Charity registration number 1161201 Company reglstratlon number 091822071England and Wales) TURN TO STARBOARD ANNUAL REPORT AND UNAUOITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
TURN TO STARBOARD LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr C D McGrorv Air Vice Marshal Lord R J M 8roadbridge Mrs S L L Marshall (Appointed 18 Dember 20241 (Appointed 18 December 20241 IAppointed 18 December 20241 (Appointed 18 June 20251 Mrs E Roberts Mr M D Lorriman-Hughes Mr Neil Harper Senior manaBement Mrs5Terry Mr D Fielding Chief executive officer Chief operating officer Charity number 1161201 Company number 09182207 Reglstered offl¢e Unit 15 Pearces Mill Falmouth Wharves North Parade FALMOUTH Cornwall England TRII 2TF Independent examiner TCGroup Vivlan House Newham Road Truro Cornwall United Kingdom TR12DP
TURN TO STAR80ARD CONTENT5 Page Trustees, report Independent examiner's report Staternent of financial activities Balance sheet Statement of cash flows Notes to the financial statements 10-25
nJRN TO STARBOARO TRUSTEES, REPORT IINCLUDING DIRECTOR'S REPORTI FOR THE YEAR ENDED 30 SEPTEMBER 2025 The trustees who are also directors of the charSty for the purposes of the Companies Art 2006, present their report with the financial statements of the charity for the year ended 3D September 2024. The trustees have adopted the provlsions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charltles preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of I13nd IFRS 1021 (effective I january 20191. Objectives and activitles Turn to Starboard use5 Royal Yachting Association IRYAI sailing courses to support Armed Fortes 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 qualrfications. We do not offer therapy OT 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 SeNice to help them r&engage and Spend quality time together. Sail training lakes place on modern yacht5, plu5 we also have our own Tall Ship, a 92ft Merseyside Pilot Schooner 'Spirit Df Falmouth, which gives beneficiaries the chance to sail on longer voyages and learn traditional sailing techniques. Thi5 vessel also provides us with a facility for corporate engagement and promotion. Overview 2025 has been one of the most transformative periods in the history of Turn to Starboard. Over the course of the year, the charity has not only strengthened its delivery for veterans affected by thelr service but also laid firm foundations to SUPPDrt sustainable growth and extend its impact well into the fijture. Operational Developments A sienificant milestone during the year was the relocation to new waterside office5. After many years of operating from facilities that no longer met the need5 of the organisation, the charity now benefits from a permanent base that reflects its ambition and professionalism. This location enhances operational delivery and provides the capacily to support long-term strategic objectives. enabling the charity to engage more effectively with beneficiarles. volunteer5, Partners and 5UPPOrters. The charity's fleet has expanded considerably during the year with the addition of the sailing vessel Moonshadow and the tender Edward Roy, both generously donated. These assets have strengthened operational capability, enabling the delivery of a broader range of programmes, includinÉ longer voyages and increased access to sailing opportunities for beneficiaries. Prograrnmè Development The expansion of services has been a key area of progress. In partnership with Salute Her. a women's veteran charity, Turn to Starboard launched Vit3min Sea, 3 women-only sailing proEramrne. This initiative provides trauma-informed environment tailored to the specific experience5 of female veterans, SUPPOrting confSdence- building, connection and recovery.
