The Association of Sail Training Organisations Limited by Guarantee
Trustees Report and Financial Statements for the year ended 31 October 2024
Registered Charity Number 1083059 Registered Company Number 04084476
AST Promoting UK Sail Training
THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
CONTENTS
Page
Charity information Trustees’ report
Independent auditor’s report
Statement of financial activities
Balance sheet
Accounting policies
Notes to the financial statements
1 3 8 11 12 13 16
THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
CHARITY INFORMATION
Patron President
HRH The Duchess of Edinburgh GCVO Rear Admiral J S Lang
Vice President for life John H Hamilton OBE Trustees M Todd (Chair)
M Todd (Chair) C B Burton A J Butcher MBE R J Cockrem T J James
J BH Johnson CBE H R Maywood
N V Northmore
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
04084476
Chief Executive and K J McMillan Company Secretary Auditor Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY Bankers The Co-operative
The Co-operative Bank Rathbones Investment Management Ltd Port of Liverpool Building Pier Head Liverpool L3 INW
Investment managers
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 2024
CHARITY INFORMATION
Full members Boleh Trust 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 Morvargh Sailing Project Ocean Youth Trust North Ocean Youth Trust Scotland Ocean Youth Trust South Offshore Pioneer Sailing Trust Rona Sailing Project Sailing Tectona Sea Change Sailing Trust Seas Your Future Swan Trust Tall Ships Youth Trust
Associate members
Combined Cadet Force Disabled Sailors Association East Coast Sail Trust Gwennili Trust Maybe Sailing Portsmouth Sail Training Trust 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 2024
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 2024. 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 of 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. 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 New trustees are briefed by the Chair and Chief Executive about ASTO’s role and activities. 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.
Arrangements 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 must complete each year, confirming that the vessels used comply with the relevant Maritime Coastguard Agency (MCA) Code of Practice and that their certification is in date. ASTO’s Chief Executive remains in close contact with member organisations 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 2024
TRUSTEES’ REPORT
OBJECTIVES AND ACTIVITIES
The objects for public benefit are to: e promote the provision of opportunities for sea training under sail or power (“Sail Training”); e provide instruction to young persons and to adults with disabilities in the principles of responsibility, resourcefulness, loyalty and team endeavour; and e 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: e 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. e Tocreate 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. e 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. e To actas 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 adults with disabilities 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.
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 2024 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. e Aan 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. e 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. e 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.”
e 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: o 92% of surveyed trainees felt they learnt a new skill; o 93% said their team worked well together; o 91% said they had to do something important for the ship; o 93% learnt to stick to the ship’s routine; and o 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 Page 4
THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
TRUSTEES’ REPORT
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 2024 are listed below.
ASTO was able to support UK Sail Training through the following activities. e The awarding of close to £120,000 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.
e The organisation of the annual UK Sail Training Conference to act as a forum for all UK stakeholders. The 2024 conference was held in person in January. The conference attracted 134 delegates from all over the UK who attended sessions including Mental Health Awareness, Maritime Apprenticeship Schemes, Crisis Communications Preparation & Response and Being Visible and Open to Under-represented Communities. ASTO is very grateful to the Portsmouth Historic Quarter Trust for providing the venue and being so supportive of the conference. e 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 2024 bursaries were awarded to 7 candidates. e The organisation of the annual Small Ships Race in Cowes in October in which 15 vessels and 144 young people took part. The Cowes Race provides the perfect opportunity to showcase the difference that Sail Training really can make. ASTO would like to thank the Royal London Yacht Club, the Royal Yacht Squadron, Cowes Yacht Haven and others for their support. e The organisation of a Small Ships Race inspired by the RNLI 200" Anniversary. Thirteen vessels with 119 young people onboard raced from Guernsey to Poole. The support of the RNLI, the Lieutenant Governor, the States of Guernsey, Visit Guernsey and Guernsey Yacht Club all contributed to creating a truly memorable event. Our Patron, HRH The Duchess of Edinburgh lent her support by joining the fleet for a day in Guernsey which included sailing onboard a member vessel, meeting the young people and volunteers and attending a reception for invited guests and skippers. e The annual members’ meeting in autumn. The meeting is open to senior personnel and is an opportunity for a confidential discussion on Sail Training and associated matters of concern or interest. The 2024 meeting was again held at Trinity House and was attended by representatives of 17 member organisations. e Working with the Royal Yachting Association (RYA) to provide Disclosure and Barring Service (DBS) services to members’ potential staff and volunteers. ASTO dealt with 210 applications for criminal record checks during the year. e Providing access to online Safeguarding courses to members at a reduced cost. ASTO also offer the RYA PPR course at a reduced cost. During the year 134 online safeguarding courses and 2 PPR courses were taken up by members. e Ongoing liaison with the MCA and the RYA. ASTO Chair Mark Todd and ASTO President John Lang are members of the RYA Yachtmaster Qualification Panel. ASTO is very grateful to the RYA for their continued support for all Sail Training organisations.
