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2021-10-31-accounts

The Association of Sail Training Organisations Limited by Guarantee

Trustees Report

and Financial Statements

for the year ended 31 October 2021

Registered Charity Number 1083059 Registered Company Number 04084476

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

CONTENTS

Page
Charity information 1
Chair’s foreword 3
Trustees’ report 4
Independent auditors’ report 9
Statement of financial activities 12
Balance sheet 13
Accounting policies 14
Notes to the financial statements 17

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

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 (Chair) (retired 23rdApril 2021)
M Todd (Chair from 23rdApril 2021)
C B Burton
A J Butcher MBE
R J Cockrem (appointed 15thJanuary 2021)
T J James
H R Maywood
G R Mills (retired 23rdApril 2021)
N V Northmore
P J Russell
D G Snelson CB
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

Page 1

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

CHARITY INFORMATION

Full members 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
Marine Society and Sea Cadets
Morning Star Trust
Ocean Youth Trust North
Ocean Youth Trust Scotland
Ocean Youth Trust South
Offshore (formerly Adventures Offshore)
Pioneer Sailing Trust
Rona Sailing Project
Sea Change Sailing Trust
Seas Your Future (formerly Adventure Under Sail)
Swan Trust
Tall Ships Youth Trust
Associate members Boleh Trust
Combined Cadet Force
East Coast Sail Trust
Gwennili Trust
Maybe Sailing
Morvargh Sailing Project
Portsmouth Sail Training Trust
Sailing Tectona
Sea Sanctuary
UKSA
Honorary members Sail Training International
RYA Sailability

Page 2

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

CHAIR’S FOREWORD

‘Sail Training has so much to offer to people - and to the communities in which we live. This has never been more true than in these times of huge challenges presented by the coronavirus.

As with other charities, ASTO and our members, staff and volunteers have all shared in the pain this pandemic has brought. It has had immense consequences for our work and it has also touched so many people on a personal level. However, this has brought out all the best traits of resilience, determination and support for others and teamwork: all the skills and qualities that Sail Training aims to develop in those who sail with us. It has been heartening that this year ASTO and our members have been able to play a part in helping the country recover and heal from the effects of lockdown.

Research by the New Economics Foundation, promoted by the NHS and MIND, has found evidence of five steps that can improve your mental health and wellbeing. The NHS says that "Trying these things could help you feel more positive and able to get the most out of life." Every one of these five steps is a natural part of a Sail Training voyage. The steps are:

  1. Connect with other people

  2. Be physically active

  3. Take notice and pay attention to the present moment

  4. Learn new skills

  5. Give to others.

This year we’ve heard many stories from those who have sailed with ASTO members – as well as their parents, carers, teachers, support workers etc. - about how their wellbeing or the wellbeing of someone they care about has been radically improved by a Sail Training voyage.

Although we are by no means out of the pandemic, Sail Training continues to play a valuable part in improving people’s wellbeing, along with the well-known benefits of teamwork, personal achievement and adventure. ‘

Mark Todd, Chair Association of Sail Training Organisations

Page 3

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

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 2021. 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 chair 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 it was held in April 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 Chair 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 Dislosure and Barring 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. The trustees 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 2021

TRUSTEES’ REPORT

OBJECTIVES AND ACTIVITIES

The objects for public benefit are:

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

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. Due to vessels being unable to sail in 2020, the 2021 allocation of the Hammond Innes bursary was calculated using the ‘berth days’ for the 2019 sailing season.

Covid restrictions continued to limit sailing activity in 2021. While organisations in England were able to offer some residential sailing from July, organisations in Scotland and Wales were more restricted. In 2020, the ASTO Trustees had decided to issue emergency grants to ensure the future provision of Sail Training through our member organisations. The second such ‘Lifeboat grant’ was made in November 2020 which is reflected in these 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 2021 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:

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

TRUSTEES’ REPORT

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 2021 are listed below.

