Company registration number:
Charity registration number:
Pelican of London Limited
(A company limited by guarantee)
Annual Report and Financial Statements
for the period from 14 January 2025 to 31 March 2026
Pelican of London Limited
Contents
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Reference and Administrative Details |
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Trustees' Report |
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Independent Auditors' Report |
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Statement of Financial Activities |
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Balance Sheet |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Pelican of London Limited
Reference and Administrative Details
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Trustees |
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Senior Management / Leadership Team |
A Ragbourne, CEO S Thorrington, COO |
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Charity Registration Number |
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Company Registration Number |
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Country of Incorporation |
England and Wales |
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Registered Office |
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Auditor |
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Pelican of London Limited
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the 14.5- month period ended 31 March 2026.
Pelican of London Limited was incorporated in January 2025 as a charitable not-for-profit company limited by guarantee. Charitable status was confirmed by the Charity Commission of England and Wales in September 2026.
Pelican of London Limited
Trustees' Report
Objectives and activities
Objects and aims
The purposes of the charity as set out in the objects contained in the company’s Memorandum and Articles of Association are as follows:
The objects of the Company are for the public benefit to help young people up to the age of 25 by:
(a) advancing in life through the provision of sailing and sailing-related activities, training, advice, assistance and other programmes designed to develop their skills, capacities and capabilities, so that they may participate in society as independent, mature and responsible individuals;
(b) advancing education through the provision of educational support, guidance and training;
(c) relieving unemployment through the provision of employment support, guidance, training and assistance to help young people prepare for, obtain and maintain employment; and
(d) providing recreational and leisure-time activities in the interests of social welfare for young people generally, or for those who have need by reason of their youth, disability, poverty or social and economic circumstances, with the aim of improving their conditions of life.
In February 2025 Pelican of London Limited (POL) became the owner of the tall ship Pelican of London by way of a charitable donation, an ocean-going sail training ship equipped for offshore, expeditionary voyages, specifically designed to give young people an exciting, exacting and exhilarating seafaring experience. It is a 45-metre three-masted square-rigged tall ship, one of only two operated by UK charities. It has accommodation for up to 35 young trainees and 12 crew and volunteers. We offer a variety of voyage programmes from 7 days to 6 months, sailing in the UK, Europe, Atlantic and Caribbean. We normally expect to sail for 40-45 weeks every year - around the UK and Europe from April/May to October/November, and in the autumn and winter period in southern Europe. Our sailing programme is agreed 12-24 months in advance. Our core strategic objectives are:
• Sail Training, enabling young people to discover their abilities, values, passions and responsibilities in situations that offer adventure, challenge and the unexpected.
• Unique Maritime Careers opportunities to learn about life on-board, safety at sea, seamanship, navigation, engineering, teamwork and much more. Up to six cadets and maritime apprentices sail on all our voyages.
• STEM and Ocean Science Voyages, to engage young people in the study of marine ecosystems, meteorology, oceanography and human interactions with the environment, as well as discuss solutions to sustainability challenges and safeguarding the planet. Volunteer Scientists in Residence sail on most of our voyages to guide participants through workshops, experiments and citizen science projects.
• Ensuring that voyages are open to all young people by seeking to subsidise costs for those who are from more disadvantaged backgrounds and therefore cannot pay.
• Expanding sail training capacity and specialist voyages over the next five years, to meet increasing demand, through the provision of our second ship - Fridtjof Nansen.
Pelican of London Limited
Trustees' Report
Sail Training
The ship is specifically designed to give young people an exciting, exacting and exhilarating seafaring experience. They work as part of a team using perseverance, initiative and leadership to experience life at sea in diverse conditions, making new friends, building confidence and resilience, all valuable skills to improve their job prospects and equip them for life. Sail training takes components of other land-based outdoor adventure activities - such as overcoming challenges to achieve goals, working as a team, being isolated from the outside world and learning new skills - and combines them with factors, risks, that can potentially make the impacts stronger. The specific challenges and unique physical environment of sail training can result in a very distinctive experience, with potentially life-changing impacts. Activities are grouped broadly into three categories: self-knowledge and personal development; knowledge and learning; and social skills.
