Charity registration number 1161201
Company reglstratlon number 091822071England and Wales)
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ANNUAL REPORT AND UNAUOITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025

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LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr C D McGrorv
Air Vice Marshal Lord R J M
8roadbridge
Mrs S L L Marshall
(Appointed 18 De￿mber
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

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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

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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 I￿13nd 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.

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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.

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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.

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TRusfEES' REPORT IINCLUDING DIRE￿OR'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..

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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 I￿land 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

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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.

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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.

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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)

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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

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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.

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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

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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-

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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-

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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-

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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-

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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 be￿een 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-