2022-10-31-accounts

The Association of Sail Training Organisations Limited by Guarantee

Trustees Report

and Financial Statements

for the year ended 31 October 2022

Registered Charity Number 1083059 Registered Company Number 04084476

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

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 2022

CHARITY INFORMATION

Patron	HRH The Countess of Wessex GCVO
President	Rear Admiral J S Lang
Vice President for life	John H Hamilton OBE
Trustees	M Todd (Chair)
	C B Burton
	A J Butcher MBE
	R J Cockrem
	T J James
	H R Maywood
	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

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

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 Pioneer Sailing Trust Rona Sailing Project Sailing Tectona (full member on 8 April 2022) Sea Change Sailing Trust Seas Your Future Swan Trust Tall Ships Youth Trust Associate members Boleh Trust Combined Cadet Force Disabled Sailors Association (associate member on 14 January 2022) East Coast Sail Trust Gwennili Trust Maybe Sailing Morvargh Sailing Project Portsmouth Sail Training Trust 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 2022 CHAIR'S FOREWORD It has been a heartening year lo see all our ASTO members, vessels back on the water doing what they do best.. developing and enhancing people's wellbeing. The demand and need for our setvices has never been greater. The significant negative impacl which the pandemic has had on people is very clear lo see.. the world around us still proves lo be very challenging, ar￿ UK Sail Training has a role lo play in helping people cope. For some this might be by helping develop resilience; lor others, allowing them a much-needed respite from illness, caring dutie5 or a challenging home environment. As someone who occasionalty skippers an ASTO members vessels, I have seen this yÈar how IroLsbled many people are, as well as the benefits that can be conferred by taking part in a voyage. I know how a Sail Training voyage can help people with anxiety and confidence issues,. bul a voyage may also help identify families who are not coping, and we as sail trainers can flag this with other agencies. This need might not have been id8nlilied il that peTSOll had not had the opportunity lo sail and a sale space lo talk about their lrfe. 11 is a tribute to the saling staff and to our member organisatsons that they do such valuable work. I remain convinced, as ever, that Sail Training embodies the live steps lo improve your mental and physical wellbeing as identilied by New Economics Foundation, promoted by the NHS and MIND. Every one of these live steps is a natural part of a Sail Training voyage. The steps are- Connect wiltt other people Be physically active Take notice and pay attention to the present moment Learn new skills Give lo others. I think all opeiators have re￿iVed ove*whelming feedback from parents, carers and professionals on the positive effects a Sail Training voyage has had on those in their care. ASTO will continue supporting this great industry and I am proud lo be Chair ol an organisalion whose members are doing such incredible work, whose impact is perhaps besi summed up by the words from a young person who sailed this year.. "I have just had the m05t amazing lime and mel some absolutely wond9rful people. I stsrted the sailing trip numb because personal trauma and il has delinrtely improved my mental health and helped me be n￿re myself . ark Todd, Chair Association ol Satl Training Organisalions Page 3

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

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 2022. 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 which this year was held in March. 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 Disclosure and Barring check.

Arragements for setting pay

The 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

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

TRUSTEES’ REPORT

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.

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 disabilities 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.

Sailing activity returned to normal in 2022 after the Covid pandemic, and ASTO will use 2022 berth day numbers to calculate the bursary for 2023.

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 2022 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.”

• 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

• 92% of surveyed trainees felt they learnt a new skill

• 93% said their team worked well together

• 91% said they had to do something important for the ship

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

TRUSTEES’ REPORT

• 93% learnt to stick to the ships routine and

• 92% did things even though they were difficult.

These activities 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 ASTO’s 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 2022 are listed below.

All Covid 19 restrictions were lifted in 2022, resulting in a return to a normal sailing season for all of our members. ASTO was able to support UK Sail Training through the following activities:

• the awarding of almost £220,000 in Hammond Innes bursaries 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 disadvantaged or disabled.

• the organisation of the annual UK Sail Training Conference to act as a forum for all UK stakeholders. The 2022 conference was held in person in March, after Covid incidence had reduced. The conference attracted 106 Sail Trainers from all over the UK who discussed topics including diversity, mental health and safeguarding, as well as hearing presentations on conservation work ongoing in the Historic Dockyard. ASTO is very grateful to the Portsmouth Naval Base Property Trust for providing the venue and being so supportive of the conference.

• 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 2022, bursaries were awarded to 9 candidates.

• the organisation of the annual Small Ships Race in Cowes in October in which 19 boats and 150 young people took part. The 2022 race was back to its usual format including a prize giving at Cowes Yacht Haven. ASTO would like to thank the Royal London Yacht Club, the Royal Yacht Squadron, Cowes Yacht Haven and others for their support.

