REGISTERED COMPANY.NUMBER- 09182207 (England and Wale51 REGISTERED CHARITY ￿￿￿lBER. 1161201 UNAUDITED FINA￿CIAL STATEMENTS FOR THE YEAR ENDED EPTE BER2 24 FOR TUILY TO STARBOARD TC Group The Old Carriage Works Mor¢sk Road Twrts Cornwall TRI IDG TUILN TO STARBOARD CO)TE%'TS OF THE FI%.4NCI,IL STATE.IIE%TS FOR THE I'E.4R ENDED 30 SEPTkllBER 2024 Page Reftrenc¢ and Admlni5trAtive De(a115 Reporl ofthe Truslees Independent Examlner's Repori Sialement of Financial Activitles Balance Sheet Cash Flow Staltmtn¢ Notts to the C*sh Flow Siatemeni Notes io the Fin#nci#l Statements 10 to 23 Deialled Siatement of FlnAnel*l Actlvi¢i 24 to 25 TiiJLW TO STARBOARD REFEREN.CE A_SD.4DNIJNISTR4TII'E DETAILS FOR THE YEAR E)DED 30 SEPTE.IIBER 2024 TRUSTEES Air Vice Marshal Th¢ Lord Broadbridge Wing Commandu M J Harris Sue Godzicz Mary Helen Blachford (resigned ?4151?0?41 Manin joh￿%￿ Colin McGrory Retired lappoinied ?5191?0241 Elaine Roberts lapN)Jnltd IRII ?l?ll241 Sarah Marsh811 lappoinl¢d l Rll?l?0?41 Mark Lomman-Hughes lappoinied l 811 ?Q0241 COMPANY SECRETARY REGISTERED OFFICE Unit 15 Pearce8 Mill Falmouih Wharves North Parade rALMOUTH Cornwall TRII ?TF RVGISTERED COMPANY NU.MBLR 09182207 IEn8laT41 and Wales) RF.C.ISTERED CHARITY YUI¥ILILR 1161201 IPiDEPEf4DEIYT EXAMJIYLR TC Group The Old C4ftia8e Works Murrsk Rvad Truro Cornwall TRI IDG Page I TDILTri TO STARBOARD REPORTOF THE"fRLSTEES FOR THE YEAR ENDED 30 SEPTk.MBER 2024 The ITusiees who are also direci¢)rs ofthe charity for the purposes ofthe Companies Aci ?￿>6, preseni Iheir repori with the financial siaiem¢nis of the ¢hariiy for the year ended 30 Sepiember ?0?4. The irn%iee% have adopied (he provision8 of Accounting and Reponing by Chariiics.. Stsiemeni ot. Recommended Prnciice applicable to thariiies preparing their accounL8 it) accordanc¢ wilh the Financial Reportin8 Siandard applicable in the UK and Republic of Ireland IFRS 1021 leffcciive l January ?0191. 0￿ECTIVEs AND AcfiviTIES Turn ro Stsrboard uses Royal Ya¢hiin8 A.IwJaiion IRYAI sailing ¢our¢t$ 10 %upport Arned Force¥ peT$onnel14erving atld rciiredl atTecied by militsry operaiiorLS using th¢ established Ihenpeuiic efTects' of ￿llIng and Ihe sea. The focus 1% on reseiilemerti, reiniegraiion. reinforcing a sense of value and belonginK while enS￿ring Ihai ihe tnje friend%hip thai ServiL¢ per80nnel know, ¢oniinue4 lon¥ afier their Service career. We provide thn¥ible experiences, expen traiiiing, and care¢r building oppominitie% all in a 8upponive and unique environment. Individua15 who ￿11 with u5 can a150 develop their.%kills 10 gain iniernaiionally Teco8nised sailing qualifications. W¢ do not off¢r Ih¢rapy or und¢rtak¢ treaimenl of any kind and our mi&%ion remains io deliver resioraitwe sailin8 expenences and Irdinlng cours¢s while 5upponin¥ berteficiaries in a iJniqu¢ ¢tkvironmeni. Bastd ai Falmouih MariTha in Cornwall. we offer RYA Compeieni Crew, Day Skipp¢i. aiid RY A YIL￿￿11111aS￿l 4Lf Iw Lvsr Iv uui iKiJ¢fiLioii¢%. W¢ piuviJL faiiiily xailiii¥ Irip vppuriuniii¢ lor Service families affee*d by mLILthry SeTric¢ 10 help them rerfDgage and %pend quality lime iog¢iher. Sail Iraining lake$ pla¢e ort modern yochts, plus we olso hov¢ o¥r own T411 Shipl o gtifi M¢Tr¢y*ide Piloi Srhooncr 'Spiril of Falmouth, which gives benef￿lariC% Ihe ¢h8n¢e to yail on longer voyagc6 and leam irndiiional sailinK iechnique.%. Thi vessel alw provides u$ with a faciliiy for eorporaie eh8a8emènl promoii¢)n. A¢hiev¢ments and performance 2024 has been a year of COTwlidaiiott l)ui with some imponani chan%&$ within the chariiy. The team ha¥ setiled ai I I wilh five in the Shore Team and %ix in Ihe Sailing Teim. The f(*u4 on finaneial rtsilience has been supported by ihe r¥LfuiiTncni of a full iizn¢ Fundrai8inB Managcr and the increased %ailin8 Icvels and qualificaiions bein8 offcrcd have led io th¢ rttruiiment of more Yachi Ma%ier Insiruciors. A siraiegic partnership with Falmouih Mann¢ Schc*)I lo deliver the sailing elemcni ol. their Superyacht EngiD¢¢r Pro¥ranimt h85 also BOI underway wilh lis firs1 cohort of eight lurn¢ts. Thi5 par¢nerJhip makes use of T2S boais and ln5iruLiO￿ and will dellver revenue year on year io supwn our chariiable a¢iiviii¢s. Th¢ Skippcr Scholarship kh¢mt i3 still in full swiTh8 and th¢￿ are 20 ve￿an5 ¢urr¢nily taki￿ part LLI die s¢lieLIIe. Some parti¢ip&n15 from Ihe 2023 Cohon Bre already working in the mariiimc industry. Durin¥ this period. d¢m#nd f¢)r our 5¢rvires has been higher ihan e￿ and in rtsports¢ the ¢h#riiy hos ¥#11￿ more veiernns and qualified more Y8chima8ieYs IhAn ever The flert hA% gmwn lo fniir yxchig wirh Ihe ￿dItiOn of Beneieaii First 38 'Firebird' and Beneieau O¢eani.