Asset Designated Fund
-
543,876
Restricted funds
Long Way Up Challenge
-
Positive Pathways - Making the Right Turn
36,749
Project Argo
7,500
Tudora Homeless Project
14,999
Headley Court Tudor Run
20,000
Invictus Games Foundation Funding
63,614
MERT Armed Forces Covenant Grant
33,583
RAF Benevolent Fund
5,000
RNRMC/Greenwich Hospital
60,001
Team Forces Tudor Run
10,001
Ultra Tudor Run
5,500
Peter Harris Foundation
15,001
ABF
29,700
BFBS (T3S)
30,000
Blue Light Foundation
9,600
Forces Support
32,399
Team Forces Foundation
17,000
Whirlwind Charity
2,508
National Grid Christmas Grant
5,000
Veterans Foundation October 2022 -
October 2023
15,001
Angels Share - Purchase
108,000
521,156
TOTAL FUNDS
1,065,032
(		 Resources
Movement
expended
in funds
£
£
(721,504)
(177,628)
(24,473)
(24,473)
(8,078)
(8,078)
(754,055)
(210,179)
(1,733)
(1,733)
(45,248)
(8,499)
(26,751)
(19,251)
(37,505)
(22,506)
(20,000)
-
(63,614)
-
(23,583)
10,000
(5,000)
-
(60,001)
-
(10,001)
-
(5,500)
-
(15,001)
-
(29,700)
-
(30,000)
-
(9,600)
-
(32,399)
-
(17,000)
-
(2,508)
-
(5,000)
-
(15,001)
-
-
108,000
(455,145)
66,011
1,209,200)
(144,168)

continued...

Page 19

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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023

17. 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.

Angel's Share Fixed Asset reserve : a designated reserve representing the net book value of the vessel purchased by the charity

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 : Grants from the Armed Forces Covenant Fund Trust, Royal Navy & Royal Marines Charity and ABF The Soldiers' Charity 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.

The Veterans' Places, Pathways and Peoples Programme : Grant received from Invictus Games Foundation to support the provision of sailing opportunities

Skipper Scholarship Scheme : Grants received from BFBS Welfare Fund, Forces Support and Team Forces Foundation to support the Yachtmaster 2023 Programme

Blue Light Card Foundation : Grant received from BFBS to support the provision of sailing opportunities for emergency services personnel

Whirlwind Charitable Trust : Grant received from Whirlwind Charitable Trust to support the provision of sailing opportunities for veterans

National Grid Christmas Fund : Grant received from the National Grid to support the provision of sailing opportunities

Veteran's Foundation Oct 2022 - Oct 2023 : Grant received from Veterans Foundation to support the provision of sailing by contributing to general costs

Angel's Share - Purchase : Grants received from Draper's Charitable Fund and Ennismore Trust to enable the charity to purchase the vessel Angel's Share

continued...

Page 20

TURN TO STARBOARD

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2023

18. 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 £22,200 (2022: £16,800).

During the year a net amount of £159 was received from Take Point Training Limited. Also £8,776 was paid to Sail Cornwall Limited.

The Charity is administrating a grant on behalf of The MERT Club CIC. At the year end £10,000 is payable to the CIC.

The above companies are controlled by a member of the charity's key management personnel.

19. 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 21

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DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Other trading activities
Merchandise sales
Other fundraising
Investment income
Deposit account interest
Charitable activities
Grants
Total incoming resources
EXPENDITURE
Raising donations and legacies
Fundraising costs
Charitable activities
Wages
Social security
Pensions
Vessel costs
Course expenses
Consultancy fees
Support costs
Management
Rent and rates
Insurance
Light and heat
Postage and stationery
Advertising
Sundries
Computer costs
Motor and travelling expenses
Accountancy
Vessels
Carried forward		 2023
£
42,299
3,225
45,524
1,372
95,226
96,598
1,168
539,389
682,679
11,861
273,303
20,318
21,630
186,429
20,739
800
523,219
24,012
9,948
551
542
838
47,628
2,127
7,593
4,323
27,314
124,876		 2022
£
78,356
1,458
79,814
-
116,062
116,062
37
186,442
382,355
13,144
270,959
17,528
3,433
164,537
10,722
-
467,179
18,647
6,572
124
-
341
8,514
3,496
4,722
4,384
19,236
66,036

This page does not form part of the statutory financial statements

Page 22

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DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Management
Brought forward
Plant and machinery
Fixtures and fittings
Finance
Bank charges
Loss on sale of tangible fixed assets
Total resources expended
Net income/(expenditure)		 2023
£
124,876
605
428
125,909
124
144
268
661,257
21,422		 2022
£
66,036
955
561
67,552
70
-
70
547,945
(165,590)

This page does not form part of the statutory financial statements

Page 23