Charity Registration No. 1175124 Company Registration Mo. 10763532 PILGRIM HERITAGE SAIUNG FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 •ADC3ARUQ' 211tfjR024 ccpANIEs HOUSE
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PILGRIM HERITAGE SAILING FOUNDATION Legal and Administrative Information Trustees Mr R C Crumpton lappointed 14th September 20231 Mrs L M Davi50n Mr l A Neech MrDj Range Mr T Searle Secretary Miss S E Crackrtell (resigned 14th September 20231 Charity No. 1175124 Company No. 10763532 Prlncipal Addres5 Brbxham Laboratory Freshwater Quay Brixhafn Oevon TQ5 88A Reglstered Office Brixham Laboratory Freshwater Quay Brixham Devon TQ5 8BA Independent Examlner MJP AccounLints LLP Unit 109 rorbay Business Centre Lymington Road Torquav TQI 480 Page | 2
PILGRIM HERITAGE SAILING FOUNDATION Contents Page Trustees, Report Independent Examiner's Report Statement of Financial Activities Balance Sheet io Notes to the Flnancial Statements li Page | 3
PILGRIM HERITAGE SAILING FOUNDATION Trustees. Report15ncluding Dlrertors. Report) For the year ended al" December 2023 The Trustees present their report and accounts for the year ended 31 December 2023. The accounts have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the charl5 Memorandum and Articles of Association dated 20 December 2017, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accourbts in actordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFAS 1021" las amended for accounting periods commencing from l January 20161. Objertlves and Adi¥ities The Charit 's ob'erts are.. for the public benefit.. to advance education through the preservation. operation. maintenance and protection of the sailing trawler Pilgrim of Brixham, registered mark BM45. whieh is of historic and maritime importance and- 2. to safeguard the 3550ciated boatbtJildin& sailing and fishing heritage, working practices anil their social conte¥t for the information, e(lucation and enjoyment of residents and visitors in the port of Brixham. the public in general and. in particular. but not exclusively, by sailing the vessel in a traditional manner to other fishing and Seafaring communities whenever possible. Main activities durin the ear= During 2023 the charity undertook a full range of activities including heritage conservation and maintenance work,. public enga8ernent through open day5 and school visits; trainin8 and development of young people- and sailin8 in the traditional manner both locally in South Devon and further afield. In February 2023 we recruited two volunteer Youth Trainees who lived and worked aboard our heritage sailing trawler Pilgrim of Brixham for the season as part of our continuing youth engaBernent programme. In the 2023 season, Pilgrim sailed extensively along the Devon and Cornwall coast5 and made passages to the Isle of Scilly, the Channel Islands and Brittany Sailing continued until the end of Ortober when the crew training and winter maintenance programmes got underway. During the initial maintenance work some significant deterioration of the timbers in the stern of Pilgrim were identified and another period of extensive Tefit work was scoped and initiated. Page14
PILGRIM HERITAGE SAILING FOUNDATION Twstees, Report linduding Dirertors. Report) For the year ended 31" December 2023 Aclivities for the ublic benefit undertsken durin the ear: The Trustee5 have paid due Tegard to the guidance issued by the Charity Commission in deciding what activities the charity should undertake. Volunteer Recruitment- the charity relies on a pool of some 80 volunteer members and strives to ensure it5 artivities are 5U5tainable. Necessary cost saving measures put in place in the year meant that the role of volunteers was and continues to be crucial to maintain our operations. Our volunteers and youth trarnees were supported by our employed professional Skipper and an employed seasonal crew member. Conservation and Maintenance - the charitys aim is to secure sufficient skilled local volunteers to preserve and maintain the vessel in a sea-8oinE state for the public benefit. Pilgrim is the oldest SUTvivin8 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 launthed in 1895. At the end of the year major refit work was commenced which required the use of contracted expert shipwrights assisted by staff and volunteers from the charity. Public Engagement and Education- public open days and school visits continue to be an essential element on our community engagement and these took place in our home port of Brixham and we also held open days in Plymouth as a guest vessel at the Plymouth Pirate Festival. Our liaison with Dartmouth Academy also continues as part of the Dartmouth Mayfiower 400 legacy. programrne. Salling in the Traditional Manner- Pilgrim's home port of Brixham was renowned as 'the mother of trawlinB' durin8 the middle and late Victorian period and sailing trawlers from the port ventured far and wide. An essential part of the charit¢s mission is to ensvre that members of the public in coastal communities have the opportunity to witness Pilgrim in full sail and also view her close up in their harbours. During 2023 Pilgrim sailed to Devon. Cornwall. the Isles of Scilly, the Channel Islands and to Brittany. These trips included participation in the Brixham Heritage Regatta, the Falmouth Classics, The Festival du Chant Marin in France and the Port of Dartmouth Royal Regatta. Corpofale Resp¢nsibil•ty- As ever. the priority of the Trustees is to conserve, maintain and safeguard the heritage asset for both our loeal community and the nation. Through our publit benefit actiwties, 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 rnanner sharing her heritage with maritime communities along the way. Page15
