## **Trustees’ Annual Report for the period** **From 1st May 2024 to 30th April 2025** (12 months) ## **Charity name: VIGILANCE OF BRIXHAM CIO** ## **Charity registration number: 1168570** ## **Objectives and Activities** ||SORP reference|| |---|---|---| |Summary of the purposes of
the charity as set out in its
governing document|Para 1.17|To
advance
the
preservation
and
conservation of the Brixham based heritage
sailing trawler “Vigilance BM76” for the public
benefit and,
To advance education for the public benefit in
the subject of Vigilance BM76, sail trawlers
and the social, industrial, and sailing heritage
and history associated with this.| |Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or services
identified in the accounts.|Para 1.17 and
1.19|Work continued with the repair to hull, decks
and engine plus associated works at Stirling
& Sons, Devonport. On 8thApril 2025
Vigilance was motored back from Devonport
to Brixham ready for the remainder of her
repair, to be carried out by the volunteer
team. These extensive repairs are required to
enable future generations to sail on Vigilance
and also for her to be used for educational
purposes in the local community.| |Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit|Para 1.18|All Trustees have received and have had
regard to the guidance notes issued by the
Charity Commission on public benefit.| ## **Additional information (optional)** You may choose to include further statements where relevant about: ||SORP reference|| |---|---|---| |Policy on grant making|Para 1.38|All decisions on possible grants/donations
have been taken at a full meeting of the
Trustees.| |Policy on social investment
including program related
investment|Para 1.38|**N/A**| ||Para1.38|All Trustees and Members are willing
volunteers and continue togive of their time| |Contribution made by
volunteers||without any remuneration. It is notable that
several Trustees and Officers have given
considerable time and effort to our new
projects and to the operational aspects of
Vigilance since the C.I.O. took ownership of
Vigilance.
It is also commendable that the contributions
of volunteers continued to be significant
during the period when Vigilance was away
from Brixham for works to be undertaken.| |---|---|---| |Other||| ## **Achievements and Performance** ||SORP reference|| |---|---|---| |Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.|Para 1.20|While the majority of financial movement, in
and out, has related to the major works under
way, other minor income streams have
remained steady including retail income from
trading Vigilance and her brand.
Donations in this period to “Vigilance BM76”
have included receipt of pledges to be used
for general purposes ‘safety net’ and have
continued
to
provide
the
necessary
‘partnership’ funding required by the NHMF.
The Fundraising strategy continues to adapt
over time to maximise our efforts and respond
to changing circumstances.
Trustees have continued to be proactive in
this period in encouraging, recruiting and
training new volunteers with the requisite
skills further to achieve our Aims and
Objectives.
Much effort
has
been
given
towards
improving our structure / organisation with
regard to our future aspirations and for the
benefit of all our members and for the people
of Brixham and Torbay. The trustees are
investigating possible collaborations with
other
charities
and
sailing
based
organisations, for example by beginning
regular co-operation meetings with Pilgrim
BM45.| ## **Additional information (optional)** You may choose to include further statements where relevant about: |Achievements against
objectives set|Para 1.41|The main objective was to launch Vigilance in
March and on budget. Both were achieved.
We reorganised ourselves to be able to
operate Vigilance on a self financing basis,
after several years not sailing. Good proress
was made in this year.| |---|---|---| |Performance of fundraising
activities against objectives
set|Para 1.41|We continued to draw down on the NHMF
and NLHF funds by meeting their stage
payment triggers. Local fund-raising efforts
continued.| |---|---|---| |Investment performance
against objectives|Para 1.41|Sufficient money has been raised via the
previous agreed NHMF and NLHF grants and
local fund raising to enable the full repair to
continue as planned. Cost control has been
very effective with the repair remaining in line
withexpectations.| |Other||| ## **Financial Review** |**Financial Review**||| |---|---|---| |Review of the charity’s
financial position at the end
of the period|Para 1.21|The charity had sufficient cash in hand and
committed grants to proceed with the full
repair as planned. It also had a business plan
showing how Vigilance will operate in self-
sufficiently from Spring 2026.| |Statement explaining the
policy for holding reserves
stating why they are held|Para 1.22|The Trustees have agreed that a prudent
reserve
to
cover
any
unforeseen
contingencies of at least £10,000.00 should
be maintained in the Bank Accounts of the
CIO.| |Amount of reserves held|Para 1.22|£10,000.00| |Reasons for holding zero
reserves|Para 1.22|N/A| |Details of fund materially in
deficit|Para 1.24|N/A| |Explanation of any
uncertainties about the
charity continuing as a going
concern|Para 1.23|Continued tight project management and cost
control are required to bring the project in on
budget. We are confident that we will achieve
this.| ## **Additional information (optional)** |**Additional information (optional)**|**Additional information (optional)**|**Additional information (optional)**| |---|---|---| |You may choose to include further statements where relevant about:||| |The charity’s principal
sources of funds (including
any fundraising)|Para 1.47|In this period of the CIO sources of income
have continued to originate from fund raising
activities in the local community, open to all
members and the general public.
