2025-10-31-accounts

The Association of Sail Training Organisations Limited by Guarantee

Trustees Report

and Financial Statements

for the year ended 31 October 2025

Registered Charity Number 1083059 Registered Company Number 04084476

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

CONTENTS

	Page
Charity information	1
Trustees’ report	3
Independent auditor’s report	8
Statement of financial activities	11
Balance sheet	12
Accounting policies	13
Notes to the financial statements	16

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

CHARITY INFORMATION

Patron	HRH The Duchess of Edinburgh GCVO
President	Rear Admiral J S Lang (resigned January 2025)
	Vice Admiral Sir Jeremy Kyd KBE (appointed July 2025)
Vice President	Hon Nusrat Ghani MP (appointed June 2025)
Vice President for life	John H Hamilton OBE
	Rear Admiral J S Lang (From January 2025)
Trustees	M Todd MBE (Chair)
	C B Burton
	A J Butcher MBE
	R J Cockrem
	T J James
	J B H Johnson CBE
	H R Maywood (retired 16 September 2025)
	N V Northmore
	D G Snelson CB
	C E Thatcher (appointed 21 October 2025)
	A Shah (appointed 21 October 2025)
	L E Bridges (appointed 21 October 2025)
	M J Coles (appointed 21 October 2025)
Registered office	RYA House
	Ensign Way
	Hamble-le-Rice
	Southampton
	SO31 4YA
Registered charity number	1083059
Registered company number	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 Bank
Investment managers	Rathbones Investment Management Ltd
	Port of Liverpool Building
	Pier Head
	Liverpool
	L3 1NW
Solicitors	Charles Russell Speechlys LLP
	5 Fleet Place
	London
	EC4M 7RD

Page 1

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

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
	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 CIC
	Sea Change Sailing Trust
	Swan Trust
	Tall Ships Youth Trust
Associate members	Combined Cadet Force
	Disabled Sailors Association
	East Coast Sail Trust
	Gwennili Trust
	Maybe Sailing ‘Youth Initiative’
	Sail Training Trust
	Sail Training Shetland
	UKSA
Honorary members	Sail Training International
	RYA Sailability

Page 2

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

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 2025. 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. In line with good practice, three of our trustees will be stepping down in due course. An open recruitment drive for trustees was successful and four new trustees were appointed in October 2025.

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.

During the year, the Board of Trustees took the decision to sell the Gosport Office having successfully trialled remote working.

After 22 years Rear Admiral John Lang stepped down as ASTO President. The ASTO Board are immensely grateful for his wise counsel and friendship over the years. They were delighted that he accepted the role of Vice-President for Life and will continue his support of sail training. In July Vice Admiral Sir Jeremy Kyd KBE accepted the role of President. We increased the reach of the organisation with the appointment of the Hon. Nusrat Ghani MP as VicePresident in June.

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 access to 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 Service 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 to which the charity is or might be exposed to and these are recorded in the risk register along with measures to manage and mitigate the risks. The trustees believe that these risks are mitigated by the prudent investment of ASTO’s assets, the preparation and production of appropriate and audited

Page 3

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

TRUSTEES’ REPORT

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.

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, in addition to operating the organisation to appropriate standards, policies and procedures, any 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. In 2025 a review of the Membership Rules was carried out resulting in the simplification, clarification and updating of the Rules for the 2026 membership year.

OBJECTIVES AND ACTIVITIES

The objects for public benefit are to:

• promote the provision of opportunities for sea training under sail or power (“sail training”);

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

• 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 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 and also volunteers who support events such as the annual Cowes Small Ships Race. ASTO are greatly indebted to all of our volunteers for their time commitment during 2025 which we estimate is the equivalent of at least 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.”

Page 4

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

TRUSTEES’ REPORT

• ASTO’s own Theory of Change and measurement framework shows that Sail Training has a positive effect on people from all backgrounds. Surveys supporting the Theory of Change have found that:

• 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.

