REGISTERED COMPANY NUMBER: 04686048 (England and Wales) REGISTERED CHARITY NUMBER: 1096846 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR SAIL TRAINING INTERNATIONAL TC Group I sl Floor Ocean Village Innovation Cenlre Ocean Way Soulhamplon Hampshire S014 3JZ
SAIL TRAINING INTERNATIONAI CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of Ihe Truslee5 Slalement ol Truslees, Responslbllltles Report ol the Independent Avdllors Slolemenl ol Flnanclol Acllvltles Bolonce Sheel Noles lo the Flnonclal Slalemenls 10 10 21 Detalled Statement of Flnanclal Acllvltle5 22 10 23
SAIL TRAINING INTERNATIONAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Iruslees who orè also directors of the chatily for the purposes of the Companies Act 2006, present their leporl wilh the financial slalemenls of the charity for the year ended 31 March 2024. The Iruslees hove adopled the piovisions of Accounling ond Reporting by Charilies.. Stalemenl ol Recommended Praclice opplicable to charities preparing their accounts in accordance with the Financial Reporling Slandard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive l January 20191. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng documenl The charity is controlled by ils governing documenl, a deed of tru51. and constitutes a limiled company. limited by guoronlee, as defined by Ihe Companies Act 2006. REFERENCE AND ADMINISTRATIVE DETAILS Reglslered Company number 04686048 IEngland and Wales) Reglslered Chorlly number 1096846 Règlslered offlce Unil 9 Cooperage Green Royal Clarence Yard Weevil Lane Gosporl Hampshire P012 IFY Trvslee$ J C Cheshire IUKI E Corwin (Norwoyl D F Galpin IUKI M C Hen51ock IAuslralial J K Hughes IUSAI R Mimbacas Ispoinl A P Von Ommen (Nelherlondsl L K Weslerberg Iswedenl Iresigned 18.11.23) L Weweler (Germarnyl Mrs L C Gross Mudie IUKI lappoinled 7.2.241 J M Dignan IUKI Chlel execvtlve olllc A James Company Secrefaiy A James Audlfors TC Group I sl Floor Ocean Village Innovation Cenlre Ocean Way Soulhamplon Hampshire S014 3JZ Page I
SAIL TRAINING INTERNATIONAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Sollcllors Paris Smith l London Road Soulharnplon Homp5hire S015 2AE Bankers Lloyds TSB plc 20 High Street Gosporl Hampshire P012 IDE AUDITORS The audilors, TC Group, will be proposed for re-oppointmenl ol Ihe forthcoming Annual General Meeling. Approved by order of the board of Iruslees and signed on it5 behalf by: J C Chesh ruslee Poge 2
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SAIL TRAINING INTERNATIONAI Oplnlon We have audiled the financial slatemenls of Soil Tiaining Inleinafional Ilhe 'charilable compony'l for the yeor ended 31 March 2024 which comprise Ihe Slalemenl of Financial Activities, Ihe Balance Sheet and noles lo the financial slalemenls, including a summory of signilicanl accounting policies. The finonciol reporting framework Ihol has been applied In their preparation is opplicable law and Uniled Kingdom Accounting Slandards Iunifed Kingdom Generally Accept6d Accounling Praclicel. In our opinion the financid 51alemenls'. give a true and foir view of the stole of Ihe charitable compony's affairs as al 31 March 2024 and ol its incoming resources and applicolion of resources. including ils income ond expenditure. lor the year Ihen ended.. have been properly Fwepared in accordance with United Kingdom Generally Accepted Accounting Practice; and hove been prepored in accordance with the requirements of the Componies Act 2(Kl6. Basls for oplnlon We conducted our audit in occordonce with Inlernalionol Standards on Auditing IUKI IISAS IUKII and applicable law, Our respon5ibililies under those slondords are further described in the Auditors, responsibilities for Ihe audit of Ihe financial slalemenls section of our report. We are independent of lh& chariloble compony in accordance wilh the ethical requirements Ihot ore relevant lo our oudil of the linanciol stolemenls in the UK, Including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibililies in accordance wilh Ihese r&quiremenls. We believe Ihal the oudil evidence we hove oblained is sufficient and oppropriale lo provide o busis for our opinlon. Conclu51ons relallng lo golng concern In auditing Ihe financiol slalemenls. we have concluded Ihal the Iruslees, use of the going concern bosls of accounting in the preparation of Ihe financial slalemenls 15 appropriale. Based on Ihe work we have performed, we hove not identified any material uncerlainlies ieloling to events or conditions that, individually 01 colleclively. may cast significant doubl on the charitable compony's ability to continue os a going concern lor a period of al least Iwelve monlhs from when the financial slalemenls are oulhorised lor issue. Our responsibilities and Ihe responsibililies of Ihe Iruslees wlh iespecl lo going concefn ore describ8d in the relevant seclions