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
cc￿pANIEs HOUSE
#57
Page | i

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 charl￿5 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 charit￿5 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
2c￿6 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" De￿mber 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 re81ste￿d 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
s￿78 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