PILGRIM HERITAGE SAILING FOUNDATION Trusteerf Report (including Oirertorf Report) For the year ended 31" December 2023 Achi nd Performan l. The financial performance in 2023 highlights the challenges of conserving and operating heritage vessel for the public benefit. Having just recovered from the difficultie5 of the Covid pandemic the charity faced a difficult year with sailing income somewhat lower than anticipated combined with significant repair and refit costs. That refit work will extend into 2024 and financing it will continue to be a challenge. 2. The Charity continues to protect and conserve our heritage asset in line with our obligations to the National Lottery Memorial Fund. The vessel was maintained and fully operational throughout the 2023 sailing season. Credit for that goe5 to our Trustees, staff, trainee5 and member volunteers who have worked tirelessly to meet the daily dem3nd5 of an intensive operating schedule. The repeated posittve reviews from sailing guests act to confirm we are delivering exceptional heritage sailing. Based on enquiry, the Trustees believe that lower than expected sailing income in 2023 was more of a reifettion of widely reported national trend5 impactinB the tourism and hospitality sertor in the UK as opposed to anything specific to the charity. 3. Our close collaboration with National Historic Ships continued 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. Our volunteers were proud to receive ihe Marsh Volunteer Award for Historic Ve55el Conservation 2023 at the National Historic Ships Shipshape Awar(ls event. Towards the end of the year our charity was appointed as an Associate Partner of the UNESCO English Riviera Global Geopark to promote the unique environment which includes our home port of Brixham. 4. The intern programme was repeated in 2023 following the pilot artivity in 2022. The programme provides for young people to live aboard and benefit from trainin8 in sailing and traditional marine craft5 while pursuing practical and theory courses to gain qualifications that will support future opportunities and employment. 5. At the end of 2023 the ch3ritVs modest reserves were still intact however continued necessary refit work is causing considerable financial strain. That 15 expected to be the case through 2024 and beyond. The recurring annual refit costs risk impacting our operational capability unless new source5 of sustainable income can be identified and realised. Efforts to expand our community engagernent and education programmes are being thwarted by the need to concentrate our limited resources on the immediate conservation and operational challenges facing the charity- Page16
PILGRIM HERITAGE SAILING FOUNDATION Trustee5' Report {tncluding Oirertors. Report) For the year ended 31" December 2023 Financial vIeW In the year to 31" December 2023 the charity achieved an operating deficit of £40,292. Structure Governance and Administration Pilgrim Heritage Sailing Foundation Ithe'Foundation'l is a private company limited by gyarantee with no share capital incorporated in En8land and Wale5 INO. 107635321 in May 2017. It 15 registered as a charity (No. 11751241 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 2C(6. the ¢ompany is entitled to omit limited from its name. As set out in the Articles of A550ciation. 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 nd applicants are required to be 16 years of age and over, not disqualified from holding office under Article 39 of the charbws 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 pre- appointment 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 now undertaken by Trustees and member volunteers. Challe es for the Future The Trustees recogni5e the priorities for the future are as follows.. l. To conserve and protect the vessel for the public benefit of generations to come. 2. To maintain our operational capability and solvency. To broaden and diversify the volunteer base. 4. To increase community engagement and inclusron 5. To recruit and train volunteer sailing crew to meet operating and compliance requirements. Page17
