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REGISTERED COMPANY NUMBER: 02835063 (England and Wales)
REGISTERED CHARITY NUMBER: 1034969














Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Atlantic Challenge GB Maritime Training
Trust Limited

Atlantic Challenge GB Maritime Training
Trust Limited






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Report of the Trustees 1 to 2

Independent Examiner's Report 3

Statement of Financial Activities 4

Balance Sheet 5

Notes to the Financial Statements 6 to 9

Atlantic Challenge GB Maritime Training
Trust Limited (Registered number: 02835063)

Report of the Trustees
for the Year Ended 31 December 2023


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement 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 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our objectives and planning our future activities.

The Charity's objectives are:
- The advancement of education in the skills of boatbuilding and seamanship.
- To undertake such activities that will improve these skills, particularly with a focus on working with young people.

ACHIEVEMENT AND PERFORMANCE
Charitable activities

Trustees and crew continued to keep in regular contact as plans were released about the next International Contest to be held in Maine, USA, in 2024.

Trustees continued to recruit crew for the 2024 Contest and held a successful Training Camp in Dorset.

A series of Zoom meetings and a Group Chat were organised for the crew and plans made for a training and fitness schedule via the internet.

The Trust continues to be actively involved in general fundraising with the aim of widening its programme of annual events.

FINANCIAL REVIEW
The results for the year and the financial position of the charity are presented in the financial statements on pages four to ten. The current level of unrestricted free reserves amounts to £32,802 and no restricted reserves. The restricted reserves were for the maintenance of Intégrité. The Trust does not intend to keep reserves other than those related to the assets held within the Trust and sufficient to maintain said assets.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The charity is managed by a board of trustees who meet on a regular basis to discuss the progress of current projects along with any long-term objectives. Trustees are elected for a period of three years. Atlantic Challenge GB Maritime Training Trust Ltd is affiliated to Atlantic Challenge International.

INTEGRITE works to the UKGB Code of Practice, the Coxwains Log Book and the Manual of Seamanship.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02835063 (England and Wales)

Registered Charity number
1034969


Atlantic Challenge GB Maritime Training
Trust Limited (Registered number: 02835063)

Report of the Trustees
for the Year Ended 31 December 2023

Registered office
Y Bwthyn
High Street
LLANDYSUL
Ceredigion
SA44 4DN

Trustees
Mrs K J Kerr
Mrs M E Byatt
A F Golden
B E Heaney
G Sim
J Colton
R Thompson

Company Secretary
Mrs K J Kerr

Independent Examiner
Ashmole & Co
Manchester House
Grosvenor Hill
Cardigan
Ceredigion
SA43 1HY

Approved by order of the board of trustees on 31 August 2024 and signed on its behalf by:





Mrs K J Kerr - Trustee

Independent Examiner's Report to the Trustees of
Atlantic Challenge GB Maritime Training
Trust Limited

Independent examiner's report to the trustees of Atlantic Challenge GB Maritime Training Trust Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








Karl Wilcox

Ashmole & Co
Manchester House
Grosvenor Hill
Cardigan
Ceredigion
SA43 1HY

Date: .............................................

Atlantic Challenge GB Maritime Training
Trust Limited

Statement of Financial Activities
for the Year Ended 31 December 2023

31.12.23 31.12.22
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Charitable activities
Seamanship 7,872 1,815

Investment income 2 7 1
Total 7,879 1,816

EXPENDITURE ON
Charitable activities
Seamanship 5,137 3,066

NET INCOME/(EXPENDITURE) 2,742 (1,250 )


RECONCILIATION OF FUNDS
Total funds brought forward 30,060 31,310

TOTAL FUNDS CARRIED FORWARD 32,802 30,060

Atlantic Challenge GB Maritime Training
Trust Limited (Registered number: 02835063)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Unrestricted Total
fund funds
Notes £    £   
FIXED ASSETS
Tangible assets 5 15,000 15,000

CURRENT ASSETS
Cash at bank 20,672 17,920

CREDITORS
Amounts falling due within one year 6 (2,870 ) (2,860 )

NET CURRENT ASSETS 17,802 15,060

TOTAL ASSETS LESS CURRENT
LIABILITIES

32,802

30,060

NET ASSETS 32,802 30,060
FUNDS 8
Unrestricted funds 32,802 30,060
TOTAL FUNDS 32,802 30,060

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 31 August 2024 and were signed on its behalf by:





K J Kerr - Trustee

Atlantic Challenge GB Maritime Training
Trust Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement 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 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.



Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. INVESTMENT INCOME
31.12.23 31.12.22
£    £   
Deposit account interest 7 1


Atlantic Challenge GB Maritime Training
Trust Limited

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.


4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£   
INCOME AND ENDOWMENTS FROM
Charitable activities
Seamanship 1,815

Investment income 1
Total 1,816

EXPENDITURE ON
Charitable activities
Seamanship 3,066

NET INCOME/(EXPENDITURE) (1,250 )


RECONCILIATION OF FUNDS
Total funds brought forward 31,310

TOTAL FUNDS CARRIED FORWARD 30,060

5. TANGIBLE FIXED ASSETS
Gig
£   
COST
At 1 January 2023 and 31 December 2023 15,000
NET BOOK VALUE
At 31 December 2023 15,000
At 31 December 2022 15,000


Atlantic Challenge GB Maritime Training
Trust Limited

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other loans (see note 7) 2,500 2,500
Accrued expenses 370 360
2,870 2,860

7. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year on demand:
Loan - K J Kerr 2,500 2,500

8. MOVEMENT IN FUNDS
Net
movement At
At 1.1.23 in funds 31.12.23
£    £    £   
Unrestricted funds
General fund 30,060 2,742 32,802

TOTAL FUNDS 30,060 2,742 32,802

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 7,879 (5,137 ) 2,742

TOTAL FUNDS 7,879 (5,137 ) 2,742


Comparatives for movement in funds

Net
movement At
At 1.1.22 in funds 31.12.22
£    £    £   
Unrestricted funds
General fund 31,310 (1,250 ) 30,060

TOTAL FUNDS 31,310 (1,250 ) 30,060

Atlantic Challenge GB Maritime Training
Trust Limited

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 1,816 (3,066 ) (1,250 )

TOTAL FUNDS 1,816 (3,066 ) (1,250 )

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.1.22 in funds 31.12.23
£    £    £   
Unrestricted funds
General fund 31,310 1,492 32,802

TOTAL FUNDS 31,310 1,492 32,802

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 9,695 (8,203 ) 1,492

TOTAL FUNDS 9,695 (8,203 ) 1,492

9. RELATED PARTY DISCLOSURES

Mrs K J Kerr has advanced an interest free loan to the Charity for the sum of £2,500.