TURN TO STARBOARD TRUSTEE5' REPORT (INCLUDING DIRECTOR'S REPORTI ICONTINUEDI FOR THE YEAR ENDED30 SEPTEMBER 2025 People and Organlsation The Trustees recognise that the charity's achievements are underpinned by the strength of its team. During 2025, Turn to Starboard established what Is Considered its m05t cèpable and resllient team to date. Both sailing and shore-based staff have demonstrated exceptional commitment. professionalism and compasslon. This depth of expertise p051tions the organisation to deliver hlgh-quallty programmes while continuing to innovate. Financial Sustainability Ensuring long-term financial sustainability has remained a priority. The charity has 5ucce55fully diversified its income streams, including Brant funding, corporate support and thè development of strategic commercial partnerships. This approach reduces reliance on any single funding source and enhances organisational resilience. Environmental and Ethlcal Commltments During the year, Turn to 5tarboaTd strengthened it5 commitment to responsible and ethical practice. The charitv joined the Royal Yachting Association's Green Blue initiative, demonstrating its dedication to protecting the marine environment. In addition, the organisation became an accredited Living Wage Employer, reflecting its commitment to fair remurieration and valuing it5 workforce. Governance and Infrastructure The charity has invested significantly in strengthening its internal systems, processes, governance and infyastructure. These improvements ensure that Turn to Starboard remains robust, transparent and well-governed, providing a strong platform for continued growth. Brand and Communications Following 3 comprehensive review and consultation process Wlth key stakeholders, the charf(y Introduced a new brand identity during the year. This was accompanied by the launch of a new website, better reflecting the organisation's current position and reinforcing its role as a leading prDvider of non-clinical therapeutic recovery pathways lor veterans. Strategic Alignment Turn to Starboard's work continues to align closely with ihe UK Government's 2025 Veterans Strategy. The charity remains committed to shifting perceptions away from the concept of the 'broken veteran, and towards recogni5ing the strengths, resilience and value veterans bring to society. Through traum3-informed approaches that prioritise identity, belonging and long-term recovery, the charity supports beneficiaries to move beyond coping towards thriving. Looking Ahead The Trustees are immensely proud of the progress achieved during 2025. With an expanded fleet, strengthened team, new partnerships and a clear strategic direction, Turn to Starboard is well positioned to enter the next phase of its development with confidence, purpose and optimism.
TURN TO STARBOARD TRUSTEES, REPORT IINCWDING DIRECTOR'S REPORT) ICOMnNUEDI FOR ThTE YEAR ENDED 30SEPTEMBER 2025 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 51X months general running costs. As of 30th September 2025 the charity has no free reserves and fall short of this target, however there is a current focus on fundraising to meet this target, whilst balancing this carefully wlth the need to spend to ensure the current demand of those we support is met. The charity's primary objective is to enhance its long-term financial sustainability through the diversification and strengthening of its income streams. T2S is actively pursuing additional sources of funding through applications for government and cha¥itable grants, the development of corporate sponsorship opportunities, and the establishment of 5trate8ic partnerships with organisations that 5VPPOrt veterans, initiatives. In light of ongoing global economic uncertainty and pre59ures on budgets acmss all sector5, maintalning existing funding sources also remains a key priority. The charity a150 plan5 to develop legacy giving programmes 3nd engage with high-net- worth individuals to support the creation of sustainable long-term funding streams. By driving revenue which the charity has Successfully done over the last three years, the alm Is to allocate a proportlon of future income towards the establishment of financial reserves to improve the charity's resilience and support ongoing operatlonal stability. Structure, governance and management The charity'5 goveming document is its memorandum and articles of association dated 19 AuBUSt, 2014. The tru5tee5, who are also the dirertors for the purpose of company law, and who served during the year and up to the date of signature of the f inancial statements were.. Wing Commander M l Harris (Resigned 19 March 20251 Mrs S Godzicz IResigned 16 November 20251 Mrm I johnston IResigned 18 December 20241 MrCD McGrory Air Vice Marshal Lord R J M 8roadbridge Mrs S L L Marshall Mrs E Roberts Mr M D Lorriman-Hughes Mr Nell Harper IAppointed 18 December 20241 (Appointed 18 December 20241 (Appointed 18 December 2024 (Appointed 18 lune 20251 Recruitment und appointment of 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 actwities and ultimate success of the charity. The charity may by ordinary resolution appoint a person who is willing to act as director.
TURN TO STARBOARD TRusfEES' REPORT IINCLUDING DIREOR's REPORT> ICONTINUEDI FOR ThtE YEAR ENDED30SEpfEM8ER 2025 Tife Trt 5tees' report w35 approved by the Board of Trustees. Air Vice Marshal Lord R J M Broadbridge Trustee Date..
