**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** ## **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 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| **TURN TO STARBOARD** ## **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 **TURN TO STARBOARD** ## **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. Page 2 **TURN TO STARBOARD** ## **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 Page 4 **TURN TO STARBOARD** ## **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 Page 5 **TURN TO STARBOARD** ## **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 - (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 6 **TURN TO STARBOARD** ## **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 Page 7 **TURN TO STARBOARD** ## **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 Page 8 **TURN TO STARBOARD** ## **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 Page 9 **TURN TO STARBOARD** ## **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... Page 10 **TURN TO STARBOARD** ## **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... Page 11 **TURN TO STARBOARD** ## **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... Page 12 **TURN TO STARBOARD** ## **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... Page 13 **TURN TO STARBOARD** ## **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... Page 14 **TURN TO STARBOARD** ## **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... Page 15 **TURN TO STARBOARD** ## **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... Page 16 **TURN TO STARBOARD** ## **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... Page 17 **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 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 **TURN TO STARBOARD** ## **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 **TURN TO STARBOARD** ## **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 **TURN TO STARBOARD** |**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