Charity Registration number 1091086 THE CHESIL SAILING TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CST P.J.Kent FCPFA Honorary Treasurer
THE CHESIL SAILING TRUST CONTENTS Reference and Administrative Details 2to3 Truste8s'Annual R8POrt...........,.....................................,......................,........... 4t0 6 Independent Examlner's Report........,.............................,..,............................... Statement of FlnanclalActlvlty..................................,.........,........,,.................... Balance Sheet as at31 March 2024................,.......................................,............ Notesto the Flnanclal Statem8nts............,....,.......,..........................,................. 10t015
THE CHESIL SAILING TRUST REFERENCE AND ADMINISTRATIVE DETAILS Charity Name The Chesil Sailing Trust, {Changed from 'The Ch6sII Trust, on 4 November 2014) Charity Reglstration Number 1091086 Period of Financial Year 1 April 2023 - 31 March 2024 Principal Address Osprey Quay Portland Dorset DT5 1SA Governlng Document Deed of Trust dated 8 June 2001 Objects of th8 Charity To promote the advancement of education of persons who are young or dlsabled by provldlng or asslstlng with the provislon of facllltl8s for trainlng In sailing and seamanship and other water and land based activities. The Trust aims to provide and assist in the provision of facilities In the interests of social welfare for recreation and leisure time occupation for the benefit of th8 inhabitants of the United Kingdom with the object of improving conditions of life for the said inhabitants. The Trust also strives to promote any other charitable purposes for the benefit of the inhabitants of the United Kingdom as Is constituted for administrative purposes at the date as the Deed of the Trust88s shall from time to time in their discretion determine. Trustees Frances Guppy, Chairman John F Tweed Paul J Kent, Treasurer to the Trust Lady Catherine Williams {Resigned 11 May 2023) Tristan Best Steven Moatt
THE CHESIL SAILING TRUST REFERENCE AND ADMINISTRATIVE DETAILS Secretary Tom Grainger, Clerk to the Trustees Bankers National Westminstèr Bank PIC 49 South Street Dorchester Dorset .DT1 1DW Nationwide Building Soclety POBox3 5-11 George Str8et Douglas Isle of Man i IM99 1A
THE CHESIL SAILING TRUST TRUSTEES'ANNUAL REPORT Actlvltles and Achievements The year 2023-2024 has seen a return to our core programme of events. We have also enhanced our programm8S to meet specific needs. We have continued with our Rod Shipley Sail for a Fiver and Rod Shipley Windsurf for a Fiver. We also support the dellvery of week-long voyages on boats from the Rona Sailing Project. We have facilitated four voyages, two voyages for a special school and two for local secondary schools. Alongside thls, the Boleh, a forty-foot junk yacht, was based in Portland for 3 weeks glvlng approximately one hundred young people from local secondary schools the opportunlty of a day sail. Beside these opportunities open to all schools, we have developed targeted programmes, following a review of our Sail Fit and "bursary" programmes. Thls is to ensure w8 have maximum impact on the lives of young people from the use of our resources. Wa have been very aware of socletal issues especlally In relatlon to the mental health and well- being of young people. Thls has often been made mor8 dlfficult by the current flnanclal hardship many famllies are experiencing. Thls is prevalent In th8 immediate areas surroundlng the National Sailing Academy with several of the wards withln the borough of Weymouth and Portland being in the top 1 OO/a of the National Social Deprivation Index. By securing funding bids we have been able, with delivery partners, to have developed and fund8d targeted programmes. Che811 Salllng Trust Wollbelng Programm8 supporting local primary schools. We have funded a 12-week programme offering 6 weeks Windsurfing and 6 weeks sailing. It Is a pleasure to support these puplls who are all experlencing significant challeng8s and have experienced several ACES (adverse chlldhood experiences) already In their young IIv8S. We have also worked wlth a specific project for puplls from the Royal Manor of Portland funded dlrectly by the Court Leet. By securing funding from the Dorset Youth Fund, wlth a jolnt bid wlth dellvery partners, a project has been undertaken with a local pupil referral unit. Students began their water-sports journey with the Offlcial Test Centre and the Andrew Simpson Foundation. Ther8 is a real focus for this group around resilience, confidence, and determination. The students who are attending the sessions have significant SEMH dlfficulties and are heavily supported by both the teams delivering the programme and the excellent team of staff from th8 referral unlt. The Head Teacher has recently highlighted that it is so wonderful to see the children returning to school with huge smiles following their sessions at the National Sailing Academy. The Chesil Sailing Trust Board of Trustees remain committed to provide opportunities to the most vulnerable in the locality and actively reviewing all opportunities. Continuing support through grants and donations enables us to have sufficient working funds to book and plan for subsequent years. Emma Wilson, a Great Britain Olympian and bronze windsurfing medal winner in Tokyo 2021 and a competitor in 2024 Olympics, has agreed to become our Patron. Her enthusiasm and passion have had an impact on the young people she meets whenever she drops in on some of the sessions we fund delivered by our delivery partners.
