Companyreglstr*tion nwttbeE 013&5550 IEnsTand Walesl Charity Te8istration ttwnberl(81598 {En￿lld ana Walesl THE CIRDAN SAILING TRUST {INCORPORATING THE FARAMIR TRUST) LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 J Streets. ere. with you. THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED LEGAL AND ADMINiSrRA￿E INFORMATION B &iDJbury C Ander50n DL J Weil Dr Jackso J Hare W But8in CAPtS Hodgklnson N Willis C T￿￿Ord A aarke (Appolnted 24 C*toE¢r 20251 1091598 Compl￿Y ¢)￿65550 Resl¥teredofEke Bradwell Marina Watetside Bradwell onsea CMO 7RB Ind¢pendent¢¥•nthLer mac1￿} Greene B& FCCA Streets Orderly House Dragoon Road CokheJter c￿ 7FU 60 High Street Moldon E8sex CM9 SPR Solldto Gepp & Sons 58 New London Road Che]QL8ford Essex CM2 OPA THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED CONTENrs Page Statementof Anarwmj acdvllJe• io 11 12-22 THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMrrED TRUSTEES REPORT (INCLUDING DIREcfoR'S REPORTI FOR TRE YEAR ENDED 31 DECEMBER 2025 The trustees present their aDthual reportand fthancial st•l•nents lor the yeat et)ded 31 D￿ern￿*r 2tr25. The (ijwncial stalements have been prepared In accordar￿e wlth the accountirt8 policie$ set out Én note I to the financial statements amd con)ply with the Trust's governing documen¢ the Companies Act 2006. FRS 102 The Finanagl Repor￿8 Standard applicable in the UK and Republlc of Ireland" aT￿ the Charities SORP "Accountin8 and Reporting by CTrarilie5.' Statement OÉ Recommended Practice appIlcable to ch8rll£¢s preparin8 their accounts tn accoidance wLth the FinancialRepoTtingStandard applic4ble In the UK and Republlc of Ireland (FRS 1021" Objettive# attd ￿1ville8 In 21)25, crew recrnlthent aer05s the m￿l￿rne industry remolned problematic particularly in sajl traEning, We have Dund through our own experlencè of recrulting $taff that there 18 a signilicant $kill$ $horta8e at the Mate level In the industy and It has been very diffi¢uttto retruit the rl8ht e•Jlbre of indlviduai 147th the necetsary experience and quaithcations. To help •ddre5s a shortase ol crew, we utarted our new apprentiee5hip scheme and employed two Apprentlce Bosunts In 2024, with the alm they wlll become Mates and Skippers in the h￿re. The Scheme Is olready provin8 Very succesafuL and in 2025 we took on our thlrd Apprentice BoBurn Our tlrgt apprenkn ha& now moved up to Mate level. We continued lo foc￿ our work on young people thged 12 to 25 yearn, whose Jlves are dtsadvantaged In Some way. Thls may include those who cozne fvom dyslunetionai backgrounds, who have often suffered depr2vation and wl e excluded from educY4tion or SOCAety, whiJ5t others have suffered &busei are homele6$ or have MeTh￿l health or behavlour Issues. We welcomed & wlde variety of youn8 people onboard our ve56el$ thls Ye￿ and more than 60% of the groupj wexe new to Cirdan. wÉth the rest le￿rning clients. Mo$t of those who Sail with u$ do so throush or8anisations worku wlth the young and di84dv8mlaged including $choo191 young cater provL41ons, l(Kai authorAty and Youth Justice Ow alm Is to make & si8rth'cAnt contribution to the development ofj Ilfe $klVo, Increage thelr confidence and geif- estee￿ build resilience, ill)prove CODununication $kiUs, slIMu￿te thè desire to leèrrt and generally etthance Diental health and wellbeln8. Out Voyage to Recovery project onboard Faramir contlnued 2025 and Involved v&rfoua Early Intervention Pgych(k8ts IEIP) serTrice units from ijifferent parts ol the country taking part IL) ) l￿week cIrcum￿4VI￿ts0n of the UK. The are mainly young people who have experlen¢ed early eplsodes of psychosts and many who because of mental health probleErL8, or adverse ]ife Circum0ta￿CeS, have extremdy isolated limited llvès. with Iittje rnean￿8 or structure, or opporhudty for personal 8rowth. Sllllng adventurc therapy wlth Cirdan 15 included to enhance the effectiveness of their support prograjnme and 5UPPOTt8 personal growth by PToviding a series of challen8ts. adverslties and athlevements, An & supportive 8ocial contex¢ and a radically novel and inspAnng enviyonrneDt. Qu&n Gatadriel $torted the season on the Fs5ex attd Suffolk cO￿ts before spending the Summer on the south coasL She welcomed many young people with ranging needs and abilities intlu4Jing 8roups with speciAi educational needs and disabilities. We raTh an individual's voyage for 1&25 year olds, and a nuTnber of participants rornpleted Gold Duke of th)burgh Residentia]& Duet Completed several Gold Duke of Edinburgh Re5identials, as well as begyrffiing Y4 new proi¢Kt working alongside the Essex Outdoors Centre in Bradwell-on-sea. Thi8 involved takin8 sroups of priw school ch21dreft on saitins ttips on the River Blackwater. Htgh school students experiencins rnentsl health challenge5 and low 5elf- esteem ajso