Covid 19 restrictions continued to prevent normal operations in the 2021 sailing season. Residential sailing was possible in England from mid-July, while member organisations in Wales and Scotland were under tighter restrictions. ASTO was able to support UK Sail Training through the following activities:

Page 6

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

TRUSTEES’ REPORT

FINANCIAL REVIEW

Total incoming resources for the year ended 31 October 2021 were £249,718 (2020: £295,350) and the charity’s principal funding sources continued to be investment income, donations and grants. Total resources expended were £1,152,246 (2020: £1,327,627) 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 £747,068 (2020: £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 £902,528 (2020: £1,032,277) before gains on investments of £1,389,058 (2020 losses on investments: £704,739).

Reserves policy

As at 31 October 2021, the charity’s total funds amounted to £9,314,550 of which £54,242 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 £9,210,255 (2020: £8,735,542) inclusive of investments totalling £9,176,419 (2020: £8,700,006).

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 £204,064 (2020: £227,364). The portfolio grew in value from £8,700,006 to £9,176,419 in the year to 31 October 2021.

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 2021 TRUSTEES. REPORT PLANS FOR THE FUTURE Strategies and activities for achieving the objects ol the charity in 2022 include.. continued liaison with the outdoor learning sector lo raise the piolile with government agencies further supporting our members through working groups into diversity. mental hea￿h and statting further promoting the benefits ol Sail Training through social media campaigns and publicity. further encouraging members lo measure their outcomes and improve good practice. the annual Cowes Small Ships, Race in autumn which is a favo(Jrile on the Sail Training calendar and is growing in recognition year on year. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Trustees, Report and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practi￿1. The law applicable to charities in England & Wales requires the trustees to prepare financial slalements for each financial year which give a true and lair view ol the stale ol atrairs ol the charity and of the incoming resources and application ol resources ol the charity lor that period. In prèparing these financial statements, the trustees are required lo.. select suitsble a¢counling policies and then apply them consi51enlly', ObSe￿e the methods and principles in the Charities SORP 2019 IFRS 1021., make judgements and estimates that are reasonable and prudent., state whelher applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slaiemenls; and prepare the financial statements on the going ¢oncern basis unlgss il is inappropriale lo presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the linancial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible lor safeguarding the assets of the charity and hence loi taking reasonable steps lor the prevention and detection ol fraud and other irregularities. The trustees are responsible for the mainlenanee and integrity of the charity ar￿ financial information included on Ihe charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may drffer from legislation in other jurisdictions. APPOINTMENT OF AUDITORS The charity's auditors, Blue Spire Limited, have expressed Iheirwillingness lo sland for reappoinlmenl and a resolutio proposing their reappoinlmenl will be pul forward at the Annual General Meeting of the charity. SMALL COMPANIES PROVISIONS This report has been prepared in accordance wilh the small companies regime under the Companies Act 2006. Approve the Irustees and signed on their behalf. M Todd, Chair Trustee Date Page 8

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

INDEPENDENT AUDITOR’S REPORT

Independent auditor’s 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 2021 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:

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

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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 other information comprises the information included in the Report of the Trustees, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Report of the Trustees. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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:

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

INDEPENDENT AUDITOR’S REPORT

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 INDEPENDENT AUDITOR'S REPORT A further description ol our responsibilities is availableon the Financial Reporting Council's website at.. htt s-.Ilwww.Irc.or .uklOur-WorklAudiVA dit-and-assurancelSiandards-and- uidancelStandards-and- uidance-l audilorslAudilors-res onsibililies-lor-audiVDes¢ri lion-ol-audilors-res onsibililies-lor-a dil.as This description fomis part of our auditorfs 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 matters we are required to stste to them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law. we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Cawley Priory South Pallant Chichester Wesl Sussex P019 1SY Geollrey I BSclHonsl FCA, Senior Slalutory Auditor For and on beh21f of Blue Spire Limited. Statutory Auditors Dale Page 11

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

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
£
14,176
204,064
1,330
3,173
222,743
42,670
1,087,672
1,130,342
1,389,058
481,459
(6,847)
474,612
8,785,696
9,260,308		 Restricted
Funds
£
25,555
-
1,420
-
26,975
-
21,904
21,904
-
5,071
6,847
11,918
42,324
54,242		 2021
Total
Funds
£
39,731
204,064
2,750
3,173
249,718
42,670
1,109,576
1,152,246
1,389,058
486,530
-
486,530
8,828,020
9,314,550		 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

