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2025-12-31-accounts

Charity registration number 1110757 (England and Wales)

YORKSHIRE DALES SAILING CLUB

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

YORKSHIRE DALES SAILING CLUB

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees K D Escritt
J Lister
A G Straton
J P Whitehead
M Saul
Charity number (England and Wales) 1110757
Registered office 23 Fennell Grove
Ripon
North Yorkshire
United Kingdom
HG4 2TE
Independent examiner Sedulo London Limited
Office 605 Albert House
256 - 260 Old Street
London
United Kingdom
EC1V 9DD

YORKSHIRE DALES SAILING CLUB

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 17

YORKSHIRE DALES SAILING CLUB

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees present their annual report and financial statements for the year ended 31 December 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".

Objectives and activities

Objectives and aims

The object of the club is to promote and facilitate community participation in healthy recreation by providing facilities for sailing, windsurfing and non-powered water sports.

Public benefit

In planning the activities for the year the Trustees have paid due regard to The Charity Commissions guidance on public benefit. In particular they are continually looking at ways to promote the club's activities within both the local and wider community including through schools, clubs and other organisations. The charity hosts various open meetings and events per year.

Achievements and performance

Significant activities and achievements against objectives

Firstly the club became an RYA Junior Performance Pathway Club and were one of the first clubs in the country to gain this status. The Pathway Club programme aims to make racing fun, develop strong sailing fundamentals, and foster a lifelong love of the sport.

Secondly, we have become recognised as an RYA Wingsurfing and Wingfoiling Training Centre – one of the first in the north of England.

There were also notable achievements by our youth at home and abroad :

FRED BUCKLEY:

FIN COCHRANE:

YORKSHIRE DALES SAILING CLUB

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Financial review

The main regular source of income of the club is from its members’ subscriptions which in 2025, including Gift Aid reclaimable, amounted to £90,387 (2024: £89,090). In addition, the club received training and other donations totaling £26,654 (2024: £29,377).

Expenditure on charitable activities including allocated support and governance costs in the year amounted to £123,262 (2024: £111,654). The costs of raising funds including allocated support and governance costs amounted to £20,298 (2024: £21,728).

Overall, the club had a deficit in the year of £15,794 (2024: surplus of £1,233).

The club had total unrestricted funds of £552,010 as at 31 December 2025 (2024: £567,704).

Of the accumulated unrestricted funds, £301,604 (2024: £314,717) represents a designated fund in connection with the New Boathouse, which is being released to the members general fund on an annual basis, in equal instalments over the remaining period of the underlying lease.

Reserves policy

Free reserves, which are considered to equate to net current assets in the accounts, totalled £27,100 (2024: £42,079) at the year end, of which £27,886 (2024: £39,330) is represented by cash and bank balances. The Trustees consider free reserves need to be maintained at a level sufficient to meet essential annual establishment, maintenance and capital costs to enable the Club to continue to provide its activities each year and continue to aim to meet that level of free reserves.

Structure, governance and management

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

The Yorkshire Dales Sailing Club is unincorporated and is governed by it's constitution, as amended on 12 March 2008, which was originally adopted on 24 January 2005. It became a registered charity on 8 August 2005.

The trustees who served during the year and up to the date of signature of the financial statements were:

K D Escritt

J Lister A G Straton J P Whitehead M Saul

Recruitment and appointment of trustees

The Trustees of the club are appointed by the Management Committee from the Full, Family or Honorary Members who are willing to be so appointed. A Trustee holds office during their lifetime or until they resign by notice in writing to the Management Committee, or until a resolution removing them from office shall be passed at a meeting of the Management Committee by a majority comprising two thirds of the Members present and entitled to vote.

YORKSHIRE DALES SAILING CLUB

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Organisational structure

The Management Committee which meets at least every two months is responsible for managing the affairs of the club in accordance with its rules and constitution. The Management Committee consists of the Officers, ex officio and not less than four full or family members of the club elected at the Annual General Meeting each year to hold office until the termination of the next following Annual General Meeting.

The officers of the club consist of a Commodore, a Vice-Commodore, a Rear-Commodore, an Honorary Secretary and an Honorary Treasurer. They are full or family members of the Club and are elected at the Annual General Meeting each year and hold office for one year, retiring at the termination of the next following Annual General Meeting. All Officers of the Club are eligible for re-election.

Whilst the election of the Officers and Members of the Management Committee is by the Members at the Annual General Meeting if for any reason a casual vacancy occurs, the Management Committee may co-opt a full or family member to fill such a vacancy until the next following Annual General Meeting.

The trustees' report was approved by the Board of Trustees.

.............................. J P Whitehead

Chair

Date: .............................................