ol this report. Other Inlormallon The Iruslees are responsible lor Ihe other inforrnalion. The other informolion comprises the informalion included in the Annuol Report. other than the financial slalemenls and our Report of the Independent Audilors Ihereon. Our opinion on the financial stolemenls does nol cover the olher infonnalion and. except lo Ihe exlenl otheiSe explicilly staled in our reporl. we do nol express any form of assurance conclusion Ihereon. In connection wilh our audit of Ihe financiol slolements. our responsibilily is lo read the other inloimalion and. in doing so. consider whether the olher informalion is malerially inconsislent with Ihe financial sfalemenls or our knowledge obtained in the oudil or otheise appears to be moleiiolly missloted. 11 we identify Such material incon51slencies or apparent moteriol misslalemenls. we are required to delermine whelher thi5 gives rise lo a material misstalement in the linonciol statements themselves. If. based on the work we have performed. we conclude Ihal Ihero is a moleiial misslalement of this olher information, we are required lo reporl Ihal lacl. We hove nothing lo report in this regard. Oplnlons on othèr maHers prescrtbed by the Companles Acl 2006 In our opinion, based on the work undertaken in the course of the audit: the informolion given in Ihe Reporl of Ihe Trustees for the financial year for which the finonciol stalements are prepared is consistenl with the finoncial stalemenls.- and Ihe Report of Ihe Tru5tee5 has been prepared in accordance wilh applicable legal requiremenls. Page 4
SAIL TRAINING INTERNATIONAL STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Iruslees Iwho ore also Ihe direclors of Sail Training Inlernalionol for the pvrposes of company lawl are responsible for preparing Ihe Report ol Ihe Truslees and the financial slolemenls in occordance wilh applicoble l(Jw and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Praclicel. Company law requires the Iruslees lo prepare linanciol Slalemenls for each financial year which give o Irue and fair view ol Ihe slate of alfairs of the chorilable company and of the incoming resources and applicalion ol resources, including Ihe income and expenditure. of the chorilable company for Ihal period, In preparing those financial slalemenls, the trustees ore requwed to select suitable occounling policies and Ihen opply them consislenlly.- observe Ihe melhod5 ond principles in the Churily SORP.. moke judgements and eslimales Ihol ore reasonable and prudent: prepare the financial slalemenls on Ihe going concern basis unless if is inappropriate lo presume that the chorilable company will continue in business. The Iruslees ore responsible for keeping proper accounling records which disclose with re050nable accurocy al any lime Ihe linanciol position of the choiilable compony and lo enoble Ihem lo ensure Ihal the financial slotemenls comply with the Companies Act 2006. They ore also responsible for safeguarding the assets of the charilable compony and hence for loking reasonable sleps for Ihe prevention and deleclion of froud and other irregularities. In 50 far os the Iruslees are aware: Ihere is no relevanl audit inFormalion of which the charitoble company's auditors ore unaware,. ond Ihe Iruslees have taken all steps Ihal they ovghl lo have taken lo moke Ihem5elves aware of any relevanl avdil inloTmalion and lo establish that Ihe auditors ore aware of Ihol information. Poge 3
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SAIL TRAINING INTERNATIONAL Mattels on whlch we ore requlred Fo report by exceptSon In the light of the knowledge and underslonding of the ch(Yilable company and 115 environment obtained in the course ol the oudil. we have nol idenlified material misstalemenls in the Reporl of the Truslees. We hove nothing lo report in respect of the following mallers where Ihe Compar¥es Act 2(X)6 requires u5 lo report to YOLJ if, in our opinion: adequate accounling records hove nol been kept 01 returns adequate for our oudit have nol been received from branches not visited by us.. or the financial ilalemenls ore not in agreemenl wilh the accovnling recoids ond returns.. or certain disclosureg of Iru51ees' remuneiolion specified by law are not made., or we hove not received all the inlormalion and explanalions we require for our ovdil.. or the Irustees were not enlilled lo toke advanloge of Ihe small companie5 exemption from the requirement lo prepare a Strategic Report or in preparing Ihe Repoil of Ihe Trustees. Responslbllllles of trustees As exploined mol'e lully in Ihe Slalemenl of Truslees. Responsibilities, Ihe Iruslees (who are also Ihe diieclors of the chariloble company lor the purposes ol company lawl are iesponsible for the preparation of Ihe financial slolemenls and for being solisfied that they give a Irve and fair view. ond lor such inleinal conlrol as the Iruslees delemine is necessary lo enable Ihe preparation of linoncial slalemenls that are fre& from molerial misslalemenl, whether due lo froud or error. In pr6paring the financial 51atemenls. the liuslees ore responsible for ossessing Ihe charitoble company's obilily lo continue 0$ a going concern. disclosing, 05 opplicable. mollers relaled lo going concern and using the going concern basis of accounting unless Ihe Iluslees eilher intend lo liquidole the charitable company or lo cease operations, or have no reolislic allernalive bul to do $0. Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SAIL TRAINING INTERNATIONAL Our respon$lbllltles for the audlt ol the Ilnanclal slatements Our objeclives are lo obtain reasonable ossurance about whether the linanciol slalemenls as o whole aTe free Iiom maleriul misslalemenl, whether due lo fraud or erior. ond lo issue a Reporl ot Ihe Independent Audilors Ihot includes our opinion. Re050noble ossuiance is a high level ol assurance. bul is nol a guarantee Ihal on audit conducted in accordance with ISAS IUKI WIN always detect o malerial misslotemenl when il exists. Mi55talemenls can arise from fraud or error and ale considered moleiial if, individuoNy or in the aggregate. they could reasonably be expecled lo influence Ihe economic decisions of users laken on the basis of these financiol slalemenls. Irregularilies, including fraud. are instances of non-complionce with laws and regulations. We design procedure5 in line with our respon5ibililie5. oullined above. lo delecl malerial misslalemen15 in respect ol irregularities, including fraud. The exlenl lo which our procedures are capable of defecting irregularilies, including fraud is detailed below: We obtained an underslonding of Ihe legal and regulolory frameworks that ore applicable to the company in Ihe conlexl ol the sector and countries in which il operales ond delefmined that Ihe mosl signilicanl frameworks which are directly relevanl so specific assertions in the financial slalements ole those Ihal relole lo the reporting fram6woTk IFRS 102 and the Companies Acl 2(X)61 or)d the relevonl lax compliance regulations in the UK. We understood how Ihe company is comptying wilh those frameworks by moking enquiries of managemenl and Ihose responsible for legal and compliance procedures. We corroboraled our enquiries Ihrough review of board minvles, legal correspondence, ond discussions with Ihose charged wllh governance. W8 assess the susceplibilily of the company financiol slalemenls lo malerial misstotemenl, including how fraud might occur. by discussion with monagemenl from variovs parts of the busines5 lo undersland where they considered there was a susceplibilily lo froud. We considered the procedures and conlrols Ihal the company has eslablished to prevenl and delecl fraud. and how Ihese are monitored by manogemenl. and 0150 any enhanced risk foclors such as performance largels. 8osed on our understanding, we designed OUT audit procedures lo idenlify ony non-complionc8 Wlth laws and regulation identified in Ihe paragraphs obove. We also performed oudil work over the risk of manogemenl override of controls, including lesling of journal enlries and other adjuslmenls for appropriateness. evolualing Ihe business rolionale ot signiliconl Iransaclions ovlside the normal course of business ond reviewing accounling eslimales lor bios. A furlher description of our responsibilities for Ihe audil of Ihe linoncial slalemenls is located on the Finoncial Reporting Council's website al www.Irc.org.ukloudilorsresponsibililies. This descriplion forms pail of our Repoil of Ihe Indèpendent Audilor5. Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SAIL TRAINING INTERNATIONAL Use of our report This report is made solely lo the charitable company's members, as a body, in accordance with Chapler 3 of Part 16 of the Companies Act 2006. Our audil work has been underloken so Ihat we might 51ale lo the charitable company's members Ihose malleTS we are required lo slale lo them in on audilors. reporf and for no other purpose. To the lullesl extenl permitted by law. we do nol accepl or assume responsibility lo anyone other than Ihe charitable company and Ihe charitable company's members as a body. for our oudil work, fol Ihis report, or lor the opinions we have formed. Richard Gillespie FCCA (Senior 51alulory Audilor) for and on beholl of TC Group I sl Floor Ocean Village Iniiovalion Cenlre Oceijn Way Soulhamplon Hampshire 5014 3JZ Dale.. / LOL* Poge 7
