REGISTERED COMPANY NUMBER: 04686048 (England and Wales) REGISTERED CHARITY NUMBER: 1096846 REPORT OF THE TRUSTEES AND FINANCIAL STA TeMENTS FOR THE YEAR ENDED 31 MARCH 2025 POR SAIL TRAINING INTERNA TIONAL TC Group Sulle 4 2ncl Floor New Kings Court EaslleSgh S053 3LG SAIL TRAINING INTERNATIONAL CONTENTS OF THE FINANCIAL STATEMENTS POR THE YEAR ENDED 31 MARCH 2025 Pag• Releren¢e und Admln15tralfve D•lalli of the Charlly Ils Trusl••i and Advlieri Report ol the TruJle•s 2to9 R•port ￿the Indep•nd•nt Audllo 1010 12 stalem•nl ol Plnanclol A¢llvltl•• 13 Coniolldat•d Balanc• Sh• 14 Chailfy Balanc• Sheèt 15 Coniolldat•d Stal•m•n* ol Coih Flow Not•1 to lh• Flnan¢lol Slat•m•nli 17to29 SAIL TRAINING INTERNATIONAL REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Reglslered Company number 04686048 IEngland and Wales) Regl$tered Charlty number 1094846 Reglslertrd offlce Unil 9 Cooperag& Green Royal Clarence Yord Weevil Lane Gosporl Hoinpshiie P012 IFY Trust••i J C Cheshir6 IUKI- Resign8d120.11.241 E Coi'wlr) (Norway) D F Galpln IUKI M C Henslock (Austrollol J K Hughes IUSAI R Miirbacas |Spainl - Rosign@d l?9.10.241 A P Van Ommen INelh&rlandsl - R&slgned |20.11.241 L Weweler IG&rmanyl L C Gross Mud1@ IUKI J M DignoiilUKI P J Colton IUKI IAppointed 18.9.241 J A George IUKI - IAppo5nted 22.11.241 Ch1￿ execullv• offl¢•r A Jomes ILJKI Company S•cr•lory A James IUKI Avdlto TC Group Suile 4 2nd Floor New KSngs Court laslleSgh S053 3LG REFERENCE AND ADMINISTRATIVE DETAILS Sollcltori Por15 Smith l London Road Soulhomplon Hampshire S0152AE ankeri Lloyds TSB plc 20 High Slreet GL)sporl Hampsh￿ P012 IDE SAIL TRAINING INTERNATIONAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The Trusteeg are ploa5ed lo report (J successful 2024 season wilh Ihe Toll Ships Rac.es being held In the Bolti¢ Sea having been concelled in 2021 due lo the pandemlc ond flnonciol improvement for the Charity. Below Is their reporl logelher wllh the Financial Slalemenls loi the peilod ended 31 March 2025. Obl•ctlv•J and Publlc leneflt The objectives ol the Charlly are lo enable young people of all nallonalilies, cultures and lailhs to develop Iheii. physicol, mental, ond spiritual copacily, Ihiough soil Ii"oining. ond embroce a healthier lifestyle 50 Ihot they may grow to lull molurily 0$ individuals ond useful members ol soci&ly. Ir) 2024 public benefit includf)d a life-changing odvenlure lor some 4.500 crew members, &ducalSonal or)d cultural experiences lor oround 2.8 mllilon vlsltors lo our events. ond linanclal support lo over 500 young people. Thli hos been ochieved through our prlnclpol o¢tivilies'. lol th& promotion and organ15011on ol Tall Shlps Races and other regalla5 and ev8nls Sn all parts ol the world. Ibl assSslance to young people for Ih6k porlicipation in sail ti'aining actlvltl&s IncludinG the lacililolion ol funds received lor dlstrlbullon and by provSdSng asslslanca to thos& olhemlse unable lo alford to do so. acling os o forum lor promoting co-op&ration belween the Notional Sail Training Organisalions who are Ihe Mombors ol tho CharSly and olher organisalions throughout the world Involved in soil Iraining or hoving .Elmllor oblecllvos. Idl representlng the Interests ol such organlsallons wllh Inl&rnatlonol organi5allon5, government deporlm&nls ond other cspproprialo bodios oll moller5 reloling lo sail Irainii)g gE)nerally and pcJilSculurly iii relolion lo safely ol porticlpanls, clas5ilicotlon ol vessels, cerlificalion ond b8St prac15c8 ond Ihe prollclency ol personnel. carrylng out, comm1551onlng, or supporting r05@ui'ch. survey5, sludles, or olher work relatiiig lo Ihe btsneli15 ol sail Iroinlng lor tha dev8lopm&nl ol young people and publishing the ro%ull% ol surh rf)search ond other anclllory wrflten or other mo18rlols,' ond 111 ihe provlsion o15upport ond encourog&menl lor sall IrainSng goneral￿. In selllng our pollcy for achlevlng our objectives our Trusl&g5 olve serlous consid&rallon lo the Charlly Commlsslon's general guldanc8 on publlc benelS1. 'Soll Irolnlng, In thSs context meons mora than lèaching people lo soil. 11 descrlb85 the use ol odvenlurous acllvllies al seu to help young people develop conlldence, Irvst In others, tolerance, and leamwoik. It olso, on boord shlp and In port, brlngs together people from many dlllerenl nollonoli1Ses, cultures. ond lailhs lo promote international friendship and understanding. A lyplcal sail training 6ixperience lor o Iroinee would be lor a durolion ol one week and would er)composs oclivilie5 such a5 watch duly, steering, line handling, climbing the mast, holsting the soils, leorning navlgallon skills, rnainlenance ol Iho vessel and knot fySng. Our aclivllles ore planned lo enoble young people lo experlence Ihe benefit5 of soil training in parllcular by: Cr8alSng opporlunilles Ihrough eyenls run by the Chorily'5 trading subsidiary. Promoting ond sUPPOrting other sall IroinSng opportunllles Providing bursary funding lo young people Encouraglng host cities 10 support soil Iroining. Creating owareness of sail Iroining wilh the public Evenls and Related AcNvlllei The Chorlly, Ihrough its Iroding subsidiory, continues to promote and organise Tall Ships Races and Regotlas wSlh the emphosis on the porlicipolion ol young people ol all notionalilies. Each year the involvement of toll ships from all over the world in our even15 provides the m05t V15ible example ol the proctical fuifilmenl of our objecfive5 in Ihree complementary ways.. SAIL TRAINING INTERNA TIONAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Thèy create opporlunili&s lor young people lo experience sailing on a loll ship and th& personol development such an experSence con offer. They generate funds both IQF the poitlcipaling Tall Ships and lor the Charity lo use lor bursary fundlng or research. und They f051er best praclice lor sail trainers ond promote soil training generally through exposure ol the parllclpaling tall ships to the public when berthed In the race host ports. Event In 2024 Each year our trading subsldS0ry orgunlseg the Toll Ships Races. The sea area for these rololès onnuolly through 4 sea oreas and the number ol host pofls Involved Is usuolly 4 or 5 bul in 202411 was exlended lo 6 ports for the Ilrst Ilme. The Tall Shlps Roces 2024 look plac8 In the Baltlc Sea and vlslted slx ports In Flnland IHelsinki and Turkul, Alond Islandg Imorlehomnl, Llthuanla IKlaSpedal , Estonlo ITolllnnl and Polond Iszczeclnl. Dlreclly through the event th8 lollowino was achieved: Over 4.500 crew ond Irainees parllclpaled Sn Ihe evenl. Over 500 traln6&5 recelv&d o bursory from ellher Soll TralnSng Inleinallonal or th8 host ports, 61 ve59els look part in tho ov&nl Irom 16 dillerenl counli'ies. Approximcslely 2.8 million visitors viewed the Tall Ships in th& slx host ports. Cuir•nt Ev•nli and Pluni One event has been scheduled lor 2025, the Toll Shlps Races 2025 which will be o S port evgnl. 11 Is anlScSpoled that In 8xc&ss 01800 Irolnge5 wlll have a r8c&lved a bursary from eHhar Soll TraSnlng Inlernatlonal or the h051 ports lo partScSpal& In this evenl. Th8 Tall Shlps Races 2025 wlll toke ploce In the EnglSsh Chunnel and North Sea and will visll Ilve ports storting In Le klovre In Fronce followed by Dunklrk In france, Ab6rdeen In Scotland, Krlstlon50nd In Norway ond 1Snlshlng In Esblerg In D6nmcJrk. In oddillon to the 202J evonl, Wf* are olso pleased to announce thol flve ports hove b88n conlrocled lor 2026 ond we currently hove three 2027 ports lor th& Toll Ships Roces, We will place grcAaler ornph0515 on 01Sgning Sall Trainii)g Ii)leinollonal's OPfgrulSons wllh o meariinijlul environm8nlol 51rolegy. This slrolegy w511 help us beller understand our role In educotir)g Iraine85 about their responslbllllle5 05 cuslodlans ol the oceans ond the plonet, und the parl we all play In oddr&sslng cllmat?. Pundralilng The Charity doe5 nol employ dedlcaled lundralslng stall. Hllherlo th8 prlnclpal source ol Incom6 is Ihal generated by the subsldiorles Ihrough roces and regattas. The Trustees ure currenlly reviewing the ski115 matrix ol &xisling Trustees and will look to oppoSnl a new Trvslee with experl&nce in both philanthropic donations and 5pon50r5hSp. Yet agaln, we must record our thanks lo the Royal Navy ol Oman lor its generous onnual grant of É50,000 lo our reslrlcled funds lor Support to individual trainees and sail training operators. Now in its 14th year the scheme hos helped hundreds of young people since il w05 launched. Support for Indlvlduoh and Iall tralnSng operaloTS In addition to operallng Tall Shlps Races and other events Ihe Chorify ulllises its own funds lo provide direct assistance to young people who mighl olhewise not be able lo parlicipole in and benelil from soil Iroining. STI Bursary Sch•m•s Our Ho$1 Port Bursary scheme, whereby host ports commit In their contract5 wilh us lo provide funding lor young people in theii area lo sail on board Tall Ships porlicipoling on our roce5, continues to provide a high