TURN TO STARBOARD INDEPENDENT EK4MINER'S REPORT TOTHETRUSTEES OF TURN TO STARBOARD I report to the trustees on my examination of the financial statements of Turn to Starboard Ithe charity) for the year ended 30 September 2025. Responslbllltles and basls of report As the tru5tee5 of the charity land also i(s directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2(X>6 Act). Having satisfied myself that the financial statements Df the charity 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 the charity's financial statements carried out under section 145 of the Chayities Act 2011 Ithe 2011 Act). In carrying out mv examination I have followed all the applitable Directions given t>y the Charity Commission under section 1451Sllbl of the 2011 Act. Independent examiner's statement Since the tharity's gross income exceeded £250,0 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in EnEland 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 examinatlon giving me cause to believe that in any material respect.. atcountlng records were not kept in respect of the charity as required by section 386 of the 2006 Act; or the financial statements do not accord with those records,. Dr the financial Statements do not comply with the accounting requirements of sertion 396 of the 2006 Act other than any qUirement that the account5 give a true and fair view which is not a matter considered as part of an independent examination- or the financial statements have not been prepared in accordance with the methods and prlnciples of the Statement of Recommended Practice for accounting and reportinE by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iland IFRS 1021. I have no concerns and have come across no other matters In connectlon with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. James Pearce FCA Vivian House Newham Road Truro Cornwall TRI 2DP United Kingdom Dated.. 3010612026
TURN TO STARBOARO STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME ANLI EXPENDITURE ACCOUNT FOR THE YEAR EAIDED 30 SEPTEMBER 2025 Unrestrlrted Restrirted funds funds 2025 2025 Total Unrestricted Restrirted funds funds 2024 2024 Total 2025 2024 Notes Income and endowments from: Donations and legacles Charitable activities Other trading activities Investments Other Income 20S,859 138,000 262.255 682 2.760 19,9 115,941 225,759 253,941 262,255 682 2,760 143,824 51,138 258,985 3,983 4.250 431,136 148,074 482,274 258,985 4,071 88 Total Income 609,556 135,841 745,397 457,930 435,474 893,404 Expenditure on: Raising funds Charitable activities 14,966 703,072 14,966 754,022 40,838 331,385 40,838 659,563 50,950 328,178 Total expenditure 718,038 50,950 768,988 372,223 328.178 700,401 Net incomellexpenditurel 1108,4821 84,891 123,5911 85,707 107,296 193,003 Tran5fer5 between funds 11,969 111,9691 123,822 1123,8221 Net movement in funds 12 196,5131 72,922 123,5911 209.529 116,5261 193,003 Reconciliation ol funds: Fund balances at l October 2024 324.931 324,931 115,402 16,526 131,928 Fund balance5 at 30 September 2025 228.418 72,922 301,340 324,931 324,931 The statement of linancial activilies includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
TURN TO STARBOARD BALANCE SHEET ASAT30 SEPTEMBER 2025 2025 2024 Notes Fixed assets Tangible assets 16 310,259 299,238 Current asset5 Debtors Cash at bank and in hand 17 87,833 33,138 21,562 43,406 120,971 64,968 Credltors: amounts falling due wlthin one year 18 1129,8901 139,2751 Net current Iliabilitiesllassets 18,9191 25,693 Total assets less current liabilities 301,340 324,931 Net assets excludlng pension liablllty 301,340 324,931 The funds of the Charity Restricted income funds Unrestricted fund5 20 72,922 228,418 324,931 301,340 324,931 The company Is entitled to the exemption from the audlt requirement contained in section 477 of the Companies Art 2006, for the year ended 30 September 2025. The director acknowledges his responsibilrties for complying with the requirements of the Companies Act 2006 wlth respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordante with the prtsvisions applicable to companies subject to the small companies regime.