SAII TRAINING INTERNATIONAL STATEMENT OF FINANCIAI ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 Tolal lunds 2023 Total funds Unreslricted funds Resliicted funds Notes INCOME AND ENDOWMENTS FROM Donations and legocies 2.424 50.057 52,481 43,725 other Iroding activilies Inveslmènf income Gill Aid 175,856 175,856 158.357 152,897 152.897 124,521 Tolol 331,177 50,057 381,234 326.604 EXPENDITURE ON Charllable actlvllles Charity opeiating costs Conference costs Project costs Bursary cosls Goveinance Unreolised foreign exchange movement on reseNes 253.053 65,134 14.966 253,053 65.134 53,484 29.3(X) 35,297 183,693 90,916 84,436 20.820 19,079 38.518 29.299 35.297 1,755 1,755 2,142 Total 368.451 69,572 438.023 401.086 NET INCOME/(EXPENDITURE) (37.2741 119.5151 156,7891 174,4821 RECONCILIATION OF FUNDS lolol funds brought tOard 143.534 105.601 249,135 323,617 TOTAL FUNDS CARRIED FORWARD 106.260 86.086 192.346 249,135 The noles form port of Ihese financial sfalemenls Page 8
SAIL TRAINING INTERNATIONAL BALANCE SHEET 31 MARCH 2024 2024 Tolal fLJnds 2023 Total funds Unreslricled funds Reslricled funds Notes FIXED ASSETS Inlangible assels Tangible assets Investmenls 5,767 19.469 5.767 19.469 13,281 4,896 12 13 25.239 25,239 18,180 CURRENT ASSETS Deblors Cash al bank 20.476 106.973 48.396 57.050 68,872 164,023 2.986 280,215 127.449 IOS.d46 232.895 283,201 CREDITORS Amounls falling due wilhin one year 15 146.4281 119,3601 165,7881 152,2461 NET CURRENT ASSETS 81,021 86,086 167,107 230.955 TOTAL ASSETS LESS CURRENT LIABILITIES 106.260 86.086 192,346 249,135 NET ASSETS 106.260 86.086 192,346 249,135 FUNDS Unre51ricled funds Reslricled funds 17 106.260 86.086 143,534 105,601 TOTAL FUNDS 192,346 249,135 These financial slalemenls have been prepared in accordance wilh Ihe provisions opplicable to charitable companies subject lo Ihe small componies regime. The financial slalemenls were approved by the Board of Trustees ond oulhorised lor issue on nd were signed on ils beholf by: shire - Truslee The noles fotm p(xt of Ihese financial slatemenls Page 9
SAIL TRAINING INTERNATIONAI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basls ol preparlng the flnanclal statemen1$ The linoncial 5tatemenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounting ond Reporting by Charilies.- Slalemènl of Recommended Praclice appllcable lo chorilies preparing their accounls in accordance wilh the Financial Reporting Slandord applicable in the UK and Republic of Ireland IFRS 1021 lelleclive l October 20191. Ihe Finoncial Reporting Standard opplicoble in. Ihe UK and Republic of Ireland IFRS 1021 ond Ihe Companies Acl 26. Soil Training Inlernolional meÈls the definilion of o public benefit enlily under fRS 102. Assets and liabilities are initially recognised al hislorical cost or Iransaclion value unless olhetwise staled in Ihe relevant accounting policy. The financial sl(Jlemenls are prepored in slerling. which is the lunclional curr&ncy of Ihe charlly. Monetary amounts in these financial slolemenls are roundèd lo the nearest £. Golng concern The directors hove considered oll availoble informalion regarding current and lulure laclors that could impact the Charity ond ils subsidiaries and have concluded il is appropriale lo prepare the linoncial statemen15 on a going concern bosis. During 2023 Ihe subsidiory company ran Iwo loll ships evenls which oddressed the backlog from the pandemic. These two evenls hove delivered a signiliconl suiplus in the subsidiary ond facililaled the rebuilding ol the reserves. The reduced cosl base has been mainloined through 2023 ond ensures the organisolion remains116xible as we emerge from Ihese uncertain limes. Looking ahead the position for the Chorily and ils subsidi(yy over the next five years looks posllive. 11 Is expected Ihol 2024 will be o breakeven year ond Ihal Ihe subseqvenl five years will generole a surplus. In addition. from 2025 to 2030 level 3 of Ihe reseThes policy will be opplicable which will facililole an investment in o combinalion of bursaries cd inlraslwclure lo Ihe lune of £250k over the five-year period. Fund accountlng General funds are unreslricled funds which ore avoilable for use al Ihe discretion of Ihe Trustees in furlherance of the general objectives of Ihe Charity and which have nol been designoled for other purposes. Restricted lund5 are funds which are lo be used in occordance with specific restricllons imposed by donor5 or which hove been iaised by the Chorily for porliculaT purposes. The costs of roising and odminislering such funds are chorged agoinsl the specific fund. The aim and use of each restricted fund is sel oul in the noles lo Ihe finaricial statements. Designaled funds are unrestricled funds eormarked for o particular project. Designation ha5 an administrative purpose only and does nol legally reslricl the Irvstees, discretion lo apply the fund, These funds shoLJld be accounted for within unreslricled funds. Inveslment income. goins and losses are alocaled lo the appropriate fund. Income All income is recognised once the Chorily has enlillemenl to Ihe income. il is probable that the income will be received and Ihe omounl of income receivable can be meosured reliably. Page 10 conlinued...
