2022-03-31-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		14
Consolidated	Balance Sheet			15
Charity Balance Sheet				16
Consolidated	Statement	ofCash Flows		17
Notes to the	Financial Statements			18-38

			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
			2022	2022	2022	2021
		Note	6	6	6	8
Income from:
Donations			15,917	40,671	56,588	61,496
Charitable activities			695,451		695,451	386,623
Other trading activities			112,084		112,084	5,498
Investments			130		130	540
Other income						43,794
Total income			823,582	40,671	864,253	497,951
Expenditure on:
Charitable activities		10	606,396	68,740	675,136	698,399
Total expenditure			606,396	68,740	675, 'I 36	698,399
Net income/(expenditure)			217,186	(28,069)	189,117	(200,448)
Transfers between	funds	21	8,607	(8,607)
Net movement in funds			225,793	(36,676)	189,117	(200,448)
Reconciliation offunds:
Total funds brought	forward		53,243	197,777	251,020	451,468
Net movement in funds			225,793	(36,676)	189,117	(200,448)
Total funds carried	forward		279,036	161,101	440,137	251,020

				2022		2021
		Note
Fixed assets
Tangible assets		16		25,320		37,376
Current assets
Debtors		18	119,270		251,294
Cash at bank and in hand			1,679,498		1,338,261
			1,798,768		1,589,555
Current liabilities		19	(708,558)		(950,511)
Net current assets				1,090,210		639,044
Total assets less current liabilities				1,115,530		676,420
Creditors: amounts	falling due after more
than one year		20		(675,393)		(425,400)
Total net assets				440,137		251,020
Charity funds
Restricted funds		21		161,101		197,777
Unrestricted funds		21		279,036		53,243
Total funds				440,137		251,020

	FOR TH	E YEAR ENDED 31 MARCH	2022
			Note	2022 f	2021
Cash flows from operating activities
Net cash	used in operating activities		23	341,107	115,248
Cash flows from investing activities
Dividends,	interests and rents from investments			130	540
Purchase	oftangible fixed assets				(7,436)
Net cash	provided by/(used in) investing	activities		130	(6,896)
Cash flows from financing activities
Net cash	provided by financing activities
Change in cash and cash equivalents in		the year		341,237	108,352
Cash and	cash equivalents at the beginning	ofthe year		1,338,261	1,229,909
Cash and	cash equivalents at the end of	the year	24	1,679,498	1,338,261
The notes	on pages 18to 38form part ofthese financial statements

			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
			2022 6	2022 f	2022f	2021
	Donations		15,917	40,671	56,588	61,496
	Total 2021		2,814	58,682	61,496
5.	Income from charitable	activities

				Unrestricted	Total	Total
				funds	funds	funds
				2022 6	2022 6	2021f
	Organisation	of Tall Ships	Races	695,436	695,436	386,623
	Recharged	costs		15	15
				695,451	695,451	386,623
	Total 2021			386,623	386,623
6.	Income from generating		funds
	Income from fundraising		events

		Unrestricted	Total	Total
		funds	funds	funds
		2022	2022	2021
		6	6
Other income		3,057	3,057	5,498
Sponsorship	income	109,027	109,027
		112,084	112,084	5,498
Total 2021		5,498	5,498

		Unrestricted	Total	Total
		funds	funds	funds
		2022	2022	2021
		E	9	5
	Bank interest	130	130	540
	Total 2021	540	540
8.	Other income
		Unrestricted	Total	Total
		funds	funds	funds
		2022 E	2022f	2021 5
	CJRS income			43,794
	Total 2021	43,794	43,794
9.	Analysis ofgrants
		Grants to	Total	Total
		institutions	funds	funds
		2022f	2022f	2021 5
	Grants to institutions	25,000	25,000	25,000

