**Trustees’ Annual Report for the period 1[st] January 2024 to 31[st] December 2024** 

## **The Royal Air Force Sailing Association** 

## **Charity registration number: 1132197 Company Number: 07030163** 

## **Principal Address: Room 43, Kermode Hall, RAF Halton, Aylesbury, HP22 5PG** 

**Names of the charity trustees who manage the charity** 

|1<br>2<br>3<br>4<br>5<br>6<br>7<br>8<br>9|**Trustee name**|**Ofce (if any)**||**Dates acted if not for whole year**|**Name of person (or body) enttled**<br>**to appoint trustee(if any)**|
|---|---|---|---|---|---|
||Gp Capt Walker|Chair|||AOC 22 Gp|
||Wg Cdr Liten|Vice Commodore||||
||Wg Cdr South|Treasurer||||
||Wg Cdr Burgess|Rear Commodore<br>Ofshore||||
||Wg Cdr Kent|Rear Commodore<br>Windsurfng||||
||Wg Cdr Dodwell|Rear Commodore<br>Dinghy||||
||WO Cooper|Rear Commodore<br>Safety Boat||Resigned 3 May 24||
||CT John Williams|Rear Commodore<br>Safety Boat||Appointed 7 May 24||
||Wg Cdr Lobbedey|Hon Sec||||



## **Executive committee if different from above** 

||<br>**Commitee member**<br>**name**|<br>**Ofce (if any)**|<br>**Dates acted if not for whole year**|
|---|---|---|---|
|1|AVM Monahan|Admiral|AVM Monahan was appointed as Admiral of the<br>Associaton, but has not been brought on as a<br>Trustee of the Associaton. It was recommended<br>during an independent governance audit arranged<br>through the Directorate of RAF Sport during 2023<br>that Presidents of Sport Associaton should not<br>routnely assume the responsibility of a Trustee.|
|2|Sqn Ldr Cook|Deputy Sec and<br>Membership Advisor||
|3||||



## **Objectives and Activities** 

**Summary of the purposes of the charity as set out in its governing document (SORP Para 1.17)** 

1 



**Trustees’ Annual Report for the period 1[st] January 2024 to 31[st] December 2024** 

The objects for which the Charity is established (the “Objects”) are to promote the effectiveness of His Majesty’s Armed Forces by increasing physical fitness, fostering the esprit de corps and raising morale of members of the Royal Air Force and other services in an inclusive and safe environment, through the promotion of participation and furthering its proper administration whilst enabling the provision of facilities for RAF Sailing Association. 

**Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts (SORP Para 1.17 & 1.19)** 

The main activities are the provision of facilities, equipment and opportunities for offshore sailing, windsurfing, dinghy sailing and safety support. 

**Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit (SORP Para 1.18)** 

The trustees have been mindful of the guidance issued by the Charities on public benefit.  The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit.  The directors confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake. 

## **Additional information (optional)** 

**Policy on grant making (SORP Para 1.38)** 

**Policy on social investment including program related investment (SORP Para 1.38)** 

## **Contribution made by volunteers (SORP Para 1.38)** 

It is acknowledged that sport in the RAF is delivered through the aegis of the Sports Associations and the willing, enthusiastic volunteers who undertake roles on the Executive Committees and in the associations. The delivery of RAF competition would not be possible without officials and supporting personnel, all of whom are volunteers. The contribution in these roles is highly valued and much appreciated and recognised as a duty activity in Service policy documents.  Within the RAF Sailing Association, there is significant support provided by retired Service Personnel giving up their own time, often occupying positions within divisional committees. Without this support, the Association would not be able to deliver its range of activities. 

2 



**Trustees’ Annual Report for the period 1[st] January 2024 to 31[st] December 2024** 

## **Achievements and Performance** 

## **Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole. (SORP Para 1.20)** 

The charity has continued to deliver facilities, equipment and opportunities for offshore sailing, windsurfing, dinghy sailing and safety support in line with the objects of the Association. Participation in and organisation of Service and Inter-Service events across the country have taken place; with RAFSA leading the organisation for Windsurfing and Dinghy Inter-Service events this year. Opportunities to engage with the wider public and enable visibility of the Service through participation in civilian Yacht Club/National Association organised events such as Junior Offshore Group, Royal Ocean Racing Club, J109 Nationals have been delivered. The Association supported events which enabled in excess of 80 Service Personnel to be introduced to the sport of sailing. Windsurfing and Dinghy Division delivered training courses which have enabled the introduction of personnel to the respective disciplines in a safe and controlled environment. The Safety Boat Division through the provision of an on the-water rescue capability has been a key enabler to events organised by the other 3 Divisions as well as the RAF Benson Families Day. The Offshore Division has continued to provide Training Courses which have enabled the development of crew, skipper training and examination (including Day Skipper, Yachtmaster Coastal and Yachtmaster Offshore) as well as training of Cruising Instructors to enable Serving Personnel to provide the required resource for the delivery of unit Adventurous Training and Association activities. 

## **Additional information (optional)** 

**Achievements against objectives set (SORP Para 1.41)** 

**Performance of fundraising activities against objectives set (SORP Para 1.41)** 

**Investment performance against objectives (SORP Para 1.41)** 

**Other** 

3 



**Trustees’ Annual Report for the period 1[st] January 2024 to 31[st] December 2024** 

## **Structure, Governance and Management** 

## **Type of governing document (SORP Para 1.25)** 

Constitution 

## **How is the charity constituted? (SORP Para 1.25)** 

~~Excepted / CIO /~~ Limited Company _**(delete as necessary)**_ 

**Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees (SORP Para 1.25)** 

Chair appointed by The Air Officer Commanding (AOC) Number 22 (Training) Group.  Whilst the chair is appointed by the AOC 22 Gp, all Trustees are elected to be brought on as Trustee through Boart of Trustee election process. 

## **Additional information (optional)** 

## **Policies and procedures adopted for the induction and training of trustees (SORP Para 1.51)** 

Newly appointed Trustees are provided with copies of the Articles of Association, Association Rules and Bylaws and a Trustee brief which provided details of the following: 

- Duties of a Trustee 

- Requirements (Duties of a Trustee) 

- Summary of RAFSA legal entity and requirements 

   - Including links to Charities Commission “The essential Trustee:  what you need to know, what you need to do (CC3)” and “Managing your charity: guidance for trustees” documents. 

- Summary of governing documents 

- Link to RAF Sports federation – Trustee-Role-Description. 

At the start of each meeting of the Board of Trustees, Trustees are reminded of their responsibilities (standing item as part of agenda). 