¥ TomkAI'. The complcxiiie4 of ￿lling more vderans on more boais h84 alxo necessiiaied the continued iniroduciion of *)me robust openiional $y%lem5 and prwe&w which Ihe ieam have ¢mbraced and impl¢Tnented seamlessly. A new database and b￿k]rt8 System have also been implemenied which has sireamlined our admini%iraiive pr(xe*¢ts and our abiliiy 10 safely siore and inierro¥aie data. Th¢ ¢harity has a150 had a change ollocaiion io waterside oificts at Falmouth Wharvts in Falmouth. The new oifi¢es provide much more swe including two cla&woom5 and will future Proof the chariiy as Li enters the next phase. FiTLanLiully, li ha¥ been a iough year and raL$ifi8 fvnds remains a con%uni challerh8e especially wilh many of Ihe military charities reducing or withdrdwing Iheir grani fvftdj￿. The tsttexpceied expenK of having 10 replacc boih Spirii's ma%ts hit hord but wi¢houi thi5 work, Spirit w¢)uld noi hav¢ b¢¢n abl¢ to sail in ?0?4. ni¢ rhwiiy's otlly ¥¢liiile was al.su condemned and had 10 be replaced which was also ark unexpccied capital expendilurr. The fundrai%ing land£cape continues to change wilh leb% and leK< Brdnl fvndin8 available. but ihe chonty 1$ already explorins ond puiiin8 inio place siraiegie% to mi1114ale thLS thRat. Page 2 31￿ r%4ilK)ki lh¢ liiihriie Inihe ill1)￿1*1• %'tar% •ll¥rihL IwM14nlili ..leai lil ￿111￿￿ t4* prrnmk. nn liir IhL 1% with linjil!. ￿￿j illiiii￿lel ,"hJnli l¢1 kn1¢l I'r¢e rv•¢i%ts Jwe Ihe rhrn. thwl d¢&*EnMLd crf Ini¢ri41 In th¢ J41iiili¢% bUiC¢6S -haDii. IIW ihllnli hy ttyiluLIi Pa8c I INDEPENDENT EX.4MINER'S REPORT TOTHE TRUSTEES OF TLILN TO ST.4RB()ARD I report 10 the trusie¢s on my cxwninaiion of the finart¢ial Stslements Turn io Sthrboard {the chaniyl for the year ended 301h September ?0?4. Responsibilities and bas1$ of report A% ihc tTusiees of the charity land alyA) its diff¢iors for the purw5ts of company lawl you are resp)nsible lor the preparatiott of the finatLciuI statem¢nES in o¢¢oth¢¢ with th¢ r¢quircmGnls of thc Companics Act 90061th¢ •006 Act). HavLng ¥atisfied myself that the financial 81aiements of ihe Charity Ire not required to be aydiied uod¢r Pan 16 of ihe 2006 Aci and are eliBible for Independcni examinaiion. I report in respcci of my examination Of the chaTiIy's financial stsiemenis camed out under section 145 of the Charities Aci ?01 I (the ?01 l Acil In canying my exAminAtinn I hAVe fnllThwPrt all the applicable Dire¢iion$ given by thc Charity Commi&8ion utwjer s¢¢iion 14515Xb} of the 2011 Act. Independent txamintr'5 Statemen¢ I have eompleied my examinaiion. I confimi thai no mailers have wme 10 my al￿ni10ft in conneeiion with the cxaminotion givin¥ mc cau% ￿ believe thai Lll any maierial re¥pcci'. a¢¢ouniing record.4 were noi kepi in re4peci ofihe charily as required by wiion 386 ofthe 2006 Aci,. or the finan¢ial %iaiemenT% do noi attord with those rccords: or the finBnciAI ¥13iemenL4 do not comply wilh Ihe accouniin8 Yequir¢ment$ Of scctson 396 of the 2006 Ac¢ other ihan any r¢qu1￿m¢￿1 thai the &c¢ouE)ts siY¢ 4 tyu¢ fair VI￿ wliich is noi th iij&ri¢i ¥0115iikiul a¥ ￿[1 vf ail LiJd¢p¢nd￿l ¢xAmioaiion: or the finittci41 &lAiemenl% knve noi been prepored in h¢cordtsttce wilh th¢ mdhods and prin¢iple8 of thc Sthi¢m¢nl of Rccomm¢nded Prailice for awouniing and reportin¥ by chariiiM &ppli¢able 10 chaTiiie8 pre.DAring 1he.ir Ae¢J)iJnt% in accordance wilh Financial Reportith¥ S￿nd￿rd applicable in the UK and Republic of Ireland IFRS 10?). I have no concern.q and hav¢ ¢ome a¢rts&s no other maii¢rs in conn￿li0n with Ihc examination io whi¢h aiicniion 8hould bc drywn in Ihis report in ordcr io ¢nable a proper Unders￿ndin¥ of ihe fLnan¢ial stakments 10 be reached. James Pear¢e FCA Tr fJTOIIP The Old Carriage Works Moresk Road Truro Comwall TRI IDG Date.. Page 4 TL.RY TO STARBOARD ST..ITEIIE%T OF FIN.4.NC[.4L.