2020-10-31-accounts

The Association of Sail Training Organisations Limited by Guarantee

Trustees Report

and Financial Statements

for the year ended 31 October 2020

Registered Charity Number 1083059 Registered Company Number 04084476

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

CONTENTS

	Page
Charity information	1
Trustees’ report	3
Independent auditors’ report	8
Statement of financial activities	10
Balance sheet	11
Accounting policies	12
Notes to the financial statements	15

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

CHARITY INFORMATION

Patron	HRH The Countess of Wessex GCVO
President	Rear Admiral J S Lang
Vice President for life	John H Hamilton OBE
Trustees	J E Stevens (Chairman)
	C B Burton
	A J Butcher MBE
	T J James
	H R Maywood
	G R Mills
	N V Northmore (appointed 17th April 2020)
	P J Russell
	D G Snelson (appointed 17th April 2020)
	M Todd
Registered office	Unit 10, North Meadow
	Royal Clarence Yard
	Gosport
	Hampshire
	PO12 1BP
Registered charity number	1083059
Registered company number	04084476
Company secretary	L C Gross Mudie
Auditors	Blue Spire Limited
	Cawley Priory
	South Pallant
	Chichester
	West Sussex
	PO19 1SY
Bankers	The Co-operative Bank
Investment managers	Rathbones Investment Management Ltd
	Port of Liverpool Building
	Pier Head
	Liverpool
	L3 1NW
Solicitors	Charles Russell Speechlys LLP
	5 Fleet Place
	London
	EC4M 7RD

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

CHARITY INFORMATION

Full members	Adventures Offshore
	Adventure under Sail
	Cat Zero
	Challenge Wales
	Cirdan Sailing Trust
	Dauntsey’s School
	Discovery Sailing Project
	Ellen MacArthur Cancer Trust
	Excelsior Trust
	Gordonstoun School
	Island Trust
	Jubilee Sailing Trust
	Leila Sailing Trust (Membership ceased 10thJan 2020)
	Marine Society and Sea Cadets
	Morning Star Trust
	Ocean Youth Trust North
	Ocean Youth Trust Scotland
	Ocean Youth Trust South
	Pioneer Sailing Trust
	Rona Sailing Project
	Sea Change Sailing Trust
	Swan Trust
	Tall Ships Youth Trust
	Trinity Sailing Foundation (Membership ceased 10thJan 2020)
	Westward Quest (Membership ceased 10thJan 2020)
Associate members	Boleh Trust
	Combined Cadet Force
	East Coast Sail Trust
	Gwennili Trust
	Maybe Sailing
	Morvargh Sailing Project (Associate members 16thOct 2020)
	Portsmouth Sail Training Trust
	Sailing Tectona (Associate members 10thJan 2020)
	Sea Sanctuary
	UKSA
Honorary members	Sail Training International
	RYA Sailability

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

TRUSTEES’ REPORT

The trustees have pleasure in presenting their annual report, incorporating the directors’ report, for the purposes of the Charities Act 2011 and Sections 415 to 419 of the Companies Act 2006, together with the accounts for the year ended 31 October 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Association of Sail Training Organisations (ASTO) is a charity limited by guarantee (registered company number: 04084476), incorporated on 27 September 2000 under a Memorandum and Articles of Association (as amended by special resolution 23 April 2009) and registered as a charity (registered charity number: 1083059) on 27 October 2000.

The governing document states that the Board of Directors shall consist of not less than 5 and not more than 15 persons. The directors are appointed either by the members at the AGM, or by the board in which case the director has to retire at the next AGM and may be reappointed by the members. One-third of the number of directors must retire from office (by time rotation) at each AGM but may be reappointed. The chairman is appointed by the members from the board for a period of up to 3 years and upon expiry of such a period may be reappointed.

Trustees, who are also the directors for the purpose of company law, who have served during the year, and since the year-end, are listed on the charity information page. None of the trustees has any beneficial interest in the company.

The board manages the charity on behalf of its members by holding not less than three board meetings each year in addition to the Annual General Meeting. The AGM usually takes place on the same day as the annual conference in January, although this may change for 2021. Other meetings are held as required.

The rules and criteria for the different types of membership are contained in ASTO’s ‘Regulations and Guidelines’ which have been drawn up under the provision of Article 67. Sail Training organisations seeking membership are closely vetted to ensure that they meet the criteria for membership.

Members of the company guarantee to contribute £1 each in the event of a winding up. A list of members is shown on the legal and administrative page.

Trustee induction and training

Most new trustees are already familiar with ASTO’s role and activities. New trustees are briefed at the ASTO office by the Chairman and General Manager. The briefing covers the activities of the charity, trustees’ obligations under charity and company law, the Charity Commission’s guidance on Public Benefit, content of the Memorandum and Articles of Association, the committee and decision making process and the business plan and budget. New trustees are given a welcome pack with copies of these documents, the current Annual Report and Accounts, copies of the minutes of previous board meetings and publications including the Charity Commission’s “The Essential Trustee” and the Charity Governance Code. Following the induction process, new trustees sign a declaration confirming that they are eligible to act as a trustee and where necessary ASTO conducts a criminal record check.

Arragements for setting pay

The pay and remuneration of the charity’s key management personnel is set by the trustees, with rates and increases applied by reference to pay scales in similar organisations.