**The charity’s organisational structure and any wider network with which the charity works (SORP Para 1.51)** 

The Charity is managed by a Board of Trustees with 4 sub-divisions; Offshore (Racing, Training and Expeditions), Dinghy (Racing, Training), Windsurfing (Racing, Training) and Safety Boat Division (safety support to the other 3 Divisions within the Charity). 

The Royal Yachting Association is the National Governing Body for all activity undertaken by the Charity. 

**Relationship with any related parties (SORP Para 1.51)** 

4 



**Trustees’ Annual Report for the period 1[st] January 2024 to 31[st] December 2024** 

**Other** 

**For the period of this return were there any serious incidents that the charity failed to report to the Charity Commission? (e.g. theft, safeguarding issues, serious injury / death)** No 

## **Declarations** 

**The trustees declare that they have approved the trustees’ report above.** 

## **Signed on behalf of the charity’s trustees** 

Jorg Lobbedey Signature Wg Cdr Jorg Connor Lobbedey Full Name Secretary Position 13 Oct 25 Date 

5 



## **ROYAL AIR FORCE SAILING ASSOCIATION** 

**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024** 

**CHARITY REGISTRATION No: 1132197 COMPANY REGISTRATION No: 07030163** 

Independent Examiners Ltd The Grain Store Hills Barns Appledram Lane South Chichester West Sussex PO20 7EG 



||**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR**|
|---|---|
||**ROYAL AIR FORCE SAILING ASSOCIATION**|
||**(A COMPANY LIMITED BY GUARANTEE)**|
||**CONTENTS**|
|Pages 3 to 6|Report of the Directors|
|Page 7|Statement of Financial Activities|
|Page 8|Balance Sheet|
|Pages 9 to 15|Notes to the Financial Statements|
|Page 16|Independent Examiners Report on the Accounts|



2 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)** 

## **REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **LEGAL AND ADMINISTRATIVE INFORMATION** 

**CHARITY NUMBER** 1132197 **COMPANY REGISTRATION NUMBER** 7030163 **START OF FINANCIAL YEAR** 1st January 2024 **END OF FINANCIAL YEAR** 31st December 2024 **DIRECTORS THAT SERVED** Gp Capt Walker (Chair) **DURING THE YEAR** Wg Cdr Litten (Until August 2025) (Vice Commodore) Wg Cdr Burgess (Rear Commodore Offshore) Wg Cdr Kent (Rear Commodore Windsurfing) Wg Cdr Dodwell (Rear Commodore Dinghy) WO Cooper (Until May 2024) (Rear Commodore Safety Boat) Wg Cdr Lobbedey (Hon Secretary) Wg Cdr South (Hon Treasurer) Chf Tech Williams (Wef May 2024) **DIRECTORS APPOINTED AFTER** Sqn Ldr Cook (Wef February 2025) **THE BALANCE SHEET DATE** Gp Capt Johnson (Wef August 2025) The Chair is appointed by AOC 22 Trg Group RAF; other directors appointed at AGM. **COMPANY SECRETARY** Wilsons (Company Secretaries) Limited **REGISTERED ADDRESS** Alexandra House St Johns Street Salisbury Wiltshire SP1 2SB **DATE OF INCORPORATION** 25th September 2009 **GOVERNING DOCUMENT** Memorandum and Articles of Association dated 14th October 2009 **BANKERS** Royal Bank of Scotland Holt's Military Banking 200 Fowler Avenue Fowler Business Park Farnborough Hampshire GU14 7JP **INDEPENDENT EXAMINER** Independent Examiners Ltd The Grain Store Hills Barns Appledram Lane South Chichester PO20 7EG **OBJECTS** The objects for which the Charity is established (the “Objects”) are to promote the effectiveness of His Majesty’s Armed Forces by increasing physical fitness, fostering the esprit de corps and raising morale of members of the Royal Air Force and other services in an inclusive and safe environment, through the promotion of participation and furthering its proper administration whilst enabling the provision of facilities for Sailing. 

3 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR** 

## **ROYAL AIR FORCE SAILING ASSOCIATION** 

**(A COMPANY LIMITED BY GUARANTEE)** 

## **REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **ORGANISATIONAL STRUCTURE** 

The Charity is managed by a Board of Trustees with 4 sub-divisions; Offshore (Racing, Training and Expeditions), Dinghy (Racing, Training), Windsurfing (Racing, Training) and Safety Boat Division (safety support to the other 3 Divisions within the Charity). 

The Royal Yachting Association is the National Governing Body for all activity undertaken by the Charity. 

The Charity has an Executive committee that oversees the day to day operation of the Association, which is accountable to a Board of trustees which provides strategic direction. 

The Executive Committee Members that served during the year were: 

Name Office Dates Acted (if not whole year) AVM Monahan * Admiral Sqn Ldr Cook Deputy Sec and Membership Advisor 

* AVM Monahan was appointed as Admiral of the Association, but has not been brought on as a Trustee of the Association. It was recommended during an independent governance audit arranged through the Directorate of RAF Sport during 2023 that Presidents of Sport Association should not routinely assume the responsibility of a Trustee. 

## **OBJECTIVES AND  ACTIVITIES** 

The objects for which the Charity is established (the “Objects”) are to promote the effectiveness of Her Majesty’s Armed Forces by increasing physical fitness, fostering the esprit de corps and raising morale of members of the Royal Air Force and other services in an inclusive and safe environment, through the promotion of participation and furthering its proper administration whilst enabling the provision of facilities for Sailing. 

The main activities are the provision of facilities, equipment and opportunities for offshore sailing, windsurfing, dinghy sailing and safety support. 

The trustees have been mindful of the guidance issued by the Charities on public benefit. The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. The directors confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake. 

It is acknowledged that sport in the RAF is delivered through the aegis of the Sports Associations and the willing, enthusiastic volunteers who undertake roles on the Executive Committees and in the associations. The delivery of RAF competition would not be possible without officials and supporting personnel, all of whom are volunteers. The contribution in these roles is highly valued and much appreciated and recognised as a duty activity in Service policy documents. Within the RAF Sailing Association, there is significant support provided by retired Service Personnel giving up their own time, often occupying positions within divisional committees. Without this support, the Association would not be able to deliver its range of activities. 