Maritime Careers
Trainees learn about life on-board, safety at sea, seamanship, helming a vessel, working aloft, navigation, engineering, rigging and splicing, sail repair, catering and food preparation and much more. Most importantly they work as a team within a routine environment of ‘watches’ and are challenged to undertake new tasks, all of which provides personal development that will be of benefit in maritime careers, or indeed in any career path chosen. While gathering sea time, qualifications and work experience, trainees will be learning skills to benefit them in any employment in the industry. They are given advice on sea time, qualifications and career routes, and leave with a letter of reference and training record book to support any future employment application. We can offer further development opportunities through shore-based career mentoring and networking days, and more time volunteering on board. We also introduce trainees to relevant Maritime and Coastguard Agency (MCA) and Royal Yachting Association (RYA) courses and qualifications through our partners.
Pelican of London Limited
Trustees' Report
Ocean Science
The United Nations has declared a Decade of Ocean Science for Sustainable Development, running from 2021 to 2030. Many of today’s young people care passionately about action to safeguard the planet, protecting our oceans, and mitigating the effects of climate change. Scientific understanding of the ocean's responses to the many anthropological pressures is fundamental to delivering this. We are developing a number of partnerships with Universities, Chambers of Commerce and Local Authorities to create an alternative learning platform, providing an exciting classroom for young people who may not be easily engaged by orthodox approaches. We enable young people to experience the oceans and coastlines in a way that would not otherwise be possible, exploring amazing habitats, learning why they are important, and showing the impact of humanity on our seas. Many who sail with us have never even visited the coast, let alone sailed or observed life below the waves.
Young people aged 14-25 are living, learning and negotiating transitions to adulthood and independence in an increasingly complex and challenging world, in which they face greater levels of choice and opportunity, but also unprecedented uncertainty and risk. This calls for empowered, resilient young people to play an active role in navigating these paths. There is substantial and growing evidence that developing social and emotional capabilities supports the achievement of positive life outcomes, including educational attainment, employment and health. Capabilities such as resilience, communication, and negotiation are also increasingly cited as being the foundations of employability.
The personal development of young people and their ability to contribute to society is a key strategic objective of all UK Governments, and the current policy framework clearly identifies needs - for example raising educational attainment levels and developing character - to which sail training is a highly effective and direct response with significant short, medium, and long-term social impact.
There is a wealth of independent research on the benefits and social impact of sail training which demonstrates clearly that it results in short- and long-term benefits in developing the character of young people, their resilience, confidence and independence, all contributing to improved educational achievement, are valued by employers, and which enable children to thrive, grow and mature into adults making a positive contribution to society.
We work in strategic partnership with charities and community organisations, education providers, vocational trainers, port authorities and local councils. We have a 5-year Development Plan written in July and August 2025 which sets out our strategic aims and objectives through to the year 2030.
Pelican of London Limited
Trustees' Report
Ensuring our work delivers our aims
The directors/trustees will review aims, objectives and activities each year to ensure they remain focused on our stated purposes. This review looks at what we achieved and the outcomes of our work in the previous year, and evaluates the success of each activity and the benefits they have brought to those groups of people we are established to help. The Charity Commission’s guidance on public benefit is considered when reviewing our aims and objectives and in planning our future activities. In particular, the directors/trustees consider how planned activities will contribute to the aims and objectives they have set.
Achievements and performance
In the Spring and Summer of 2025, we were able to undertake a full sailing programme around the UK and Ireland. In the autumn and winter of 2025/26, we worked in partnership with the Royal Navy and the Royal Fleet Auxilliary to give much needed sea time and sailing experience to nearly 300 young officers, recruits and cadets, over 2,093 man days between 1st October 2025 and 31st March 2026. We continued to seek to strengthen and develop the governance of the charity, making it more resilient for its primary purpose of continuing to provide opportunities for people to learn and develop through sailing on the Pelican of London. The strategies we used to meet these objectives included:
• Continue to work with other charities, local authorities and educational establishments who work with young people from socially excluded backgrounds to develop the educational experience offered.
• Continue to work with delivery partners to identify vessels which may be suitable for our purposes.
• Identify and recruit new permanent crew members to strengthen our cohort of experience and ensure adequate crew rotation over 40-45 weeks of sailing
• Work in partnership with other organisations promoting environmental and educational activities to pilot our Ocean Science and Maritime Careers voyage programmes.