￿CT1¥'ITjEs FOR THE I'E.4R ENDED 30 SEPTEIIBER 2024 90)4 Total fund5 90?3 Total lunds as rcslaied Unresiricled runds Restricied funds No IIYCOMI E AND ENDOWMENTS FROM Donaliong and legacies 143.8?4 148.074 95.524 Ch&ritable activities Charitable ActjVLiies 51.138 431,136 482 774 39?.389 Other Irading activiti Inve%tnieni income ?58.985 3.983 ?58.985 4,071 193,598 1,168 88 Total 457,930 435,474 893,404 68?.679 EXPENDITURE OIY Rai5in¥ fund% 40.838 40.838 CharliHblt actlvltles Chorithblc A¢tlYlllC8 3J 1.365 328 176 659,563 649,396 T(btAI 372.223 328 178 700,401 661,2S7 NET INCOME Transfers between fund$ 85.707 121.822 107.296 1 ?.1.%2?1 I93,￿3 21,422 Net movemeni In futtds 209.529 116.5261 193.(X)3 21.422 RECOfiCILIATiof4 OTr Full DS Tothl lund% brou¥ht lorward 115.402 16,526 131,928 110,506 TOTAL Fuf4DS CARRIED FORWARD 324.931 324.931 l31.9?8 The notes fo￿& part of th￿C financial Sthlemenrs Pag¢ 5 TU1￿4 TO STARBOARD BAL.d •%¥umpiior*J ronttniins rh¢ fururc. Thc trsuIEjn8 a¢couiiiiii¥ ¢SllDi81¢5 w¢ll, by definiiion, ¥tldom equal ihe Telaied actual results. The esiLmai¢s and assumption.% ihai have a ri¥k of causing a maieriil Adjustment lo the wrying amounts of a68eis and liabilities within the ftext firttsfieitsl y¢tsr Ar¢ ttddres￿d below. Useful etonomic life of tangible flxed osstts '] he ¢harity mak'e¥ an eslimaie lor ihe u*lul ccommic life of tsngible r￿ed asseis thking inio accouni the aze. condiiion. re%idual value and ihe expeciAliOE)% for th¢ usage of each cla5$ of &ssei and applie4 a policy io charge depreciaiiort on a 5ysicmaiic ba%is over ihai useful life. iakinx into accouni any impaim)eni th91 ha¥ been identified. Crltical judgcrn¢nls I'he InJ51ee8 do noi believe there art hrty ¢rilir41 jud8ements thai have t*en made in applying the ¢harity'.% accouniing policies. Income All Income is reeo¥nised in the Siatemcni of Financtal Aciiviiies once ihe charity eniiilemeni 10 the funds, il is Probable ¢hat th¢ in¢ome will b¢ rtr¢ived. ond the omouni can b¢ m¢4yur¢d Y¢liably. Cash donaiion% #re reco¥nised on receipi. Oih¢r donaiion$ are rtcognised once the eharily been noiified of the donation. unless performance condiiions T¢quire deferral of ihe amount. Income tsx ffroverabl¢ in rclaiion 10 donation.% received under Gifi Aid or deeds olcovenAni is recognised ai the lime nfihe dnnaiinn lttcomc from 8ranis, including governmeni grants, is recogniseil when the chaniy has an ertliilemeni io the fund8 and any condilions lo the grdnis have been mei_ Where perforn]ance condiiions are aiisched io the ¥rani And are yet ¢0 be mei the income is recogniwl a liabiliiy and included in ihe balance %htti d¢f¢rred income 10 be r¢l¢a%ed. Income from furMiraisLll¥ events i.s recognised In the siaiemeni ot"FinancLal A¢iiviii&s when 1¢ Is probable that an ecortomic benefit will flow io Ihe ￿lilY and the reven¥¢ and wsts can be reliably measured. This iypi¢ally o¢¢ui* Isi Ili¢ yrili Ilir rvuil pla￿. Turnover is measuttd at the foir volue of the COllSid¢rniion rcccivcd or receiyable and r¢pr¢s¢nts amouii15 receivable for 8ood% and Krvice4 Provided in the rtonnal tourse of bu5ine5%. of dis¢ount& VAT and oih¢T sala4 related laxe% Income from charKeable ￿llIng a¢iivi¢ies such ab ¢hanerine the Tall ship for eyenis and training programme are recognised in the Statemeni of Financial Actlilli￿ when il is probable that 8n economic benefit flow lo the eniily. Thi5 typically occurs in the year the aciiviry place. Page 10 continued... TLRry TO STARBOARD 'OTES TO TFIE FI*.&XCI.4L ST.-ITEIIE_NTS- ¢OllliiLuvd FOR THE I'E.4R ENDED30 SEPTE.IIBER 2024 ACCOUNTING POLICIES- continued Expenditure Liabiliiie.s are reco¥ni5ed as expendiiure as s4M)n as there is a legal or construcitve Obli￿1]0￿ commiiiing ihe ¢hariiy io thai t.xpenditure. Il ig probuble that o transfcr of ccoftomic b¢rt¢fits will bc [C9ul￿1 in seiil¢iii¢iii uiid Ihe amount of the obligaiion can be measured reliably. Expendityre is accounied foi on an accrual% basi.