number ol SAIL TRAINING INTERNATIONAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 locol young trolnees. Each host port lind5 115 own way to meet their commitment to the scheme and we estimate thol in an average year Ihe Host Port bursary programme as a whole h05 on equivolenl bursary value in excess 013(X),000 Euros. Svltanale ol Omun BuI￿ry kh•m• The Charlly Is pilvlleged to have enloyed long term support from the Sultanate of Oman, whlch ha5 operated o Tall Ship 01115 own lor many years. The Sullonole h05 lor Ihe pas114 year5 funded o dedicaled bursary scheme adminislpred by Ihe Chority wllh o worldwide reach. In 2025 il will be th& 15th onniversory of the schema and the Sullanal& hos commilled to Support the bursary scheme lor o further 5 years To mark this occoslon 20 IraSnees from 19 nalionoli1Ses hove been selected to toke port In Ihe Glory ol the Sea5 voyage onboord Shobob Omoi). Al Ihe end ol the voyage. STI retxesenlullves will ullend the Sullan Qaboos Trophy presenlallon In Muscat and also sign a new 5 year Bu130ry ogreement with the Royal Navy ol Oman, Canada L•gaey Fund Thre6 projects were selected in 202310 take plac& in 2024 with 1Snanclol support from the Canada Legacy Fund. vlown Brlgonllne recelved $15,000 CAN lo develop and execute a project colled Resilient Youth '. Salllng Into Leodershlp lor 20 young morginalis&d people. Nova Scotia Sea School received $10,000 CAN lor Ihoir Youth Loadership Progrommg which deliver&d eight ocean based adventur&s In porlnershlp with ImmSgranl S&rvlc&s ol Nova Scolla. ISPA Jopon were awarded $10.000 CAN for thèlr Young Marlners Programme, whlch supporl&d young p&ople lo develop leudorship. ¢0￿per011ve and sell-sulllciency skills on a sov8n-day voyago. Youth D•v•lopm•nl Fund The Youth Dovolopmenl Fund was launched In 2019 to encouragg the dovelopm8nl ol morp ellecllvE> Sall Tralning programme5 lor young pftople from dlsadvantog8d sociol bockground5. Its purpose is lo support organisallon5- prglerably non-prolll- to delSver Sall TraSning progrommes Ihol wlll reach young peopl& from a mlxlure ol backgrounds, parllcularly those who hove been dlsodvanlaged. The Youth Developmènt Fund supporlgd three projects in ?.024,11 is funded from the Royol Novy ol Omon bursary scheme, ollerlng £25,0(x) lo support these prolectg loslering youth development. The CSdran Solling Trust wero oworded £1 0.OOD lor their Voyagos lo Recovery Project whlch supports young people livino wilh psychosis ond Struggle to engage wllh convenllonol Iheropies. Ths Dlsabled Sallors Agsoclallon were oworded £5.000 for Ihelr Soll Trolnlng Scheme whSch supported young, dSsobled 5ailor5 to achicve Royol Yoch* qualilicolions. World Ocean School were awarded £10,000 lor Ihelr Toll Shlp Imm8rslve Communlty L8ornlng programm8, a week long sa51 training voyage lor 10-14 year olds. These lund5 oppear under re51rlcled funds wllhln lh& CharSly's accounls, Promotlon of Sall Tralnlng Worldwldft: Inttrnotlonol Confer•nces'. An important element ol the Chorfly's octlvltles Is lo host on Intematlonal conference each year ot which our members can interocl with Toll Ships operolors, sail Irainer5, port authoritie5 and other marilime organisotlons, The Chorily orgonises workshops and seminars on many aspecls o15ail tiainlng lo encovroge be51 practice ond solety, as well 05 sharing the benefits ol different approaches and method5 lor the development ol young people in a sail training environment. The Conference a150 provide5 the opportunity lor oll Tru51ees, svbsidiory Board Members and Committee5 to hold their own meetings and meetings with volunteers ond other groups to increase awareness ol the issues thol impact on the achievement of our objeclives. The Sail Training Inlernational onnual conference was held in A Corvna in November and was deemed a greal SAIL TRAINING INTERNATIONAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 success with ov&r Iwo hundred delegates in attendance. As al th& 2023 Conference a number ol sessions were run as workshops, whSch encouraged con5truclwe disCU55ions amongst slokeholders ond w05 well received. The general leedbock wa5 Ihal STI15 lislenlng 10 stakeholders ond is becoming a mole collaborative organisation. Re*•arch Operators ol Tall Ships in general have no doubts concerning the benelits that accrue lo young people from a soil training voyoge. However, il 15 important lor those benelils lo be validoled by independent observ&rs and acodemlc research. The actlvllies ol Iho Chorlly Iherefore Include partlclpatlon In, and some lundlng for, research projects. Through Ils members and the Tall Shlps porllcipallng in ils events, the Charity i4 well ploced 10 05sisI in galh6ring data lor such projects. The10s1 year hcss seen some exclllng developmenls in the world ol sa51 Iralnlng reseorch wSlh our research Ilbrary lo continuo lo grow ond the launch ol 11)e Suil Training Inlernollonol Research Fund, a £1 0,000 fund aimod al lurllierlng knowl8dge ol the positive ellects ol soll Iroining. Flnanclal R•vl•w Th@ consolidaled income ol Ihe chorily and Ils wholly owned trading sub5idiory omounled lo £980,SOI 12024.. £1,361,834). Both Income and &xpendllur6 returned lo o one event level thus .%SgnllScanlly dlllerenl from 2024 when two events look place. Expenditvre durlng the perSod amounl&d to £941,24312021'. £989,642>. Al the consolldal&d level Ihls resulled In on Increase in reserves 01 £39,25812024'.372,1921. Re5erve5 01 the yEiar-end stood 01 £823,67812024.' £784,419). Th8 unraslrlcl&d r8s8rvg5 omounled lo £767,001 al year end whlch meets both the first and Second level crllerla eslabllshed Sn the reservE)s policylsee below) and comryiences addresslng the Ihlrd level, Overall, our Iradlng aclivllies hod 0 5urplu5 01 £262,861 12024.. £581,856). Our prlnclpol 50urc6 ol Iradlng Income durlng the perlod com85 from H051 Port fees drawn from long term conli'acls lor our events. The Trust685 regord Ihe results ochleved as very posSllve ond lurlher builds on the good recovery from the global pandemic. Enlhu5105rM arnong the SON training corrimunily lor our events remoins 51rong. Host porls havo alreody been conlruc18d lor the next two years ond the Trustees and ChS&l Execu15ve con look ah8od lo Toll Ship5 Roce9 ond olhei evenls planned lor the next few years and lo idenllly opporlunllles whlch may become avallabl8 and any major operational ond stroteglc chollenges that may ar15e. Theso even15 include Races in the North Sea and Weslefn Approaches. We are encouroged by the ongoing support lor our evenls Ii'om host ports whlch conlir)LJe lo eon51der our events to be a worthwhile economlc proposltlon lor Ihem and their communitles a5 well as promollng the Involvement of young people In soll trolnlng. Poit y•gr •nd acllvlty Thgre have been no post balcsnc8 she&1 events Ihot rèquire disclosure in lh8 financial slalements in accordonce wllh the Charlty SORP. The Toll Ships Roce5 2025 is on plan both operationally and tlnonclally. Spon$orshlp 5011 Training International continue lo operate withoLJt dlrect sponsorship. The Trustees have the long term ambition to securg addlllonol Income slreom5 of which Sponsorship is one. Rlsk Monogement and Reserve5 The Trustees revlew the risks laced by the Charity and ils Subsidiaries annually by carrying out a risk mopping exercise for both the Charity ond its Subsidiaries in occordance with the recommendations ol the Charity Commission. The moin iisk lo Ihe Charity is the ongoing prolilably ol its 5ubsidiurie5 which, via gift aid, provide it5 SAIL TRAINING INTERNA TIONAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 mclin source of income. To alleviate Ihls rlsk th& Trustees, monitor the performance ol th& Iroding subsidiary on a regular basis Including regular reports lo the Trustees on all key event5 being organised by the subsldlarles. The prSme rlsk Identilled lor the Irading subsidiary Is the polential failure to contract host ports for lulure events. This risk is addressed by seeking lo conlrocl ports 05 lar in advance os p055ible of each event and odlusting the Race Series to rellecl the relevanl ports once controcled. y Ihelr very nature the Tall Ships Races lake place In inlernational waters and could be sublecl to politicol and other evonls outside oui. control. The Boord5 01 Ihe trading subsidiary and the Trustees Iherelore consider polilicol and slrolEigic risks when making decisions lo organis8 evanls Iparticulorly in n&w s&a areosl ond keep such 15sues undar careful review on a regular basls. 80th Boards revSew Ihe iisk I'egisler throughoul the year ond the Chair ol Trusleeg, Cholr ol Subsidiary ond CEO complo18 o lull analysis ond evaluollon of risk5 annLJally. The Trustees hove recently r&viewed the Charlly's reserves policy and have looked al some ol the factors that dolermine our requirements loi. achl6ving ond maintaining certain lov6ls ol 'lr&e' resei've5. 