ChJrity regi$tr*tiTrn number 1091.$98 (Fngl#nd Il'lllesl Company reElstratlon number I43055q THE CIRDAN SAILING TRUST (INCORPORATING THE FAII4MIR TRUST) LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 DECEMBER 2024 THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED LEGAL ALYD ADMIIYISTR4TIVE INFORM.4TIO Ti'usteej B S&ii1sbut)' C AndLf4DI) 11 Lee Ms S L'ourtaul J Weil DI. M.C.. J7Kkwii J HJi'¢ J BeTDe Csipl q HiyJukin%c)n N Willis L Abboii (i Teltoi'd Ch¥rlty numbc'r 1091598 Cfjmplthy numher 043(I5550 Ri'¥l¥tLrL,d (bllTi¢' rJdwell Mirin 'aier8ide CN40 7RB lTrdependent examlner MiLhJel (treene B5c FCLA Liv SirLLib Wliiiill & PJitiici'.¥ LLP Tlie OIEI EAcI)ung¢ 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 2024 Tlitr Iru&le¢s pres¢ni Ih¢ii' unnu*il r¢pcirt and linunciul %tsteTneiil4 flir ilie y#ir ¢nd¥d 11 r)eL'¢nib¢r 2024. 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 Ti) help hddre￿I h *hiirittge r>l'cirw, we %lhl'ied i)111 iiew. ai)pi'eiiiiL&%liip sLlitn)e hnd empli)yed t￿.1) Ai)preiiiiLt ￿)sunS IIJ 211, WL w'LILiimLQ ¥ wi4JL VJriLlJ i)I'y(>Unb PIN>plL iinliiiiird i)Iir vis%LlI I1ii% thnd miirL th#n 50 /0 ¢>l'ihL kJri>upli wLrL nLw' lil CiY¢Jun, wilh iinpmve Ll)mn)Iinii&lion %kill4. $iiinuiAie Ihe delite li) lesrn al￿ gener&lly enliaiice menial heAlIl).Ind wellbeing Cirdiln Is ilicliided 10 enhance the efteciiveiiess of Iheir siippoii progranime and siipports pei'soi)al ¥roivili bs pi'ovidijig a series ol. Queen (ial?& driel %penl Iiei. (jiTre beiwLrn Ilie Ea.Ei and Soiiili coasts. M'orking I￿1¢h a brolld range of groiip% Kliili differenl nttd% ai)d Tlie big¥¢si ¢l)alleng¢ Ihi?12024 piii nLiI' WHY u'as D￿¢1 liaiirtg tp be iikert ¢?Ul n(aLlioi) Iiir 111¢ entire seas1111 ifj Iiiidergo uiie¥pecied ai)d unlore￿¢¢i7 ¢5senlial niHint¢nHrtc¢, This ol-¥ouiT¢ Iiad %7 sigiiiticaiil Iiiikarl on Il)¢ Jiiiinkr of i.vyag¢4 th11 I coiild li& ke plaknc duriiig ihe Sfi1501i uiid a5 li resuli ￿,¢ roiilinu¢d to hav¢ Inli Ii>leii*lllC¢ CQ515 toi. th¢ v¢5s"I wiihoiit il beiiig iibl¢ io provid¢ an incoin¢. Pii Itiiiilai. thank5 to OLir irLlSt¢¢. Sitnoii H￿￿kin￿OI1 for his tiill¢ and pati¢￿¢¢ iii r¢solvinb Itiis i5su¢. W¢ iioiw look forwai(I to 2025 M'h¢N w¥ will duJiii hiv¢ yl)lJllb P¢<)pli Ir(Im dil'lL'fiiib bllLkbFlI)und¥. THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED TRUSTEES REPORT {INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Tliis J¢yr we liiumched ilie Cird:In Youih Vieiv ti)runi whiLh i¥ IndJ¢ up ol'J i)iix¢d vt'yiiiinb p¢()pl¢ iigwed l(1-25. Ivhc) liiive susg¢siioiis. w¢ ian ensure tliai wt %ire proI'id¢ng a s¢ri'ice Il)ai niak¢s a lif¢ clian¥iii& diller¢iic¢. ￿,¢ are plea5&110 &iy w¢ h%lVt already bt¢¢i ablt lo inipleintiil some of th¢ SilgNTe¥lions niad¢ bv Ilie >ouili loruni. In Sei)Itinber, we Wei'e pJta%ed ID hald fi %LILeeqsl'ul Paircin % eveni alK)&rd Queeij (i<)driel oi Ipswich ￿'hiCh inLlude' lu woi-k witli illflii¥no¢ tli¥ 5lg7nifl￿1i1IY JtPri%'¢Li, n be applied ID lajid based aeiiviiies'.