Assessment and Management of Risk

The trustees regularly review the major risks affecting or which might affect ASTO. We believe that these risks are mitigated by the prudent investment of ASTO’s assets, the preparation and production of appropriate and audited accounts, the maintenance of suitable insurance, the obtaining of any necessary legal advice or other expert advice, and the holding of regular board and general meetings as prescribed by law. A risk register exists which identifies the major risks to which the charity is exposed and details the systems and procedures to manage these risks.

The trustees continue to monitor the standards of sea training safety of ASTO members by means of a Compliance Declaration which members have to complete each year, confirming that the vessels used comply with the relevant MCA Code of Practice and that their certification is in date. ASTO’s General Manager carries out review visits to members on a routine basis to ensure that they continue to comply with the criteria for membership.

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

TRUSTEES’ REPORT

OBJECTIVES AND ACTIVITIES

The Objects for public benefit are:

• to promote the provision of opportunities for sea training under sail or power (“Sail Training”).

• to provide instruction to young persons and to adults with special needs, in the principles of responsibility, resourcefulness, loyalty and team endeavour, and

• to advance education in the art of seamanship.

In furtherance of these objects ASTO has various powers, set out in the Memorandum of Association, amongst which are the following:

• to support and encourage Sail Training and adventure afloat generally and particularly by those otherwise unable to afford to do so by the provision of bursaries.

• to create public awareness of the opportunities available for Sail Training and adventure afloat by means of lectures, meetings, demonstrations, exhibitions, pamphlets, books and such other media as may be appropriate.

• to represent the interests and negotiate on behalf of bodies providing opportunities for Sail Training with Government departments and other appropriate bodies in all matters relating to Sail Training generally and particularly in relation to safety, classification of vessels, certification and proficiency of personnel.

• to act as a forum for all Sail Training organisations in the UK with similar objectives.

Grant making policy

ASTO makes bursary grants to member organisations to benefit young people up to the age of 25, and adults with disabilities (‘Hammond Innes bursary’). The Board of Directors considers the forecast income return in conjunction with the business plan for the following year in deciding the size of the bursary fund. Members are allocated a proportion of the total available fund on an equitable numerical basis, dependent on the number of young people or vulnerable adults they have taken to sea. The detailed distribution of grants to the final beneficiary is managed by the members. The grant allocations may also be used to defray the cost of course fees for instructors or leaders of any age to obtain necessary qualifications.

In 2020, member organisations were unable to sail and had a significantly reduced income due to Covid-19 restrictions. As a result ASTO members faced an existential crisis. ASTO trustees therefore decided, as an exceptional measure, to designate an additional emergency fund to support full member organisations. This fund was named the “Lifeboat Fund.” Organisations could apply for up to 4 times their Hammond Innes allocation, and a panel of trustees assessed the applications, with final ratification by the full board. One tranche of monies was paid out in April 2020 in support. A second Lifeboat grant on a similar basis was made after the year end which will be reflected in next year’s accounts.

Volunteers

ASTO continues to rely on volunteers at board level to direct the affairs of the organisation. ASTO are greatly indebted to all of our volunteers for their time commitment during 2020 which we estimate is the equivalent of one full time employee.

The Public Benefit resulting from Sail Training

There is anecdotal evidence about the benefits that accrue from a Sail Training voyage, which is validated by academic research:

• an international study commissioned with the University of Edinburgh to assess the value of Sail Training found measurable improvements in social confidence and the ability to work with others, and that these benefits were sustained over time after the voyage had ended

• a study carried out by the University of Sydney found that Sail Training succeeds in fostering networks and alliances which are the basis of the development of social capital. It also found that it achieves this in a shorter, more concentrated programme than other similar schemes

• an international study into Sail Training conducted by the University of Otago in New Zealand reported that, “Sharing the pleasures, hardships and camaraderie that develop out of life at sea has a profound impact on strengthening character, fortitude and confidence. The importance of mutual respect, perseverance, responsibility and teamwork towards others and nature present a great sense of existence, self discovery and accomplishment.”

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

TRUSTEES’ REPORT

• ASTO’s own Theory of Change and measurement framework shows that Sail Training has a positive effect on people from all backgrounds. Surveys supporting the Theory of Change have found that more than 90% of surveyed trainees felt they learnt a new skill, their team worked well together, they had to do something important, they learnt to stick to the ships routine and they did things even though they were difficult. These activites resulted in self-reported increases in their self-confidence, resilience, time-management, problem solving and locus of control (self-efficacy). At least some of these outcomes will be maintained over time, leading to young people with higher aspirations and a can-do attitude. ASTO’s full Theory of Change and survey results are on the website.

ACHIEVEMENTS AND PERFORMANCE

All of our charitable activities are undertaken in furtherance of our charitable objects and for public benefit according to the guidance set out in the Charity Commission’s general guidance on public benefit. The main strategies and activities for achieving these objects in 2020 are listed below.

Due to the widespread restrictions to stop the spread of Covid 19, many activities were not possible in 2020. Member organisations were unable to provide residential Sail Training, with only a handful of members being able to provide day sails. Only the following of ASTO’s usual activities were therefore possible:

• the awarding of £300,000 in bursaries (‘Hammond Innes bursary’) to assist young people up to the age of 25 and adults with disabilities with their berth fees. The allocations may also be used to defray the cost of course fees for instructors or leaders of any age to obtain necessary qualifications. The bursary beneficiaries included a wide cross section of young people from all cultural, religious and social backgrounds, including many who are socially, physically or mentally disadvantaged.

