Charity Registration No. 1175124 Company Registration No. 10763532
PILGRIM HERITAGE SAILING FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022
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PILGRIM HERITAGE SAILING FOUNDATION
Legal and Administrative Information
| Trustees | Mrs L M Davison |
|---|---|
| Mr J A Neech | |
| Mr D J Range | |
| Mr T Searle (appointed 22ndJune 2022) | |
| Secretary | Miss S E Cracknell (appointed 9thDecember 2022) |
| Charity No. | 1175124 |
| Company No. | 10763532 |
| Principal Address | Brixham Laboratory |
| Freshwater Quay | |
| Brixham | |
| Devon | |
| TQ5 8BA | |
| Registered Office | Brixham Laboratory |
| Freshwater Quay | |
| Brixham | |
| Devon | |
| TQ5 8BA | |
| Independent Examiner | MJP Accountants LLP |
| Unit 109 | |
| Torbay Business Centre | |
| Lymington Road | |
| Torquay | |
| TQ1 4BD |
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PILGRIM HERITAGE SAILING FOUNDATION
Contents
| Page | |
|---|---|
| Trustees’ Report | 4 |
| Independent Examiner’s Report | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 |
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PILGRIM HERITAGE SAILING FOUNDATION
Trustees’ Report (including Directors’ Report) For the year ended 31[st] December 2022
The Trustees present their report and accounts for the year ended 31[st] December 2022.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s Memorandum and Articles of Association dated 20[th] December 2017, the Companies Act 2006 and "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)" (as amended for accounting periods commencing from 1 January 2016).
Objectives and Activities
The Charity’s objects are:
For the public benefit:
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to advance education through the preservation, operation, maintenance and protection of the sailing trawler Pilgrim of Brixham, registered mark BM45, which is of historic and maritime importance and;
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to safeguard the associated boatbuilding, sailing and fishing heritage, working practices and their social context for the information, education and enjoyment of residents and visitors in the port of Brixham, the public in general and,
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in particular, but not exclusively, by sailing the vessel in a traditional manner to other fishing and seafaring communities whenever possible.
Main activities during the year:
The charity’s activities in the year were back to normal following disruption due to the Covid 19 pandemic in the previous two sailing seasons. Public open days and events were once again possible and these occurred throughout the season including one in Alderney in the Channel Islands.
In February 2022 the charity’s heritage vessel, Pilgrim of Brixham, was lifted out of the water in Cornwall for several weeks of refit work ashore. This included removing, servicing and refitting both masts together with the replacement of a number of planks in the transom. She was re-certificated and returned to sailing activities as scheduled at Easter.
Pilgrim sailed throughout the 2022 season including a first visit to Cherbourg, Ouistreham and Caen in France to provide guests the opportunity to visit the Normandy beaches and museums.
Sailings continued until the normal end of the season in October following which the vessel was moved to Dartmouth for winter security and routine maintenance.
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PILGRIM HERITAGE SAILING FOUNDATION
Trustees’ Report (including Directors’ Report) For the year ended 31[st] December 2022
Activities for the public benefit undertaken during the year:
The Trustees have paid due regard to the guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Volunteer Recruitment – the charity continues to use a pool of more than 50 member volunteers to ensure activities are sustainable. Our volunteers are crucial in providing the administration and operation of the Charity and the crewing and conservation of the vessel. In 2022 they were supported by our employed Professional Skipper, an employed seasonal crew member and a parttime Office Administrator
Preservation and Maintenance - the focus has been to secure sufficient skilled local volunteers to preserve and maintain the vessel in a sea-going state for the public benefit. Pilgrim is the oldest surviving sailing trawler built and rigged in the port of Brixham and the Trustees believe the historical and social context is best illustrated by operating the vessel in the way that was prevalent when she was launched in 1895. In 2022 major refit work was undertaken using a combination of contracted expert shipwrights together with staff and volunteers from the charity.
Public Engagement and Education – public open days and school visits resumed in 2022 and these took place in our home port of Brixham and during other port visits. In addition, two further groups of students from Dartmouth Academy were able to undertake passages to sea as part of our legacy programme for the Dartmouth Mayflower 400 programme.
Sailing in the Traditional Manner – Pilgrim’s home port of Brixham was renowned as ‘the mother of trawling’ during the middle and late Victorian period and sailing trawlers from the port ventured far and wide. An essential part of the charity’s mission is to ensure that members of the public in coastal communities in the south west of England and the northwest of France have the opportunity to witness Pilgrim in full sail and also view her close up in their harbours. During 2022 Pilgrim sailed to Devon, Cornwall, the Isles of Scilly, the Channel Islands and to Normandy. These trips included participation in the Brixham Heritage Regatta, the Falmouth Classics, Alderney Week and the Port of Dartmouth Royal Regatta. Pilgrim was privileged to lead the Parade of Classic Craft at the Dartmouth event.