• 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 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 2025 are listed below.

ASTO was able to support UK Sail Training through the following activities.

• The awarding of £117,289 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 ASTO UK Sail Training Conference to act as a forum for all UK stakeholders. The 2025 conference was held in January. The conference attracted 140 delegates from all over the UK who attended sessions including briefings on the proposed Sport or Pleasure Vessel Code, ways to support young people’s wellbeing, how to get the most from electronic navigation, how to build employee-led diversity networks, and using film to communicate effectively. ASTO is very grateful to the Portsmouth Historic Quarter 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 2025 bursaries were awarded to 13 candidates.

• The organisation of the annual Small Ships Race in Cowes in October which was unfortunately cancelled due to adverse weather associated with Storm Amy. The total number of people planning to take part was 241 across 19 vessels. There were 172 under the age of 25 taking part including those sailing as staff and volunteers. Although the event did not go ahead, ASTO would like to thank the Royal London Yacht Club, the Royal Yacht Squadron, Cowes Yacht Haven and others for their ongoing support.

• The annual members’ meeting in October. 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 2025 meeting was again held at Trinity House and was attended by representatives of 21 member organisations.

• Working with the Royal Yachting Association (RYA) to provide Disclosure and Barring Service (DBS) services to members’ potential staff and volunteers. ASTO dealt with 217 applications for criminal record checks during the year.

• 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 152 online safeguarding courses and 10 PPR courses were taken up by members.

• Ongoing liaison with the MCA and the RYA. This year ASTO responded to and supported member organisations to respond to the public consultation on the new Sport or Pleasure Vessel Code. ASTO Chair Mark Todd is a member of the RYA Yachtmaster Qualification Panel. ASTO is very grateful to the RYA for their continued support for all sail training organisations.

• Recognising professionalism within sail training with five 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 Environmental Progress Award recognises an organisation that is making progress to reduce their impact on the environment. The Social Media Star Award recognises an organisation that has excelled in telling the story of the impact that their work has delivered. The Shore-based Staff Impact Award recognises the critical contribution from staff or volunteers ashore to the success of trips at sea. The awards

Page 5

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

TRUSTEES’ REPORT

were presented at the conference in January 2025.

• 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 supported and had a presence at Tall Ships Aberdeen in July 2025 with a particular focus on ensuring that trainees sponsored by Aberdeen were representative of the whole community. Connections were fostered between local sail training organisations and those responsible for commissioning youth work and employability initiatives within Aberdeen.

• Providing support to the UK representative of the Sail Training International Youth Council.

• A third member of staff was recruited this year to support the delivery of events and specific projects.

• Developing a Communications Plan to broaden understanding amongst decision-makers and commissioners of services as to how sail training delivers change. A review of the two brands in use was carried out and the decision made to simplify the charity’s identity under ASTO was made by the trustees. The review resulted in a full rebrand. The new branding aims to better communicate the charity’s role as working with and for its member organisations to enable their beneficiaries to build confidence and resilience, see beyond their current horizons and develop skills for life.

• Our Chair of Trustees, Mark Todd was honoured in the Kings Birthday Honours List being made an MBE for services to sailing and young people.

FINANCIAL REVIEW

Total incoming resources for the year ended 31 October 2025 were £233,130 (2024: £261,908) and the charity’s principal funding sources continued to be investment income, donations and grants. Total resources expended were £411,321 (2024: £362,302) 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 £178,191 (2024: £100,394) before gains on investments of £1,012,472 (2024 gains on investments: £838,839).

Reserves policy

As at 31 October 2025, the charity’s total funds amounted to £9,967,392 of which £37,907 is restricted for purposes as set out in notes 18 and 19. The level of reserves available for the charity’s use (i.e. in unrestricted funds and not represented by fixed assets) was £9,929,485 (2024: £9,058,094) inclusive of investments totalling £9,910,164 (2024: £9,041,581).

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.