- W55asT¢ plJiiiiing7'. unilerstandiiibi r'.sks, ubtuinin&¥ sJfeiy infthnnaliiiii ¢￿T IiiJi'ine f()YeLas1.' setlinÉi LQ)urses', sailiiibi insiruLtion Lillderw'av., The ouicorne is a btller r¢lRlionsliip Thith oili¢T5 Ihrougili i¢a(nwork Riid Ili¢ iiiiportancc of respeci and c0iniiiuni￿atlQTr. Qyag¢ ciiid we Irf¥r lo thi5 15 delii'ti'ing the 'L¢rdic ri Expeiienre" AddiliLNiilly. ￿.¢ are pl¢as¥d 10 I'eporl an ever-￿Tro￿ln￿ inkoli'ein¢nl ol- young *oliini¢ern wlio r¢iiirn to assisi with ￿ri¢s, sl1ake-do￿iI sails and as ¢xlra deck haiids. Aehlevementx 9Thd performHnte awaiEne$8 1)Kihe eiiviiM?nnienl and Ivikllile an)Lind Ihem. Tlie differeiii struups lia￿< differe111 n¢ed% diitj L)bjeLlive5, 14iilor euLIi VOY¥g￿ lil iiieel tlii)5e Deeds. In the l￿lSe uf kiroiips fr(iiii Ilie troni Ilie care s￿sitYn or ui)aciompanied ￿￿lul￿-S¢ekilIg yoiing people who air liai'in¥coinplex Iran511ioiis. Ill di¢ir case oiir ioyages are l¢v¢lopin¥ uiid¢rsiandingi of differenc rnce culiur¢& pr(MnoliDg lol¢ranc¢. In addiiion. they ar¢ lookinbT ID build dailj life skillb yuch Th¢ IE5uIt ol'ihis has b¢¢n shDwn 10 ￿1￿.¢ the partlknipants th¢ skills th¢y n¢¢d lo go on and l¢ad b¢ti=r lii'es. 10)bifv¢ a s¢ns¢ of pride and to f¢EI th¢ vJlLi¢ of btiiig part of so1￿¢¢￿111¥ posilivr. THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED TRUSTEES REPORT {INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 binAiIL'i81 re￿le 21124 IVig9 Ctriainly a ihslleiiging year. A.% ouilined above, one of our i't%%els olli ofaciiort tor ihe tiill %ea8on ai)d the siib%e4uenr lo% of rei'enue has obviously had a signiticant impaci. resllliinB in a delicii foi. Ihe )'ear. Whilst we coniitiue ro experience an inci'ease in costs across alinosl F411 areas ol- opeThtioii, ￿,¢ Lomiinue lo keep gTULxI financial cunlriil aiid Iniiiiniise LvsIS far p055ible. The ouilook foi. 2U?5 is Iwkiii8 mucli iiiore posiiiie. Ive hcive a wtsod lei'el of bookin¥s already iii hJnd and wilh the donalioiis aiid fundin&T troin ex¢sl¢ng7 11¢14' siipporltrs w¢ ¢liil¢cipale Ilial we will once a￿Tain bt able lo Ktui'n a sillall 5urplu5 111 th¢ coininb year. Plans tor tht tuture We plan ii) Loniinuc our wod¢ ¥viih ¥miii)% i)I'yoLin8 people lacing di4advanlo8es ili IlieiT liie%. We ￿.