e Recognising professionalism within Sail Training with two awards. ‘Best Potential Sail Training Skipper’ recognises the individual who shows the best potential for command ability, seamanship and the capability of fulfilling the youth development aims of Sail Training. ‘Sail Training Vessel of the Year’ recognises a member organisation for delivering the excellent Sail Training, seamanship and safety to which our sector aspires. The awards were presented at the conference in January 2024. e Providing UK national support for Sail Training International (STI). ASTO is a founding member of STI and the ASTO Chair is the UK Country Representative on the STI Council. ASTO staff and member organisations are supporting Tall Ships Aberdeen as they prepare to host the 2025 Tall Ships Races. e Providing support to the UK representative of the STI Youth Council.
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THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
TRUSTEES’ REPORT
FINANCIAL REVIEW
Total incoming resources for the year ended 31 October 2024 were £261,908 (2023: £258,924) and the charity’s principal funding sources continued to be investment income, donations and grants. Total resources expended were £362,302 (2023: £350,237) 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 £100,394 (2023: £91,313) before gains on investments of £838,839 (2023 losses: £17,440).
Reserves policy
As at 31 October 2024, the charity’s total funds amounted to £9,133,111 of which £29,467 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 £9,058,094 (2023: £8,320,603) inclusive of investments totalling £9,041 ,581 (2023: £8,279,594).
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 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 £202,285 (2023: £218,572). The portfolio grew in value from £8,279,594 to £9,041,581 in the year to 31 October 2024.
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
Plans for achieving the objects of the charity in 2025 include: e The development and implementation of ASTO’s Communications Strategy to grow awareness of the work of the Sail Training sector and how it meets the needs of young people. e Liaising with government agencies and partners to develop appropriate legislative and guidance frameworks that drive safety and improvement across the sector. e Ongoing liaison with networks in the outdoor learning and youth sectors to raise the profile of Sail Training with wider audiences and stakeholder groups. e Continuing to encourage member organisations to maintain and improve good practices. e Running the Cowes Small Ships Race in October 2025
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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e _ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 INDEPENDENT AUDITOR’S REPORT
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS
We have audited the financial statements of The Association of Sail Training Organisations (the ‘charitable company’) for the year ended 31 October 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including 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 2024, 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 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 trustees’ annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. 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: e the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and e — the directors’ report included within the trustees' report has been prepared in accordance with applicable legal requirements.
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we have not received all the information and explanations we require for our audit < or
THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 INDEPENDENT AUDITOR’S REPORT
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.
A further description of our responsibilities is available on the FRC's website at: ~~https://www.frc.org.uk/auditors/auditassurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilitiesfor.~~ This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Ble Sune himited CawleySouthChichesterPallant Priory Geoffrey Frost BSc(Hons) FCA, Senior Statutory Auditor West Sussex For and on behalf of Blue Spire Limited, Statutory Auditor PO19 1SY
Date 30 January 2025
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13,455 37,330 50,785
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2 202,285 202,285
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3 8,838 8,838
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224,578 37,330 261,908
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4 43,137 43,137
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327,128 35,174 362,302
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3 8,367,355 27,311 8,394,666
3 9,103,644 29,467 9,133,111
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|12|45,550|46,752|
|13|9,041,581|8,279,594|
|9,087,131|
|14|4,131|2,000|
|51,325|73,041|
|55,456|75,041|
|4|
|+|9,476|6,721|
|45,980|
|9,133,111|
|3|29,467|
|45,551|
|1,025,775|
|8,032,318|
|*3|9,103,644|
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
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: e costs of raising funds; which includes the costs of organising events and investment management fees
e 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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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
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 33%% straight line Fixtures and fittings 15% straight line Leasehold land and buildings 2% straight line (over the period of the lease)
Fixed asset investments Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains/(losses) on investments’ in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably.
Debtors and creditors receivable / payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In addition it includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.
Operating leases
Rentals payable under operating leases are charged in the statement of financial activities on a straight line basis over the lease term.