Following discussions, the Investment Sub-Committee recommended that the risk profile be amended from Level 4 to Level 5 which the Board agreed.

During the year under review the charity’s investments generated £169,723 (2024: £202,285). The portfolio grew / shrank in value from £9,041,581 to £9,910,164 in the year to 31 October 2025.

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.

Page 6

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

TRUSTEES’ REPORT

PLANS FOR THE FUTURE

• Plans for achieving the objects of the charity in 2026 include:

• The continued 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.

• Liaising with government agencies and partners to develop appropriate legislative and guidance frameworks that drive safety and improvement across the sector.

• Hosting the 2026 ASTO UK Sail Training Conference in January with a range of sessions aiming to educate, inspire and inform.

• Building a new website to address the needs of both stakeholders and member organisations.

• Ongoing liaison with networks in the outdoor learning and youth sectors to raise the profile of sail training with wider audiences and stakeholder groups.

• Continuing to encourage member organisations to maintain and improve good practices.

• Running the Cowes Small Ships Race in October 2026.

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:

• select suitable accounting policies and then apply them consistently.

• observe the methods and principles in the Charities SORP 2019 (FRS 102).

• make judgements and estimates that are reasonable and prudent.

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

APPOINTMENT OF AUDITORS

The charity’s auditors, Blue Spire Limited, have expressed their willingness to stand for reappointment and a resolution proposing their reappointment will be put forward at the Annual General Meeting of the charity.

SMALL COMPANIES PROVISIONS

This report has been prepared in accordance with the small companies’ regime under the Companies Act 2006.

Approved by the trustees and signed on their behalf.

M Todd, Chair Date 21 January 2026 Trustee

Page 7

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

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 2025 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 2025, 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:

• 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

• the directors’ report included within the trustees' report has been prepared in accordance with applicable legal requirements.

Page 8

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

INDEPENDENT AUDITOR’S REPORT

Matters on which we are required to report by exception

In the light of the 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 included within the trustees' 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 trustees’ 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 trustees’ responsibilities statement, 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 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 extent to which our procedures 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 primarily an investment 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.

• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and revieing accounting estimates for bias.

Page 9

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

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/audit assurance/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.

Geoffrey Frost BSc(Hons) FCA, Senior Statutory Auditor For and on behalf of Blue Spire Limited, Statutory Auditor

Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Date 21 January 2026

Page 10

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

Note INCOME AND ENDOWMENTS FROM: Donations and legacies 1 Investments 2 Charitable activities 3 Other 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 18 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 18 Total funds carried forward 18	Unrestricted Funds £ 13,580 169,723 8,612 - 191,915 43,609 334,937 378,546 1,012,472 825,841 - 825,841 9,103,644 9,929,485	Restricted Funds £ 41,215 - - - 41,215 - 32,775 32,775 - 8,440 - 8,440 29,467 37,907	2025 Total Funds £ 54,795 169,723 8,612 - 233,130 43,609 367,712 411,321 1,012,472 834,281 - 834,281 9,133,111 9,967,392	2024 Total Funds £ 50,785 202,285 8,838 -
				261,908
				43,137 319,165
				362,302
				838,839 738,445 -
				738,445 8,394,666
				9,133,111

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 11

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

BALANCE SHEET AS AT 31 OCTOBER 2025

Note FIXED ASSETS Tangible assets 12 Investments 13 CURRENT ASSETS Assets held for sale 14 Debtors 15 Cash at hand and in bank Total current assets CURRENT LIABILITIES . Creditors: amounts falling due within one year 16 Net current assets/(liabilities) Net assets/(liabilities) THE FUNDS OF THE CHARITY Restricted funds 18 Designated Funds Fair Value Reserve General Funds Unrestricted funds 18 Total charity funds	£ £ - 9,910,164 9,910,164 44,437 9,526 18,997 72,960 15,732 57,228 9,967,392 37,907 - 2,151,896 7,777,589 9,929,485 9,967,392 2025	£ £ 45,550 9,041,581 9,087,131 - 4,131 51,325 55,456 9,476 45,980 9,133,111 29,467 45,551 1,025,775 8,032,318 9,103,644 9,133,111 2024	£ £ 45,550 9,041,581 9,087,131 - 4,131 51,325 55,456 9,476 45,980 9,133,111 29,467 45,551 1,025,775 8,032,318 9,103,644 9,133,111 2024
			9,133,111
			29,467 45,551 1,025,775 8,032,318
			9,103,644
			9,133,111