% atjd ha4 been elA.g%ified ijnder headit)¥% Ihai a¥¥TeyaEe all ¢o%i ￿lated to the cates¢)ry. Where COSES cannoi be diTCftly aitribuied ￿ partiCLLlar headings Ihey have b¢¢n allocated 10 a¢iiviiics on a basis consisteni with the uqe of resouwes. Expertdiiure is c]wified U[￿er the following activity h¢adlin&s- . Co%[¥ of raising tynd% compTi%e rh¢ cosi8 of thnthai$ing and support costs; Expenditure on charithble a¢iiviiics includ¢& the ¢osi of runnin¥ the cenire ￿ funher the purpo%e¥ of ihe chxriry und their a.%sociaitd support cosis. - Oiher expendiiure represents. those ii¢ms noi lalling inio any other heading Allo¢fytloii xjid xpyvrlivJiirieNi ofcwi$ Support co41.4 are allo¥ai¢d 10 esihei Lhrirxble a¢iiviiies. when applied in ordtr w mtti its charitsble obj¢¢tive or 80 10 8ov¢munEc CO¥￿ wkn ¢ts%l¥ arc i￿Urred iii i¢laiioiJ io Ll1¢ ¥vJu%iiiuiivndl and %iaiuiory Tcquiremcnis of Ihe ¢hHriiy. GovernBn¢¢ ¢o$ts compn&¢ all ¢osl$ involving ihe public accountsbiliiy of Ihe charity and 118 compliance with Te¥ulaiion and good Prnciice. tho in¢ludc costs r¢lat¢d to iht 3talyiory audil aiid profes8ional fe¢¥. Tangible fixed assets Depreciaiion is provided 81 the following annu81 in order 10 wri* Off each &ssei nve.r il% e%lirnaied useful Ve%%els Fixiures and fjiiin¥s Sirai¥hi line over 4 yea o Lffl rcduLin¥ bJlJnce The gain or lo&% ari%in¥ on th¢ dispo￿] oran 18 deicnnined as lh¢ differtnce beiweeii Ihe sale proLeed4 and the carryin8 value ofihe aK8ei. and ih rno¥nLsed in Thei in¢omdlexpendiiur¢l for ihe year. Imp•irmen¢ of nxed *$setS Ai cach reportirt¥ end dale. Ihe charity reviews the carying amounL% of its tsngible a&qeLS 10 dderniine wheiher Ihere is any indi¢alion ihat thty8e &g8¢18 hove suff¢r¢d impairm¢ni lo&%. Jf wiy Suili lildi￿lIvI1 ¢XlbL%. Ihe recoveToble amouni orth¢ &*%ei 15 esiimaied in order 10 deierniin¢ th¢ ¢xieni ofthe impsimicni105s lif any). TAXAtlon The chariiv is exempt from COTporaiion tax on ILS chari18hle Arliviiies Fund a¢counilng Unrcsiricied funds be used in accordance with the charitable obje¢iiv¢s at the discreiioo of the ITUStces. Resiricted futmls ¢an only be used for particular resiricied purwse% wiihin Ihe objeei% of Ihe charity. Resirictions arix when specifi¢d by the donor or when funds are raised for panicular reiirir¢ed Purposes. Further explanation ofthe nawr¢ and of ¢4ch fvnd is included in the noies to th¢ fLnancial siaiemeni5. Pen$ion costs and other post-relirement benefits The ¢h#riiable company op¢rnie4 a dcfin¢d ¢ontributiort p¢nsion Jclietii¢. CuniTtbuLiVnS ￿Yable 10 The hariiable company's pension xheme are charged io the State￿en1 of Financial Acriviiies in the period lo which they relaie. Fingthei#l in5trllment$ The chariiy elecled kn apply the provisions of Section I I 'Basic Financial InstnJments' and Section 12 'Oiher Financial Insirujnents Issues. of FRS 10? 10 all of ILS financial insrrnments. Pagell continued... TL,tLP4 TO STARBOARD NOTES TO TIIE ri.N.4NCI.4L STATE.NIE)TS- r(piiiliiuvd FOR THE YEAR ENDED JO SEPTEIIBER 2024 ACCOUNTINC POLICIES- tollliuued Financial in$irument5 Financial In%itumenl4 arc recognised in the ¢han"iy'% balantt shea when the clwiiy becomes p8rty 10 the ¢On¢ra¢￿al provision5 of the in8tnLm¢t)i. Financial agseis and ljabjliiies are otTw. with the t)a amounrs preEenEed in the financial 4taiements, when ihere 18 a legally ellforceable righi 10 off Ihe recognised amoLtnts and there i¥ an inieniion ￿ seiile on a nei b&$is or 10 reali.4e the and %eiile ihe liabiljiy 41mu1illne()￿$]y. B85ic finan¢i#l #sseis Ba%ic financial a%%e14. whi¢h include debioTS and c&$h athd baThk b41an¢es. are initially measured at Ir&￿S￿rI10￿ priL¢ inLludin¥ IrdtL¥aciion cosis and are sul)wuenily carried ai amonised cosi u4ing the effective intereAI method unl¢k% Ihe arran¥emeNI consliiuies a financing trnTr￿clioTh. where the Iransaciion ]% measured 81 Ihe pre%cni value uf ihe fuiurc r¢¢¢ipi¥ discoun*d ai a rnwkei rate of inicresi. Financial asseis classified 8$ receivable wiihin one year are noi amonised. Bx¥lL flnxnclal Ilablllll¢$ Ila4ic finartLial IIJLbiliiiL'4. includin8 crediiors and bonk loans are initially recognised ai ￿an￿CtiOn price unle&8 th¢ 4rrang¢m¢ni ¢onJLJlUtc3 a finJncin¥ IN￿￿11011. wILCi¢ Ili¢ thbi I1￿41T11171¢nl IN mea%ured 41 Ihe preyni value of Ihe future pa)rynenis discounted ai a markci raie of it)iert81. Financial liabilitie% cla*%ified as payabl¢ wiihin one yeir are thot #moniged. r)e.hi in%inJmeni* siihseoiienily carried at amorti%ed the effeeiivè inlerqBI ra* method. I'rade ¢redilor¥ ure obligaiioN io w for goods or Yrvices Ih81 have been acquiTh4 in Ihe. ¢)fi4inAry e.ni)T%e. of oper81ion% from suppliers. Amoym￿ payable are cl&4%ifJ¢d &$ ¢urr¢nl liabiliiie4 if paymeni is duc within onc ycar or less. If noi. they are presenied a% nOt￿￿rren( liabiliiies. 