salled onboard Duet We vi$ited yacht dubs in Essex and Sufftilk during their cadet weeks so they could leArn about historical vessel Duet and our chatlty's work THE CIRDAN SAILING ThUST (INCORPORATING THE FARAMIK TRUST) LIMITED TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Sourdng fijnds for our acKvlde8 18 ever more challenging. However. the Trn$t has valued Bupporters to whoTn we are eternally gratefuL as well a$ our own Considerable expertise and k1￿WIed8t In raisin8 thd$. Support from centr￿ G0ven￿l remaing unavailable for noxF$tattttory acti￿ties our fundraising 5kil]5 when supporting the STOUPS. Imialuable. The Ctrdan Youth Vlew forum conthue to support the Ttu8L helping to sh#pe the future of our voyages. The forum rnade up of a mixed sroup of young people aged 16-LS. who have previously 8aited wlth us. All are keen to support Cirdan and they meet regularly and h&ve volunteered wlth us over the winter refit peTfod. WÉ strlve to COngt#tttly evolve and enhance our servke, amd we believ¢ by engasing the9e young people and Ilstenlns to their SU8gestions, we can emure that we are Pro￿dIng • wvice that make8 4 life changin8 difference. ltt March we were Ple&9￿ to host an Open Day 8t Fambrtdge Yacht Havetr. Inviting fundet8, Jchools and youth organi6atioms 8Eaff look around boats. in September we hoS￿d a very successful fundrai$lng eveTrÉn8 at Girdlerw Hall in London. Wlth tho help of tru8teeB, Sup￿rters. youth 8roup$ Ind the CiTdan Youth V£ew. we managed to raise more than a8,IKKS offundlng. Htlplns to underot•nd ourwork We work hard to regtrirtion in oll irea$.' s8osrnph1e￿Iy. whl]e ba9ed In Essex, during the $8J]Sn8 $e160n we deploy our tlÈ*t around the UK. The sroups and Indlviduals thot $811 wilh u$ come from all parts of the UK and thdude thooe who Uve in1￿ and have no re¢reatlonal access tc the water. ehat*otérlAtlci, we do not reytrlct ourselveB to pernonal di8advantages. In seneral, whi]e J JThall par¢ of our work, we provide voya8e8 for able bodled Indlviduttls mthly throu8h the Duke of Edinburgh schem¢ homeless adults or those wlth spec141 needs. • OUT member8hlp is open to Ill. . tvlden¢e and fcedback of activitles IB recelvtd from each stoup detailltig the benefits experienced from the VOya8& Academic research va]idates the benefit5 attributsd to the Jailing experrewe and our own evldence through the EIP groups $ubstantlate& thi&. Similarly. ll study by the Unlvor81ty of Edinburgh found mea5urablÈ Improvements in xKiai confidence and the abilt'ty to work with othern thIou8h saujng. In additio￿ the University of Otago tn New Zealamd reported in a paper, that-Sh8rthg the pIe$8ure, hArdshlps and camaradeEle that develop out of Ilfe at a pTofound impact on strengthening ¢hara¢ter, forts￿de and confidence. The Émportance of mutual respecL perseverance, responsibility and teamwork towardg othets and nature, presents & gleat setue of eNlstawe, 8elf- Feedback from our ownsroups canbe found on our sociAI rnedla slte8 and webslte. THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 The tables ￿lOW report the dlver8ity of the participants on our voya8es and the breadth of dlsadvaztsw our partlcipants experience. Dtver81ty breakdow Gender Male 58 39 Non-blnary/other Ethnxdty Brlti8h or European 47 Asian 15 14 li Mlxed rthee 15 Carlbi*an Chlnese Breakdown of our partldpants by dlJ•dv•ntage• Low self•teern/coDthdence 19 18 SEND (Spedaj Educ&tionai Needs & Disabilities) Mental Health 12 15 14 15 At risk io Neurodiverse io 13 Inde￿dent $thool NEEf (Not in Educatio￿ Employment or T[￿ning) Youmg carers Physically disadvanta8a4 THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED TRUSTEES REPORT (INCLUDING DIRE￿oR,5 REPORT) {coNfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2025 L￿dershiP potentiai/High Achiever Youth Justiceservlce Excluded from Mainstream School Homeles$lln care Pnblle beneflt and a¢¢lvltlefj Our reach aTound the rounty. 4ppea15 to all sedors and ¢oJnmunities and our abllity to work wlth and Infiuence the sl8nif￿antIY depTÉved, means we Jre able to work for the public good. Our voyap are de518n￿ to cover all spects of'life sk¢lls'. We involve every member of the group ln all activldes fromcookjns to P8ssa6e pljmnlng. On Teturn from a voyase indivlduals can take what Sotne would cot￿lder slmple chore5 and implement them Tn their d&y-tO-day Ilfe. WhAIe 8ome Acttvltles are dirKtiy related to NgJ]Ing a lot of the voyage aclivitlej ean be •pplled to land-based acdvlttes.. Menu plaMln&' 8hoppIn8￿ focd Preparatio￿ cookln& ¢leaTlng and ¢leonlng in head$, cabin and galley Passage pltyDmiti& undersl@ndln8 rlJks, obtthlnlng $thty information eg.. marlne fotecfjsl; 8etting cour8es,' 8aUin8 instruction underway." control, monitr>ring ond zeporting the voyase. The outcome ts • better reladonamp