## **POLICIES AND PROCEDURES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES** 

Newly appointed Trustees are provided with a copies of the Articles of Association, Association Rules and Bylaws and a Trustee brief which provided details of the following: 

- Duties of a Trustee 

- Requirements (Duties of a Trustee) 

- Summary of RAFSA legal entity and requirements 

- Including links to Charities Commission “The essential Trustee: what you need to know, what you need to 

- · do (CC3)” and “Managing your charity: guidance for trustees” documents. · Summary of governing documents 

- Link to RAF Sports federation – Trustee-Role-Description. 

At the start of each meeting of the Board of Trustees, Trustees are reminded of their responsibilities (standing item as part of agenda). 

## **TRUSTEE SELECTION METHOD** 

Chair appointed by The Air Officer Commanding (AOC) Number 22 (Training) Group. Whilst the chair is appointed by the AOC 22 Gp, all Trustees are elected to be brought on as Trustee through the Board of Trustees election process. 

4 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION** 

## **(A COMPANY LIMITED BY GUARANTEE)** 

## **REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **ACHIEVEMENTS AND PERFORMANCE** 

The charity has continued to deliver facilities, equipment and opportunities for offshore sailing, windsurfing, dinghy sailing and safety support in line with the objects of the Association. Participation in and organisation of Service and Inter-Service events across the country have taken place; with RAFSA leading the organisation for Windsurfing and Dinghy Inter-Service events this year. Opportunities to engage with the wider public and enable visibility of the Service through participation in civilian Yacht Club/National Association organised events such as Junior Offshore Group, Royal Ocean Racing Club, J109 Nationals have been delivered. The Association supported events which enabled in excess of 80 Service Personnel to be introduced to the sport of sailing. Windsurfing and Dinghy Division delivered training courses which have enabled the introduction of personnel to the respective disciplines in a safe and controlled environment. The Safety Boat Division through the provision of an on the-water rescue capability has been a key enabler to events organised by the other 3 Divisions as well as the RAF Benson Families Day. The Offshore Division has continued to provide Training Courses which have enabled the development of crew, skipper training and examination (including Day Skipper, Yachtmaster Coastal and Yachtmaster Offshore) as well as training of Cruising Instructors to enable Serving Personnel to provide the required resource for the delivery of unit Adventurous Training and Association activities. 

## **FINANCIAL REVIEW** 

RAFSA’s Financial position remained solid at the end of this period. Whilst maintenance costs associated with an aging fleet across both Offshore and Safety divisions remain relatively high, this is expected, and required, to keep safe and seaworthy vessels. The decision to extend operational lives of RAFSA assets needs to be balanced against the higher costs of boat replacements. 

Thanks to the health of the general and replacement funds, supported by continued CF grants and the income generated by the Divisions, RAFSA is well placed to progress with the planned replacement of its racing yacht ‘Red Arrow’ during next year (subject to a separate Business Case and Trustee agreement). 

The designated funds for Offshore, Dinghy, Windsurfing and Special Projects (safety & windsurfing) provide access to capital for larger equipment replacements that will not be covered by normal in-year income/grants. 

At the end of December 2024 these designated funds remained as follows: Offshore Fund £19,904 Dinghy Fund £32,582 Special Project Fund £30,252 Windsurfing Fund £1,500 

Other unrestricted reserves held totalled £718,857, giving total free reserves as at 31 December 2023 of £803,095 as represented by the net assets on the balance sheet. 

Whilst Dinghy reserve funds increased over this period in line with RAFSA’s stated plan to add profits from training activities to these funds, the Offshore fund was utilised to meet higher than normal fleet maintenance costs during the period. This is not a concern as given the revaluation of assets conducted during this period, to reflect more realistic market values, any large asset replacement activity will be significantly offset by the resale value of the replaced vessel. 

## **STATEMENT OF DIRECTOR'S RESPONSIBILITIES:** 

The Charities Act and the Companies Act require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to :- 

- select suitable accounting policies and then apply them consistently; 

- make judgements and estimates that are reasonable and prudent; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

- state whether applicable accounting standards and statements of recommended practice have been followed , subject to any material  departures disclosed and explained in the financial statements; 

The Directors are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

5 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)** 

## **REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **STATEMENT OF DIRECTOR'S RESPONSIBILITIES:** 

The Directors are also responsible for the contents of the Report of the Directors, and the responsibility of the independent examiner in relation to the Report of the Directors is limited to examining the report and ensuring that, on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements. 

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 

I approve the attached statement of financial activities and balance sheet for the year ended 31st December 2024, and confirm that I have made available all information necessary for its preparation. 27 Oct 25 Date: ................................................ Signature ...................................................., Director eg Lobbedey Print Name: Jörg Lobbedey 

6 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION** 

**(A COMPANY LIMITED BY GUARANTEE)** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024** 

|Notes<br>**INCOME**<br>**Income from:**<br>Grants and Donations<br>4(a)<br>Charitable Activities<br>4(b)<br>Investments<br>4(c)<br>**TOTAL INCOME**<br>**EXPENDITURE**<br>Expenditure on Charitable Activities<br>5<br>**TOTAL EXPENDITURE**<br>**Net Income/(expenditure) before**<br>**Investment gains/(losses)**<br>Net gains/(losses) on investments<br>3<br>**NET INCOME/(EXPENDITURE)**<br>Transfers between funds<br>6/7<br>**OTHER RECOGNISED GAINS AND**<br>**LOSSES**<br>Gains/(losses) on revaluation<br>2,15<br>of fixed assets for charity's own use<br>**NET MOVEMENT IN FUNDS**<br>**Reconciliation of funds:**<br>Total Funds Brought Forward<br>**TOTAL FUNDS CARRIED FORWARD**|Unrestricted Designated<br>Restricted<br>**Total**<br>**Total**<br>Funds<br>Funds<br>Funds<br>**2024**<br>**2023**<br>£<br>£<br>£<br>**£**<br>**£**<br>-<br>3,000<br>58,949<br>61,949<br>78,453<br>8,294<br>59,027<br>-<br>67,321<br>49,902<br>5,894<br>-<br>-<br>5,894<br>6,266<br>**14,188**<br>**62,027**<br>**58,949**<br>**135,164**<br>**134,621**<br>3,718<br>99,668<br>58,949<br>162,335<br>218,481<br>**3,718**<br>**99,668**<br>**58,949**<br>**162,335**<br>**218,481**<br>**10,470**<br>**(37,641)**<br>**-**<br>**(27,171)**<br>**(83,860)**<br>5,670<br>-<br>-<br>5,670<br>357<br>**16,140**<br>**(37,641)**<br>**-**<br>**(21,501)**<br>**(83,503)**<br>(236)<br>236<br>-<br>-<br>-<br>-<br>348,155<br>-<br>348,155<br>-<br>**15,904**<br>**310,750**<br>**-**<br>**326,654**<br>**(83,503)**<br>158,502<br>317,939<br>-<br>476,441<br>559,944<br>**174,406**<br>**628,689**<br>**-**<br>**803,095**<br>**476,441**|
|---|---|



Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing. 