SAIL TRAINING INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS- conllnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - contlnued Income The Charity organises an annual conference. Income is received from delegoles allending Ihe conference and from orgonisolions sponsoring the conference. All such income is token in the yeur Ihal the conference lakes place. Any income from donations received by Ihe chorily is recognised in the period in which Ihey are received. The volue of services provided by volunteers is nol incorporated in these accounts as the economic benefit cannol be measured reliobly. Dislribvlions of Gift Aid from Ihe subsidiary lo the parenl charily are iecognised in Ihe parenl charity's own financial slalemenls when they are c4)proved by the direclows ol Ihe subsidiary. Expendllvre Expendilure 15 recognised once Ihere is o legal or conslruclive obligation to Iransfer economic benefit lo a third party, il is probable Ihol o liansfer of economic benefits will be required in selllemenl and the amount of the obligolion can be meosured reliably. Expendilure is ckJssilied by aclivity. The cosls of each activity are mode up of the lolol ol diiecl cosls and shored costs. including support costs involved in underlaking each aclivily. Direct costs allribuloble lo a single oclivily are ollocaled directly lo Ihal aclivily. Shored costs which conlribule lo more than one oclivity and support costs which are not allribulable lo o single activity are apportioned between Ihose aclivilies on a basis consislenl with the use of resources. Cenlral stall cosls are allocaled on Ihe basis of lime spenl, and depreciation chorges allocated on Ihe portion of Ihe asset's use. Expenditure on charitable oclivilies is Incurred on direclly underloking the aclivitles which further the Charitvs objeclives. 0$ well as ony ossocialed support costs. Support costs ore those cosls incurred direclly in supporl of expendilLJre on the objecls of the chorily and include project monagemenl carried ovl ol Head Oflice. Choriloble aclivilies and Governonce cosls ore costs incutred on Ihe Chorilvs educolional operations, including support costs and costs reloling lo Ihe governance of Ihe Charily opporlioned lo charilable activitie5, Gi'ants payable ore charged in the yeor when Ihe offer is made. Gronls offered subject to conditions which have nol been mel al Ihe year end ore occrued os expendilure ond held wilhin liobililies. Allocated overheads Ceitain salaries and overheods for Ihe Ch(Yily are paid by Tall Ships Races Inlernalional Limited. which makes an overhead ollocolion chorge lo the Charity and each Irading subsidiary. This charge is b05ed upon lime costs spenl in relalion lo Ihe activities of Ihe Charity ond each trading subsidiary. Interest recelvoble Interest on funds held on deposit is included when ieceivable otKJ Ihe amount can be moasured ieliably by the Group,. Ihis is normally upon noliticalion of the interest paid or payable by the inslilulion with whom the funds ore deposited. Taxallon Pagell conlinued.
SAIL TRAINING INTERNATIONAI NOTES TO THE FINANCIAL STATEMENTS - conllnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - conllnued Expendlturè The Charily is considered lo pass the tests sel oul in Paragraph I Schedule 6 of lh& Finance Act 201 O ond Iherefore meets the definition of o charitable company for UK corporalion lax purposes. Accordingly. the Chority is polenlially exempl from loxalion in respect of income or capital gains recieved within categories covered by Chapler 3 Parl I l of the Corporolion Tox Acl 2010 or Section 256 01 the Taxation of Chargeoble Gains Acl 1992. to Ihe extent Ihol such income or goins are applied exclusively lo charitable purpose5. Intanglble ussets Intangible assels ocquired separately from o business are recognised ol cosl ond ale subsequently measured al cost less accumulaled amortisalion and accumulaled impairment losses. An internally generated inlangible assel arising from development is recognised only when all of the following have been demonslraled.. technical feasibility of completing Ihe inlangible so that it is available for use or sale inlenlion to complele the development lo use il or sell il the ability lo use the inlangible assel how the intangible asset will generale probable future economic benefits availability of adequole technical. linancial and other resources lo complete the developmenl. the ability fo meagure reliably Ihe expendilure ollribule lo the intangible assels durlng it5 developmenl The amount initially recognised for in1emal generated assets is Ihe sum of the expenditure incurred from the date when the inlongible os5els meets Ihe recognition crileria lisled above. Where no inlernolly generated inlangible assets can be recognised. developmenl expendilure is recognised in profil and 1055 In the period in which11 is incurred. Subsequent lo initial r8cognilion, inlemalty generated inlangible os5els are repoiled al cost less accumulated omorlisolion and accvmulaled impairmenl losses. on Ihe some basis a5 inlangible assets that are acquired seporolely. Amorlisalion is recognised so as lo wfile off the cost or valualion of ossels less their residuol values over their useful Ilves on Ihe following bases: Computer soflware 5 years slraighl line year5 Al each reporling dole the chafily assesses whelher there is any indication ol impoimenl. If such indication exisls, the recoveroble amount of the asset 15 delermined which is the higher ol ils lair value less costs to sell and ils value in use. Tanglble Ilxed assels Tangible fixed assels c05ting £250 or more ore capilali5ed and Tecognised when future economlc benefits are probable and the cost or volue of the asset can be measured reliably. Tangible fixed ossets are initially recognised al cosl. After recognilion, under Ihe cosl model, tangible fixed assets are measured al cosf less accvmulated depreciolion and any accumulaled impairmenl1055es. All costs incurred lo bring a tangible lixed asset inlo its intended working condition should be included in the meosurem&nl of cosl. Depreciation is charged so as lo allocole the cosl of langible fixed assets less their residual volue over their estimaled useful livès. using the slraighl-line method. Depreciotion is provided on Ihe following b05es: Fixlvres and fillings 5 years slraighl line Page 12 continued...