wlth others through teamwork and the Importonce of re8pe¢t and c0mrnu￿catiofj. Furtherfng our Public Bene£it ￿ requtred by the Charlty CommIsslo￿ the TnJstee5 eneourAge these Kttvltle8 whenever pos8ible on every voyase we refer to th15 as delivering the"Cirdan E¥perience-. Addltionally. we are pleased trj report an eVer-￿0w￿g Involven*nt of y¢)ung volunteer8 who return to Q8$igt wlth taits, $hak downsaus and as extra deck hand$. Achlevements and perfonnah¢e The Cirdjm Experience across the fleetlg we belleve where our suctess 1Ses tn 2025, a total of 438 pwle salled with UB on 57 voynses. Worklng alon88ide our pro£e55lonal crewi participants are involved its •ll upects ofruMiti8 and saijing the ve5seL both above and below deck- such as getting trivolved An planning and navigation, learntng to cook for thetnselveB and each other and a tidy Bhlp. meaLtsu￿s tsken together, generally sittins around the table, where sodal skills are learned alongside essential communicationskllls. Through th1$ 4Ctlve Involvemen they learn aEout iheniselve5. develop acceptance of others, develop a WUI1ngne￿ to knke controlled rtsks, discover hidden $tr¢r>hg and talentB and gain Jn understandmg of the value of workins &s a iew together wlth ofrvarenes¥ of the envlromnenl and wildlife around tha The dtfferent groups have varying needs aDd oWve5, aftd we tsllor each voyage to meel those need8. In the cHse of group8 from the Youth Jusdce Service who •re working on prevention and diversion interventions, the voyages provide disruption froTn being explolted and partkapation in anti-social behaviour. The groups that ¢ome tt> us from $llpported housing organisatsons are homeless young people frotn the care sy$tem or unaccompathd a5yIum- seekin8 youns wple who axe having complex transltlons. In their ¢ase voyages used ￿ part of thetr progyamme of integration into commuttal Jivingi working together, sharing experience, relieving social isolation. and developins an understanding of diffeMt race and cultures protnoting tolerance. In additiorn they ése looknng to buitd daily l]fe $kiUs 5uth as budsetin& cooknng meals tO8ether and food 5hoppin& all of whith are part of ollr experienlial education on the voyages. THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED TRUSTEES REPORT UNCLUDING DIREcfoR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 The re8uIt of th15 has been 8howrt to glve the participants the skllb they need to go on al￿ le•d betteT ]ive8, to h￿e sense of pride and to feel the value ot being p&rtof somethin8 positive. We me&%ure the impact our voyases have on our p￿tIcIPan￿ and Group leaders COn￿le￿ feedbatk forms aft each voyage. They are requested to evalu&te the impact as.. s]￿ll&can( modeTate, slight or no developmeNt on thetr participants across 14 different categories of behavlour. We are pleased to report that the wiority report significant developu￿1( and we achieve over 90% si8nificant or moderate iTnprovememt. Percétttagt Improvement Sl8niAcant development MuderAtedevelopn*nt Sllght development No developU￿11 Total percent*8¢ s18n￿1(anI and Moderate Improvement by2fr25 ¢•t¢sory of behavlour 2024 SeifCoDfidence Sense of Achievement 92 Trust in Others Self Esteem sense of ReBponsibility 96 Tolerance Teajn Bullditig Motivation If Dixipline 92 Commwiication Skills Self Awaren¢¥s Resilience/Perseveran Positive Atti￿￿¢8 Average THE CIRDAN SAILING TRUST (INCORPORATING THE FAIL4MIR TRUST) LIMITED TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORTI (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 FIn￿ellI revlew re5u]ts in 2025 were much Improved from 2024. ￿Come increased 26% to £n9,2￿ 12024.. É567,4LNI Ind we generated a sutFlus ol LV5,700 (2024.. deficit £505161 before a one off impaTrnieftt charge of Q55,000 creating deficit h)i the year of £279.278. With •ll three Vesse￿ avai]able lor most of the season we i[￿r¢aBea our voyage charter fee6 and related bursary income by Il%. We also secured £70,1)LKS additlonal donatlons toword& the cost of Duet's refurbtshmentim 2024. The vessel reIatsd expendlture Increased by £10,500 due to Duevs belng In servke for the se&8on but olso Increased char8e5 from marlnas. Lower refit and repair co8t& overall offset the in¢reo$e. Administration costs rose by ll3,￿0 18.3%) Includlng a one off expense of £5,orJ) for offke relocatio￿ We cuefuuy maTha8e our wjts, temovlng one role In September, leavlng four people In administratio￿ includlng the CEO. In November Queen Gajadriel wa5 professtonally v8lued by a 8pedaItst surveyot. The open mayket vatue way bl the raD8e £180,(XX> to £220,0(K), compared to the valuation held in the books of £575,000. The TruBttt5 a8rthJ to ho the y￿Ue at £220,0(￿ crealJn8 anlmpairment charge of£355,0￿. The Tru6tw consider that the V￿llatiOn of FaroLDtr ot