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

21 January 2026 The financial statements on pages 11 to 25 were approved and authorised for issue by the trustees on ….................. and signed on their behalf by:

………………………………………….

M Todd, Chair Trustee

The Association of Sail Training Organisations Registered Charity Number 1083059 Registered Company Number 04084476

Page 12

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

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 13

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

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 14

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

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 19.

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 15

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

NOTES TO THE FINANCIAL STATEMENTS

1. Donations and legacies

Donations and grants Royalties Membership 2. Income from investments Income from investment holdings	Unrestricted Funds £ 2,700 9,330 1,550 13,580 Unrestricted Funds £ 169,723 169,723	Restricted Funds £ 41,215 - - 41,215 Restricted Funds £ - -	2025 Total Funds £ 43,915 9,330 1,550 54,795 2025 Total Funds £ 169,723 169,723	Unrestricted Funds £ 4,200 7,855 1,400 13,455 Unrestricted Funds £ 202,285 202,285	Restricted Funds £ 37,330 - - 37,330 Restricted Funds £ - -	2024 Total Funds £ 41,530 7,855 1,400
						50,785
						2024 Total Funds £ 202,285
						202,285

3. Income from charitable activities

UK Sail Training Conference fees Post conference meals Training Small Ships Race	Unrestricted Funds £ 4,310 1,002 3,300 - 8,612	Restricted Funds £ - - - - -	2025 Total Funds £ 4,310 1,002 3,300 - 8,612	Unrestricted Funds £ 4,030 915 2,953 940 8,838	Restricted Funds £ - - - - -	2024 Total Funds £ 4,030 915 2,953 940
						8,838

4. Raising funds - Investment management fees

Investment management fees	Unrestricted Funds 43,609 43,609	Restricted Funds - -	2025 Total Funds 43,609 43,609	Unrestricted Funds 43,137 43,137	Restricted Funds - -	2024 Total Funds 43,137
						43,137

Page 16

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

NOTES TO THE FINANCIAL STATEMENTS

5. Charitable activities

5. Charitable activities
Hammond Innes grants (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 £ 117,289 - - 117,289 7,513 4,525 198,795 6,815 217,648 334,937	Restricted Funds £ - 22,754 - 22,754 10,021 - - - 10,021 32,775	2025 Total Funds £ 117,289 22,754 - 140,043 17,534 4,525 198,795 6,815 227,669 367,712	Unrestricted Funds £ 120,001 - 1,277 121,278 20,926 6,110 128,866 6,811 162,713 283,991	Restricted Funds £ - 18,418 - 18,418 16,756 - - - 16,756 35,174	2024 Total Funds £ 120,001 18,418 1,277
						139,696
						37,682 6,110 128,866 6,811
						179,469
						319,165

6. Support costs

Wages and salaries (see note 10) Staff training Insurance Office costs Travel and subsistence Conference and membership fees Communications Strategy and Event Costs Bank charges Repairs and maintenance Postage and stationery Storage Advertising and marketing Other accountancy Miscellaneous expenditure Freelance costs DBS admin costs Loss on disposal of fixed assets Depreciation	Unrestricted Funds £ 93,430 - 4,237 8,460 7,933 613 26,379 113 260 1,361 727 1,711 5,821 1,645 44,620 372 166 947 198,795	Restricted Funds £ - - - - - - - - - - - - - - - - - - -	2025 Total Funds £ 93,430 - 4,237 8,460 7,933 613 26,379 113 260 1,361 727 1,711 5,821 1,645 44,620 372 166 947 198,795	Unrestricted Funds £ 77,758 20 4,171 6,509 5,084 1,029 22,750 228 10 531 2,175 4,016 3,384 - - 50 1,151 128,866	Restricted Funds £ - - - - - - - - - - - - - - - - - -	2024 Total Funds £ 77,758 20 4,171 6,509 5,084 1,029 22,750 228 10 531 2,175 4,016 3,384 - - 50 1,151
						128,866