THE CHESIL SAILING TRUST TRUSTEES ANNUAL REPORT (Cont'd) Publlc Benefit The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Flnanclal Revlew During the year, total income amounted to £45,094 (2022-23 £38,113). Of this, £44,180 (2022-23 £37,846) was in the form of donations from individuals, charities and other organisations. Bank interest durlng the year amounted to £914 (2022-23 £267). Expenditure during the year amounted to £29,424 (2022-23 £29,906), includlng governanc8 Costs amounting to £324 {2021-22 £0). Funds carried forward amounted to £91,184 (2022-23 £75,514> of which £12,070 Is In respect of restricted funds {2022-23 £5,520). The Balance She6t as at 31 March 2024 shows cash at bank amounting to £87,945, including deposits in the Nationwide Building Society amounting to £48,247 and a current account balance at the NatW8St bank amounting to £39,698. Debtors, being HMRC in respect of Gift Aid, amounted to £5,513. Creditors, being provision for the balance payable to the Boleh Trust and Independent Examlnation fees, totalled £2,274. Reserve8 Pollcy In each flnanclal year, the Trustees determlne a mlnlmum level at which cash reserves should be malntained. For 2023-24 thls flgure stands at £10,000. The flgure may be amended at any time by specific resolution. Structure, governance and management The governlng document of the charity is a dead of Trust dated 8 June 2001. Recruitment and appointmant of trustees is made by resolution of the trustees at a meeting of the trustees. The selectlon of a trustae is based on the skill set of the person and their perceived contributlon to the Trust's objectives and management. The trustees are to number between 3 and 7 persons for a term no longer than 3 years. Trustees may be reappointed but may not serve for longer than 12 consecutive years. Statement of Trustees, Responslbllltles The trustees are responsible for preparing the trustees, report and the financial statements In accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the trustees to prepare financlal statements for each financial year which glve a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust 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 2015 (FRS 102),. make judgments and estimates that are reasonable and prudent. state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departure disclosed and explained in the financial statemenls. and
THE CHESIL SAILING TRUST prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Trust 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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the trust deed. The trustees are also responsible for safeguarding the ass8ts of the charity and henc6 for taking reasonable steps for the prevention and det8Ction of fraud and oth6r irregularities. Approved by the Trustees on 7 November 2024 and signed on their behalf by., Frances Guppy Chair of the Trust
THE CHESIL SAILING TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CHESIL SAILING TRUST I report to the charity trustees on my examination of the accounts of the charity for the year &nded 31 March 2024, which are set out on pages 8 to 15. Responsibilltles and basls of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act,). I report in respect of my examlnation of th8 charity's accounts carried out under section 145 of the Act and in carrying out my examlnation I hav8 followed all the applicable Directions given by the Charity Commission under section 145(5){b) of the Act. Independent examlner's stalament I have completed my examination. I confirm that no material matters have come to my attention in conn8Ction with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by s8Ctlon 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply wlth the applicable requlr6ments concerning the form and content of accounts S6t out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and falr view, whlch Is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in conn8Ction with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reachad. Slgned: Name.. HoLJAI2 JIOJCJ s14lmoj? F<cA Relevant Professional Quallflcations or Body: Ac¢ ** Address: Date: 11 eDWARDS & KEepiNQ ¢HARTERED ACCOLINfANT UNITY CPIAMBEAS 34 ÈA8T STREET DOBCHESTEA Dri 1HA
THE CHESIL SAILING TRUST STATEMENT OF FINANCIALACTIVITY FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Funds Restricted Funds Total Funds 2023-24 Total Funds 2022-23 Note Income and Endowments from: Donations and Legacies Ilneludlng Glft Aid) Investments 16,680 27,500 44,180 37,846 914 914 267 Total In¢ome 17,594 27,500 45,094 38,113 Expendllure on: Charltable Aciivities 8,150 20,950 29,100 29,290 Governance costs 324 324 616 Totsl Expendlturo 8,474 20,950 29,424 29,906 Net Incomel{Expendlturel before transfers 9,120 6,550 15,670 8,207 Tran81•r8 Gross Iransfers beeen funds Net Movement in Funds 9,120 6,550 15,670 8,207 Reconclllatlon of Fund8 Total Funds brought forward Total Funds carrl•d forward 69,994 5,520 75,514 67,307 10 79,114 12,070 91,184 75,514 All income and expenditure derive from Continuing activities. The charity has no recognised gains or losses for the year other than the results shown above.