• the awarding of a further £225,000 in Hammond Innes bursaries. This extra amount was awarded once it was clear the sailing season would be interrupted due to Covid-19. The restricions on this extra bursary were lifted, enabling recipient organisations to use the funds in whichever way they felt would best support the organisation.

• the setting up of an emergency fund to support and ensure the future availability of Sail Training opportunities for young people, following on from the crisis caused by the Coronavirus pandemic. £ 1.6 Million from ASTO’s reserves was allocated for this fund, approximately half to be granted in April 2020 with the other half later in the year. Only full ASTO members were able to apply for the fund, which paid out £628,825 during this financial year.

• the organisation of the annual UK Sail Training Conference in Southampton in January to act as a forum for all UK stakeholders. The 2020 conference attracted over 130 Sail Trainers from all parts of the UK. The principal speaker was Sarah Treseder from the RYA. Topics of discussion included financial risk management, sea staff wellbeing, equality and diversity, and discussions on what makes a good Sail Training voyage.

• the administration of the Trinity House Career Development Bursary Scheme to defray the costs of members’ staff and volunteers gaining the necessary qualifications to progress their Sail Training careers. In 2020, bursaries were awarded to 17 candidates.

• The creating of a new position within ASTO, to manage social media and marketing. A recent graduate was recruited and started with ASTO in August. The main responsibility will be to raise awareness of Sail Training through all types of media including social media and magazine articles.

• the organisation of the much reduced Small Ships’ Race in Cowes in October, with only 4 boats being able to take part. The race was organised at minimal cost to ASTO, with generous support from the Marine Society and Sea Cadets who provided their power vessel Jack Petchey as the media/committee vessel. A virtual online race was organised at the same time, to enable people to take part from at home. ASTO would like to thank Sailonline.org for their generous assistance with this for which there was no charge.

• the selection of 3 young people to take part in the International Exchange. Due to the pandemic it was not possible to organise this exchange in 2020, however the intention is for these candidates to travel in 2021.

• • A members meeting in autumn that is now an annual event. The meeting is open to CEOs and operations managers and is an opportunity for a confidential discussion on Sail Training and any matters of concern. In 2020, the main topic of discussion was Covid-19 and how voyages could be run in a Covid-secure way. The 2020 meeting was held online, 23 of our member organisations attended.

• acting as a Disclosure and Barring Service (DBS) umbrella body to administer applications for vetting of members’ potential staff and volunteers. In 2020 ASTO dealt with 177 applications for criminal record checks, representing a saving of about £1,062 for members.

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

TRUSTEES’ REPORT

• the provision of online courses to members. These include courses on safeguarding, child protection, dealing with difficult behaviour and food hygiene and can be taken for very little cost. ASTO also offer the RYA PPR course at a reduced cost. 54 online courses and 28 PPR courses were taken up by members in the year.

• continuing liaison with the Maritime and Coastguard Agency (MCA) and the Royal Yachting Association (RYA). ASTO Chairman James Stevens is Chairman of the RYA Yachtmaster Qualification Panel; ASTO President John Lang and OYT South CEO Mark Todd are also panel members. Advice from the RYA was particularly welcome this year as they interpreted the government guidelines that allowed some sailing, despite the Covid restrictions.

• continued liaison with the MCA regarding the awards which recognise the professionalism within Sail Training. The two awards are ‘Best Potential Sail Training Skipper’: to reward the mate or other staff member who shows the best potential, not just for command ability and seamanship but also for the capability of fulfilling the youth development aims of Sail Training; and ‘Sail Training Vessel of the Year’ to reward an operator for fulfilling both the Sail Training aspirations of ASTO and the seamanship and safety requirements of the MCA. The next awards will be presented at the conference in January 2020.

• providing UK national support for Sail Training International (STI). ASTO is a founding member of STI and the ASTO Chairman is the UK Country Representative on the STI Council. ASTO trustee, George Mills, is STI’s Chief Vessel Safety Inspector and the General Manager Lucy Grodie is on the executive committee of the STI Small Ships Forum.

• providing support to the UK representative for the STI Youth committee.

FINANCIAL REVIEW

Total incoming resources for the year ended 31 October 2020 were £295,350 (year to 31 October 2019: £376,012) and the charity’s principal funding sources continued to be investment income, donations and grants. Total resources expended were £1,327,627 (2019: £556,730) with the majority of expenditure being in the form of grants, race costs and promotional costs in furtherance of the charity’s objects. This includes the exceptional emergency grant of £628,825 (Lifeboat Fund) that was set up to support full members through the crisis caused by Covid-19. This gave rise to a deficit for the year of £1,032,277 (2019 deficit: £180,718) before a loss on investments of £704,739 (2019 gain: £563,114).

Reserves policy

As at 31 October 2020, the charity’s total funds amounted to £8,824,020 of which £42,324 is restricted for purposes as set out in notes 17 and 18. The level of reserves available for the charity’s use (i.e. in unrestricted funds and not represented by fixed assets) was £8,735,542 (2019: £10,490,528) inclusive of investments totalling £8,700,006 (2019: £10,490,602).

The Association is heavily dependent on the income generated by its investments and therefore the trustees consider it is necessary to hold all of these investments within the charity in order to be able to generate income to fund the Association’s activities. The trustees believe this level of investment is necessary to generate income to fund the Association’s activities for the indefinite future.