• Continue to maintain and develop a social media presence as the market matures
• Sail for the maximum number of weeks possible despite the covid-19 global pandemic.
• Continue to maintain and improve the physical condition of the ship to ensure fitness for purpose for 40-45 weeks of sailing, in partnership the MCA, Albion Dock Company Bristol, and Sharpness Shipyard and Drydock.
• Ongoing risk assessment associated with operational matters.
• Providing bursaries for young people to sail on the TS Pelican of London.
A particular objective is to seek new partnership opportunities to broaden the scope of our work with young people from all backgrounds, which in turn grows the income base to ensure financial sustainability into the future. We continue to have discussions with other charitable and not-for-profit organisations specifically for these purposes. We believe that these strategies will underpin our aims of engaging more young people in the highest possible experience of learning and development through sail training. This delivers public benefit by improving the lives of those young people and the contribution that they make to society beyond.
Pelican of London Limited
Trustees' Report
During the sailing period we delivered seven voyages in partnership with Sail Training Ireland, one of ten days with students from the North Liverpool Academy followed by a month-long contract with Gordonstoun International Summer School delivering short voyages for over 200 young people. Youngsters from Barrow, South Cumbria and Scarborough joined us on two voyages as we continued to develop partnerships with local community leaders, Sea and Air Cadet units, commercial sponsors, foundations, and local Rotary groups, and we delivered a dedicated 10-day Ocean Science voyage to and from Plymouth.
For some of these voyages we were joined by several Royal Navy and Royal Fleet Auxilliary cadets, and on completion of the Spring and Summer sailing season, and after a short period of maintenance, we sailed south to the Mediterranean where we completed almost six months of sailing with the Royal Navy and Royal Fleet Auxilliary. Our relationships with the Royal Navy and the Royal Fleet Auxilliary developed considerably during the period, and we had hoped that by the Spring of 2026 a contract would have been in place for the delivery of many voyages over a two-year period, which was the intention of all parties. Unfortunately, we have not been able to conclude these arrangements but are hopeful of doing so in time for the start of the 2027 Spring and Summer sailing season.
Key non-financial performance indicators
We ask for feedback and voyage evaluations from trainees and their mentors, from which the following extracts are taken:
What did you enjoy most about the voyage?
• Absolutely everything
• Having the opportunity to push myself far out of my comfort zone
• Swimming in the sea and climbing.
• Being on the boat in general, I liked swimming and using the microscope
• Coming out of my comfort zone and making friends
• The dolphins and sunsets
• Climbing the rigging and learning how the sails work and are set
• It was the best opportunity I have ever had. The science was so interesting, seeing the impacts we have on the oceans which we don't see firsthand on land. The sail training was so exciting. The crew were all so fun and good to be around. The cooking was good fun too. And the helming the ship was stressful but also really fun. Thank you
Pelican of London Limited
Trustees' Report
How do you think you have changed since the voyage?
• A lot more confidence and self-awareness
• I am more confident, and have a more positive mindset on my future
• I have been slightly more confident in my experiences and have increased my mental health
• More comfortable at sea
• I have been less anxious and am able to overcome challenges
• Less stressed
• I think I have become more confident in talking to people and presenting ideas to them. It has also made me a lot more interested in sailing and strange marine life that is in our oceans
• I feel so much more positive, everything feels so much less overwhelming. I feel so calm and so much happier than I have been on so many years. It was such a privilege to be on the boat, thank you for the opportunity of a lifetime
Would you tell us how you might use your sailing experience in the future
• I would love to be a team member on the boat
• Definitely use the skills i have developed in my future career, and hopefully volunteer on the boat in the future as well.
• Definitely helped me with English, also it's great experience and I have better point of view on climate change and ocean pollution.
• Maybe to partake in another trip like this
• I’ll use my mindset for future challenges
• I would like to volunteer on the pelican in the future
• I would like to sail again and learn more skills. Potentially, I would like to volunteer as a crew member on a ship one day
• I want to come back and volunteer as soon as I can. It was amazing
Pelican of London Limited
Trustees' Report
How did the actual voyage live up to your expectations?