Page 17

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

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 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 UKSA Other grants To individuals Trinity House2 Other - International exchanges	Unrestricted Funds £ 813 966 3,275 4,457 1,012 3,206 3,956 848 5,797 2,096 4,555 1,507 4,052 - 18,540 2,194 4,298 1,447 3,009 10,429 5,811 2,049 1,921 9,682 - 1,127 - 334 18,540 1,368 117,289 - - - 117,289	Restricted Funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 22,754 - 22,754 22,754	2025 Total Funds £ 813 966 3,275 4,457 1,012 3,206 3,956 848 5,797 2,096 4,555 1,507 4,052 - 18,540 2,194 4,298 1,447 3,009 10,429 5,811 2,049 1,921 9,682 - 1,127 - 334 18,540 1,368 117,289 22,754 - 22,754 140,043	Unrestricted Funds £ 744 668 2,360 4,909 1,762 2,814 3,604 948 5,079 972 4,389 2,343 5,310 - 18,000 2,134 3,534 1,609 3,832 8,967 4,756 2,277 1,451 8,967 797 979 7,456 987 16,883 1,470 120,001 - 1,277 1,277 121,278	Restricted Funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 18,418 - 18,418 18,418	2024 Total Funds £ 744 668 2,360 4,909 1,762 2,814 3,604 948 5,079 972 4,389 2,343 5,310 - 18,000 2,134 3,534 1,609 3,832 8,967 4,756 2,277 1,451 8,967 797 979 7,456 987 16,883 1,470
						120,001
						18,418 1,277
						19,695
						139,696

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

Grants to fund training for individuals

Page 18

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

NOTES TO THE FINANCIAL STATEMENTS

8. Governance costs

Auditors remuneration Trustees' travel expenses	Unrestricted Funds £ 3,840 2,975 6,815	Restricted Funds £ - - -	2025 Total Funds £ 3,840 2,975 6,815	Unrestricted Funds £ 3,840 2,971 6,811	Restricted Funds £ - - -	2024 Total Funds £ 3,840 2,971
						6,811

9. Auditors' remuneration

Audit Accounting services	Unrestricted Funds £ 3,840 5,821	Restricted Funds £ - -	2025 Total Funds £ 3,840 5,821	Unrestricted Funds £ 3,840 4,016	Restricted Funds £ - -	2024 Total Funds £ 3,840 4,016

10. Wages and salary cost

Gross wages Employer's national insurance costs (inclusive of employer national insurance allowance) Employer's pension contributions Other benefits	2025 Total Funds £ 84,360 2,319 6,749 - 93,428	2024 Total Funds £ 70,003 2,155 5,600 -
		77,758

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

	2025		2024
The average number of employees analysed by function was:
Administration of charitable activities		3		2
		3		2
The number of employees to whom pension contributions are accruing:
Administration of charitable activities		3		2
		3		2

11. Related party transactions

None of the trustees received any remuneration during the year under review (2024: none). £2,975 (2024: £2,971) was reimbursed to or paid on behalf of the trustees listed on page 1 during the period under review.

During the year, the charity received a donation of £7,895 from the State Street Foundation, a related entity of State Street Bank, where Raymond Cockrem, one of the trustees, holds the position of Senior Vice President. In addition, the charity has invested funds within SDPR Series Trust S&P 500 ETF, which is managed by State Street, the carrying value of amounts invested within this fund at the year end was £645,346 (2024: £552,135). The trustees outsource investment management to Rathbones, and the trustees are not involved in the day-today investment decision making process.

