REGISTERED COMPANY NUMBER: 04789584 (England and Wales) REGISTERED CHARITY NUMBER: 1187235 Boat Building Academy LymeRegtg Report of the Trustees and Audited Financlal Statements for the year ended 31 August 2025 Boat Bulldlng Academy Llmited Buildlng Academy Limlt8d (Registered number: 04789584) Report and Accounts for the year ended 31 August 2025 Contsnts Page Report of the Trusteos 1to17 Statement of Trustso$' Responslbllttles 18 Auditors. Report 19to21 statsment of Flnan¢lal Actlvltlos 22 Balance Sh8ot 23 Cash Flow Statemont 24 Noto9 to the Cash Flow Statsmenl 25 Notes to the Flnanclal Statements 26to41 Boat Building Academy Limlted (Registered number: 04789584) Report and Accounts for the year ended 31 August 2025 Boat Building Academy Limlted (Registered number: 04789584) Report and Accounts for the year ended 31 August 2025 Report of the Trustees For the year ended 31 August 2025 INTRODUCTION The trustees who are also directors of the Charity for the purposes of the Companies Act 2006, present their report wth the audited financial statements of the Charity for the year ended 31 August 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statemenl 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 1021 (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objactlves and aims Vlsion To transform lives by developing world class skills and excellence in boat building and fumiture making. Mlsslon Our mission is to teach people to build boals and to design and make fumiture of the highest quality. using both tradltional and modèm methods. We celebrate and protect craft heritage, and champion sustainable materials and practices. We provide inclusive opportunities and foster a walcoming, collaborative leaming culture. Through excellence in teaching and practice, we challenge our studénts to realise th8ir full potential. The BBA'S objects ('Oblects') ara specifically restricted to the following, for the public benefit: a). to advance the education of the public in the art. craft and science of boat building, fine woodworklng and related skills., and b). to 8ducate people through the provision of sailing or salling-related actlvilies and other training to develop their physical, mental and social capabilities. Signlficant actlvltlès The BBA'S five-year strategy focuses on building resilience, relevance and reach across seven pillars: People and Govemance; Educational Excellence; Growth and Accesslbllity., Financial Resilience., Brand and Reputation,. Community and Alumni; an(1 Culture. Key prioritios include acquiring and redeveloping the current building, continued assessment of staff satisfaction and development and ombedding governance more formally. Commercially, the BBA will strengthen core offerings, explore further corporate contracts, and develop a more robust and Boat Building Academy Limited {Reglstered number: 04789584) Report and Accounts for the year ended 31 August 2025 Report of the Trustees For the year ended 31 August 2025 OBJECTIVES AND ACTIVITIES {Continuod) Slgnlflcanl actlvitios (Continuod) sustainable marketing capablllty. Financially, d8veloping a general fund capable of match-funding grants is seen as essential to long-tem survival. The BBA also aims to raise its national profile - building on relatlonships wlth industry bodies- while protecting the inclusive, welcoming culture that makes it distinctive. The UK government's Youth Mobility Scheme is being utilised to attract overseas students. The principal acllvity of the BBA is to train students on intensive, practical courses over either a 40- week boal building course or a 12-w&ek furniture making ¢ourse to a level where they have the potential to gain immediate employment in the marine or furniture making industri68. Both the 12 and 40-week courses benefit from a team of committed and experienced tutors and a wide- ranging student demographic. This includes school leavers, career changersldevelopers, those at a crossroads and seeking new direction and those in retirement. Most students are seeking employm8nt in their chosen industry and the malority, notably those who have benefitted from bursaries, are successful. Employers regularly approach the BBA directly to seek skilled workers. Some former students have also returned to teach at the BBA after working in the industy. including the Principal. In addition to these courses, the BBA offers a wide range of short courses (belween one and 10 days). These Include skills-based development, product-making wilh a particular focus on boatbuilding, furniture making and general woodworking. Dunng the previous year the BBA extended its short course programme and fvrther courses are planned for next year. As a fee-paylng college. the BBA offers bursaries to support less advantaged men and women who would benefit from and demonstrate a commitment to the training 8nd a fulure in the industry. The second object 'to educate people through the provislon of sailing or sailing rdated actlvitles and other training lo develop their physical, mental and social capabilities, Is developing. The BBA does not Currently undertake sail training activities itself but offers two rewarding opportunitles for students on the full-time 40-week course: 1. Weekend sailing experiences with the Lyme Regis Sea School.. 2025 was the second year that it provided heaviSy subsidis8d opportunities for our students and this is set to continue. 2. Power boat level 2 training with local marine engineers, Rob Perry Marine, who also teach thè marine systems course to our boat building students. In order to ensure all can benefit from these experlences, the BBA is planning to deslgnate some funds, when funds ara available, to support those who are othe￿iSe unable to afford to participate. In April 2025, one of the longest standing BBA tutors, Matthew Law, died from complications following serious heart surgery. Malthew's depth of wisdom. compassion, good humour and leadership were extraordinary, and the BBA team are all incredibly proud lo have known and worked wilh him over many years. He laught nearly 300 students on the boat building course and countless more on short courses. Boat Building Academy Llmlted {Reglstered number: 04789584) Report and Accounts for the year onded 31 August 2025 Report of the Trustees For the year ended 31 August 2025 OBJECTIVES AND ACTIVITIES (Contlnuod} Slgnificant activltios (Contlnued) He had a profound impact on people's lives even over a few short days. After Matthew's death many people stepped in to supporl the students and staff until Emily Stokes became his full-time replacement in January 2026. Maln actlvitles undertaken for the public bènefit The BBA employs a freelance fundraiserladviser to lèad on incre8slng our bursary fund as wèll as secure funds for capitsl projects. The BBA is an important business nationally and an essential and valued mèmber of th8 local communily. In recognition of this, Lyme Regis Town Council has made a generous donatlon over five years to support further Lyme-fo¢ussed initiatives at the BBA. The BBA makes every effort to deepen Its relationship with th8 local community, grant-makers. foundations and other national partles. In addition to the aforementioned sailing-related a¢tivitles, we develop relationshlps through: Many different forums including the Worshlpful Company of Shipwrights (WCS), the Wooden Boat Builders Trade Associalion IWBTAI, Women In Boat Building {WIBBI, British Marine (BM), Woodland Heritag8 (WH) and the Nation81 Transport Trust INTT). The Furniture Makers Company. supporting their charitsble objectives Ihrough donations of vouchers for training. Opan days for the general public, potentlal students and all Friends of the BBA. Such open days include the following key events: Twice a year boat building students launch their boats. These launch events often draw a crowd of several hundred people from the locality as well 8S the attendance of the Lyme Regis mayor, other dignitaries and key industy representatives. Three tlmes a year we also display work from the 12-week furnllure maklng courses. These events are open to all, attracting local people, friends and families of th8 Students, as well as members of the fumiture making Industry. Other key actlvit18s during the year, all of which ara undgrtaken for the public benefit, compdsed of.. an expansion of our short course programme wth epoxy repair and woodcarving, and continuous roview to identify opportunities to develop this programme further, in the hope that inspiring parti¢ipanls will enrol on one of our longer courses. fully subsidised annual taster days for students from Lyme Regis, Woodroffe S¢hool, other surrounding schools and home-schooled children. This year, over 50 sludents joined the programme and the BBA is approaching additional schools in 2026. In addition to workshop tours, students each make a wooden mallet under the guTrdan￿ of one of our expert tutors. Due to the success of our one-day taster days for school children. this offering is also now available to the general public on a paid basis. many woodworking skills cA)urses which are well-attended and offer significant discounts to local residants. Boat Buildlng Academy Llmlted (Reglstered number: 04789584) Report and Accounts for the year ended 31 August 2025 Report of the Trustees For the year ended 31 August 2025 OBJECTIVES AND ACTMTIES (Contlnued) Main actlvltles undertaken for the public benefit {Contlnu8d) our highly successful suN8ying course in eA>llaboration with Ihe International Institute for Marine SuNeying {'IIMS'I. our five-day course. which was developed last year alongs•Je ('WIBB') - 'Women In Boat Building., exclusively for women. and which ¢ontinue lo thrive In financial year 2025. In addition to the female tutor, a female technician will be in place for the 2026 course. our new (2025 introduced) skiff building course which is run by Dan Lee, a well-known national boat designer and builder. As a result of the Suc￿sS of our 2025 programme we are looking currently at invitlng a larger cohort for 2026. our funded lecture programme, which is open to the public, and continued in financial year 2025 with excellent speakers such as Devon-based, award-winning boat builder Will Stirling. He gave a fascinating insight into his many years of boat building and sailing adventures to the far North. Sarah Stirling joined hlm to talk about working in the boat building industry and career opportunities. An exciting list of speakers for 2026 is being drawn up. including the renowned boat designerlbuilder and global sailor Hanneke Boon. the Principal and the managemènt team continuing to engage with local schools and home- school families about bursary and trainlng opportunities and the career opportunitl6s that can follow on. a local school outreach programme, Whe￿ our Principal, Wlll Reed's talks continued this year wlth sailing clubs, schools and organisations including Bryanston Sch¢X)I, the RNLI and British Marine (who hosted their AGM at the BBA and enjoyed a tslk and tour of the facililiesl. selected children from the local secondary schools who are better suited to the workshop environment rath8r than the classrcM)m, participated in a set of training courses over six weeks where they have each built 8 wooden stool. This programme will continue to make a tanglble difference to young lives in 2026. series of heavily subsidised courses whl¢h conlinued throughoul the year for Ihe Axminster & Lyme Cancer Support group IALCS). This support group learned practical skills in a relaxed environment where they could also discuss their challenges as well as make something to take away. discounts for local people for certain short woodworking courses. This local outreach programme has been supported by Charities and trusts, who have provided bursaries for studenls from Lyme Regis and further afield in Dorset. the Lyme Regis Repair Café, which conlinued its valuable work in the community with Ihe use of a BBA classroom and support. Local people bring along their broken items and have them repaired for freo, once a month on a Saturday morning. the continued support of several work oxperience children each year. Plans and futurè actlvltles Although the Southampton Boal Show takes place in September. much of the planning for the BBA'S participation took place during this financial year. In addition lo the BBA stand aiming to educate and attract future students, 2025 was the first appearance of the Wooden Boat Slage- a ollaboration between the BBA, WBTA and WIBB. It sought to c￿ate a platforrn for the UK'S Boat Building Academy Limlted (Reglstered number: 04789584) Report and Accounts for the year ended 31 August 2025 Report of the Trustees For the year ended 31 August 2025 OBJECTIVES AND ACTIVITIES (Contlnuod Plans and futuro actlvltles {Contlnued) wooden boat scene - the people. projects, education, skills, material and craft - both in order to presarve tradition and secure a sustainable future for the industry. Our specific aims were to: Raise awareness of the under-representèd wooden boat industry - and showcase the thriving elements within it Make owning a wooden boat more aC￿SSible Help to create sales leads for the BBA and WBTA Demonstrate divarsity and its benefits for a thriving industry Over 60 indlviduals from 34 organisations participated in the Wooden Boat Stage over 10 days. Visitors to the Show attended 68 events on the stage - with audience figures for every event in double figures, and up to 40+ on many o￿as1ons. The stage generated huge inlerest from the boat building industry, guests of the show and British Marine, who hava committed to supporting the 2026 version as an attr8¢tion rather than exhibit. After a successfvl year of developing relationships with the Worshipful Company of Shipwrights (WCS), Will Reed, Principal, is now a Liveryman. The WCS contlnues to support the BBA bursary fund with generou¢, grants for students unable to afford tha training. During the financial year, plans were put in place for the vlsit of HRH The Princess Royal in October 2025. HRH was an enthusiastic and thoroughly supportive guest, unveiling a Red Whe81- a bespoke commemorative plaque issued by the National Transport Trust at significant transport heritage sites across the UK. The trusteès have had due regard to the Charlty Commission guidance on public banefit. Tho Boat Buildlng Academy Bursary scheme In order lo provide trainlng to people, regardless of their financial position. we offer a bursary scheme. This wlll e usually cover up to 500/0 of the Course fee but a bursary of up to 1000/0 is available In Cases of greater need, with further funding provided to cover accommodation and living expenses also being available. This bursary programme is applicable to the 40-week boat building course and 12-week fumiture making course and 15 aimed specifically at disadvantaged people seeking to enter the industy. In special circumstances we also *- provide bursaries for our short Gourses, again up to 100% of Ihe course fee. Boat Building Academy Llmited (Reglstered number: 04789584) Report and Accounts for tho year ended 31 August 2025 Report of the Trustees For the yoar ended 31 August 2025 OBJECTIVES AND ACTMTIES {Contlnued) The Boat Building Academy Bursary Scheme (Continuod) The BBA is actively seeking fijnds to maintain and further the bursary scheme and to develop long tem partnerships with trusts and foundations. In the 2025 financial year 14 students were supported on the long courses. seven on the furniture making courses and four on short courses. The bursary programme also supported our schoov homeschool taster days as well as the match funding provided on the disenfranchised students programme and our work with the ALCS group, already mentioned above. The BBA bursary scheme has been developed by twstees specifically with publlc benefit in mind. The trustees have developed a rigorous approach to selecting deserving students for bursaries. Trustees, Rob Aylott and Bella Balhurst are also committed to the process and interview all bursary applicants along with the PrincApal. Will Reed. A bursary application form is available to students who have been offered a place at the BBA through the usual application process. Applicants complete this bursary form before a given deadline. Those who meet the criteria are then interviewed by trustees who will decide where best to award bursaries and at what percentsge18v81. Applicants are assessed in three areas. Succèssful applicants must: Present a c18ar financial need. Convince Ihe trustees that they will be thoroughly committed to the relevant course, work well with staff and students and be capable of completing all elements of the trainlng. 3. Show a clear int8ntion to enter the relevant industry after graduating. Contrlbullon made by Frlends of the BBA The Friends of the 8BA encompasses all those who are involved or have an ective interest in operations, activitl8s, fundraising or voluntearing. This includes: Students Alumni Staff Truslees Advisors Registered and other ad hoc volunte8rs Partners BBA trustee. Phil Bevan has tak8n on the role of Voluntear Coordinator. Whilst volunteers have always be8n involved at the BBA. this resource is now being expanded, Managed and used In a more m8aningftJl and impacttul way. Boat Buildlng Academy Limlted (Registered number: 04789584) Report and Accounts for the year ended 31 August 2025 Report of the Trustees For the year ended 31 August 2025 OBJECTIVES AND ACTIVITIES (Contlnuad) Contrfbution mada by Friends of the BBA (Contlnued) Activities include: Building maintenance and development Supporting operations and student learning Fundraising, school visits and other evenls Communications and community outreach strategy development. and Finance advisory STRATEGIC REPORT Achievement and performance Charltable actlvltl8S To date, the BBA has trained 658 students on its 40-week boat bullding and 260 12-week furniture makers. There have also been approximately 2,281 participants on short courses (some students doing more than one course). Interest and bookings for our 40-week course are steady, but we are always looking to improve in this area. The marine industry, along with many others, continued to struggle during FY25 and this has Certainly Gontribuled to our slighlly lower course numbers. Our 12-week fumilure making courses, however, have been consistently full. With a shorter duration and lower fee, for many these courses are more afford8ble and manageabl8. The Princlpal, engagès regularly with senior memb8r8 of boat bullding firms of all sizes and is encouraged to hearthat most of them are seeing significant improvements in ordets. The BBA ensures graduates are consistently infonned of opportunities to en18r the industry and stsrt their careers. Exampl98 of Bursary Sludent Post-courso Employment Boat