The statement of financial activities includes all gains and losses recognised during the year. 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 2021 BALANCE SHEET AS AT 31 OCTOBER 2021 2021 2020 Mote FIXED ASSETS Tangth1e 455ets Inveslmenl$ 50,053 9.176.419 50.154 8,700.006 9,226,472 8,750,160 CURRENT ASSETS Debtors Cash al hand and in bank Total current ￿Sets 14 1.932 80,070 82,002 92,095 92.095 CURRENT LIABILITIES Creditors.. amounts falling duè wthin onè year 15 4.017 4,142 Net current a888ts1lllabilit￿) 88,078 77.8fO Net asset51lllabslltie$l 9,314,550 8.828, THE FUNDS OF THE CHARITY Restricted funds 17 54.242 42,324 Designated Fund5 Fair Value Reserve General Funds Unrestrl¢ted fiJnd$ 50,053 1.958,869 7,251.386 9.260,308 50,153 830.484 7,905.059 8,785.696 17 Totsl charity fvnds 9.314,550 8.828. The financ&81 stslements have been prepared in acmrdance wilh the provisions applicabk lo ¢(Nnpanles subject to the small companies regirne. The financial $latemenl$ on pages 12 to 26 were approved and auth0ri5ed for i$sue by the trustees tsn signed on their behalf by.. d. Chair Trustee The Assotiation of Sail Training OrganiSat￿n5 Registered Charty Number 1083059 Registered Gompany Numbpr 04084476 Page 13

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

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 2021

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.

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.

Page 15

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

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.

Page 16

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

NOTES TO THE FINANCIAL STATEMENTS

1. Donations and legacies

Donations and grants
Royalties
Membership
2. Income from investments
Income from investment holdings
3. Income from charitable activities
UK Sail Training Conference fees
Training
Small Ships Race		 Unrestricted
Funds
£
5,425
7,151
1,600
14,176
Unrestricted
Funds
£
204,064
204,064
Unrestricted
Funds
£
-
1,330
-
1,330		 Restricted
Funds
£
25,555
-
-
25,555
Restricted
Funds
£
-
-
Restricted
Funds
£
-
-
1,420
1,420		 2021
Total
Funds
£
30,980
7,151
1,600
39,731
2021
Total
Funds
£
204,064
204,064
2021
Total
Funds
£
-
1,330
1,420
2,750		 Unrestricted
Funds
£
2,061
16,384
1,550
19,995
Unrestricted
Funds
£
227,364
227,364
Unrestricted
Funds
£
3,609
710
-
4,319		 Restricted
Funds
£
37,000
-
-
37,000
Restricted
Funds
£
-
-
Restricted
Funds
£
-
-
(60)
(60)		 2020
Total
Funds
£
39,061
16,384
1,550
56,995
2020
Total
Funds
£
227,364
227,364
2020
Total
Funds
£
3,609
710
(60)
4,259

4. Raising funds - Investment management fees

Investment management fees Unrestricted
Funds
£
42,670
42,670		 Restricted
Funds
£
-
-		 2021
Total
Funds
£
42,670
42,670		 Unrestricted
Funds
£
43,222
43,222		 Restricted
Funds
£
-
-		 2020
Total
Funds
£
43,222
43,222

Page 17

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

NOTES TO THE FINANCIAL STATEMENTS

5. Charitable activities

5. Charitable activities
Hammond Innes grants (see note 7)
Lifeboat grant (see note 7)
Trinity House grants (see note 7)
Other grants (see note 7)
Total grants
Race and event costs
Instruction and training
Support costs (see note 6)
Governance costs (see note 8)
Other charitable activities		 Unrestricted
Funds
£
210,002
747,068
-
480
957,550
6,775
812
118,303
4,232
130,122
1,087,672		 Restricted
Funds
£
-
-
10,432
-
10,432
11,472
-
-
-
11,472
21,904		 2021
Total
Funds
£
210,002
747,068
10,432
480
967,982
18,247
812
118,303
4,232
141,594
1,109,576		 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