PILGRIM HERITAGE SAIUNG FOUNDATION Independent Examiners Report To the Trustees of the Pilgrtm'Heriia8e Sailing Foundation I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023. ResponsibllFties and basis of report As the charity's trustees of the Company land also its directors for the purpose5 of company lawl you are responsible for the preparation of the aeeounts in accordance with the requirements of the Companies Act 20061.the 2(X)6 Act'l. Having satisfied myself that the account5 of the Company are not required to be audited under Part 16 of the 2006 Att and are eligible for independent examination, I report in respect of my examination of your charit5 accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Act'l. In carrying out my examination. I have followed the Directions given by the Charity Commission under Section 145151 Ibl of the 2011 Act. Independent examinerfs 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.. l. accounting records were not kept in respett of the Company as required by section 386 of the 2c6 Act.. or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2C(J6 Art 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 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reportinÉ by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concern5 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 è proper understanding of the occounts to be reached. Signed.. Date= 23rdjU 2024 John Owyer B.Com FCA. Fellow of the Institute of Chartered Accounts in England and Wales MJP Accountsnts LLP. Unit 109, Torbay Business Centre. Lymington Road. Torquay. Devon, TQI 4BD Page18
PILGRIM HERITAGE SAILING FOUNDATION STATEMENT OF FINANCIAL AcfMTIES INCLUDING INCOME ANO EXPENDMJRE ACCOUNT For the year ended 31" Qe¢ember 2023 Notes Unrestricted Restricted Fund5 Funds TOTAL 2023 TOTAL 2022 Incom and endowm nts from.. Donations and Legacies Charitable Activities Other trading activities Investments Other income 7,387 106,421 1.572 1,523 1.213 7,387 7.919 106.421 116.513 1,572 1,122 1,523 552 1,213 859 Total Income 118,116 118.116 126.965 Ex enditure on- Raising funds Charitable artivities Cost of goods sold Other expenditure 157,504 157,504 108.944 820 Total resources expended 158,408 158,408 109.764 Net incomel{expenditurel lor the year 140.2921 140.2921 17.201 Net movement in lunds 140.2921 140.2921 17.201 Total funds brought fon¥ard Total funds carried forward 204.197 163,905 204.197 186,996 163,905 204.197 The Statement of Financial Artivities includes all gains and1055es recognised in the year. All income and expenditure derive from continuing activities. The Statement of Financial Attiwties also complies with the requirements for an income and expenditure account under the Companies Act 20(. Page 19
PILGRIM HERITAGE SAILING FOUNDATION BALANCE SHEEr As at 31" December 2023 Notes 2023 2023 2022 2022 Fixed Assets Heritage a5set5 115,973 115,973 Total Fixed Assets 115,973 115,973 Current Assets Stocks Debtors and Prepayments Cash at bank and in hand 728 45,969 97,113 720 30,507 96,234 143,810 127.461 Creditors.. amounts fallin within one ear due 19S,8781 {39,2371 Net Current A55ets Iliabilitbesl 47,932 88,224 Total Assets les rrent 163,905 204,197 Creditors= amounts falling due after more than one year Net Assets 163.905 204,197 Capital and Reserve5 General ReseThes Designated Reserves Share Capital 132.905 31.CN)O 173,197 31,COO io 163.905 204.197 Page | 10
PILGRIM HERITAGE SAILING FOUNDATION BALANCE SHEET As at 31 December 2023 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2CQ6. for the year ended 31 December 2023. No member of the company ha5 deposited a notice, pursuant to section 476. requiring an audit of these accounts. 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 accordante with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2C relating to accounts. $0 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 ac unts were approved by the Trustee5 on 19th September 2024 R Crumpton Honorary Treasurer Company Reg•stration No. 10763532 Page | 11
PIIGRIM HERITAGE SAILING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the yeaw ended 31" December 2023 Pilgrim Heritage Sailing Foundation Ithe'Foundation'l 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" I'FRS 102,1. 'Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS102, the Companies Act 2006 and UK Generally Accepted Prattice as it applies from l January 2015. The disclosure requirements of section IA 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 I not to prepare a Statement of Cash Flows. The accounts are prepared in sterling, which is the functional currenry 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 fLrture. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the accounts. 1.3 Charitable fund5 Unrestricted funds are available for use at the discretion of the Trustee5 in furtherance of their charitable objectives unle55 the funds have been designated for other purposes. Restricied funds are subject to Specific conditions by donors as to how they may be used. The purposes and use5 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 condition5 have been met, the amounts can be measured reliably, and it 15 probable that income will be received. Income from donations and grants, is included in incoming resources when these are reteivable. 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 15 not known, the legary 15 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 receivalAe by the charitable company. Page | 12