• the annual members’ meeting in autumn. The meeting is open to CEOs and operations managers and is an opportunity for a confidential discussion on Sail Training and associated matters of concern. The 2022 meeting was again held at Trinity House and was attended by representatives of 21 member organisations.

• acting as a Disclosure and Barring Service (DBS) umbrella body to administer applications for vetting of members’ potential staff and volunteers. In 2022 ASTO dealt with 235 applications for criminal record checks.

• joining as a member of the Outdoor Council, a new umbrella body encompassing other types of outdoor learning

• providing 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. 99 online courses and 11 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 Chair Mark Todd is a member of the RYA Yachtmaster Qualification Panel and ASTO President John Lang is also a panel member. ASTO is very grateful to the RYA for their continued support for all Sail Training organisations.

• continued liaison with the MCA regarding the awards which recognise the professionalism within Sail Training. The two MCA 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 awards were presented at the conference in March 2022.

• the development of further awards, including Social Media Star, Environmental Excellence, and Best Shorebased Staff. These were also awarded at the conference and will be an annual event.

• providing UK national support for Sail Training International (STI). ASTO is a founding member of STI

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

TRUSTEES’ REPORT

• and the ASTO Chair is the UK Country Representative on the STI Council. ASTO’s 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. A new committee member was recruited in 2022 who will attend the next STI conferences.

FINANCIAL REVIEW

Total incoming resources for the year ended 31 October 2022 were £277,632 (2021: £249,718) and the charity’s principal funding sources continued to be investment income, donations and grants. Total resources expended were £434,648 (2021: £1,152,246) with the majority of expenditure being in the form of grants, race costs and promotional costs in furtherance of the charity’s objects.

This gave rise to a deficit for the year of £157,016 (2021: £902,528) before losses on investments of £654,115 (2021 gains on investments: £1,389,058).

Reserves policy

As at 31 October 2022, the charity’s total funds amounted to £8,503,419 of which £50,442 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 £8,404,578 (2021: £9,210,255) inclusive of investments totalling £8,379,251 (2021: £9,176,419).

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. The administrative expenses are largely fixed so the policy means bursaries are subject to annual adjustment up/down or constant depending on the income achieved and the underlying value of the investments when the directors agree the annual budget in January. 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 £220,492 (2021: £204,064). The portfolio shrank in value from £9,176,419 to £8,379,251 in the year to 31 October 2022.

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.

PLANS FOR THE FUTURE

Strategies and activities for achieving the objects of the charity in 2023 include:

• Continued liaison with the outdoor learning sector to raise the profile of Sail Training with government agencies.

• Reviewing and updating ASTO’s strategy and Memorandum and Articles of Association

• Further promoting the benefits of Sail Training through social media campaigns and publicity.

• Further encouraging members to measure their outcomes and improve good practice.

• Maximising the opportunities for publicity presented by having 3 UK Tall Ships Race host ports in 2023

• The annual Cowes Small Ships' Race in autumn

• Organizing a Small Ships Race in August 2024 in support and partnership with the RNLI, to celebrate their bicentenary

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 TRUSTEES, REPORT STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Trustees. Rewrt and the financial statements in accordance wi(h applicable law and Unlted K¢ngdom Aecounting Standards (United Kingdom Generally Accepted Accounting Pra¢li¢el. The law applicable to charities in England & Wales requires the trustees lo prepare financial slalemgnts for each financial year which give a true and fair view ol the stale ol affairs of the charity and of the incoming resources arKI application ol resources of the charity for that period. In preparing these financial slatemenls, the trustees are required lo.. select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP 2019 IFRS 1021- make judgements and estimates that are reasonable and pwdenl., slate whether applicable accounting standards have been followed, sublect to any mat8rial departures disclosed and explained in the financial slalemenls., and prepare the financial sialements on the going concern basis unless il is inappropriate to presume Ihal the charity will continue in operation. The Iruslees ar& responsible lor keeping proper accounting records that disclose with reasonable accuracy al any time the fi'nancial position ol the charity and enable them to ensure that the financial slalements comply with the Charities Act 2011, the Charity IAccounts arxy RepDrtsl Regulations 2008 and the prowsions ol the trust deed. They are also responsible lor safeguarding the assets of the charity and hence lor taking reasonable steps for the prevention arKI delectign ol fraud arvj olhgr irrogularilies. The trustees are responsible lor the maintenance and inlegrty ol the charity and financi￿ information included on the charty's websf(e. Legislation in the United Kingdom governing the preparation and dissemination of financial slalements may dffter from legislation in other jurisdictions. APPOINTMENT OF AUDITORS The charity's audrtors, Blue Spire Limited. have expressed their willingness to sland for ftappointment and a resolution proposing their reappointment will bè pul forward al the Annual General Meeting of the eharrty. SMALL COMPANIES PROVISIONS This Teport has been Prepared in accordance with the small ￿mpanIeS regime undei the Companies Act 2006. Approved by the Iruslees and signed on their behalf. Ih Todd, Chalr Trustee Date 26/1113 Page 8