6. Support costs

Wages and salaries (see note 9)
Insurance
Office costs
Travel and subsistence
Promotional materials and exhibitions
Bank charges
Repairs and maintenance
Postage and stationery
Advertising and marketing
Miscellaneous expenditure
Depreciation		 Unrestricted
Funds
£
104,056
2,500
4,783
2,622
1,138
323
-
831
159
378
1,513
118,303		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-		 2021
Total
Funds
£
104,056
2,500
4,783
2,622
1,138
323
-
831
159
378
1,513
118,303		 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

Page 18

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

NOTES TO THE FINANCIAL STATEMENTS

7. Analysis of grants
Grants to institutions - HI Bursaries1
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
Marine Society and Sea Cadets
Maybe Sailing
Morning Star Trust
Ocean Youth Trust North
Ocean Youth Trust Scotland
Ocean Youth Trust South
Offshore
Pioneer Sailing Trust
Portsmouth Sail Training Trust
Rona Sailing Project
Sea Sanctuary
Sea Change Sailing Trust
Seas Your Future
Swan Trust
Tall Ships Youth Trust
Tectona
UKSA
Grants to individuals
Trinity House2
Other - International exchanges
Other - Other sail training projects
Other - Business skills training		 Unrestricted
Funds
£
277
1,285
5,565
9,417
6,282
2,939
4,694
776
6,201
1,295
6,292
2,303
7,522
22,558
34,125
4,792
3,249
3,643
12,506
7,858
4,430
3,108
238
16,730
75
1,399
11,948
1,054
23,739
2,763
939
210,002
-
-
-
480
480
210,482		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10,432
-
-
-
10,432
10,432		 2021
Total
Funds
£
277
1,285
5,565
9,417
6,282
2,939
4,694
776
6,201
1,295
6,292
2,303
7,522
22,558
34,125
4,792
3,249
3,643
12,506
7,858
4,430
3,108
238
16,730
75
1,399
11,948
1,054
23,739
2,763
939
210,002
10,432
-
-
480
10,912
220,914		 Unrestricted
Funds
£
702
3,256
14,097
23,856
15,915
1,064
11,891
1,967
15,708
3,280
15,940
5,834
19,055
57,148
86,449
12,139
8,230
9,230
31,681
19,906
11,221
7,875
603
42,382
190
3,545
30,268
2,669
60,139
5,999
2,380
524,619
-
1,900
-
3,443
5,343
529,962		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
16,686
-
2,646
-
19,332
19,332		 2020
Total
Funds
£
702
3,256
14,097
23,856
15,915
1,064
11,891
1,967
15,708
3,280
15,940
5,834
19,055
57,148
86,449
12,139
8,230
9,230
31,681
19,906
11,221
7,875
603
42,382
190
3,545
30,268
2,669
60,139
5,999
2,380
524,619
16,686
1,900
2,646
3,443
24,675
549,294

1 HI Bursaries

2 Trinity House

Hammond Innes Bursaries to provide opportunities for young people and those with disabilities, or training for staff and volunteers.