THE CHESIL SAILING TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Curront A88et8 Debtors 5,513 5,520 Cash at Banklln Hand 87,945 93,458 70.294 75,814 Current Llabllltlgs Creditors 2,274 2,274 300 300 Not A888t8 91,184 75,514 Fund8 of tho Charlty (adjusted for debtor8 and credltor8) Restrlcted Funds 10 12.070 5,520 Unrestrlcted Funds 79,114 69,994 Total Charlty Fund8 91,184 75,514 Approved by the Trustees on 7 November 2024 and sign8d on behalf of the Trust by: Iv'ck(u Frances Guppy Chair of the Trust
THE CHESIL SAILING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1. Accounting pollcies Bas1$ of Preparatlon The financial stalements have been prepared in accordance with Accounting and Reporting by Charllies: Statement of Recommended Practice applicable io charities preparing thelr accounts in accordance with the Financial Reportlng Slandard applicable in the UK and Republic of Ireland IFRS 102) {effective 1 January 2015) - Icharilies SORP IFRS 102)). the Financial Reporting Standard applicable In the UK and Republic ol Ireland {FRS 102) and the Charltles Act 2011. The Trust Is an unincorporated assoclatlon establi8hod under trust deed in 1981 and is registered as a charity in England and Wal8S. The Trust meets the deflnltlon of a publlc benefit enlily under FRS 102. Assets and liabilities are Initially recognised at hislorical cost or transaction value unless otherwise stated in the relevant accountlng policy not8s. The accounts are presented In £ sterllng. Golng concern The trustees conslder that there are no materlal uncertalntles about the charlty's ablllty to contlnue as a golng concern. Exemptlon from preparlng a cash flow statomenl The charlty opted to early adopt Bulletln 1 publlshed on 2 February 2016 and have therefore not Included a cash flow statement In these flnanclal slaternents. Fund Accountlng Pollcy Unreslrlcted income funds are general lunds that are available for use at the trustees, dlscretlon In furtheranc8 01 Ihe objectlves of the charity. Restricted funds are those donated for use in a particular area or for specific purposes, the use ol which Is restrl¢ted to that area or purposé. Further datails of each fund are disclosed at note 10. Grani-maklng Polley The Trust's Equal Opportunltles Policy makes clear that in allocating grants the Truslees will not discriminate either lor or against any person or actlvlty. Grant applications are considered by the Trustees at their next ordinary meeting and determined in accordance with the objects of the Charity and Ihe resourc8s available. There is an urgency procedure for dealing with applications r8quiring action between meotings. It is Ihe policy of the Trustees not to commit lo any individual grant for a period of mor8 than twelve months. Trust beneficiaries may however apply for a renewal of support on Ihe expiry of a current grant. any such application will be considered on its merits alongside other 10
THE CHESIL SAILING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONT'D appllcations, but the Trustees may lake Into account the fact that the applicant has previously received 6UPPQrt. Inve8tments Selectlon Pollcy The Trustees consider that currently ihere are inadequate funds for any type of long term Investment. Accordlngly. all balances are invested in cash with the majority In the Nationwide Bulldlng Soclety whlch pays a compelltlve Interest rate with mlnlmum rlsk and good access to lunds when required. In¢omo and Endowment• Voluntary Income including donations, legacies and grants that provide core fundlng or are of a general nature, is recognised where there 18 entitlement, certalnty ol receipt and the amount can be measured with sufficient reliability. Investment income Is recognl$8d In the financlal year In which It Is recelved. Debtors are amounts due relatlng to glft ald recelvable from HMRC andlor payments made In advance e.g. deposlts for future programmes. Exp•ndlture Liabilities are recognised as soon as there18 a legal or conslructlve obllgatlon ¢ommlttlng the charity to the exp6nditure. All expenditure is accounted for on a payments basls and has been classllled under headings that aggregate all costs related to this category. Charltable Aclivities comprlses ihose costs Incurred by the chariiy In the delivery of its activitl8S and seNices for ils beneficiaries. It includes both costs that can be allocat8d dlrectly to such actlvltles and those costs of an Indlrecl nature necessary to 8UPPOrt them. Governance costs Include the costs of preparation and examlnallon of the statutory accounts, the costs of trustae meetings and tha costs of any legal advlce to trustees on governanGe or constltutional matters. Taxatlon As a reglstered charlty, Ihe Trust Is generally exempt from income tax and capltal gains tax, bul not from value added tax (VAT). Irrecoverable VAT is included in the cost of any items to which it relat8S. 11