Also specific pledges have been received
resulting
from
successful
funding
applications, including the large NHMF and
NLHF grants.
Income related to Torbay Lottery and use of
Buy me a Coffee & Just Giving in conjunction
with events was also received.
Trading income will start to be the main
source of funds from May 2026.| |Investment policy and
objectives including any
social investment policy
adopted|Para 1.46|**N/A**| |A description of the principal
risks facing the charity|Para 1.46|The charity will be dependent on funding from
trading activities from May 2026 and our
plans reflect this. Our ability to build new
commercial capabilties and rebuild our team
of skippers and crew are fundamental to the
delivery of these plans.| ## **Structure, Governance and Management** |_Description of charity’s_
_trusts:_||| |---|---|---| |Type of governing document|Para 1.25|Charity Commission Model Constitution and
dated 30th March 2016.| |How is the charity
constituted?|Para 1.25|Charitable Incorporated Organisation with a
maximum of seven Trustees.| |---|---|---| |Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees|Para 1.25|The present Trustees have been selected
with a view to a wide ranging and professional
background, in order to complement and
enhance the aims and objectives of the
organisation.
At present the board if made up of 5 trustees| |**Additional information (optional)**
You may choose to include further statements where relevant about:||| |Policies and procedures
adopted for the induction and
training of trustees|Para 1.51|All new Trustees have been provided with a
copy of the Constitution, the Institute of
Fundraising Handbook, the Essential Trustee
guide
and
policy
documents
where
appropriate.| |The charity’s organisational
structure and any wider
network with which the
charityworks|Para 1.51|The charity is made up of Trustees/
Directors, officers and project teams.
There are 3 official offices, Chair, Treasurer
& Secretary| |Relationship with any related
parties|Para 1.51|**N/A**| |Other||| ## **Reference and Administrative details** |Charityname|Vigilance of BrixhamCIO| |---|---| |Other name the charity uses|| |Registered charity number|1168570| |Charity’s principal address|13 Deep Dene Close,
Brixham,
Devon,
TQ5 0DZ.| ||| **Names of the charity trustees who manage the charity** |1
2
3
4
5
6
7
8|**Trustee name**|**Office (if any)**|**Dates acted if not for whole**
**year**| |---|---|---|---| ||Rob Murray|Chair|Appointed July24| ||Peter Milligan|Trustee|Appointed 21/03/2023| ||Heather Keeling|Trustee|Appointed 17/07/2023| ||Carolyn Brown|Trustee|Appointed 17/10/2023| ||Rev Christopher North|Trustee|Appointed 07/11/2023| ||||| ||||| ||||| 9 1 0 – Corporate trustees names of the directors at the date the report was approved **Director name** N/A Name of trustees holding title to property belonging to the charity |**Trustee name**|**Dates acted if not for wholeyear**|| |---|---|---| |N/A||| |||| |||| ## **Funds held as custodian trustees on behalf of others** Description of the assets held in this capacity Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects ## **Additional information (optional)** ## **Names and addresses of advisers (Optional information)** ||**Type of**|**Name**|**Address**| |---|---|---|---| ||**adviser**||| ||**Accountant**|Ian Barrett FCA|22 Union Street Newton Abbot Devon TQ12 2JS| |||FCIE|| ||||| ||**Name of chief executive or names of senior staff members (Optional information)**||| ||||| ## **Exemptions from disclosure** Reason for non-disclosure of key personnel details N/A ## **Other optional information** ## **Declarations** **The trustees declare that they have approved the trustees’ report above.** **Signed on behalf of the charity’s trustees** **Signature(s)** _Rob Murray_ **Full name(s) Rob Murray Position: Chair of Trustees Date** 30th October 2025 **REGISTERED CHARITY NUMBER: 1168570** ## REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 ## FOR ## VIGILANCE OF BRIXHAM CIO Barretts Chartered Accountants & Chartered Tax Advisers 22 Union Street Newton Abbot Devon TQ12 2JS VIGILANCE OF BRIXHAM CIO CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 30 April 2025 |||Page|| |---|---|---|---| |Report of the Trustees|1|to|3| |Independent Examiner's Report||4|| |Statement of Financial Activities||5|| |Balance Sheet||6|| |Cash Flow Statement||7|| |Notes to the Cash Flow Statement||8|| |Notes to the Financial Statements|9|to|12| |Detailed Statement of Financial Activities||13|| VIGILANCE OF BRIXHAM CIO for the Year Ended 30 April 2025 ## REPORT OF THE TRUSTEES The trustees present their report with the financial statements of the charity for the year ended 30 April 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** To advance the preservation and conservation of the Brixham based heritage sailing trawler "Vigilance BM76" for the public benefit and, To advance education for the public benefit in the subject of Vigilance BM76, sail trawlers and the social, industrial, and sailing heritage and history associated with this. ## **Significant activities** Work continued with the repair to hull, decks and engine plus