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

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 2022 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 2022, 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

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:

• 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 OCTOBER 2022

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:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

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.

Based on our understanding of the Charity and the sector in which it operates, we identified the principal laws and regulations that directly affect the financial statements to be the Charities Act, Companies Act, and Employment Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

In addition, the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. As an investment and donation funded grantmaker there is a limitation to areas most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.

Audit procedures performed by the engagement team included:

• Enquiry of management, those charged with governance around actual and potential litigation and claims;

• Enquiry of entity staff to identify any instances of non-compliance with laws and regulations;

• Reviewing minutes of meetings of those charged with governance;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 INDEPENDENT AUDITOR'S REPORT Perfomiing audit work over the risk of mallagemenl override ol contro15, including testing ol journal entries and other adjustments lor appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and revieing accounting estimates for bias. Because of the inherent limitations ol an audit, there is a risk that we will not delect all irregularities, including those leading lo a material misstalemenl in the financial slal8menls or non-compliance wrth regulation. This risk increases the more that Complian￿ with a law or regulation is removed from the events and transactions reflected in the fi'nancial slalemenls, as we will be less likely to become aware of instances ol non-compliance. The risk is also greater regarding irregularities occurring due to Iraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or misrepresentabon. A further description ol our responsibilities is available on the FRC'S website al.. h ,Issurance.'audrtor-s-re nsthllies-for-the-aucsjt-ot-the-fiid on.ol-lhtrthilof/.VI￿O I￿9$-r description forms part of our audilorfs report. JiMvw.Irc.Dr .￿Wa￿ltOrsla￿l- S￿￿E$-fOl Thts Use of our report This report is made Solely to the charitable company'5 members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audf( work has been undertaken so that we might slate lo the charitable company's members those matters we are required to slate lo them in an audf(orfs report and for no other purK)ose. To the lullesl exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charitabl8 company and the charitable company's members as a body, for our audit wort, for this report, or for the opinion$ we have formed. Cawley Priory South Pallant Chichester Wegl Sussex P0191SY Geoffrey Frost B*IHa SI FCA, Senior Sialulory Auditor For and on behalf of Blue Spire Limited, Sialulory Auditors Dale Page11

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

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 £ 27,261 220,492 5,449 - 253,202 42,325 364,093 406,418 (654,115) (807,331) - (807,331) 9,260,308 8,452,977	Restricted Funds £ 22,950 - 1,480 - 24,430 - 28,230 28,230 - (3,800) - (3,800) 54,242 50,442	2022 Total Funds £ 50,211 220,492 6,929 - 277,632 42,325 392,323 434,648 (654,115) (811,131) - (811,131) 9,314,550 8,503,419	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

The statement of financial activities includes all gains and losses recognised during the year. All of the above results are derived from continuing activities.

Page 12

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 BALANCE SHEET AS AT 31 OCTOBER 2022 2022 2021 Note FIXEO ASSETS Tangible assets Inve51ments 46,399 ,379,251 50,053 9.176,419 13 8.427.650 9.226,472 CURRENT ASSETS Debtors Cash al hand and In bank Total current assets 14 10,698 73,W3 83,701 92,095 92,095 CURRENT LIABILinES Creditois.. amO￿lS fauing due ￿thIn one year 7,932 4,017 Not Currènt ass•tsilllabllltlos1 75.789 88.076 Net 88setsiiiiabllM81 8,503.419 14,5 ThE FUNDS OF THE CHARITY R•$ithd fvr $0,442 54,242 Oe¥ignaled Funds Fair V4kne Reser¥e General Funds Unr8stdctad luhds 48.399 395.142 8,009.436 8,452.977 50.053 1.958,869 7.251.386 9,260.308 17 Totsi charlty funds 8,503.41 9.314.55 The financial slaleftnts have been wepared In a¢coTdanr* wilh the proM$ion8 appllcabl? lo eofflpanie5 Subject to thè small eompanles regiffle. The finandal slatemenls ￿ pages 12 to 26 were approved and aulhorised for issue by the Iruslees on IgrÈd on Ihalr beham by. nd M Todd. Chair Trustee The Assotiation of Sail Trainng Oryanisalions Registered Charity Number 1083059 Reglslered Comp8ny Number 04084476 Pago 13

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

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.