The notes on pages 9 to 15 form part of these financial statements. 

7 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION** 

## **(A COMPANY LIMITED BY GUARANTEE)** 

## **BALANCE SHEET AS AT 31ST DECEMBER 2024** 

## **Company number: 07030163** 

|||Unrestricted|Restricted|**31-Dec-24**|**31-Dec-23**|
|---|---|---|---|---|---|
|||Funds|Funds|**Total**|**Total**|
||**Note**|£|£|**£**|**£**|
|**Fixed Assets**||||||
|Tangible assets|2|544,452|-|544,452|224,995|
|Investments|3|122,235|-|122,235|112,548|
|**Current Assets**||||||
|Debtors and Prepayments|8|19,108|-|19,108|22,559|
|Cash at bank and in hand||136,360|-|136,360|117,849|
|**Total Current Assets**||**155,468**|**-**|**155,468**|**140,408**|
|**Creditors:**amounts falling due more than one year|9|19,060|-|19,060|1,510|
|**NET ASSETS**||**803,095**|**-**|**803,095**|**476,441**|
|**Funds of the Charity**||||||
|General Funds - Unrestricted Funds||174,406|-|174,406|158,502|
|Designated Funds - Revaluation Reserve|7|348,155|-|348,155|-|
|Designated Funds|7|280,534|-|280,534|317,939|
|Restricted Funds|6|-|-|-|-|
|**TOTAL FUNDS**||**803,095**|**-**|**803,095**|**476,441**|



## **DIRECTORS' RESPONSIBILITIES:** 

The charitable company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 

The Directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. However, in accordance with section 145 of the Charities Act 2011, the accounts have been examined by an Independent Examiner whose report appears on page 16. 

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. 

27 Oct 25 Approved by the Directors on the ..........................................................2025 Signed on their behalf by  ....................................................., Director Print name: Jörg Lobbedey[Sg][Lobbedey] 

8 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR** 

## **ROYAL AIR FORCE SAILING ASSOCIATION** 

## **(A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **1. ACCOUNTING POLICIES** 

## **Basis of preparation:** 

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. 

Advantage has been taken of Section 396(5) of The Companies Act 2006 to allow the format of the financial statements to be adapted to reflect the special nature of the charity's operation and in order to comply with the requirements of the SORP. 

The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement. 

## **Preparation of accounts on a going concern basis** 

Preparation of the accounts is on a going concern basis. The Trustees are of the view that the level of reserves will support the charity going forward. 

## **Change of accounting policy** 

No changes have been made to the accounting policies adopted. 

## **Changes to accounting estimates** 

No changes to accounting estimates have occurred in the reporting period 

## **Material prior period errors** 

No material prior year errors have been identified in the reporting period 

Some items of income and expenditure have been re-classified to provide better clarity. Overall figures have not been restated. 

The particular accounting policies adopted are set out below. 

## **Income** 

## **Recognition of Income** 

These are included in the Statement of Financial Activities (SOFA) when: 

- the charity becomes entitled to the income; 

- it is more likely than not that the trustees will receive the resources; and 

- the monetary value can be measured with sufficient reliability. 

## **Offsetting** 

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102. 

## **Grants and Donations** 

Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP). 

## **Tax Reclaims on Donations and Gifts** 

Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise. 

## **Contractual Income and Performance Related Grants** 

This is only included in the SoFA once the charity has provided the related goods or services or met the performance related conditions. 

## **Gifts in Kind** 

Gifts in kind for use by the charity are included in the SoFA as income from donations when receivable. 

## **Legacies** 

Legacies are included in the SOFA when receipt is probable, that is, when there has been grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met. 

9 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR** 

## **ROYAL AIR FORCE SAILING ASSOCIATION** 

## **(A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **Government Grants** 

The charity has not received government grants in the reporting period. 

## **Volunteer Help** 

The value of any voluntary help received is not included in the accounts but is described in the Directors' annual report. 

## **Income from interest, royalties and dividends** 

This is included in the accounts when receipt is probable and the amount receivable can be measured reliably. 

## **Income from membership subscriptions** 

Membership subscriptions received in the nature of a gift are recognised in Donations and Legacies. 

Membership subscriptions which gives a member the right to buy services or other benefits are recognised as income earned from the provision of goods and services as income from charitable activities. 

## **Expenses and liabilities** 

## **Liability recognition** 

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. 

## **Grants with performance conditions** 

Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output. 

## **Grants payable without performance conditions** 

These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity. 

## **Deferred income** 

One item of deferred income has been included in the accounts. 

## **Creditors** 

The charity has creditors which are measured at settlement amounts less any trade discounts. 

## **Debtors** 

Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received. 

## **Assets** 

## **Tangible Fixed Assets** 

These are capitalised if they can be used for more than one year, and cost at least £2,000 (until 31st December 2023, the threshold was set at £1,000). They are valued initially at cost or, if gifted, at the value to the charity on receipt. From 1 January 2024, the charity has chosen to adopt an accounting policy of revaluing the Offshore and Safety tangible fixed assets held. Tangible fixed assets are assessed for impairment at each balance sheet date. 

## **Depreciation** 

Until the 31st December 2023, depreciation was calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied per annum were as follows: 

Off-Shore 10-20% Safety 10-33.3% Dinghy 10% Windsurfing 20% 

From 1 January 2024 , depreciation for Offshore and Safety is calculated based on the current resale value as these assets hold their value for a very long time, resulting in little or no diminution in their value. The rates applied per annum are as follows: 

Off-ShoreSafety 0%0% ] Dinghy 10% Windsurfing 20% 

No set percentage but assessed for impairment and revalued each year using a reasonable approach 

10 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION** 

## **(A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **Legal status of the charity** 

The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. 