SAIL TRAINING INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - conllnued Tanglble lixed assets Computer equipmenl - 3-5 years slraighl line A review for impairment of a lixed assel is caTried out if events or changeg in.circumslances indicole that Ihe carrying volue of any fixed assel may not be recoverable. Shorlfalls between the corrying value of fixed assels ond Iheir recoverable amounts are recogni9ed os impairments. Impaiiment losses are recognised in the Stolemenl of Financiol Activilies. Inve51menls Investments in subsidiaries are valued ot cosl less provision lor impoirmenl. Forelgn currenclès Monetory assets ond liabilities denomirlated in foreign CLKrencies are ITansk]ted into sterling al rates of exchange rvling al the reporting dale. Tionsaclions in foreign currencies are Iranslaled inlo sleiling at the (ale rufing on the dole of the Iransaclion. Exchange goins.and losses ole recogni5ed in the Consolidaled Slolemenl of Financial Aclivilies. Penslon cosls and other post-rellrement benellls The Chaiily operales o detined conlribulion pension scheme. Contributions payable lo Ihe Chorily's pension scheme ore charged lo Ihe Slalemenl of Financial Aclivilie5 in the period lo which they relate, Operatlng leases: the charlly as a le$see Renlals paid under operoling leases ore charged lo Ihe Statement of Financial Aclivilies on o straight line basis over Ihe leose term. Flnanclol In$trvments The Charily only enters into bosic finonciol inslrumenl Iransoclions Ihal result in the recognlllon of linoncial ossels and liabilllies like trade ond other deblors ond cr&dilors. loons from banks ond other third parties, loans lo related parties ond inveslmenls in ordinary shares. Short lerm deblors and credilor5 ore measured al Ihe Ironsoclion price. Other finoncial instrumenls, including loons, are meosured initially al lair value. net ol Iransoclion cosls, and are measured subsequently al amorlised cosl using the effective inleresl melhod. less any impalmenl. Financial liabililies and equity ore classitied according lo the subslonce of the tinancial inslrumenl's contractual obligalions. rolher Ihon the financial insloJmenl's legal fom. Financial assets and liabililies ore offsel and Ihe nel amounts presenled in Ihe finuncial slalements when there is a legally enlorceable right to sel off Ihe recognised omounls and Ihere is an intention lo sellle on o nel bosis or lo reolise the asset and sellle Ihe liability simulloneously. Cash ql bank and In hand Cash ol bank and in hand includes cash and shorl-letrn highly liquid inve5tmenls with o short malurily of Ihree months or less from the dale of ocquisilion or opening of Ihe deposil or similar account. Page 13 conlinued..,
SAIL TRAINING INTERNATIONAI NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION The preparation of the linoncial slalemenls requires monagemenl lo m(Jke judgemenls, estimates and assumptions Ihot allecl the amounts reporled for ossels and liubililies as ol the bolonce sheet dale and, the omounls reported for revewes ond expenses during the yeor. However, the nalure of eslimotion, méans that actual oulcomes could differ from those estimates. DONATIONS AND LEGACIES 2024 2023 Donations 52,481 43,725 OTHER TRADING ACTIVITIES 2024 2023 Annual conference Olher income 99,347 76.509 127,830 30.527 175,856 158,357 INVESTMENT INCOME 2024 2023 Bonk inter851 GIFT AID 2024 2023 Gift old 152,897 124,521 CHARITABIE ACTIVITIES COSTS Direct Cosls Suppoil C051s Totals Charity operoling costs Conference costs Projecl costs Bursary costs Governance Unreali5ed foreign exchange movement on reserves 107.316 65,134 53,484 145.737 253,053 65.134 53,484 29,300 35,297 35.297 1.755 1.755 290,531 147.492 438.023 Salary costs ore included within the chorily operating cosls category of which £5.931 12023 - £34.3371 relales direclFy lo Ihe orgonisalion of the conference. Chorily consultancy c0515 are included within Ihe char(ly operoling costs calegory of which £7.032 relates directly lo the orgonisalion ol the conterence. Page 14 conlinued...