• Better than I thought
• Way better then i thought it would be
• It was great, I just thought that we would be sailing bit more. (This is because it was a science voyage and therefore the ship was moored or anchored a little more than on other voyages).
• There was less sailing and more people than I expected, also comfier and less dramatic
• It was less scary than imagined
• Better than I could have ever thought
• I thoroughly enjoyed the experience, especially when we got to put the sails up. Unfortunately, we did not have a lot of wind. The ocean science was really interesting and I learned about some completely new ideas and creatures.
• It was better than I could have even imagined. Genuinely, I was really worried about the trip before hand but it was just amazing
Is there anything you didn't enjoy about the voyage?
• No
• Some of the food
• No
• The amount of people - felt like participating in boat activities didn’t affect anything, and less time doing activities like watches due to the amount of people.
• Some people
• I would have liked to have been moving for longer than we did
• No, it was an extremely positive experience. Anything bad was overshadowed by how amazing it was.
• I was seasick for the whole trip but didn’t let it hinder the experience
A short video filmed on Pelican during the North Liverpool Academy voyage can be seen on YouTube here: https://youtu.be/qiL7cC0Rx3k?si=5f3cVDnicrskrNPJ
Public benefit
The directors/trustees have given due regard to public benefit when planning the charity’s activities, in accordance with the Charity Commission’s Guidance. The previous paragraphs set out our activities, achievements and performance during the year, which are directly related to the objects and purposes for which the charity exists.
The charity achieved its principal objectives and purposes through the provision of sailing related activity and other training. These benefits are directly related to the aims of the charity and are fully compliant with the Charity Commission principles on Public Benefit.
Plans for future periods
Activities planned to achieve aims
As this report is being written we have successfully completed our 2026 Spring and Summer programme on Pelican. Since we have not been able to conclude the proposed contract with the Royal Navy through the UK Ministry of Defence, Pelican will not be sailing over the 2026/27 autumn and winter period, during which some maintenance will take place as we plan our 2027 programme.
Pelican of London Limited
Trustees' Report
Financial review
Partners pay a voyage fee to POL which on average achieves around 70% cost recovery, and we rely upon grants, donations and fundraising for the remainder. This makes voyages affordable to all young people including those from disadvantaged backgrounds.
Pelican sailed between mid-April 2025 and mid-March 2026, from which earned voyage income was £455,220. Donations, grants and sponsorship and other income totaled £229,048, and in addition the tall ship Pelican with an estimated value of £1Million was donated taking total income to £1,684,268 for the year. Operating costs were £1,539,322, resulting in an operating surplus of £144,946. Excluding the donation of the tall ship an operating deficit of £855,054 was incurred, which was met by supporters’ loans. The resultant net worth of the charity at 31st March 2026 was £144,946.
Policy on reserves
The board has examined the charity’s requirement for reserves in the light of the main risks to the organisation. It has established a policy whereby unrestricted funds not committed or invested in tangible fixed assets held by the charity should be the equivalent of two months’ projected income. Our projected income for the 2026/27 year is around £800k and therefore the target is around £135k in general funds. The purpose of the reserves is to keep the charity in operation should there be a shortfall in the targeted income. The total of unrestricted reserves at the year-end was £144,946. The total free reserves at the year-end were £144,946.
Risk Management
The directors/trustees review risk management and the risk register at their quarterly meetings as a standing agenda item. All risks to which the charity is exposed are reconsidered and the procedures currently in place to mitigate these. These are then reported for consideration at the quarterly Board meetings. The additional risk inherent in ownership of tall ships is addressed through a ship specific risk management process, with the principal risk of loss covered by insurance.
Trustees and officers
The trustees and officers serving during the period and since the year end were as follows:
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Trustees: |
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Senior Management / Leadership Team: |
A Ragbourne, CEO S Thorrington, COO |
Pelican of London Limited
Trustees' Report
Structure, governance and management
Nature of governing document
The organisation is a charitable company limited by guarantee with members who appoint the directors who are also the trustees of the charity, incorporated on 14 January 2025 and registered as a charity on 16th September 2026. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. The liability of the directors is limited.