Investment policy

The investment strategy of the trustees is a prudent one with the aim to maximise income whilst maintaining the value of investments in real terms. Each year the trustees withdraw from the portfolio an amount approximately equal to investment income received for the continued provision of the Hammond Innes bursaries and to cover some administrative expenses. In discussion with the investment managers the trustees have approved a risk profile for the management of the investments which is suitable for a portfolio invested for the long term and which is in line with that adopted by other charities with similar investment objectives.

During the year under review the charity’s investments generated £227,364. The portfolio shrank in value from £10,490,602 to £8,700,006 in the year to 31 October 2020.

FUNDRAISING STANDARDS INFORMATION

The charity does not solicit funds from the general public nor does it engage any third parties to act on its behalf in raising funds for the charity. As such the charity is not bound by any scheme for regulating fundraising.

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 TRUSTEES, REPORT PLANS FOR THE FUTURE Strategies and activities for achieving the objects ol the charity in 2021 include.. aising with government agencies and other providers of outdoor learning to litt the restrictions that have made Sail Training almost impossible in 2020. awarding the second part ol the Liletx)at grant lo support full members through the Covid-19 crisis. further promoting the benefits ol Sail Training through social media campaigns and pub5icity. UFxYaling the website lo make rt more lun and relevant. running the delayed Mayflower Small Ships Ra￿, which was unable to be held in 2020. further encouraging members lo measure their outcomes and improve good practice. the annual Cowes Small Ships, Race in octo1￿r which is a lavourite on Ihe Sal Training calendar and is growing in recognition year on year. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Iruslees are responsible for preparing the Trustees, Report and the financial statements in accordance wlh awlicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel. The law applicable to charities in England & Wales requires the trustees lo prepar8 financial statements lor each financial year which give a true and lair view of the stale ol allairs ol the charty and ol the incoming resources and application ol resources of the charity for that period. In preparing these financial stalemenls, the Iruslees are required lo.. select suitable accounting policies and then apply them consislerrtly., observe the methods and principles in the Charities SORP 2019 IFRS 1021., make judgements and estimates that are reasonable and prudent- state whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless r( is inappropriate lo presume that the harily will continue in operation. The trustees are responsible lor keeping proper accounting r￿ordS that disclose wrth reasonable accuracy al any lime the financial F()Sition ol the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011. the Charity (Accounts and Rewrtsl Regulations 2008 and the provisions ol the trust deed. They are also responsible for safeguarding the assets ol the charity and hence for taking reasonable steps lor the prevention and detection ol fraud and other irregularities. The trustees are responsible for the maintenance and integrity ol the charity and financial information included on the charity's website. Legislation in the Unbted Kingdom governing the preparatKJn and dissemination of finanaal statements may differ from legislation in other jurtsdiclions. APPO1￿ME￿￿ OF AUD￿oRs The charity's auditors. Blue Spire Limited, have expressed their willingness to sland tor reappointment and a resolution proposing their reappointment ¥MII pul forward al the Annual General Meeting ol the charty. SMALL COMPANIES PROVISIONS This report has been prgpared in accordance wth the small companies regime under the Companies Act 2006. Approved by the trustees and signed on their behaw. J E Stevens Trustee ale.. Page 7

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

INDEPENDENT AUDITORS’ REPORT

Independent auditors’ report to the members of The Association of Sail Training Organisations

Opinion

We have audited the financial statements of The Association of Sail Training Organisations (the ‘charitable company’) for the year ended 31 October 2020 which comprise the Statement of Financial Activities, the Balance Sheet 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 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charitable company’s affairs as at 31 October 2020, and of its incoming resources and application of resources, including its income and expenditure, for the year 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’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the directors’ report has been prepared in accordance with applicable legal requirements.

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OGTOBER 202Q INDEPENDENT AUDITORS, REPORT Malters on which we are requlred to report by exception In the light of our knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not idenlrfied material misslalements in the directors, report. We have nothing lo report in respect of the following matters in relation lo which the Companies Acl 2006 requires us lo report to you il, in our opinion.. adequale accounting records have not been kept, or returns adequate for our audrt have not been received from branches not visited by us., or the financial slalemenls are not in agreement with the accounting records and returns., or certain disclosures of directors, Temuneration specrfied by law are not made., or we have not received all the information and explanations we require lor our audit., or the trustees were not enlilled to prepare the financial stslements in accordan￿ with the small ¢ompanies' regime and take advantage ofthe small companies, exemptions in preparing the directors, report andfrom the requirement lo prepare a strategic report. R95ponslblllties of trustees As explained more lully in the slalemenl of Iruslees, responsibilities. the trustaès (who are also the dirèctors of the charrtable company lor the purposes of company lawl are resFxinsible lor the preparation of Ihe financial statements and lor being satisfied that they give a true and fair view, and lor such internal control as the trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial ststemenls, the Itustees are responsible for assessing the charitable company's ability lo continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concern basis ol accounting unless the trustees either intend lo liquidate the charitable cofflpany or to cease operations, or have no realistic alternative but lo do so. AuditoV8 re8ponsibilities for the audlt of the flnancial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due lo fraud or error. and lo Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaranlee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstatement when il exists. Misslatemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably bo expected lo influence the econornic decisions ol users taken on the basis ol these financial slalements. A further description ol our responsibilities for the audit ol the financial statements is llxaled on the Financial ReFX)rting Council's website al.. www.frc.org.ukJaudrtorsresponsibilities. This description foms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 ol the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable company's members those mallers we are required to stste lo them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assurne resFKinsibility lo anyone other than the charitable company and the charitable company's members as a body, for our audf( work, for this report, or for the opinions we have fomied. ca￿eY Priory South Pallant Chichester Wesl Sussex P0191SY Geoffrey Frost, (Honsl FCA, Senior Slalulory Auditor For and on behalf ofBlue Spire Limited, Stalulory Auditors Dale Page 9