a￿,0C￿ Is un¢h#n8ed. While the Impatn)ient chorge hog tmpacted reJeTveJ, It b a norhllcash effeti. The eash at the yeor ettd Q69,180 12024.. £1863941 And the Trn9t remains finandally stable. ReJ*Tre• polky The charlrfs reservej pollcy xequtres the charfty mintrn unrestrlcted fimds neither coromltted nor Inves*d Ln tanglble assets and lldjugted to Snclude deferred Income expected to ￿ realtsed within 12 rnonth$ Ix.e. the "free "I to be sufficient to enAbie to charlty to meet an average of 3 month$ direcl ¢xpenditUTe on its unrestricted activIti￿, based on a rolllng 12 month5 expenditure adjusted for depre¢iatiON amortisation and Impalrment charges. A$ •t the year end the aCtt￿l "free reserves" at ￿t date aoiounled to £136,704 and the 12 months expenditure was £6W67equatlng to 4.7 months coverage. Plan* forthe £uiurq We planto continue our work with 8roups of young people fadng disadvantages In theit lives. We woujd Ilke to bulld on the Clrdan Apprenticeship Scheme An 2026 wlth the plan to ettsure pathway$ to Mate level aTe developed. We belleve providing opportunitles for apprentrce members benefits not only our orgontsatlon but also helps meet the need ￿thin the itidusty for suitably quaIi6ed crew. StN¢ture, s0venwi￿ and rnanag¢rnent The Tru$tts a company lirnitea by guarantee govemed by its Memorandum and Articles dated 31 yanuary 2LII2. THE CIRDAN SAILING TRUST IINCORPORATING THE FAIIAMIR TRUST) LIMITED TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORTI (Co￿riNuED) FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees. who are a160 the directors for the purpose of company law, and who served durlng the year and up to the date of 8ignatuse of the flnaN4018latett*nts werv. B SalDsbury C Ander50n DL DL*e S Courtauld Jwe Dr M.C. Jackson I HgJe W BuI￿L l Bernry Copts Hodgklnson N Willi8 L Abbott G Telford A aarke (Rtsi￿d 14 Februory 20261 {ResisT￿ 25&ptetnEer 2025) (Appolnted 24 October 20251 In 2025 Louls Abbottrethd a9 trufytee we welcomed AdTleDme Clarke to the bo•rd of tru8tees. None of the tr￿tee5 ha9 any beneficial finteres¢ in the ¢ompany. AU of the truBtee8 •re members of the compthny and Su￿&￿tee to contribute a kn the event ofa wlrtdlng up. The Trustees have ￿ceSS to copies of ojl $ystemJ and procedures oper4ted by the Trust ANludlNg copkg ot the Memorandwn •nd Artldu o* the company. In add1d0￿ thry receive trothing as they arKI other Trusteets deem necessary. The Board of Trugt8eJ (the dlrectml ly respowfftble for settin8 the Jtrategic dlrection of the chatity and for ¢gtobli$hlns poucy. The Chlef Execuljve Officer ICEOI, ts appolnted by the Tru$tees to mana8¢ the day-t￿dAY operation of th¢ ch8yity. To facilitate effettive operation. The CEO ha& delesated authorfty. within terms of delegr4tion approved by the Tr￿qlee8. for operational m•tterg Inclu(Iln8 flthdntt, employment and Bailing related actsvities. A]] sy5tenv and pr¢xedure8 includin8 cDpie5 of the Memorandum and Arilcles of the company are avallable to theTrustee$. The Trustees have a written Register which &8sesses the Ttth to our bu5tneBs and 8ets out how thege rbks 4re mInIn￿a And is reglllarly reviewed. There have been no additioTraI risks idendfled in the year. Rtrtlertion of Tru•te The trnsteeg review the composition of the Board at regular meedng8 and on totatt¢)Th each trustee stsnds foT rfrelection every third year at the AGM. Where a tru5tre holds the post in excests of 9 yeaTS, this will have beenreviewed ttnd will be agreed on the basis that they kning exceptsonal expertise and knowLed8e to the Trust and its activities. The 8peciaiist nature of the people that we work with and the operatsonai activlties (traditional sai]ing ves5elsl means we have very patticular needs of that expertise on our Board. This blend of talents doE5 not come easRly. thl retention of such diverne abiJitie8 ' key kn the stability of theTrusL If a nÉw or rep]aceftk￿n¢ trustee 1$ soughl a profile is (trea￿d 05 part of our govemance revlew. Any new trustee 15 apprised of the that1￿5 history, aitits, objectives and Pla￿¥. as well as the management and operational processes. Tnutees are encouTaged to attend Any ¢our5e8 which heIp the development of their roIe. and to keep tsp to date on any thanse5 in legislation. The compo$itioD of the Board 18 eonsidered sufficient to hjtffl the charity's 0￿eCtiveS and mthtain lis governance. THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMrrED TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORTI {cowf￿JED) FOR THE YEAR ENDED 31 DECEMBER 2025 Reterente and adminiotrallve d¢l4118 The Board of Clrdan Sai]Ing Truyt ItrKoryora* the Faramtr Trnstl Limited {re8 no. 1091598) are resp0Th51ble for prewlng the TTllStees Report and the financial statemethts in accordance wlth the UDited Kingdom AccowLtkng Standards {United