Recruitment and appointment of trustees
The directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles are known as directors. Under the requirement of the Memorandum and Articles of Association there is no term provided for the length of time for which trustees are elected to serve. This is an area that will be reviewed by the current trustee board. Salaries and expenses received by trustees are outlined in note 9 of the accounts
Induction and training of trustees
A Trustee Induction Pack summarising a trustee's duties along with the history, operating methods, staffing structure and finances of the trust is presented to all potential candidates. All new trustees are invited to meet with the Chairman and Chief Executive to discuss the role and the organisation.
Organisational structure
The charity is managed by the Chief Executive in accordance with the strategic direction and policies set out by the directors/trustees. In matters of seamanship and vessel safety the Master in command of the vessel has the ultimate decision-making authority having due regard to the standard operating procedures laid down by the charity. The board of trustees meets at least four times a year, and in most
Statement of trustees' responsibilities
The trustees (who are also the directors of Pelican of London Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial period. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently; |
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observe the methods and principles in the Charities SORP; |
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make judgements and estimates that are reasonable and prudent; |
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state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
Pelican of London Limited
Trustees' Report
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Disclosure of information to auditor
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditor
In accordance with section 485 of the Companies Act 2006, UHY Williamson Croft were appointed by the trustees as the first auditor of the charity for the period ended 31 March 2026.
A resolution for the re-appointment of UHY Williamson Croft as auditors of the charity for the year ended 31 March 2027 is to be proposed at a forthcoming General Board meeting.
The
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Pelican of London Limited
Independent Auditor's Report to the Members of Pelican of London Limited
Opinion
We have audited the financial statements of Pelican of London Limited (the 'charity') for the period from 14 January 2025 to 31 March 2026, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the charity's affairs as at 31 March 2026 and of its incoming resources and application of resources, including its income and expenditure, for the period then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Pelican of London Limited
Independent Auditor's Report to the Members of Pelican of London Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
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the Trustees' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of trustees remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of trustees
As explained more fully in the Statement of trustees' responsibilities (set out on page 11 and 12), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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We obtained an understanding of the legal and regulatory frameworks that are applicable to the Charity through discussions with management and determined that the most significant are the Companies Act 2006, the Charities Act 2011, Employment Law and Health and Safety regulations, data protection as well as Maritime & Coastguard Agency regulations. |
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Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved review of the documented policies and procedures, legal costs incurred during the period and discussions with key management personnel. |
Pelican of London Limited
Independent Auditor's Report to the Members of Pelican of London Limited
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We assessed the susceptibility of the Charity's financial statements to material misstatement, including how fraud might occur by considering the key risks impacting the financial statements. We assessed this risk as low due to oversight by management and by the Board of Trustees. |
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We have reviewed the Charity’s control environment and assessed that it is adequate for an entity of its size and nature. |
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We designed our audit testing to review the presumed risk under ISA (UK) 240 that that revenue may be misstated due to the improper recognition of revenue and that management over-ride of controls is present in all entities. |
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
20 York Street
Manchester
M2 3BB
Pelican of London Limited
Statement of Financial Activities for the Period from 14 January 2025 to 31 March 2026
(Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
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Unrestricted funds |
Total |
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Income and Endowments from: |
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Donations and legacies |
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Charitable activities |
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Other income |
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Total income |
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Expenditure on: |
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Charitable activities |
( |
( |
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Total expenditure |
( |
( |
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Net income |
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Net movement in funds |
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Reconciliation of funds |
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Total funds carried forward |
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All of the charity's activities derive from continuing operations during the above two periods.
Pelican of London Limited
(Registration number: 16183697)
Balance Sheet as at 31 March 2026
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Note |
2026 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Net assets |
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Funds of the charity: |
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Unrestricted income funds |
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Unrestricted funds |
144,946 |
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Total funds |
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The financial statements on pages 16 to 30 were approved by the
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Pelican of London Limited
Statement of Cash Flows for the Period from 14 January 2025 to 31 March 2026
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Note |
2026 |
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Cash flows from operating activities |
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Net cash income |
144,946 |
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Adjustments to cash flows from non-cash items |
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Depreciation |
27,083 |
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172,029 |
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Working capital adjustments |
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Increase in debtors |
(35,178) |
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Increase in creditors |
98,615 |
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Net cash flows from operating activities |
235,466 |
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Cash flows from investing activities |
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Receipt of tangible fixed assets (non-cash) |
(1,000,000) |
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Cash flows from financing activities |
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Value of new loans obtained during the period |
971,100 |
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Repayment of loans and borrowings |
(200,000) |
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Net cash flows from financing activities |
771,100 |
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Net increase in cash and cash equivalents |
6,566 |
|
|
Cash and cash equivalents at 14 January |
- |
|
|
Cash and cash equivalents at 31 March |
6,566 |
|
All of the cash flows are derived from continuing operations during the above two periods.
