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 othe￿iSe
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 othe￿ise 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 tO￿ard
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 2￿6.
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 c￿d 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 c￿ent year.
Aolborg Kommune fund
To be spent assisting the Sail Training Inlernolional Youlh Council aclivilies promoting and delivering Sail
Training. This fund was I￿lY 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