Bulldlng January 2026.. Woodbridge Boatyard January 2026: Working as a boalbuilder in West Wales January 2026: Alasdair Grant, Isle of Ewe, Scolland January 2026.. Working as a boatbuilder on West cnast of Scotland November 2025: Elephant Boatyard July 2025: John's Boa￿OrkS, Brentford July 2025: Woodbridge Boalyard, Suffolk July 2025: Abbey Boatbuilder, Norfolk 2025.. Various roles in boatyards on the East coast 2025: Ben Harris. Gweek, Comwall 2025.. Working in a joinery workshop. Cornwall Boat Buildlng Academy Llmlted (Reglstered number: 04789584) Report and Accounts for the year ended 31 August 202S Report of the Trustees For the year ended 31 August 2025 STRATEGIC REPORT (Contlnued) Achlevement and performance (Contlnued) Charitabl8 activltl88 {Contlnued) Examples of Bursary Student Post-course Employment (Conllnued) Furnlture Maklng January 2025.. Designed and made a time-capsule in oak at the Snowdon School of Furniture, part of The King's Foundation at Highgrove July 2025.. Working for Simon Thomas Pirie, Blandford Forum June 2025: Working for Poppy Booth, Oorset August 2025". Refitting own 1977 26, yacht before circumnavigating the UK. Built their own tiny house and now developing teaching training courses in carpenty and woodwork for non-binary people. Energy conservatlon and cost ¢ontrol A number of advances have been achieved during the year in this area of activlty. Th8so have included: The full utilisation of our solar panels on the roof of th8 main building at MonrTh)uth Beach. With our smart meter installed and th8 SEG (Smart Export Guar8ntee) applied for with British Gas. we now are able to generate income from exported èlectridty. In April 2025 all lights at the BBA were converted to LED. Markups on materials and timber were reassessed and standardised to increase income to cover direct cosls to the specific activity and to simplify accounting and invoicing. Where practlcable, only digltsl, not paper, notes are provided to students. The BBA is also working with Al to assist in the18arning process for all students. Wast8 is segr8gated to ensure that, where possible, mat8rials are reused or recycled. Stud•nt interest In our ¢oursos Interest in BBA courses remains strong wrth bursary funding helplng to ensure that studènt numbers on all courses have remained satisfaclory. Improvements to our marketing efforts and events are ongoing. A project with WIBB that initlated In 2022 also proved fruitful in the 2025 financial year with a 41>week course running wlth aight men and eight women, many of whom have now entered the industry as boat build&rs. The relationship with WIBB continues and is an importanl component of tho BBA'S five-year plan. Boat Bullding Academy Llmited (Reglstered number: 04789584) Report and Accounts for the year ended 31 August 2025 Report of the Trustees For the year ended 31 August 2025 STRATEGIC REPORT (Contlnugd) Achl8vement and performancè (Continuèd) Student Interest in our Courses (Continuad) Course fees will increase in 2026 as follows.. 40-week boat building - £18,450 will increase to £18,950 12-week Furniture - £7, 150 will increase to £7.450 Short courses wll remain at 2025 prices in 2026 1-day taster day- £125 2-day short courses - £275 - £350 3-day short courses - £495 5-day short courses - £750- £850 Due to continuing Inflationary pressur8 on our cost base, the BBA wlll continue to review pricing regularly. Flnanclal rovlèw BBA'S results for FY25 have been successful with an overall surplus close to FY24 being achieved. This èxcellent result has been achieved through the baGkdrop of an stagnant economy. but successful fundraising activities, a greater focus on our markeling, an increase in the breadth and reach of our short course programme, as well as a continuing tight reign over costs. Set out below are the key highlights of our financial strategy. Fundralslng Actlvtties The Charity has enjoyed a very favourable year through the excellent work of our fvndraislng adviser, Slmon Williams. Funds ralsed for the Charity's a¢tivities includlng our focus on our Bursary Scheme amounted to £277,376,12024 - £209,978). Of these funds £273,37012024 - £192,743) was raised as restricted funds for our Bursary scheme as well as a smaller sum into the Planer and Tooling fund. There was also a small amount raised for our naw Community Initlative Fund, and a larger amount raised for the new Decib81 Fund. Further detalls are provided in the attached audited financial statements. Our fundraising process has been developed over recent years to focus on potenlial donors for grants and donations that comprise govemment and local authorities, appropriate industry bodies, as well as high net worth individuals who are known as conL3Cts of th8 Charity or Ihose thal we have idontified through our regular browsing of the intemet by our support team andlor our fijndraising adviser. Monitoring our fundralsing activity commen¢8s before the start of each financial year. Our Principal meets with our fundralsing adviser to determine our fundraising budget for the coming year. A budget for likely revenue as well as cost is prepared based on a review of our donor database as well as the opportunities likely to arise in the coming year from our browsing and surveying activities. This budget process also assesses fundraising opportunities at each event scheduled in the new financial year, such as the annual open day, boat launches and fumiture exhibitions. The Principal and fundraising adviser meet regulady throughout the year to discuss progress. Budget versus actual variances in the management accounts are assessed monthly by the finance team in order to estimate our likely outtum Boat Building Academy Llmlted (Registered number. 04789584) Report and Accounts for tho year ended 31 August 2025 Report of the Trustees for thè year ended 31 August 2025 STRATEGIC REPORT (Continued) Achlevemant and performance (Contlnued) Fundraising Activltlas (Continued) for the first half and full financial accounting periods. Our fundraising adviser presents annu8lly to the board and, alongsid8 the Principal. responds to any questions trustees may have. The Irust88s confirm that the BBA has not signed up to any fundraising schemes nor receivèd any fundraising complaints. The trustees are also delighted to mention bèlow all those generous donors who have provided the Charity with grants during the last two years for our Bursary Scheme. Wilhout this considerable help the Charity would not be able to function as it has done. The excellent recruitment and related details of our students in this annual report is teslament to th8 significant success that has been achieved as a result of th8se generous grants. 2025 2024 Co-op Community Fund SWIRE Chorithble Trusi- Bursaries DoTset Coun¢il The Alice Ellen Cooper Dean Charitable Foundation- Bursaries The Valentine Chatitable Trust- Bursaries The Hcadley T￿￿t- Bursaries The Britford Bridge TnJ5t The Progrnss Foundation DCR Allen Chari¢abl¢ Foundation H&M Charitable Thst The Radcliffe Trust Garfield Weston Foundation Lyme Regis Town Council The Low Carbon Dorset SGheme (unrestricted) Stelios Philanthropic FoundatiorL- Bursaries Heart of EnglAnd Commutlity Trust The Batchworth Trust- Bursaries Dorset Community Energy 1.098 17,500 180 10,000 20.000 17.950 17,500 2,500 10,o(x) 20,000 25,0(KJ s,000 8,000 5,000 4.000 50.000 7,000 8,627 10.000 5.1)00 30.000 5.IK)O 873 18.450 2.000 10.000 50 149.301 162.627 We thank you for your generosity. Resorves pollcy The BBA has a written reserves pollcy whi¢h sets out detailed pro￿sseS and procedures should the reseNe levels reach a critical level of potentially going negative. The reserves policy also identifies an ideal minimum reserves figure which Ihe Charity will target to maintain to reflect the cost of running io Boat Bullding Academy Llmlted (Reglstered number: 04789584) Report and Accounts for the year endèd 31 August 2025 Report of the Trustees For the year ènded 31 August 2025 STRATEGIC REPORT (Contlnued) Achievement and performance (Contlnued) Reserves policy (Continued) our main course programme. If the Academy had to close, adequate funds (variable dependent on student numbers} are held to either repay a percentage of the fees for the unused part of the course or to fulfil thè commitment to all students - rent, materials, tutor cost etc. The policy specifically directs the trustee decision-making around the judgement as to whether the BBA is a going concem. No course is started unless an appropriate assessment is made to ensure that the BBA has sufficient financial resources to satisfy the contractual temis of the course in question, in other words that all students on the course are able lo complete their training. At 31 August 2025 our overall reserves sland at £365,714 of which £95,638 relates to the general fund. Our minimum ￿serveS requires that we maintsin a general reserve of approximately £555,000. The shortfall he￿ is the subject of a continuous process of cash management where tight controls are maintained, as overseen by the Finance Trustee, through the underlying work of the 8BA's finan¢8 function. Expenditure is restricted lo the slrict needs of the BBA as overseen by the sub-group of the board. As can be seen in the detail below, the BBA is making good progress towards this goal. Our general reserve ¢ash since the year end has now turned positive, showing an overall improvement Sin￿ 31 August 2025 of £162,084 at 28 February 2026, which had a positive general fund free cash balance of £38,381. As part of the BBA'S response to the difficult economlc circumstances, the BBA has maintsined the funding provided by its £220,000 CBILS loan which was tsken out with Barclays Bank PLC in FY21 to act as a buffer. if required. As at the balance sheet date this loan stands at £70,277 (2024 - £106,944) and was repaid In full in November 2025. Further details are provided in the attach8d audited financial statements. The BBA ¢ontinues to enjoy the financial position of an ungeared balance sheet whlch provides considerabla comfort from a going concem point of view Is8e below). Results Results for the year ended 31 August 2025 show a net surpSus of £150,209 (2024 - Surplus of £156,003). At the year end. reserves stand at £365,714 {2024- £215,505), of which £270,07612024- £156,312) is restricted funds and all kept solely for bursaries, the provision of l¢)oling for use by Students on Iheir courses and the rebuilding of the yacht, Decibel. This leaves a positive figure of £95,638 {2024 £59,193) in general unrestricted ftjnds which. less the net book value of tsngible fixed assets at the year end, leaves a total of £16,128 (2024 - negative £22,492) in free reserves. The general fund Includes nothing in designated funds al 31 August 2025 {2024 - £Nil). The balance sheet of the BBA, however. now has net current assets at the balance sheet date of£338.542 (2024- £216,187), net Cash of £800,135 (2024- £419.127) and net assets overall of £365,714 (2024- £215,505). In terms of cash flow perfomiance in the year Iho Charity generated £387,302 from operating activities (2024 - £100,521) and generated overall cash in the year of £344,341 {2024- £30,496). li Boat Building Academy Llmited {Registered number: 04789584) Report and Accounts for the year ended 31 August 2025 Report of the Trustees For the year ended 31 August 2025 STRATEGIC REPORT (Continued) Achievement and performance (Continuod) Going concern In recognition of the weakness in the BBA'S finances (albeit Considerably better than before) the Trustees have still carried out a full and detailed stralegic ￿VIeW of the Charity's finances and projactions for the period through to 31 August 2021). This rèview process has also included a review of the BBA'S fundraising strategy, as well as looking at alternative funding sources for the Charity. The Trustees are satisfied with the scope and depth of tho review which accords with their responsibilities under the Charities SORP and Companies Act 2006. The results of Ihe review have revealed the following key matters.. The Charity has adequate financial r8sources to operate as a going concem for the foreseoable future of not less than a year from the approval dale of the attached finanaal statements. Given a favourable and stable economic environment, the Irustees plan to achieve adequate free reserves within the entity's defined policy in the next five years. On the basis of the above. the trustees are satisfied that it is appropriate to prepare the attached financial statements on a going concem basis. Future plans As with many businesses and charities, and as noted above, the BBA ￿ntInUeS to experience significant challenges. Our results for the years ended 31 August 2024 and 31 August 2025 reflèct a significant improvement in course numbers on many of our courses and now an improving number of students signing onto the 40-week course. Our futur8 projections continue to reflect the current trends lat the time the budget was prepared) with a steadily continuing improvement in student numbers on courses with continued growth in student numbers anticipated throughout the planning period, underpinned by a more focused approach to marketing, customer engagement and course development. In January 2026, the Board of the charity mel with the Principal for a thorough and wide-ranging strategic r8view. rawing on a full assessment of the BBA'S cumnt adivilies, perf0rrnan￿ and organisational position. the Board agreed a clear set of strategic priorities to guide the BBA over the next five years. Those priorities are built around seven strategic pillars, described below: 1. Peo le Facilities a Govemance Our people are the foundation of everything we do and aGhieve. We are committed to investing in our team, improving our facilities and strengthening our governance so that the BBA is well- run, resilient and ready for the future. 12 Boat Buildlng Academy Limlted (Registered number: 04789584) Report and Accounts for the year ended 31 August 2025 Report of the Trustees For the year ended 31 August 2025 STRATEGIC REPORT (Continued) Achievement and perfomlanco (Contlnued) Future plans (Contlnued) 2. Edu tional Ex ellen We are proud of the quality of our teaching, and we will build on it. We will ensure our qualifications are recognised by the industri8s we serve and that our courses remain modem, relevant and of the highest standard. 3. Customer Growth and Accessibill Growing studenl numbers is central to our sustainability. We will sharpen our mad(etlng, deepen our industry relationships and ensur8 our courses remaln accessible and appealing to the widest possible audience. Inanc Resilie We will malntain li9hl control of costs and continue to strengthen our financlal posltion. bullding the r8serves and fundlng capability needed to support Ihe BBA'S long-term ambitions. 5. Brand Re tion and National Influènce The BBA has a strong and growing reputation. We wlll build on this by deepening our industy partnerships and ensuring the BBA contlnues to be recognised as a leader In vocational craft skills training at both local and national level. 6. Comm Alumni Our community connections and growing Alumnl ne￿ork are among our most valued assets. We are committed to engaging both more actively in the years ahèad, to the benefit of the whole charity. ult Our collalx)rative, nurturing and indusive culture is at the heart of what makes the BBA speclal. We are committed to protecting and celebrating it as we grow. The trustees are fully committed to securing the long-term future of the BBA and spedfically to: finalising the Five-year Strategy with the aim of maintaining and improving the status of the BBA as a world-leader in the fields of boat building and furniture making, based on Ihe above noted framework. attracting funds to purchase the current building and embark on an ambitious development plan lo expand and improve the existing teaching, storage, accommodation provision and to enhance the 88A's public profile as a heritage ￿ntre. investing in extemal marketing expertise to improve our intem81 systems, marketing staff s development and to clearly identify our target audiences and most effective means of reaching them. expanding our collaboration with local organisations to provide greater opportunities for young people to experience sailing-related 8¢tivities. continuing fundraising initiatlves to provide bursaries to more applicants and the funding for the renewing of our tools and machinery in our workshops. 13 Boal Building Academy Llmlted (Registered number. 04739584) Report and Accounts for the year ended 31 August 2025 Report of the Trustee5 For the year ended 31 August 2025 STRATEGIC REPORT (Continued) Achlovement and performance (Contlnued) Future plans {Contlnued maintalning the BBA as an important 18ndmark in the local area and economlc and social contributor to Lyme Regis and the wider Dorset and South-west area. Constantly holding public benefit and environmental responsibility as key drivers in decision- making through rigorous discussion and challenging of ideas, policies and processes. strengthening our core commercial offerings by explorlng further corporate contracts. financially. developing a general fund capable of match-funding grants. raising its national profile by building on relationships with industry bodies bvhile protecting th8 indusive, welcoming culture that makes it distinctive. raising awareness of the UK govemmènt's Youth Mobility Scheme a5 a means to attractlng overseas students. and, fostering relatlonships with complementsry organlsations both locally and further afield, particularly in the area of sail training. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng document The BBA is a company limlted by guarantee incorporated on 6 June 2003 and wistered as a charity on 7 January 2020. The Company was establish8d under a Mèmorandum of Association which established the objects and powers of the Charitable Company and is governed under its Articles of Associalion. Recrullmont and appolntment of new trust&8s The diredorsltrus18es may by board resoluts'on.. 1. Appoint a person who is willing lo act to be a dlrector,. and 2. Appoint the Prinopal to ba a director, if they consider that it would be in the best interests of thè BBA for them to do so. A director retiring may offer hlmself or herself for re-election and for a period not exceeding five years. There is no limlt on the number of terms of office, however, the board will determine the lerm of their reappointment (not exceeding five years) after consultation with the indivldual. Organlsatlonal stNcture The trustees are responsible for the sukFmanagement and control of the BBA and meet formally four times a year with a sub-group of trustees and a financial adviser (who is not a trustee but is a graduate of the Academy in boat building) meeting monthly and reporting to the board. Policies are implemented by the Principal who is also a trustee. The Principal is paid a salary and there is provision in the BBA Articles of Association to allow this. All oth8r trustees give their time freely. No remuneration or expenses were paid in the year. Although reasonable expenses are available to trustees. Out of pocket expenses claimed by the trustees during the financial year 2025 were donated back to the general fund. 14 Boat Building Academy Limlted (Reglstered number: 04789584} Report and Accounts for the year end8d 31 August 2025 Report of the Trustees For the year ended 31 August 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT (Contlnued) organis￿l0nal Structure {Contlnued) The Prlncipal undertakes the key leadership role, overseeing educational, pastoral, safeguarding and administrative functions in consultation with the training manager, tutors and the office manager. The day- to-day administration of the BBA is undertaken within the policies and procedures approved by the trustees which provide for only significant expenditure decisions and major capital projects to be referred to the trustees for prior approval. The Prin￿PaI oversees the recruitment of all staff. Induction and trainlng of new trustees New trustees are issued with an induction pack contsining: Latest annual report and accounts. The most recent Principal's report. A Staff Organlsation chart The most recent board and committee minutes. Copies of the BBA'S key policies and procedures, Including the latest internal controls document as well as our free reserves policy and safeguarding regulations. Copies of the Charity Commlssion's key pieces of guidance - especially CC3 and the public benefit guidanca Two of the current truste8s and most of our dedicated volunteers are graduates ofthe BBA boat building or furniture making courses and are therefore well-versed with the approath and ethos. Those trustees who are new to the BBA have a guided tour of the facilitles and meet all the staff as part of their induction. All trustees are Invlted lo BBA events such as boat launches, fumiture exhibitions and open days to give them a better understanding of the cultur8 and purpose. Key rnanagement remuneratlon The Twste88, including the Principal, and the operations manager consider that they are the key management personnèl. The Trustee5 give of their lime freely. The pay and remuneration of Ihe Principal and all other staff is sat by the Trustees and is kept under annu81 review. A number of criteria are used in setting pay: Nature of the role and responsibilities. Assessment of the Academy's r8suIts and future budgets together with student numbers compared with plan. Competitor salaries in the region. The sector average salary for comparable positions. Trends in pay in recent years. 15 Boat Bullding Academy Llmlted (Reglstered number: 04789584) Report and Accounts for the year ended 31 August 2025 Report of the Trustees For the year ended 31 August 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT (Continued) Rlsk management The twstses have a duty to identify and review the risks to which the BBA is exposed and to ensure appropriate controls are in Pla￿ to provide reasonable assurance against fraud and error. The trustees have a risk register identifying likely risks to the organisation and how thosè risks can be mitigaled. In developing the strategic plan outlined in the Financial Review- Future Plans section, an integrated risk management review (including planning and decision making) was included as part of the overall process. Reappolntment of external Audltors Following our successful first year audit, the board approved the reappointment of ML Audit LLP for thls year's audit. It is proposed that they will be reappointed at the Annual General Meeting on 1. April 2026. REFERENCE AND ADMINISTRATIVE DETAILS Reglstsred Company number 04789584 (England and Wales) Raglstered Charlty number 1187235 Reglstered office Lyme Regis Marine Centre Monmouth Beach Lyme Regls Dorset DT7 3JN Trustts8 Ms J S Breeze (Chairperson) W M Reed (Princip81) R H Aylott Ms B R Bathurst P G Bevan MsCLF18tt J Lloyd Davies (Reslgned 26 January 2026) M Mason (Appointed 1 April 2026) Company Sècretary M Mason 16 Boat Building Academy Llmited (Reglstsred number: 04789584) Report and Accounts for the year ended 31 August 2025 Report of the Trustees For the year ended 31 August 2025 REFERENCE AND ADMINISTRATIVE DETAILS (Continued Bankers Barclays Bank pl¢ CAF Bank Limited Independent Audltors ML Audit LLP Statutory Auditors Winchester House Deane Gate Avenue Taunlon TA12UH Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the Company directors, on 1 April 2026 and signed on the board's behalf by: eze- Trustee 17 Boat Building Academy Llmlted (Reglstered number: 04789584) Report and Accounts for the year ended 31 August 2025 statement of Trustses, R8sponsibillties The Trustees (who are also the Directors of Boat Building Academy Limited for the purposes of company law) are responsible for preparing the tnJstees' report and Ihe financial statements in accordance with applicable Saw and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practi￿), including FRS 102 'The Financial Reporting Standard applicable in the UK and R8public of Ireland.. Company law requires the Trustees to prepare financial statements for each financial year. Undèr company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resou￿$, including its income and expenditure, of Ihe Charitable Company for that period. In preparing these financial statements, the Trustees are required to: Select suitable accounting policies and appty them consistently., Observe the methods and principles in the Charities SORP; Make judgements and estimatss that are reasonable and prudent: Stats whether appllcable accounting standards, comprising FRS 102 have been followed, subject to any materfal departures disclosed and explained in the financial slalements; and, Prepare the financial slalements on the golng concern basis unless it is inappropriate to presume that the Charitable Company VAII continue In buslness. The Trustees are responsible for k8eping proper accounting records that Can disclose wlth reasonable accuracy at any Ilme the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charilable Company and hence for taking reasonable steps for the prevention and deteclion of fraud and other regularities. The Trustees are responsibl8 for the maintenance and integrity of the corporate and financial inforrnation in¢lud8d on the Charitable Company's website. Legislation governing th6 preparatlon and dissemination of financial statements may differ from leglslation In other lurisdictions. Approved by the Trustees of the Charfty on 1 April 2026 and signed on its behalf by: MsJSBre e- Trustee 18 ## **Boat Building Academy Limited (Registered number: 04789584) Report and Accounts for the year ended 31 August 2025** ## **Independent Auditor’s Report to the Members of** **Boat Building Academy Limited** ## **Opinion** We have audited the financial statements of Boat Building Academy Limited (the ‘Charitable Company’) for the year ended 31 August 2025 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘ _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ ‘(United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the Charitable Company’s affairs as at 31 August 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have 19 ## **Boat Building Academy Limited (Registered number: 04789584) Report and Accounts for the year ended 31 August 2025** ## **Independent Auditor’s Report to the Members of** **Boat Building Academy Limited (Continued)** ## **Other information (Continued)** performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the trustees' report, which includes the strategic report and the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the strategic report and the directors’ report included within the trustees' report have been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement (set out on page 18) the trustees (who are also the directors of the Charitable Company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so. ## **Auditor responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 20 Boat Building Academy Limlted (Reglslered number: 04789584) Report and Accounts for the year ended 31 August 2025 Independent Auditor's Report lo the Members ot Boat Building Academy Llmlted {Contlnued) Auditor responsibilities for tho audlt of the financial statements (Continued) In identifying and assessing risks ol material misstatemenl in respect ol irregularities, including fraud. the audit engagement team.. obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the Company operates in and how the Company is complying with the Segal and regulatory framework., inquired ol management, and those charged with governance, about their own identificalion and assessmenl ol the risks or irregularities. inclLJding known and actual, suspected or alleged instances ol fraud., undertaken a review ol manual journals processed in the accounting system, applying professional scepticism to 8nsure they are in line with our expectation and that they are not unusual in the normal course ol business., discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible lo fraud. However, il is the primary responsibility ol management, with the oversighl of those charged wrth governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection ol fraud. A further description of our responsibilities for the audit ol the financial slalements is located on th8 Financial Reporting Council's website at.. http-Ilwww.Irc.org.ukJauditorsresponsibilities. This description forms part of our aLJditor's report. Use ot our report This report is rnade solely lo the Charitable Company's members, as a body, in accordance with Chapter 3 01 Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the Charitable Company's members those matters we are required lo stale to them in an auditor's report and for no other purpose. To the lullesl extent permitted by law, we do not accept or assume restx)nsibility lo anyone other than the Charitable Company and the Charitable Company's members as a body. for our audit wo￿, for this report, or for the opinions w8 have formed. Robert Gadwallader (Senior Sialutory Auditor) For and on behall ol ML Audit LLP, Stalulory Auditor Molivo House Alvington Yeovil Somerset BA20 2FG Date...i.