REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 October 2024 |
for |
Sailing Smack Trust Limited |
A Charity Limited By Guarantee |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 October 2024 |
for |
Sailing Smack Trust Limited |
A Charity Limited By Guarantee |
Sailing Smack Trust Limited |
A Charity Limited By Guarantee |
Contents of the Financial Statements |
for the Year Ended 31 October 2024 |
Page |
Report of the Trustees | 1 |
Statement of Financial Activities | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 4 | to | 7 |
Sailing Smack Trust Limited (Registered number: 03122318) |
A Charity Limited By Guarantee |
Report of the Trustees |
for the Year Ended 31 October 2024 |
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 October 2024. 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 |
1) To provide for the education and benefit of the public facilities and finance for the discovery, repair, reconstruction, renewal, replacement, maintenance, preservation, transportation, sailing trips and berthing of tall ships and of other ships and vessels of national, historic, technical or scientific interest and of buildings and relics of similar interest and connected in any way with such vessels or the construction or use of such vessels and the protection and promotion of public enjoyment and appreciation of the same; |
2) To support or further any other exclusively charitable objects and purposes in the united kingdom or in any other part of the world. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The trustee has retired from active participation, but the charity is hoping to set up new charitable activities on the East coast. |
FINANCIAL REVIEW |
Reserves policy |
The trustee wishes to ensure that the reserves of the charity are sufficient to ensure one year's costs are covered. Historically the annual costs are in excess of current reserves. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its Memorandum & Articles of Association as amended by a Special Resolution dated 9 June 1997. |
Recruitment and appointment of new trustees |
The trustee shall have power at any time, and from time to time, to appoint any person to be a trustee, either to fill a casual vacancy or as an addition to the existing trustees. |
At every Annual General meeting of the charity all the trustees shall retire from office and shall be eligible for re-election. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Approved by order of the board of trustees on |
Sailing Smack Trust Limited |
A Charity Limited By Guarantee |
Statement of Financial Activities |
for the Year Ended 31 October 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | ( |
) | ( |
) |
TOTAL FUNDS CARRIED FORWARD | ( |
) | (2,367 | ) |
Sailing Smack Trust Limited (Registered number: 03122318) |
A Charity Limited By Guarantee |
Balance Sheet |
31 October 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
NET ASSETS/(LIABILITIES) | ( |
) | ( |
) |
FUNDS | 7 |
Unrestricted funds | ( |
) | (2,367 | ) |
TOTAL FUNDS | ( |
) | (2,367 | ) |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 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 |
Sailing Smack Trust Limited |
A Charity Limited By Guarantee |
Notes to the Financial Statements |
for the Year Ended 31 October 2024 |
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. |
The trustee considers that there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the charity to continue as a going concern. |
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. |
Plant and machinery | - |
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. |
2. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 October 2024 nor for the year ended 31 October 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 October 2024 nor for the year ended 31 October 2023. |
Sailing Smack Trust Limited |
A Charity Limited By Guarantee |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
3. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
EXPENDITURE ON |
Charitable activities |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | (1,844 | ) | - | ( |
) |
TOTAL FUNDS CARRIED FORWARD | (2,367 | ) | - | (2,367 | ) |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 November 2023 and 31 October 2024 |
DEPRECIATION |
At 1 November 2023 and 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
VAT |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
Accrued expenses |
Sailing Smack Trust Limited |
A Charity Limited By Guarantee |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
7. | MOVEMENT IN FUNDS |
Net |
At | movement | At |
1.11.23 | in funds | 31.10.24 |
£ | £ | £ |
Unrestricted funds |
General fund | (2,367 | ) | 1,475 | (892 | ) |
TOTAL FUNDS | ( |
) | 1,475 | (892 | ) |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 2,204 | (729 | ) | 1,475 |
TOTAL FUNDS | ( |
) | 1,475 |
Comparatives for movement in funds |
Net |
At | movement | At |
1.11.22 | in funds | 31.10.23 |
£ | £ | £ |
Unrestricted funds |
General fund | (1,844 | ) | (523 | ) | (2,367 | ) |
TOTAL FUNDS | (1,844 | ) | (523 | ) | (2,367 | ) |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | - | (523 | ) | (523 | ) |
TOTAL FUNDS | - | (523 | ) | (523 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
At | movement | At |
1.11.22 | in funds | 31.10.24 |
£ | £ | £ |
Unrestricted funds |
General fund | (1,844 | ) | 952 | (892 | ) |
TOTAL FUNDS | (1,844 | ) | 952 | (892 | ) |
Sailing Smack Trust Limited |
A Charity Limited By Guarantee |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
7. | MOVEMENT IN FUNDS - continued |
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 | 2,204 | (1,252 | ) | 952 |
TOTAL FUNDS | 2,204 | (1,252 | ) | 952 |
8. | RELATED PARTY DISCLOSURES |