TURN TO sfARBOARD BALANCE SHE ICONTINUEDI AS AT30 SEPTEMBER 2025 The,financial stateTnents were approved by the trustees on..... Air Vice Marshal Lord R l M 8roadbr¥d8e Trustee Cornpany registration number 09182207 IEngland and Wales)
TURN TO STARBOARD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2025 2024 Notes Cash flows from operating activities Cash generated fromllabsorbed by) operations 24 41,870 1123,8501 Investing activities Purchase of tangible fixed assets Proceeds from disposal of tangible fixed a55ets Investment incom@ received IS3,8151 1207,9151 995 21,000 4.071 Net cash used in investing artivities 152.1381 1182,8441 Net cash used in finanting activities Net decrease in cash and cash equivalents 110,2681 1306,6941 Cash and cash equivalents at beginning of year 43,406 350,100 Cash and cash equivalents at end of year 33,138 43,406
TURN TO STARBOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accounting policies Charity inlomation Turn to Starboard is a private cotmpany limited by guarantee incorporated in England and Wales. The registered office is Unit 15 Pearces Mill, Falmouth Wharves, North Parade, FALMOUTH, Cornwall, TRII 2TF, England. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's Igoverning documentl, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102.1 and the Charities SORP "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 IFRS 1021" (effective I January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are Set out below. 1.2 Going concern The charity's primary objertive is to enhance its long-term financial sustainability through the diversification and strengthening of lis income streams. T2S is actively pursuin6 additional sources of funding through applications for government and charitable grants, the development of Corporate sponsorship (>pportunities, and the establishment of strategic partnerships with organisations that support veteians, initiatlves. In light of ongoing global economic uncertainty and pressures on budgets across all sectors. maintaining existing funding sources also remains a key priority. The charity also plans to develop legacy giving programmes and engage with high-net-worth individuals to supptrrt the creation of sijstainable long-term funding 5tYeams. By driving revenue which the charity has successfully done over the last three years, the aim is to allocate a proportion of future income towards the establishment of financial reserves to increase the tharity's resilience and support ongoing operational 5tabilitv. 1.3 Charitsble lunds Unrestrscted funds are available for use at the discretion of the trustees in furtherance of their charitable objective5. Restricted funds are Subject to Specific conditions by donors or granlors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Incomè Income is recognised when the charity is legally entitled to it after any performance condition5 have been met, the amounts can be measured reliably. and it is probable that income will be received. Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of bu5ine55, net of discounts, VAT and other sales related taxes.
TURN TO STAR80ARD NOTES TO THE FINANCIAL STATEMEMfs ICONTINUEDI FOR THE YEAR EIVDED 30 SEPTEMBER 2025 Accounting polities (Continuedl Cash donations are recognised on receipt. Other donations are recogni5ed once the charity ha5 been notified of the donation, unles5 performance conditions require deferral of the amounl. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donatlon. Income from grants, including government grants, is retognised when the charity has an entitlement to the funds and any conditions to the grants have been met. Where performance conditions are attached to the Erant and are yet to be met the income is recognised as a liability and included in the balance sheet as deferred income to be released. Income *rom chargeable salling activities such as chartering the Tall ship for events and tiaining programmes are recognised in the Statement of Financial Activities when it is probable that an economic benefit will flow to the entity. This typically occurs in the year the activity takes place. Income from fvndraising events is recognised in the Statement of Financial Activltles when it is probable that an economit benefit will flow to the entity and the revenue and cost5 can be reliably measured. This typically occurs in the year the event takes place. 1.5 Expenditure Expenditure is recognised once there is a legal or constrijctive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliablv. Expendlture is classifted by activity. The costs of each activity are made up of the total of dlrect costs and shared Costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that artivlty. Shared costs which contribute to more than one activity and support costs which are not attributable to a sinEle activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portlon of the asset's use. Support costs are allocated to esther charitable activities, when applied order to meet its charitable objectives or go to governance costs when costs are incurred in relation to the constitutional and statutory requirements of the charity. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. The costs include costs related to the statutory audit and professional fees. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or waluation, net of depreciation and any impairment losses. Depreciation is recognised so as to wr¢te off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Plant and equipment Fixtures and fittings Vessels 25% on reducing balance 25% tsn reducing balance Straight line over 10 years