Corporate Responsibility - As ever, the priority of the Trustees is to conserve, maintain and safeguard the heritage asset for both our local community and the nation. Through our public benefit activities, Pilgrim is shared with visitors from near and far. Our staff, charity members and volunteers are custodians of the vessel and they work tirelessly to ensure she sails safely in the traditional manner sharing her heritage with maritime communities along the way.
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PILGRIM HERITAGE SAILING FOUNDATION
Trustees’ Report (including Directors’ Report) For the year ended 31[st] December 2022
Achievements and Performance
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The financial performance in 2022 indicates a return to a more conventional operating environment after two years of disruption owing to the Covid pandemic. The reported surplus reflects good occupancy levels for sailing activities throughout the 2022 season. This outcome supports the charity’s conservation and other public benefit activities.
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Major refit work was completed which was part funded by the remaining tranche of our 2021 grant from the Culture Recovery Fund. The Charity also benefited from continuing participation in the Government’s Kickstart Scheme which provided a further trainee for the first half of the year.
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The Charity has managed to protect and conserve our heritage asset in line with our obligations to the National Lottery Heritage Fund. The vessel was maintained and fully operational throughout the 2022 sailing season. Credit for that goes to our Trustees, staff, trainees and member volunteers who have worked tirelessly to meet the daily demands of an intensive operating schedule.
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The Charity continued its close collaboration with National Historic Ships throughout the year and Foundation representatives participated in national events. These events provide opportunities to exchange best practice, improve skills and training and to engage with other conservation organisations facing similar challenges.
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An intern programme was piloted during the year. The programme provides for young people to live aboard and benefit from training in sailing and traditional marine crafts while pursuing practical and theory courses to gain qualifications that will support future opportunities and employment. The scheme will be extended in 2023.
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External events have made the previous two years challenging, however, the charity has managed to keep it’s reserves intact. Those reserves provide a modest buffer that enables the Trustees to be pragmatic about the immediate future. In the second half of the year work commenced on a strategic development programme that will hopefully provide a framework for new initiatives in 2024. These include an expansion of our volunteer activities, wider community engagement together with a plan for diversification of operating income.
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Trustees’ Report (including Directors’ Report) For the year ended 31[st] December 2022
PILGRIM HERITAGE SAILING FOUNDATION
Financial review
In the year to 31[st] December 2022 the charity achieved an operating surplus of £17,201.
Structure, Governance and Administration
Pilgrim Heritage Sailing Foundation (the ‘Foundation’) is a private company limited by guarantee with no share capital incorporated in England and Wales (No. 10763532 ) in May 2017. It is registered as a charity (No. 1175124) with the Charity Commission for England and Wales. It is governed in accordance with the Memorandum and Articles of Association. Under the provisions of Section 60 of the Companies Act 2006, the company is entitled to omit limited from its name.
As set out in the Articles of Association, Trustees are appointed by the members of the charity in general meeting or by the other Trustees. Where the Trustees make an appointment, any newly appointed Trustee must resign and be re-elected by the members at the next general meeting. In addition, one third of the Trustees must retire by rotation at the annual general meeting, those being the longest serving. Trustee vacancies are advertised both to members and the general public and applicants are required to be 16 years of age and over, not disqualified from holding office under Article 39 of the charity’s Articles of Association and must be members of the charity at the time of their appointment and during their period of office. Applicant Trustees receive preappointment briefings, guidance and interviews and on appointment undergo an induction process.
The Board of Trustees meet at least six times a year and additional management meetings take place as required. The Trustees are not remunerated nor are any personal expenses paid. The Foundation employs a professional skipper of the heritage sailing vessel Pilgrim of Brixham which is owned and operated by the charity. All of the management and administration of the charity is undertaken by Trustees and member volunteers supported by a part-time Office Administrator.
Challenges for the Future
The Trustees recognise the priorities for the future are as follows:
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To maintain our operational capability and solvency.
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To broaden and diversify the volunteer base.
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To increase community engagement and inclusion
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To recruit and train volunteer sailing crew to meet operating and compliance requirements.
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To ensure all necessary steps are taken to preserve and protect the vessel in the long term to continue traditional sailing which will ensure continued public benefit for generations to come.
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PILGRIM HERITAGE SAILING FOUNDATION
Independent Examiners Report To the Trustees of the Pilgrim Heritage Sailing Foundation
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31[st] December 2022.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company 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 your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination, I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
Signed:
Date: 2 August 2023
John Dwyer B.Com FCA.