￿LI1[1 lik¢ lu bLiild vii th¥ C'iixltin Appr¢nii¢¢.4hip SLlieiiie in ?n2.5 wiiTr th¢ pliin l() ¥n¥ure twihw&y% t() Inal¢ letrel ¥r¢ developtd. W¥ StruLturL'* ¥•vI'rn#nLX' #nd mMn#¥LillIL'nl Th¢ Tnisl is ¥ ¢otiipan> liiniled by ¥iiJrantee hioverne(I b> its Memordnduin 4nd Ariicles LI￿1¢d 31 lJiiu¥ry •M2. The Ii'uyl¢ei. Ivho are al%1) Il)¢ direclO¢% lor ihe piirpo4e of coinpHny law. who Nerved duL'ili¥ Il)¢ year And up lo the dole ol'>igi)aliire ol. Iht fjnaiicial 81alenitnls were.. Sain5bury J Doii¥las-Hughe8 OBE DL IRe%i¥ii¢il 24 ()clober 11241 DLee J Weil Dr M.C. Jii¢k¥vn JHU W Riilgin J BLIML) Cdpl S HulgTkin%oii L AL)bori THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED TRUSTEES REPORT {INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Joll*itliiili r)ouglu4-Huu11tt4 OFlf. nL retired 11.4 In1￿￿e dLlYllly the sjeiir.iiid ihtsnk him I¢iT hi% SLlPViSrt ut the irii%t i%i-er Inuiiy y¢ur4. Noiit of Ihe riiisiees has any beiieficial iiiier¢si in Ihe coinpany. All ot the Irusiees are nieinbei's Df1he compai)). ai)d Bl)arHiii¢e 10 wniribuie I l in Ilie ¢￿¢￿1 of J windin'.T UP. Tlie TTuslres l)av¢ aci¢ss to copi¢s ol'all 5y51¢nis and proctdui'¢s operal¢d by Ili¢ Ti'usl iiicludi¢)g cgplts ot'ih¢ MeJnDrRnduin and Articl¢$ of Iht coinpany. In Hddilion. Ihry r¢ctivt siich Irainii)g as Ihry ic lid oih¢r Ti'1151¢es de¢iM i7￿¢5¥aT%,. Tlie Bi)grd i>t Tw%iee% Iihe diretli)r%l 1% i-e4pL>11%ible li)r seiiit)g ihe %Ir81e￿1O direLlion i)I'the ihjrily alld taT *%itsbli.%hirtb poliiy. Tlie Chitl- Execiiiive O￿leer ILEU). is ippoinied bs Ihe Trijsiees 10 niaiJa8e the d2y-itrday operaiion ol-Il)e LhaTiI}. To IAiiliiaie elTeLlii,e operaiioii. The CEO his deleg2ied auilioi-ily. within iei'njs of delegAIi01i &pproi'ed by the Ti'iisiees, for operational niatiers inLluding fiJiAIic¢. nplovinetil Jiid S4111ingp relxl¢d aCli*iiies. All syst¢ins and P￿¢￿Vi.¢5 in¢ludintsi ¢opi¢s of Ilie M¢iroNndiiiii Arli¢les of the ¢oirp#ny ar¢ uvuilJbl¢ lu Ili¥ Trus1¢¢5. The Trustees have a writt411 Ri£k ReBisier w'hich ￿SeSSeS ihe rig'ks to oiir bugineBS aiid tsets oiit these riskg are niiiiiniised Riid ig rekiularly I.e￿Ie￿ed. Tliere h#ie been no additionthl risk5 i(lentified iii ihe year. R¥-eltctlon vf Trustte5 Tlie Ii'u8iees revie￿ Ihe LOtni)o$iiioii c,f tlie Boai'd 31 ilieir re¥ul8r nieeiings and Dii roiaiion. eALli Iruqiee siai)d8 for i%-eleLllCrtI every third year ai Ilie AGM. WIILI'C M IrusieL hiild% Ihc iii)%l in LXCC%N yLnr%. Iliili will havL bL￿n rcviLwed and will hL' a¥fLcd i)n the hgx)4 thai Ihey bi'iiig does iioi Co1￿ easily. and reieniion olsuch diverse abilitie5 is key io the sthbiliiy of the Trust. hi51oiy. nim3. objcclivos niid plAns. a3 WCII us Ihc Inniillgcilloii1 Triid opKiTrlioi)al procc55¥S. fiiislci3 nrL' Liicourngcd io iilllnd An>. cour3L5 vhich help the developiiie(It of their r)le, aiid to keel) up 10 date on Rny ChIn￿leS ii) leg7lblaiion. The coillposiiion of Ilie BoRrd is considered THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED TRUSTEES REPORT {INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Refèrenee %dmlnl*tv*tlv¢ dÈtllll$ Tli¢ Bviird of Cirdjii Siiiliiik