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

Note INCOME AND ENDOWMENTS FROM: Donations and legacies 1 Investments 2 Charitable activities 3 Other - Furlough grants (unrestricted) Total EXPENDITURE ON: Raising funds - Investment management costs 4 Charitable activities 5 Total Net gains/(losses) on investment assets 13 Net Income/(expenditure) Transfers between funds 17 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 17 Total funds carried forward 17	Unrestricted Funds £ 19,995 227,364 4,319 6,732 258,410 43,222 1,265,073 1,308,295 (704,739) (1,754,624) - (1,754,624) 10,540,320 8,785,696	Restricted Funds £ 37,000 - (60) - 36,940 - 19,332 19,332 - 17,608 - 17,608 24,716 42,324	2020 Total Funds £ 56,995 227,364 4,259 6,732 295,350 43,222 1,284,405 1,327,627 (704,739) (1,737,016) - (1,737,016) 10,565,036 8,828,020	2019 Total Funds £ 68,803 299,932 7,277 -
				376,012
				49,608 507,122
				556,730
				563,114 382,396 -
				382,396 10,182,640
				10,565,036

The charity has no recognised gains or losses other than those dealt with in the statement of financial activities. All of the above results are derived from continuing activities.

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 BALANCE SHEET AS AT 31 OCTOBER 2020 2020 2019 Note FIXED ASSETS Tangible assets Investments 12 13 50.154 8.700.0( 49,792 10.4go.602 ,750.160 10.540.394 CURRENT ASSETS Debtor5 Cash al hand anLI in bank Total current asset8 14 1.932 80.070 82,002 243 67,072 67.315 CURRENT UABIUTIES Creditors. amounts ralling due wlhin one year 15 4.142 42,673 Net curront as8etsllllabllltfi881 77.860 24,642 Net a8SOt8IIIOablllthsl 8.828,020 1D,565,036 THE FUNDS OF THE CHARITY R8strlctod lunds 17 42,324 24.716 Designated Funds Fair Value Reserve General Funds Unr•strl¢ted funds $0,IS3 830.484 7,905,059 8,785,69S 49.792 1,793,147 8.697.381 10.540,320 17 Totsl charlty tunds 8,020 10.565,036 The financial Statements have been prepared in accordan￿ the pro¥lsions applicable to cotnpanies suble¢l lo the small Cornpan￿8 regime. The finanoal ststemenls on pages 10 to 22 wwe approved and aulhorised for Issue by the trustee5 on signed on thair ￿half by.. and J E Stevens Trustee M Todd Truslee The A550uatson of Sail Training Organisabons Regisl&red Charity Number 1083059 RegiSte￿d Company Number 04084476 Page 11

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

ACCOUNTING POLICIES

General information, scope and basis of the financial statements

The Association of Sail Training Organisations is an incorporated charity, limited by guarantee, incorporated in England with the company number 04084476. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information page of these financial statements. The nature of the charity’s operations and principal activities are outlined in the trustees' report.

The charity constitutes a public benefit entity as defined by FRS 102. 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Statement of cash flows

The charity does not include a statement of cash flows on the grounds that it is applying FRS 102 Section 1A.

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the Charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Income from government and other grants are recognised at fair value when the Charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Investment income is earned through holding assets for investment purposes such as shares and cash deposits. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the Charity’s right to receive payment is established.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

● costs of raising funds; which includes the costs of organising events and investment management fees

● expenditure on charitable activities; which includes grants made to beneficiaries and costs incurred to support those activities

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the Charity.

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

ACCOUNTING POLICIES

Resources expended (continued)

Support cost allocation

Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

The analysis of these costs is included in Note 6.

Employee benefits

When employees have rendered service to the Charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The Charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Pension costs

The charity operates a defined contribution pension scheme. Contributions to the scheme are charged to the statement of financial activities on a payable basis.

VAT

The Charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.

Taxation

The charity is considered to pass the tests set out in sections 466 to 493 Corporation Tax Act 2010 (CTA 2010), as such no income tax is payable on the charity's activities.

Fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Computer equipment 33⅓% straight line Fixtures and fittings 15% straight line Leasehold land and buildings 2% straight line (over the period of the lease)

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains/(losses) on investments’ in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

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. In addition it includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.

Operating leases

Rentals payable under operating leases are charged in the statement of financial activities on a straight line basis over the lease term.

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

ACCOUNTING POLICIES

Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Further details of each fund are disclosed in Note 18.

Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

NOTES TO THE FINANCIAL STATEMENTS

1. Donations and legacies

1. Donations and legacies
Donations and grants Royalties Sponsorship Membership	Unrestricted Funds £ 2,061 16,384 - 1,550 19,995	Restricted Funds £ 37,000 - - - 37,000	2020 Total Funds £ 39,061 16,384 - 1,550 56,995	Unrestricted Funds £ 5,140 6,228 - 1,650 13,018	Restricted Funds £ 55,785 - - - 55,785	2019 Total Funds £ 60,925 6,228 - 1,650
						68,803

2. Income from investments

Income from investment holdings	Unrestricted Funds £ 227,364 227,364	Restricted Funds £ - -	2020 Total Funds £ 227,364 227,364	Unrestricted Funds £ 299,932 299,932	Restricted Funds £ - -	2019 Total Funds £ 299,932
						299,932

3. Income from charitable activities

UK Sail Training Conference fees Training Other income Small Ships Race	Unrestricted Funds £ 3,609 710 - - 4,319	Restricted Funds £ - - - (60) (60)	2020 Total Funds £ 3,609 710 - (60) 4,259	Unrestricted Funds £ 2,845 2,008 804 - 5,657	Restricted Funds £ - - - 1,620 1,620	2019 Total Funds £ 2,845 2,008 804 1,620
						7,277

4. Raising funds - Investment management fees

Investment management fees	Unrestricted Funds £ 43,222 43,222	Restricted Funds £ - -	2020 Total Funds £ 43,222 43,222	Unrestricted Funds £ 49,608 49,608	Restricted Funds £ - -	2019 Total Funds £ 49,608
						49,608

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

NOTES TO THE FINANCIAL STATEMENTS

5. Charitable activities

5. Charitable activities
Hammond Innes grants (see note 7) Additional bursary awards (see note 7) Lifeboat grant (see note 7) Trinity House grants STI Trainee grants ASTO Trainee grants Other grants Total grants Race and event costs Instruction and training Support costs (see note 6) Governance costs (see note 8) Other charitable activities	Unrestricted Funds £ 524,619 - 628,825 - - - 5,343 1,158,787 6,894 1,281 93,192 4,919 106,286 1,265,073	Restricted Funds £ - - - 16,686 - - 2,646 19,332 - - - - - 19,332	2020 Total Funds £ 524,619 - 628,825 16,686 - - 7,989 1,178,119 6,894 1,281 93,192 4,919 106,286 1,284,405	Unrestricted Funds £ 278,057 - - - - - 2,515 280,572 11,508 2,501 103,377 5,703 123,089 403,661	Restricted Funds £ - 58,318 - 29,049 - - 3,960 91,327 12,134 - - - 12,134 103,461	2019 Total Funds £ 278,057 58,318 - 29,049 - - 6,475
						371,899
						23,642 2,501 103,377 5,703
						135,223
						507,122

6. Support costs

Wages and salaries (see note 9) Insurance Office costs Travel and subsistence Promotional materials and exhibitions Sail training research Bank charges Repairs and maintenance Postage and stationery Advertising and marketing Miscellaneous expenditure Depreciation Loss on disposal of fixed assets	Unrestricted Funds £ 80,306 2,197 4,236 1,504 1,766 - 249 187 1,029 474 200 1,044 - 93,192	Restricted Funds £ - - - - - - - - - - - - - -	2020 Total Funds £ 80,306 2,197 4,236 1,504 1,766 - 249 187 1,029 474 200 1,044 - 93,192	Unrestricted Funds £ 74,539 2,133 4,285 3,185 1,834 13,445 277 150 861 615 985 1,068 - 103,377	Restricted Funds £ - - - - - - - - - - - - - -	2019 Total Funds £ 74,539 2,133 4,285 3,185 1,834 13,445 277 150 861 615 985 1,068 -
						103,377

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

NOTES TO THE FINANCIAL STATEMENTS

7. Analysis of grants Grants to institutions Adventure Under Sail Adventures Offshore Boleh Trust Cat Zero Challenge Wales Cirdan Sailing Trust Combined Cadet Force Dauntsey's School Discovery Sailing Project East Coast Sail Trust Ellen MacArthur Cancer Trust Excelsior Trust Gordonstoun School Gwennili Trust Island Trust Jubilee Sailing Trust Leila Sailing Trust Little Brig Marine Society and Sea Cadets Maybe Sailing Morning Star Trust Ocean Youth Trust North Ocean Youth Trust Scotland Ocean Youth Trust South Pioneer Sailing Trust Portsmouth Sail Training Trust Rona Sailing Project Sea Sanctuary Sea Change Sailing Trust Swan Trust Tall Ships Youth Trust Tectona Trinity Sailing Foundation UKSA Westward Quest Grants to individuals Trinity House 3 STI Trainee ASTO Trainee grants Other 4 1 Hammond Innes 2 Additional bursary awards

2020 2019 Unrestricted Restricted Total Unrestricted Restricted Total Funds Funds Funds Funds Funds Funds £ £ £ £ £ £ 30,268 - 30,268 6,448 - 6,448 11,221 - 11,221 5,553 - 5,553 702 - 702 411 - 411 3,256 - 3,256 1,831 - 1,831 14,097 - 14,097 5,788 - 5,788 23,856 - 23,856 8,881 - 8,881 15,915 - 15,915 9,066 - 9,066 1,064 - 1,064 3,767 - 3,767 11,891 - 11,891 5,354 - 5,354 1,967 - 1,967 796 - 796 15,708 - 15,708 8,234 - 8,234 3,280 - 3,280 2,207 2,083 4,290 15,940 - 15,940 8,890 - 8,890 5,834 - 5,834 2,917 - 2,917 19,055 - 19,055 11,572 18,546 30,118 57,148 - 57,148 36,308 - 36,308 - - - 579 - 579 - - - - - - 86,449 - 86,449 47,828 - 47,828 12,139 - 12,139 8,266 - 8,266 8,230 - 8,230 4,359 - 4,359 9,230 - 9,230 5,851 13,305 19,156 31,681 - 31,681 16,736 24,384 41,120 19,906 - 19,906 9,229 - 9,229 7,875 - 7,875 3,039 - 3,039 603 - 603 - - - 42,382 - 42,382 25,015 - 25,015 190 - 190 470 - 470 3,545 - 3,545 2,790 - 2,790 2,669 - 2,669 1,488 - 1,488 60,139 - 60,139 29,206 - 29,206 5,999 - 5,999 - - - - - - 4,093 - 4,093 2,380 - 2,380 484 - 484 - - - 601 - 601 524,619 - 524,619 278,057 58,318 336,375 1 2 1 2 - 16,686 16,686 - 29,049 29,049 - - - - - - - - - - - - 5,343 2,646 7,989 2,515 3,960 6,475 5,343 19,332 24,675 2,515 33,009 35,524 529,962 19,332 549,294 280,572 91,327 371,899 Grants to provide opportunities for young people and those with disabilities. Leila Sailing Trust and Trinity Sailing Foundation ceased operation during the comparative season. Grants to enable young people to experience the teamwork, communication and leadership required in managing a sailing yacht. Awarded for providing additional demographic information on those taking part in Sail Training.