YORKSHIRE DALES SAILING CLUB

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF YORKSHIRE DALES SAILING CLUB

I report to the trustees on my examination of the financial statements of Yorkshire Dales Sailing Club (the charity) for the year ended 31 December 2025.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Emma Houghton FCCA Sedulo London Limited

Office 605 Albert House 256 - 260 Old Street London EC1V 9DD United Kingdom Date: ............................

YORKSHIRE DALES SAILING CLUB

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income from:
Donations and legacies
2
117,041
-
Charitable activities
3
2,120
-
Other trading activities
4
8,041
-
Investments
5
564
-
Total income
127,766
-
Expenditure on:
Raising funds
6
20,298
-
Charitable activities
7
123,162
100
Total expenditure
143,460
100
Net income/(expenditure) and
movement in funds
(15,694)
(100)
Reconciliation of funds:
Fund balances at 1 January 2025
567,704
100
Fund balances at 31 December
2025
552,010
-		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
117,041
118,467
-
2,120
2,672
-
8,041
12,853
-
564
623
-
127,766
134,615
-
20,298
21,728
-
123,262
111,654
-
143,560
133,382
-
(15,794)
1,233
-
567,804
566,471
100
552,010
567,704
100		 Total
2024
£
118,467
2,672
12,853
623
134,615
21,728
111,654
133,382
1,233
566,571
567,804

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

YORKSHIRE DALES SAILING CLUB

BALANCE SHEET

AS AT 31 DECEMBER 2025

Notes
Fixed assets
Tangible assets
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one year
15
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
16
Net assets
The funds of the charity
Restricted income funds
18
Unrestricted funds
19		 2025
£
996
21,248
27,886
50,130
(23,030)		 £
542,851
27,100
569,951
(17,941)
552,010
-
552,010
552,010		 2024
£
2,609
21,193
39,330
63,132
(21,053)		 £
555,860
42,079
597,939
(30,135)
567,804
100
567,704
567,804

The financial statements were approved by the trustees on .........................

..............................

J P Whitehead Chair

YORKSHIRE DALES SAILING CLUB

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

Charity information

Yorkshire Dales Sailing Club is a unincorporated charity.

1.1 Basis of preparation

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

YORKSHIRE DALES SAILING CLUB

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Boathouse On a straight line basis over remainder of 40 year lease term
Boats and equipment 20% on reducing balance
Furniture, equipment, fixture & fittings 10% on reducing balance
Motor vehicles 20% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

YORKSHIRE DALES SAILING CLUB

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

2 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Gift aid on subscriptions 17,449 17,352
Training and other donations 26,654 29,377
Members subscriptions 72,938 71,738
117,041 118,467

YORKSHIRE DALES SAILING CLUB

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

3 Income from charitable activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Participation
Sail fees and equipment hire 2,120 2,672
4 Income from other trading activities
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Galley and catered events 6,854 12,753
Sale of calendars, Christmas cards and miscellaneous 1,187 100
Other trading activities 8,041 12,853

5 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 564 623

YORKSHIRE DALES SAILING CLUB

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

6 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Fundraising and publicity
Other event costs 8,921 6,707
Galley costs 7,475 9,698
Allocation of governance and support costs 3,902 5,323
20,298 21,728

YORKSHIRE DALES SAILING CLUB

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

7 Expenditure on charitable activities

Participation Participation
2025 2024
£ £
Direct costs
Depreciation and impairment 30,307 31,805
Rent - use of reservoir 1,971 1,971
Insurance 10,240 9,560
Petrol and oil 3,671 4,621
Cleaning and waste disposal 10,648 6,835
Rates and water 3,289 3,352
Maintenance - boats and sail 12,885 11,595
Light and heat 13,460 9,746
Safety boat cover 3,143 3,725
Prizes and awards 3,755 1,403
RYA subscriptions 1,620 1,560
Training and courses 21,366 17,381
(Profit)/loss on sale of tangible fixed assets (2,107) (150)
General maintenance - 411
Bank interest 3,240 3,399
117,488 107,214
Share of support and governance costs (see note 8)
Support 4,034 2,753
Governance 1,740 1,687
123,262 111,654
Analysis by fund
Unrestricted funds 123,162 111,654
Restricted funds 100 -
123,262 111,654

YORKSHIRE DALES SAILING CLUB

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

8 Support costs allocated to activities

Support costs allocated to activities
Telephone and broadband
Printing, postage, stationery and computer software
Website, advertising and promotion
Sundry expenses
Bank and similar charges
Governance costs
Analysed between:
Fundraising
Participation		 2025
£
2,871
245
1,284
432
2,744
2,100
9,676
3,902
5,774
9,676		 2024
£
1,567
460
912
323
4,401
2,100
9,763
5,323
4,440
9,763

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

Trustees' expenses

During the year, a total of £2,665 was paid to 1 trustee for the reimbursement of charity expenses (2024: £714).