'I'rade cr•Jiiors are recognised iniiially 81 Iran&aciion price and subsequenily measured #i amoni%ed cosi ￿*ing Ihe efTeciive inieresi meihod. D¢r¢cognitlon of Ilninelil liabiliti Tr'inancial lillbiliiie8 are dere¢o8ni5ed when the charli￿* contractual obli¥aiion$ expire or are di￿]￿rKed or eancelled. Employee Benefits The COSE6 of qhoft ierni employec benefir¥ or¢ r¢¢o8niJcd ￿ a liobiliiy attd ¢ApcJific. n)¢ w¥1 vfuEJy uiiusgd holiday ¢niiilcmcni 1% reco¥niqed it) ihe period in which the employ¢¢'5 services are received. DONATIONS AND LEGACILS 2024 2023 as ff51alcd Donaiions Gifi aid 145.994 92,?99 148 074 95,524 Page 12 continued... TL.K) TO STARBOARD NOTES TO THE FI.%.&NCI.4L ST.4TL.NIE.%TS - continu¢d FOR THE I'EAR EIDLD 30 SEPTEIIBER 2024 OTHER TRADINC ACTIVITIES 20?4 as rcstai¢d Merchandise sales Other fundraijing 1,867 257.118 ,37? 19?.2?6 258.985 193,598 INVF.STMENT INCOME 2024 20?3 resillied Deposit account interest 1.168 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 ?s re%iated Total aciiviiies Chariiable Granis 481 ?74 39? 389 GranL8 received. includ¢d in the above. ar¢ ¥s follo 2024 2023 re51aied ABF The Soldierg Ch8rily Draper%' Chariiable Fund Qu¢¢n Mary'% Roehampion Le81 We Forgei A%%aciaiinn Royal Nav81 and Royal Marine% Ch4riiy Veieran% A&)(￿la110 BFBS BigT Saluie Garfield Wesion Scoti lE￿Ine) Charitable TnL%i Medlock Charltsble TnL*i MEK l Llub LIL 24.142 29,700 36.000 s.￿0 7,S(X) 30,IXM) 18.(¥J) 30.0(K) 30.000 23.000 3.500 15,000 5,000 1,750 21,386 InvieiLLS Gam¢s Foundaiion Sylvia and Colin Shepherd Charithble Trust Blue Light Foundation ro￿¢$ Supwrt Whirlwind Charity National Grid ErtnismoreTNst i3Securc Veterans, Foundation The Worshipful Companyof shipwrights Cornwall S￿181 En1¢￿Th5e Fund 43,872 1.000 9,600 32,4(X) 2.508 5,000 72.000 9.309 20.000 300.LNJO 482274 392.389 Page 13 continued... TUtLN TO STARBOARD *40TES TO TFIE Fl.%￿￿cI.￿L ST_4TEIIENTS- continued 'OR THE I'E.4R ENDED 30 SEPTEIIBER 2024 IL4ISING Fu￿Ds Raising donation$ legacies 9024 2023 a5 ￿s￿led Fiindrai$irtg costs 39.469 Other irgdlng #etivitie 2024 2023 oy re¥thied Purch&%e% Aggregaie amount% 40.838 CHARITABLE AcfiviTIES COSTS DI￿£1 Costs Ix¢ note 81 Suppon CO8L8 l¥ee noi¢ 91 Toials Charitsble A¢iiviile¥ 5J7.J3y 659.563 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2V2J a¥ rc51aied Siaff cohL¥ V¢h%el ¢osi$ CouT%e expert%¢s Con$uliancy fee8 347.926 168,1SJ 8,481 12.699 315,?51 186.429 20.829 800 537 259 523.309 SUPPORT COSTS Managemeni Finance TniAI% Chariiable A¢iivitie5 135921 136171 12? 304 Page 14 continued... TURPI TO STARBOARD OTES TO TFIE FIN￿NcIAL STATI)IENTS- rontittued FOR THE ¥EAR E.%DED 30 sF.p'fFIIBER 2024 io. NET INCOMEIIEXPENDITLRE) Nei ineomellexpendilur¢l is.ststed afi¢rchwBingllcrediiingl.' 2024 20?3 resiated Depreciaiion- owned a& Surpluslldefhcii) on dispthvl of fixed a&sets 13.051 13.9231 2R.147 TRUSTEES, REMLIN'EIL4TION AND BE%EFrrs There were no Irusiccs. T¢muneraiion or other benefi¢S for th¢ year etthd 30 Sepi¢mbcr ?0?4 nor for the year ended 30 September 1073. Truslee5' expenses There have been expenses of£134 paid 10 the tsus*es throughoul the year{2V23'. LNIll. 12. STAFF COSTS 2094 12 2023 13 Avera8e number ofemployees No employees received ¢molum¢thts in excw of £60.¢￿. 13. COMPARATIVES FOR THE.8TATF.MEP4T OF FINA%CIAL ACTIVITIES Unresiricied funds R&8irLCled Tola funds 9$ rets￿1ed INCOME AND ENDOWIMENTS FROM Donaiion% and legacle 95.523 95,524 Ch#rliyblc *rilvlile$ Charitable Acliviiie¥ 7l.3Q9 321.080 392.389 Oiher Iradins activities Inveslmeni in¢ome 176.598 845 17,000 323 193,598 Tot*1 344 275 338 404 68ti 679 EXPENDITknRg ON RaisinR funds Charitable ictivitie5 Charitable Aciivilie5 387,961 261435 649,396 Total 399,822 261.435 661,257 NET 11¥4COMEIIEXPENDITLREI 155,547} 108.