Fellow of the Institute of Chartered Accounts in England and Wales MJP Accountants LLP.
Unit 109, Torbay Business Centre, Lymington Road, Torquay, Devon, TQ1 4BD
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PILGRIM HERITAGE SAILING FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT For the year ended 31[st] December 2022
| Notes Income and endowments from: 2 Donations and Legacies Charitable Activities Other trading activities Investments Other income Total Income Expenditure on: 3 Raising funds Charitable activities Cost of goods sold Other expenditure Total resources expended Net income/(expenditure) for the year Net movement in funds Total funds brought forward Total funds carried forward |
Unrestricted Funds £ Restricted Funds £ TOTAL 2022 £ TOTAL 2021 £ 7,919 - 7,919 64,326 116,513 - 116,513 79,507 1,122 - 1,122 996 552 - 552 140 859 - 859 1,805 |
|---|---|
| 126,965 - 126,965 146,774 |
|
| - - - - 108,944 820 - 108,944 820 130,542 789 - - - - |
|
| 109,764 - 109,764 131,330 |
|
| 17,201 - 17,201 15,444 |
|
| 17,201 - 17,201 15,444 |
|
| 186,996 186,996 171,552 |
|
| 204,197 - 204,197 186,996 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The Statement of Financial Activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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PILGRIM HERITAGE SAILING FOUNDATION
BALANCE SHEET As at 31[st] December 2022
| Notes Fixed Assets Heritage assets 4 Total Fixed Assets Current Assets Stocks Debtors and Prepayments 7 Cash at bank and in hand Creditors: amounts falling due within one year 8 Net Current Assets (liabilities) Total Assets less Current Liabilities Creditors: amounts falling due after more than one year Net Assets Capital and Reserves General Reserves Designated Reserves Share Capital 10 |
2022 £ 720 30,507 96,234 |
2022 £ 115,973 |
2021 £ 712 29,202 110,447 |
2021 £ 115,973 |
|---|---|---|---|---|
| 115,973 88,224 |
115,973 71,023 |
|||
| 127,461 (39,237) |
140,361 (69,338) |
|||
| 204,197 - |
186,996 - |
|||
| 204,197 | 186,996 | |||
| 173,197 31,000 - |
155,996 31,000 - |
|||
| 204,197 | 186,996 |
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PILGRIM HERITAGE SAILING FOUNDATION BALANCE SHEET A5 at 31" December 2022 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2022. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these account5. The Trustees, acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the State of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirement5 of the Companies Act 21J)6 relating to accounts, so far as applicable to the company. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The accounts were approved by the Trustees on Thursday 14, September 2023 R Crumpton Honorary Treasurer Company Registration No. 10763532 Page | 11
PILGRIM HERITAGE SAILING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31[st] December 2022
Pilgrim Heritage Sailing Foundation (the ‘Foundation’) was registered as a company and as charity in 2017
1.1 Accounting convention
These accounts have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), "Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS102, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is necessary to show a true and fair view. The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The accounts are prepared in sterling, which is the functional currency of the charity. The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the accounts the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are normally set out in the notes to the accounts.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Income from donations and grants, is included in incoming resources when these are receivable. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 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 business, net of discounts, VAT and other sales related taxes. Interest receivable is included in investment income when it is receivable by the charitable company.
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PILGRIM HERITAGE SAILING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31[st] December 2022
1.5 Resources expended
Resources expended are recognised in the Statement of Financial Activities on an accruals basis as the liability is incurred.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in net income/(expenditure) for the year.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of any tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Stocks
Stocks are valued at the lower of cost and net realisable value. Where stocks are donated and the net realisable value cannot be readily ascertained they are not valued.
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts, if any, are shown within borrowings in current liabilities.
1.10 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. These are initially recognised at transaction value and subsequently measured at their settlement value.
1.11 Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.
1.12 Heritage assets
Heritage assets consist of the 127 year old historic wooden sailing trawler Pilgrim of Brixham included in fixed assets and stated at deemed cost based on the carrying cost in the previous owners.
Access to the vessel is unrestricted for those electing to volunteer or sail on the vessel. Access for others is facilitated through public and private open days, which number at least ten each year, and through an education programme.
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PILGRIM HERITAGE SAILING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31[st] December 2022
2. Income
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The income for 2022 was entirely unrestricted funds.
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There were no gains on disposals of fixed assets or from programme related investments.
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There were no royalties from the exploitation of intellectual property rights.