11 has been agreed that reserve requlrements shoukj conlSnue lo be monllored wilh r&ler8nce lo threelgvels.. minimum level to cover th& cost ol 'winding up, tho organizalion In Ihe event ol all funding Comlng lo an or)d Ilhis would includo tho cost ol rodundancies, lease commilmonls, ond me&llng Short lerm liablllllesl. As 0131 March 2Q25 th15 IEJvel glnod at £80,000. Intermedlate level to allow lor the contlnuallon ol 'core' actlvllles lor a 9-month perlod In the event. ol signiliconl reduclior)5 In funding. As 0131 March 2025 this level slood 01 £270,000 and h5gher level lo provlde an endowment lo fund bursary support lor young p8ople, reseorch to further the alrr15 01 the Charity, and sp8clal piolect5 to pllol dSllervnl way5 01 promotlng the p8rsonol development ol young p@opI@ and losterSng inlernollonal IrlendshSp and under51andlng. Achlevlng Ihls levg15s o longer-term stralegy15-1 O y&arsl. For the purposes 012 obove, 'Iree' reserve5 ore taken to InclLJde unr8slrlcled fund5 ond reslrScted funds to the exleiil thal they 5upporl 'core' projecl oclivllles and do not conlroveng lundoi'5' 1.e51ilclioi)s. The Trustees will prlorltl$8 molntolnlng the unre51rlcted reserves over the next flnonclal year and mod&sl conlrSbule lo the level 3 crilerla Sel out above. Th8 Tru51eg5 ore a￿aYS mlndlul of the locl that the Chorily operates In o changlng envlronmenl which is $8nsllive 10 shllls In Inlernatlonal relallons and economlc success In dlll8renl cllles and reglons. With Ihi5 in mind they will revSew annually Ihe need lo designate Ivnd51o cover short term reduclions In lundlng, necessary changes lo operolionol aclivilies or orgonisalional Inlraslruclure and the Iransillon lo new funding arrangemen15 which have an Impact on short term cash flow. The Trustees revl&w the pollcy on a yearly b0515 lo ttr)sure that on opproprlate level ol reserves Is malnloined within tho Charily, in occordonce with Charity Commission guSdolines. Inv•stm•nt Pow•r¥ and Polky Under ils conslitullon, Ihe Chorily has the power to make any investment which the Trugtees see lil. The Tru51ees, hoving regord lo the rlsk and liquidity requir&men15 01 organising races and events ond to the reserves policy, have operaled a prudent policy of keeplng balances In o ronge ol moinly short-lerm instrumenls selected to generate the best return5, conslstenl wllh security. STRUCTURE, GOVERNANCE AND MANAGEMENT As o result ol the re-organisatlon Implemented in 2015 Ihe slrvcture ol Ihe Group is 05 follows.. San Tralnlng Inlernallonol I the Charlty 5011 Training Inlernolional is a company limlled by guarantee governed by its Memorandum and Articles of Association dated 4 March 2003 as amended in 2005. It 15 registered os a charity with the Charity Commission SAIL TRAINING INTERNATIONAL REPORT OF THE TRUSTEES POR THE YEAR ENDED 31 MARCH 2025 Charity Numbei 1096846. The Members ol Sail Training InlernatSonal are the nallonal or representative 5011 Iralnlng organSsollons ol: Auslrafioand N&w Zeolond. Belgium, Bermudo. Canada. Denmark, Eslonio, Finland, France, Germony, Hungary, Ireland, Iloly, Japan. Lalvlo, Nelherlands, Norwoy, Poland, Portugol. South Africa, Spain, Sweden. Unlled Klngdom, and Unlled Slate5 of America. Al th8 2022 AGNI th& m8mbers approvgd the applicotion Irom Abrov61ts to be a probotionary m&mb6r representing Brozil, Al 11)e 2024 AGM the Inember5 passed o resolullon lo suspend those members or probolionory member5 who hod not ollendsd any meetings in the pusl 3 years. On that basis th8 members voted Unanimous￿ to suspend members represenllng Lllhuanlo, Greece and Czech Republic, Slalus wlll be reviewed at the next AGM. In light ol the conllnulng Russian Invasion ol Ukrolne the membershlp vo19d to mainlain Ihe suspenslon of Rus51an mcmber5hip. The Trust•ei ore responslble lor slrolsgy ond pollcymoklng They are accounlable for the Charlly's ocllvllles ond lor ensuring that they are consistent wSlh Ils chorlloble obleclive5. They are also responslbl8 lor monaging the Churlly's allairs and in thi5 capuc'ily appolnl the Chlel Execullve and the directors of subsidlory companies. The Trusleos roc@bve no r&munoralion loi. their 5ei'vices. The Chalrmon ol the Truslees Ss dlr&clly elected by the Members for a Ihroe-year term bul Is &llglble lor re- eleclS0n. All Truit••i or& olso elected by th8 Member organi%olions and the longest serving ol Iham (being one third ol the currenl number) are requlr&d to reslgn eoch yeor ol the Annual General meollng but ai8 8nlllled to seek re-election. The Trustees a150 have power under Ihe Arllcles ol A550clallon lo oppoSnl new Trustees cjl any Ilme In Ilie year lo 1111 o vocancy, but ony poison 50 appolnled mu51 then be formal￿ rts-oppointed by the Membgrs ol the next Annual G8n8rol M8eling. Th& Trusleeg appolnt the Boards ol Dlrectors of the Iradlng subsldlorles ond sel Ihe terms of reference for other Commilte(95 ond woi'klng groups. Al the November 2023 AGM Jonolhan Cheshlre, the ChaSr ol Trusteès Informed the Membershlp he would not be seeking re-elecllon al th& end ol h15 currenl tenure (November 20241. During the yeor a 5elecllon process w(Js vnderloken by Ilie Truslee5 ond 11)e nomlnaled candidate James George wa5 pul bglore the membershlp ol the November 2024 AGM. The m81nb&r5hip voled in lovovr ol Jomes Georgg becomlng lh8 new Choir DI STI. Durlng the year Rovl Mlmbacas slood down as o Trustee and Paul Van Ommen dld not wlsh10 seek re-electlon al the November 2024 AGM. Lucy Grodle ond Phil Colton had bcen uppolnled os Tru51ees slnce the last AGM and therefore wore subject lo re-oppoinlmenl by the Members ot the AGM whlch was passed unonimou51y. Elnar Comin and Lena Wewgler both sought re-electlon as Trusl8es al the November 2024 AGM and were unonlmousty approved by the Membership, On the 2nd ol Oclober 2024 Einor Corwin stood down as Chalr and reslgned from Ihe Boord ol the 5ub5idiory company Toll Ships Race5 Inlernolionol Limited and Jan Van der Burg on exlsllng director w05 duly appointed os the new Chalr of tho 5ubsldiary company. Thls declslon was ralllied by the Trvslee5 Clt the November 2024 meeling 05 W05 the appolnlmenl ol Jack Dlgnan to the subsldiory Board as o director. In Ihi5 conl8Xt the Trvstees and the Chlel Executive regular￿ Consider Ihe nature ol th8 skills requlred by the Churfly and review the skilL4e15 01 exlsling appoSntees, both as Truslees and os Directors of the subsidiaries, having regord lo those who may be rellrlng In the neor future. The recon51ruclion ol the Group in 2015 was also an opporlunlly to ensure Ihol the Iroding 5vb5idiories have Board Members suSlable for Iheir ongoing aclivilies. The Member5 are notified of the gxperience and skllls requirements lor new Tru51ee5 and can put forward cfjndidotes. They are abo, prior to the nexl Annual General Meeting. provided with informolion on all Trustees who are seeking re-appointment or re-eleclion ol such rneeling. Many ol the candidate5 lor appointment a5 a Trustee will have a pre-existlng connection wilh or knowledge ol soil Iraining bul candidates are only put forward alter the Trustees and Ihe Company Secrelory ore 50tislied Ihaf Ihey understand their iesponsibililies and duliÈs as a TIu5tee ol a UK Charily. New Tru51ees are provided with SAIL TRAINING INTERNATIONAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 such information as Ihey rèquire wilh the process and loplcs belng loilored to each individual's background experience and knowledge. Trustees and Direclors have access lo the Comp(Jny Secretary and from lime to tlme receive addltional Iiolning Ihrough attendance ol workshops ond semlnar5 at InternationoS Conferences. Many ol Ihe Trustees and Dir&clors are ocllve In, ond provide advice and ossistonce lo, the National Sail Training Organlsollons INSTOS), who are Members ol the Charity, and other organisalions withln the 5041 Iroining world. The Chlef Execullve Is responsible lor Ihe day-104ay management ol the organi5ation's stoll and co-ordlnoting the aclivilieg and achievement ol the business plon ond budget opproved by the Truslpes. He is in regLJlar conlocl with the Chair5 01 the Charlly ond its 5ubsldiories concernlng conlroctuol and regulatory mallers and attends oll Trvslees meellngs and meelings ol the subsidiory boards. Th8 Charity hai e%labllshed rules for the beller managpment ond govemonce ol the organlsollon. known a5 the 'Red Book, This wos exlen51vely r6vl&wed and updol6d In 2022 and15 revi6wed from tlm& lo Ilme lo maintaln Ils relevonce. COMMItt￿l. Worklng Groups and Volunleers The Int•rnatlonal Coun¢ll compr15e5 0 repres8ntallve ol each Member and other Indlviduals, up lo a thlrd ol the lolal Inleri)alional Council, wlio are nominoled by tho Truslo&s lor Ihelr experli5e ond exporiencts and mu51 be oppi'ov&d by the Inlernolionol Council. Trus1005 arè also enlilled lo attend such me@lings bul have no vole, 'Ihe purpos8 ol the Inl&rnalSonol Councll Is lo ac.1 a5 an advisory body lo the Trusle&s and conlrlbulè lo pollcSes ond prolects lor Implemenlallon by Ihe