(KJO 76,969 {108,000) 21.422 TJ"an3fe13 betY¥etll luud 52,453 131.OJll 21,477 Page 15 coniinued... TUILY TO STARBOAIiD OTES TO TIIE ri%..LNcI.4L ST_4TE_IIENTS - LvJJIiiiuY FOR"fllL I'E.4R ENDED 30 SEP'fE)IBER 2024 13. COMPARATIVES FOR THE STATL,%IE.NT OF FINI ANCIAL AC'fiviTI£S- conlinued Unresrricied fund¥ Total funds as r¢.qiaied funds RbCONCILIATION OF FUNDS Total funds brou¥hi foTwaTd 6?.949 47.557 110.506 TOTAL FUNDS CARRIED FORWARD 115 41)2 l A.S)A ill Q?8 14. PRIOR YEAR ADJUsT￿lENT Cen8in iiems of income amounting 10 £147.(#)) which wejr pffviously ire4ied as graniy, have been rccaiegorised 10 furtdrai%ing income, io beiier reflect Ihe nature of Ihe inLome and 10 b¢ consisient wilh the treaimeni in the current year. The surplus for the ye8r has noi altered resuli of this reallocation. 15. 'J'ANGJBLE TrIXED ASSETS Fixtyres and Plant and machinery Vewls Totals COST Ai l Oeiober 2023 Addition4 r)iSFo$als 576.945 907.915 4%.945) 14.120 6,655 597.7?0 207.915 S9 1451 10,tioo) At 30 Sepiember 2024 735.915 3.920 6,655 746.490 DEPRECIATION Ai l Octob¢r ?023 Charye for year Eliminaied on disposal 448.704 5.259 326 466,267 3J.n.$1 52,0661 454 8.8381 43 228) AI 30 Sepiember 2024 437.747 447,252 NET BOOK VALUE AI 30 Sepiembcr 2024 298,168 299,238 AI 30 Sepiember ?023 128.241 396 131,453 DEBTORS: AMOUNTS FALLlTr4G DUE WITHIN ONE YEAR 2024 2023 as rtbtaled Othci dcbtot3 Prepayments ond acrrucd income 9,491 12.071 14,1X)2 21,562 14.(K)2 Page 16 coniLnued... TURN TO ST.4RBOARD 'OTES TO TIIE ri_N.4NCI.4L ST.4TE.%IEN rs- toijiiiiutd FOR TIIE I"LAR ENDED 30 SEPTEIIBER 2U24 17. CREDITORS: AMOLYTS FALLIN'G DLE WITHIN ONE YEAR 2024 as reslated Other creditor5 Accrual% and deferred income J6.001 363,6?7 39.)75 363,627 18. MOVEMENT IN FUNDS Ncl Transfers belween fundy miyvement in funds 1110123 3019124 Unrestricted funds Cjeneral fund The Spirii of Falmouih fixttj &**ei reserve Tudora fixed assei reserve Angels Share k"Ixed Assei Designaied Fund 3,244 85.743 146,82? 12.0(KJl 121.0001 235,809 8,764 10.8001 99.922 89.122 11).4U? ¥5.7U7 123.82? 324,931 R¢$trlcted funds Pivj¢il Ar¥v Tudora Homele%% PTojeLI Invi¢iuy Gam¢¥ foundthiion fundins MERT Amied Fortts Covenani Grant Enni¥more Tru&t 1.201 5.355 {901 10.( (1,2611 15.3551 90 I10.LKX¥I 123 912 12391?) 16.526 107,296 TOTAL FUiYDS 111,9?% 324.931 Page 17 continued... TUILN TO STARBOARD NOTES TO THE FI.NANCIAL STATE.IIENTS- tontinued FOR'fiik i"Tr.,KR LNDED 30 SEPTEIIBER 20•4 18. MOVEMENT IN FUNDS- continued Nei movemeni in funds, included in the aiK*ve are as follows." Incomin8 R¢%(pufr¢5 expended Mowcnicnl Unrosirt¢ted fund5 CJeneral fund The SpiTII of Falmouih fLxed &ss¢t r¢%ryc Tudora fixed a%sei reserve Ange18 Share Fixed Assei Dtsignaied Fund (170.187) 85.743 ?,000 8.764 {10.S(K)I 8.764 10.8001 457.930 (3722231 85,707 Re51ri¢ted funds Vrojeci Argo I'udora Hom¢les¥ ProjeLI Inviciu4 Game% Foundaijon Funding MERT Armed Forces Covenani Gr8ni RNRMCIGi¢¢iiwiili Hubpl￿1 Enni.%more Trusi Lest We For8¢1 i3Workkn 15.3551 1?1.3861 15.3551 71,3116 1.838 Jo,( 360.( 18.(KK> 4,?50 110,0001 IJO,(K)01 1236.0881 118,0001 4.?301 123,912 435.474 328 1781 107.296 TOTAL FUTr•DS 700 4011 193003 Comparatives for rnovemeni furtds Nei movemeni in furtds Trnnsfers beiwttn fvnds Al 1110122 Al 3019123 Unrestrici¢d funds General furtd I'udora fixed reserye Angels Share Fixed Asset tk$ignatcd Fund 38.477 24.472 {35 ?331 11? ?361 62.949 (55.5471 108.1 115,402 Rtjtricted fund$ Project Argo Tudor4 Home1￿ Projecl Inviciu$ Games Foundation Funding MER'I. Arnied F"c>rce% Covenjml CirAni Peter Harris Foundaiion Angels Share- Purchase 13.4( 16671 112.1481 6.022 {901 121.6601 13.1551 5,355 1901 10,000 31.660 3,155 loR.()￿l 76.969 16.526 TOTAL FLNDS )1.422 1319?8 Page 18 continued... TiilLN TO STARBOARD NOTES TO TIIE flNA_SCJ.&L ST..ITENIL.NTS- contillu¢d FOR-fHE I"F'.