TURN TO STARBOARD NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30SEPTEMBER 2025 A¢¢ountlnÈ poll¢Ses Icontinuedl The gain oi loss arising on the disposal of an asset 15 determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impalrment of lixed assets At each reportine end date, the charity reviews the carrying amount5 of its tangible assets to determine whether there is any indication that those assets have suffered an impairment Ios5. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss Irf anvl. 1.8 Cash and cash equivalerrts Cash and cash equivalents include cash in hand, deposits held at call wtth banks, other short-term liquid investments with original maturities of three months or less, and bank overdraft5. Bank overdrafts are shown within borrowing5 in current liabilities. 1.9 Financial instruments The charlty has elerted to apply the provisions of Section 11 '8asic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charlty becomes party to the contractual provisions of the instrL¢ment. Financial asset5 and liabilities aye offset, with the net amounts presented in the financial statements, when the is a legally enforceable right to set off the recogni5ed amounts and there Ss an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Btssicfinontiol ossets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction prlce Includlng transaction costs ènd are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the futL¢re receipt5 discounted at a market rate of interest. Financial assets classified as receivable within Dne year are not amortised. Busicfinoncial liubilities Basic financial liabilities, including creditors and bank loans are inttially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument Is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilitie5 classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effectlve interest rate method. Trade creditors are obligations to pay for goods or services that h3ve been acquired in the ordinary course Df operations from supplier5. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 12-
TURN TO STARBOARD NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Ac¢ourrtin8 policies {Continuedl Derecognition oAAinon¢iolli?bilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Taxation The charity is exempt from corporation tax on its charitable activities. 1.11 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Critical accounting estlmates and judgements In the application of the charity's accounting policies. the tnjstees are required to make judgements, eslimate5 and assumption5 about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions 3re based on historical experience and othèr factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying a55umptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affetts only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donations and legacies Unrestricted Rèstrirtèd funds funds 2025 Total Unrèstrittèd RÈstrirtÈd funds funds Total 2025 2025 2024 2024 2024 Donation5 and gifts Gift Aid 199,488 6,371 19,900 219,388 6,371 141,744 2,080 4,250 145,994 2,080 205,859 19.900 225.759 143,824 4.250 148,074 13-
TURN TO STARBOARD NOTES TO THE FINANCIAL STATEMENTS ICONTINUEO} FOR THE YEAR ENDED 30SEPTEM8ER 2025 Income from charilable activities Unrestricted Restricted lunds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Grants 138,000 115,941 253,941 51,138 431.136 482,274 Grants Recèivèd 2025 2024 Army Benevolent Fund Lest We Forget Association Royal Navy & Royal Marines Charrf(v InvictU5 Games Foundation Ennismore Trust Armed Forces Covenant Fvnd Trust Veterans, Foundation The Clothworkers, Foundation Clare Milne Trust Other 18,000 112,000 30,(KK) 24,142 18,000 30,000 21,386 360,000 27,500 30,CMJO iO,(K)O iO,(K>O 16,441 28,746 253,941 482,274 Income from other trading activities Unrestricted Unrestricted funds funds 2025 2024 Merchandise Sales Other Fundraising 181 1,867 257,118 262,074 Other trading activities 262,255 258,985 14-
TURN TO STARBOARD NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED30 SEPTEMBER 2025 Income from investmerrts Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Interest receivable 682 682 3,983 88 4,071 Other income UnrestrictÉd Unrestricted funds funds 2025 2024 Net gain on disposal of tangible fixed assets Other income 995 1,765 1,765 Expenditure on raising funds Unrestri¢tÈd Unrestricted funds funds 2025 2024 Fundraislng and publi¢lty Seeking donations, grants and legacies 14,966 39,469 Trnding ¢OSts other trading actlvltles 1,369 Total costs 14,966 40,838 15-
TURN TO sfARBOARD NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 305EPTEMBER 2025 Expenditure on charltable activities Sailing Opportunities Sailing Opportunities 2025 2024 Direct costs Staff costs Vessel Costs Course Expenses Consultancy fees 211,029 160,633 72,885 347,926 168,153 8,480 12,699 444,547 537,258 Share of support and govemance costs (see note 111 Support Governance 302.749 6,726 118,306 3.999 754,022 659,563 Analysis by fund Unrestricted funds Restricted funds 703,072 50,950 331,385 328.178 754,022 659,563 10 Description of charitable activities To support Armed Forces persot)nel (serving and retiredl affected by military operations through sailing opportunitie5. 16-
TURN TO STARBOARD NOTE5 TOTHE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30SEPTEM8ER 2025 11 Support CQSts allocated to activlties 2025 2024 Staff costs Depreciation Rent & Rates Insurance Light & Heat Postage & Stationerv Marketing & Comms Sundries Computer Costs Motor & Travelling Expenses Bank Charges Legal & Professional Governance costs 158,789 42,794 42,707 19,970 4.199 1,216 18,054 5,570 4,776 19,129 25,714 15,874 167 io 26,719 6,788 23,598 307 65 4,674 6,661 3,999 309,475 122,305 Analysed between: Charitable Activities 309,475 122,305 12 Net movement in funds 2025 2024 The net movernent in funds is stated after chargingllcreditinBI'. Fees payable for the independent examination of the charity's financial statements Depreciation of owned tangible fixed assets Profit on disposal of tan8ible fixed assets 6,661 42,794 19951 3,999 33.052 113,9231 13 TNstees None of the trustees lor any persons connected with them) received any remuneration or benefit5 from the charity during the year. Trustees, Expenses There have been expense5 of £643 paid to the trustees throughout the year12024- £1341.