PILGRIM HERrrAGE SAILING FOUNDATION NOTES TO THE FINANCIAL STAIEMENTS For the year ended 31" December 2023 1.5 Resources expended Resources expended are recognised in the Statement of Financial Activities on an accrua15 basi5 a5 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 impairment105ses. Depreciation is recognised so as to write off the cost or valuation of assets les5 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 incomellexpenditurel for the vear. 1.7 Impairment of fixed assets At each reporling 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 lif any). 1.8 Stock5 Stocks are valued at the lower of c05t and net realisable value. Where stock5 are donated and the net realisable value cannot be readily ascert3ined they are not valued. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with bank5 and bank overdrafts. Bank overdrafts. if any. are shown within borrowin85 in current liabilities. 1.10 Financial instruments The charity only has financial assets and financial liabrlities 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 temi of the relevant lease. 1.12 Heritage assets Heritage a55ets 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 owner5. Access to the ve55el is unrestrrcted for those electing to volunteer or sail on the vessel. Access for others is facilitate(J through public and private open day5. which number at least ten each year, and through an education programme. Page | 13
PILGRIM HERITAGE SAILING FOUNOATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31" Decembef 2023 2. Income The income for 2023 was entirely unrestricted funds. There were no gain5 on disp05als of fixed assets or from programme related investments. There were no royalties from the exploitation of intellectual property rights. There was no income in foreign currenues that was material. 2023 2022 Donations & Legacies Donations. gifts and membership subscription5 Gift Aid Legacies General grants provided by government/other charities Donated goods. facilities and 5eryices Other 5.742 1.145 7.035 884 500 Totsl 7.387 7.919 Charitable ActNilies Sailing income Other 106.421 1.213 116.513 859 Total 107.634 117.372 Other Trading Acti¥ity Merchandise Other 1.572 1.122 Total 1.572 1,122 Investments Interest income Dividend income Rental and leasing income Other 1,523 552 Total 1.523 552 TOTAL INCOME 118.116 126.965 Page | 14
PILGRIM HERITAGE SAILING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31" Dember 2023 3. Expenditure The expenditure for the year was entirely from unrestricted funds There was no expenditure in foreign currenaes that was material There was no expenditure on fundraising. All expenditure was related to the delivery of charitable activities 2023 2022 Charitsble Activities Sailing vessel operating and maintenance Staff C05t of goods sold Office Professional Notes 74,393 64.371 39,399 52.161 820 8,705 7,576 10.035 9.808 158,408 109,764 TOTAL EXPENDITURE Flxed 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 valve in excess of the £l,C(Q tapitalisation threshold whith the Trustees have adopted and which were to be utilised beyond the current year. 4.2 Heritage Assets At 31, December 2023 EIIS 973 The heritage assets are the 1895 historic wooden Saili trawler Pilgrim of Brixham and her associated fixtures and fittings. Pilgrim is a re81sted 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 deepsea fishing in the nineteenth century. Pilgrim wa5 fully restored between 2LN)9 and 2013 with the support of grants from the National Heritage Memorial Fund. The fund has a charge over the ve55el until 2038. The Trustees are of the view that no impairment charge is required grven: the completion of a full restoration to the satisfaction of the National Heritage Memorial Fund in 2013: Page | IS
PILGRIM HERITAGE SAILING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31" December 2023 b. the subsequent ertensive preservation ènd maintenance undertaken by the Pilgrim Preservation Project Ltd between 2013 and 2017- c. the continuing preseThation and maintenance work undertaken by the charity between 2018 and 2023. d. the successfully interim inspedion undertaken in April 2023 by surveyors for the eontinuation of the vessel's UK Maritime and Coastguard Agency Small Commercial Sailing Vessel category 2 coding. 5. Employee5 The number of paid employee5 during the year ended 31° December 2023 whose total employee benefits (excluding employer pension costs) fell between £IO.C((J and E60.000 was as follows.. £IO,OLYJ to £20,0 £20.00) to £30.000 £30,0 to £40.OC(I £40,0 to £50,000 £50.000 to £60,000 No paid employees recwved total employee benefits in excess of £60.OCQ. The average number of paid employees during the year wa5 2. Prior year compaiative of 2. 6. Trustees None of the Trustees lof any persons connectetl with them) received any remuneration or benefits from the Charity during the year. There is no prior year comparative. 7. Debtors and Prepayfflents 2023 2022 Trade debtors Prepayments and accrued income Other debtor5 TOTAL 38.946 24.733 s78 4,890 1.145 45.969 30,507 Page | 16
PILGRIM HERITAGE SAILING FOUNDATION NOTES TO THE FINANaAL STATEMENTS For the year ended 31" December 2023 8. Creditors and accruals 2023 2022 Trade creditors Accruals and deferred income Taxation and social security TOTAL 87 1.013 96,563 39,907 17721 11.6831 95.878 39.237 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 refuntl amounts paid if the service is not delivered. This applies to amounts recelved for sailing in a period prior to the sailing taking place. 9. Related Party Transartions There have been no related party transartion5 in the year. 10. Share Capitsl The Compony was incorporated as a company limited by guarantee and does not have a share capitsl. Page | 17