			Unrestricted	Restricted
			funds	funds	Total	Total
			2022	2022	2022	2021
			6		F	6
Tall Ships Races			528,308		528,308	540,427
Charity trading expenses			64,672		64,672	101,865
Conference			433		433	189
Project costs				25,000	25,000	25,240
Bursary costs				41,525	41,525	11,328
Governance	costs		11,574		11,574	19,350
Unrealised	movements	on foreign exchange
on reserves				2,215	2,215
Receptions			1,409		1,409
			606,396	68,740	675,136	698,399
Total 2021			661,831	36,568	698,399

					Activities	Grant	Grant
					undertaken	funding	of	Support	Total	Total
					directly	activities		costs	funds	funds
					2022f	2022 6		2022 E	2022 E	2021 f
Organisation		of Tall Ships
Races					480,964			47,344	528,308	540,427
Charity trading		costs			45,878			18,794	64,672	101,865
Annual conference					433				433	189
Project costs						25,000			25,000	25,240
Bursary costs					41,525				41,525	11,328
Governance	costs				11,574				11,574	19,350
Unrealised	movements			on
foreign exchange			on reserves		2,215				2,215
Receptions					1,409				1,409
					583,998	25,000		66,138	675,136	698,399
Total 2021					614,226			84,173	698,399

						Charity
					Tall Ships	trading	Total	Total
					Races	activities	funds	funds
					2022 5	2022 6	2022f	2021 F
	Office costs				34,450	14,292	48,742	50,104
	Depreciation					11,986	11,986	12,929
	Exchange losses		I (gains)		4,319	(7,637)	(3,318)	(735)
	Postage, printing		and communications		8,575	153	8,728	11,875
					47,344	18,794	66,138	84,173
	Total 2021				58,125	26,048	84,173
12.	Governance	costs
							2022f	2021
	Legal and professional			fees			1,862	388
	Audit fees						5,349	4,000
	Other accounting		fees				2,675	2,000
	Staff and support		costs				1,557	12,213
	Travel and subsistence						125
	Training							749
							11,568	19,350

					2022f	2021 6
Depreciation oftangible		fixed assets			11,986	12,929
Auditors' remuneration		- audit			10,550	8,031
Auditors' remuneration		- other services			5,450	4,015
Operating lease rentals					21,726	21,726
Staff costs
			Group	Group	Company	Company
			2022	2021	2022	2021
			5		6	f
Wages and salaries			313,074	435,574	33,345	67,947
Social security costs			25,641	37,379	4,928	6,200
Defined contribution	pension scheme costs		24,633	37,164	3,067	6,119
			363,348	510,117	41,340	80,266

		Group	Group	Company	Company
		2022	2021	2022	2021
		No.	No.	No.	No.
Charitable	activities
Administration

Group	Group
2022	2021
No.	No.

	Office	Computer
	equipment	equipment	Total
		6	6
Cost or valuation
At 1 April 2021	4,760	50,125	54,885
Disposals		(2,686)	(2,686)
At 31 March 2022	4,760	47,439	52,199
Depreciation
At 1 April 2021	3327	14,182	17,509
Charge for the year	941	11,045	11,986
On disposals		(2,616)	(2,616)
At 31 March 2022	4,268	22,611	26,879
Net book value
At 31 March 2022	492	24,828	25,320
At 31 March 2021	1,433	35,943	37,376

	Office	Computer
	equipment	equipment	Total
	F		6
Cost or valuation
At 1 April 2021	4,760	50,125	54,885
Disposals		(2,686)	(2,686)
At 31 March 2022	4,760	47,439	52,199
Depreciation
At 1 April 2021	3,327	14,182	17,509
Charge for the year	941	11,045	11,986
On disposals		(2,616)	(2,616)
At 31 March 2022	4,268	22,611	26,879
Net book value
At 31 March 2022	492	24,828	25,320
At 31 March 2021	1,433	35,943	37,376

		Group	Group	Company	Company
		2022f	2021	2022 5	2021 8
Due within one year
Trade debtors		72,567	222,615
Other debtors		5,691	15,929	173	210
Prepayments	and accrued income	41,012	12,750	302	258
		119,270	251,294	475	468