Page 14

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

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 2022

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 2022

NOTES TO THE FINANCIAL STATEMENTS

1. Donations and legacies

Donations and grants Royalties Membership Legacies 2. Income from investments Income from investment holdings 3. Income from charitable activities UK Sail Training Conference fees Training Small Ships Race	Unrestricted Funds £ 9,191 6,420 1,650 10,000 27,261 Unrestricted Funds £ 220,492 220,492 Unrestricted Funds £ 3,244 2,205 - 5,449	Restricted Funds £ 22,950 - - - 22,950 Restricted Funds £ - - Restricted Funds £ - - 1,480 1,480	2022 Total Funds £ 32,141 6,420 1,650 10,000 50,211 2022 Total Funds £ 220,492 220,492 2022 Total Funds £ 3,244 2,205 1,480 6,929	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

4. Raising funds - Investment management fees

Investment management fees	Unrestricted Funds £ 42,325 42,325	Restricted Funds £ - -	2022 Total Funds £ 42,325 42,325	Unrestricted Funds £ 42,670 42,670	Restricted Funds £ - -	2021 Total Funds £ 42,670
						42,670

Page 17

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

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 £ 219,730 - - 3,433 223,163 10,019 2,664 123,760 4,487 140,930 364,093	Restricted Funds £ - - 22,188 - 22,188 6,042 - - - 6,042 28,230	2022 Total Funds £ 219,730 - 22,188 3,433 245,351 16,061 2,664 123,760 4,487 146,972 392,323	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

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 £ 107,586 2,973 6,299 1,939 621 331 - 602 690 928 1,791 123,760	Restricted Funds £ - - - - - - - - - - - -	2022 Total Funds £ 107,586 2,973 6,299 1,939 621 331 - 602 690 928 1,791 123,760	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

Page 18

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

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 - Business skills training	Unrestricted Funds £ 314 1,457 6,307 10,673 7,120 3,331 5,320 880 7,028 1,468 7,131 2,610 8,525 10,399 38,674 5,431 3,682 4,129 14,174 8,906 5,020 3,523 - 18,961 85 1,586 13,541 1,194 24,065 3,131 1,065 219,730 - 3,433 - 3,433 223,163	Restricted Funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 22,188 - - 22,188 22,188	2022 Total Funds £ 314 1,457 6,307 10,673 7,120 3,331 5,320 880 7,028 1,468 7,131 2,610 8,525 10,399 38,674 5,431 3,682 4,129 14,174 8,906 5,020 3,523 - 18,961 85 1,586 13,541 1,194 24,065 3,131 1,065 219,730 22,188 3,433 - 25,621 245,351	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

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

2 Trinity House

Grants to fund training for individuals

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

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 Lifeboat grants	2022 2021 Unrestricted Restricted Total Unrestricted Restricted Total Funds Funds Funds Funds Funds Funds £ £ £ £ £ £ - - - 7,442 - 7,442 - - - 32,222 - 32,222 - - - 54,527 - 54,527 - - - 20,000 - 20,000 - - - 20,000 - 20,000 - - - 7,498 - 7,498 - - - 43,554 - 43,554 - - - 130,624 - 130,624 - - - 12,068 - 12,068 - - - 18,000 - 18,000 - - - 21,097 - 21,097 - - - 72,413 - 72,413 - - - 45,499 - 45,499 - - - 25,649 - 25,649 - - - 18,000 - 18,000 - - - 92,658 - 92,658 - - - 8,103 - 8,103 - - - 50,000 - 50,000 - - - 6,100 - 6,100 - - - 61,614 - 61,614 - - - 747,068 - 747,068 Grants to support and ensure the future availability of Sail Training opportunities for young peopl	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

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 £ 3,840 647 4,487	Restricted Funds £ - - -	2022 Total Funds £ 3,840 647 4,487	Unrestricted Funds £ 3,840 392 4,232	Restricted Funds £ - - -	2021 Total Funds £ 3,840 392
						4,232

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	2022 Total Funds £ 94,966 4,881 7,597 142 - 107,586	2021 Total Funds £ 91,603 4,990 7,328 136 (3,173)
		104,057

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 2022

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	2022 3 3 3 3	2021 3
		3
		3
		3

10. Auditors' remuneration

10. Auditors' remuneration
			2022			2021
	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 (2021: £nil). £647 (2021: £392) 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 (2021: two) key management personnel received employee benefits totalling £76,382 (2021: £73,677) consisting of gross pay and employer's pension contributions with £1,371 (2021: £2,528) 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 (2021: £700) for photography.