- (XP(L.-..l.ts.............. 21 Boat Bullding Academy Limlted (Registered number: 04789584) Report and Accounts for the year ended 31 August 2025 statement of Flnanclal Actlvltles (Incorporating an Income and Expenditure Account) For the year ended 31 August 2025 2025 2024 Total r￿Dd8 funds As Resta¢ed oles INCOME AND ENDOWMENfs FROM DonatiotL8, legacies and granls 4,006 273,370 277.376 209.978 Other trading activities Investment income 962.899 3296 3,983 5.147 966,882 8.443 897,605 7,586 Totsl 970,201 282,500 1252,701 1,115,169 EXPELYDITURE O Raising fiujds 347.381 347,381 310.954 Cbarl¢•ble #etlvities Charitable activilies 7&8 586.375 168,736 755.111 648,212 Totsl 933.756 168.736 1.102.492 959.166 NET INCOME 10 36,445 113.764 150,209 156,003 Tran8ferg between funds 21 Net mov¢meo¢ ID funds 36,445 113,764 150209 156,003 RECONCILIATION OF FUNDS Totsl f¥ndi brougb¢ forward 59,193 156,312 215.505 59,502 TOTAL FUNDS CARRIED FORWARD 21 95,638 270.076 365,714 215,505 All of ihe Charity's 4¢tivities derive from Continuing operntiOTbS during the above two periods. The fiumls breakdown for 2025 is shown in note 21. The notes forni part of these f￿￿1¢la1 statements 22 Boat Bulldlng Academy Llmited (Reglstered number: 04789584) Report and Accounts for the year ended 31 August 2025 Balance Sheet 31 August 2025 Notes 202S Totsl nds 2024 Totsl Unrestri¢ted d8 Re5trieted funds FIXED ASSETS Tangible assets 14 79.510 79,510 81.685 CURRENT A&SETS Stoeks Debtors Cash at bank 15 16 56.740 83,090 000.336 56.740 83,090 870,412 44,726 101,623 526,071 270.076 740.166 270.076 1.010242 672.420 CREDITORS Amounts falling due within one year 17 (671.700) (671,700) (456,233) NET CURRENf ASSETS 68.466 270,076 338,542 216,187 TOTAL ASSETS LESS CURRENT LIABILITIES 147.976 270,076 418,052 297,872 CREDITORS Amounts falling due after more than one year 18 (52.338) (52,338) (82,367) NET ASSETS 95,638 270.076 365,714 215,505 FUNDS Unrestricted funds Restricted fi]nds 21 95,638 95.638 270.076 59,193 156,312 270.076 TOTAL FUNDS 95,638 270,076 365.714 215,505 The financial staternents were approved by the Board of Trustees ond authori￿ for issue on l April 2026 and were Si￿ed on its behalf by-. W M Reed- Trustee The note5 forni part of these financid 5tatemenls 23 Boat Building Academy Lirnlted (Reglstered number. 04789584) Report and Accounts for the y8ar ended 31 August 2025 Ca8h Flow Statement For the year ended 31 August 2025 2025 2024 Cash flows from op¢r*tkng activitiu Net cash generAted by operating artivities 387J02 100.521 C48b IIow8 from IDve8tlng actlvltlej Purchase of tangible fixed aysets Intereyt receivable 14 (14.737) 8,443 (40,944) 7.586 Net cash ￿ed in investing activiti (6294) (33,358) Cash flov& frnm flo•Dcln¥ o¢ttvltk• Loan repayments in year 19 (36.667) (36.667) Net cash wed in fman¢in8 activxties (36,667) (36.667) Ch*n¥e in ¢¥ih c8sb equivalents In the reporting perlod and c4gh oquivalents #t the btginnint of the reptsrtlD¥ perlod 344.341 526.071 30.496 495.575 Cuh Ind ¢qufvalents 4t the eod of the r¢portlll2 perlod 870,412 526,071 All of the cash flows are derived from continuing operations during the above two Ftriods. The Dotes forni port of these financigl ststements 24 Boat Building Academy Llmited (Registered number: 04789584) Report and Accounts for the year ended 31 August 2025 NotOS to the Cash Flow Statement For tha year ended 31 August 2025 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 21J25 2024 Net ID¢om¢ for ¢be re￿rtIng perlod (as per tbe Ststsment or inwo¢141 Actlvltks) 150,209 156.1)03 Adjustmmts for: tkpwiation charges Interest received (Increase) in stocks Decre&8e in debtors Inctras&l (Decrease) in Creditors 16.912 (8,443) (12.014) 18.533 222.105 16.016 (7.586) {5.5551 {23,244) (35.1 l3) Net cwsh gener8tsd by operAlk•o$ 387.302 100.521 ANALYSIS OF CHANGES IN NKT FUN[ At At I S¢ptemb¢r C4sh IAllowl 31 Auy$t 2024 (outllowj 2025 Net ¢#*h Cash al Bank J26.071 344J41 870,412 526.071 344.341 870,412 Debt Debts fallin8 due within l year Debts fallin8 due after l year Total debt (36,667) (36.0671 (106,944) 419.127 36,667 381,008 {70277) 8(rt),135 Totsl rtel easb 25 Boat Buildlng Academy Limlted (Reglstered number: 04789584) Report and Accounts for the year ended 31 August 2025 Notes to the Flnanclal Stslements For the year ended 31 August 2025 LEGAL FORM The Charity (Tegistration nwnber1187235) is a private company, limited by guArantee. incorporated in England and Wales (company number 04789584) and conscquently does not have share capital. The addr¢ss of its registered office is Lyme Regis Marine Centre. Monmouth Beach. Lyme Regis, Dorset DT7 3JN. ACCOUNTING POLICIES Basis tsf preparing the fiDaDcial st*lemeDts On 7th January 2020, Boat Building A¢ademy Limited (compony number 04789584) registered as ¥4 Charitable Cornpany (Charity regiislra¢ion number 1187235). The financial siatements of the Charitable Coinpany. which is a public b¢n¢fil en¢ity under fRS 102. have been prepared in accordance wilh the Charities SORP (FRS 102)'Aceounting and Reporting by Charilies: Statement of Re¢ommended Practic¢ applicable to charities preparing their accounts in accordance with the Financial Reporting StandaTd applicable in the UK and Republic of Ir¢land (FRS 102) {effectiv¢ l January 2019),, Financial Reporting Standard 102'The Finkncial Reportsng StandArd appli¢8ble in the UK and Republi¢ of Ireland, and the Companies Act 2000. The financikl stalern¢nts have been prepar¢d under the historical cost ¢onvention. They are also prepared in 8terlin& which 1$ the fi￿Ctional CUTr¢n¢y of the Charity aTMI rounded io the nearest £. Going Copcern In rc¢ognition of the Charity's continuing wethiess in available free reserves. lh¢ TJust¢es have carried out a full and detailed 5tr8t¢gic review of the Company's finances alld projection$ for the period through 10 31 August 2027. This review process has olso included a full r¢view of the Coinpony's stTat¢by 8s w¢ll as looking at altemativ¢ funding 50urc¢s for the Charity. The Trustees are satisfied with the scopo and d¢pih of th¢ review which accords with their r¢sponsibilitie8 under the Charitie5 SORP and Companies Act 2006. The results of the review have revealed th¢ followiT]g key mAttern: - Th¢ entity has adequate financial resources to OF¢rote as a going concern for the foreseeable fvture of not less than a year from thc approval dhte ofthe attached financial statements. Given a favourable and stable economic environment. the Tru$ttts plan to achieye adequate free reseThes within the entity's defined poliey in the next five years. Based on the above. the TNstees are satisfied that it is ippropriale to prepwe the financial ststements on a Boing concern bosis. Ineome All in¢om¢ is recognised in the Ststement of Financial A¢tivities once the charity has entitlement to the fijnds, it is probable that the in¢ome will be receiv￿ and the an]ount can be measured reliably. Gov¢rDment 8rnnts Govemrnent grants include income re¢o8nised in respect of the CBILS loan scheme con¢eming both years ¢iided 31 August 2024 and 2025. Inrome is re¢ognised in the same period in which the related int¢re5t payable is recorded. 0￿￿￿tIng l¢&ses Leas¢s where th¢ lessor retains substantially all the risks and rewards of oMTrer5hip are classified a8 operating leases. Payments made under operating leases (net of any inceniives received from the les50r) are charged to the Statement of Financial Activities on a straight-line basis over the period of the lease. 