SAIL TRAINING INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS - conllnued FOR THE YEAR ENDED 31 MARCH 2024 NET INCOME/(EXPENDITURE} Nel incomellexpendilurel is sloled afler charging/lcredilingl- 2024 2023 Deprecialion- owned assels Compulei software amortisalion Auditors, remunerolion - audit Operaling lease rentals 4,590 7,514 3.799 7.550 8,400 20,orx) 19.5(X) TRUSTEES, REMUNERATION AND BENEFITS During the year, no Truslees received any remunerolion or other benefils12023 - £NILI. T¥ustees' expenses During the year ended 31 March 2024. expenses tolalling £7.24812023 - £6.4591 were reimbursed or poid directly lo Trustees. io. STAFF COSTS 2024 2023 Wages and solarie5 Social securily costs Other pension costs 75,799 8,507 6,740 31,738 2,881 2,654 91.046 37,273 The overage monthly number of employees during the year wos as follows.. 2024 2023 stall numbers The number of employees whose employee benefits (excluding employer pension coslsl exceeded £60,0(K) was; 2024 2023 £80,001- £90,000 Key management personnel solary lololled f£4,306 in the yèar12023 - £34.6191. Page 15 consinued...
SAIL TRAINING INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 INTANGIBLE FIXED ASSETS Computer software COST At l April 2023 and 31 March 2024 37,750 AMORTISATION At l April 2023 Charge for year 24,469 7,514 At 31 March 2024 31.983 NET BOOK VALUE At 31 hlarch 2024 5.767 Al 31 March 2023 13.281 12. TANGIBLE FIXED ASSETS office &qvipmenl ComputeT equipment Totols COST At l April 2023 Addilions Disposals 607 14.005 16071 11.642 5,158 17,4361 12,249 19,163 18,0431 Al 31 March 2024 14,C()5 9,364 23,369 DEPRECIATION Al l April 2023 Charge for year Eliminaled on disposal JO 1,217 16071 0,853 3.373 17.4361 7,353 4,590 18,0431 Al 31 Morch 2024 1.110 2,790 3.900 NET BOOK VALUE Al 31 March 2024 12,895 6,574 19,469 Al 31 March 2023 107 4,789 4,896 Page 16 conlinved...
SAIL TRAINING INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 73. FIXED ASSET INVESTMENTS Shore5 in group undertaking MARKET VALUE At l April 2023 and 31 Morch 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 There were no investment assets ovlside Ihe UK. The company's investments al Ihe balance sheel dale in the share capital of companies include Ihe following.. Toll Shlps Race5 Internallonal Llmlled Regislered office: UK Nalure ol business: Organisalion of Tall Ship5 Roces Class of share: Ordinary holding 2024 2023 Aggregate capilal and re5erve5 Profil lor the year 592,074 581,853 163,093 171,093 Tall Shlps Inlernollonal Llmlled Regislered ollice.. UK Nolure ol busine55.' Dormont Class of share: Ordinary holding 2024 2023 Aggregate capilal and reserves Sall On Board Ilmlted Regislered office: UK Nature ot business.. Dormant Class of share: Ordinary holding 100 2024 2023 Aggregate capital and reserves All subsidiary undertakings are regislered al Unil 9 Cooperage Green. Royal Clarence Yard, Wèevil Lane. Gosport, Hampshire. PO12 1 FY. All subsidiarie5 are included wilhin Ihe consolidoled financial slolemenls. Poge17 conlinued...
SAIL TRAINING INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 14. DEBTORS: AMOUNTS FAILING DUE WITHIN ONE YEAR 2024 2023 Olher deblors Accrued ir>come Prepayments 2,981 48,396 17,495 443 2,543 68.872 2,986 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Tiade creditors Amounts owed lo group underlakings Social securily ond olher taxes Accruals and deferred income 30,472 8.158 3,280 23,878 33,190 8,051 11,005 65,788 52,246 LEASING AGREEMENTS Minimum leose payments under nonvcancelloble operaling lease5 fall due as follow5: 2024 2023 Within one yeor Between one ond five years 8.500 14,167 16,667 22,667 16,667 17. MOVEMENT IN FUNDS Net movement in funds Transfers befween funds Al 31.3.24 At 1.4.23 Unrestrlcted lunds General fund Designated 143.534 124,4921 {12.7821 127,9471 27,947 91,095 15,165 143.534 137.2741 106.260 Restrlcled funds Sullon of Oman bursary fund Ross MacDonald fund Canadian Legacy fund Marlow Navigation fund Willem Kok fund 20.512 3,911 81.178 17.4651 13,9381 115.2731 1271 27 13,020 65.905 5.500 1.661 1.661 105.601 119.5151 86.086 TOTAL FUNDS 249,135 156.7891 192,346 Page 18 continued...
