THE KATHLEEN & MAY CIC

Company limited by guarantee

Company Registration Number:
15845473 (England and Wales)

Unaudited statutory accounts for the year ended 31 July 2025

Period of accounts

Start date: 18 July 2024

End date: 31 July 2025

THE KATHLEEN & MAY CIC

Contents of the Financial Statements

for the Period Ended 31 July 2025

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

THE KATHLEEN & MAY CIC

Directors' report period ended 31 July 2025

The directors present their report with the financial statements of the company for the period ended 31 July 2025

Principal activities of the company

The principal activity of the CIC will be that of acquiring the historic schooner the Kathleen & May, stabilising the vessel, and ultimately seeking funding to have the vessel restored to operational sail as a sailing attraction around the UK and Ireland. The Kathleen & May is significant, she is listed on the National Historic Register, is part of the National Historic Fleet and was designated a National Treasure in 2011 by the Arts Council. She is currently the last vessel of her type left afloat in the world.



Directors

The directors shown below have held office during the whole of the period from
18 July 2024 to 31 July 2025

Karen Taylor
Anthony Conder
Jack Loverock


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
11 June 2026

And signed on behalf of the board by:
Name: Karen Taylor
Status: Director

THE KATHLEEN & MAY CIC

Profit And Loss Account

for the Period Ended 31 July 2025

2025


£
Turnover: 447
Cost of sales: 0
Gross profit(or loss): 447
Distribution costs: 0
Administrative expenses: ( 780 )
Other operating income: 0
Operating profit(or loss): (333)
Interest receivable and similar income: 0
Interest payable and similar charges: 0
Profit(or loss) before tax: (333)
Tax: 0
Profit(or loss) for the financial year: (333)

THE KATHLEEN & MAY CIC

Balance sheet

As at 31 July 2025

Notes 2025


£
Fixed assets
Intangible assets:   0
Tangible assets:   0
Investments:   0
Total fixed assets: 0
Current assets
Stocks:   0
Debtors:   0
Cash at bank and in hand: 447
Investments:   0
Total current assets: 447
Prepayments and accrued income: 0
Creditors: amounts falling due within one year: 3 ( 780 )
Net current assets (liabilities): (333)
Total assets less current liabilities: (333)
Creditors: amounts falling due after more than one year:   0
Provision for liabilities: 0
Accruals and deferred income: 0
Total net assets (liabilities): (333)
Members' funds
Profit and loss account: (333)
Total members' funds: ( 333)

The notes form part of these financial statements

THE KATHLEEN & MAY CIC

Balance sheet statements

For the year ending 31 July 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 11 June 2026
and signed on behalf of the board by:

Name: Karen Taylor
Status: Director

The notes form part of these financial statements

THE KATHLEEN & MAY CIC

Notes to the Financial Statements

for the Period Ended 31 July 2025

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

THE KATHLEEN & MAY CIC

Notes to the Financial Statements

for the Period Ended 31 July 2025

  • 2. Employees

    2025
    Average number of employees during the period 0

THE KATHLEEN & MAY CIC

Notes to the Financial Statements

for the Period Ended 31 July 2025

3. Creditors: amounts falling due within one year note

2025
£
Bank loans and overdrafts 0
Amounts due under finance leases and hire purchase contracts 0
Trade creditors 0
Taxation and social security 0
Accruals and deferred income 0
Other creditors 780
Total 780

COMMUNITY INTEREST ANNUAL REPORT

THE KATHLEEN & MAY CIC

Company Number: 15845473 (England and Wales)