10 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

YORKSHIRE DALES SAILING CLUB

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

12
Tangible fixed assets
Cost
At 1 January 2025
Additions
Disposals
At 31 December 2025
Depreciation and impairment
At 1 January 2025
Depreciation charged in the year
Eliminated in respect of disposals
At 31 December 2025
Carrying amount
At 31 December 2025
At 31 December 2024
13
Stocks
Miscellaneous stock
14
Debtors
Amounts falling due within one year:
Prepayments and accrued income
15
Creditors: amounts falling due within one year
Bank loans
Other creditors
Accruals and deferred income		 Boathouse
£
766,692
-
-
766,692
291,675
19,167
-
310,842
455,850
475,017		 Boats and
equipment
Furniture,
equipment,
fixture & fittings
Motor vehicles
£
£
£
131,880
95,043
5,000
9,850
4,178
3,664
(2,500)
-
(1,200)
139,230
99,221
7,464
104,263
44,949
1,870
5,523
5,009
607
(2,500)
-
(807)
107,286
49,958
1,670
31,944
49,263
5,794
27,617
50,096
3,130
2025
£
996
2025
£
21,248
2025
Notes
£
17
12,000
5,553
5,477
23,030		 Total
£
998,615
17,692
(3,700)
1,012,607
442,757
30,306
(3,307)
469,756
542,851
555,860
2024
£
2,609
2024
£
21,193
2024
£
12,000
5,553
3,500
21,053

YORKSHIRE DALES SAILING CLUB

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

16 Creditors: amounts falling due after more than one year

Notes
Bank loans
17
17
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year		 2025
2024
£
£
17,941
30,135
2025
2024
£
£
29,941
42,135
12,000
12,000
17,941
30,135

The bank loan represents a mortgage loan secured on the charities leasehold property. The loan is repayable in quarterly instalments, which commenced on 1 June 2010, over a period of nineteen years. Additional repayments have been made in previous years, which will ultimately result in the loan being repaid over a shorter period. Interest on this loan is currently payable at the rate of 1.5% over base.

18 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 January Resources
At 31 December
At 31 December
2025 expended 2025
£ £ £
Helping underpriviledged children to sail 100 (100) -
Previous year: At 1 January Resources
At 31 December
2024 expended 2024
£ £ £
Helping underpriviledged children to sail 100 - 100

The Restricted fund represents the balance of monies received for specified purposes which fund the costs of helping underprivileged children to sail.

YORKSHIRE DALES SAILING CLUB

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

19 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January At 1 January Incoming Resources Transfers At 31 December Transfers At 31 December
2025 resources expended 2025
£ £ £ £ £
Members general fund 241,987 127,766 (143,460) 13,113 239,406
Boathouse (Club Development) 314,717 - - (13,113) 301,604
Boathouse major repair and
refurbishment 10,000 - - - 10,000
Sponsorship of Members 1,000 - - - 1,000
567,704 127,766 (143,460) - 552,010
Previous year: At 1 January Incoming Resources Transfers At 31 December
2024 resources expended 2024
£ £ £ £ £
Members general fund 227,641 134,615 (133,382) 13,113 241,987
Boathouse (Club Development) 327,830 - - (13,113) 314,717
Boathouse major repair and
refurbishment 10,000 - - - 10,000
Sponsorship of Members 1,000 - - - 1,000
566,471 134,615 (133,382) - 567,704

The General fund represents unrestricted funds, which the trustees are free to use in accordance with the objects of the club.

The Designated Boathouse (Club development) fund represents amounts set aside by the Trustees to fund the development cost of the club including the construction costs of the new boathouse which was completed and brought into use in 2009. The fund is reduced on a straight line basis in accordance with the depreciation policy applied thereon by an annual transfer to the members general fund so as to in effect defray in part the annual depreciation charge on the building.

The Designated Boathouse major repair and refurbishment fund represents amounts set aside by the Trustees to fund longer term repairs and refurbishment required to the boathouse.

The Designated Sponsorship of members fund represents amounts set aside by the Trustees to sponsor members and in particular youth members competing in major international sailing events.

YORKSHIRE DALES SAILING CLUB

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

20 Operating lease commitments

Lessee

In December 2008, the club entered into a forty-year lease with Yorkshire Water, in respect of the land on which the new boathouse has been constructed. Rent is paid for use of the land in the sum of £1,970 per annum (2024: £1,970).

21 Related party transactions

Various purchases totalling £4,101 (2024: £1,530) were made in the year from Mike Saul Dinghy Services a business owned by Mike Saul who is a member and Trustee of the Club. Apart from a discount received all such transactions were on normal commercial terms.