associated works at Stirling & Sons, Devonport. On 8th April 2025Vigilance was motored back from Devonport to Brixham ready for the remainder of her repair, to be carried out by the volunteer team. These extensive repairs are required to enable future generations to sail on Vigilance and also for her to be used for educational purposes in the local community. ## **Public benefit** All Trustees have had regard and have also received the guidance notes issued by the Charity Commission on public benefit. ## **Grantmaking** All decisions on possible grants/donations have been taken at a full meeting of the Trustees. ## **Volunteers** All Trustees and Members are willing volunteers and continue to give of their time without any remuneration. It is notable that several Trustees and Officers have given considerable time and effort to our new projects and to the operational aspects of Vigilance since the C.I.O. took ownership of Vigilance. It is also commendable that the contributions of volunteers continued to be significant during the period when Vigilance was away from Brixham for works to be undertaken. ## **ACHIEVEMENTS AND PERFORMANCE** ## **Charitable activities** While the majority of financial movement, in and out, has related to the major works under way, other minor income streams have remained steady including retail income from trading Vigilance and her brand. Donations in this period to “Vigilance BM76” have included receipt of pledges to be used for general purposes ‘safety net’ and have continued to provide the necessary ‘partnership’ funding required by the NHMF. The Fundraising strategy continues to adapt over time to maximise our efforts and respond to changing circumstances. Trustees have continued to be proactive in this period in encouraging, recruiting and training new volunteers with the requisite skills further to achieve our Aims and Objectives. Much effort has been given towards improving our structure / organisation with regard to our future aspirations and for the benefit of all our members and for the people of Brixham and Torbay. The trustees are investigating possible collaborations with other charities and sailing based organisations, for example by beginning regular co-operation meetings with Pilgrim BM45. ## **Fundraising activities** In this period of the CIO sources of income have continued to originate from fund raising activities in the local community, open to all members and the general public. Also specific pledges have been received resulting from successful funding applications, including the large NHMF and NLHF grants. Income related to Torbay Lottery and use of Buy me a Coffee & Just Giving in conjunction with events was also received. Trading income will start to be the main source of funds from May 2026. Page 1 VIGILANCE OF BRIXHAM CIO REPORT OF THE TRUSTEES for the Year Ended 30 April 2025 ## **ACHIEVEMENTS AND PERFORMANCE** ## **Investment performance** The majority of charity funds are required to meet our share of Phase 1 and 2 repairs. Further fundraising is under way to secure the funds needed to complete deck replacement before Vigilance returns to Brixham. ## **Internal and external factors** The charity's main commercial asset will not be fully operational without further major sponsors to support the balance of Phase 1 & Phase 2 repair work, during 2023/24/25. ## **FINANCIAL REVIEW** ## **Financial position** At the end of this period of operation the Charity's financial position is considered to be satisfactory. With the increase in funding for the NHMF-funded works, major expenditure is proceeding to plan, and at the end of the financial year measures were well advanced to secure the finds to complete works to the deck and above. Budget has been amended to deal with increases in labour rates and material costs reported previously, and the revised work plan to deck level was on target. ## **Principal funding sources** In this period of the CIO sources of income have continued to originate from fund raising activities in the local community, open to all members and the general public. Also specific pledges have been received resulting from successful funding applications. Income related to Torbay Lottery and use of Virgin Money Giving & Just Giving in conjunctions with events was also received. Trading income is now one of the charities main streams. The main funding success during the year was extension of the NHMF award. ## **Reserves policy** The Trustees have agreed that a prudent reserve to cover any unforeseen contingencies of at least £10,000 should be maintained in the Bank Accounts of the CIO. ## **Going concern** At the end of the year under report, funds had been secured to enable the revised programme of works to deck level to proceed. Further funding is needed to enable works to the deck and above to be completed, with decisions on applications expected in the first two months of the new financial year. Efforts to raise charitable funds from individuals to support this were also under way. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** Charity Commission Model Constitution for an Association CIO, dated 30th March 2016 as amended on 30th July 2020 and 20th February 2025. ## **Recruitment and appointment of new trustees** The present Trustees have been selected with a view to a wide ranging and professional background, in order to complement and enhance the aims and objectives of the organisation. At present the board if made up of 5 trustees. ## **Induction and training of new trustees** All new Trustees have been provided with a copy of the Constitution, the Institute of Fundraising Handbook, the Essential Trustee guide and policy documents where appropriate. ## **Risk management** The charity will be dependent on funding from trading activities from May 2026 and our plans reflect this. Our ability to build new commercial capabilities and rebuild our team of skippers and crew are fundamental to the delivery of these plans. Page 2 VIGILANCE OF BRIXHAM CIO ## REPORT OF THE TRUSTEES for the Year Ended 30 April 2025 ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1168570 ## **Principal address** Friends of Vigilance CIO C/o Nigel Gooding 13 Deep Dene Close Brixham Devon TQ5 0DZ ## **Trustees** P Milligan Secretary and acting chair to July 2024 Ms H Keeling Ms C Brown Rev C D North R C Murray Chair (appointed 18.8.24) ## **Independent Examiner** Ian Barrett FCA FCIE Barretts Chartered Accountants & Chartered Tax Advisers 22 Union Street Newton Abbot Devon TQ12 2JS Approved by order of the board of trustees on 30 October 2025 and signed on its behalf by: R C Murray - Trustee Page 3 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF VIGILANCE OF BRIXHAM CIO ## **Independent examiner's report to the trustees of Vigilance of Brixham CIO** I report to the charity trustees on my examination of the accounts of Vigilance of Brixham CIO (the Trust) for the year ended 30 April 2025. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Ian Barrett FCA FCIE Barretts Chartered Accountants & Chartered Tax Advisers 22 Union Street Newton Abbot Devon TQ12 2JS 31 October 2025 Page 4 VIGILANCE OF BRIXHAM CIO ## STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 30 April 2025 |**2025**
**Unrestricted**
**fund**
Notes
**£**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**685,669**
Other trading activities
3
**1,225**
Investment income
4
**1,017**
**Total**
**687,911**
**EXPENDITURE ON**
**Charitable activities**
5
Charitable activities
**680,600**
**NET INCOME/(EXPENDITURE)**
**7,311**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**44,931**
**TOTAL FUNDS CARRIED FORWARD**
**52,242**|2024
Total
funds
£
553,399| |---|---| ||3,543| ||1,466| ||558,408| ||| ||622,212| ||(63,804)| ||108,735| ||| ||44,931| The notes form part of these financial statements Page 5 VIGILANCE OF BRIXHAM CIO ## BALANCE SHEET ## 30 April 2025 |**2025**
**Unrestricted**
**fund**
Notes
**£**
**FIXED ASSETS**
Heritage assets
8
**1**
**CURRENT ASSETS**
Debtors
9
**38,464**
Cash at bank and in hand
**14,936**
**53,400**
**CREDITORS**
Amounts falling due within one year
10
**(1,159)**
**NET CURRENT ASSETS**
**52,241**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**52,242**
**NET ASSETS**
**52,242**
**FUNDS**
11
Unrestricted funds
**52,242**
**TOTAL FUNDS**
**52,242**|2024
Total
funds
£
1
10,131
90,332| |---|---| ||100,463| ||(55,533)
44,930
44,931| ||44,931| ||44,931
44,931| The financial statements were approved by the Board of Trustees and authorised for issue on 30 October 2025 and were signed on its behalf by: R C Murray - Trustee The notes form part of these financial statements Page 6 VIGILANCE OF BRIXHAM CIO ## CASH FLOW STATEMENT ## for the Year Ended 30 April 2025 |Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash used in operating activities
**Cash flows from investing activities**
Interest received
Net cash provided by investing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|**2025**
**£**
**(76,413)**
**(76,413)**
**1,017**
**1,017**
**(75,396)**
**90,332**
**14,936**|2024| |---|---|---| |||£| |||(19,015)
(19,015)
1,466
1,466
(17,549)
107,881
90,332| The notes form part of these financial statements Page 7 VIGILANCE OF BRIXHAM CIO NOTES TO THE CASH FLOW STATEMENT for the Year Ended 30 April 2025 ## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**OPERATING ACTIVITIES**||| |---|---|---| |**Net income/(expenditure) for the reporting period (as per the**
**Statement of Financial Activities)**
**Adjustments for:**
Interest received
Increase in debtors
(Decrease)/increase in creditors
**Net cash used in operations**|**2025**
**£**
**7,311**
**(1,017)**
**(28,333)**
**(54,374)**
**(76,413)**|2024| |||£
(63,804)
(1,466)
(9,278)
55,533
(19,015)| ## **2. ANALYSIS OF CHANGES IN NET FUNDS** ||At 1.5.24|Cash flow|**At 30.4.25**| |---|---|---|---| ||£|£|**£**| |**Net cash**|||| |Cash at bank and in hand|**90,332**|**(75,396)**|**14,936**| ||**90,332**|**(75,396)**|**14,936**| |**Total**|**90,332**|**(75,396)**|**14,936**| The notes form part of these financial statements Page 8 VIGILANCE OF BRIXHAM CIO NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 30 April 2025 ## **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. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **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 particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **2. DONATIONS AND LEGACIES** |Donations
