2021-03-31-accounts - Sail Training International

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				Page
Reference and Administrative			Details ofthe Charity, its Trustees and Advisers
Trustees' Report				2-9
Independent	Auditors'	Report	on the Financial Statements	10-13
Consolidated	Statement of Financial Activities
Consolidated	Balance	Sheet		15
Chadty Balance Sheet				16
Consolidated	Statement ofCash Flows			17
Notes to the	Financial	Statements		18-36

		Unrestricted	Restdicted	Total	Total
		funds	funds	funds	funds
	Note	2021 6	2021	2021 6	2020f
Income from:
Donations		2,814	58,682	61,496	48,783
Charitable activities		386,623		386,623	717,039
Other trading activities		5,498		5,498	194,123
Investments		540		540	4,862
Other income		43,794		43,794
Total income		439,269	58,682	497,951	964,807
Expenditure on:
Raising funds					23,334
Charitable activities	g	661,831	36,568	698,399	1,212,104
Total expenditure		661,831	36,568	698,399	1,235,438
Net (expenditure)/income		(222,562)	22,114	(200,448)	(270,631)
Transfers between funds	19	8,945	(8,945)
Net movement in funds		(213,617)	13,169	(200,448)	(270,631)
Reconciliation offunds:
Total funds brought forward		266,860	184,608	451,468	722,099
Net movement in funds		(213,617)	13,169	(200,448)	(270,631)
Total funds carried forward		53,243	197,777	251,020	451,468

		Note		2021f		2020
Fixed assets
Tangible assets		14		37,376		42,977
Current assets
Debtors		16	251,294		268,951
Cash at bank and in	hand		1,338,261		1,229,909
			1,589,555		1,498,860
Current liabilities		17	(950,511)		(290,264)
Net current assets				639,044		1,208,596
Total assets less current liabilities				676,420		1,251,573
Creditors: amounts	falling due after more
than one year				(425,400)		(800,105)
Total net assets				251,020		451,468
Chadity funds
Restricted funds		19		197,777		184,608
Unrestricted funds		19		53,243		266,860
Total funds				251,020		451,468

	FOR	TH	E YEAR ENDED 31 MARCH 202	1
				2021	2020
				E	F
Cash flows from operating	activities
Net cash used in operating	activities			115,652	(215,569)
Cash flows from investing	activities
Loss on disposal oftangible	fixed assets			136
Purchase oftangible fixed assets				(7,436)	(40,003)
Net cash used in investing	activities			(7,300)	(40,003)
Cash flows from financing	activities
Net cash provided by financing activities
Change in cash and cash	equivalents	in	the year	108,352	(255,572)
Cash and cash equivalents	at the beginning		ofthe year	1,229,909	1,485,481
Cash and cash equivalents	at the end	of	the year	1,338,261	1,229,909
The notes on pages 18to 36form part ofthese financial statements

	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
	2021	2021	2021	2020
	6	F		8
Donations	2,814	58,682	61,496	48,783
Total2020	500	48,283	48,783

		Unrestricted	Total	Total
		funds	funds	funds
		2021	2021	2020
		6		6
Organisation	ofTall Ships Races	386,623	386,623	646,719
Annual conference				69,621
Recharged	costs			699
		386,623	386,623	717,039
Total2020		717,039	717,039

		Unrestricted	Total	Total
		funds	funds	funds
		2021	2021	2020
			6	6
Otherincome		5,498	5,498	3,245
Sponsorship	income			190,878
		5,498	5,498	194,123
Total 2020		194,123	194,123

		Unrestricted	Total	Total
		funds	funds	funds
		2021	2021	2020
				6
Bank	interest	540	540	4,862
Total	2020	4,862	4,862

		Unrestricted	Total	Total
		funds	funds	funds
		2021	2021	2020
		6		6
CJRS	income	43,794	43,794