Kingdorn Gener￿Y Acceptsd Ac¢owitin8 Pracdeel. In PTepoxlmg these financial statements, the Tru5tse5 wlll.. - Idect Suitable Accounting po]ades ond thenapply them conjistently: . olxlerve the methods aThd principle& in the Charities Stitement of ReconuneTKled Praclku (SORF),. - make judgetslenls tynd estlmates that are reosonable and prudeTht,. - •ny ￿terfal departure8 dlsclosed and explained lft the fiDgndal Jtstements.. •na - prep•re the flnandol $tatements on the going co￿ern unle&9 it is inappropAale to prEffjume tht4t the Trust wtll wntinue in operatton. The Truslees maiThtaln ￿cOun￿8 recoTdJ that dtsclose wlth reagonable accuracy at any tirne the fknancial posltion ofthe Tr￿1 and enable them to en8ure that the financial statements compty wlth the Compa￿e$ Act 2W6. They are aJJo reJponJlble for jafegu￿dIng the a8Jels of the Truot and hence fot taklns reasonable steps for the prevention and detecdon of fraud and otheT irre8ulJrltie8. $ Teport was approved by the Board ofTru&tee8. C Ande nDL •lrman of theTn A a¥ke 12 lun• 21126 THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED I report to the tru5tee5 on examination of the financial statements of The CirdanSal]Ing Trust Ilncorpora* the Faramjr T￿￿￿tI ijmited ltheTrust} lor the year ended 31 DeceDther 2025. ReBponslblllti¢b and b￿16 of report A6 the trustees of the Tn￿e land olso Its dbf£tors Eoi the purpojes of company iawli you are responsRble for the preparation of the finakKlai ststetywits In acCOrd￿￿e wlth the requtremenls ofj the Companies Act 2006. H4vin8 Satisfied myself thai the flnancial 8t4tements of the Trust ￿ not Tequired to be audlted under Fart 16 of the CompAnles Act 20LIS and are ellgible for independent examinatloty l Teport in rthpect of my examination of the Tn￿¥S fr￿ncIal gtatements CDTried out under section 145 01 the ￿ars￿les Act 2011. In carrylng out my examinallon I hsvefollowed the DiTection$ given by the Ch￿lty Cothrnission under seetion 145(51(bl of the Charltles Art 2011. IndependettteyalldneV• itatement Slnce the TruB¥9 gross Inecme exceeded £￿,000, the independent ex•miner mu8t be a meDther of a body listed In jection 145 of the CharltteB Act 2011. 1 eonfirni that l am quaiih'ed to undertake the e¥amitiAdon because l A member of ICAEW, whl¢h is one of th¢ ligted bodles. I h•ve cornple¢ed tny exAminatlon. I conFirth that no matter$ have come to my rittendon in Connection wlth the examinatlon giving cause to believe thal in any matetial respectr ccountlng records were not kept in respect of the Tn￿1 a$ requlred by ￿tiOn366 ofthecomponlej Act 2006. the fln8nei)15tatements do nvt accord with those reeDTds; or the fkncial $tatemtnts do not comply with the accounting requlrements of serdon 396 of the Companle8 Act 2(X)6 other than amy requtrement ththt the flnandat statemenb 8Rve A true and fair view. whkh Is not a matter cort¥ldered a5 part of an h￿peTrdent examtrthtloty or the fin4ncial stAtett*nts hav¢ ttot been prepared in accordance with the method$ •rLd FrAnciple8 of the Ststement of Recommended Praedce for accountin8 and repordng by chatities appU¢able io chAritles prepatAng thetr financial $taternents In accordance with the Flnanciat ReporknKg Standard applicable In the UK nd Republlc ol Ireland IFRS 102). I have no CO￿ and have corne acr055 no other ll￿tters in connectlon wlth the exanthiatis)ll t¢* which attention should bedravrn in thi& reportin order to en4blt a Prop￿ widerstanding of the financial ststements to be reached. ¢hael Greene Bst FCCA Orderly House Dragoon Road Colchester C02 7FU 12June2026 THE ClllDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED STATEMENf OF FINANCIAL ACTIVITIES (INCLUDING INCOMEAND EXPENDTTUREACCOUNr) FOR THE YEAR ENDED 31 DECEMBER 2025 Unr¢J¢rlthd Rtstrkt¢a £ttnds fund Tota] Unrestrlded Re8trkted fuDd6 Note• Income aad endowments tmDL Donations and legacie ChaTltable actlvitles 333,183 248,247 06 135,259 468A42 248.247 1506 280,113 185MI 511 IOIA13 381,$26 185,381 511 Totsl In¢ome 583,936 115.259 719,195 IOIA13 567A18 Expendlture o RJisin8 fundg ChaTttable actlvltles 31468 73,869 585,466 811,095 140,OY2 963,187 511.597 Total exFendlture 858381 140,OY2 998,473 544.065 73,869 617,934 Net IA¢othel1*xpeodl￿rn1 movement In fund• 1274.4451 {40331 1279278) (78,0601 150S16} Reeonclllatlon of funds: Fund balanees al l January 2025 840537 27 s68.￿1 918,$97 8,597 Fllnd bai•n¢e• It 31 tk¢ember ni 868I The statement of financiat actlvldes includes all 8ats and 1095e5 reeo8nlsed in the year. All Inc¢)me and expeL￿t￿re dttivefrom coThthuin8 attivltles. 10- THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST LIMTTED BALANCE SHEEr AS A T 31 DECEMBER 2025 20Z4 Ftsed a5seis Tan8lTrAe assets 436J81 765,001 Curyeni Stoeks 14 4549 17,734 269.180 Cash Atbank and in hat 186J94 291A&3 225521 Credllt￿ Amount• f•llltts dnevAtbln othe ye•r 16 1139,0411 112U41) N•tcunentaM•ts 151422 ILD,￿o TO1￿ amets lem tufftnt ltsbllltl 868,CO1 The htnd• of the Tn￿t Restricted Income hjndj 19 ni Z7y4 840,537 588, 868,081 The compathy 13 entÉtled to the exempt5on from the &udlt r4utrement contslned ltt sectioti 477 of the Comp* A¢t211J6. Eor the yearended 31 December 2025. The trustees thwledge thelr responJtbllttle8 for en8urAng that the charlty keep aeeounting records which comply with fjectioTr 386 of the Act #md for prepArlng accounts which give a true amd lair Triew ol the 4tate of affair& of the Company as at the end of the financ￿￿ year Jnd of Its in¢omin8 rnources and application 0£ resources, Includlng its income and expendlture, for the fknancial year In ￿e0rdan￿ with the requtrements of se¢tions 394 and 395 and whlth otherwise c¢)mply wlth the requirenwLts of the CoDipanieB Act 2006 Telating to attounts, so Ear applicable to the company. The memb￿& have not requlred the company to obtain audit of tts Anoncial statements lor the year In question in Kcord4nce with $¢rtion 476. These finanoal $tatements have been preP￿ed in accordance with the provi8lon8 applicable to coffjpanieg su¥ect to the small compar(ies regime. Thefi cla tatements were approved by the truJtees on 12 2026 C Ander50n Chairman of the Tnulees A C1￿ke Tx*asuror li- THE CIRDAN SAILING TRUST ONCORPORATING THE FARAMIR TRUST) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Attountkns poll¢les Charlty Infortnatlo The CirdanSaiIing Trust (Tneoryoratlng the FarAmir Trust) Limlted Is aprhvate company Litt)itsd by suarantee incorporated in Eng]And ond Wales. The re&sknd offlce ts Bradwdi Maxytia, W&terslde, Bradwell on Se CMO TrB. 1.1 Bayl8 of preparatlon The &ccount5 have been prepared In accordance wlth the Tru8V$ Memorandum and Artlcles of ABsociation, the Companies Aci 2(￿16 and "Accountins and Reportiti8 by Charitiey, Ststement of Recommended Practice applicoble to rhatities preparing thelr accounts In aecordaTrte with the Financ1￿ Reporling Standard applicable in the UK and Repub]Ac ot Irel￿1 (Fks 1021" lu amended for accountln8 periods commendng from l Ja7LU4ry 20161. The TTU&t i8 a Pubilc Benefli EntIty￿ defjned by FRS 101 The Tru8th&8 taken advantage of the prowtons In the SORPfox charltieg Applying FRS 102 Update Bulletin I not to PTryllre a Stthtement of Cash Mows. The final￿al slatements Are prepared in Jter]in& whlch ts the fimdton•J CUTreney ol the Trust. Monetary amounts In these statanents are rounded to the neaTest £ The tinancial otatemethts have prepared under the hlstorlcal CL¥s¢ convention, 7nodlfted to include the revaluation of vesse]s thnd eerlaln flnomclal trkstruments at falr Yalue. The prlndpAI Accounting pohdes adopted Jet outbelow. 12 Colng con¢em At the trme of approving the tinaftda] statements, the tru8teeJ have areuonable eXP￿￿tIon that theTruJt h8J adequate re50urce$ to conttnue In operatlonal exlstence for the fr)re8eeable (uture. Thu$ the tn￿te￿ continue to adopt the goAns toncernbasis of accountlng in preFar)Jig the financial 5tstemerLIJ. 1.3 ch￿ltable ftrndg Unre5tr1cted tLmd6 are avauable for we at the dlBcredon of the trusleeg in furtheran¢e of thdt cEthrltable objectives. Restrirted fimd$ )re to 8pedfic condition6 by donors or granlors as to how they may be tssed. The purpose5 and of the re5tr1cted ￿￿￿d$ axe set out in the ntste$ to the financRal sta￿￿eThts. IA Income tThcome b reCo￿thd wkn the Trust Is legally entttied to It ther any performance condltiony have been me¢ the amounts can be measured reilablyi and It 1$ probable thatincome will Ee rrfeived. Cash donation5 are recogni5ed on te¢dpL Other donations are reco8nised once the TTUSt has been notifled OE the doMtlotL unless performance conditiony require deferral of the amount. Income tax recoverable In Telation to donatio￿3 received under Gift Aid or deeds of covenoml is recogni5￿ at the bme of the donation. Dort&tlon$. legacies and other forn￿ of voluntary income are reco￿lsed Incom>ng regources when teceivable. unIe55 they are Incapable of financial measurement. -12- THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Iconlltyuedl ExpenditLtre b reco8nTSed 0￿¢ theTe IJ 8 le841 or coDstNcEive obMsation to Iransfer wnomic ber￿fit to a third party, it is probable that & transler ofeeonomic benefits will Ee wuired in Set￿t, and the amountof the obligatson can be measured rellabIy. ExFenditure ￿ C1￿$￿t]ed by activtty. The eosts of each activity are made up of the totsl of dlreet costs ond shaTed costs, induding Support C￿1$ involved in undertaking eackn activity. Direct costs &ttributsble to Bingle artivlty are alloca¢ed dtrectly to that activlty. Shared ¢o$ts whlch contrfftbute to more than one activRty and $upport costs whith are not atttibtstable to a Brngle activity