*R FIDED 30 SEPTE_IIBER 2024 18. mOVEmE￿T IN FLNDS- tothtlnued Comparaiive nei movemeni in ￿nds, included in the above as follows." IncotnLn¥ Rcsourccs Movcrneiii in funds expended Unresrrltied fund$ Generdl fund Tudora fi.yed a&4¢1 r￿erve Angels Share Fixed Asset Des'igna*d Fund 144 ?7$ 117Q 4081 11? ?361 8.0781 135 ?131 11? ?361 18.0781 344.275 1399.8??) 155.5471 Restricted funds Projeci Ar¥0 I'udora Homelus Project Inviciu¥ Gamcs Foundaiion Funding MkK l Amic(J trorce¥ Lovenani (irani RNRMCIGreenwirh Ho%piial Pei¢T HJrri% Fuundyiivn 11? 1481 15.(K*J 43.87? 3?3 30.CK>I (8.9781 143.96?) 121,9831 130.0011 13.1551 129.7001 130,0001 19,6WI 132.3991 117.0001 12.5081 1S.OtX)I 1901 121.6601 {3.1331 ABF BfBS ITJSI Blue Light Foundaiion Forces Support Team Forc¢s Foundaiion Whirlwind ChAY¢iy Naiional GTsd Chri.4imas Grani Veierans Foundaiion (Jciober 20??. OclobeT ?023 Angel% Share- Purchll5¢ 29.7 30.0 32.399 17.W) 2,508 15,001 115.0011 108.000 33R.404 2614351 70,909 TOI'AL FUNDS 682,679 661,2571 21,422 Page 19 continued... TLILW TO ST.4RBO.4RD 40TES TO Tiif FIN.4.NCI.4L STKITEIIE.%TS- coniinued FOR-riiF. YLAR L)DED 30 SEPTE.IIBER 2024 18. MOVEMENT IN FUNDS- ronlivued A current year l? months and prior year 12 months combined position is as follows.. Ncl movement in funds Tran8fcT8 beiwecn fvnds Ai 3019114 Unrestricted funds General fund The Spirit of Falmouth fixed assei reserve Tudora fixed assei re%erve An¥els ShaT¢ Fix¢d A&M¢i Designaied Fund 3R.477 50,510 146.R2? 12.0(K>l I21.0￿) 235,809 24.47? 13.47?) 18.8781 6?.949 30.160 231,822 324,931 Re5tricltd fund5 Project Ar80 l udora Homele*4 Yrojeci Inviclu.% Foundaiion Fundin8 MERT Arnjtrj FurLes CovenanT Grani Peter Harri4 Foundaiion Anscl8 Shur¢ - Purcha5C Enni.%mor¢ Ttwsi 13.409 {667) 113,4091 667 1901 131,000) {3.ISS1 108,IK)O 1 ?3,912 90 Ji,000 3,155 1108.0001 123.91?) 184.265 231.8221 TOTAL FUNDS 110.506 214.4?5 324931 Page ?0 ¢oniinued... Tull￿ TO STARBOARD NOTES TO TIIE I".1.N￿￿CI.4L ST.4TE.IIENTS- continutd FOR THE I'EAR ENDE"D 30 SEPTEIIBER 2024 18. MOVEMENT IN FUNDS - continued A current year l ? months and prior year 12 mon￿4 combined nei movemeni in fiLnd8 included Jn the aly)ve are a% follows". Incoming Resourcts expet)d¢d Movement in fun&% Unresirieted funds General fu] The Spirit of Falmouth fLxed reserve Tudora fi¥ed a%%ei relerve Angels Share Fixed A&*1 DtslgTra￿d Fynd 800,?05 1749.695} 50.510 ?.000 13,4721 18,8781 {3.47)1 18.8781 802.205 1772,0451 30,160 Resirleted funds Projeci Argo I"udora Homeless Vrojtti Ini'iciu% Game% Fourtdaiion Fundin8 MERT Arrr)¥d FvrLeS CL)venani Grani RNRMCIGreenwich Hospital P¢l¢r Hurri8 FouThdalioTh 113.4091 114.3331 165.3481 133.S?11 160.0011 13.155 (29.7001 30,(K)01 19.6001 132.3991 117,(X)01 2.50RI I5.0￿) 113.4091 667 1901 131,titi01 15.OCrfI 65.258 2,101 60,001 13,1551 ABF BFBS IT3SI Bluc Libthi Foundaiion Force4 Sup￿￿ T¢am For¢¢¥ Foundation Whirlwind Chariiy Naiional Grid ChrihlmL¥ Cjraiii Veieran% Foundaiion Ociober 2022- (kiober ?023 An¥el¥ Share. Purchase "nnisrnor¢ Trus1 l.c41 Wc For8ei iJWork¥ 29,7Tr) 30.¢X 32.3¢)9 17.0 ?.508 15.001 108.000 360.WO 18.000 115.0011 108,000 123,912 1236.0881 118.0001 773 878 589,0131 184,265 TOTAL FUNDS l 376,083 11,JOl 0581 214,423 Page?1 continua... TbliN' TO ST.4RBOARD NOTES TO THE FINA_NCIAL STA TE%IENTS- ronlinued OR'fHE YL.4R E_NDLD 30 sEp'ri-IIBER 2024 18. MOVEMENT IN FUliDS- conlinucd Unrestrlcied reserves.. The Splrli of Filmouih tlxed xssei rt5ervt'. a designated reserve repTesenLins the nei Ix>ok value of a vessel previoulily donaied io ihe chariry. Tudora fixed Asset reserve.. a desi¥naied resent repre5eniing Ihe capitalised costs of rcnovating the ve&sel Tudora, a ?5-tonne woodeth mO￿r crniscr which was donaicd io the chllrily in a previous year. AnRel's share Fixed Assei reserve.. a desi¥Mied reserve represeniin8 the nei IMM)k v8lue of the vessel purchased by ihe chan.iy Restricted reserves.. Long WAY Up Ch*llenge'. Grani% from Lesi W¢ Forgei and Anny io fund a f4blin8 challen8e for veterans U8ing Ihree yachL% io %ail from Falmouth 10 Ihe northern lip ofswiland. Pojitive Path￿a¥S ILkinR tht Right Tyrn. GianLi froili dit Aiiijd Foii¢N cuve1￿111 Fuii¢J TIusL, Ruyul Navy &. Royal Marjnes Charjiy and Alll. I'he Soldier%. Chariiy iowards a