## **2. TANGIBLE FIXED ASSETS** 

|EQUIPMENT<br>Cost<br>01-Jan-24<br>Additions<br>Revaluations<br>Cost at<br>31-Dec-24<br>Depreciation<br>01-Jan-24<br>Revaluations<br>Charge<br>Depreciation at<br>31-Dec-24<br>**Net Book Value**<br>**31-Dec-24**<br>Net Book Value<br>31-Dec-23|Off-Shore<br>Safety<br>Dinghy<br>Windsurfing<br>**Total**<br>£<br>£<br>£<br>£<br>**£**<br>305,831<br>76,512<br>259,738<br>121,458<br>763,539<br>-<br>-<br>-<br>-<br>-<br>58,388<br>17,150<br>-<br>-<br>75,538<br>364,219<br>93,662<br>259,738<br>121,458<br>839,077<br>221,396<br>55,118<br>167,832<br>94,198<br>538,544<br>(218,501)<br>(54,116)<br>-<br>-<br>(272,617)<br>1,324<br>-<br>114<br>27,260<br>28,698<br>4,219<br>1,002<br>167,946<br>121,458<br>294,625<br>**360,000**<br>**92,660**<br>**91,792**<br>**-**<br>**544,452**<br>84,435<br>21,394<br>91,906<br>27,260<br>224,995|
|---|---|



## Revalued tangible fixed assets 

RAFSA revalued the Offshore and Safety vessels in Dec 2024 to better reflect a realistic market value as the depreciation method used previously had resulted in a significant under valuation over previous years. An independent valuer was not used; RAFSA based these revaluations on Rear Commodore’s knowledge and experience, taking into consideration the condition, age, insurance and market values of their respective fleets. 

The carrying amount that would have been recognised if the assets had been carried under the historical cost model is: 

||£|
|---|---|
|Offshore|305,831|
|Safety|76,512|



The annual commitments under non-cancelling operating leases and capital commitments are as follows: 31-Dec-24 : None 31-Dec-23 : None 

## **3. FIXED ASSET INVESTMENTS** 

## **Investments Holding** 


**----- Start of picture text -----**<br>
TOTAL TOTAL<br>31-Dec-24 31-Dec-23<br>£ £<br>Investments 122,235 112,548<br>Movement on Investments<br>£<br>Holding value at start of year 112,548<br>Accumulated income 4,017<br>Net gain/(loss) on revaluation 5,670<br>Holding value at end of year 122,235<br>**----- End of picture text -----**<br>


11 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **4. INCOME** 

|**(a) Grants and Donations**<br>Grants<br>Corporate Donations<br>**(b) Charitable Activities**<br>Annual Dinner<br>Rental, Charter, Hire and Lease Income<br>Coaching and Training Course Income<br>Other Charitable Activities<br>Sale of Equipment, Clothing, Ensigns, Bunting<br>Personal Contributions<br>**(c) Investments**<br>Bank Interest<br>Dividends<br>Subscriptions and Membership Income|Unrestricted<br>Designated<br>Restricted<br>**Total**<br>**Total**<br>Funds<br>Funds<br>Funds<br>**2024**<br>**2023**<br>£<br>£<br>£<br>**£**<br>**£**<br>-<br>-<br>58,949<br>58,949<br>78,453<br>3,000<br>-<br>3,000<br>-<br>**-**<br>**3,000**<br>**58,949**<br>**61,949**<br>**78,453**<br>-<br>930<br>-<br>930<br>1,236<br>7,631<br>1,890<br>-<br>9,521<br>10,335<br>-<br>33,557<br>-<br>33,557<br>29,312<br>-<br>5,475<br>-<br>5,475<br>4,353<br>663<br>5,410<br>-<br>6,073<br>3,649<br>-<br>4,290<br>-<br>4,290<br>1,017<br>-<br>7,475<br>-<br>7,475<br>-<br>**8,294**<br>**59,027**<br>**-**<br>**67,321**<br>**49,902**<br>1,877<br>-<br>-<br>1,877<br>1,892<br>4,017<br>-<br>-<br>4,017<br>4,374<br>**5,894**<br>**-**<br>**-**<br>**5,894**<br>**6,266**|
|---|---|



12 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION** 

## **(A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **5. EXPENDITURE** 

|**Expenditure on Charitable Activities**<br>Activity Costs *<br>Depreciation<br>Governance<br>Annual Dinner<br>Provision for Doubtful  Debt<br>**DETAILS OF MATERIAL EXPENDITURE**<br>The following expenditure is included in activity costs:<br>Kit and Equipment<br>Repairs and Maintenance<br>Insurance<br>RAF Champs and Inter Services<br>Ground Rent and Mooring Fees<br>Registration, Affiliation and Entrance Fees<br>Travel and Accomodation<br>Hire costs and Berthing Fees<br>Other Charitable Activities<br>New Member Engagement<br>**6. RESTRICTED FUNDS**<br>RAF Central Fund Grant<br>RAF Sports Fund Grant<br>RAF Central Fund Grant|Unrestricted<br>Designated<br>Restricted<br>**Total**<br>**Total**<br>Funds<br>Funds<br>Funds<br>**2024**<br>**2023**<br>£<br>£<br>£<br>**£**<br>**£**<br>1,950<br>69,872<br>58,949<br>130,771<br>135,472<br>-<br>28,698<br>-<br>28,698<br>77,538<br>1,768<br>-<br>-<br>1,768<br>1,597<br>-<br>1,098<br>-<br>1,098<br>1,214<br>-<br>-<br>-<br>-<br>2,660<br>**3,718**<br>**99,668**<br>**58,949**<br>**162,335**<br>**218,481**<br>**TOTAL**<br>**TOTAL**<br>**2024**<br>**2023**<br>**£**<br>**£**<br>17,236<br>7,447<br>41,770<br>73,175<br>24,667<br>18,687<br>6,989<br>3,963<br>6,815<br>6,214<br>10,975<br>6,877<br>2,536<br>1,520<br>12,522<br>7,842<br>7,261<br>2,945<br>-<br>6,802<br>**130,771**<br>**135,472**<br>Balance<br>**Balance**<br>01-Jan-24<br>Income<br>Expenditure<br>Transfers<br>**31-Dec-24**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>58,949<br>(58,949)<br>-<br>-<br>**-**<br>**58,949**<br>**(58,949)**<br>**-**<br>**-**<br>Balance<br>**Balance**<br>01-Jan-23<br>Income<br>Expenditure<br>Transfers<br>**31-Dec-23**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>18,100<br>(485)<br>(17,615)<br>-<br>-<br>60,353<br>(57,872)<br>(2,481)<br>-<br>**-**<br>**78,453**<br>**(58,357)**<br>**(20,096)**<br>**-**<br>CURRENT YEAR<br>PREVIOUS YEAR|
|---|---|



Sports Fund Grant - for equipment 

Central Fund Grant - to be used for operating costs, kit and equipment, overseas visits and development activities. 