Tiust IlrLui'pordliiikT tli¥ FarJiiiirTTUbil Liillit¥LI Ir¥¥T 10915981 dT¢ ￿$PUll&1b1y for pr¥pill'iii&r th¢ Tni¥l¥¢¥ R¢tMJrl tliL fiii¢inLial AlalL'ini'nl% in iiLL(IrdJniL' with tliL UnilL'd Kingdi)ni ALLiiuntin& St3ndur(l% IUnilLd Kingdiim CjLIiLTJllv ALLL'PILd Acci)Liniing PrJtliCLI. seleci suiiable accouniing policie% and iheii appli il)ein consisienily,. LibsLrvc Ihi IXLlhod% i)riniiplLs in IhL C'h4irilii% Slalinilnl fjfRLxoiniilcndL￿ PraL'.ILl% ISQRPI.. any InJi¢rial d¢partur¢s dig¢losed and exp111 Iiied in Ihe fiiiNii¢ial siJi¢nieni$'. and IhL T1.￿￿1 and hLnLe Ki)r liikinb rL' The Irliylees report approked by Ilie Board of Triisiees. N Willi% Trusiee Tru5te¢ (i June 2V25 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$1 {In¢tsipoiiting Ilie trarainir Trusii Liitiil¢J Ith¢ Trust) for th¢ I￿1. ¢Tid¢d 311)¢¢¢inbei' 2024. R1&pu￿¥1blljI1L￿ b#￿5 uf rLpurt A5 the trustees of ilse TIw&l laiid also lis diieclor5 lor Ilie PUTP(￿s of Coin￿￿V lawl. yoii are responsible for il)e pi'epAr31ion ol'ihe financial btatetM¢iils iii ac￿ord￿lIce iviih the r¢qiiirein¢iilb of the Coinpanits Act 2006. IhL Cl)aritIC￿ ALt 2011. l ionfirin thor l om qualifiod to undcrttskL tI?L Lxoirinalion bccnugL l &ix a mcnibij. of ILAEI4'. %%'hiLh onc of the Iisied bodies. a¢LI>uAIiii$ T¥ii*dy w'ifL' 111)I k¥pl iii I'L'*PL'¥l i)I'thk' Trii*i lili IKquircd by *i¥lll)n 316 c)fili¥ C<>ixpaNiL% ALI ?(Jn6. Ilie financial siaieinejiis do not accord wilh Ihose records.. Dr '¢quireiiienis of s¢¢lion 39h of th¢ Coinpani¢4 A¢1 200h oiliei. ¢li#n Ecol'daiice willi Ili¢ FiiiaiiLiiII R¢porlii)g Sundard appli¢iqble iii Ilie UK And Republic of Ir¢land IFRS IUI Nlicl)llLI CJiLL'llt BSL FCCA ChRrttred Accouiilptjt clo Sireei% Whiiile & Panner% LLP Tlii, Qld ExL'hinLTL (4 W¢¥t Siuckwell Sireet Colchesier cni IHE Daied.. 6 June 4025 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 2024 Unrestrictgd lit5trirted fund Total Llnre51ricted fllnd% 51rlcted fund T(*al 2024 2(J24 2024 202.1 2U23 2U23 Notes 280.11.1 18.fj.3¥1 -381,520 113.70? 3h8.-213 227.745 3.711U ChArilable activiiies 227.745 3,7%U Tvtal In4omt 4b6.005 567,418 4116.136 13.702 599.838 ExpeNdlture Kaisingi funds -12.468 32,468 £85,466 73.Xfi<) 3i)7.¥52 133,702 311,5.54 Total L'XPL'nditurL' 73.861) 617<)34 11.3,702 567.114 Yel Incfimellexpendlturn) and mol'emeni In funds 17¥.iJ6VI 27.544 ISU.5101 52.724 12U.UUOI 32.724 Re¢on¢lllatlon ol funds: Fui)d laiiles ai l Jaiiuaiy 1024 ¥1¥.5()7 i ¥,-%v", 20.0 885,¥73 Fynd b414ne¢i h¢.11 Dt¢¢mber 2024 11411.537 8fyX,II¥ I I)1 %.5y7 THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED BALANCE SHEET AS A T31 DECE,VBER 2024 2&24 2023 N•ies Flied asse15 Taijbible a5s¢Is 76.5.01)I 765.QOI Currcnt a¥y¢t¥ Siocks 12 5,904 33,223 IRfy,394 3.057 10,663 214,350 Debiors 13 C￿￿h t)1 blink ttnd in han(1 22.1,-121 ?2¥,U70 Credltfjrs: #mounts lalllng due wl¢hln one }'eir 14 {112.4411 174,4741 N¢1 Lui'i'vnl u¥s¢1¥ 103.080 151,59G Total a55ets lesi current11gbllltle5 (J I X,597 lrnLumL. fundy 17 27.544 ¥41),.f37 U11r¢siri¢i¢d funds )1¥,597 8CI8.081 918,597 )ded 31 Deceimber 2024. 