galling programme for veier811%. Project Argo.. fknnaiions frnm Air Tanker, Huboo. vwious gift lid hnd the web 10 support NHS and oiher rmer¥ency response workers. Tudora Homeless ProJeei.. Grnrti f￿M the Medlttk Chjritsble TTUSI io SUp￿)rt Ihe u8e of the wfy)den motor eruiser Tudora as aceommod)iion for homeless veierans. The Veterans, Place5, Pathwfiy5 gnd P¢opl¢s Programme.. Grani received from Invieius Games FoundBiion Iv %uppvrt IhL pr￿￿1￿lUn ufiahlhng opportuni1￿> Skipper Stholxrship Schtme.. Grants w¢¢iv¢d fTom BFBS Welfare Fund, Forces Support & Team For¢¢s Foundation 10 Ihe Yachima5*r 2UjJ Programme Blue Ll¥lii Card Fuund¥ilun.' Or4ni re¢¢iv¢d from BFB5 10 suppon the provi5ioTh of sailin8 1)pportuniile8 for emerg?enLy *fviLe4 p¢r%onnel Whlrlwlnd Ch#rSiible Trust.. Grani received from Whirlwind Charilable TTU51 to support ihe provision of ¥ailinB opFx)rtuniliets for vel¢rnns NAliiJtlg1 Cirid C.hrixtma% Fiind. CiThnl rece.ivrd from Ilk• National Grid the provision of %ailing opportunities VeterAtI's Found¥ilon Oei 2022 - Oct 2023-. Grani receiva4 from Vet¢rnns Foundation to support Ihe provL8ion ofsailing by coniribuiin¥ lo geneTal cosi% Angtl'5 Share . Purrha5e.' Grani% received from DraFWs Charitable Fund aThJ Ennism¢)re TTu¥I 10 enable the chariiy 10 purcha%e Ihe ve&%cl Angel'% Share Ennl$mor¢ Trusi - Grani Received from Ennismor¢ Twsi io supFx)rt the Skipw Scholarship Scheme. Ai ihe end of the year. the trus1¢￿ have given their pemiission for th¢ r¢mainin8 funds io bc iransferred 10 general Page ?? conrinued... TURY TO STARBO.4RD OTES TO TIIE FI%.4.XCIAL s'fATLNII_NTS- ¢ortliuutd FOR THE I'LAR 30 SEPTEIIBER 2024 19. RELATED PARTY DISCLOSLRES The below companies were conirolled by a close family membei of the charity. s key management personnel. Thiq pe￿n ceased 10 be it)volved wilh ihe ¢hariiy on 31%1 August 20?3. The balances from 2023 are a5 below.. The charity rents office space from Take Point Ttatthing Lth*i*d, and h&% bccn charged to the rharily in the sum of £??.200. Durinx ?023. a n¢1 of £159 w&% rffeivd fTom Take Poini Training Limi*d. Also £8.776 w&$ paid 10 Sail Cornwall Limited. The Charity is adminisirdiiThg a groni on behalf of The MERT Club CIC. Ai the year-end 30, September ?0?3, £?1.660 i$ payable io the CIC. 20. LIMITED BY GUARAP4TEE Tlit iluiily IL VLi¥aL¢ LUIEIVUILY liiJiii¢J by ￿￿1￿111¢¢ ai)¢J LviLwu¢iJily ¢Jths nvi have u share LdPjLal. EaLh (?f the members is liabl¢ 10 coniribule an amouni noi exceeding £10 ioward% the a&sets ofihe Lhariiy in Ihe eveni of liquidoiion. Page ?3 TLKN TO ST.4RBO.4RD DET.41LED s'r.4-fL_IIENT or ri.N..INCl.4L.4CTII'JTIES bOR"J'IIE YF..4R ENDED30 SEPTE.IIBER 2024 2024 ?0?3 as re%uted INCOME AND ENDOWMENTS Donations and legacies Donation% Gifi aid 163.994 92,299 166.074 95,524 Other trhding gciiviti¢s Merchandise sales Other fundrai%ing 1,867 ?57.118 1.37? 192,?26 ?58.985 193.598 Investmeni Ineome epo4ii account iniert 4,071 1,168 Charli4ble activities fjJ#tlL 404,274 392,389 Total inconilng wtsourcts R9J.404 0112.t179 EXPEP4DITURE R41glng don¥ilon$ Ind le¥*¢lt$ Fundrai%iDg CO$L 39.469 Orher iradlng aeilvili PurvhJbeb 1.369 Chnritsble a¢tivi¢it$ 320,411 22.6!5 4,890 1611,153 8.481 1?.699 273.303 20.318 21,fi30 18tt,429 ?0,829 ROO Social %ecuriiy Pensions V¢J)rl ivNI CouThe expenFt% Conyuliancy fecJ 537,259 52J.309 Siipport eosii Management Reni and rates IJL%uran¢e L2ghi and heal Posiagwe and siaiionery Advertising Sundric Carried forward 25.714 15.873 167 ?4.012 9,948 551 542 838 47,538 83.429 10 2fi.718 08,483 This pag¢ does noi fonn pan of the statutory financial 5uiemenLS Page 24 TLILN TO ST.ARBOARD DETAILED ST_4-rL.NIE.ST or riN.&%ci..¥L ACTII'ITIES OR TIIE I'E.4R ENDED 30 SEPTE_IIBER 2024 2024 20*3 Tesiaied Management Brougrhi forward CompuieT ¢081$ Motor alld IravellinK expenses Accouniancy 68,483 6.788 23,598 3,999 83,429 7.593 4.3?3 27,314 Plant and machinery Fixlureq and fjiiin¥s 4$4 3?7 428 135.9?1 195.819 Finanee Baiik ¢harge$ Surplu% on of ￿n8ible r￿ed 306 13.9231 124 144 13.6171 268 To¢al resourc￿ expended 700,401 661.257 Nei lllcom¢ iyj.wj Thts page doe5 noi fonn part of the statutory financial sth¢ements Page 25