13 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **7. DESIGNATED FUNDS** 

|**7. DESIGNATED FUNDS**|||
|---|---|---|
|||CURRENT YEAR|
|Offshore Fund<br>Dinghy Fund<br>Special Project Fund<br>Fixed Asset Fund (formerly Depreciation Fund)<br>Windsurfing Fund<br>Safety Fund|Balance<br>01-Jan-24<br>Income<br>**£**<br>**£**<br>33,268<br>38,886<br>29,425<br>18,358<br>30,252<br>-<br>224,994<br>-<br>-<br>4,783<br>-<br>-|**Balance**<br>Expenditure<br>Transfers<br>Other gains/<br>**31-Dec-24**<br>(losses)<br>**£**<br>**£**<br>**£**<br>**£**<br>(52,250)<br>-<br>-<br>19,904<br>(15,201)<br>-<br>-<br>32,582<br>-<br>-<br>-<br>30,252<br>(28,698)<br>-<br>-<br>196,296<br>(3,283)<br>-<br>-<br>1,500<br>(236)<br>236<br>-<br>-|
||317,939<br>62,027|(99,668)<br>236<br>-<br>280,534|
|Revaluation Reserve Fund|-|-<br>348,155<br>348,155|
||-<br>-|-<br>-<br>348,155<br>348,155|
||||
||**317,939**<br>**62,027**|**(99,668)**<br>**236**<br>**348,155**<br>**628,689**|
|||PREVIOUS YEAR|
|Offshore Fund<br>Dinghy Fund<br>Special Project Fund<br>Depreciation Fund|Balance<br>01-Jan-23<br>Income<br>**£**<br>**£**<br>48,755<br>29,350<br>32,900<br>6,297<br>30,252<br>-<br>270,566<br>-|**Balance**<br>Expenditure<br>Transfers<br>Other gains/<br>**31-Dec-23**<br>(losses)<br>**£**<br>**£**<br>**£**<br>**£**<br>(44,837)<br>-<br>-<br>33,268<br>(6,035)<br>(3,737)<br>-<br>29,425<br>-<br>-<br>-<br>30,252<br>(77,538)<br>31,966<br>-<br>224,994<br>-|
||**382,473**<br>**35,647**|**(128,410)**<br>**28,229**<br>**-**<br>**317,939**|
|**8. DEBTORS AND PREPAYMENTS**<br>Sundry Debtors<br>Allowance for Doubtful Debts<br>Accrued Income<br>VAT Debtor<br>Prepayments||Unrestricted<br>Restricted<br>**Total**<br>**Total**<br>Funds<br>Funds<br>**31-Dec-24**<br>**31-Dec-23**<br>£<br>£<br>**£**<br>**£**<br>763<br>-<br>763<br>2,664<br>-<br>-<br>-<br>(2,660)<br>1,710<br>-<br>1,710<br>-<br>1,128<br>-<br>1,128<br>912<br>15,507<br>-<br>15,507<br>21,643|
|||**19,108**<br>**-**<br>**19,108**<br>**22,559**|
|Sundry Creditors<br>Accruals<br>Deferred Income *<br>**9. CREDITORS AND ACCRUALS: AMOUNTS**|Unrestricted<br>Restricted<br>**Total**<br>**Total**<br>Funds<br>Funds<br>**31-Dec-24**<br>**31-Dec-23**<br>£<br>£<br>**£**<br>**£**<br>15,295<br>-<br>15,295<br>280<br>1,829<br>-<br>1,829<br>1,230<br>1,936<br>-<br>1,936<br>-<br>**FALLING DUE WITHIN ONE YEAR**||
|||**19,060**<br>**-**<br>**19,060**<br>**1,510**|
|*** DEFERRED INCOME**<br>Deferred income brought forward 01-Jan-24<br>Utilised in the year||Affiliation<br>O'seas Visit<br>Ann. Dinner<br>**Total**<br>Membership<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|
|Received in 2024 for 2025||-<br>-<br>-<br>-<br>-<br>1,936<br>-<br>1,936|
|Deferred income as at 31-Dec-24||**-**<br>**1,936**<br>**-**<br>**1,936**|



Deferred income in 2024 represents income received for overseas visits, intended for the following financial year. 

14 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **10. STAFF COSTS AND NUMBERS** 

There are no staff paid by the Royal Air Force Sailing Association (2023: none). 

## **11. DIRECTORS AND OTHER RELATED PARTIES** 

No payments were made to directors or any persons connected with them during this financial period, apart from the reimbursement of charitable expenditure paid personally. No material transaction took place between the organisation and a 

## **12. RISK ASSESSMENT** 

The directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks. 

## **13. RESERVES POLICY** 

The directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The directors will endeavour not to set aside funds unnecessarily. 

## **14. PUBLIC BENEFIT** 

The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Report of the Directors. The directors confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake. 

## **15. RECONCILIATION OF FUNDS** 

|**Unrestricted Funds**<br>General Fund<br>Revaluation Reserve Fund<br>Designated<br>Offshore Fund<br>Designated<br>Dinghy Fund<br>Designated<br>Special Project Fund<br>Designated<br>Depreciation Fund<br>Designated<br>Windsurfing Fund<br>Designated<br>Safety Fund<br>**Total Unrestricted Funds**<br>**Restricted Funds**<br>RAF Central Fund Grant<br>**Total Restricted Funds**<br>**TOTAL FUNDS**|Balance<br>Income<br>Expenditure Other Gains/<br>Transfers<br>Balance<br>01-Jan-24<br>(Losses)<br>in/out<br>31-Dec-24<br>£<br>£<br>£<br>£<br>£<br>£<br>158,502<br>14,188<br>(3,718)<br>5,670<br>(236) 174,406<br>-<br>-<br>-<br>348,155<br>-       348,155<br>33,268<br>38,886<br>(52,250)<br>-<br>-         19,904<br>29,425<br>18,358<br>(15,201)<br>-<br>-         32,582<br>30,252<br>-<br>-<br>-<br>-         30,252<br>224,994<br>-<br>(28,698)<br>-<br>-       196,296<br>-<br>4,783<br>(3,283)<br>-<br>-           1,500<br>-<br>-<br>(236)<br>-<br>236                  -<br>**476,441     76,215   (103,386)     353,825                -     803,095**<br>-       58,949       (58,949) -                -                  -<br>**-     58,949     (58,949)                 -                -                 -**<br>**476,441   135,164   (162,335)     353,825                -     803,095**|
|---|---|



15 



## **INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS** 

Report to the trustees/directors of the Royal Air Force Sailing Association on the accounts for the year ended 31st December 2024 set out on pages 7 to 15. 