		Group	Group	Company	Company
		2022f	2021f	2022f	2021f
Trade creditors		67,385	47,120	16,746	21,495
Amounts owed to group undertakings				7,145	6,079
Corporation tax		7,889
Other taxation and social security			26,822
Other creditors		3,554
Accruals and deferred	income	629,730	876,569	16,265	27,849
		708,558	950,511	40,156	55,423

		Group	Group
		2022 E	2021f
Deferred	income	675,393	425,400

							Balance at
			Balance at 1			Transfers	31 Ilil arch
			April 2021f	Income E	Expenditure 6	in/out F	2022 F
Unrestricted funds
General Funds			53,243	823,582	(606,396)	8,607	279,036
Restricted funds
Sultan ofOman bursary		fund	58,041	40,671	(62,325)		36,387
Ross MacDonald	fund		3,911				3,911
Aalborg Commune	fund		1,027				1,027
Canadian Legacy	fund		116,191		(2,215)		113,976
STAG fund			8,607			(8,607)
Burnett fund			10,000		(4,200)		5,800
			197,777	40,671	(68,740)	(8,607)	161,101
Total offunds			251,020	864,253	(675,136)		440,137

							Balance at
			Balance at			Transfers	31 March
			1 April 2020f	Income f	Expenditure f	in/out 6	2021f
Unrestricted funds
General Funds			266,860	439,269	(661,831)	8,945	53,243
Restricted funds
Sultan of Oman bursary		fund	47,628	44,358	(25,000)	(8,945)	58,041
Ross MacDonald Burnett	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
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
Restricted funds

Analysis	of n	et assets between funds - current	year
			Unrestricted	Restricted	Total
			funds	funds	funds
			2022 5	2022f	2022 5
Tangible	fixed	assets	25,320		25,320
Current	assets		1,613,622	185,146	1,798,768
Creditors	due	within one year	(684,513)	(24,045)	(708,558)
Creditors	due	in more than one year	(675,393)		(675,393)
Total			279,036	161,101	440,137

Analysis	of n	et assets between funds - prior y	ear
			Unrestricted	Restricted	Total
			funds	funds	funds
			2021	2021	2021
			F	6	F
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)
			53,243	197,777	251,020

													Group	Group
													2022 6	2021f
	Net income/expenditure				for	the	year	(as	per	Statement	of	Financial
	Activities)												189,117	(200,448)
	Adjustments		for:
	Depreciation		charges										11,986	12,901
	Loss on the		sale of	fixed	assets								70	136
	Decrease	in	debtors										132,024	17,657
	Increase	in creditors											5,825	285,542
	Bank interest		income										(130)	(540)
	Unrealised	forex movements											2,215
	Net cash	provided		by operating			activities						341,107	115,248
24.	Analysis	of	cash and cash equivalents
													Group	Group
													2022	2021
													6
	Cash in hand												1,679,498	1,338,261
25.	Cashflow	reconciliation
											At	1 April		At 31 March
												2021	Cash flows	2022
												6	F	6
	Cash at bank		and in	hand							1,338,261		341,237	1,679,498

under non	-can	cellable operating leases as follow	s:
			Group	Group	Company	Company
			2022f	2021	2022 6	2021f
Not later than		1 year	20,000	20,000	20,000	20,000
Later than	1 year and not later than 5 years		16,667	36,667	16,667	36,667
			36,667	56,667	36,667	56,667

The following were sub	sidiary	undertaki	ngs ofthe Charity:
Names				Company	Holding	Included	in
				number		consolidation
Tall Ships Races International		Limited		04894646	100%	Yes
Tall Ships International	Limited			05025229	100%	Yes
Sail On Board Limited				10501077	100%	Yes
The financial results of	the subsidiaries		for the year were:
			Incomef	Expendituref	Profit/(Loss) / Surplus/	Net	assetsf
					(Deficit) for
					the year
					6
Tall Ships Races International		Limited	805,897	(258,251)	300,916	116,521
Tall Ships International	Limited						1
Sail On Board Limited