26 Boat Building Academy Llmited {Reglstered number: 04789584) Report and Accounts for the year ended 31 Au9USt 2025 Notes to the Flnanclal SL￿ernentS - continuod For the year ended 31 August 2025 ACCOUNTING POLICIES- coDtimued Expenditur Liabiliti¢s are recognised as expenditure as soon as there is a legal or ¢onsbuctiYe obligation committing th¢ Charity to that exp¢nditur& it is probable tha¢ a trnnsfer of ¢eonomic benefits will be required in s¢lllement and the amount of the obligation Can be measured reliably. Expeiidituie is accounted for on on accruals basis and has bcen classified under headings that aggregate all cogts related to the category. Where cosls cannot b¢ dir¢¢tly attributed to particular headings they have been allocated to activiti￿ on a b&8is eon5iStent with the use of resources. Grdnts offered subject to ¢onditions which have not been at the y¢ar end date are noted as a commitment but not accrud as exp¢ndiNre. Expenditure has been elassified under headings that 8ggr¢8ate ull costs relatwj to that c*¢gory. Eypcndiiure on cliarliable aclivlil The analysis of expenditur¢ by charitable a¢tivitia8 to further the objects of the Charity in this report idcntifie5 the direct opcrational costs and the support and governance ￿sts de￿ribed below. fll) Expendlimre on rnlsln8Junds Fundraising costs include ihe salaries and overheads of the staff who direetly undertake fimdr&ising activities. plus allocated support and governanc¢ ¢osts. (111) Goverhtsnee smpporl eosls Governance costs includc the direct costs of administering ihe Boat Building A¢ademy. Support ¢osts repr¢sent the ¢entral services of the Academy> in¢ludin8 the cost of m¥intaining Ihe Building at Monmouth Beach as well as rnanagement. infornlation t￿hnOlogY. fmance and human resources. Further dciails of support costs are included in note 9. Volunteer tlme No amount is includ¢d in ihe financial ststements for volwiteer time in line with the Charity SORP (FRS 102). T¥nglblt fixed assets Taiigible fixed assets are slated in the Balance Sheet at C05t, less any sub5eouenl accumulated deprecialion And subsequent accuinulated imp8iment10sses. The cost of tangiblc assets includes dirc¢tly attributable in¢remental eosts incuTr¢d in their 8CqUlSltion and installation. DepT¢eiation is pn)vided at the following annual rate5 in order io Write off each asset over its estimated useful life. Improvements to propety IOY• on Cost Plant and machinery Straight line over 3 years Fixtures and fittings Strni8ht line over 3 years Stocks st￿ks are Valu￿ at the lower of cost and net realisable value, aftermaking due allowgnce for obsolete and slowmoving items. Stock is valued on &"First in. first out" b&sis. 27 Boat Buildlng Academy Limlted {Reglsterèd number: 04789584) Report and Accounts for the year ended 31 August 2025 Not88 to the Financlal Statements - contlnued For the year ended 31 August 2025 ACCOUNTIP4G POLICIES-con¢iDued T8Jxatlo Th¥ Charity benefits from various exemptions from tsxation afforded by tsx legislation and is not liable to corpora¢ion tax on income orgains folling within those exemptions. Recovery is made of tax deducted from income and from r¢¢eipts under Gift Aid. As an educational body the Charily is also able (o b¢ exempt from VAT. Fuftd acfoynting Unrestricted funds can be used in accordonce WTth ihe chaTitable objectives at ihe discretion of the tntstees. Restricted funds can only be used for porticular restrieted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are rnised for parti¢ular restricted PUTposes. Further explanation of the nature and purpos¢ of e8ch fimd is irtcludsj in th¢ note5 to the fman¢ial stai¢menlS. Pension ¢05ts and other pogt-retirement benefits The Charitable Coinpany operates a defin¢d contTibulion pension scheme. Contributions payable to the Charitable Company's p¢nsion schem¢ are charyed to the Sialement of Finan¢ial Activities in the period to which they relate. Debtors Trade and other debtors are reCO￿lSed at the settlem¢nt amount due Ylfter any trad¢ discount offered. F¥epaymenls are VAlu¢d at th¢ amount prepaid nel of any trade discounts due. Ca$h It BAnk #md in Cash ai bank and in hand includes cayh and Short term highly liquid investments with a short maturity of thre¢ months or less from the date of aequisilion or opening of the deposit or similar account. CT¢dltors Creditors are recognised wher¢ the Charity has a present obligation resulting from a p&yt even¢ tl)at will probably result in the (ransf¢r of fiJnd5 to a third PAty and th¢ amount due to setile thc obligation can be m¢asured or eslimated reliably. FIDanci*l Instruments- Clns$ifieatloD Financial assets and financial liabilities are recognised when the Charity be¢ome$ a party lo the ¢ontra¢bJal provision$ of the instTument. Finoncial liabilitiesand equity instruments are classified a¢cording tothe substance of thecontractual arrang¢ments eni¢red. An equity instruma)t is sny eontrnct that evidences a residual interest in th¢ assers of the Charity after deduding all of its liabilities. Restated FJxpenditure Classificalion of materials eost5. wood cosÈy, and staff costs b¢tween expenditure on charitable a¢tivities and expenditure on raising funds has been reviewed and adjusted in the year to 31 August 2025 to better reflect t7￿ nature of mut¢rials and wood costs and the activities caThied out by 5thff. The ¢orresponding expenditure in the prior year h45 been r¢stAted. 28 Boat Building Academy Llmlted {Reglstered number. 04789584) Report and Accounts for the year ended 31 August 2025 Notes to the Flnanclal Statements - contlnued For Ihe year ended 31 August 2025 DONATIONS LEGACIVS AND GRANTS 2025 21124 Donation5 Legacies Grants 28,075 i 00.000 149 JOI 47,351 162,627 277,376 209,978 Of the total amount in¢luded above £273,370 (2024 - £1￿.743) relates to fibnds Cla￿81f]ed as restricted funds. OTHER TRADING ACTIVITIES 2025 2024 Course incom¢ Malerials Woodworking skills Wood Acoommodation Washing machin¢ money Misc¢llaneou8 645,344 33,504 192,050 38.697 45.345 1.440 10.502 589.407 37,310 168,400 43.403 43.485 1,624 13,976 966.882 897,605 Of the totAI amount in¢lth above £3,983 (2024- £2,334) relates to fimds clayyified Ls reytricted fijnds. INVESTMENT JNCOME 2025 2024 Bank interegt receivable 8.443 7,586 Of the total amount included above £5,147 {2024- £2,387) fflate5 to fijnds classified resth¢ted funds. 29 Boat Buildlng Academy Limlted (Registered number: 04789584) Report and Accounts for the year ended 31 August 2025 Notes to the Flnanclal Statements - continued For the yèar ended 31 August 2025 RAISING FUNDS- COSTS Other tr*ding *¢tlYlties 2025 2024 As Re5t#tsd Ov￿ning stock Materials Wood Closin8 Stock Staff costs (note 12) Fjad debts Dcpreciation 44.726 58,OS7 52261 {56,740) 224,770 7,395 16.912 39,l71 58,771 52,393 (44,726) 188,749 580 16,016 347.381 310.954 CHARITABLE AcfiviTIES COSTS Gramt Support of4dlvltles Ctssts (see Dote 8) {Se¢ note 9) Dlr¢tt Totsl Charitable activi¢i¢s 496,420 168.736 89,955 755,111 Charitable activity costs for the year ended 31 August 2024 totalled £648.212 (As restated). GRANTS PAYABLE AND RESTRICTED FUNDRAISING COSTS 2025 2024 Charitable adivities- bursary grants to individuals from restricted fiuJd$ Charitable activities- bursary grants to local schools and local Cancer Clwity Ch*rity event Wsts 149.523 10,1 9,113 121,381 12,550 306 168.736 134237 Bursary grants to local schoo15 8nd a local Cancer Charity comprise, The Woodroffe School, Lyme Regis £4,550. (2024- £5,950), The Beaminsler School. Beaminster £3.000 (2024- £2.550). The Axminster and Lyme Cancer Supprt group £1.550 {2024- £4.050) and hom¢-schooled children £l.000 (2024- NII). 30 Boat Buildlng Academy Llmiied (Registered number: 04789584} Report and Accounts for the year ended 31 August 2025 Notes to the Flnanclal SL*ments - conlinued For the year ended 31 August 2025 SUPPORT COSTS M•nagement FiD4ttee Informadon le£hDology H¥maD Resources Charitsble oCtiviti¢s 76.444 8,750 4.438 323 89,955 Support costs for th¢ year ended 31 August 2024 totslled £51.027. io. NET INCOME Net income is stated aft¢r charging.. 2025 2024 D¢preciation- owned assets Auditors. remuneration 16.912 11.100 16,016 11,100 ii. TRUSTEES? REMUNEK4TION AND BENEIIITS Williain Reed, Direetor & Twstee. receiv¢d remuneration totallinLt £58,558 {2024.. £49,583) in the fin8ncial ye8r ended 31 August 2025. Employer pension contribution5 totalling £12.10812024.. £1,227) were mad¢ over the same period. Williain Reed also in¢urs expenses As part of his role a5 Principal of ihe Cl)arity. These are independently authorised by the finance Trustee of the Board or if he is not available ihe Chairperson of the Charity. Su¢h expenses ore reimbursed at cost ex¢ept for milea8¢ which is reimbwsed at lh¢ Automobilc Association's national mileage rate. Tr￿S¢￿s. exptthJ¢s There were trustees, expenses ¢laimed duTing the y￿r ended 31 Au8LLgt 2025 amounting to £820. (2024- £2,442). 31 Boat Bullding Academy Limlted (Registered number: 04789584) Report and Accounts for the year ended 31 August 2025 Notes to the Flnancial Statements - continued For the year ended 31 August 2025 12. STAFF COSTS 2025 2024 Wages and 5alaTie8 Social yecurity Other pension ¢0515 350.196 27.724 18J13 315,252 23,520 7,078 396233 345.856 The average monthly number of employees during the year was as follows: 2025 2024 Manag¢meJrt Productiort Finance and Support 12 12 One employee received emoluments in excess of £60.000 (2024- Nil). See note I I for details. Remunernlion and benefits received by k¢y m8nagemen¢ personnel compri8¢: 2025 2024 Wages and salaries Social security Other pension coyts 99.587 12227 13,066 85,717 9,318 2,124 124,880 97,159 32 Boat Buildlng Academy Llmited (Registered numbèr: 04789584) Report and Accounts for thè year ended 31 August 2025 Notes to the Financlal Statements - ¢ontlnued For the year ended 31 Augusl 2025 13. COMPARATIVES FOR THE STATE￿￿￿ OF FINANCIAL ACTIVITIFS UDr¢stricted funds As rtsl*ted INCOME AND ENIX)WMENfs FROM Restrletsd d$ Totsl Fynds As restated Donations and legaci¢q Other trAding activities Investment In￿Me Totsl 17,235 895271 192,743 2J34 2.387 197,464 209,978 897,605 917,705 l.Il5,169 EXPENDITURE ON Raising funds Charitable activitie5 310.954 5IO.764 310.954 648212 137.448 Totsl 821.718 137,448 959,166 NET INCOME 95.987 60.016 156,003 TI￿sfer$ betwe¢n fimds 5.027 (5.027) Ne¢ movement In fyDd8 101.014 54.989 156,003 RECONCILIATION OF FUNDS Total funds brought forw*rd (41.821) 101,323 59,502 TOTAL FUNDS CARIUED FORWARD 59,193 IS6J12 215,505 33 Boat Bulldlng Acadomy Llmlted {Registered number: 04789584) Report and Accounts for the year ended 31 August 2025 Notes to tho Financlal Statements - continued For the year ended 31 August 2025 14. TAIYGIBLE FIXED ASSETS Improvements Fixthres and fi¢tltsgs COST Dd m*chln¢ry property Tot*ls At I S¢ptembtr 2024 Athlitions 96.429 4.350 40.337 10,387 408 137,174 14,737 At 31 August 2025 100,779 50,724 408 l51.911 DEPRECIATION At I September 2024 Char8e for year 26.369 9.879 28,712 7.033 408 55,489 16,912 At 31 August 2025 36,248 35.745 408 72,401 NET BOOK VALUE At 31 August 2025 At 31 August 2024 Is. STOCKS 2025 2024 Raw materials- wood and materia18 56.740 44,726 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade debtors Other debtors PrePay￿ents 65.788 73,633 9,893 18.097 16.457 83.0 101,623 34 Boat Building Academy Llmlted {Reglstered number: 04789584} Report and Accounts for the year ended 31 Au9USt 2025 Notes to the Flnanclal Statements- continued For the year ended 31 August 2025 J7. CREDITORS: AMOUNTS IIALLING DUE WITHIN ONE YEAR 2025 21124 BÈnk108nS and overdrafts (se¢ note 19) Trade ereditors Social seeurity and othertlxes Oth¢r creditors A¢¢tuals Bnd deferred income 36.667 7298 5.180 31.015 591.540 36,667 18.610 6.727 8,190 386,039 671,700 456233 Income is deferred for courses that run over & p¢riod of weeks and hRve notyet been ¢ompleted. The in¢om¢ 1$ relewd moT)th]y over the duration of the ¢ourse. Def¢rred income brou8ht forward New invoices rnis¢d Amounts released 364,176 ,022.215 (860.851) Deferred income ￿rrIed forward 525,540 18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2025 2024 Bank loans (see note l9) AccNals and deftrred income 33.610 18,728 70277 12,090 52,338 82,367 35 Boat Bulldlng ArAdemy Limlted (Registered number: 04789584> Report and Accounts for the year ended 31 August 2025 Notes to the Flnancial Slatements - continued For the yaar endod 31 August 2025 19. LOANS An alyalysis of the matiwity of104ns is given below: 2025 2024 Amowits falling due within one year on demand: Bank loan$ Amounts falling du¢ between two and S years: loans- 2-5 years 33,610 70,277 Amounts falling due in more than five years". Repayable by inslalments: Bank loans due in more than 5 years by instalments 33,610 70277 The bank loans are secured under o fixed and floating char8e against the ￿ets of the Company. Since the year end on 7th November 2025 the loan with Barclays Bank PLC w&$ r¢paid early ond in full settlement of #ll related Sums out9tandin8. Sinc¢ this date the Charity has enjoyed the financial position of having an ung¢￿ed bdlance sheet. LEASING AGREE￿￿￿s Minimum leaye paym¢nts under nonacancelldble operating leoses fall due as follows: 2025 2024 Within one year Bettveen on¢ and five years 57,970 59.500 64.750 117.470 117,470 182220 36 Boat Buildlng Academy Limlted (Registered number: 04789584) Report and Accounts for the year ended 31 August 2025 Notes to the Flnanclal Statements - continued For tho year ended 31 August 2025 21. MOVEMELYT IN FUNDS Un￿¢rIcted At I S¢ptember 2024 Net movements in funds TrAllgfer betweeD funds Al 31 August 2023 Unrestrlcted fvnds General fund Regtrle¢¢d thDd Bursary Planer and Tool fund Community Initiative D￿tbel Fund 153,250 3,062 15.963 4.863 169213 7,925 156,312 113.764 270.076 TOTAL FUNDS 215,505 150,209 365,714 Net movement in funds, in¢luded in th¢ above are as follows: Resour¢ ¢xpeDded Movement in funds reJour¢¢g Unrestrlc¢ed fuDd$ General fund 970 933 756 Res¢rl¢ted tknDds Bursary Planer and Tool fimd Community Jnitiative Decibel Fund 174,919 6.483 1.098 100000 282,500 (158,956) (1,620) (1,098) 15,963 4.863 (168,736) 113.764 TOTAL FUNDS 1252,701 (1.102,492) 150209 37 Boat Building Academy Llmited (Registered number: 04789584) Report and Accounts for the year ended 31 August 2025 Notos to the Financlal SLthments - continued For the year ended 31 August 2025 21. MOVEMENT IN FUNDS. ¢ODtinued Compwrntlves for movement iD fll￿ds Uorestrlcf¢d Atl September 2023 UD4wdlted N¢t Trnnsferg between nds At31 Augwst 2024 movements ID funds General fimd Restricted fvnds BU￿ary Planer and Tool fund 101,323 62,729 713 60.016 (10,802) 153,250 3.062 156,312 101.323 (5,027) TOTAL FUNDS 59,502 156.003 215,505 Cr)mparative net movement in fithds, included in the above are as follows.. Resourtes expended Mowement ID funds re50ureeJ Unrestrlcted futtdi Genernl fijnd 923 205 827 218 RestTl¢tsd tsn41s Bursary Planer and Tool fund 191.937 5.527 197.464 (129.208) 62,729 {137.448) 60,016 TOTAL FUNDS 1,120,669 (964.666) 156.003 38 Boat Buildlng Academy Llmlted {Reglstered number: 04789584) Report and Accounts for th8 year ended 31 August 2025 Notes to the Financlal Statements - contlnued For tho year ended 31 August 2025 21. MOVEMENf IN FUNDS. ¢ODllttued A current yeaT 12 months and prior year 12 M￿thS combined position is as follows: Atl N¢t September mov¢m¢nt 2023 UDaudlted Transfers belweeTr At 31 A￿E￿5¢ 2025 Unrestrlct¢d tsDds General fund 132432 R¢$¢rltted fvnd$ Bury8ry Planer ond Tool Fund Community Initiative Decibel Fund 101,323 78,692 2.150 (10.802) 5,775 169.213 7,925 92,938 92,938 101,323 173,780 (5,027) 270,076 TOTAL FUNDS 59,502 306.212 365,714 A current year 12 months and prior yeAr 12 months ¢ombined n¢t movement in fimds. included in the abov¢ ore as follows: ID¢omillg Resour¢es R¢sources Expended MovemeDI In fvnds UnT¢Strlcted fvodg General fimd 1893 406 1760 974 132432 Restri¢ted funds Bur.%ary Planer and T￿1 Fund Comlnunity Initiative Decibel Fund 366.856 12.010 1,098 (288.164) {9.8601 (1.098) 78,692 2.150 479.964 (306.184) 173,780 TOTAL FUNDS 2 373 370 2067 158 306212 39 Boat Building Academy Llmited (Registered nurnbor: 04789584) Report and Accounts for the year ended 31 August 2025 Notes to the Flnanclal Statements - continued For the year onded 31 August 2025 21. MOVEMENT IN FUNDS- contlnued Pwrposts for r¢strlcied funds Bu]sary fund- Restricted funds to be awarded as sLudent bursaries. The Ch8rity will also consider from tsme to time. th¢ use of its own general fund for the purposes of providing designaied bursariGs. Planer & Tooling Fund- Restricted funds established in 2024 as El ￿sUIt of the Charity T￿e1VIng iknations from Donors spe¢ifically requesting that the money is solely spent on tooling for u5¢ by the Charity. Community Initiative Fund- Restri¢ted funds ¢slablished in 2025 as a result of the Chatity receiving donations a￿1 gran1$ With the specific requesi that su¢h monies ar¢ used for lo¢al community activities. Decibel aTyd Building Fund- Restricted ftmd established in 2025 following receipt of a lega¢y requiTing thatth¢ money be used to rebuild a famou$ yatht known as Decibel. with the remaind￿ being used for th¢ Clwity'$ Building project. Trnnsfers between Throughout the year, transfeTS between thnds lake pla¢e when monies are r¢eeived for the pur¢hase of tooling for students. Once th¢ purchase has been completed, the items have b¢en capitalis¢d, and the terms ofthe gifl have been mel. tl* full amounl is tTansF¢rred from the Bursary Fund to the General Fund. 22. ANALYSIS OF NKT ASSETS BY FUND Pl8ner & Tool F￿Thd Communlty Ini¢i4tive Tothl Deelbel Restrl¢ted Fund GeThtrAI Fund Bursary TOT AL FUNDS FIXED ASSETS Tangible &ssets CURRENT ASSETS Stocks Debtors Cash at Bank 56,740 83,090 169 600 336 ￿13 740.166 169,213 56,740 83,090 870412 1.010.242 270 076 270,076 7.925 92.938 CREDITORS Amounts falling due within on¢ year {671,700) (671,700) NET CURRENT AgsETS 68,466 169,213 7.925 92.938 270,076 338.542 TOT AL ASSETS LESS CURRENT LIABILITIES 147.976 169213 7.925 92.938 270.076 418,052 CREDITORS Amounts falling due after more than one year (52J38) (52.338) NET ASSETS 95.638 169213 7,925 92.938 270.076 365,714 40 Boat Buildlng Academy Limlted (Reglstèred number: 04789584) Report and Accounts for the year ended 31 August 2025 Notes to the Flnanclal s￿￿Orne￿ts - contlnued For the year ended 31 August 2025 23. RELATED PARTY DJSCLOSiJRES The following related paty transa¢tions oco)rred in th¢ year. Expenses ¢l&imed by Trusltts duringth¢ year amounted to £820 (2024- £2,442). Of this. total expenses ¢laim¢dof£82012024.. £1,365) wer¢ donated b4¢k to the chaTity by the Tru$tee5 with the additi(Ri of gift Elid subsequently claimed. During the year. a total amount of £315 (2024.. £Nil) was paid to th¢ Lyme Arts Conmiunity Limited for br(thure advertising. A trustee of the Charity also ￿yeS as a dirertor of thi5 ¢oinpany. Bursaries donatd by TTUStees durin8 the year amowited to £21,588 (2024 - £5263) of which £2.500 (2024.. £Nil) h&4 been re¢o8nised as Ikfwred income. A TTu$tee has conlinu¢d to provide a gueranttt on behalf of the CoMp￿Y for one of the buildings oc¢upiedby th¢ Charity and rented from a third party. The guarantee ajnounts to £7,￿0 (2024. £19.IK)O). ETnployment related payments made lo Mr Williom Re¢d (Principol, Direcior and Tru51¢e} are discloscd In note I l. Mr Williain Reed's rainily owns a cottage in the Lyme Regis are8 whieh is, on occasion, used by ¢ontrdcting visitor tutors for aecotnmod8tion. whilyt working at the Boat Building Academy. During ihe year. £Nil {2024 - £750) was paid by the Charity for such services. 41 Boat Bullding Academy Llmlted (Regl8tsred number: 04789584) Report and Accounts for the year ended 31 August 2025 42