Pelican of London Limited
Notes to the Financial Statements for the Period from 14 January 2025 to 31 March 2026
|
Charity status |
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.
The address of its registered office is:
These financial statements were authorised for issue by the
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Pelican of London Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Pelican of London Limited
Notes to the Financial Statements for the Period from 14 January 2025 to 31 March 2026
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The income relates to voyages which are taking place in future accounting periods;
- The donor specifies that the grant or donation must only be used in future accounting periods; or
- The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Gifts in kind
Gifts in kind represent the transfer of ownership of the vessel, Pelican of London.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Pelican of London Limited
Notes to the Financial Statements for the Period from 14 January 2025 to 31 March 2026
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
|
Asset class |
Depreciation method and rate |
|
Sailing ships |
40 years straight line |
Trade debtors
Trade debtors are amounts due from customers for voyages carried out during the year.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Foreign exchange
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
Pelican of London Limited
Notes to the Financial Statements for the Period from 14 January 2025 to 31 March 2026
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Debt instruments
Debt instruments that are classified as payable or receivable within one year on initial recognition are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Pelican of London Limited
Notes to the Financial Statements for the Period from 14 January 2025 to 31 March 2026
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
|
Income from donations and legacies |
|
Unrestricted funds |
Total |
|
|
General |
funds |
|
|
Donations and legacies; |
||
|
Donations from individuals |
|
|
|
Gifts in kind |
|
|
|
Total for period ended 31 March 2026 |
|
|
|
Income from charitable activities |
|
Unrestricted funds |
Total |
|
|
General |
funds |
|
|
Voyages |
|
|
|
Total for period ended 31 March 2026 |
|
|
Pelican of London Limited
Notes to the Financial Statements for the Period from 14 January 2025 to 31 March 2026
|
Other income |
|
Unrestricted funds |
Total |
|
|
General |
funds |
|
|
Fees and supplies |
|
|
|
Total for period ended 31 March 2026 |
|
|
|
Expenditure on charitable activities |
|
Unrestricted funds |
Total |
||
|
Note |
General |
funds |
|
|
Voyages |
|
|
|
|
Depreciation, amortisation and other similar costs |
|
|
|
|
Staff costs |
|
|
|
|
Allocated support costs |
|
|
|
|
Governance costs |
|
|
|
|
Total for period ended 31 March 2026 |
|
|
Pelican of London Limited
Notes to the Financial Statements for the Period from 14 January 2025 to 31 March 2026
|
Analysis of governance and support costs |
Support costs allocated to charitable activities
|
Total |
|
|
Staff Costs |
72,044 |
|
Staff Expenses |
58,708 |
|
General administrative expenses |
133,852 |
|
Total for period ended 31 March 2026 |
264,604 |
Support costs allocated to charitable activities
|
Governance costs |
|
Unrestricted funds |
Total |
|
|
General |
funds |
|
|
Audit fees |
||
|
Audit of the financial statements |
|
|
|
Other fees paid to auditors |
|
|
|
Trustees remuneration and expenses |
|
|
|
Total for period ended 31 March 2026 |
|
|
Pelican of London Limited
Notes to the Financial Statements for the Period from 14 January 2025 to 31 March 2026
|
Net incoming/outgoing resources |
Net incoming/outgoing resources for the period include:
|
2026 |
|
|
Audit fees |
|
|
Other non-audit services |
|
|
Depreciation of fixed assets |
|
|
Trustees remuneration and expenses |
|
During the period the charity made the following transactions with trustees: |
|
Mr Simon Thorrington
|
|
Mr Adrian Ragbourne
|
All remuneration received by the above trustees was received during the period of directorship prior to charity registration. Following completion of the charity registration in September 2026, it is the intention of both trustee/directors to stand down and a new board of trustee/directors to be appointed.
|
Staff costs |
The aggregate payroll costs were as follows:
|
2026 |
|
|
Staff costs during the period were: |
|
|
Wages and salaries |
|
|
Social security costs |
|
|
|
|
|
|
|
The monthly average number of persons (including senior management / leadership team) employed by the charity during the period was as follows:
|
2026 |
|
|
Administration and support |
|
|
|
5 of the above employees participated in the Defined Contribution Pension Schemes.
