REGISTERED CHARITY NUMBER: 1163446
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2023 for The Cutty Sark 2Sail Foundation
Arran James Consulting Limited 4 East Hill Wembley Park Middlesex HA9 9PT
The Cutty Sark 2Sail Foundation
Contents of the Financial Statements for the Year Ended 31 December 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 to 6 |
| Detailed Statement of Financial Activities | 7 |
The Cutty Sark 2Sail Foundation
Report of the Trustees for the Year Ended 31 December 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 1163446
Principal address
12 Cheyne Gardens London SW3 5QT
Trustees
Capt. Chris Blake, OBE Mr Thomas Hoppe Capt. Vladimir Martus Mr David T Morgan, MBE
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a 'Foundation' Constitution and constitutes an unincorporated charity. The constitution was signed on the 1 September 2015 by the founder members, who are also trustees. This was approved by the Charity Commission on the 7 September 2015 as a registered charity,
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Cutty Sark 2Sail Foundation's objectives are to recreate the clipper ship “Cutty Sark” as a seagoing vessel which will be sailed in a traditional way, as a living memorial to the great era of sailing Ships;- To encourage self-development and provide innovative training in seamanship and life skills for young people of all nations;- To promote sail-powered shipping as an environmentally friendly alternative.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdon Accounting Standards. (United Kingdon Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, the Charities Act 2011 Charity (Accounts and Reports) Regulations 2008 and the provision of the Trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-select suitable accounting policies and then apply them consistently;
-observe the methods and principles in the Charity SORP;
-make judgements and estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 10 Oct 2024 and signed on its behalf by:
............................................. D T Morganen - Trustee
Page 2
The Cutty Sark 2Sail Foundation
Statement of Financial Activities for the Year Ended 31 December 2023
| Year Ended | Year Ended | |||
|---|---|---|---|---|
| 31.12.23 | 31.12.22 | |||
| Unrestricted | Restricted | Total funds | Total funds | |
| fund | fund | |||
| £ | £ | £ | £ | |
| INCOMING RESOURCES | ||||
| Incoming resources from generated funds | ||||
| Voluntary income | - | - | - | 50 |
| Total incoming resources | - | - | - | 50 |
| RESOURCES EXPENDED | ||||
| Charitable activities | ||||
| Other resources expended | 571 | - | 571 | 335 |
| Total resources expended | 571 | - | 571 | 335 |
| NET INCOMING/(OUTGOING) | ||||
| RESOURCES | (571) | - | (571) | (285) |
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 3,256 | - | 3,256 | 3,541 |
| TOTAL FUNDS CARRIED FORWARD | 2,685 | - | 2,685 | 3,256 |
The notes form part of these financial statements
Page 3
The Cutty Sark 2Sail Foundation
Balance Sheet At 31 December 2023
| Balance Sheet At 31 December 2023 |
|||||
|---|---|---|---|---|---|
| 31.12.23 | 31.12.22 | ||||
| Unrestricted | Restricted | Total funds | Total funds | ||
| fund | fund | ||||
| Notes | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Cash at bank and in hand | 3,365 | - | 3,365 | 3,686 | |
| 3,365 | - | 3,365 | 3,686 | ||
| CREDITORS | |||||
| Amounts falling due within one year | 4 | (680) | - | (680) | (430) |
| NET CURRENT ASSETS | 2,685 | - | 2,685 | 3,256 | |
| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 2,685 | - | 2,685 | 3,256 | |
| NET ASSETS | 2,685 | - | 2,685 | 3,256 | |
| FUNDS | 5 | ||||
| Unrestricted funds | 2,685 | 3,256 | |||
| TOTAL FUNDS | 2,685 | 3,256 |
The financial statements were approved by the Board of Trustees on 10 October 2024 and were signed on its behalf by:
............................................. D T Morgan -Trustee
The notes form part of these financial statements
Page 4
The Cutty Sark 2Sail Foundation
Notes to the Financial Statements for the Year Ended 31 December 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the yearend date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
There was no investment income.
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' travel expenses paid for the year ended 31 December 2023 (£0 for 2022).
Page 5
The Cutty Sark 2Sail Foundation
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31.12.23 | 31.12.22 | ||
|---|---|---|---|
| £ | £ | ||
| Other creditors | 680 | 430 | |
| 680 | 430 | ||
| MOVEMENT IN FUNDS | |||
| Net movement | |||
| At 1.01.23 | in funds | At 31.12.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 3,256 | (571) | 2,685 |
| TOTAL FUNDS | 3,256 | (571) | 2,685 |
| Net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement in | |
| resources | expended | funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | - | 571 | (571) |
| TOTAL FUNDS | - | 571 | (571) |
5. MOVEMENT IN FUNDS
Page 5
The Cutty Sark 2Sail Foundation
Detailed Statement of Financial Activities for the Year Ended 31 December 2023
| Year Ended | Year Ended | |
|---|---|---|
| 31.12.23 | 31.12.22 | |
| £ | £ | |
| INCOMING RESOURCES | ||
| Voluntary income | ||
| Donations | - | 50 |
| Total incoming resources | - | 50 |
| RESOURCES EXPENDED | ||
| Governance costs | ||
| Accountancy | 250 | 250 |
| 250 | 250 | |
| Support costs | ||
| Management | ||
| Sundries | - | - |
| 250 | 250 | |
| Finance charges | ||
| Bank charges | 321 | 85 |
| Total resources expended | 571 | 335 |
| Net (expenditure)/income | (571) | (285) |
This page does not form part of the statutory financial statements
Page 7