Gift aid
Grants
Other income
Grants received, included in the above, are as follows:
Other grants|**2025**
**£**
**42,609**
**10,128**
**630,469**
**2,463**
**685,669**
**2025**
**£**
**630,469**|2024| |---|---|---| |||£| |||2,428
237
548,392
2,342
553,399| |||| |||2024| |||£
548,392| continued... Page 9 VIGILANCE OF BRIXHAM CIO NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 April 2025 ## **3. OTHER TRADING ACTIVITIES** |**3.**|**OTHER TRADING ACTIVITIES**||| |---|---|---|---| |||**2025**|2024| |||**£**|£| ||Fundraising events|**787**|2,773| ||Sailing and merchandise income|**438**|770| |||**1,225**|3,543| |**4.**|**INVESTMENT INCOME**||| |||**2025**|2024| |||**£**|£| ||Deposit account interest|**1,017**|1,466| ||||| |**5.**|**CHARITABLE ACTIVITIES COSTS**||| ||||Direct| ||||Costs| ||||£| ||Charitable activities||**680,600**| ## **6. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 April 2025 nor for the year ended 30 April 2024. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 30 April 2025 nor for the year ended 30 April 2024. ## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ||Unrestricted| |---|---| ||fund| ||£| |**INCOME AND ENDOWMENTS FROM**|| |Donations and legacies|553,399| |Other trading activities|3,543| |Investment income|1,466| |**Total**|558,408| |**EXPENDITURE ON**|| |**Charitable activities**|| |Charitable activities|622,212| |**NET INCOME/(EXPENDITURE)**|(63,804)| |**RECONCILIATION OF FUNDS**|| |Total funds brought forward|108,735| |**TOTAL FUNDS CARRIED FORWARD**|44,931| continued... Page 10 VIGILANCE OF BRIXHAM CIO |NOTES TO THE FINANCIAL STATEMENTS-continued
for the Year Ended 30 April 2025
**8.**
**HERITAGE ASSETS**
**MARKET VALUE**
At 1 May 2024 and 30 April 2025
**NET BOOK VALUE**
At 30 April 2025
At 30 April 2024
**9.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
VAT
**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
**11.**
**MOVEMENT IN FUNDS**
At 1.5.24
£
**Unrestricted funds**
General fund
**44,931**
**TOTAL FUNDS**
**44,931**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
**687,911**
**TOTAL FUNDS**
**687,911**|Total
£
**1**
**1**
1
**2025**
2024
**£**
£
**38,464**
10,131
**2025**
2024
**£**
£
**1,159**
55,533
Net
movement
At
in funds
30.4.25
£
£
**7,311**
**52,242**
**7,311**
**52,242**
Resources
Movement
expended
in funds
£
£
**(680,600)**
**7,311**
**(680,600)**
**7,311**||Total
£
**1**
**1**| |---|---|---|---| ||||1| ||||| ||||2024
£| |||10,131|| ||||| ||||| ||||2024
£| |||55,533|| ||||| continued... Page 11 VIGILANCE OF BRIXHAM CIO NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 April 2025 ## **11. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |At 1.5.23
£
**Unrestricted funds**
General fund
108,735
**TOTAL FUNDS**
108,735
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
558,408
**TOTAL FUNDS**
558,408|Net
movement
At
in funds
30.4.24
£
£
(63,804)
44,931
(63,804)
44,931
Resources
Movement
expended
in funds
£
£
(622,212)
(63,804)
(622,212)
(63,804)| |---|---| ## **12. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 30 April 2025. Page 12 VIGILANCE OF BRIXHAM CIO ## DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 30 April 2025 |
**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Gift aid
Grants
Other income
**Other trading activities**
Fundraising events
Sailing and merchandise income
**Investment income**
Deposit account interest
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Fundraising events
Merchandise
Marketing and media
Rent and mooring fees
Running costs
Major repair project
Equipment purchase and rental
Insurance
Travel and subsistence
Printing, postage and stationery
Internet and website
Telephone
Consultancy and professional fees
Bank charges
Subscriptions
Total resources expended
**Net income/(expenditure)**|2025
£
**42,609**
**10,128**
**630,469**
**2,463**
**685,669**
**787**
**438**
**1,225**
**1,017**
**687,911**
**69**
**17**
**605**
**1,363**
**988**
**664,766**
**210**
**7,017**
**420**
**195**
**2,125**
**138**
**1,511**
**(38)**
**1,214**
**680,600**
**680,600**
**7,311**|2024
£
2,428
237
548,392
2,342
553,399
2,773
770
3,543
1,466
558,408
302
3
337
2,394
1,565
603,074
291
6,791
103
460
2,344
138
2,929
42
1,439
622,212
622,212
