The Yavari Project
Report and Accounts
for the Year ended 31st December 2022
Registered Charity No. 298904
The Yavari Project
Trustees' Report and Accounts
Year Ended 31st December 2022
CONTENTS
| CONTENTS | |
|---|---|
| Page | |
| Legal and Administrative Information | 1 |
| Trustees' Report | 2 - 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 - 9 |
The Yavari Project
Legal and Administrative Information
Constitution Declaration of Trust dated 24 February 1988 as amended by a supplemental deed dated 30 April 1998 Charity Number 298904 Trustees Mr H Murray Mrs Melissa Owston Mr F W P Lea Officers Miss M V Larken Director Mr F W P Lea Treasurer Registered Address 12 Back Lane Great Bedwyn Marlborough Wilts SN8 3NX Bankers Lloyds TSB Bank Plc 198-200 The Marlowes Hemel Hempstead Herts HP1 1BH
Page 1
The Yavari Project
TRUSTEES' REPORT
The Trustees present their report and the accounts for the year ended 31st December 2022.
Structure, Governance and Management
Details of the Project's governing documents and management are set out on Page 1, which forms part of this report. The Director runs the Project on a day-to-day basis, while the Trustees are involved in strategy and fund-raising.
New trustees are chosen by the existing trustees, and are selected on the basis of their knowledge and experience relevant to the Project. All trustees have experience with other charities.
The Trustees have reviewed the major risks to which the Project is exposed, and continue to keep them under review. However, as the object of the Project's efforts is not owned by the Project and is located overseas, they are largely beyond the Project's control.
Objects and Activities
The Yavari Project has the following objects:
-
1) To restore and preserve the ship called the "Yavari" for the benefit of the public, and
-
2) To advance the education of young people of Peruvian and British nationality and to train them in the skills required to restore and preserve vessels similar to the "Yavari" and to provide them with relevant experience.
The "Yavari" is a historic 19th century iron steamship built in the UK and afloat in Lake Titicaca in Peru. It is owned by "La Asociacion Yavari", a registered Peruvian not-for-profit foundation. The "Asociacion" pays the salaries of the ship's captain and crew, and administrative staff, as well as other expenses. These have been partially funded by donations and loans from The Yavari Project
The Director has regularly visited the Yavari to further restoration and to monitor its condition. In the UK her time has been largely dedicated to promoting the Project, furthering the ship's restoration and modification, and maintaining contact with the ship's crew in Puno and the administration in Lima.
Review of Activities During the Year
Following a formal request from the leaseholders of the port of Puno, in November 2022 the MV Yavari moved to her old berth outside the Hotel Sonesta Posada del Inca in Puno. Because of falling water levels,the existing pier there was too short, so a new one was required. An attempt to purchase a floating pier in kit form from the USA proved abortive, so a new pier made from locally-sourced materials is being constructed.
Efforts are being made to find an operator to take over the running of the vessel, with a view to exploiting it commercially as a wedding and party venue, and for short trips.
Engineer Maximo Flores continued to maintain the ship,and The Yavari Project remained committed to covering the ship's essential expenses.
Page 2
The Yavari Project
TRUSTEES' REPORT
Financial Review
The Trust received donations of £31,639. Gift Aid on donations amounted to £12,045. Transfers to Peru to cover salaries and other direct costs, and expenditure on the pier, totalled £34,775. Expenses came to £8,290. Overall, the Project had a surplus of £726 for the year.
Funding comes mainly from donations and loans, and is largely dependent on the efforts of the Director.
The Trustees have considered the Project's reserves in the light of the funds required to contribute to operational expenses. The reserves are considered adequate at present.
The long term creditor in the balance sheet at the year end represents the amount owed to the Director for loans she made to provide funds to lend La Asociacion Yavari in Peru. The Director has confirmed to the Trustees that she will not call for repayment of this, or any amount, unless corresponding amounts have been repaid to The Yavari Project by La Asociacion Yavari.
Trustees' Responsibilities
Trustees are required to have prepared financial statements each financial year that give a true and fair view of the state of affairs of the Trust at the end of the year and of the surplus or deficit arising during it. In preparing those financial statements, the trustees are required to:
Select suitable accounting policies and apply them consistently;
Make judgements and estimates that are reasonable and prudent;
Prepare the financial statements on a going concern basis unless it is inappropriate to assume that the trust will continue on that basis.
The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the trust and to enable them to ensure that the financial statements comply with the relevant regulations governing the accounts of Charities. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees have complied with their duty to have due regard to the Charity Commission's public benefit guidance when exercising any powers or duties to which that guidance is relevant.
Accounts
This report and the accompanying accounts have been prepared in in compliance with the Charities Act 2011, the Statement of Recommended Practice "Accounting and Reporting by Charities" issued in March 2005, and the Charity (Accounts and Reports) Regulations 2008.
Approved by the Trustees on 26 September 2023 and signed on their behalf by
Mr Hallam Murray Trustee
Page 3
The Yavari Project
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE
THE YAVARI PROJECT
I report on the financial statements of The Yavari Project for the year ended 31st December 2022, set out on pages 5 to 9.
Respective responsibilities of trustees and independent examiner
The Trustees are responsible for the preparation of the financial statements and for maintaining proper accounting records. They are also responsible for making available to me the charity's accounting records and all other records and information, including minutes of meetings, relevant to my examination. The Trustees consider that an audit is not required under section 144(2) of the Charities Act 2011 ("the Act"), and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit and is eligible for independent examination, it is my responsibility to:
-
Examine the accounts under section 145 of the Act;
-
Follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act; and
-
State whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present a "true and fair view", and the report is limited to those matters set out in the statement below.
