2023-12-31-accounts

Ch#rlt% regl$iAtlon In91598 Company regislr*tion 04.165550 {En¥land and M"'ale5} THE CIRDAIY SAILING TRUST {INCORPORATINC THE FARAMIR TRUST) LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDF.D 31 DECEMBER 2023

THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED LEGAL ALYD ADMIIYISTR4TIVE INFORM.4TIO Ti'usteej B S&ii1sbut)' J DoubTIAq-I lusJh¥% OBE DL (' Anderson DLee Ms S loiitTaLild J W¢il l)I' M.C. J￿kSon J Hare I. Bulgiii I BL'nlLy C#pi S Hodykinqvn N Willis L Ahhi)11 i4pp¢iinicd ?() (k.lol)er 2(1231 141)poiniLd 20 (k'ii)bLr 2n2ry1 CI TLlti)r¢J Charlty numbtr IUYl5y¥ Ci)mpny numb¢r 04.1fj5550 Re%lstered oNtte Brailwell Marii)a Bia(liv¥ll Lyi Q-MLI 7REI lTrdep¢ndent examlner Rulhil Skillb B.4 FCA Tlie OIEI EAcI)unge 64 Wesi 5￿ckwell Sireei Ci)ILhLyier COI IHE Binkers B￿rLIlly Baiik plL Maldoij CM95PR iolleliors liepp & SLII) 5S NLW Liiiidi)ii Riiud Cheliiisford Essex CM2 OPA

THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED CONTENTS Pagt Tiuslees report Independeiii exaniint¢s repoit Balanctt sh¢ei

THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED TRUSTEES REPORT {INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Tlitr Iru&le¢s pres¢ni Ih¢ii' unnuil r¢pcirt and linunciul %tsteTneiil4 flir ilie y#ir ¢nd¥d 11 r)eL'¢nib¢r 2021. Tht financial 51aieni¢nis have bvrn pt¢pared 111 arrordanre with Iht arcoui)lin¥ polir¢¢& s¢1 out ¢Ji nt>lc I lo Ili¢ finanrial slai¢ineii15 and coinpl! i¥ilh th¢ Tiii¥l's fv1¢Jiior&iiidiiin and Articl¢s of A¥sorialion dal¢d 31 January l(ffj? lh¥ Coinponirs Act d006 and"A￿oi1￿1117&T (111 OhJe¢¢ltres #nd actli,Itles While noi alon¢, we Iiad a dil'li¢uli >¢Jr i-e¢riiilin¥ sea Slafijiig J9 Ih¢Te s¢¢nied 10 b¢ ) d¢Jrih Ol'suitabl￿ Iiain¢d and quJlif¢¢d ¢aiididai¢s Our woi'k CL)iJiinue% iviili Ihe youn¥1 di8adN'aiiiaged hnd io e&tegori$e 'diqadvaiiiabted' i4 dilliculi b111 In2y include Iho$e froin dy8fuiiCtjOMi71 backgroLiiids ￿,hO ha￿e ofteji suffei'ed deprI￿arIOn llnd are excluded froni ediicatioi) or socieiy. Uilitrs may have siiffeird abuse. are Our core aLi¢vilie8 iii 2(123 Diict A8Aiii iiicliided our I'oyage lo Recoi'try proieLI i%'hich ii)N'olked ieii oyage% lor Early Inler¥enlion in W¢ 'eiE pleas¢d 10 ￿re1Con)e oui. chJiilV'S tounder Bill Broid 01)board Quttn lialadri¢l in May for a special ¢¢lebi'311ioii of Cirdan's 4uih uv¢r Ilie y¥¢llb. A s￿LIa1 Ilidiiks lu H¢i'iiiildbT¢ C'uiniiiunili MLX)i-ings lor Ih¥ir SLlPPVrt yi¢n¢iusiiv piui'iilingp fr¢¢ illovrinii4 fui. th¢ Diiei coniiiiued her run of Duke ol. Ediliburgh Gold ftesideijiials aciDss selen wEeks duriii8 Ihe schoDI holidas'L The voui)8 people conie &iifv¢ii fiiiatifyidl suppoi'i aiiQ IiiJny of Ih¢in fJ¢¢ Ili¢ir ow'n JdJiliollJl ¢hdll¥ng¢b suih Ji Juli¥in. Al)HlJ. low b¢lf.¢yi¢¢in JDxi¢ly. Ships Race E￿¢171, sailing trojn Den Helder iij Tl Ntitierlands 10 Hanltp)ol, UK. Iii addiiion 10 Ihe Cirdan creiv 8 soung people fron) digRdvaniag7¢d backgrounds look pan aiid all caille lioine wilh a real seiise of achieveiiieni and Ineii)orie5 for life.

THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED TRUSTEES REPORT {INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 We w¢iE lorlunale lo N= b¢tn cliostii by Iht"Aichoriles" as iheir IioiiiiiINled charilv tor 202.1 and while rh¢ funds raised w'ould be niod¢si every bil helps. Addilionally. Il is a gTood way of gitlling oiir naiiie In fi'onl vf Ii¢w' aV¢liU¢b and Channel￿ for 5uppokrt. Htlping to uhdersithd Our work geugrllphi¢#ll), while buseil In ESbex, dLirinil Ilie suilinbT season we deploy oiii. fleei alOLind Ilie UK. The siroups lind iii¢lii'iiluJls In ¥enL'r#l. %i'liile a sinall pa11 of OLir i¥'ork, M'e provide vo}ages for able bodieil individuals inainly Ilirough ilie DLike of &dinbui¥lJ Iiiir memberhlp 14 1)PLn li) oll. evldence and leedbaLk of &CiiVili¢$ is received froiii eoch giDup ddailing rhe b:i)eliis experiei)ced Irom the ￿0Y&￿e. A¢#d#iiii¢ re¥¢Ji'¢h valiJ¥l¢s th¢ b¢n¢lit5 Jltribul¢J to the yailing ¢xp¢rienie and our ow'n ¢vid¢n¢¢ rlirouuh the EIP syr()upts ¥ubstJnii￿t¥¥ rLidbuLk I'ri)nl Vlir ()wM L¥ii bc Iiiiind cin OLif WLIUI mLJiJ %ilLS. Pulille hen*llt #oiliitle

THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED TRUSTEES REPORT {INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 AchieNernen16 And perfurmance Tht C Ird2i t) Experitl)Ce LILrO￿S Ihe Ileei 1% we beliei'e %vl)ei'e our ￿lILCes lieh anLI iii 2023, a IO1%?l of 454 people %.iiled ￿'ITh liq on 50 oyages. Illorkiiig alon¥side Dur professional creu,. pa111cip&iiis are inlolved in all aspects of runiiing and sailing il)e i'essel. boili above atid beloiv deck- such as gkeitiiig? involi'ed iii pl%Jtiniiig aiid nayigarion. leainiiig lo cook lor iheinseh'es &iid each oiliei. and keep a lid), The different ¥roups ha￿< different neEd5 and obj¢clivt5. Ri)d we tailor each VOJYgTe 10 (ne¢1 ihose Iie¢d5. Iii the cas¢ of gTQiIP5 froJn Ihc Yiiuth 111slic¢ Stri'ic¢ w'lii) 4r¢ i%'vdiir¥T pr¢i'¢nliun dii(I diverSiLbli int¢Tr'¢ntion%. Ilit pw'idt disl'uplioii frcim b¢in&p BxploilE(I dei'elopii)¥ an undei-91AJiding ot'dit'fe￿n[ race And culiiires prcxnoiiijg iolernnLe. IIJ addition. they are looking 10 biiild daily l¢f¢ skills sii¢h os biidbieiinbl. ¢ookinyi 17)¢als iog7eiliei-and fo(￿ shoppinbi. all ot ivhi¢h air pan ol'oiir ¢xp¢rieniial ¢du¢aiion oil Ihe troyabYe$. HoiTre>er. we l?& eed a tew cli3llei)ges iii 2D2.3, Inosi noiably Irouble willi rekl'iiiiing crew, as already meniioned. aiid a niirnber ot meclianical issues iviih (kieen Galadriel resuliing in l)er eiiieringi dry dock aiid posiponingi a ioyagie for a group uniil 2024. The shortagbe of qildlified crrt4, delJyed Fai'amir sidriiii&T her beas011 by t￿,0 monilis. but Ihe use of freelance cl'ew lo fill Ilie Ineuni ive could honoLir viiyiigyes previvusly 4ind weTe dble ILI w'elLi>ll)e the relurii L>l'ihe f.lp Ir.¥rly Inler%'enliiin li)r PSyLhosi51 gpriJup4, FlnaThclyl revlÈw t. re%el-￿eS. Ve coniiiiue to receiie 801id siipport from regularand new sllpporters lor ivhi¢h w¢ ¢xpress our deepesi biraiitude, We are also miiidl'iil of PIHn5 for tht fulu We plan 10 Loniinue oiir WO￿ lor Ilie yoiing di%ailvanfa¥ed tron) all area.% of the UK. Noi wisliin¥ 10 blaine the Cowid paiid£mic, bLII il is Lyased Iradin4J alioyieiher. ￿'ith aiioilier lia¥ingb 10 di'asii¢all!' shonen Its Ileei. We are gradually I'eiui'ning 10 preiandeinic knokingi levels Stryetyre? g•vtrnbnce 4nd manttgtmtnt The Tnist is a conipai)y liiiiiled by gi)ai'&711tee goi'trn¢d by its ￿1￿￿01?11(1urn ?& nd Arlicl¢s d4lt¢d 31 Jaiiuary 2LXJ?

THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED TRUSTEES REPORT {INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 J DLbLlb.l S-Hciblies OBE DL C Anderso DLe¢ R WJrd Nqy S Courtauld I W¢il Di. M.L. JaLkwn J Hiirl IRL4ibynLd 17 F¢brwrv 2021} .1 Heriiey Cjpl S I l¢xi¥kingiJn L Abbott (i Telford (Appointed 20 O¢lob¢r ?0231 IAppoinied ?U O¢iober 2U231 Thv Bwrd of Tnist¢¢s Iiliv dirv¢lui's1 1% r¢4pon¥ibl¢ for ¥vlliiig tli¥ stru¢¢￿1( dir¢ilion vf Ih¢ Lliui'ily Jnd fvr ¢sldblishinb pvlily. Th¢ L lii¢l' eiiiployinent Jnd %ailinbT related i¢iii'iiie%. All sys￿￿7.% Jiid i)iitedure% inLIuLlin¥i Lor>ie% of Ihe Menioraiiduin ai)d Artiele% of Ihe LOIIIPÈI)y ale aiAilxble io the Tn15tee5. In Jddiiion. they reeeii'e gueh Ii'cliniii8 JS they Ji)d the oiliei. Trn£ieeg cee111 Iietessllry. Our CEO Mrs Elif ck. retired iii 1021 Jnd our b-leet ￿lanager Et Hiiimphrie5 liag been pronioled inio Ilie role. Finall),. 11 is will) gre&?[ sadness Ihai we repoii Il)e deaih of oui. foiliiiler Bill Bi'oad who died ai Ilie begii)Tijiig of 1024. His ￿lIe preceded hiill iii 4023 aiid we ot'ter our cc>ndoletJces to his fainily on Ihe loss ol'boih their parenis so close Iobteilier.

THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED TRUSTEES REPORT {INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Btsai'd of C'irdan Sailing Trust Ill￿rpOratIng the FaI￿1￿1rTrUSI) Limited (reg Iios IU()151)¥l are resptsiisible tor prepai'ing the Trustees Ktporl th¢ fii)li l)rial 5tJl¢Ditnls in arcordaDr¢ willi Ili¢ Unil¢d Kingdoin Arruuntin¥ Siand&irds IUnil¢d Kingdoin G¢n¢JJlly Acr¢plrd obserne the meihods and principles in ihe Lhariiies Siaienieiir of ReLomiiiended prac-.ices ISURPI.. Inake jiids7e111enis aiid esiiinaie% that are reagoiiable and prudeni- them 10 ensure Iliai Ilie financial siaieinenls coinply willi ihe Qoillpanie5 A-12W6. Tliey also reswnsiblt saf¢gLJRrdin8 Ihc assets of the Trust and heiice for lakingy reasoiiuble 8leps for Ilie pr¢i'¢nlion and delLrlion of fruud ai)d oilier iri'egiularilies. Th¢ Iru¥l¢e¥ repon Jpproi'¢(I by Ilie Bo¥rd of Triisi¢es. C Andcr%i)i) N Willi Tru¥iL* Trustee Julie 2024

THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED INDEPELYDEIYT EXAMINER'S REPORT TO THE TRUSTEES OF THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED I r¢ptsri to th¢ iiiist¢¢s on my ¢xaminaiion oi ih¢ fiJifiJi¢ial Slli l¥iii¢i)t$ of Tli¢ L'¢Tdaii Sli Ilinb Tru$1 {In¢tsipoiiting Ilie trarainir Trusii Liitiil¢J Ith¢ Trust) for th¢ I￿1. ¢Tid¢d 311)¢¢¢inbei' 2023. R1&pu￿¥1blljI1L￿ b#￿5 uf rLpurt A5 the trustees of ilse TIw&l laiid also 115 director5 for the purposes of coinpany lawl yoii are IESPOTrSible for the PlEPflraiion ol-the financial btatetM¢iils iii ac￿ord￿lIce iviih the r¢qiiirein¢iilb of the Coinpanits Act 2006 {Ihe 2006 Acl). ¥ii'tn by Iht C'liariiy CotniMis5ion uiicer seciion 14515llbl of Ilie 2011 Act. lTrdependent examlner'5 slatemen l LOI)tinn thai l Éin qilAlitied 10 ijrtdeixtske Ilie exNiniiiAiion beLau%e l Ain A iiieii)ber of IC'AEW. whiih 1% one of The li.%ied Ix)die%. I hJv¢ coinpleied Iny ¢iumin41ion. l ¢onfinn ih#l 110 Iiiuii¢rs114ie coin¢ 10 Iny atl¢ntion in conne¢lioii iviili th¢ ¢x#inin%iiion uivin¥ Ilie financial siaieinejiis do not accord wilh Ihose records.. Dr 'equireiiienis of s¢¢lioii 39h of th¢ 2011th A¢1 oilier Ih4n Jiiy r¢qiiir¢ni#nl 111411 the &¥LI)Iini¥ bPji'¢ 4 Irue anJ fuir vi¥w w11i¢h is ni)l u In&ltl¢r ¢011sid¢r¢J p:t ot'uii inJ¢p¢nd¢lll Ecol'daiice willi Ili¢ FiiiaiiLiiII R¢porlii)g Sundard appli¢iqble iii Ilie UK And Republic of Ir¢land IFRS IUI RaLIIL,I SkLll8 BA FCA ChRrttred Accouiilptjt Tlie old Exchai)ge (A WL41 Sii)Ik%v¢ll Sii'LLI Co)Ichester Essex QOI IHE 114ie(1.. 25 June 2024

THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED STATEMENT OF FINALNCIAL ACTIVITIES IIYCLUDIIYG IINCOME AIYD EXPENDITURE ACCOUIYT FOR THE YEAR ENDED 31 DECE.4IBER 2023 Unrestrictgd lit5trirted fund Total Llnre51ricted fllnd% Re5trlcted (undq T(*al 2023 2(J23 2023 2022 2U22 2U22 Notes 254.(il I 227.745 3.7¥0 11.3.702 242.505 1 $4.726 fy¢) I10.otx) ChArilable activiiies 227,74S 3,714 1$4.726 ()¢1 Tvtal In4omt 486.130 113.702 594,838 397.300 110.0 5U7.31MI ExpeNdlture Kaisingi funds 35,560 £31,554 34,¥50 447,fi24 31)7.X52 133.7L12 357.h24 yo,0 Total L'XPL'nditurL' 4.13.41? 1.13.702 567,114 31)?.574 90,UIXI 482.574 Yel Incfimellexpendlturn) and mol'emeni In funds 52.724 I•L>.IXJUI 32,724 4.726 2U,C)iXJ 24.726 Re¢on¢lllatlon ol funds: Fui)d laiiles ai l Jaiiuaiy 1021 ¥65.ts73 2U.UOO 148.%,¥73 861.147 861,147 Fynd b414ne¢i h¢.11 Dt¢¢mber 202.1 gIM.597 ¥fy5.ts73 X85.173

THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED BALANCE SHEET AS A T31 DECE,VBER 2023 2&2J 2022 N•ies Flied asse15 Taijbible a5s¢Is 76.5.01)I 765.QOI Currcnt a¥y¢t¥ Siocks 12 2.200 11,7B2 2n2,739 Debiors 13 lQ,C)63 214,35 C￿￿h t)1 blink ttnd in han(1 22¥.U71J ?1fj,781 Credltfjrs: #mounts lalllng due wl¢hln one }'eir 14 174.4741 19.%,9091 N¢1 Lui'i'vnl u¥s¢1¥ 153.59CI 120,S72 Total a55ets lesi current11gbllltle5 IX,597 85,173 lrnLumL. fundy 17 20,000 8hS,¥73 U11r¢siri¢i¢d funds 918.597 885,873 )ded 31 Deceimber 2023. The Irublc¢s Jcknowl¢(l¥Tt Ilitir re5ponsibilili¥& for viisiiringl I￿1 th< chdritv k¢¢p¥ Jccouiilinui r¢coiilb which coinply w'iih s¢aioD.1¥6 01. $LL'liiit) 476. reg7ini¢. The finRncial staienients were approved b!. the Tru51ees on 25 luiie 2024 C Ander%i)n Trustee Trustee Cfjmpani. reglstratlon numbei. lJ43kn5551

THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED NOTES TO THE FINANCIAL STATEMELNTS FOR THE YEAR ENDED 31 DECEMBER 2023 AL'cuwnting poliL'ies CoinpanTr inforniF41io Tli¢ (.'irthn SdilingJ TrLi¥I Illlcorpoi'ulingN Ili¢ F￿rain1r Tnistl Liilliieil is u Pri￿￿¢6 coillpany liinilEd by gTuar%ini¢¢ incorpor(Ll6d i r.iigTlJnJ lind WJl¢. Th¢ r¢gTi%tvrvd ()ITii¢ ib RrdJwvll Mdrina, Wdi¢r%id¢, Ri'aJw¢ll i)n S¢ll, CMO 7RB. Il¢countlng conventlon Tli¢ ilfCOUlits liai'¢ b¢rii prepJr¢(l in accor(knnce Iviili Trust's M¢4noruDduiii dnLI Ai'ticlcb of A55OClYtioii, Iht C'oiiipani¥s Act 81)JeiJded ALCOUI)Ilrtg i)ei'i()d% ci)i))menLing fmm l Jaiiugry 20101. The Ti-usi ].% a Publii Benelii Eniily &% deliiied by FR$ 1112, The Trusi lias illkth advinrii&eof Ilie provi$ioi)s in ih¢ SORP for LliJriii¢$ applying fr'fL% 101 Updrsl¢ Ilull¢iii) I noi 10 pr¢par¢ a Sial¢in¢iii of Ca¥li Flowb. The 111iai)iial %iai¢nierti% depaiied Irom the Cl)aril.e% IAL¢OUrtIS tslid Reiiori%l Regiilaiion.% UO¥ oftly 10 Ilie ¢xient r¢4Liired I pro¥id¢ a true ai)d fail. ¥iew. rh15 deparlurc has involi¢d follo￿,1￿8 the Siaieni¢ni of R¢coinrni¢nd¢d Prarlire for cliaiiiies appl>iii¥ ¥iniv b¢¢n i%iihdrown. 1.2 Loln¥ concer Al the iiin¢ of 3ppfoviiiBT the fiiiaiiciLI slateiiien15. the t￿lS1ee8 liave (I reasonable expectation that the Truyl has adequhle I'¢sOu￿¢S 1.3 Charllahle lunds R¢iri¢ied liinds gre siibi¢¢i to sii¢¢ifiL ¢ondiiion% bv donor.1 or grar.ioi' a% 10 ho￿ Il)¢y iiiay b¢ us¢d. Tli¢ liury￿$¢I and Ii%¢s of lh¢ re51ricied funds are 5¢1 out iji ihe i)ol¢s io the financial $lareni¢ntS. 1.4 Inltsming rLsouru'¥ InLuin¥ ib r¥¢iigiiibvJ %vh¢n tli¥Trii¥t ib I¢￿TallY ¥nliil¢d Iv it dft¢r an! P¢TfvTtndiir¢ ¢viidilivn) hav¢ br¥n ni¥l. the li111 b deeds ot'ioveDii nt is rtio¥nised ai Ihc lime of Ihe iloiialion. th)natiOn5, leBaciL7 and other forins of volNniary incoine Rre recogmised as incoiiiin¥ Irsources ivliet) r¢ceiTrable. Iinl¢ss ihev are IllCRpabl¢ of fjiiaiicial rn¢asii￿nlcNt.

THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED NOTES TO THE FINANCIAL STATEMELNTS (COIYTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Aeeountlng pnllf IÈA 1.5 Resource5 expended suppoi'i cosis involi'ed In undertakin¥ eJch aeiivilj,. L)ireci cosis aiiribuiable 10 a single acti￿llY nre allocated direcilj 10 Ihai ExperKIiiLire is included on dn acci'utsls b￿￿1￿. Tanglble flied %iet$ Tan8ible fixed assets are initially Ineasiired al cosi aiid subseqiienilv nieasiired ai cost or i'alLialioTI. nel of depreciation arid aTIy siraibihi line The gain or10$4 ari%ing on ihe disp￿31 of ali i%$el is d¢ierinii)ed as Ili¢ ditT¢i'¢n¥¢ beiw¢en ihe 8a1¢ i>ro¢¢eds and rh¢ carrying ￿alL)e Rein%thieinen( co%18 2E r¢ iTrriiien o(Yo% expeiidiliirc iii (lit peri￿ iii wl)ich ihe> are iliciirr￿. 1.7 1mp#lrm¢nt nxiyl 4¥1't$ Al e4iclI reporting end ddie, Ihe Trust revieivy the cJrying ainoLlllls of ily ungrible assets to deieriniiie wlEiher there i) an 1.8 Stoik Stock5 aiE ylaied al the lowei. of cos1 and esliinaied realisable ￿al(le. C#sh 4nd Lush equi¥'ulent C'.ash alid cash eqiiivaleiits iiiclude cash in hand and deposiis held 4?1 Ci211 witli banks.

THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED NOTES TO THE FINANCIAL STATEMELNTS (COIYTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Aeeountlng pnllf IÈA .lil Flnanclal Instrumenis Tli¢ Trust has ¢l¢cl¢Li io dppl J Ili¢ proi'isioiis of SeGlior I I 'Babi¢ FinJncie fair i'aliie of ihe asset received or recei￿able when Ihere is re￿￿onable a55uruiJce that the bTrunt ¢ondilioii¥ )%'ill bE tnel arKI the b7ranls will b¢ rECell'¢d. C'rltleAI accouniln% stlm8tS gnd judx¥menta In the applicalion of Ihe Tru51'5 accounlinB policie5. Ilir IrLisie¢5 are Ttquiird to make Jud¥einen15, es111n￿leS oiid u55UlllP110115 aknul Ili¢ carrying ainoiinl of asse15 aiid liabilities that are noi r¢adil)' appa￿nI fioin oili¢r sourc¢s. Tlie ¢sliiHaleR ai)d associtjled buinpii()N% ￿re bas¢d oil hiyloi'iuul ¥Apei'i¢nL¢ and ()Iher f#Liors Ilial ure Lonsidei'ed io be re.¢￿￿111. AL'ILi¥I r¢%ulis nidy differ froim The e¥linLlles 3nd tsiiderlyii)¥ 2ssuillpiion4 are lex iewed on ai) on¥oiiig ba.gi.4. RckiRions lo aiLOUI)iillbl e%liin2Teg are yeio¥nised iii Ihe period in whieh the egiiinJte is revised wliere the I'evision afl¢¢t? only thai p=riod. or in th¢ period of lh¢ r¢vision and liiiure p¢rioÉts i¥h¢r¥ Ili¥ r¢fvision aff¥Yts botli ¢urr¢iii oiié fuiLir¢ p¢riods. Crlilegl Judg¢meit$ Valuxtlnn nf %#lllmg we*iel4 siundard sucli Ihat Il)e Iriisiees ionsidei. Iheir Nalue iii the fillallcial 5ta1emenis to be realistic.

THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED NOTES TO THE FINANCIAL STATEMELNTS (COIYTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Unre51ri¢led fuNd5 Re$iricled fund5 Tol¥l Z023 T(*#l ZU22 l)onaiioi)s Cli411er lix'< di)naiid burioriL4 151.207 217.106 158,162 IL)4,443 17.IOi) 254.611 3b8.313 352,5U5 F￿r the year ended 31 Decernher 2022 24?,5n5 I Iil,n(Xl 357 fQ5 Charter Ineome Charter feesSvuTr¢nlr Incorne R Y A Initsm¢' Toial T￿¥1 2022 ?25,144 £¢ifi 227,745 154,72 Rglsln% fwnds 2fj2.1 2fi22 Share of SUPPOL1 COS1515e¢ noit 71 3.1,-16V 34,YJV 14.950

THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED NOTES TO THE FINANCIAL STATEMELNTS (COIYTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ChArliAble artivities lJ'e55el running eosts q¥rkeiing ¥nd Admlnlsii'gtlon ts Total T(*al 21122 W&ge4. %alai'ie$. Iravel nd subsi%iei)ce Vesscl riJnniii&7 costs Vcb%LI iii.¥uruii¢Ll%ur¥i 162.754 54,756 18.575 34.416 IC)2.754 I.IY,78 6(1,761 54,75C) 18..575 34.41() Vessel repaii V¢s5<1 ￿1n¥¢￿te1nel1I 38C).31.1 3¥l).311 IU7,Y23 142,241 142,241 389,313 14? 241 531,554 447.124 Anal>%1$ h) tun 2(17.644 3Y7,%52 1.11.702 3XV.313 142.241 531.554 Fthr the )ear ended.11 De¢ernhtr 2022 22f,923 81,900 357.fi24 9O.QOO R¢slri¢l¢(I funds 8,100 3n7,823 139,%111 447,th24

THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED NOTES TO THE FINANCIAL STATEMELNTS (COIYTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support L'ull Suppori ¢o$is 2U23 2￿22 135.7a8 125,fj67 otlice and gei)ei-31 expense MotQl JTid triiTrel ¢Kp¢nb¢s Iiit¢re41 T¢¢¢il'¢d 26,689 -5,!54 26,689 5.254 4.16 1571 2.1.aDI Fuiidr8iliiii¥i co%1% Elai)k tljarxes A,284 (1.214 3.O¢P3 177,8C)I 177.¥O1 Anulyb¢il b¢liv¢¢n 35.560 142.241 34,950 177.801 SuppoTI eo418 are F.Ilocaied Le&ial and pi'of¢ssic>iial f¢¢b in<liid¢s A fe¢ for ihe IiideFtnd¢nt ExJininalioii of 11.9W120•2'. 11.9001. Trustees Non¢ of th¢ trusi¢¢s lor aiiy p¢i'soi)s ¢oni)¢¢i¢d i¥iih theinl r¢¢¢IV￿ 41)y r¢iiiun¢rition durin¥ the y<&r.

THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED NOTES TO THE FINANCIAL STATEMELNTS (COIYTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Number of emploiee5 Th¢ iiYcfubT¢ Inoiitlily iiumber of ¢tnploy¢¢s dui'iHg7 tli¥ y¢ar N%'a5'. 2023 21122 Number NurntK'r Ernplovmeni ¢o$t$ 202.1 2022 Wagtes ai)d salaries 232,170 15.fi95 4.466 12,422 14.505 4.(197 4.005 OihLr PLn4ioii Lo%1¥ Trai'el, subsistence Atjd oih¢r straff ¢osi$ 2Q8.5?2 265.453 There were iio eillployees wliose ani)IL&ryl relliiiiieraiion was IfiU.U(HJ or i?iore. Tx#tiii T An%lbl¢ Ilxed assets Smiling %e$i¢18 T￿#1 Cost Ai l J)nudry 2023 7fv5.01)0 776,1$5 At 31 D¢¢Linl)¢r 21123 7()5.0 77(1,155 D¢prtt'iii¢iun impirm¢nl Al l .linuJYy 2021 At 31 December ?1123 .tsrrning amount AI _1 I DL'LLtnl)Lr 21123 7fy5 765,flDI Ai 31 Decenibei. 2U22 76_S.U 76i.UUI

THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED NOTES TO THE FINANCIAL STATEMELNTS (COIYTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Tnglblé Il%ed *%èts The v¢ssels ￿¢1-¢ Nilutd by Ili¢ Truslers 3s al 31 D¢c¢tnb¢i- 2007 afi¢T COn5111Miion with Ihrir ￿]￿rIll¢ Siirv¢)'oi- on th¢ eKjStjllB uce ba515. The Twst¥¢5 w¢r¢ ol. IhE OPllllOI) Ih¢l1 th¢ valiK al I l D¢G¢nib¢r 2021 siniilar lo Ilial 1f I I l D¢r¢iiib¢i- 2007. Tli¢ hiblorikal LUSI vl th¥5¢ v¥ss¥ls is LI80.446. 12 Siviki 2023 ZQ22 Siindrv 3,057 2.2(Al D¢,blurs 2U23 2￿22 Amovnts f¥lling Viithin one y¢ir'. Other debiui's 10.6ti3 14 CredIt￿r&. amount% fallln8 die wlrhln nne >'ear 2023 ZQ22 Notes l)Ilier IAXAlion fjn4J %oci&l %ecuriiy r)¥k'rrLJ iiiLI)In¥ Trad¢ ¢iYdiloi¥ Oilier ￿￿d1¢Or$ 3.271 49,354 17,232 3.fi26 (>S.600 J,187 21,UL)iI 2.49 15 4.(?17 74.474 Deferred in¢fjm¢ 2023 2￿22 Arising froni Bur50rY Inroiii¢ no>t y¢1 due to b¢ allocHl¢d 49.354 65.&IMI 10 Ritiri￿{nt bLncfit sLhimL¥ 2023 2￿21 Di.fiTh¥d cuntribuliun slheme C'.har&i¥ lo piofil or10s5 in JEsprGt of d¢fiii¢J coiitribiition &chetn¢s 4.697 4.466

THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED NOTES TO THE FINANCIAL STATEMELNTS (COIYTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Rttlremnt bekneflt ehémé% The Trust op¢rat¢5 3 deliii¢d coiilribulion pension sr11¢￿¢ I'o¥[ Ir11 qualili'ijig emplo>¢es. The ass¢is of ih¢ gchein¢ ar¢ held s¢paral¢ly froiii Ilio5¢ of ilit Twst Inl il) iiidrpvndenily adiniiiist¢rEd fund. 17 Re51rltied Donors have pro￿lded funds dui.ing Ihis nnd piEI(itsus years lor a iiuinber of resiricied purposes. The Rev Chrisiophet Courtauld, fuiid is Jdiiiinisr¢r¢d by Ili¢ Ess¢¥ C'oininunil> Foundaliijn. I0￿¢ment In Wunds Income EX￿ndIt￿l Balance at Balance At 31 Drllm￿.r 2Q23 I 21123 18 Unri¥lriLILd fund¥ At J J#nuMr 202.1 R¢￿Vur￿l'S AI 31 ik,cL'mbL'r exptrnded 2Q2.1 re%nurot% G¢n¢ral fLinds 865,871 486.136 1431.4121 91 ¥.597 Prevlfru% ytlr: At l Jinu4ry 2022 Ineomlng re50urce5 Re%￿Urte1 At.11 December ejpended 2122 O¢ii¢rAI fiinds 861.147 .397.-BOO 1392,5741 865,871

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