## **RESPECTIVE RESPONSIBILITIES OF TRUSTEES/DIRECTORS AND EXAMINER** 

As described on pages 6 & 8, the charity's directors (who are also the trustees of the company for the purposes of charity law) are responsible for the preparation of the financial statements. The directors are satisfied that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the governing document or constitution of the Charity for the conducting of an audit. As a consequence, the directors have elected that the financial statements be subject to independent examination. 

Having satisfied myself that the accounts of The Royal Air Force Sailing Association are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

## **INDEPENDENT EXAMINER'S STATEMENT** 

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

- accounting records were not kept in respect of Royal Air Force Sailing Association as required by section 386 of the 2006 Act; or 

- the accounts did not accord with the accounting records; or 

- the accounts did not comply with section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or 

- the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. 

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 accounts to be reached. 

J Irvinesmith FCIE Date: 28 October 2025 

Independent Examiners Ltd The Grain Store Hills Barns Appledram Lane South Chichester PO20 7EG 

16 



## **ROYAL AIR FORCE SAILING ASSOCIATION** 

**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024** 

**CHARITY REGISTRATION No: 1132197 COMPANY REGISTRATION No: 07030163** 

Independent Examiners Ltd The Grain Store Hills Barns Appledram Lane South Chichester West Sussex PO20 7EG 



||**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR**|
|---|---|
||**ROYAL AIR FORCE SAILING ASSOCIATION**|
||**(A COMPANY LIMITED BY GUARANTEE)**|
||**CONTENTS**|
|Pages 3 to 6|Report of the Directors|
|Page 7|Statement of Financial Activities|
|Page 8|Balance Sheet|
|Pages 9 to 15|Notes to the Financial Statements|
|Page 16|Independent Examiners Report on the Accounts|



2 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)** 

## **REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **LEGAL AND ADMINISTRATIVE INFORMATION** 

**CHARITY NUMBER** 1132197 **COMPANY REGISTRATION NUMBER** 7030163 **START OF FINANCIAL YEAR** 1st January 2024 **END OF FINANCIAL YEAR** 31st December 2024 **DIRECTORS THAT SERVED** Gp Capt Walker (Chair) **DURING THE YEAR** Wg Cdr Litten (Until August 2025) (Vice Commodore) Wg Cdr Burgess (Rear Commodore Offshore) Wg Cdr Kent (Rear Commodore Windsurfing) Wg Cdr Dodwell (Rear Commodore Dinghy) WO Cooper (Until May 2024) (Rear Commodore Safety Boat) Wg Cdr Lobbedey (Hon Secretary) Wg Cdr South (Hon Treasurer) Chf Tech Williams (Wef May 2024) **DIRECTORS APPOINTED AFTER** Sqn Ldr Cook (Wef February 2025) **THE BALANCE SHEET DATE** Gp Capt Johnson (Wef August 2025) The Chair is appointed by AOC 22 Trg Group RAF; other directors appointed at AGM. **COMPANY SECRETARY** Wilsons (Company Secretaries) Limited **REGISTERED ADDRESS** Alexandra House St Johns Street Salisbury Wiltshire SP1 2SB **DATE OF INCORPORATION** 25th September 2009 **GOVERNING DOCUMENT** Memorandum and Articles of Association dated 14th October 2009 **BANKERS** Royal Bank of Scotland Holt's Military Banking 200 Fowler Avenue Fowler Business Park Farnborough Hampshire GU14 7JP **INDEPENDENT EXAMINER** Independent Examiners Ltd The Grain Store Hills Barns Appledram Lane South Chichester PO20 7EG **OBJECTS** The objects for which the Charity is established (the “Objects”) are to promote the effectiveness of His Majesty’s Armed Forces by increasing physical fitness, fostering the esprit de corps and raising morale of members of the Royal Air Force and other services in an inclusive and safe environment, through the promotion of participation and furthering its proper administration whilst enabling the provision of facilities for Sailing. 

3 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR** 

## **ROYAL AIR FORCE SAILING ASSOCIATION** 

**(A COMPANY LIMITED BY GUARANTEE)** 

## **REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **ORGANISATIONAL STRUCTURE** 

The Charity is managed by a Board of Trustees with 4 sub-divisions; Offshore (Racing, Training and Expeditions), Dinghy (Racing, Training), Windsurfing (Racing, Training) and Safety Boat Division (safety support to the other 3 Divisions within the Charity). 

The Royal Yachting Association is the National Governing Body for all activity undertaken by the Charity. 

The Charity has an Executive committee that oversees the day to day operation of the Association, which is accountable to a Board of trustees which provides strategic direction. 

The Executive Committee Members that served during the year were: 

Name Office Dates Acted (if not whole year) AVM Monahan * Admiral Sqn Ldr Cook Deputy Sec and Membership Advisor 

* AVM Monahan was appointed as Admiral of the Association, but has not been brought on as a Trustee of the Association. It was recommended during an independent governance audit arranged through the Directorate of RAF Sport during 2023 that Presidents of Sport Association should not routinely assume the responsibility of a Trustee. 

## **OBJECTIVES AND  ACTIVITIES** 

The objects for which the Charity is established (the “Objects”) are to promote the effectiveness of Her Majesty’s Armed Forces by increasing physical fitness, fostering the esprit de corps and raising morale of members of the Royal Air Force and other services in an inclusive and safe environment, through the promotion of participation and furthering its proper administration whilst enabling the provision of facilities for Sailing. 

The main activities are the provision of facilities, equipment and opportunities for offshore sailing, windsurfing, dinghy sailing and safety support. 

The trustees have been mindful of the guidance issued by the Charities on public benefit. The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. The directors confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake. 

It is acknowledged that sport in the RAF is delivered through the aegis of the Sports Associations and the willing, enthusiastic volunteers who undertake roles on the Executive Committees and in the associations. The delivery of RAF competition would not be possible without officials and supporting personnel, all of whom are volunteers. The contribution in these roles is highly valued and much appreciated and recognised as a duty activity in Service policy documents. Within the RAF Sailing Association, there is significant support provided by retired Service Personnel giving up their own time, often occupying positions within divisional committees. Without this support, the Association would not be able to deliver its range of activities. 

## **POLICIES AND PROCEDURES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES** 

Newly appointed Trustees are provided with a copies of the Articles of Association, Association Rules and Bylaws and a Trustee brief which provided details of the following: 

- Duties of a Trustee 

- Requirements (Duties of a Trustee) 

- Summary of RAFSA legal entity and requirements 

- Including links to Charities Commission “The essential Trustee: what you need to know, what you need to 

- · do (CC3)” and “Managing your charity: guidance for trustees” documents. · Summary of governing documents 

- Link to RAF Sports federation – Trustee-Role-Description. 