				Activities
				undertaken	Support	Total	Total
				directly	costs	funds	funds
				2021	2021	2021	2020
				F		6	E
Organisation		of	Tall Ships Races	482,302	58,125	540,427	699,716
Charity	operating		costs	75,817	26,048	101,865	284,497
Annual	Conference			189		189	47,887
Project	costs			25,240		25,240	59,565
Bursary	costs			11,328		11,328	71,700
Governance		costs		19,350		19,350	48,739
				614,226	84,173	698,399	1,212,104
Total 2020				1,101,547	110,557	1,212,104

				Charfty
			Tall Ships	trading		Total	Total
			Races	activities	Governance	funds	funds
			2021	2021	2021	2021	2020
			E	E	E	E	E
	Office costs		45,615	14,489		60,104	68,831
	Depreciation			12,929		12,929	12,837
	Exchange losses	/(gains)	661	(1,396)		(735)	10,791
	Postage, printing	and
	communications		11,849	26		11,875	18,098
			58,125	26,048		84,173	110,557
	Total 2020		49,360	57,720	3,477	110,557
10.	Governance costs

Governance cos	ts
			2021	2020
			E	E
Legal and professional		fees	388	3,952
Audit fees			4,000	8,000
Other accounting	fees		2,000	4,000
ITcosts				1,077
Staff and support	costs		12,213	31,710
Training			749
			19,350	48,739

Net expenditure
This is stated after charging:
		2021	2020
		E
Depreciation oftangible	fixed assets	12,929	12,834
Auditors' remuneration	-audit	8,031	8,000
Auditors' remuneration	-other services	4,015	4,000
Operating lease rentals		21,726	24,674

					Group	Group	Company	Company	Company
					2021 6	2020		2021f	2020 5
Wages and	salaries				435,574	448,770		67,947	157,364
Social security costs					37,379	54,007		6,200	14,350
Defined contribution		pension scheme costs			37,164	61,387		6,119	14,164
					510,117	564,164		80,266	185,878
The above	staff costs include F7,947(2020:F10,390)incurred					in respect ofstaff medical cover.
During the	year 4 people were made redundant,				the redundancy	payment included		within wages	and
salaries totalled 550,216.
There were	no staff	costs incurred	by the charity		in the prior year as they were		all	recharged.
The average number		ofpersons employed		by the Charity during		the year was	as follows:
					Group	Group	Company		Company
					2021	2020		2021	2020
					No.	No.		No.	No.
Charitable	activities
Administration
					9	12

Group	Group
2021	2020
No.	No.

	Office	Computer
	equipment	equipment	Total
	5		F
Cost or valuation
At 1 April 2020	22332	48,635	70,967
Additions		7,436	7,436
Disposals	(17,572)	(5,946)	(23,518)
At 31 March 2021	4,760	50,125	54,885
Depreciation
At 1 April 2020	19,470	8,520	27,990
Charge for the year	1,429	11,472	12,901
On disposals	(17,572)	(5,810)	(23,382)
At 31 March 2021	3,327	14,182	17,509
Net book value
At 31 March 2021	1,433	35,943	37,376
At 31 March 2020	2.862	40,115	42.977

	Office	Computer
	equipment	equipment	Total
	E	F	6
Cost or valuation
At 1 April 2020	22 332	48,635	70,967
Additions		7,436	7,436
Disposals	(17,572)	(5,946)	(23,518)
At 31 March 2021	4,760	50,125	54,885
Depreciation
At 1 April 2020	19,470	8,520	27,990
Charge for the year	1,429	11,472	12,901
On disposals	(17,572)	(5,810)	(23,382)
At 31 March 2021	3,327	14,182	17,509
Net book value
At 31 March 2021	1,433	35,943	37,376
At 31 March 2020	2,862	40,115	42,977

	Investments
	in
	subsidiary
Charity	companies	5
Cost or valuation
At 1 April 2020
At 31 March 2021
Net book value
At 31March 2021
At 31 March 2020

		Group	Group	Company	Company
		2021 6	2020 6	2021f	2020 E
Due within one year
Trade debtors		222,615	176,373
Other debtors		15,929	15,940	210	2,288
Prepayments	and accrued income	12,750	76,638	258	44,000
		251,294	268,951	468	46,288