12. Tangible fixed assets

Cost At 1 November 2021 Additions Disposals At 31 October 2022 Depreciation Accumulated at 1 November 2021 Charge for the year On disposals At 31 October 2022 Net book value at 31 October 2022 Net book value at 31 October 2021	Leasehold property £ 61,293 - - 61,293 13,512 836 - 14,348 46,945 47,781	Office equipment £ 7,648 137 - 7,785 5,376 955 - 6,331 1,454 2,272	Total £ 68,941 137 -
			69,078
			18,888 1,791 -
			20,679
			48,399
			50,053

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

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 £ 9,160,626 2,876,588 (3,429,264) (557,353) - 8,050,597 (557,353) (96,762) (654,115) 8,050,597 - 8,050,597	Cash £ 15,793 - - - 312,861 328,654 - - - - 328,654 328,654	2022 Total Funds £ 9,176,419 2,876,588 (3,429,264) (557,353) 312,861 8,379,251 (557,353) (96,762) (654,115) 8,050,597 328,654 8,379,251	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

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

14. Debtors

14. Debtors
Trade debtors Accrued legacy income	2022 Total Funds £ 698 10,000 10,698	2021 Total Funds £ - -
		-

15. Creditors: amounts falling due within one year

15. Creditors: amounts falling due within one year
Accrued expenses Other creditors	2022 Total Funds £ 5,479 2,453 7,932	2021 Total Funds £ 3,840 177
		4,017

Page 22

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

NOTES TO THE FINANCIAL STATEMENTS

16. Analysis of net assets between funds

Tangible fixed assets Fixed asset investments Current assets Current liabilities	Unrestricted Funds £ 48,399 8,379,251 33,259 (7,932) 8,452,977	Restricted Funds £ - - 50,442 - 50,442	2022 Total Funds £ 48,399 8,379,251 83,701 (7,932) 8,503,419	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

17. Analysis of net movement in funds

Restricted funds Trinity House Bursary Cowes Small Ships Race Small Ships Race other Trainee Bursary Fund 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 2022
	Total funds brought 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	Total incoming resources £ 21,000 3,430 - - - 24,430 - - - 253,202 253,202 253,202 277,632	Total resources expended £ (22,188) (6,042) - - - (28,230) (1,791) (1,791) - (404,627) (404,627) (406,418) (434,648)	Transfers between funds £ - - - - - - 137 137 - (137) (137) - -	Gains and (losses) on investments £ - - - - - - - - (1,563,727) 909,612 (654,115) (654,115) (654,115)	Total funds carried forward £ 48,176 247 - - 2,019
						50,442
						48,399
						48,399
						395,142 8,009,436
						8,404,578
						8,452,977
						8,503,419

Page 23

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

NOTES TO THE FINANCIAL STATEMENTS

17. Analysis of net movement in funds (continued)

Restricted funds Trinity House Bursary Cowes Small Ships Race Small Ships Race other Trainee Bursary Fund 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

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.

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

Cowes Small Ships Race Funds received to organise and run annual small ships races at Cowes. Small Ships Race other Funds received to organise and run small ships races. Trainee Bursary Fund Funds received to provide bursaries for young people to enable them to participate in sail training events.

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.

19. Pension scheme

The charity operates defined contribution pension scheme for its employees. The total payable for the year under review was £7,597 (2021: £7,328). There were no amounts outstanding at the end of the current period or comparative financial year.

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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

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:	2022 Total Funds £ 607 1,314 1,921	2021 Total Funds £ 607 1,921
		2,528

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

2022 Total Funds £ Financial assets Measured at fair value through net income/(expenditure): Fixed asset investments 8,379,251 8,379,251 The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows: 2022 Total Funds £ Income and expense Financial assets measured at fair value through net income/(expenditure) Investment income 220,492 Investment management fees (42,325) 178,167 Net gains and losses (including changes In fair value) Financial assets measured at fair value through net income/(expenditure) Unrealised gains/(losses) on investments (557,353) Realised gains/(losses) on investments (96,762) (654,115)	2021 Total Funds £ 9,176,419
	9,176,419
	2021 Total Funds £ 204,064 (42,670)
	161,394
	- 1,389,058
	1,389,058

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 2022

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 £ 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

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