3 Trinity House 4 Other

Grants to fund training for individuals To foster international exchanges

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

NOTES TO THE FINANCIAL STATEMENTS

7. Analysis of grants (continued)

Grants to institutions - Lifeboat grants Adventure Under Sail Adventures Offshore Cat Zero Challenge Wales Cirdan Sailing Trust Discovery Sailing Project Excelsior Trust Island Trust Jubilee Sailing Trust Morning Star Trust Ocean Youth Trust North Ocean Youth Trust Scotland Ocean Youth Trust South Rona Sailing Project Sea Change Sailing Trust Swan Trust Tall Ships Youth Trust Lifeboat grants

2020 2019 Unrestricted Restricted Total Unrestricted Restricted Total Funds Funds Funds Funds Funds Funds £ £ £ £ £ £ 69,184 - 69,184 - - - 25,649 - 25,649 - - - 7,442 - 7,442 - - - 32,222 - 32,222 - - - 54,527 - 54,527 - - - 14,400 - 14,400 - - - 7,498 - 7,498 - - - 43,534 - 43,534 - - - 130,623 - 130,623 - - - 7,000 - 7,000 - - - 21,000 - 21,000 - - - 72,413 - 72,413 - - - 45,490 - 45,490 - - - 3,640 - 3,640 - - - 8,103 - 8,103 - - - 6,100 - 6,100 - - - 80,000 - 80,000 - - - 628,825 - 628,825 - - - Grants to support and ensure the future availability of Sail Training opportunities for young people, following on from the crisis caused by the Coronavirus pandemic in 2020.

8. Governance costs

8. Governance costs
Auditors remuneration - current year Trustees' travel expenses	Unrestricted Funds £ 3,840 1,079 4,919	Restricted Funds £ - - -	2020 Total Funds £ 3,840 1,079 4,919	Unrestricted Funds £ 3,840 1,863 5,703	Restricted Funds £ - - -	2019 Total Funds £ 3,840 1,863
						5,703

9. Wages and salary cost

Gross wages Employer's national insurance costs (inclusive of employer national insurance allowance) Employer's pension contributions Other benefits	2020 Total Funds £ 71,674 3,182 5,351 100 80,307	2019 Total Funds £ 65,571 3,690 5,245 33
		74,539

There were no employees with emoluments (excluding employer pension costs) above £60,000 in this or the preceding year

The average number of employees analysed by function was:

Administration of charitable activities	2.25 2.25	2.00
		2.00

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

NOTES TO THE FINANCIAL STATEMENTS

9. Wages and salary cost (continued)

The number of employees to whom pension contributions are accruing:

Administration of charitable activities 10. Auditors' remuneration Auditors' remuneration - audit	Unrestricted Funds £ 3,840	Restricted Funds £ -	2020 Total Funds £ 3,840	Unrestricted Funds £ 3,840	2 2 Restricted Funds £ -	2
						2
						2019 Total Funds £ 3,840

11. Related party transactions

None of the trustees received any remuneration during the year under review (2019: £nil). £1,079 (2019: £1,863) was reimbursed to or paid on behalf of the trustees listed on page 1 during the period under review.

During the year under review donations totalling £2,000 (2019: £nil) were received from the charity's trustees without conditions.

The charity's two (2019: two) key management personnel received remuneration as detailed in note 9 and £808 (2019: £1,566) was reimbursed to or paid on behalf of the charity's key management personnel during the year under review for travel and subsistence. In addition, fees were paid to the husband of a member of key management personnel totalling £200 (2019: £372) for photography.