THE CHESIL SAILING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAFICH 2024 CONT'D 2. Donatlons and Legacles Unresirlcied Restrlcled Funds Fund8 Total Funds 2023-24 Total Fund8 2022-23 Donatlon8 and Legacles Companies, clubs and individuals (Including Gift Ald) Grants Recelvablo 1,680 27,500 29,180 27,846 Trusts and Foundatlons 15,000 15.000 10,000 UK Government Grants Totsl Voluntary Incom• 16,680 27,500 44,180 37,846 3. Investment Income Unrestrlcled Fund8 Re8trlcled Funds Total Fund8 2023-24 Total Fund8 2022-23 Account NatSonal Westminster Bank Naiionwlde Bulldlng Soclety (See below) 914 914 267 Total Intere8t Earned on Ca8h Dep081t8 914 914 267 At 31 March 2024 the Trusl had £48,246.72 Invested in a Business Instant Sav8r Issue 9 accounl earnlng Interest at 2.25010 per annum. Interesi is pald annually on 31 March and in 2023-24 this amounted lo £914.29 12
THE CHESIL SAILING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONT'D 4. Expendlture Unrestrl¢ted Restricted Total Funds Total Funds Funds Funds 2023-24 2022-23 (a) Charltable AGtlvltle8: Sall for a Fiver Course costs 13,000 13,000 16,550 Sail Flt Stagg 1 and 2 ¢our••8 (Scholar8hlp8) Course c0818 Che811 Trust Wollbelng Group Cour80 costi 6.250 6,250 From Small to Tall Sall Tralnlng - Rona Salllng Project 1,900 1,900 4,180 The Bolgh Truat Boleh Day Salllngs 1,950 1,950 2,080 Wlnd8urflng Wlndsurf for a Fiver 6,000 6,000 6,480 Fundral8lng Advertising 8,150 20,950 29,100 29.290 (b) Govarnance cosi8 Website hosting Bank Charges Printing,postage,stationery Accounting 316 324 324 300 Total Expendlture 8,474 20,950 29,424 29,906 13
THE CHESIL SAILING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONT'D 5. Trustees, Remuneratlon and Expenses No Iruste8s received any remuneration or were reimbursed any expenses during the year. 6. Debtors 2023-24 2022-23 HMRC- Gift Aid clalm 5,513 5.520 Pr8payments Total Debtor• 5,513 5,520 7. Cash at Bank Bank Reconclliatlon as at 31 March 2024.. National Westminster Account Balance 39,998 L8ss unpresented chequ88 Balance per Cash Book 300 39,698 Natlonwlde Bulldlng Soclety Balance 48,247 Total Ca•h at Bank a8 at 31 March 2024 87,945 8. Credltor8 2023-24 2022-23 Independent Examlner Fees The Boleh Trust 324 300 1,950 Total Credltors 2,274 300 14
THE CHESIL SAILING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONT'D 9. Related Parties Controlllng Enllly The Charlty is controlled by the Trustees, Amounts paid to OTC lo cover their reasonable fees in relation to delivaring s8tvices lo the Charity during the year were £6,00012023: £6,480), as permitted by the Degd ol Trusl dat8d 8 June 2001. It is racognised by the Charity that thosa involved in local water sports organlsations and buslnesses provide valuable contributions as Iruslees to the Board of the The Chesil Salllng Trust. Those local waler sports buslnesses and organlsations are often best placed to asslst in dellvering the charltable acllv1116s. All decisions to Involve a business or organisation in dellverlng the charitable activities are made by the Board and would @xclude any Trusle@ who may have a personal interest or relationship wSth that business or organisatlon, to ensure that best value for money and most effective provlslon of seNices Is achieved. 10. Analy818 of Fund8 At 1 Aprll 2023 Incomo Expendlturo Tran8fer8 At 31 March 2024 Goneral Fund8 Vnrestrlcted fund 69,994 17,594 8,474 79,114 Re8lrlcted Fund8 Rod Shipley fund 5,520 27,500 20,950 12,070 Tolal Rostrlcted Fund8 5,520 27,500 20,950 12,070 Tolal Fund8 75,514 45,094 29,424 91,184 Purp0888 01 R•61rlct•d Fund8 The 'Rod Shiplay Fund, represented the unspent balance from a legacy donation by the widow of Flod Shlp16y. The funds were usad in memory ol her late husband to assist local young people gain access to water sports. A further donation of £22,000 was received Irom Mrs Shipley in 2023 with Ihe expectation that a furth8r £5.500 oan ba clalmed In Gift Aid. 01 Ihe donation of £22,000, £20,950 was applied to the 2023 programme of activity, The anticlpated Gift Aid along with gift ald on other qualifying donations has been Included as a deblor In 2023-24. 11. Employee8 There were no employees in 2023.24 (2022.23 nll) and consequently no employee recelved emoluments of more than £60,000 durlng the year. 12. Independent examlners, remuneratlon In 2023-24, provision of £324 has been made in the accounts for Independent Examiner's fees. November 2024 15