Grants to fund training for individuals

Page 19

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

NOTES TO THE FINANCIAL STATEMENTS

7. Analysis of grants (continued)

Grants to institutions - Lifeboat grants
Cat Zero
Challenge Wales
Cirdan Sailing Trust
Discovery Sailing Project
Ellen MacArthur Cancer Trust
Excelsior Trust
Island Trust
Jubilee Sailing Trust
Marine Society and Sea Cadets
Morning Star Trust
Ocean Youth Trust North
Ocean Youth Trust Scotland
Ocean Youth Trust South
Offshore
Pioneer Sailing Trust
Rona Sailing Project
Sea Change Sailing Trust
Seas Your Future
Swan Trust
Tall Ships Youth Trust		 Unrestricted
Funds
£
7,442
32,222
54,527
20,000
20,000
7,498
43,554
130,624
12,068
18,000
21,097
72,413
45,499
25,649
18,000
92,658
8,103
50,000
6,100
61,614
747,068		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2021
Total
Funds
£
7,442
32,222
54,527
20,000
20,000
7,498
43,554
130,624
12,068
18,000
21,097
72,413
45,499
25,649
18,000
92,658
8,103
50,000
6,100
61,614
747,068		 Unrestricted
Funds
£
7,442
32,222
54,527
14,400
-
7,498
43,534
130,623
-
7,000
21,000
72,413
45,490
25,649
-
3,640
8,103
69,184
6,100
80,000
628,825		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2020
Total
Funds
£
7,442
32,222
54,527
14,400
-
7,498
43,534
130,623
-
7,000
21,000
72,413
45,490
25,649
-
3,640
8,103
69,184
6,100
80,000
628,825

Lifeboat grants

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
392
4,232		 Restricted
Funds
£
-
-
-		 2021
Total
Funds
£
3,840
392
4,232		 Unrestricted
Funds
£
3,840
1,079
4,919		 Restricted
Funds
£
-
-
-		 2020
Total
Funds
£
3,840
1,079
4,919

9. Wages and salary cost

Gross wages
Employer's national insurance costs (inclusive of employer national insurance allowance)
Employer's pension contributions
Other benefits
Furlough receipts		 2021
Total
Funds
£
91,603
4,990
7,328
136
(3,173)
104,057		 2020
Total
Funds
£
71,674
3,182
5,351
100
(6,732)
80,307

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

Page 20

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

NOTES TO THE FINANCIAL STATEMENTS

9. Wages and salary cost (continued)

The average number of employees analysed by function was:
Administration of charitable activities
The number of employees to whom pension contributions are accruing:
Administration of charitable activities		 3.00
3.00
3
3		 2.25
2.25
2
2

10. Auditors' remuneration

10. Auditors' remuneration
2021 2020
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
£ £ £ £ £ £
Auditors' remuneration - audit 3,840 - 3,840 3,840 - 3,840

11. Related party transactions

None of the trustees received any remuneration during the year under review (2020: £nil). £392 (2020: £1,079) was reimbursed to or paid on behalf of the trustees listed on page 1 during the period under review.

During the comparative year donations totalling £2,000 were received from the charity's trustees without conditions.

The charity's two (2020: two) key management personnel received remuneration as detailed in note 9 and £2,528 (2020: £808) 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 £700 (2020: £200) for photography.

12. Tangible fixed assets

Cost
At 1 November 2020
Additions
Disposals
At 31 October 2021
Depreciation
Accumulated at 1 November 2020
Charge for the year
On disposals
At 31 October 2021
Net book value at 31 October 2021
Net book value at 31 October 2020		 Leasehold
property
£
61,293
-
-
61,293
12,676
836
-
13,512
47,781
48,617		 Office
equipment
£
6,236
1,412
-
7,648
4,699
677
-
5,376
2,272
1,537		 Total
£
67,529
1,412
-
68,941
17,375
1,513
-
18,888
50,053
50,154

Page 21

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

NOTES TO THE FINANCIAL STATEMENTS

13. Fixed assets investments

13. Fixed assets investments
Reconciliation of movement on investments
Carrying (market) value brought forward
Additions at cost
Disposals at carrying value
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
£
7,623,081
1,537,545
-
-
-
9,160,626
-
1,389,058
1,389,058
9,160,626
-
9,160,626		 Cash
£
1,076,925
-
-
-
(1,061,132)
15,793
-
-
-
-
15,793
15,793		 2021
Total
Funds
£
8,700,006
1,537,545
-
-
(1,061,132)
9,176,419
-
1,389,058
1,389,058
9,160,626
15,793
9,176,419		 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

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

14. Debtors

14. Debtors
Other debtors 2021
Total
Funds
£
-
-		 2020
Total
Funds
£
1,932
1,932

15. Creditors: amounts falling due within one year

15. Creditors: amounts falling due within one year
Accrued expenses
Other creditors		 2021
Total
Funds
£
3,840
177
4,017		 2020
Total
Funds
£
3,840
302
4,142