TURN TO STARBOARD NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR EAIDED 30SEPTEMBER 2025 14 Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number 12 12 Employment costs 2025 2024 Wages and salaries Social security costs Other pension Costs 328,961 35,917 4,940 320,410 22,625 4.891 369,818 347,926 There were no employees whose annual remuneration was MO than £60,0(X). Remuneration of key management personnel The remunerètion of key management personnel was as follows.. 2025 2024 Aggregate compensation 107,815 97,683 The above amounts include gross wages, employer's national insurance contributions and employer's pension contribvtions for 2 employees. 15 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 18-
TURN TO STARBOARD NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 16 Tan8ible fixed assets Plant and equlpmènt Fithre58nd Ve$5e15 Tutal Cost At l October 2024 Addition5 Disposals 3,920 18,990 13,9201 6,654 7,320 735,915 27,506 746,489 53,816 13,9201 At 30 September 2025 18,990 13,974 763,421 796,385 Depreciation and Impairment At l October 2024 Depreciation charged in the year Eliminated in rèspect of disP05als 3,920 3,311 13,9201 5,585 599 437,747 38,884 447,252 42,794 13,9201 At 30 September 2025 3,311 6,184 476,631 486,126 Carrying amount At 30 September 2025 15.679 7,790 286,790 310,259 At 30 September 2024 1,069 298,169 299,238 17 Debtors 2025 2024 Amounts falling due wlthln one year.. Trade debtors Other debtors Prepayments and accrued income 60,929 4,747 22,157 9,491 12,071 87,833 21,562 18 Creditors: amounts falling due wlthin one year 2025 2024 Other taxation and social security Trade creditor5 Other creditors Accruals and deferred income 7,632 29,120 1,350 91,788 36,001 3,274 129,890 39,27S 19-
TURN TO STARBOARD NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEIWBER 2025 19 Retlrement benefit s¢hemes 2025 2024 Defined contribution schemes Charge to profit or loss In respect of defined contribvlion schemes 4.940 4,891 The charity operates a defined contribution pension scheme for all qualifying employees. The a55ets of the scheme are held separately from those of the charity in an independently administered fund. 20 Restricted funds The restricted funds of the charity comprise the unexpended balances of donatlons and grants held on trust subject to specific conditions by donors as to how they may be used. At l Ortober 2024 Incoming resources Resources expended Transfers At30 September 2025 Armed Forces Covenant Fund Trust Royal Navy & Royal Marine5 Charitv Worshipful Company of Environmental Cleaners Veterans, Foundation Forces Support The Clothworkers, Foundation Lest We Forget Association AirTanker 27,500 27,5(K) 30,000 129,994 2.000 30,000 4.441 10.000 12,000 19,900 12,cK(II 14,1711 12,7761 11,9691 23,860 1,665 iio,0001 112,LK)91 191 19,900 135,841 150,9501 111,9691 72,922 -20-
TURN TO STARBOARD NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30SEPTEMBER 2025 20 Restrirted funds (Continued) Previous year: At l October 2023 Incoming resources Resources expended Transfers At30 September 2024 Pmjert Argo Tudora Homeless Project Invictus Games Foundatbon Funding Armed Forces Covenant Grant RNRMCIGreenwich Hospital Ennismore Trust 1.261 5.355 11.2611 15.3551 1901 10,000 21,386 1,838 30,000 360,000 18,000 4,250 121,3861 111,8381 130,0001 1236,0881 118,0001 14,2501 90 1123,9121 Lest We Forget Association i3Works 16,526 435,474 1328,1781 1123,8221 During the year, there was a transfer of £10,000 from Clothesworks restricted fund to General funds. The grant wa5 awarded to Turn to starboard for the purchase of 2 vehicles. The vehicles were purchased during the year and were transferred to general as once the vehicles had been purchased the restriction on the funds had been fulfilled. During the year, there was a transfer of £1,969 from the Veterans, Foundation Fund to General Funds. The Grant was awarded to Turn to Starboard to support their Vitamin Sea Project. Throughout the running of thi5 project, assets to the value of £1,969 were purchased. These have since been transferred to the General fund as the restriction on the funds has been fulfilled. 21