Chorlly ond the Iradlng subsldlary. The Shlp$' Councll wos created 05 an advlsory group and Is open lo oll Ship Operators who ar8 involvpd with our &venl.4. The 05p8clg considered by the Council include regulolory, operolior)al ond safely mollers ond other Issues ond futur& plan5 lor the por15clpotSon ol Tall Shlps In our events. A representollve ol the Trustees atl&nds Ils meetlngs and reports back lo Ihe Trustee5 and the Inlernollonal Councll. The Youth Councll 05sisls th8 Trust8es lo Identlly and lake account ol the vlews ol young p8ople, already ocllve In the 5011 Iralnlng world, Sn dev8loplng slratèglgs ond acllvllles lor the luluie. Each ol Ihe Member5 15 enlllled lo nomlnale a represenlalSve and o Trustee 15 responslble I'or IlaSson between the Trustees ond STI Youth Councll. The current Chair ol STI Youlh Council 15 0 Trustee and ieporls dlrtsclly lo oach Inlernational Council meeling. The Port Advl•ory Group ond the Holt Port S•mlnar Iheld onnuolly dvrlng the Tall Shlps Races and hoslgd by one ol that year's host porlsl ocls 0$ conduS1 lor the Charlty and115 IradSng company lo recelve Input on Ils acllvllle5 and evE>nls from Ihis impoilonl slokgholder group. All membe15 01 th& ubove Comrnillees and Working Grovp5 are volun16er5, In addllian, the I'rading Componl&s I'8￿ upon o dedicaled codre of volunteer5 to help delSver Ihelr evènls, All members ol the ubove Commillees ond Working5 Groups are volunteers. In addlllon, the Trading Componies rely upon a dedicated cadre ol volunleers lo help dellver their ev¢nts. Subildlary Companl•i The Charity h05 three Whol￿ owned subsldiarles which ore seporgle Iroding componie5 to carry out dillerenl oclivilie5 ond which through Glll Ald pass oll surplus Income lo the Chority 10 055151 in enobling it lo lulfS1 its obj8ctives. The Chief Executive is a director ot each Irodlng subsldlory and, wilh the other Directors, responsible tor managlng their activitie5. The remunerotlon for Ihe CEO ond olher key employees is set by the Truslees having taken account ol market forces, the current cost ol living and other relevant indices. A mojoiily of the direclor5 01 the trading subsidiary ore unpoid volunleers. Tall Shlps Racèi Int•rn¢llongl Llmlted is responsible for stall and ollice inlraslruclure, the provision ol financial ond other service5, managing publicrffy UCtivilie5 and materia15. and oigani5ing the mojorily ol the Toll Ships Roce5 ond seminars. It hag porticular responsibilily for the race organisalion and appoints o Race Committee lor each roce series to provide advice on morilime ond safely issues. Its objecliveg are set by the Truslees of the ChorFIy. SAIL TRAINING INTERNATIONAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Toll Shlps Intèrnotlonal Umlled Is responsible for other roces ond gvenls the charity organlses or Is involved with worldwide that involve North Am&rico, including Consultancy conlracls. As there are no events under conlract that fall into thls category the compony iemolns ellectively dormant. Sall on Boord is currently a dormant compony. FINANCIAL STATEMENTS The Truilees ore regponsible lor preparing the Trustees, Report ond linonciol statements lor eoch financial period in occordrjnce with opplicable law and United Klngdom Accounting Slondards (Uniled Klngdom Generolly Accepted Accounling Practice) and lor ensuring thal such financial statements give a true and lalr vlew ol the stale ol ullalrs ol the charitable compony and the group, ond ol the incoming resources ond application ol resources, including Ilie income and &xp8nditure, ol the Charltab￿ group lor Ihot period. In preporlng these financial slalemenls, the Trustees are requlred lo.. 5olecl 5uilable accounllng policles ond then apply them consislenllv. observe the methods ond principles in the (:harilies SORP. make Ivdgemenls and sslimalgs Ihol are reasonable ond prudent. slate whether appllcable UK Accounting Standards have been followed. sublecl to any malerlal depurlures disclosed and exploined in the linoncial slalerricanls and pr@paro Iho linoncial slolemenls on the going concei'n bos15 unloss it is inappropriole to prosumo Ihal the chorllablè company will conllnu? Sn buslness. The Tru51ee5 are responslble lor k8eplng proper accounllng records whlch dlsclose wlth reasonoble accuracy al any limo the linonclal position ol Ihc charilablo company ond enoblg them lo ensure that thFJ linuncial slatem8nls comply wilh the Compani8s Act %)06. The Trustees are olso re5ponslbl& lor suleguardlng the 055els ol the charllable company and Ihe group ond hencg lor lokSng reasonable 51op5 lor the prevenllon ond delecllon ol Iroud ond other Tr@gulaillles. The Trustees ore owor8 ol th& Chorily Commisslon'5 Governonce Code and ore revl&wing th& Charily's governance Sn light ol the code. So lar a5 the Truslees al'e awore.. There is no r818vonl oudil inlormolion ol which the chorllrjble c.ompany's aLJdllors ore unoware.. ond rhe Trvslees have token all steps that they ought lo have taken lo make Ihems&lves aware ol ony relevant oudil Snlormallon and lo establlsh Ihot the oudilors ore aware ol Ihol Information. Thls r&poi* hos been prepared In accordance wllh Ihe speclal provlslons lor small componiès under Part 15 01 the Companles Act 2W6. Slgned by order ol the Trustees. R•glil•r•d Ottlc•: Unil 9 Cooperage Green Woevll Lang Gosporl Hampshrre P012 IFY A Jome$ Company Sec Approved by the Truslees on 2025. SAIL TRAINING INTERNATIONAL REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SAIL TRAINING INTERNATIONAL Oplnlon We have audlted the financial Statements of Sall Tralnlng Inlernallonal Ilhe 'parent charilabEe company'l and ils subsidiaries Ilhe 'group'l lor the year ended 31 March 2025 which comprise the Consolidated Slolemeril ol Financial Aclivilies. Ihe Consolidoled Bolance Shepl, Ihe Charity Balance Sheet, the Consolidoled 51olemenl of C05h Flows and related notes to the linoncial statements. including a summary of signlliconl accountlng policies. The Ilnanclol reporting framework Ihat hos been applied In Ihelr preparation 15 opplicoble low and United Kingdom Accounting Slandords (United Kingdom Generolly Accepted Accounling Practice) including Financial R&porting Standard 102'Th8 Finonciol Reporting Standard applicabl8 in the UK ond R8publlc ol Irelond, (United Klngdom Generally Accepted Accounllng Practlcel. In our opinion the linar)cial stalemenls.. give o true ond lair view ol the slate of the Group'5 and ol the parent charitable company's ollalrs os at 31 March 2025 ond ol th& Group's Incoming re50urce5 and opplicotion ol resources. Sncludlng Ils Income ond expendllure. for the year Ihen gndgd., hove bccn propeily prepai'ed in accordance wllh Ur)Iled Kingdom General￿ Accepted Accounllng Practice., ond hava been prepored In accordance wllh the requlr&ments ol the Componles Act 2006 ond the Charilies Act 2011 Basls for oplnlon We conducted our audll In accordance wllh Inlernatlonal Standards on Audltlng IUKI IISAS IUKII and oppllcoble l(Jw. Our respon5ibllitie5 undei those standards ara further dèsciSbed In the Audllors, respon51bllities lor th8 audll ol the Ilnanciol slolemenls seclSon ol our report. We are independent ol the Group in accordance wSlh the elhical roquiremen15 Ihal (Jie relevonl lo our audil ol the linanLial slalomenls in the UK, including tho FRC'S Ethical Standard, and we hovfi lullilled our other &lhical responsibilities in accordanc8 with Ihesg requirem8nls. We belleve Ihal the audll avldence we hove obtolned15 sulllclenl and approprlole lo provSdo a basls lor our opln50n. Conclusloni r•lallng to golng conc•rn In oudlllng th8 linanclol 51olemenls, we hav8 concluded that the trusl&es' use of the golng concern basls ol accounllng In the pr8paralSon ol the Ilnanclal slalem6n1515 appropriale. Based oli the work w8 have performed, we hov8 not identified ony malorial uncgrtainlies rololing lo events or condllions Ihot, Indlvldually or collectively, may c051 slgnilicont doubl on the Group'5 or the parent charllable compony's oblllly lo conllnue as o golng concern lor a perSod ol al least Iwelve months from when the Ilr)onclol slolem8n15 are aulhorised lor issue. Our responslbllH5es and the responslbSlllles ol the Iruslees wllh re5pecl to golng concern are descrlbed In the relevant seclSon5 01 Ih15 report. Olher Informullon The Irvslee5 are responslble lor the olhgr Snlormollon. The other Informallon comprlses the InlormolSon Included In the Annuol Report, olher thon th& Ilrlanciol statemenlg and our Report ol the Independent Audllors Ihereon. Our opinion on the linoncial slalemenls does not cov&r Ihe other inlormotion and, except lo the extent olh8rwise explicitly 51aled in our report, we do not expres5 any form of assurance conclusion th8reon. In connecllon wllh our audll of the Ilnonclol stotemer)ts, our responslbifily is lo read the other Inlomallon ond, in doing so, corisider whether the other inloimalion is materially inconsi51enl with the financial statements or our knowledge obtaingd in the audit or otherwise appeors lo be materially mis51aled. 11 we identify such molerial Inconsistencies or apporenl malerlal mi5s1alemenls, we are required lo determlr)e whether Ihis glves rlse lo a materiol mlsstalemenl in Ihe linonciol slolemenls themselves. 