(63,804)| |---|---|---| This page does not form part of the statutory financial statements Page 13 **REGISTERED CHARITY NUMBER: 1168570** ## REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 ## FOR ## VIGILANCE OF BRIXHAM CIO Barretts Chartered Accountants & Chartered Tax Advisers 22 Union Street Newton Abbot Devon TQ12 2JS VIGILANCE OF BRIXHAM CIO CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 30 April 2025 |||Page|| |---|---|---|---| |Report of the Trustees|1|to|3| |Independent Examiner's Report||4|| |Statement of Financial Activities||5|| |Balance Sheet||6|| |Cash Flow Statement||7|| |Notes to the Cash Flow Statement||8|| |Notes to the Financial Statements|9|to|12| |Detailed Statement of Financial Activities||13|| VIGILANCE OF BRIXHAM CIO for the Year Ended 30 April 2025 ## REPORT OF THE TRUSTEES The trustees present their report with the financial statements of the charity for the year ended 30 April 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** To advance the preservation and conservation of the Brixham based heritage sailing trawler "Vigilance BM76" for the public benefit and, To advance education for the public benefit in the subject of Vigilance BM76, sail trawlers and the social, industrial, and sailing heritage and history associated with this. ## **Significant activities** Work continued with the repair to hull, decks and engine plus associated works at Stirling & Sons, Devonport. On 8th April 2025Vigilance was motored back from Devonport to Brixham ready for the remainder of her repair, to be carried out by the volunteer team. These extensive repairs are required to enable future generations to sail on Vigilance and also for her to be used for educational purposes in the local community. ## **Public benefit** All Trustees have had regard and have also received the guidance notes issued by the Charity Commission on public benefit. ## **Grantmaking** All decisions on possible grants/donations have been taken at a full meeting of the Trustees. ## **Volunteers** All Trustees and Members are willing volunteers and continue to give of their time without any remuneration. It is notable that several Trustees and Officers have given considerable time and effort to our new projects and to the operational aspects of Vigilance since the C.I.O. took ownership of Vigilance. It is also commendable that the contributions of volunteers continued to be significant during the period when Vigilance was away from Brixham for works to be undertaken. ## **ACHIEVEMENTS AND PERFORMANCE** ## **Charitable activities** While the majority of financial movement, in and out, has related to the major works under way, other minor income streams have remained steady including retail income from trading Vigilance and her brand. Donations in this period to “Vigilance BM76” have included receipt of pledges to be used for general purposes ‘safety net’ and have continued to provide the necessary ‘partnership’ funding required by the NHMF. The Fundraising strategy continues to adapt over time to maximise our efforts and respond to changing circumstances. Trustees have continued to be proactive in this period in encouraging, recruiting and training new volunteers with the requisite skills further to achieve our Aims and Objectives. Much effort has been given towards improving our structure / organisation with regard to our future aspirations and for the benefit of all our members and for the people of Brixham and Torbay. The trustees are investigating possible collaborations with other charities and sailing based organisations, for example by beginning regular co-operation meetings with Pilgrim BM45. ## **Fundraising activities** In this period of the CIO sources of income have continued to originate from fund raising activities in the local community, open to all members and the general public. Also specific pledges have been received resulting from successful funding applications, including the large NHMF and NLHF grants. Income related to Torbay Lottery and use of Buy me a Coffee & Just Giving in conjunction with events was also received. Trading income will start to be the main source of funds from May 2026. Page 1 VIGILANCE OF BRIXHAM CIO REPORT OF THE TRUSTEES for the Year Ended 30 April 2025 ## **ACHIEVEMENTS AND PERFORMANCE** ## **Investment performance** The majority of charity funds are required to meet our share of Phase 1 and 2 repairs. Further fundraising is under way to secure the funds needed to complete deck replacement before Vigilance returns to Brixham. ## **Internal and external factors** The charity's main commercial asset will not be fully operational without further major sponsors to support the balance of Phase 1 & Phase 2 repair work, during 2023/24/25. ## **FINANCIAL REVIEW** ## **Financial position** At the end of this period of operation the Charity's financial position is considered to be satisfactory. With the increase in funding for the NHMF-funded works, major expenditure is proceeding to plan, and at the end of the financial year measures were well advanced to secure the finds to complete works to the deck and above. Budget has been amended to deal with increases in labour rates and material costs reported previously, and the revised work plan to deck level was on target. ## **Principal funding sources** In this period of the CIO sources of income have continued to originate from fund raising activities in the local community, open to all members and the general public. Also specific pledges have been received resulting from successful funding applications. Income related to Torbay Lottery and use of Virgin Money Giving & Just Giving in conjunctions with events was also received. Trading income is now one of the charities main streams. The main funding success during the year was extension of the NHMF award. ## **Reserves policy** The Trustees have agreed that a prudent reserve to cover any unforeseen contingencies of at least £10,000 should be maintained in the Bank Accounts of the CIO. ## **Going concern** At the end of the year under report, funds had been secured to enable the revised programme of works to deck level to proceed. Further funding is needed to enable works to the deck and above to be completed, with decisions on applications expected in the first two months of the new financial year. Efforts to raise charitable funds from individuals to support this were also under way. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** Charity Commission Model Constitution for an Association CIO, dated 30th March 2016 as amended on 30th July 2020 and 20th February 2025. ## **Recruitment and appointment of new trustees** The present Trustees have been selected with a view to a wide ranging and professional background, in order to complement and enhance the aims and objectives of the organisation. At present the board if made up of 5 trustees. ## **Induction and training of new trustees** All new Trustees have been provided with a copy of the Constitution, the Institute of Fundraising Handbook, the Essential Trustee guide and policy documents where appropriate. ## **Risk management** The charity will be dependent on funding from trading activities from May 2026 and our plans reflect this. Our ability to build new commercial capabilities and rebuild our team of skippers and crew are fundamental to the delivery of these plans. Page 2 VIGILANCE OF BRIXHAM CIO ## REPORT OF THE TRUSTEES for the Year Ended 30 April 2025 ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1168570 ## **Principal address** Friends of Vigilance CIO C/o Nigel Gooding 13 Deep Dene Close Brixham Devon TQ5 0DZ ## **Trustees** P Milligan Secretary and acting chair to July 2024 Ms H Keeling Ms C Brown Rev C D North R C Murray Chair (appointed 18.8.24) ## **Independent Examiner** Ian Barrett FCA FCIE Barretts Chartered Accountants & Chartered Tax Advisers 22 Union Street Newton Abbot Devon TQ12 2JS Approved by order of the board of trustees on 30 October 2025 and signed on its behalf by: R C Murray - Trustee Page 3 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF VIGILANCE OF BRIXHAM CIO ## **Independent examiner's report to the trustees of Vigilance of Brixham CIO** I report to the charity trustees on my examination of the accounts of Vigilance of Brixham CIO (the Trust) for the year ended 30 April 2025. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Ian Barrett FCA FCIE Barretts Chartered Accountants & Chartered Tax Advisers 22 Union Street Newton Abbot Devon TQ12 2JS 31 October 2025 Page 4 VIGILANCE OF BRIXHAM CIO ## STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 30 April 2025 |**2025**
**Unrestricted**
**fund**
Notes
**£**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**685,669**
Other trading activities
3
**1,225**
Investment income
4
**1,017**
**Total**
**687,911**
**EXPENDITURE ON**
**Charitable activities**
5
Charitable activities
**680,600**
**NET INCOME/(EXPENDITURE)**
**7,311**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**44,931**
**TOTAL FUNDS CARRIED FORWARD**
**52,242**|2024
Total
funds
£
553,399| |---|---| ||3,543| ||1,466| ||558,408| ||| ||622,212| ||(63,804)| ||108,735| ||| ||44,931| The notes form part of these financial statements Page 5 VIGILANCE OF BRIXHAM CIO ## BALANCE SHEET ## 30 April 2025 |**2025**
**Unrestricted**
**fund**
Notes
**£**
**FIXED ASSETS**
Heritage assets
8
**1**
**CURRENT ASSETS**
Debtors
9
**38,464**
Cash at bank and in hand
**14,936**
**53,400**
**CREDITORS**
Amounts falling due within one year
10
**(1,159)**
**NET CURRENT ASSETS**
**52,241**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**52,242**
**NET ASSETS**
**52,242**
**FUNDS**
11
Unrestricted funds
**52,242**
**TOTAL FUNDS**
**52,242**|2024
Total
funds
£
1
10,131
90,332| |---|---| ||100,463| ||(55,533)
44,930
44,931| ||44,931| ||44,931
44,931| The financial statements were approved by the Board of Trustees and authorised for issue on 30 October 2025 and were signed on its behalf by: R C Murray - Trustee The notes form part of these financial statements Page 6 VIGILANCE OF BRIXHAM CIO ## CASH FLOW STATEMENT ## for the Year Ended 30 April 2025 |Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash used in operating activities
**Cash flows from investing activities**
Interest received
Net cash provided by investing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|**2025**
**£**
**(76,413)**
**(76,413)**
**1,017**
**1,017**
**(75,396)**
**90,332**
**14,936**|2024| |---|---|---| |||£| |||(19,015)
(19,015)
1,466
1,466
(17,549)
107,881
90,332| The notes form part of these financial statements Page 7 VIGILANCE OF BRIXHAM CIO NOTES TO THE CASH FLOW STATEMENT for the Year Ended 30 April 2025 ## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**OPERATING ACTIVITIES**||| |---|---|---| |**Net income/(expenditure) for the reporting period (as per the**
**Statement of Financial Activities)**
**Adjustments for:**
Interest received
Increase in debtors
(Decrease)/increase in creditors