Year Ending: 31 July 2025

Company activities and impact

The Kathleen & May Community Interest Company was established in 2024 with the objective of acquiring, preserving and promoting the historic schooner Kathleen & May for the benefit of local communities, visitors, volunteers and future generations. The Kathleen & May is a nationally significant heritage vessel built in 1900 and recognised as part of the National Historic Fleet. She represents an important surviving link to Britain's maritime trading heritage and the coastal communities of Britain and Ireland that relied upon sail-powered commerce throughout the twentieth century. The vessel is recognised as part of the National Historic Fleet and is widely regarded as one of the most significant surviving British-built coastal trading schooners. The CIC was established not simply to preserve a vessel, but to preserve and share the stories, skills, traditions and experiences associated with Britain's coastal trading communities. The Directors recognised from the outset that the acquisition of a historic vessel of this significance would require a carefully planned and sustainable approach. Any future transfer of ownership would need to be supported by robust governance arrangements, stakeholder engagement, long-term stewardship plans and the identification of suitable funding opportunities. During the reporting period, the Company therefore focused on developing the organisational, community and stakeholder foundations necessary to support these objectives. The Company was led by three unpaid Directors and supported by a core volunteer team of eight individuals committed to the preservation and promotion of maritime heritage. The core volunteer team collectively contributed more than 4,160 volunteer hours aboard the vessel during the reporting period, excluding time spent preparing for events, fundraising activities and administration. A further eighteen volunteers supported the vessel through public events, visitor engagement activities and behind-the-scenes assistance throughout the year. Volunteer activities focused on routine maintenance, conservation support, public engagement and heritage storytelling. Through these activities, volunteers helped share the history of the vessel and the wider story of Britain's coastal trading fleet, ensuring that maritime knowledge, traditions and experiences remained accessible to local communities and visitors. A key focus of the Company's work during the reporting period was community engagement. The CIC supported and participated in a programme of public events including Heritage Open Days, a volunteer-supported Sea Shanty fundraising event and the Santa Experience. These events enabled visitors to step aboard the vessel, learn about her history and engage directly with volunteers passionate about maritime heritage and conservation. The Sea Shanty event was made possible through the generosity of performers who donated their time and talent in support of the vessel and its future preservation. The event combined fundraising, heritage interpretation and community participation, helping to raise awareness of the Kathleen & May and the importance of preserving historic maritime assets. Public open days and heritage events welcomed at least 1,175 visitors during the reporting period. Attendance included two large-scale public events attracting approximately 573 and 602 visitors respectively, alongside smaller specialist events where visitor numbers were intentionally restricted to maintain the quality of the visitor experience and ensure safe access aboard the vessel. These events demonstrated significant public interest in the Kathleen & May and the wider maritime heritage of Gloucester Docks. Many visitors engaged directly with volunteers aboard the vessel, creating opportunities for intergenerational learning, heritage interpretation and the sharing of personal maritime and family stories connected with Britain's seafaring past. The Company actively engaged with National Historic Ships UK and a range of stakeholders within Gloucester and the surrounding region to promote awareness of the vessel's significance and explore opportunities for future collaboration. These discussions helped inform the development of a sustainable long-term vision for the future safeguarding of the vessel and strengthened community support for her preservation. The Company's activities generated community benefit by: Supporting more than 4,160 hours of heritage volunteering contributed by a core team of volunteers. Encouraging volunteering, skills sharing and community participation. Promoting public access to maritime heritage and heritage learning. Sharing the stories, traditions and experiences of Britain's coastal trading communities. Raising awareness of traditional maritime skills and conservation practices. Strengthening engagement with Gloucester's historic docklands and maritime heritage. Supporting opportunities for intergenerational learning and heritage storytelling. Building public support for the long-term preservation of a nationally significant historic vessel. The reporting period was focused on establishing the Company, developing a committed volunteer base, engaging local communities, strengthening stakeholder relationships and laying the foundations necessary to support the future acquisition and safeguarding of the Kathleen & May for public benefit.

Consultation with stakeholders

The Company engaged with a wide range of stakeholders during the reporting period, including volunteers, visitors, local residents, heritage organisations, maritime professionals, local businesses and organisations with an interest in the future of the Kathleen & May. Consultation took place through public open days, heritage events, volunteer meetings, stakeholder discussions and ongoing engagement with National Historic Ships UK and local organisations within Gloucester and the surrounding region. Feedback consistently demonstrated strong public interest in the vessel and widespread support for efforts to secure her long-term future. Visitors frequently expressed appreciation for the opportunity to step aboard a nationally significant historic vessel and engage directly with volunteers involved in sharing her history and supporting her preservation. Volunteer feedback helped shape priorities for maintenance activities, visitor engagement and heritage interpretation, while discussions with heritage stakeholders informed the Company's developing plans for future stewardship, public benefit and organisational sustainability. The Company remains committed to ensuring that local communities, volunteers and stakeholders continue to have opportunities to contribute to the future development of the organisation and its heritage objectives.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
11 June 2026

And signed on behalf of the board by:
Name: Karen Taylor
Status: Director