SAIL TRAINING INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 17. MOVEMENT IN FUNDS . contlnued Net movemenl in funds. inckjded in the above are as follows: Incoming resources Resources expended Movement in funds Unrèstrlctèd funds General fund Designaled 328,993 2.184 1353,4851 114,9661 124,4921 112,7821 331,177 1368.4511 137,2741 Reslrlcted lunds Sultan of Oman bursary fund Ros5 hAacDonold fund Conodian Legacy fund Marlow Navigation fund Willem Kok fund 42.896 150,3611 13.9381 115.2731 17,4651 13,9381 115,2731 5.5iJJ 1,661 1.661 50.057 169,5721 119.5151 TOTAL FUNDS 381,234 1438.0231 156,7891 Compaiatlves for movemenl fvnds Nel movement in funds Transfers between fund5 Al 31.3.23 Al 1.4.22 Unreslllcted funds General fund 162,516 118,9821 143.534 Restrlcted funds Sullan ol Oman blffsary fund Ross MacDoDald fund Aalborg Kommune fund Canadian Legocy fund Burnell fund 36,387 3,911 1.027 113.976 115.6751 12(K)I 20,512 3.911 11.0271 132,7981 16.tK)O) 81.178 200 IS5,SXII 105.601 TOTAL FUNDS 323.617 174.4821 249.135 Poge 19 continued...
SAII TRAINING INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 IIAOVEMENT IN FUNDS - contlnued Comporalive nel movement in funds. included in the above are os follows,. Incoming resources Resources expended Movement in funds Unreslrlcled fvnd5 Generol fund 283.459 1302.4411 118,9821 Restrlcled lunds Sultan of Omon bursary fund Aalborg Kommune fund Conodian Legocy fund Burnell fund 43.145 158,8201 11.0271 132.7981 16,000) 115,6751 11.0271 132,7981 16,0001 43.145 198,6451 155.5001 TOTAL FUNDS 326.604 1401.0861 174,4821 Sultan of Omon bursaiy fund Support and assist the parlicipalion of young people in roce events organised by Soil Training Inlernalional. Ross MacDonold lund To be spenl in Ihe odvoncemenl of Soil Tiaining Inlernalionol on specific ilerns jointly agreed between STI and Ross MacDonald. This fund was luNy spenl in the cent year. Aolborg Kommune fund To be spent assisting the Sail Training Inlernolional Youlh Council aclivilies promoting and delivering Sail Training. This fund was IlY spent in Ihe prior year. Conadlan Legacy fund Support and as51sI the porliclpalion of young Canadians in 5011 Troining. Burnelt lund Support people with o disabilily of any oge to parlicipole in a sail training voyage.This fund was fully spent in the current year. Marlow Navlgallon lund To be spenl allowing disodvantaged ople to parlicipale in a sail Iroining voyoge. Wlllèm Kok fund Support and assis1 the parlicipalion of young people in race even15 orgonised by Sail Training Inlernolional. Page 20 continued...
SAIL TRAINING INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS . conllnuèd FOR THE YEAR ENDED 31 MARCH 2024 18. RELATED PARTY DISCLOSURES The charity is exempt from disclosing relaled party Ironsactions in the form of donalions from the subsidiory by virlve ol Charilies SORP.. 9.18. 19. IEGAL STAYUS OF THE CHARITY The Charity is a company limited by guaronlee and has no shore copilal. The fiability of each member in the evenl of winding up is limiled lo £1. Page 21
SAIL TRAINING INTERNATIONAL DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME AND ENDOWMENTS Donallons and legotles Donolions 52,481 43.725 Olher Iradlng actlvllles Annual confer&nce Other income 99,347 76,509 127,830 30,527 175.856 158.357 Investment Income Bank inleresl Gltt Ald Gift aid 152,897 124.521 Tolal Incomlng resources 381,234 326,604 EXPENDITURE Charltable acllvlllès Wages Social s8curily Pensions Consultancy Bank charges Legal and professional Audil and accounts Svbscriplions Employment cos15 Tiovel, accommodation and subsistence Bursary costs Project costs Marketing Conference costs Receplions Rechorge 75,799 8,507 6.740 10.446 3.247 8,548 31.738 2,881 2,654 3,896 2,600 1,602 8.400 391 546 25,477 20,590 84.231 7,586 90,916 351 546 9,297 29,299 53.484 7.775 65,134 1.371 987 290,531 283.508 Support costs Management Poslage and stationery Office costs 140 28.654 15,327 28,794 15,428 This page does nol form port of Ihe slatutory financial stotemenls Page 22
SAIL TRAINING INTERNATIONAL DETAILED STATEMENT OF FINANCIAI ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Managemenl Flnance Movements on foreign exchange Overhead allocation Deprecialion of tangible fixed ossels 4.455 102.139 12,104 3.864 86,925 11,361 118.698 102.150 Total resources expended 438.023 401,086 Nel expendllure 156,789) 174,4821 This page does not lorm part of Ihe stolulory finoncial stotements Page 23