12. Tangible fixed assets

Cost At 1 November 2019 Additions Disposals At 31 October 2020 Depreciation Accumulated at 1 November 2019 Charge for the year On disposals At 31 October 2020 Net book value at 31 October 2020 Net book value at 31 October 2019	Leasehold property £ 61,293 - - 61,293 11,841 835 - 12,676 48,617 49,452	Office equipment £ 4,830 1,406 - 6,236 4,490 209 - 4,699 1,537 340	Total £ 66,123 1,406 -
			67,529
			16,331 1,044 -
			17,375
			50,154
			49,792

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

NOTES TO THE FINANCIAL STATEMENTS

13. Fixed assets investments

Reconciliation of movement on investments Carrying (market) value brought forward Additions at cost Disposals at carrying value Transfer between managers Gain/(Loss) on revaluation Net increase/(decrease) in cash Carrying (market) value carried forward Gains/(losses) on investments Unrealised (from above) Realised on disposal of fixed asset investments The investments above are analysed as follows: Listed investments *1 Cash or cash equivalents	Listed investments £ 10,225,624 1,029,961 (3,159,608) - (472,896) - 7,623,081 (472,896) (231,843) (704,739) 7,623,081 - 7,623,081	Cash £ 264,978 - - - - 811,947 1,076,925 - - - - 1,076,925 1,076,925	2020 Total Funds £ 10,490,602 1,029,961 (3,159,608) - (472,896) 811,947 8,700,006 (472,896) (231,843) (704,739) 7,623,081 1,076,925 8,700,006	2019 Total Funds £ 10,112,165 921,278 (948,165) - 559,246 (153,922)
				10,490,602
				559,246 3,868
				563,114
				10,225,624 264,978
				10,490,602

*1 Listed investments including pooled investment vehicles which invest in listed investments.

14. Debtors

14. Debtors
Other debtors Prepayments	2020 Total Funds £ 1,932 - 1,932	2019 Total Funds £ - 243
		243

15. Creditors: amounts falling due within one year

15. Creditors: amounts falling due within one year
Accrued expenses Grants payable Other creditors	2020 Total Funds £ 3,840 - 302 4,142	2019 Total Funds £ 5,481 36,935 257
		42,673

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

NOTES TO THE FINANCIAL STATEMENTS

16. Analysis of net assets between funds

16. Analysis of net assets between funds
Tangible fixed assets Fixed asset investments Current assets Current liabilities	Unrestricted Funds £ 50,154 8,700,006 39,678 (4,142) 8,785,696	Restricted Funds £ - - 42,324 - 42,324	2020 Total Funds £ 50,154 8,700,006 82,002 (4,142) 8,828,020	2019 Total Funds £ 49,792 10,490,602 67,315 (42,673)
				10,565,036

17. Analysis of net movement in funds Total funds brought forward £ Restricted funds Trinity House Bursary 18,482 Cowes Small Ships Race 1,569 Trainee Bursary Fund 5 Little Brigs 2,646 Royal Standard Maritime Trust 2,014 Total restricted funds 24,716 Unrestricted funds Designated funds Fixed asset reserve 49,792 49,792 Fair Value Reserve 1,793,147 General Fund 8,697,381 Unrestricted funds 10,490,528 Total unrestricted funds 10,540,320 Total funds 10,565,036	Total incoming resources £ 37,000 (60) - - - 36,940 - - - 258,410 258,410 258,410 295,350	Total resources expended £ (16,686) - - (2,646) - (19,332) (1,045) (1,045) - (1,307,250) (1,307,250) (1,308,295) (1,327,627)	Transfers between funds £ - - - - - - 1,406 1,406 - (1,406) (1,406) - -	Gains and (losses) on investments £ - - - - - - - - (962,663) 257,924 (704,739) (704,739) (704,739)	Total funds carried forward £ 38,796 1,509 5 - 2,014
					42,324
					50,153
					50,153
					830,484 7,905,059
					8,735,543
					8,785,696
					8,828,020

18. Description of funds

Funds received to provide grants under the Trinity House Career Development Scheme, providing training for Sail Training staff and volunteers.

Trinity House Bursary Funds received to provide grants under the Trinity House Career Development Scheme, providing training for Sail Training staff and volunteers. Cowes Small Ships Race Funds received to organise and run annual small ships races at Cowes. Trainee Bursary Fund Funds received to provide bursaries for young people to enable them to participate in sail training events. Little Brigs project Funds received to support a sail training projects of the Association's members. Royal Standard Maritime Trust Funds received following the closure of registered charity to be spent in furtherance of the closed charity's objects. Fixed Asset Reserve Designated funds representing the net book value of fixed assets. Fair Value Reserve Representing the variance between cost and fair value of the charity's investment assets.

Representing the variance between cost and fair value of the charity's investment assets.

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

NOTES TO THE FINANCIAL STATEMENTS

19. Pension scheme

The charity operates defined contribution pension scheme for its employees. The total payable for the year under review was £5,351 (2019: £5,245). There were no amounts outstanding at the end of the current period or comparative financial year.

20. Commitments under operating lease

20. Commitments under operating lease
	2020	2019
	Total	Total
At 31 October the charity had total minimum lease payments under a non-cancellable operating lease as	Funds	Funds
follows:	£	£
Not later than one year	-	244
Later than one year not later than five years	-	-
	-	244

22. Financial instruments

The carrying amounts of the charity's financial instruments are as follows:

22. Financial instruments The carrying amounts of the charity's financial instruments are as follows:
Financial assets Measured at fair value through net income/(expenditure): Fixed asset investments	2020 Total Funds £ 8,700,006 8,700,006	2019 Total Funds £ 10,490,602
		10,490,602

The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:

Income and expense Financial assets measured at fair value through net income/(expenditure) Investment income Investment management fees Net gains and losses (including changes In fair value) Financial assets measured at fair value through net income/(expenditure) Unrealised gains/(losses) on investments Realised gains/(losses) on investments	2019 Total Funds £ 227,364 (43,222) 184,142 (472,896) (231,843) (704,739)	2018 Total Funds £ 299,932 (49,608)
		250,324
		559,246 3,868
		563,114

Fixed asset investments are held at fair value with valuations obtained using closing mid-market price.

Page 22