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
ACCOUNTING POLICIES
Fund accounting Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Further details of each fund are disclosed in Note 18.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
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' ' ' ' ' ' 4,200 37,330 41,530 11,754 10,450 22,204 $"%## ) $"%## %"$$$ ) %"$$$ ) ) 1,400 1,400 1,700 1,700 13,455 37,330 50,785 22,231 10,450 32,681 2024 2023 Restricted Total Unrestricted Restricted Total Funds Funds Funds Funds Funds ' ' ' ' ' ' ) ) 202,285 202,285 218,572 218,572 ) )
' ' ' ' ' ' ) ) 4,030 4,030 3,370 ) ) 2,953 2,953 3,128 ) ) 940 940 1,020 ) ) ) ) 915 915 )
' ' ' ' ' ' ) ) 43,137 43,137 40,788 ) )
' ' ' ' ' ' ) ) 120,001 120,001 140,002 140,002 ) ) 18,418 18,418 26,386 26,386 ) 1,277 1,277 5,480 2,000 7,480 121,278 18,418 139,696 145,482 28,386 173,868 20,926 16,756 37,682 10,857 6,215 17,072 ) ) 6,110 6,110 5,265 5,265 ) ) 128,866 128,866 107,983 107,983 ) ) 6,811 6,811 5,261 5,261 162,713 16,756 179,469 129,366 6,215 135,581 ~~283,991 35,174 ~+~+2319,105 274848 34,601 309,449~~
| ' | ' | ' | ' | ' | ' | ||
|---|---|---|---|---|---|---|---|
| $$"$#% | ) | $$"$#% | 80,627 | ) | 80,627 | 80,627 | |
| 20 | ) | 20 | 494 | ) | 494 | ||
| 4,171 | ) | 4,171 | 2,977 | ) | 2,977 | 2,977 | |
| 6,509 | ) | 6,509 | 5,080 | ) | 5,080 | 5,080 | |
| 5,084 | ) | 5,084 | 11,488 | ) | 11,488 | 11,488 | |
| 1,029 | ) | 1,029 | 453 | ) | 453 | ||
| 22.750 | ) | 22.750 | ) | ) | ) | ||
| 228 | ) | 228 | 297 | ) | 297 | ||
| 10 | ) | 10 | 487 | ) | 487 | ||
| 531 | ) | 531 | 359 | ) | 359 | ||
| 2,175 | ) | 2,175 | 514 | ) | 514 | ||
| 4,016 | ) | 4,016 | 2,400 | ) | 2,400 | 2,400 | |
| 3,384 | ) | 3,384 | 1,160 | ) | 1,160 | ||
| 50 | ) | 50 | ) | ) | ) | ||
| 1,151 | ) | 1,151 | 1,647 | ) | 1,647 | ||
| 128,866 | ) | 128,866 | 107,983 | 107,983 | ) | 107,983 | 107,983 |
| Unrestricted Funds |
Restricted Funds |
2024 Total Funds |
Unrestricted Funds |
Restricted Funds |
2023 Total Funds |
|---|---|---|---|---|---|
| ' | ' | ' | ' | ' | ' |
| 744 | ) | 744 | 833 | ) | 833 |
| &&% | ) | &&% | 828 | ) | 828 |
| 2,360 | ) | 2,360 | 4,090 | ) | 4,090 |
| 4,909 | ) | 4,909 | 5,083 | ) | 5,083 |
| 1,762 | ) | 1,762 | 4,493 | ) | 4,493 |
| 2,814 | ) | 2,814 | 2,408 | ) | 2,408 |
| 3,604 | ) | 3,604 | 4,253 | ) | 4,253 |
| 948 | ) | 948 | &#$ | ) | &#$ |
| 5,079 | ) | 5,079 | 5,075 | ) | 5,075 |
| 972 | ) | 972 | 1,570 | ) | 1,570 |
| 4,389 | ) | 4,389 | 5,211 | ) | 5,211 |
| 2,343 | ) | 2,343 | 1,887 | ) | 1,887 |
| 5,310 | ) | 5,310 | 6,031 | ) | 6,031 |
| ) | ) | ) | 7,200 | ) | 7,200 |
| 18,000 | ) | 18,000 | 21,000 | ) | 21,000 |
| 2,134 | ) | 2,134 | 2,186 | ) | 2,186 |
| 3,534 | ) | 3,534 | 3,321 | ) | 3,321 |
| 1,609 | ) | 1,609 | 352 | ) | 352 |
| 3,832 | ) | 3,832 | 2,691 | ) | 2,691 |