11, based on the work we have performed, we conclude Ihol there is a moterial misslalement of this other information, we are required to report 11)ol lacl. We hove nothing lo report in thi5 regord. Oplnlon$ on other matters prescrlbed by Ihe Companles Act 2006 In ovr opinion, based on the work vndertoken in the course ol the oudil.. the informolion given in the Report ol the Trustee5 for the finonciol year for which the financial slolemen15 are prepored Is consislenl wllh the linanciol statementg,. and the Report of the Truslees hos been prepared in accordance with applicable legal requirements. io SAIL TRAINING INTERNATIONAL REPORTOF THE INDEPENDENT AUDITORS TOTHE MEMBERS OF SAIL TRAINING INTERNATIONAL Matteyi on whlch we are requlied lo report by exceptlon In the lighl ol the knowledge and undeislanding ol the chorllable company and its environment obtolned in the course ol Ihe oudit, we hove not idenlilied material misslolements in Ihe Report ol the Trustee5. We hove nolhlng lo report in r&specl ol the following matters where the Componie5 Act 2006 requires us to report lo you il, in our opinlon.. odequole accounting record5 have not been kept or returns adequate IDr our oudil hove not been received from bronchgs nol visited by us., or the finoncial statements ore not In ogreemenl wSlh the accounllng records ond returns,. or cerloin disclosur&s ol Iruslee5' remuneration Specified by law ore nol mode,, or we have not received all Ihe inlormolion ond explonolions we reoure lor our audit., or the Iruslees were nol enlilled lo lake advanlog& ol the smoll companios 8xemplion from the requlremenl to prepar& o Slralegic Repoil or in preparing the Reporl ol Ihe Tru51ees. R•iponJSbllll•s ol trvil••$ As explained more lully in the Stotemenl ol Trusle&s' Re5pon5ibilili8s, the truste&s (who or6 0150 the directors ol the charltable company for the purposes ol company lawl are responslble lor the preparation ol the 1Snanclal stalemenls and lor beSng sallsll8d that they glve o true ond lalr vl&w, ond lor such Inlernol control as the Irvslees delermine is 1)&cossary lo enoble the preporulion ol linanclal slalernen15 Ihol are free from molerial misslalemonl, whether due lo Iroud or orror. In prgporing the IlnancS0l slal8m8nls, the Iru51ees are responslble lor us$6551ng the Group's and the porenl harSlable coryipcjny's abi1Sly to conllnue a5 a going concern, d15c1051ng, 05 applicoble, mollers related lo golng conctsrn and us5ng the golng concern basis ol (Jccounllng unless tho Iruste&s oilher Snlond lo liquidole Ihe Group or Iha porenl charitable company or lo ce050 op8rollons, or hov& no r&alisllc all8rnoliv8 bul to do so. SAIL TRAINING INTERNATIONAL REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SAIL TRAINING INTERNA TIONAL Our vesponjlbllllles for the avdlt of th• Ilnanelal $tatement$ Our objecllves ore lo obloin reo50noble 055urance about whether the ffnancial statements as a whole ore free from malerlal m155tatemenl, whether due lo Iroud or error, and Io is5u& a Report ol the Independent Auditors Ihol includes our opinion. Reasonoble os5urance is o high level ol ossurance. bul is not o guoronlee Ihol on audit conducted in occordonce wilh ISA5 IUKI will always detect o moteriol mi55talemenl when it exists. misslolemen15 can arise from fraud or effor and are con5ider&d molerial il, individually or in the aggregate, they could reasonably be expected lo influence the economic dec151ons of users taken on the b051s ol these Ilnoncial slalem&nls. Irregularltigs, Includlng Irclud. ore Inslonees ol non-compllance wllh lows ond regvlalions. We design procedures In Ilne with our responsibilities, oulllned above. to delecl materlal rni55talements Sn respect ol Irregularllles, including IraLJd. The exler)I lo which our procedures ore capoble ol delecling irregularities. Including Iroud is delaSled below.. We obtained an underslonding ol the legal and regLJlolory Iromework5 Ihal are applicable to the Group'5 and ol tho porenl chaiilable company's and d&lermined thal Ilie most signilicanl Iramework5 whbch are diroclly relevant lo specific asserlSons sn Ihe 1Snonclol slol8menls are those Ihol relo18 lo Ihe reporting framework ILJK GAAP and the Companles Act 20061 and the relevant tox compllonce regulallons In the UK. We und@rslood how the Group's and ol tho parent chariloble company is comptying with those frameworks by mcjking enquirios ol managomenl and those responsiblo lor logal and compliance proccduies. W6 corroboroled our enquSrles through revl8w ol board mSnutes and dlscusslon5 wllh Ih05e charged wSlh gov8rnance. Wè asses5 the suscepllbilily ol the chcjrily's Ilnonciol slalemenls lo material mis51018menl, 5ncluding how fraud mirjhl occur, by discussion wilh manogemenl from various parl% ol the business lo und8rslond wh&r8 they COn5id8red there w05 a sugcepllblllly lo fraud. W8 con51dered the procedure5 and controls that the company h05 e51abllshed lo prevent and delecl Ircsud, and how Ihe5e are monilored by monagement, and 0150 anv enhancgd rlsk laclors such a5 porlormance lorgel5. B05ed on our und8rslandlng, we designed our audlt procedures lo Idenllly ony non-compllonce wSlh laws and regulatlons Sd&nlllled in the porographs above. We cjlso perlormt3d audit work ov8r th8 risk of monoEJ8ment ov8rrlde ol controls, Including testing ol journol enliie5 and olher adluslmenls lor opproprioteness. evaluallng the busSness ralloncjle ol slgnillconl Iransocllons oulslde the normal covrs& ol buslnes5 ond revlewlng accounllng estlmoles for blo5. A lurlher de5crlpllon of our responslbi15lles lor th8 audit ol the Ilnonclol slalem&nts Is locoled on the Finonciol Reporting Councll's webslle al www,Irc.org.uk/oudSlorsr6spon51bllllles. Thls descrSpllon forms pc*rt ol our Reporl ol the Independent Avdllors. Use ol our report This report Ss mode g01&ty lo th8 chorltable company's members, as a body, In acrordonc8 wllh Chapter 3 01 Parl 16 01 the CompanSes Act 2006. Our audll work hos been underloken so Ihot we mlghl slote lo the charlloble company's members those matters we ure requlred 10 stole lo them In an audilor5' report and lor no olher purpose. To tho lullesl exlenl peimilled by low, we do not occept or assume responslbillty lo anyone olher thon the chorllatr)le company ond the choritoble compony'5 members a5 a body, lor our (Jvdll work, lor this report, or for the opinions we have formed. Richard Gille5pie FCCA (Senior Statutory Audltorl lor and on behalf ol TC Group Suite 4 2nd Floor New Kir)g5 Court Easlleigh 5053 3LG 1.5 Oc4.1, luis Dole.. SAIL TRAINING INTERNATIONAL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Vnr•8lrlGled lundi 2026 Yotd Ivnds 2025 Totol funds 2024 fund 2025 INCOME FROM: Donolions ond lagaclos Chorilable acllvllles other trading aclivitl&$ Inv95tmg1i1 income Totul 4,708 788,090 85,158 60,065 ?38621 41.880 46.588 788,090 85.158 60,665 980 501 52,506 1,164.778 102.419 42,131 1,361.834 EXPENDITURE ON CHARIIIA8LE ACTIVIIIES,, Tall Shlps Roc&s Chorlly oporullng eosls Con16renco Pfolocl eos15 Bursary costs Gov6rnnncè Unreallsed movemen15 on ltsrelgn exchuno& on r8seNes Rec&pllons 597.661 141.256 71,076 31.117 597,661 141,256 71,075 70,024 26,130 28.329 6,613 649,198 150,915 65,135 5.3.484 29.2 35.297 1,755 38,907 26.130 28,329 ,643 125 869,563 125 141.243 4,558 89,642 71,680 NET INCOMEIIEXPENDITUREI OV,058 129,800) 39.258 372,192 RECONCILIATION OP FUNDS Tolol lunds brouohl lonword Tolol funds corrl&d lorword 412.227 784,419 767 392 56,281 823,678 The Consolldotecl Slolemant of Flnonclol Aclfvllle5 Includes oll galns ond1055es recognlsed In the year. The nole5 on poge 17 form part ol Ih8s& Ilnonciol stalemenl5. 