The charity's key management personnel (set out on page 1) received employee benefits totalling £53,014 (2024: £47,628) consisting of gross pay and employer's pension contributions. Travel and subsistence costs of £7,068 (2024: £5,028) were reimbursed to or paid on behalf of the charity's key management personnel during the year under review.

Page 19

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

NOTES TO THE FINANCIAL STATEMENTS

12. Tangible fixed assets

12. Tangible fixed assets
Cost At 1 November 2024 Additions Disposals Transfer out (see note 14) At 31 October 2025 Depreciation Accumulated at 1 November 2024 Charge for the year On disposals Transfer out (see note 14) At 31 October 2025 Net book value at 31 October 2025 Net book value at 31 October 2024	Leasehold property £ 61,293 - - (61,293) - 16,020 836 - (16,856) - - 45,273	Office equipment £ 3,058 - (3,058) - - 2,781 111 (2,892) - - - 277	Total £ 64,351 - (3,058) (61,293)
			-
			18,801 947 (2,892) (16,856)
			-
			-
			45,550

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 £ 8,825,967 1,876,055 (2,089,478) 1,092,757 - 9,705,301 1,092,757 (80,285) 1,012,472 9,705,301 - 9,705,301	Cash £ 215,614 - - - (10,751) 204,863 - - - - 204,863 204,863	2025 Total Funds £ 9,041,581 1,876,055 (2,089,478) 1,092,757 (10,751) 9,910,164 1,092,757 (80,285) 1,012,472 9,705,301 204,863 9,910,164	2024 Total Funds £ 8,279,594 2,457,032 (2,242,626) 561,832 (14,251)
				9,041,581
				561,832 277,007
				838,839
				8,825,967 215,614
				9,041,581

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

14. Assets held for sale

14. Assets held for sale Leasehold property for sale	2025 Total Funds 44,437 44,437	2024 Total Funds -
		-

Page 20

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

NOTES TO THE FINANCIAL STATEMENTS

15. Debtors

15. Debtors
Trade debtors Other debtors Accrued income Prepayments	2025 Total Funds £ 50 1,385 - 8,091 9,526	2024 Total Funds £ 280 1,551 - 2,300
		4,131

16. Creditors: amounts falling due within one year

Trade creditors Accrued expenses Social security Other creditors	2025 Total Funds £ 8,851 3,830 1,771 1,280 15,732	2024 Total Funds £ 2,819 4,721 1,104 832
		9,476

17. Analysis of net assets between funds

Tangible fixed assets Fixed asset investments Current assets Current liabilities	Unrestricted Funds £ - 9,910,164 35,053 (15,732) 9,929,485	Restricted Funds £ - - 37,907 - 37,907	2025 Total Funds £ - 9,910,164 72,960 (15,732) 9,967,392	Unrestricted Funds £ 45,550 9,041,581 25,989 (9,476) 9,103,644	Restricted Funds £ - - 29,467 - 29,467	2024 Total Funds £ 45,550 9,041,581 55,456 (9,476)
						9,133,111

Page 21

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

NOTES TO THE FINANCIAL STATEMENTS

18. Analysis of net movement in funds

Restricted funds Trinity House Bursary Cowes Small Ships Race Passage Small Ships Race Meeting Costs Royal Standard Maritime Trust State Street Foundation 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 2025
	Total funds brought forward £ 24,372 3,076 - - 2,019 - 29,467 45,551 45,551 1,025,775 8,032,318 9,058,093 9,103,644 9,133,111	Total incoming resources £ 21,000 6,500 - 5,820 - 7,895 41,215 - - - 191,915 191,915 191,915 233,130	Total resources expended £ (22,754) (4,201) - (5,820) - - (32,775) (947) (947) - (377,599) (377,599) (378,546) (411,321)	Transfers between funds £ - - - - - - - (44,604) (44,604) - 44,604 44,604 - -	Gains and (losses) on investments £ - - - - - - - - - 1,126,121 (113,649) 1,012,472 1,012,472 1,012,472	Total funds carried forward £ 22,618 5,375 - - 2,019 7,895
						37,907
						-
						-
						2,151,896 7,777,589
						9,929,485
						9,929,485
						9,967,392