| %"-&$ | ) | %"-&$ | 8,188 | ) | 8,188 |
| 4,756 | ) | 4,756 | 4,920 | ) | 4,920 |
| 2,277 | ) | 2,277 | 2,016 | ) | 2,016 |
| 1,451 | ) | 1,451 | 1,495 | ) | 1,495 |
| %"-&$ | ) | %"-&$ | 9,541 | ) | 9,541 |
| $-$ | ) | $-$ | 1,220 | ) | 1,220 |
| -$- | ) | -$- | 1,204 | ) | 1,204 |
| 7,456 | ) | 7,456 | 11,103 | ) | 11,103 |
| -%$ | ) | -%$ | 884 | ) | 884 |
| 16,883 | ) | 16,883 | 17,742 | ) | 17,742 |
| 1,470 | ) | 1,470 | 2,520 | ) | 2,520 |
| 120,001 | ) | 120,001 | 140,002 | ) | 140,002 |
) ) ) ) ) ) 18,418 18,418 26,386 26,386 ) ) 1,277 1,277 5,480 5,480 1,277 18,418 19,695 5,480 26,386 31,866 ~~121,278 +18418~ ~139696 145482 ~[26386][171,868]~~
' ' ' ' ' ' ) ) 3,840 3,840 3,840 ) ) 2,971 2,971 1,421 ) ) 6,811 6,811 5,261 2024 Restricted Total Unrestricted Restricted Funds Funds Funds Funds ' ' ' ' ' ' ) ) 3,840 3,840 3,840 ) )
' ' 70,003 2,155 5,600 ) $$"$#%
~~a~~ 2 ~~a~~
D$&"-#%2
' ' ' 61,293 $"$%# 69,078 ) ) ) ) (4,727) (4,727) 61,293 3,058 64,351 15,184 7,142 22,326 836 316 1,152 ) (4,677) (4,677) 16,020 2,781 18,801 45,273 277 45,550 46,109 643 46,752 2024 2023 Total Total Cash Funds Funds ' ' ' ' 229,865 8,279,594 8,379,251 ) 2,457,032 1,235,272 ) (2,242,626) (1,283,472) ) 561,832 561,832 47,332 ) (14,251) (14,251) 1-%"$%-2 215,614 9,041,581 8,279,594 ) 561,832 561,832 47,332 ) 277,007 277,007 (64,772) ) 838,839 838,839 (17,440) ) 8,825,967 8,049,729 )
' ' 280 1,551 ) ) ~~2,300~~ 4,131 2023 Total Funds ' ' )
' ' ' ' ' ' ) ) 45,550 45,550 46,752 ) ) 9,041,581 8,279,594 25,989 29,467 55,456 47,730 27,311 ) )
' ' ' ' ' ' ) ) 21,790 21,000 (19,658) ) ) 3,502 7,750 (6,936) ) ) ) ) 3,000 (3,000) ) ) ) ) 5,580 (5,580) ) ) ) ) 2,019 ) ) 27,311 37,330 (35,174) ) ) 46,752 (1,151) (50) ) ) 46,752 (1,151) (50) 391,754 ) ) ) 634,021 224,578 (325,977) 50 204,818 224,578 (325,977) 50 838,839 ) 224,578 (327,128) 838,839 )
| funds brought forward |
Total incoming resources |
Total resources expended |
Transfers between funds |
Gains and (losses) on investments |
Total funds carried forward |
|---|---|---|---|---|---|
| ' | ' | ' | ' | ' | ' |
| 48,176 | ) | (26,386) | ) | ) | 21,790 |
| 247 | 11,470 | (8,215) | ) | ) | 3,502 |
| 2,019 | ) | ) | ) | ) | 2,019 |
| 50,442 | 11,470 | (34,601) | ) | ) | 27,311 |
| 48,399 | ) | (1,647) | ) | ) | 46,752 |
| 48,399 | ) | (1,647) | ) | ) | 46,752 |
| 395,142 | ) | ) | ) | (3,388) | 391,754 |
| ~~8,009,436~~ | ~~247,454~~ | ~~(313,989)~~ | ) | ~~(14,052)~~ | ~~7,928,849~~ |
| 8,404,578 | 247,454 | (313,989) | ) | (17,440) | 8,320,603 |
| 8,452,977 | 247,454 | (315,636) | ) | (17,440) | 8,367,355 |
| 8,503,419 | 258,924 | (350,237) | ) | (17,440) | 8,394,666 |
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' ' ' 22,231 10,450 ) 218,572 6,498 1,020 )
) + 274,848 34,601 315,636 34,601 ) (17,440) (85,622) (23,131) ) ) )
*3
3 3