13 SAIL TRAINING INTERNATIONAL CONSOLIDATED BALANCE SHEET 31 MARCH 2025 2024 Totol funds Unr*$lrf¢ltd Ivndi fte$lrfcled lundi Tolal Ivnd$ Nol• FIXED A$$ET$ Intongibl& ass&ls Tongible asgels 4,127 4,127 5,767 19.469 25,236 19,381 19,381 CURRENT ASSEIS Debtors Cosh ol bonk and In hand 15 48,713 ,767,260 1,815,973 41,880 36,700 78,640 10,593 1604.020 1,694,613 163.829 1,923,814 2.087,643 CREDITOR5 16 787,553 21,966 809,519 798.861 NET CURRENT ASSETS 1028,420 1065 094 1.288,782 roTAL ASSETS LESS CURRENT LIABILITIES 1,047,801 56,674 1.104.d75 1,314.018 Credllors.. amount lalllno due more thon one ygar {280,8001 12aO,8001 1529,5991 NET ASSETS 767.001 823,675 784,419 FUNDS unl￿sIrIcl￿d funds Rèslrlrled Iiinds 767,CA)I 66,674 698,333 86,086 TOTAL FVNDS 823,075 784,419 The Trijslees acknowlèdge Ihelr re5ponsibilllies lor c.omplyina wSlh th8 r8qulr8m8nls ol the Act wilh respect lo occounllng records and preparallon ol linonclal sto18menls, These financial slolemen15 have been pr6pared In accordonee with the provision5 applicable lo enlSlb5 subj&cl to the small companies reglme. The Ilnancl I stalemenls wer& opproved by the Board ol Tru51e65 ond authodsed lor Issue on and were slgned on Ils behalf by.. e5-CEO SAIL TRAINING INTERNA TIONAL CHARITY BALANCE SHEET 31 MARCH 2025 2025 Total Ivnds 2024 Total funds Unf•$Mcl•d lundi R•$tslct•d fvndi Nol• FIXED ASSETS Inlanglbb assets Tanglbka ossèls Inveslmanls 4,127 16,254 4,127 16,264 5,767 19469 13 19.384 19,364 25,239 CURRENT ASSETS Debtors Cash ol bonk and In hand 15 10,402 541,725 552.127 41,880 36,760 78,6dO 62,W2 578,485 630,767 68,872 164.023 232.895 CREDITORS 16 21,966 65,788 NET CURRENT AsseTS 474 $36 167,107 TOTAL ASSETS LESS CURRENT LIABILIIIES 493,920 56,674 560.694 192.346 NET ASSETS 493 920 SO,674 660,594 192,346 FUNDS Unre51rlcled funds Reslrlcted Ivnds 19 493,920 56.074 106,260 86,086 IOTAL PUNDS 560 $94 192346 The Trusl&os acknowledge their re5ponsibilili9s lor complying wllh the requiremen15 01. Iho Act wllh respecl lo accounllng record5 and preparatlon offlnanclal slalements. These linanclal slalfamenls have been preparod in accordonce wllh th& provisions opplicable lo enlilie5 Subject lo the small companies r6gime. The I'nanclal statements were approved by the Board Df Trustees and outhorlsed for Issve on and were Signed on Sts bèhalf by; om -CEO 15 SAIL TRAINING INTERNATIONAL CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 Note 2025 2C>24 Cajh Ik*wi from op•rallng aetMtrI•$ Nel cosh uged In opertsllno acllviti$s 2CI 110.510 CrJ•h fk>w from Inv•thng aellvlll•i Purchase ol inlanglbl& lixed ass&15 Purchasa ol longible fixed ttsscls Nel cctsh provld&d by Invaslino activitlgs 14,6971 19.163 19,163 Cosh fli)ws Irom flntsncing acllv11165 Nel cash prOv￿*d by Ilnc•nclng acllvllles Chong• In caih and ¢aih •qutv(4•nlJ In thè y•ar osh and cosh èquivalonlg al the booinning ol the year Cosh and cosh &qvivalgnts ol the end ol the y&or 1119,794) 1,923,814 389.728 1.534.OB6 ,923,814 21 SAIL TRAINING INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Bosli of preparlng the Ilnanelal slatemen The financial slolemenls have been prepored in c*ccordonce with the Charities SORP IFRS 1021 Accounling and Reporllng by Chorilies: Slalemenl ol Recommended Proclice applicoble to charities preparing Ihelr account5 in accordonce with the Financlal Reporllng 51ondard applicobl&i in the UK and Republlc ol Irelond IFRS 1021 lelleclive l Oclob6r 20191, the Financiol Repoi'ting Slandard opplicoble in the UK and Republic ol Ireland IFRS 1021 ond the Companies Act 2006. Sa51 Training Inlernotlonal mee15 lh& delinitlon ol a publlc b&nelit entlly vnder FRS 102. As5els and Ilab51111es are inlliolly recognlsed al historical cost or Ironsocllon value unlgss olhewise slate'd in the relovonl oceounling policy. The linanclol slalement5 are pr6pared In slerlSng. whlch Is the lunclional currency ol the ¢harSly, Monelory amounts in Ihcse financial slolomenls ore rounded lo the nearest £. Baili of coniolldollon The Consolidoled Slotemenl ol Flnor)clol Actlv111es ISOFAI and Consolldaled Balance Sheet con501idal8 the linonclal slalemenl ol tho Charity and Its subsidiary undeilakings, Tho r&sull ol the subsidiaiie5 15 consolidoled on a lir)& by line bo$is. Inlercompany Iransoclion5 and balonces belween oioup compcanS&s or& ellmlnuled In lull. The Charlty has taken odvanlage ol th& exemptlon ollowed under 5ecllon 408 of the Companles Act 2006 ond ha5 nol presf*nled Ils own Stolemenl ol FSnancS0l Acllvilies in Ih(49(g Ilnonclol stolemenls. Golng con¢•rn The dlrectors hove consSdered all avallable Informallon regardlng cvrrenl and lulure laclors thal could mpacl the Chorlly and SIS subsldiaries and have concluded il is approprlale lo prrap(Jr& Ihe Ilnunclal 51018inenls on a golng concern basis. Durlng 2024 the subsldiory compony ran the Tall Shlp5 Rac8s In the Boltic Sea whlch addressed the Ilnal backloy from the pandemic. The evenl helped delivor a slgnlliconl surplu5 in the 5ub5idiary ol L260k whlch wlll further assSst th8 rebulldlng ol Ihe reseN&s. The reduced cost bose has been malnlaSned through 2024 ond ensures th6 organlsallon remalns lean bul rnalnlaln5 the requSred gxperlSse and bandwldlh lo dellver world c1055 events. Looklng ahead the posllion lor the Charlly and Ils subsldlory ov&r the next live yeors look5 P05illve.11 Is expecled thol four out ol the next Ilve years wlll generale o surplus wlth the excepllon belng 2027 when o smoll delicll 55 anlSclpal&d du& lo o smaller Tall Ship5 Roce5. Over Ihe live year period u surplus ol £1 Ook wlll be generoled. The Chai'ity will eonlinue lo work towards allalnlng the level 3 01 the reserve5 policy. Fund accountlng General funds are uniestrlcled lund5 whlch are available lor us& al the dlscrellon ol the Tru51ees in lurlhei'unce ol Ihe generol objeclives ol the Charlly und which have not been de5ignoled lor other purposes. Reslricted funds are Ivnds whlch are lo be used In occordonce with specific re5tricllons Smposed by donors or whSch have been roised by the Cl)oiity tor particular purposes. The cosls ol r0i5ing and administering such funds ore chai'ged ogain51 the specific fund. The aim and use ol each reslricted Ivnd Is sel oul in the notes lo the financial statements. Inveslmenl Income, goins ondlosses are allocated to the oppropriale fund. 17 SAIL TRAINING INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS - tontlnued FOR THE YEAR ENDED 31 MARCH 2025 ACCQUNTING POLICIES- contlnued Income All income Ss recognised once the Charity has 8nlitlemenl to the income, il is proboble that th& income will be recelved ond Ihe amount ol income receivable con be measured reliabty. The Group organises annuol roces from porls and one oll races ond other &venls in other ports ol the world. The h051 ports for each annual race in Europe conlroct with the group up lo four yeorg before the races toke5 ploce and makes onnuol poyment on accovnt. The Group is engaged In planning ond markellng ac*ivilles throughout the four yeor perlod lor eoch roce. Accordlngly the Group recognises as Income parl ol th& port lees received In each ol the yaar5 l&ading up lo the race. Ihe balance being taken in tha y8ar the rac& Ss held. The Group orgonises race5 and events In other geographi¢ol oreas which generally hove a shorler leod Ilme, To iecogni5c' the larger initial cosls involved in Ihese one-oll raLes or events the company lakes lo income on amount to cover ils costs in 8och year prior to the race, th& balance bebng token in the year ol the race. The Group seeks sponsorship Sncome lor Ils rocfgs and events. Where such income 15 recoivgd il 15 rocognisos In Ihe yeor ol the race or ovfrnt to which il relalos. The Group organise5 an annual conference. Incorne Is recelved from d&legoles allendSng the conference and from organSsallon sponsoring the conlarence. All such Income15 laken In the year that the conl()rènce takBS place. Any Income from donotlon r8celved by the charlly15 recogn15ed In Ihe perlod In whlch they are rec8lved. The value o15ervlces provSded by volLJnleer5 15 not Incorporated In these accounts (J5 the economlc bgnelll connol be measured rellablv. Dislribullon ol Gill Ald from the subsidiary to the porenl chority are recogn15ed In the parent charity's own linonclal slalemenl when Ih8y ar& approved by the dSreclors ol Ihe subsldiory. Inler@sl on funds held on dep051t1s Snrllided when r&ceSvobl8 ond Ihe omounl cali bg measured reliob by the Group,. Ihls Is normally upon nolSllcotion ol the Intere51 pold or payable by the Inslllullon wlth whom the funds are deposlled, Other incoma is r8cogn15èd in the perlod in whlch11 Is recelvable and lo the exlenl the goods hove been provlded or on complellon ol the 5eivlces, Exp•ndlture Expondilure Is recognisod once there 15 0 legol or conslrucllvo obligolion lo Iransler economic benefit lo a thlrd porly, il is probable that a transl2r of economlc benefits will b& required in selllemenl ond the omounl ol the obllgotSon can be measured reliobly. Expendllure is classified by aclSvlty. The costs ol eoch oclSvily are made up of the tolal ol direct costs and ghored costs, Sncludlng support c0515 involved in underlaking each aclivily. Direct costs allribulabl& lo o single activity are ollocaled directly lo that ocllvily, Shored c0515 which conlribijle to more than one aclivlly ond support costs which are not otlribulable lo a single acllvSfy are apporlloned between Ihosg activities on a basis consistent wllh the use ol resource5. Central sloll cosls cjre ollocoled on the ba515 01 lime spent, and depreclollon chorges allocaled on the porlion ol the asset's use. Expenditure on charltable acllvllles Is Incurred on directly undertaklng the aclSvllles whlch further the Group oblecllves. os well as c*ny ossocial&d support cosls. Support cosls ore Ihose costs incurred direct￿ in support of expenditure on the objgCt5 of the charity and Include Project monagemgnt carrled out ol Heod Ollice. Charitable activities ond Governonce costs are costs incurred on the Charity'5 educalionol operolion5, including support Costs ond c05t5 reloting to the govemonce ol the Charily opporlioned to choritoble oclivilies. SAIL TRAINING INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS - conllnued POR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES. ¢ontlnu•d Grants poyable are charqed in the yeor when Ihe ollei. 