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. $LL'liiit) 476. reg7ini¢. The finRncial staienients were approved b!. the Tru51ees on O Jline 2025 C Ander%i)n Trustee Trustee Cfjmpani. reglstratlon numbei. lJ43kn5551 THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED NOTES TO THE FINANCIAL STATEMELNTS FOR THE YEAR ENDED 31 DECEMBER 2024 AL'cuwnting poliL'ies CoinpanTr inforniF41io Tli¢ (.'irthn SdilingJ TrLi¥I Illlcorpoi'ulingN Ili¢ F￿rain1r Tnistl Liilliieil is u Pri￿￿¢6 coillpany liinilEd by gTuar%ini¢¢ incorpor(Ll6d i r.iigTlJnJ lind WJl¢*. Th¢ r¢gTi%tvrvd ()ITii¢ ib RrdJwvll Mdrina, Wdi¢r%id¢, Ri'aJw¢ll i)n S¢ll, CMO 7RB. Il¢countlng conventlon Tli¢ ilfCOUlits liai'¢ b¢rii prepJr¢(l in accor(knnce Iviili Trust's M¢4noruDduiii dnLI Ai'ticlcb of A55OClYtioii, Iht C'oiiipani¥s Act 81)JeiJded ALCOUI)Ilrtg i)ei'i()d% ci)i))menLing fmm l Jaiiugry 20101. The Ti-usi ].% a Publii Benelii Eniily &% deliiied by FR$ 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 $lareni¢ntS. 1.4 Inltsming rLsouru'¥ InLuin¥ ib r¥¢iigiiibvJ %vh¢n tli¥Trii¥t ib I¢￿TallY ¥nliil¢d Iv it dft¢r an! P¢TfvTtndiir¢ ¢viidilivn) hav¢ br¥n ni¥l. the li111 b deeds ot'ioveDii nt is rtio¥nised ai Ihc lime of Ihe iloiialion. th)natiOn5, leBaciL7 and other forins of volNniary incoine Rre recogmised as incoiiiin¥ Irsources ivliet) r¢ceiTrable. Iinl¢ss ihev are IllCRpabl¢ of fjiiaiicial rn¢asii￿nlcNt. THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED NOTES TO THE FINANCIAL STATEMELNTS (COIYTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aeeountlng pnllf IÈA 1.5 Resource5 expended suppoi'i cosis involi'ed In undertakin¥ eJch aeiivilj,. L)ireci cosis aiiribuiable 10 a single acti￿llY nre allocated direcilj 10 Ihai ExperKIiiLire is included on dn acci'utsls b￿￿1￿. Tanglble flied *%iet$ 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 2024 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% *stlm8t*S 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 2024 Unre51ri¢led fuNd5 Re$iricled fund5 Tol¥l Z024 T(*#l ZU23 l)onaiioi)s Cli411er lix'< di)naiid burioriL4 7•.669 07.444 174.084 207.444 217,106 280.113 381.526 368,313 F￿r the year ended 31 Decernher 2023 Charter Ineome Charter feesSvuTr¢nlr Incorne R Y A Initsm¢' Toial T￿¥1 2023 182,194 8fi7 2.1?r> 227,745 Rglsln% fwnds 2fj24 2fi2.1 Share of SUPPOL1 COS1515e¢ noit 71 32,46¥ 35,J6V 15.560 THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED NOTES TO THE FINANCIAL STATEMELNTS (COIYTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 ChArliAble artivities lJ'e55el running eosts q¥rkeiing ¥nd Admlnlsii'gtlon ts Total T(*al 21123 W&ge4. %alai'ie$. Iravel nd subsi%iei)ce Vesscl riJnniii&7 costs Vcb%LI iii.