Restricted funds Trinity House Bursary Cowes Small Ships Race Passage Small Ships Race Meeting Costs 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 2024
	Total funds brought forward £ 21,790 3,502 - - 2,019 27,311 46,752 46,752 391,754 7,928,849 8,320,603 8,367,355 8,394,666	Total incoming resources £ 21,000 7,750 3,000 5,580 - 37,330 - - - 224,578 224,578 224,578 261,908	Total resources expended £ (19,658) (6,936) (3,000) (5,580) - (35,174) (1,151) (1,151) - (325,977) (325,977) (327,128) (362,302)	Transfers between funds £ - - - - - - (50) (50) - 50 50 - -	Gains and (losses) on investments £ - - - - - - - - 634,021 204,818 838,839 838,839 838,839	Total funds carried forward £ 23,132 4,316 - - 2,019
						29,467
						45,551
						45,551
						1,025,775 8,032,318
						9,058,093
						9,103,644
						9,133,111

Page 22

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

NOTES TO THE FINANCIAL STATEMENTS

19. Description of funds

Trinity House Bursary	Funds received to provide grants under the Trinity House Career Development Scheme, providing
	training for Sail Training staff and volunteers.
Cowes Small Ships Race	Funds received to organise and run annual small ships races at Cowes.
Passage Small Ships Race	Funds received to organise and run the small ships race between Guernsey and Poole.
Meeting costs	Funds received as a contribution to meeting costs and room hire expenses.
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.

20. Pension scheme

The charity operates a defined contribution pension scheme for its employees. The total payable for the year under review was £6,749 (2024: £5,600). There were no amounts outstanding at the end of the current period or comparative financial year.

21. Commitments under operating lease

21. Commitments under operating lease
	2025	2024
	Total	Total
At 31 October the charity had total minimum lease payments under a non-cancellable operating lease as	Funds	Funds
follows:	£	£
Not later than one year	-	607
Later than one year not later than five years	-	-
	-	607

Page 23

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

NOTES TO THE FINANCIAL STATEMENTS

21. Financial instruments

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

The carrying amounts of the charity's financial instruments are as follows:
2025 Total Funds £ Financial assets Measured at fair value through net income/(expenditure): Fixed asset investments 9,910,164 9,910,164 The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows: 2025 Total Funds £ Income and expense Financial assets measured at fair value through net income/(expenditure) Investment income 169,723 Investment management fees (43,609) 126,114 Net gains and losses (including changes In fair value) Financial assets measured at fair value through net income/(expenditure) Unrealised gains/(losses) on investments 1,092,757 Realised gains/(losses) on investments (80,285) 1,012,472	2024 Total Funds £ 9,041,581
	9,041,581
	2024 Total Funds £ 202,285 (43,137)
	159,148
	561,832 277,007
	838,839

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

Page 24

THE ASSOCIATION OF SAIL TRAINING ORGANISATIONS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

NOTES TO THE FINANCIAL STATEMENTS

22. Comparative statement of financial activities Note INCOME AND ENDOWMENTS FROM: Donations and legacies 1 Investments 2 Charitable activities 3 Other 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 £ 13,455 202,285 8,838 - 224,578 43,137 283,991 327,128 838,839 736,289 - 736,289 8,367,355 9,103,644	Restricted Funds £ 37,330 - - - 37,330 - 35,174 35,174 - 2,156 - 2,156 27,311 29,467	2024 Total Funds £ 50,785 202,285 8,838 -
			261,908
			43,137 319,165
			362,302
			838,839 738,445 -
			738,445 8,394,666
			9,133,111

Page 25