15 mode. Grants ollered subject to conditions which hove nol been met al the yeor end ore accrued as exp8ndllLJre ond held wilhin liabilities. Allo¢oled overheads Cerloin salctries and overheods lor Ihe Chorily ure pold by Toll Ships Races Inlernollonol Limited, which mokes on ovgrhead ollocation chorge to the Charity and each Iroding subsidiary, This charge Is bus8d upon lime costs spent In relollon lo the activities ol the Chorily ond each trading subsidlory. Taxallon The Chorily is considered lo pasi thp 18St5 s81 oijt in Parograph I Schedul8 IJ of the Finance Act 2010 ond therefore meets th& delinltlon ol o chorilable company lor UK cofporollon lox purposes. Accordlngly. the CharSly Is potentially exempl from laxatlon In respect of incom6 or copllol 9olns received wSlhSn calegorS69 covered by Chapter 3 Parl I l ol the Corporolion Tax Act 2010 or Section 256 0111)e TaxalSon ol C'horgeable Gains Act 1992, to tho extent Ihol such incom8 or gains ar& applied &xcluglv&ty lo chorllable purposes. Intanglbl• aii•ts Intangible ossels ocquSrod soparolely from o businrjss aro rocognis&d ol cost ond or& sub5equonlly measured al cosl195s aceumulal8d amorllsatlon and occumuloled Impalrm8nl1055es. -An Inlemally generated InlangSbl8 ossel arlslng from development Is recognlsed only when all ol the following have been demonstrated: lechnical1806ibilily ol eomplellng tha inlonglbl8 so that 51 Is avallable for us8 or 5018 Inlenllon lo complete the devglopmenl lo usè It or sell11 the abillly lo use the intonglble 0s5el how Ihe Inlanglblo asset will ggrieiolL probablo lulurs economlc benellls avoilabilify ol odequale technlcol, fSnoncial and other resources lo complete the d8velopmenl. lh8 obillly lo measure rellabty the exp8ndllure ollrlbule lo the Intanglbl8 asse15 durlng 515 development The amount Ir)51Sally recogn159d lor InIemol￿ generated ossels is the sum ol the expendllure Incurrod from the dote when Ilie Inlonglble ossels meets the recDgnilion crilerio 1Ssted obove. Wh8r8 no inlernolly generol6d Sntanglble ossels car) be recogn15ed, development expendllvre is recognlsed Sn profil and loss In the perlod In whlch11 Is Incurred. Subsèqu8nl to inlllol recoonlllon, Internal￿ generoled Inlonglbl8 ussels are reported ot cost less occumulaled omorllsalion and accumvloled Impalrmenl losses, on the same basls as Intanglble assets that are acqu5red separately. Amorli5alion is r6cognised so os lo wrile oll the c051 or voluallon ol ossel$1&ss their residual valuos over Ihelr useful Ilves on the following bases.. Computer sor￿ar6 5 yeors stralght Ilne years Al each r6porting dale th& chorily a55e55e5 whether there is ony Indlcallor) of impairment. 11 such Indlcallon exists, the recoverable amount of the 05sel Is determined which15 the hlgher ol ils lalr value less Costq lo sell ond ils volue In use. 19 SAIL TRAINING INTERNATIONAL NOTES TO THE FINANCIAL STATtMENTS - conllnued FOR THE YEAR ENDED 31 MARCH 2025 Tunglble flxed ass*ls Tangiblè fixed 055e15 costing £250 or more are ¢opi*afised and recognised when fulur8 economic beneflls ore probable ond the cost or value ol the ossel can be measured reliobly, Tongible Ilxed assets are initiolly recognised al cost. Aller recognllion, under the cost model. langlble Ilxed assets ore me05ured al cost less accumululed depreciation and any accumulotÈd impairment losses. All costs incurre.d to bring o longible lix&d asset inlo ils intended working condition should be included in the measurement ol cost. Deprecio1Son15 charged so as lo allocate the c051 ol longible fixed ossels less Ihelr rasldual value over Ihelr esllmalgd useful livos, usinq the slrolghl-1Sne method. DeprecSalion is provided on the lollowlng bosgs.. FixluTes and filllngs Compuler oquipmenl 3-5 yeor5 slraighl line 3-5 y&ori sli'aighl lino A revlew lor Impolrmenl of o IIx8d 055el15 corrled out11 evenls or chonges In circumstances IndScale that the corrylng volue ol any Ilx&d asset moy not be recoverable. Shorllalls belwetsn th& cariylng value ol Ilx&d osso15 ond their recoverablo tsmounls are I'ecogiiised as Impalrm6nls. Impolrmenl 1055es are r&cognlspd in Ihe.Slolfrment of Financlol Acllvlll&s. Inv•Jtm•nli InvL751menls sn 5ub5idSarles are valued al cost less provlslon lor Impalrmenl. For•lgn cuvr•ncl•i Monelory assets and Ilobllllle5 denomSnated In lor&lgn curr8ncleg are translalgd Inlo slerllng at rotes ol exchang9 rullng al the reporllng dale. Transactions In foralgn curr&ncle5 ore Iron51ot8d Snto sterling al th& role rullng on the dal& ol the IransaclS0n. Exchange galns ond losses or8 rècognlsed in the Consolldaled Slalement of Finonciol Aclivilies. P•nslon Costs and ¢lh•r poit.r•tlr•m•nl b•n•llli The Group operoles a defined conlribulSon pension scheme. Conlribulions payable lo Ihg Group pension 5chemo are charged10 Ihe Slalem¢nl ol Flnonciol Aclivilios in the period lo which they relole. Operatlng L•al￿. the group 0$ o l•ii•e Rentals pald under operoting leoses are charged lo the Con5011doled Slolemenl ol Flnanclal Aclivilles on o slroighl line b0519 over Ihe lease term. Flnanclal Instrum•nli The Charlly only er)lers into basic financial Snslrumenl Iransacllons Ihol result in the recognition ol Ilnanclal ossols und liobililie5 like trade ond other doblors and creditors, loans Irom bank5 ond other Ihird parlles, loans to reloled poilies and inveslm8nls in ordin(Jry shares. Short term debtors and creditors ore me05ured al the transacllon prlce. Other linoncial Inslrument5, including loons, ore meosured initially al lair value, nel ol Iron50clion cosls, and are measured subsoquenlly ot amorlised cost using Ihe ellective interest method, less ony impairment. Fln(Jnclcsl liabilitie5 and eqully are classified occordlng lo the 5ubslonce ol the financial Inslrumenl's contractual obligations, ralher than the financial inslrumenl's legal form. Finonciol 05sels and liabililies ore offs81 and Ihe net umounls presented in the linanciol statements when Ihere is a legalty enforceable right to sel off the recognised amount5 and there is an intention to 5etlle on a net basi5 or to realise the usset and Settle the liability simultaneously. 20 SAIL TRAINING INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS - conllnued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES . ¢ontlnu•d Cash at bank ond In hand Cash at bank and in hand Include5 cash and shorl-term hlghly Iquld inveslmont5 with a short moturity ol three months or ￿s$ from the dale ol acquisition or op&nlng ol the deposit or similur account. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OP ESTIMATION The prepcsrallon of Ihe financial slalemenls requlres management to make Judgements, e511male5 ond assumptions Ihol alfecl the omoun15 reported Iof ossels ond Ilabilllle5 05 at the balance sheet dole and, the amounts reported lor revenues and expenses during the year. However. the nalure ol eslimalion, means Ihol aclucjl outcomes could dlller from those 8slimalgs. The lollowlng ludgemen15 laparl from those Involvlng estimal851 hove had Ihe most signilicanl &lf&cl on amounls recognised in the linonclal $101gments. Payin8nl for Tall Ship Roceg & Regolla 8v8nls is lypically recelved s&v8rol years in odvance ol the roces taklng plac8. Managemenl hove revi6wed the pollern DI oclivlly and costs incurred r&lo15ve lo the dal ol a race, based on historical data, in ord&r lo delermlne the most appropiSate bosls lor recognising revenue. Rovonua is recogr)ised in th& accounls In line with the pallern ol the costs Incurred. Trade debtor balances outslandlng al the y&ar 8nd ar& slgnlllconl ond relate ID &V8nts loklng plac8 5everol years In the future. As a result, the r8cov8ry of these deb15 can be prolracled, Manogement assess th& recoverabillly ol deb15 on a regular basls. L•gal Statu• of th• charlly The Chai'Sly Is a company Ilmlled by guarantee and has no share capitol. The Ilablllly of each member in the event ol windlng up15 Ilmiled lo £1. DONATIONS AND LEGACIES Unr•ilrfcl•d lundA 2026 R•ilrScl•d lundi 2025 Total lunds 2025 Tolol 2024 Donollons 4.708 41,8BO 46,588 Total 2024 2,449 50.057 52,506 CHARITABLE ACIIVIIIES Unrejhlcted lund¥ 2025 R•ilrfcl&d Ivndi 2025 Tolol ILFndJ 2025 Tolal funds 2024 Tall Shlps Rc*¢os 788.OB9 788.089 1,164,778 Total 2024 1,164,778 1,164,778 21 SAIL TRAINING INTERNA TIONAL NOTES TO THE FINANCIAL STATEMENTS . conllnued FOR THE YEAR ENDED 31 MARCH 2025 OIHER TRADING ACTIVITIES Unr•itrl¢l•d lundi 2025 R•itslcl•d Ivndi 2025 Tolal Ivndi 2025 Ttstol fund5 2024 Annuol conference Olher Income 75,584 9,574 85,158 YS,584 9,574 99.347 3.072 102,d19 Tolal 2024 102.419 102.419 INVESTMENT INCOME Vnr•ililcl•d lundi 2026 Total Ivndi 2025 Ttslol lund5 2024 Ivndi 2tr25 Bank Inter&sl 60,65S 60,6SS 42.131 Total 202A CHARITA8LE ACTIVITY COSTS Granti lundlno 01 oellvltl•A 2025 Support Colts 2025 Told lundi 2026 Totol funds 2024 und•rtak•n dlreclly 2025 Toll Shlps Racas Charlly Iiadlno costs Conferences Project Costs Bursary costs Governanc¥ Cosls Unreolisfid loi&lgn exchange movamenls ReceplSons 556,338 104,639 71,075 70,025 26,130 28,329 41.323 36,617 597.661 141,256 71,075 70,025 26,130 28,329 6,643 649,198 150,gIS 65,135 53,484 29,300 35,297 1,755 6.643 125 856.661 125 941,244 4,558 989.642 84,583 Told 2024 891829 989 642 Charlty salcjry costs ure includèd wilhin the charlly operallng cosls caleoory ol which £5,07712024- £5.9311 r&lol&s directly lo the orgonlsollon ol the conler&nco, 1'3RIL solory c051s are included wilhln the Tall 5hip5 Roco$ colegory ol which £22,68212024- £26,701) relate5 dlwctly to the orgonisolK)n ol the conference. 