are apportloned Eetween those aetlvltieg on b4$b consl&tent with the use of resout¢es. Central Staff costs are alloc•ted on the baats of tlme spenL and depreciation charge5 are allocaled on the porti¢)n of the 4sseY$ use. Expenditure is included on an accruak b•sts. Management )nd administratbn ¢oBts comprtse the c￿ts of n￿￿Ing the charlty itself as th ozgani$4do Ih Tan8lble flxed 4•Rts Tangible rtKed assets oxe initSally mea8vyed at cost and &ub8equentLy mwured at Cost or valuat10￿ net of depreciation any ImpAtsllwntlosge& Depreci4tlon ts reco8niged Jo 89 to write off the c￿t or valuatlon of assets le88 thelr Te#ldual value8 over thelr u•eAll live8 on the followin8 bases: SAt]ing vessels Not depreciated 33% str•lgh¢ The gain or lo%$ arlsAng on the dlsposal of aTh asset IB d¢termined As the dlfference between the sale proceed8 and thecarrying V￿￿e of the asjet, and li reCO￿l￿d In the of fAnanctal adivitie8. The trust's ve8gels are not depredated and Are 8tated •t valuatio Relnstatethent COBts are written off as expendlture In the period in which they ue itLcuzred. 1.7 Impalrment ot flxed aA•et• At each reportsJJs end date, the Tn￿1 reviews the carrylng amounts of Its tangible •sgets to determthe whether there is any indicatiott that those assets have suf£ered an impaiyment lo￿. tf such Andication exists, the recovtyable amount of the4sset1s estIma￿l in order to deterthine the extent of the ilnpaiymetit lojs if omy. I￿ Sto¢k$ Str￿￿$ are 51ated at the IowEr of cosl and estithatred net realtsable value. 1.9 Cash and cagh eqllivalenls Cash and cash equivalents include cvJh in hand and depD5ib held at call with banks. THE CIRDAN SAILING TRUST IINCORPORATING THE FARAMIR TRUST) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR TifE YE4R ENDED 31 DECEMBER 2025 Ac¢owi¢lngpolkle• (Continued) 1.10 Flnanclal InstrLTJntnts The TrpJBt has eletted to apply the provlslons of Seetlon Il'Basfic FinaI￿al Jnstruments. and Section 12'0ther Financial I￿t￿Men1$ Is$llos' OFFRS 102 to all oftts flnanclal Instruments. Basic instruments •re Infibally recognised tt tran8actkon volue and 8ubsequendy measured At •mortiBed cost. Financial ossets Compri￿ c&gh al bank and in hanLL together with trade and other debtor5. A &pedAc Provi￿on ts made for debts for whtch recoveYabUIty ig In doubt. Cash at bank and tn hand is dellned as au cash held An a￿t0￿1 a¢ees$ b•nk accounts and used as workln8 eAPital. Flnancial Ilabllltl& held Nt Imortiged ¢o$l ¢omprise 8llcredltors Except social sKurity •nd other taxej. 1.11 Employee beneflt¥ The cost of any unu6ed hollday entltiement ta recosnised In the petiod In which the employee'a 8ervlceJ are received. Texmlnadon benefits ale reco8ntJed Immethtely ** an expenge Wh￿ the Trust Is demon&trably commltted to teTrninll* the employmentof employee or to pro7Ade tennI￿￿ort berteats. 1.12 Rettrement benetit• Payments to defined contributionrettrementbenefit Khemes thre ¢harged a8 ￿ expeme •8 they fall due. 1.13 Government 8fAnt• Government grants are reco￿]sed at the Ealr value of the a8set recelved or TeeeAvoble when there ts reAsonable agsurance thatthe ￿nt conditlons will bemetand the 8rants will be received. In the appllc•tlon of the Tntsvs &ccountsng polle1￿. the iru8tees are requtred to 7h)ake ￿dSeMeDts, egdmat¢% nd a5sumplJons about the c8rrying omount of asBets and liabijilles that are not readlly apparent from other sourceB. The e8tlmates and 18sodated •s$umptlons ate based on hbtortcal exPerIen￿ other faclors tht are consldered to be relevant. Aetual results may dlffer from the8e estiTnates. The eslinute8 and underlylrts a95UmPt£oM are reviewed on an ozwins b&8Js. Revlslons to accountlThg estimates recognised in the poriod in which the esttmate is revised where the revision a£feets only thal period, or In the perlod of the revision and future pertods where the revlsion affects both curreTht aThd future period8. CTltkal ludgenwnts Valuation of •allkngvesselJ The trustees have valued thesailing v¢8seIg on an extstingu6e basis. These vessds •Trregularly inspected and rnaintair￿ to a high 5tondard 5uth that the truBtee8 con5ideT thelr vatlle In the knanciil statements lo be reall$llt. -14- THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 from donadons and le8acie8 Unre•ts4¢t¢d Rootrloted Totsl fund8 f￿nd1 Donation5 and Charter fee5 donated a• bur8arles 125m5 ￿5,259 261,134 IOIA13 17<082 333,1& 135.259 468A42 280,113 IOIA13 3￿￿6 Cfr41rt8r fees Souventr Incomt RYA In¢on Total Total Sttles wlthRn chthtsble acdvld 245.740 248,247 185J Oth*r lth¢ome Unre•trl¢tsd Unrejtricted da fund• 21YL5 2024 Net g•in on disp￿&1 of t)n8ible fixed assets 2JXI 511 511 Expendlture on raisins fund& Unregtrlded UJre6tricted fund6 fund8 FwidrJisin8 and pllbli¢ity SupportC05ts 31468 15- THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED NOTES TO THE FINANCIAL STATEMENfs ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Expendltllre on ¢h4rkable ￿1vItIeS Vessel Marketlns nnlD8 Ve8*1 ￿￿ketIng and costs admtskl8trati otl CO8ts Total on ¢oJlo 20 Dlre¢t¢Oo1• staff costs Pepreciationand Inlpairment Vessel nmnln8C￿ts Ve8seL irL9urance/8urvey Vesyel repalT5 Ve&sel relnstatement 205260 205360 175J 175J75 355.QOO 66.754 18.T21 36.703 139J)4 355J)Crf) 18,721 36,7Li4 139504 17,169 38,663 169.984 17.169 38￿63 169,984 821012 8U042 455596 4&5X6 Sh•re of •upport •nd governance co•ts l•oe note 8} Support 141,1& 141,145 I29￿70 129,870 821042 141,145 963,187 4555% 129O70 585A66 Ao4ly•lJ by fwnd UnreBts*ted funds ReJirltt¢d fund8 698.956 123.086 12£139 17,006 813,095 140J)92 388J75 67221 123,222 511597 73￿69 821042 141,145 963.187 455,596 129070 585A66 -16- THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED NOTES TO THE FINANCIAL STATEMENTS (coNfiNUED FOR THE YEAR ENDED 31 DECEMBER 2025 Sllpport alloeatd to •¢tlvltle Staff costs Depwialjon Office and general expenses Motor and travel expenses Interest received Fundtatslns costs Bank eèLar8es L4AI and profeJ$ion 1&8.552 5.620 129,116 91 3,no (810) 4A56 cn9) 3,641 176A31 162338 Att￿y•ed betw Funthatslng Markekn8 and admintstradon colts &5286 141.145 31468 129,870 176A31 Support cos134re allocated 80% to ¢harltable acttvtde& and 20% to fundrnlstns. L*8al and profe8dort•l feej indudej a fe¢ for the IndePend￿t Ex&L￿r￿￿{0n oEQIIJO121r24.. tXIJoo). None ofthe tswtees {or any per80M conn￿tea with them) re￿fved arLy remuneration or expen8es during the -17- THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUSTI LIM￿ED NOTES TO THE FINANCIAL STATEMENTS (CONTMJED) FOR THE YEAR ENDED 31 DE￿MBER 2025 Employee• Number of employees The averp1￿ monthly numkr ofemployees duringthe year w*s: 2W25 NwNber Nmmber 12 12 Fmployment col 29U66 16,584 2800 15J12 4351 4C¥J5 Sodai Se￿￿￿ty costs Other pen51on ¢￿ts Travel, Julx¥tstence and other staff costs 25,(V99 338,9]2 304,691 There were no employew whoje •Auiual remuneration £6A).OOCI or more. 11 T•x•don The ch•xity18 exempt from tAxadon onitg ocdvltle6 bttauBe allltj IrKome 1$ applled for ch•At•ble Purposes. 12 Impairni¢n¢• tmpatrment tejts have be￿ carrled out where opproprl8te and the EoIlowln8 ImpalrErtent 106•es have been Tecogni5ed in proflt OT Ioss.. Property, plant equlpment 18- THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED NOTES TO THE HNANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Tanslble £lxed alsets Tot41 Cost Atl J4nuary 2025 Additlons Di8po801s 765,000 11,155 32JKX) (11,155) T/6,155 1,1551 At31 Decetnhr 2025 7&5,OL 32J)(N) Depreclallon and Impalrment At l J•nuory 2025 DePr￿l&don charged in theyear Impairment louse5 Elirninated Inrespect of dtsp¢)sal3 11,154 5h20 11,154 111.1551 1,1551 At31 D￿ernber 2025 5h19 360,619 Carrylng amount At 31 Decem￿￿ 2025 410,1)LIJ 26281 4L96,381 At31 DecemEer 2024 765,0(K) 765,( More itthrn￿tion on the imp4irmentark$ln8 In the year Is glven In note 11 The ve98¢1s woe valued by the Trnlteeg a8 at 24 November 2025 after con8ult*tion with thelr Marlne Suryeyor on am open market volue, thts Anyolved the tmp)trment of onevejsd by Q55.0(K). The htstorlcai ccffjt ol these vesaels is Q80A46. 14 St•¢k• Sundry stocks 4549 15 Deb￿18 Amounts fallins due wlthln one year. Trade debtD Othu debtors 7377 8￿63 1294 17234 19- THE CIRDAN SAILING TRUST {INCORPORATING THE FARAMIR TRUST) LIMITED NOTES TO THE FINANCIAL STATEmE￿rs (CONfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2025 16 Credlton,. amotsnts f•Ulns dttt one year 20Z5 NoteB Other laxation and Bocial securfty 3,718 106.993 17 TradeLT¢dilors Accruals 13248 8227 139,041 122A41 17 Deferred kn¢ome 21U5 Arbang fvom Bursary income notyetaue to be ollocated 106.S¥J3 18 Rellren*nt b¢m¢AtKhom De£lntd ¢ontslbullon •ehem Charge to profit or lov in respect ofdefined eontrlbudon sthemeB 4363 The TruJt operates a defined contril)utr¢)n pe￿￿On scheme for all qualifyin8 employees. The assets of the 8teheld Jep•rotely from those of theTrLtyt In •m IndependeThtiy admintstered fund. THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMrrED NOTES TO THE FINANCIAL STATEMENTS (coNfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2025 19 Restrkted funds tYonor¥ have provfided funds durin8 thi8 and previow ye8Jg for A number of rt4tricted purp08es. The Rev Christopher Courtauld, lust before hls deth￿ establtshed a legacy to be used for the rnainlenance of Duet and other a$90Ciated administration costs. The fLUMt As administered by the Es8ex commL￿1ty Foundado Varlous donoTB h&ve also supported the replacement of the mlnibu5 vaTh which was purch•sed th the 2025 flnandal year, the eXpendIt￿e &wJciated to this reJ•tes to the depredatlon chthrge. Atl JaAW Incomlns Re¥¢)ur