**Net cash used in operations**|**2025**
**£**
**7,311**
**(1,017)**
**(28,333)**
**(54,374)**
**(76,413)**|2024| |||£
(63,804)
(1,466)
(9,278)
55,533
(19,015)| ## **2. ANALYSIS OF CHANGES IN NET FUNDS** ||At 1.5.24|Cash flow|**At 30.4.25**| |---|---|---|---| ||£|£|**£**| |**Net cash**|||| |Cash at bank and in hand|**90,332**|**(75,396)**|**14,936**| ||**90,332**|**(75,396)**|**14,936**| |**Total**|**90,332**|**(75,396)**|**14,936**| The notes form part of these financial statements Page 8 VIGILANCE OF BRIXHAM CIO NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 30 April 2025 ## **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. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **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 particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **2. DONATIONS AND LEGACIES** |Donations
Gift aid
Grants
Other income
Grants received, included in the above, are as follows:
Other grants|**2025**
**£**
**42,609**
**10,128**
**630,469**
**2,463**
**685,669**
**2025**
**£**
**630,469**|2024| |---|---|---| |||£| |||2,428
237
548,392
2,342
553,399| |||| |||2024| |||£
548,392| continued... Page 9 VIGILANCE OF BRIXHAM CIO NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 April 2025 ## **3. OTHER TRADING ACTIVITIES** |**3.**|**OTHER TRADING ACTIVITIES**||| |---|---|---|---| |||**2025**|2024| |||**£**|£| ||Fundraising events|**787**|2,773| ||Sailing and merchandise income|**438**|770| |||**1,225**|3,543| |**4.**|**INVESTMENT INCOME**||| |||**2025**|2024| |||**£**|£| ||Deposit account interest|**1,017**|1,466| ||||| |**5.**|**CHARITABLE ACTIVITIES COSTS**||| ||||Direct| ||||Costs| ||||£| ||Charitable activities||**680,600**| ## **6. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 April 2025 nor for the year ended 30 April 2024. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 30 April 2025 nor for the year ended 30 April 2024. ## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ||Unrestricted| |---|---| ||fund| ||£| |**INCOME AND ENDOWMENTS FROM**|| |Donations and legacies|553,399| |Other trading activities|3,543| |Investment income|1,466| |**Total**|558,408| |**EXPENDITURE ON**|| |**Charitable activities**|| |Charitable activities|622,212| |**NET INCOME/(EXPENDITURE)**|(63,804)| |**RECONCILIATION OF FUNDS**|| |Total funds brought forward|108,735| |**TOTAL FUNDS CARRIED FORWARD**|44,931| continued... Page 10 VIGILANCE OF BRIXHAM CIO |NOTES TO THE FINANCIAL STATEMENTS-continued
for the Year Ended 30 April 2025
**8.**
**HERITAGE ASSETS**
**MARKET VALUE**
At 1 May 2024 and 30 April 2025
**NET BOOK VALUE**
At 30 April 2025
At 30 April 2024
**9.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
VAT
**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
**11.**
**MOVEMENT IN FUNDS**
At 1.5.24
£
**Unrestricted funds**
General fund
**44,931**
**TOTAL FUNDS**
**44,931**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
**687,911**
**TOTAL FUNDS**
**687,911**|Total
£
**1**
**1**
1
**2025**
2024
**£**
£
**38,464**
10,131
**2025**
2024
**£**
£
**1,159**
55,533
Net
movement
At
in funds
30.4.25
£
£
**7,311**
**52,242**
**7,311**
**52,242**
Resources
Movement
expended
in funds
£
£
**(680,600)**
**7,311**
**(680,600)**
**7,311**||Total
£
**1**
**1**| |---|---|---|---| ||||1| ||||| ||||2024
£| |||10,131|| ||||| ||||| ||||2024
£| |||55,533|| ||||| continued... Page 11 VIGILANCE OF BRIXHAM CIO NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 April 2025 ## **11. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |At 1.5.23
£
**Unrestricted funds**
General fund
108,735
**TOTAL FUNDS**
108,735
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
558,408
**TOTAL FUNDS**
558,408|Net
movement
At
in funds
30.4.24
£
£
(63,804)
44,931
(63,804)
44,931
Resources
Movement
expended
in funds
£
£
(622,212)
(63,804)
(622,212)
(63,804)| |---|---| ## **12. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 30 April 2025. Page 12 VIGILANCE OF BRIXHAM CIO ## DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 30 April 2025 |
**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Gift aid
Grants
Other income
**Other trading activities**
Fundraising events
Sailing and merchandise income
**Investment income**
Deposit account interest
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Fundraising events
Merchandise
Marketing and media
Rent and mooring fees
Running costs
Major repair project
Equipment purchase and rental
Insurance
Travel and subsistence
Printing, postage and stationery
Internet and website
Telephone
Consultancy and professional fees
Bank charges
Subscriptions
Total resources expended
**Net income/(expenditure)**|2025
£
**42,609**
**10,128**
**630,469**
**2,463**
**685,669**
**787**
**438**
**1,225**
**1,017**
**687,911**
**69**
**17**
**605**
**1,363**
**988**
**664,766**
**210**
**7,017**
**420**
**195**
**2,125**
**138**
**1,511**
**(38)**
**1,214**
**680,600**
**680,600**
**7,311**|2024
£
2,428
237
548,392
2,342
553,399
2,773
770
3,543
1,466
558,408
302
3
337
2,394
1,565
603,074
291
6,791
103
460
2,344
138
2,929
42
1,439
622,212
622,212
(63,804)| |---|---|---| This page does not form part of the statutory financial statements Page 13