22 SAIL TRAINING INTERNA TIONAL NOTES TO THE FINANCIAL STATEMENTS - conllnued FOR THE YEAR ENDED 31 MARCH 2025 NET EXPENDITURE Thls Is staled oftor charglng,. 2025 2024 Dèprocotlon ol tongibb Ilxed 055619 Audiloi'5 remvneralion- OLJdil Avdlltsr'5 remvnerollon- other servlcgs Op&rallno leostrs rento15 15,139 16.750 1.000 8,500 12,104 14,050 19.500 10, TRUSTEES. REMUNERATION AND BENEFITS During th8 yaar, no Trust•*s recelved ony remvnerallon or other b8n¢flts12024- £NILI, TivBl••i' •xp•ns•i DLJrlnu the year ETrnded 31 March 202S, expenses lotalllng £7,291 were relmbur$&d or pald dtr$clly lo Tru5toos12024- £7.2481. STAII COST Group 2025 Group 2024 Compony 2025 Compony 2024 Woge5 oiid Salarf8S Soriol 5ecurlly cosl P&nsSon costs 301,343 28,fr)2 310.517 3?..473 22,419 365,409 79.844 9.039 75,799 8,.SC17 361,342 96,114 91.046 The overage monthly number ol employegs duilno th& ye¢Jr wos 0$ follows: Group 2024 No, Group 2024 No. Compony 2024 No. Ctsmpony 2024 No. chur￿l¢bItt acllvllles Admln55trollon Ihe number ol employees whose gmploy•& bèn8frlts lèxclvdlng èmgloygr penslon c0511 exce&ded £60,000 wo5., Group 2025 No. Group 2024 No. In Ihe bond £80.001- £90.CQO The exgculive monogemenl personn&l ol the chtsrily tsnd Iho Group comprip5 Trustees, company dtreclors, the Chlel OperalSng Olllcer and th& Commtrrcial Dlr6ct¢r. The solary ¢0515 01 the executlve monouemenl personnel lor the year ended 31 Morch 2025 were £156,67812024- £162.9681. 23 SAIL TRAINING INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR TPIE YEAR ENDED 31 MARCH 2025 12. INTANGlbLE ASSETS GROUP AND COMPANY Compul•i iollwor• COST Al l April 2024 Addilions D5sposals 37,750 4,587 At 31 Moich 2025 AMORTISATION Al l Aprll 2024 Chorgo for year Ellmlnaled on d15posal 31.983 6.227 37 750) Al 31 March 2025 460 NET bOOK VALUE Al 31 March ￿25 4,127 Al 31 Morch 2024 13. TANGIBLE FIXED ASSETS GROUP AND COMPANY Olllce equlpmenl Compuler equlpm&nt Ttslali COST At l Aprll 2024 AddStSons Disposals 14,005 9,364 4,697 23.369 4,IP7 Al 31 March 2025 14,COS 13.103 27,108 DEPRECIATION Al l April 2024 Charg¢ lor year Eliminoled on d15posoI 2,790 4,323 3,POO 8,P12 4,589 At 31 March 2025 5,699 6,155 NETBOOK VALUE Al 31 March 202S 8,306 12.895 6,948 6,574 At 31 March 2024 19.469 24 SAIL TRAINING INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2025 14. FIXED ASSET INVESTMENTS {Charfty ontyl Sharn$ In gioup vnd•rtuklngi MARKEI VALUE Al l Apill 2024 (Jnd 31 Morch 2025 NET BOOK VALUE Al 31 March 2025 Al 31 March 2024 15. DEBTORS: AMOIINTS PAILING DUE WITHIN ONE YEAR oup 2025 Group 2024 Compuny 2025 Compony 2024 Trad& debtors Olh&r dgbtor5 Pf&paym&nl Lynd cccrued Sricom& 3,273 23.613 63,707 ?0,693 53,239 33,119 77,471 163,829 3,402 48,880 52,282 2.981 65,891 68,872 16, CREDITORS: AMOUNT5 FALLING DUE WITHIN ONE YEAR Group 2026 Group 2024 Compuny 2026 Company 2024 Trodo credllors Amounts owed lo group underltsklnos Corpoiollon Tox other crgdllors VAT Accruals und d&forod 5ncome 112,907 49,819 32,027 51,577 30,472 8,158 5,387 9.520 4,691 729,444 798.861 8,069 2,4S2 3.280 7S8,543 609,519 T3,501 99,557 23.878 65,788 17. CREDITORS.. AMOUNTS FALUNG DUE AFIER ONE YEAR Gioup 2025 Group 2024 Delerred Incom8 280.800 529,599 OPERATING LEA5e COMMITMENTS Minimum ￿0$e paymen15 under non1 lundi 784,419 39.256 823,675 Nel movement In funds. In¢ludod th& obove are os lolbw5: Incomlno resources Resourc85 Exponded Mov•m•nl In Ivndi Unr•ilrfcl•d lundA General funds Dtsslonal6d lund5 935,078 3,542 938.620 1838,4471 96,631 27,574 6P,057 869.563 R•ililcl•d l￿di Sullan ol Oman bursory fund Canodlon Legacy Fund Morfow Novlgollon fund Wlllem Kok Ivnd 41.879 144.7631 119,3671 15,5251 12,0251 71,680 12,884} 119,3671 15,5251 12,0251 2P,801 41,879 Total Funcls 980,499 1941.243 39,266 26 SAIL TRAINING INTERNAnoNAL NOTES TO THE FINANCIAL STATEMENTS . contlnued FOR THE YEAR ENDED 31 MARCH 2025 MOVEMENT IN FVNDS. conllnued Comp¢r¢llv•$ lor movement In lund5- prlory•ar Tronsler betweon fund5 movem&nl In Ivnds Al 1.4.23 Al 31,3.24 Unrestrlcl•d lunth General funds Designoled Ivnd$ 306.626 404,489 12.782 391.707 127,9471 27,947 683,168 15,16S 698,333 306,626 R•slrlcl•d lundi Sulton ol Oman bursory fund R055 MocDonold fund Cunodlun Legacy lunc4 Mortow Navlgallon fund Willem Kok fund 20,512 17,4651 13,?381 115,2731 lJ,020 27 81,178 65,905 5,500 1,661 105.601 19.515 Tolal of lunth 412,227 372,192 784,419 Comporallve nel movemènt In funds. Includ¢d In Iho obove org us lollow5.' Incomlng r&sourc65 Re50urc85 Expended Mov•m•nl In lundi Unr•itrlct•d lundi G&n8ral lunds Deslonoled funds 1,309.593 2,184 1,311.777 1905.1041 14,966 920.070 404,4BP 12,782L. 391.707 R•ilrlcl•d Ivndi Sulltsn ol OmLyn bursary fund R05s MacDonald fund Conadian Legocy luiid Marlow Naviualloii fund WSllem Kok lund 42.896 150.3611 13,938 115,273 17,4651 13,1381 115,2731 5.sr 1,601 19.515 S.50Q 50,057 69,572 Total Fund5 1,361,834 1989,6421 372,192 Sullan 91 Oman buiiary lund .%upporl and 095151 the porliclpolion ol young people In race events organlsad by Sail Trolning Inl6malionol. Roil M¢¢Dtsndd lund To be spent In the odvancgmenl ol Sall froSnlng Inl&rnollonol on spgcllic iloms lolnlw ooreed bglween Soll Troinin Inlernallonol and Ross MacDonold, Th15 fund wo$ lully spent in the curronl yoar. Canodlon L•gacy Ivnd Support and ossisl Ihe parllcipallon ol young CanudKJns in Sail Tralnlng. Morfow Navlgatlon lund To be spenl ollowing disodvonloged people to porllclwle In o soll tralnlng voyoge. Wlllem Kok lund Support and as51s1 the participal￿n ol young peop￿ in race events organised by Sail Troining Inlernalional. 27 SAIL TRAINING INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THe YEAR ENDED 31 MARCH 2025 20, RECONCILIATION OF NET MOVEMENT IN FUNDS TO NEF CASH FLOW FROM OPERAIING ACTIVIIIES Group 2025 Group 2024 Net l&xptsndltvrellincom& lor th& year los por Ihej slol&ment ol finoncial ac1k￿￿tIeS) 39.25? 372,192 Adluslm&nt lor., OepreclolSon chorges IlncrE)05E>l/decrf>o5e In deblois ID&creasellincreose In crodllors < Iyatsr Increaselldecreosel Sn credllors > l yetsr Bonk inlere5t incom N•1 ¢oih vied In op•rallng acllvlM•i 12,104 30.176 1294.7371 289,156 73,2a3 10,659 1248,8001 1110,5101 408,891 21. ANALYSIS OP CASH AND CASH eovivALeNTS oup 202S Grovp 2024 Cash In hond 1,804,020 1,923,814 22. CASHFLOW RECONCIUATION Al l Aprll 2024 Cash IIow5 AlJl March 2025 Cash In hand 1923,814 19,794 1804 020 PENSION COMMITMENTS Ihe Group op6rol6 a dellnèd conlribvlK)n pgnsion scheme. Tlie os5&15 01 Ihf) %cheme held separalely From thos of the group Sn un IiidepE3ndenlly udnilnlsl8r8d lijnd. Tli8 p8nsk)n cosl chorge r8pr858n15 conlrlbullc)n payiJhlF3 bv the eomt)any lo Ih? lund and umounlod lo S.22,39812024- £ts.8881. There w05 no ou15tonding conlAbvlSon12024'. Nlll payoble lo tho fund ol the bolLince sheet doto. 24. RELATED PARTY DISCLOSURES The chorlly has token odvontoge ol &xemptlon, undèr Ihe term5 01 Flnanclal Reporllng Standard I C12 The Flnanclcjl Reporllno Slandtsrd opp11cob￿ In the UK and Republlc ol Ireland,. not lo d15ck)se related porly transuctlons wllh whtsllv owned $ubsldlarios wllhln th& group, GroLJP bobn¢es wilhln th? parent company con be seen wSlhln Note 16. Trustge gxpgnse5 and key rrionogement personnel con bg seen wilhln Note l O ond I I respecllvety. 28 SAIL TRAINING INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2025 25. PRINCIPAL SUBSIDIARies The lolowhg were SUbS￿l0ry underloklngs ol th& chorlty.. Nam•1 Company numb•i 04894646 05025229 10501077 Holdlng Includ•d In coniolldollon Ye5 Y&5 Yos Tall.%hip5 Race5 Inlernallonol Llmilod Toll Ships Inlernalional Limlled Soll On Boord LSmlled loo% 100% Unll g Cooperooe Green, Royal Clorence Yard, Wgevll Lone, Go$porl, Hampshlre, POI 2 1 rY1s the rggSslered ollce for the above subsId￿rIes, lh6 Ilnon¢itsl result ol the 5ubsldiar1&5 lor the year wer&.. Nom•1 Incom• Exp•nd#ui• Prollll Suiplvs lor th• y•or N•1 Aii•h Toll Shlps Rtsc&s Intemotbnol Llmll&d Toll Shlps Intèmollonol LlmSled 794,718 531,&57 262,861 273,082 29