Page 22

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

NOTES TO THE FINANCIAL STATEMENTS

16. Analysis of net assets between funds

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities		 Unrestricted
Funds
£
50,053
9,176,419
37,853
(4,017)
9,260,308		 Restricted
Funds
£
-
-
54,242
-
54,242		 2021
Total
Funds
£
50,053
9,176,419
92,095
(4,017)
9,314,550		 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

17. Analysis of net movement in funds

Restricted funds
Trinity House Bursary
Cowes Small Ships Race
Small Ships Race other
Trainee Bursary Fund
Little Brigs
Royal Standard Maritime Trust
Total restricted funds
Unrestricted funds
Designated funds
Fixed asset reserve
Fair Value Reserve
General Fund
Unrestricted funds
Total unrestricted funds
Total funds		 Year ended 31 October 2021
Total funds
brought
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		 Total
incoming
resources
£
21,000
5,255
720
-
-
-
26,975
-
-
-
222,743
222,743
222,743
249,718		 Total
resources
expended
£
(10,432)
(3,905)
(7,567)
-
-
-
(21,904)
(1,513)
(1,513)
-
(1,128,829)
(1,128,829)
(1,130,342)
(1,152,246)		 Transfers
between
funds
£
-
-
6,847
(5)
-
5
6,847
1,413
1,413
-
(8,260)
(8,260)
(6,847)
-		 Gains and
(losses) on
investments
£
-
-
-
-
-
-
-
-
-
1,128,385
260,673
1,389,058
1,389,058
1,389,058		 Total funds
carried
forward
£
49,364
2,859
-
-
-
2,019
54,242
50,053
50,053
1,958,869
7,251,386
9,210,255
9,260,308
9,314,550

Page 23

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

NOTES TO THE FINANCIAL STATEMENTS

17. Analysis of net movement in funds (continued)
Total funds
brought
forward
£
Restricted funds
Trinity House Bursary
18,482
Cowes Small Ships Race
1,569
Small Ships Race other
-
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		 17. Analysis of net movement in funds (continued)
Total funds
brought
forward
£
Restricted funds
Trinity House Bursary
18,482
Cowes Small Ships Race
1,569
Small Ships Race other
-
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		 Year ended 31 October 2020
Total funds
brought
forward
£
18,482
1,569
-
5
2,646
2,014
24,716
49,792
49,792
1,793,147
8,697,381
10,490,528
10,540,320
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

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 Small Ships Race other Trainee Bursary Fund

Funds received to organise and run annual small ships races at Cowes.

Funds received to organise and run small ships races.

Funds received to provide bursaries for young people to enable them to participate in sail training events.

Little Brigs project Funds received to support 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 Fair Value Reserve

Designated funds representing the net book value of fixed assets.

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

19. Pension scheme

The charity operates defined contribution pension scheme for its employees. The total payable for the year under review was £7,328 (2020: £5,351). There were no amounts outstanding at the end of the current period or comparative financial year.

Page 24

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

NOTES TO THE FINANCIAL STATEMENTS

20. Commitments under operating lease
Not later than one year
Later than one year not later than five years
22. Financial instruments
At 31 October the charity had total minimum lease payments under a non-cancellable operating lease as
follows:		 2021
Total
Funds
£
-
-
-		 2020
Total
Funds
£
-
-
-

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

2021
Total
Funds
£
Financial assets
Measured at fair value through net income/(expenditure):
Fixed asset investments
9,176,419
9,176,419
The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:
2021
Total
Funds
£
Income and expense
Financial assets measured at fair value through net income/(expenditure)
Investment income
204,064
Investment management fees
(42,670)
161,394
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
1,389,058
1,389,058		 2020
Total
Funds
£
8,700,006
8,700,006
2020
Total
Funds
£
227,364
(43,222)
184,142
(472,896)
(231,843)
(704,739)

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

Page 25

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

NOTES TO THE FINANCIAL STATEMENTS

23. Comparative statement of financial activities
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

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