Pelican of London Limited
Notes to the Financial Statements for the Period from 14 January 2025 to 31 March 2026
Contributions to the employee pension schemes for the period totalled £8,314 (2025 - £Nil).
The number of employees whose emoluments fell within the following bands was:
|
2026 |
|
|
£80,001 - £90,000 |
|
|
£100,001 - £110,000 |
|
|
|
|
The total employee benefits of the key management personnel of the charity were £195,169 .
The chief executive officer, as the highest paid member of staff, received benefits totalling £106,677.
|
Auditors' remuneration |
|
2026 |
|
|
Audit of the financial statements |
|
|
Other fees to auditors |
|
|
All other non-audit services |
|
|
Taxation |
The charity is a registered charity and is therefore exempt from taxation.
Pelican of London Limited
Notes to the Financial Statements for the Period from 14 January 2025 to 31 March 2026
|
Tangible fixed assets |
|
Other tangible fixed asset |
Total |
|
|
Cost |
||
|
Additions |
|
|
|
At 31 March 2026 |
|
|
|
Depreciation |
||
|
Charge for the year |
|
|
|
At 31 March 2026 |
|
|
|
Net book value |
||
|
At 31 March 2026 |
|
|
|
Debtors |
|
2026 |
|
|
Trade debtors |
|
|
Prepayments |
|
|
|
|
Cash and cash equivalents |
|
2026 |
|
|
Cash on hand |
|
|
Cash at bank |
|
|
|
Pelican of London Limited
Notes to the Financial Statements for the Period from 14 January 2025 to 31 March 2026
|
Creditors: amounts falling due within one year |
|
2026 |
|
|
Trade creditors |
|
|
Other loans |
|
|
Other taxation and social security |
|
|
Other creditors |
|
|
Accruals |
|
|
|
|
Contingent liabilities |
On 27 March 2025 the charity purchased the vessel 'Pelican of London' from Mr Jeremy Watts for the agreed sum of £1m and entered into a loan agreement with the vendor for £1m.
The loan is repayable in one of three ways:
1) Upon such date as the parties agree in writing; or
2) Upon the vessel not being used to fulfil the charitable objectives; or
3) Upon the borrower choosing to redeliver the vessel to the lender
Interest at 3% over Bank of England base rate only accrues on the loan in the event that the vessel is sold to a third party for a sum in excess of the amount paid.
A legal charge (mortgage) is in place dated 27 March 2025 to act as security against the loan.
The underlying intention was that the charity has ownership and use of the vessel in fulfilling its charitable objectives and the loan arrangement was in place to ensure that, should the charity not be viable or wish to cease using the vessel, the asset reverts to the donor and no additional liabilities arise. As such the liability has not been reflected in the Financial Statements as at the present time it is deemed unlikely that the loan will become payable.
The Pelican of London is pledged as security to Mr Jeremy Watts.
Pelican of London Limited
Notes to the Financial Statements for the Period from 14 January 2025 to 31 March 2026
|
Funds |
|
Incoming resources |
Resources expended |
Balance at 31 March 2026 |
|
|
Unrestricted funds |
|||
|
General |
|
( |
|
|
|
|||
|
Analysis of net assets between funds |
|
Unrestricted funds |
Total funds at 31 March |
|
|
General |
2026 |
|
|
Tangible fixed assets |
|
|
|
Current assets |
|
|
|
Current liabilities |
( |
( |
|
Total net assets |
|
|
|
|
||
|
|
|
Related party transactions |
During the period, the charity paid £8,651 for bookkeeping services to the wife of one of the trustees. These transactions are considered to be at arms length.