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There was no income in foreign currencies that was material.
| 2022 | 2021 | |
|---|---|---|
| Donations & Legacies | £ | £ |
| Donations, gifts and membership subscriptions | 7,035 | 3,911 |
| Gift Aid | 884 | 715 |
| Legacies | - | - |
| General grants provided by government/other charities | - | 59,700 |
| Donated goods, facilities and services | - | - |
| Other | - | - |
| Total | 7,919 | 64,326 |
| Charitable Activities | ||
| Sailing income | 116,513 | 79,507 |
| Other | 859 | |
| 1,805 | ||
| Total | 117,372 | 81,311 |
| Other Trading Activity | ||
| Merchandise | 1,122 | 996 |
| Other | - | - |
| Total | 1,122 | 996 |
| Investments | ||
| Interest income | 552 | 140 |
| Dividend income | - | - |
| Rental and leasing income | - | - |
| Other | - | - |
| Total | 552 | 140 |
| TOTAL INCOME | 126,965 | 146,774 |
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PILGRIM HERITAGE SAILING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31[st] December 2022
3. Expenditure
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The expenditure for the year was entirely from unrestricted funds
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There was no expenditure in foreign currencies that was material
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There was no expenditure on fundraising. All expenditure was related to the delivery of charitable activities
| 2022 | 2021 | ||
|---|---|---|---|
| Charitable Activities | Notes | £ | £ |
| Sailing vessel operating and maintenance | 39,399 | 77,852 | |
| Staff | 6 | 52,161 | 39,966 |
| Cost of goods sold | 820 | 789 | |
| Office | 7,576 | 4,392 | |
| Professional | 9,808 | 8,331 | |
| TOTAL EXPENDITURE | 109,764 | 131,330 |
4. Fixed Assets
4.1 Tangible and Intangible Assets
Other than the Heritage Assets, the charity did not have any Tangible or Intangible Assets during the year with a value in excess of the £1,000 capitalisation threshold which the Trustees have adopted and which were to be utilised beyond the current year.
4.2 Heritage Assets
At 31[st] December 2022 £115,973
The heritage assets are the 1895 historic wooden sailing trawler Pilgrim of Brixham and her associated fixtures and fittings. Pilgrim is a registered member of the UK National Historic Fleet and is judged to be of pre-eminent regional and national significance in the type of vessel, the sailing trawler, which changed the nature of deep-sea fishing in the nineteenth century. Pilgrim was fully restored between 2009 and 2013 with the support of grants from the National Heritage Memorial Fund. The fund has a charge over the vessel until 2038.
The Trustees are of the view that no impairment charge is required given:
- a. the completion of a full restoration to the satisfaction of the National Heritage Memorial Fund in 2013;
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PILGRIM HERITAGE SAILING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31[st] December 2022
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b. the subsequent extensive preservation and maintenance undertaken by the Pilgrim Preservation Project Ltd between 2013 and 2017;
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c. the continuing preservation and maintenance work undertaken by the charity between 2018 and 2021;
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d. the successfully interim inspection undertaken in April 2022 by surveyors for the continuation of the vessel’s UK Maritime and Coastguard Agency Small Commercial Sailing Vessel category 2 coding.
5. Employees
The number of paid employees during the year ended 31[st] December 2022 whose total employee benefits (excluding employer pension costs fell between £10,000 and £60,000 was as follows:
£10,000 to £20,000 1 £20,000 to £30,000 0 £30,000 to £40,000 1 £40,000 to £50,000 0 £50,000 to £60,000 0
No paid employees received total employee benefits in excess of £60,000. The average number of paid employees during the year was 2. Prior year comparative of 2.
6. Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year. There is no prior year comparative.
7. Debtors and Prepayments
| Debtors and Prepayments | |
|---|---|
| Trade debtors Prepayments and accrued income Other debtors TOTAL |
2022 2021 £ £ 24,733 23,368 4,890 5,118 884 715 |
| 30,507 29,202 |
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PILGRIM HERITAGE SAILING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31[st] December 2022
8. Creditors and accruals
| Creditors and accruals | |
|---|---|
| Trade creditors Accruals and deferred income Taxation and social security TOTAL |
2022 2021 £ £ 1,013 867 39,907 69,512 (1,683) (1,042) |
| 39,237 69,338 |
Deferred income represents amounts paid in one period where the service to be provided is in a subsequent period and where there is an obligation to refund amounts paid if the service is not delivered. This applies to amounts received for sailing in a period prior to the sailing taking place.
9. Related Party Transactions
There have been no related party transactions in the year.
10. Share Capital
The Company was incorporated as a company limited by guarantee and does not have a share capital.
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