Independent reporting examiner's statement
In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that in any material respect the requirements:
-
To keep accounting records in accordance with section 130 of the Act: and
-
To prepare accounts which accord with the accounting records, and comply with the accounting requirements of the Act and with the methods and principles of the Statement of Recommended Practice "Accounting and Reporting by Charities"
have not been met.
No other matter has come to my attention in connection with my examination to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Brenda W. Mayes F.C.A. Institute of Chartered Accountants in England and Wales c/o William J Mayes Chartered Accountants Mayes House, Vansittart Estate, Arthur Road Windsor, Berkshire SL4 1SE
Date
Page 4
The Yavari Project
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
For The Year Ended 31st December 2022
| Notes Incoming Resources from generated funds Voluntary income Donations Income tax recovered under Gift Aid Activities for generating income Sales Investment and other income Total Incoming Resources Resources Expended Charitable activities 5 Management and administration 6 Total Resources Expended Net Incoming Resources for the year Balances brought forward at 1st January 2022 Balances carried forward at 31st December 2022 |
2022 2022 General Fund Total £ £ 31,639 31,639 12,045 12,045 72 72 35 35 43,791 43,791 34,775 34,775 8,290 8,290 ) (43,065 ) (43,065 726 726 9,233 9,233 9,959 9,959 |
2021 Total £ 18,555 - - - 18,555 18,352 19 ) (18,371 184 9,049 9,233 |
|---|---|---|
There are no restricted funds.
The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.
The notes on pages 7 - 9 form part of these accounts.
Page 5
The Yavari Project
BALANCE SHEET
As At 31st December 2022
| Notes Fixed assets Loans to La Asociacion Yavari 2 Current Assets Cash at bank and in hand Net Current Assets Total Assets Less Current Liabilities Long-term liabilities 3 Surplus/Deficiency of Assets Funds Unrestricted |
2022 £ £ 159,534 159,534 9,925 9,925 169,459 ) (159,500 9,959 9,959 9,959 |
2021 £ £ 193,524 193,524 949 949 194,473 ) (185,240 9,233 9,233 9,233 |
|---|---|---|
There are no restricted funds.
Approved by the Trustees on 26 September 2023.
F. W. P. Lea FCA Trustee
The notes on pages 7 - 9 form part of these accounts.
Page 6
The Yavari Project
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2022
1. Accounting Policies
1.1. Accounting convention
The accounts are prepared under the historical cost convention and in accordance with the Charities Act 2011 and the Charities Statement of Recommended Practice "Accounting and Reporting by Charities" issued in March 2005.
1.2. Donations
Donations are credited to income in the year in which they are receivable.
1.3. Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.4. Taxation
Amounts receivable from the Inland Revenue in respect of donations made under Gift Aid are credited to income in the year in which they are received.
1.5. Foreign currencies
Current assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Income and Expenditure account. Long term assets are not uplifted by notional foreign exchange gains.
Page 7
The Yavari Project
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2021
2. Investments
| Investments | |||
|---|---|---|---|
| Loans to | Total | ||
| La Asociacion | |||
| Yavari | |||
| £ | £ | ||
| Cost | |||
| At 1st January 2022 | 193,892 | 193,892 | |
| At 31st December 2022 | 193,892 | 193,892 | |
| Provisions for diminution in value: | |||
| At 1st January 2022 | 368 | 368 | |
| Provision for doubtful debt | 33,990 | 33,990 | |
| At 31st December 2022 | 34,358 | 34,358 | |
| Net Book Values | |||
| At 31st December 2022 | 159,534 | 159,534 | |
| At 31st December 2021 | 193,524 | 193,524 |
The loans have been made to La Asociacion Yavari in Peru to enable it to complete the refit of the MV Yavari in order for her to comply with marine regulations and to legally carry passengers, and for essential maintenance and construction. They have been formally recorded in the registers of La Asociacion. They are interest free and repayable out of future receipts from ticket sales and functions, including commissions from an operator.
It was decided to write the loan balance down to US$193,000, the balance certified in Peru as a formally registered debt.
3.
| Long-term liabilities | 2022 | 2021 |
|---|---|---|
| £ | £ | |
| Loans | 159,500 | 185,240 |
The loan balance at the year end represents loans from the Director to enable The Yavari Project to make loans to La Asociacion Yavari in Peru, for the latter to complete the fitout of the MV Yavari to carry passengers, and for essential maintenance and other work. The loans from the director are interest free and will be repaid as the The Yavari Project is repaid by La Asociacion Yavari.
4. Taxation
The Project, as a registered charity, is exempt from tax on its income and gains to the extent that these are applied to its charitable objects. The Project can recover income tax on donations made to it under Gift Aid.
Page 8
The Yavari Project
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2021
| 5. Direct charitable expenditure Expenditure on pre-fabricated kit pontoon Yavari staff salaries, materials and other direct overheads (see Note 9) 6. Management and administration costs Provision for debt recovery net of amount repayable Telephone and internet costs Bank charges |
2022 £ 17,005 17,770 34,775 2022 £ 8,250 19 21 8,290 |
2021 £ - 18,352 |
|---|---|---|
| 18,352 | ||
| 2021 £ 19 - |
||
| 19 |
7. Trustees' Remuneration
None of the Trustees received any remuneration or were reimbursed for any expenses during the year.
8. Employee
The Project's sole employee during the year was its Director. She received no remuneration.
9. Related Parties
The Project is connected to "La Asociacion Yavari", a not-for-profit foundation registered in Peru, which owns the steamship "Yavari". Loans made to it during the year are shown in Note 2.
Page 9