				Group	Group	Company	Company
				2021	2020	2021	2020
				E	F	E	6
Trade creditors				47,120	42,734	21,495	14,894
Amounts	owed	to group undertakings				6,079	264,666
Corporation tax					19,478
Other taxation		and social security		26,822	12,783
Accruals	and deferred		income	876,569	215,269	27,849	36,601
				950,511	290,264	55,423	316,161

				Group	Group
				2021	2020
				6	F
Accruals	and	deferred	income	425,400	800,105

								Balance at
				Balance at 1			Transfers	31 March
				April 2020 5	Income F	Expenditure E	In)out E	2021 f
Unrestricted funds
General Funds				266,860	439/69	(661,831)	8,945	53,243
Restricted funds
Sultan ofOman bursary			fund	47,628	44,358	(25,000)	(8,945)	58,041
Ross MacDonald	fund			3,911				3,911
Aalborg Commune		fund		1,267		(240)		1,027
Canadian Legacy		fund		127,519		(11,328)		116,191
STAG fund				4,283	4,324			8,607
Burnett fund					10,000			10,000
				184,608	58,682	(36,568)	(8,945)	197,777
Total offunds				451,468	497,951	(698,399)		251,020
Statement offunds - 2020
								Balance at
					Balance at			31 March
					1 April 2019	Income	Expenditure	2020
					6	E		E
Unrestricted funds
General Funds					535,531	916,524	(1,186,195)	266,860
Restricted funds
Sultan of Oman bursary			fund		37,779	44,000	(34,151)	47,628
Ross MacDonald		fund			3.911			3,911
Aalborg Commune		fund			2,545		(1.278)	1,257
Canadian Legacy		fund			141,333		(13,814)	127,519
STAG fund						4,283		4,283
					185,568	48,283	(49,243)	184,608

Analysis ofn	et assets between funds - 2021
		Unrestricted	Restricted	Total
		funds	funds	funds
		2021 6	2021f	2021 6
Tangible fixed	assets	37,376		37,376
Current assets		1,391,778	197,777	1,589,555
Creditors due	within one year	(950,511)		(950,511)
Creditors due	in more than one year	(425,400)		(425,400)
Total		53,243	197,777	251,020

Analysis	ofn	et assets between funds - 2020
			Unrestricted	Restricted	Total
			funds	funds	funds
			2020	2020	2020
				E	6
Tangible	fixed	assets	42,977		42,977
Current	assets		1.314,252	184,608	1,498,860
Creditors	due	within one year	(290,264)		(290,264)
Creditors	due	in more than one year	(800.105)		(800,105)
			266,860	184,608	451,468

						Group	Group
						2021	2020
						F	E
Net expenditure for the year			(as per Statement		of Financial Activities)	(200,448)	(270,631)
Adjustments for:
Depreciation charges						12,901	12,834
(Increase)	in debtors					17,657	(37,216)
Increase	in creditors					305,020	79,444
Net cash	provided	by/(used	in) operating	activities		135,130	(215,569)

under non-	cancellable operating leases as follow	s;
		Group	Group	Company	Company
		2021	2020	2021	2020
		5	F		5
Not later than 1 year		20,000	20,000	20,000	20,000
Later than	1 year and not later than 5 years	36,667	56,667	36,667	56,667
		56,667	76,667	56,667	76,667

The following were subs	idiary u	ndertakin	gs ofthe Charity:
Names				Company	Holding Included	in
				number	consolidation
Tall Ships Races International		Limited		04894646	100'/o Yes
Tall Ships International	Limited			05025229	100'/ Yes
Sail On Board Limited				10501077	100'/o Yes
The financial results of	the subsidiaries		for the year were:
Names			Income	Expenditure	Profitl(Loss)	Net
			6	6	ISurplus/	assets
					(Deficit) for	6
					the year
					F
Tall Ships Races International		Limited	386,623	(454,059)	(67,436)	15,605
Tall Ships International	Limited					1
Sail On Board Limited						1