TURN TO STARBOARD NOTESTQTHE FINANCIALSTATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30SEPTEMBER 2025 20 Restricted funds Icontinuedl Positive Pathways - Making the Right Turn.. Grants from the Armed Forces Covenant Fund Trust, Royal Navy & Royal Marines Charity and ABF The Soldlers, Charity tOW3rds a sailing programme for veterans. Project Argo.. Donation5 from Air Tanker. Huboo. various gift aid and the web to support NHS and other emergency response workers. Tudora Homeless Project.. Gr8nt from the Medlock Charitable Trust to support the use of the wooden motor cruiser Tudora as atcommodation 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 & Team Force5 Foundation to support the Yachtmaster 2023 Programme National Grid Christmas Fund: Grant received from the National Grid to support the provision of sailing opportunitie5 Veteran's Foundation Oct 2022 Oct 2023.. Grant received from Veteratr)s Foundation to suppr)rt the provision of sailing by contributing to general costs Angel's Share - Purchase: Grants recoived from Draper's Charitable Fund and Ennismore Trust to enable the charity to purchase the vessel Angel's Share RNRMC Grant- Grant received to SUPPDrt the provision of sailing Worshipful Company of Environmental Cleaner5 Scholarship Scheme for 2025 Grant te1Ved from WCEC to support the Skipper Project Vitamin Sea - Grants received from the Veterans Foundation and the Armed Forces Covenant Fund Trust to provide tailored, healing and recovery thertted sailing retreats to women veterans with trauma- based mental health challenges Forces Support- Grant received to purchase uniforms Wlth new branding The Clothworkers, Foundation - Grant received to purchase two vans for the charitv Lest We Forget Association- Grant received to support core operational costs AirTanker- Grant1£35kl received to fund the charter of Pellew for the Fkjll Circle sailing expedition, carrying the Invictus Game5 Flag around the UK ahead of the Invictus Games 2027 22-
TURN TO STARBOARD NOTESTOTHE FINANCIALSTATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 21 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At l October 2024 Incoming resources Resources expended Trdnsfers At30 September 2025 An8els Share Fixed Asset Reserve General funds 89,122 235,809 110.8001 1707.2381 78,322 150,096 609.556 11,969 324,931 609,556 1718,0381 11,969 228,418 Previous year: At l October 2023 Incoming resources Resources expended Translers At30 Septémbèr 2024 The Spirit of Falmouth Fixed Asset Reserve Angels Share Fixed Asset Designated fund Tudora Fixed Asset Reserve General funds 2,000 12,0001 99,922 12,236 3,244 110,8001 16,5191 1354,9041 89,122 15,283 440,647 121,0001 146,822 235.809 115,402 457,930 1372,2231 123,822 324,931 Unrestricled reserve5'. The Spirit of Falmouth fixed asset reserve: a designated reserve representing the net book value of a vessel previously donated to the charity. Angel's Share Fixed Asset reseNe.' a designated reserve representing the net book value of the vessel purchased by the charitv -23-
TURN TO STARBOARD NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 22 Analysis of net assets beeen funds Unrestricted funds 2025 Restricted funds 2025 Total 2025 At 30 Septembèr 2025: Tangible assets Current assetsllliabilitiesl 310,259 181,8411 310,259 18,9191 72,922 228.418 72,922 301,340 Unrestricted funds 2024 Re5trirted funds 2024 Total 2024 At 30 September 2024: Tangible assets Current assets/lliabilitiesl 299,238 25,693 299,238 25,693 324,931 324,931 23 Related party trdn5artions There were no disclosable related party transactions during the year12024- none). 24 Cash Eenerated from operations 2025 2024 IDeficitllsurpu5 for the year 123,5911 193,003 Adjustments for- Investment Sncome recognised in statement of financial activities Gain on disposal of tangible fixed assets Depreciation and impairment of tangible fixed a55ets 16821 19951 42,794 14.0711 113,9231 33,052 Movements in working capital: Ilncreasel in debiors Increaselldecreasel in creditors 166,2711 90,615 17.5601 1324,3511 Cash generated fromllabsorbed by) operations 41.870 1123,8501 24-
TURN TO STARBOARD NOTES TOTHE FINANCIALSTATEMENTS ICONTINUEDI FOR THE YEAR EAIDED 305EPTEMBER 2025 25 Analysis of changes In net funds The charity had no material debt during the year. 25-