¥uruii¢Ll%ur¥i 175.57.S 54,2nS 175.575 11?2,7.%4 54,75 18.57) 34,416 54,2n5 17.109 Vessel repaii V¢s5<1 ￿1n¥¢￿te1nel1I 38.66.3 l()g,(?X4 4.$5.5C)6 455.5Y6 18Y,I13 129,870 129,87n 14?.241 455,51)6 5KS.4fi6 511.5.14 Anal>%1$ h) tun 3X8,-175 67,221 123,222 71.8(19 45.S.5()li 5115.4h6 Fthr the )ear ended.11 De¢ernhtr 202.3 2th7,CA4 121,fyb9 13D,2118 12,031 397.152 113.702 R¢slri¢l¢(I funds 3X9,-113 142,241 531,554 THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED NOTES TO THE FINANCIAL STATEMELNTS (COIYTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support L'ull Suppori ¢o$is 2U24 2￿23 l J5,76 26,689 5.254 otlice and gei)ei-31 expense MotQl JTid triiTrel ¢Kp¢nb¢s Iiit¢re41 T¢¢¢il'¢d 22,925 22,924 Fuiidr8iliiii¥i co%1% Elai)k tljarxes 2.454 (1.284 1,302 3.641 3.041 162.138 Anulyb¢il b¢liv¢¢n 32,468 32.468 12g.¥711 35,560 142.241 162,138 162.-138 SuppoTI eo418 are F.Ilocaied Le&ial and pi'of¢ssic>iial f¢¢b in'ear 2024 ZQ2.1 Notes l)Ilier IAXAlion fjn4J %oci&l %ecuriiy r)¥k'rrLJ iiiLI)In¥ Trad¢ ¢iYdiloi¥ 3.221 97,(AS 1.1,.148 8.227 15 49.-?54 129,441 74.474 15 Deferred Inconie 2024 2(23 J7.645 4Y,354 16 R¢tirem¢nt benefit $¢h¢m¢$ 2024 2123 Dtllnid eDntrlbullon %¢hemei .haTL-ty l(? PTvfil c)r li)¥% in TLS1?f¢t vt'd¥lin¥J ciintribiitiiin s¢hini¢s 4.851 4.097 THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED NOTES TO THE FINANCIAL STATEMELNTS (COIYTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Rttlrem*nt 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 tk)nors have prO￿lded funds dui-ing this and piEI(itsus ytars lor a iiuinb¢r of r¢sir¢cied purposes. Tli¥ R¢1. Clirisiopli¢i C'i)urtJuld. j1151 b¢forv his deJih. ¢514l)li&h¢J J l¢bJa¥y 10 foi th¢ iiiJini¢n#niY of DLi¢I olh¢i' Viiriou% donor% l)ave also supporieil ilJe repl&ceJneni ol'ilit iniiiibus vnn. whiLh will be piircliased in the ?1)2.4 tin&2nLial year. The l?OM C'liai'iiable Trnsl provided bursary SLippori for the VD}ag7e of Discovers Fund. In¢om¢ Exppndltur¢ BglAnce ot .11 DtLen)bei' 2￿24 51.RCI9 151,8()91 Varitsu8 Doiior%- Mii)ibLlS Vati Voy2¥e of Discoi'ery Bursaries 27,544 20.UUO 12U,UOUI 173,8691 27,544 Unre&trlcted At l 21124 re50ufLe5 expended 2124 (ILnLF&I tund% YI ¥.5Y7 1544.IK)51 411.5J7 Prvvlou5 )'ear- At l January 2023 Ke50urres Al 31 Derembtr expended 2Q2.1 resouret$ Cjeneral furtd% X65,873 4x6.136 1433.41 ? 1 %,547 This document was delivered using electronic communications and authenticated in accordance with the registrar's rules relating to electronic fonn, authentication and manner of delivery under section 1072 of the Companies Act 2006.