## **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**