At the start of each meeting of the Board of Trustees, Trustees are reminded of their responsibilities (standing item as part of agenda). 

## **TRUSTEE SELECTION METHOD** 

Chair appointed by The Air Officer Commanding (AOC) Number 22 (Training) Group. Whilst the chair is appointed by the AOC 22 Gp, all Trustees are elected to be brought on as Trustee through the Board of Trustees election process. 

4 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION** 

## **(A COMPANY LIMITED BY GUARANTEE)** 

## **REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **ACHIEVEMENTS AND PERFORMANCE** 

The charity has continued to deliver facilities, equipment and opportunities for offshore sailing, windsurfing, dinghy sailing and safety support in line with the objects of the Association. Participation in and organisation of Service and Inter-Service events across the country have taken place; with RAFSA leading the organisation for Windsurfing and Dinghy Inter-Service events this year. Opportunities to engage with the wider public and enable visibility of the Service through participation in civilian Yacht Club/National Association organised events such as Junior Offshore Group, Royal Ocean Racing Club, J109 Nationals have been delivered. The Association supported events which enabled in excess of 80 Service Personnel to be introduced to the sport of sailing. Windsurfing and Dinghy Division delivered training courses which have enabled the introduction of personnel to the respective disciplines in a safe and controlled environment. The Safety Boat Division through the provision of an on the-water rescue capability has been a key enabler to events organised by the other 3 Divisions as well as the RAF Benson Families Day. The Offshore Division has continued to provide Training Courses which have enabled the development of crew, skipper training and examination (including Day Skipper, Yachtmaster Coastal and Yachtmaster Offshore) as well as training of Cruising Instructors to enable Serving Personnel to provide the required resource for the delivery of unit Adventurous Training and Association activities. 

## **FINANCIAL REVIEW** 

RAFSA’s Financial position remained solid at the end of this period. Whilst maintenance costs associated with an aging fleet across both Offshore and Safety divisions remain relatively high, this is expected, and required, to keep safe and seaworthy vessels. The decision to extend operational lives of RAFSA assets needs to be balanced against the higher costs of boat replacements. 

Thanks to the health of the general and replacement funds, supported by continued CF grants and the income generated by the Divisions, RAFSA is well placed to progress with the planned replacement of its racing yacht ‘Red Arrow’ during next year (subject to a separate Business Case and Trustee agreement). 

The designated funds for Offshore, Dinghy, Windsurfing and Special Projects (safety & windsurfing) provide access to capital for larger equipment replacements that will not be covered by normal in-year income/grants. 

At the end of December 2024 these designated funds remained as follows: Offshore Fund £19,904 Dinghy Fund £32,582 Special Project Fund £30,252 Windsurfing Fund £1,500 

Other unrestricted reserves held totalled £718,857, giving total free reserves as at 31 December 2023 of £803,095 as represented by the net assets on the balance sheet. 

Whilst Dinghy reserve funds increased over this period in line with RAFSA’s stated plan to add profits from training activities to these funds, the Offshore fund was utilised to meet higher than normal fleet maintenance costs during the period. This is not a concern as given the revaluation of assets conducted during this period, to reflect more realistic market values, any large asset replacement activity will be significantly offset by the resale value of the replaced vessel. 

## **STATEMENT OF DIRECTOR'S RESPONSIBILITIES:** 

The Charities Act and the Companies Act require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to :- 

- select suitable accounting policies and then apply them consistently; 

- make judgements and estimates that are reasonable and prudent; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

- state whether applicable accounting standards and statements of recommended practice have been followed , subject to any material  departures disclosed and explained in the financial statements; 

The Directors are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

5 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)** 

## **REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **STATEMENT OF DIRECTOR'S RESPONSIBILITIES:** 

The Directors are also responsible for the contents of the Report of the Directors, and the responsibility of the independent examiner in relation to the Report of the Directors is limited to examining the report and ensuring that, on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements. 

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 

I approve the attached statement of financial activities and balance sheet for the year ended 31st December 2024, and confirm that I have made available all information necessary for its preparation. 27 Oct 25 Date: ................................................ Signature ...................................................., Director eg Lobbedey Print Name: Jörg Lobbedey 

6 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION** 

**(A COMPANY LIMITED BY GUARANTEE)** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024** 

|Notes<br>**INCOME**<br>**Income from:**<br>Grants and Donations<br>4(a)<br>Charitable Activities<br>4(b)<br>Investments<br>4(c)<br>**TOTAL INCOME**<br>**EXPENDITURE**<br>Expenditure on Charitable Activities<br>5<br>**TOTAL EXPENDITURE**<br>**Net Income/(expenditure) before**<br>**Investment gains/(losses)**<br>Net gains/(losses) on investments<br>3<br>**NET INCOME/(EXPENDITURE)**<br>Transfers between funds<br>6/7<br>**OTHER RECOGNISED GAINS AND**<br>**LOSSES**<br>Gains/(losses) on revaluation<br>2,15<br>of fixed assets for charity's own use<br>**NET MOVEMENT IN FUNDS**<br>**Reconciliation of funds:**<br>Total Funds Brought Forward<br>**TOTAL FUNDS CARRIED FORWARD**|Unrestricted Designated<br>Restricted<br>**Total**<br>**Total**<br>Funds<br>Funds<br>Funds<br>**2024**<br>**2023**<br>£<br>£<br>£<br>**£**<br>**£**<br>-<br>3,000<br>58,949<br>61,949<br>78,453<br>8,294<br>59,027<br>-<br>67,321<br>49,902<br>5,894<br>-<br>-<br>5,894<br>6,266<br>**14,188**<br>**62,027**<br>**58,949**<br>**135,164**<br>**134,621**<br>3,718<br>99,668<br>58,949<br>162,335<br>218,481<br>**3,718**<br>**99,668**<br>**58,949**<br>**162,335**<br>**218,481**<br>**10,470**<br>**(37,641)**<br>**-**<br>**(27,171)**<br>**(83,860)**<br>5,670<br>-<br>-<br>5,670<br>357<br>**16,140**<br>**(37,641)**<br>**-**<br>**(21,501)**<br>**(83,503)**<br>(236)<br>236<br>-<br>-<br>-<br>-<br>348,155<br>-<br>348,155<br>-<br>**15,904**<br>**310,750**<br>**-**<br>**326,654**<br>**(83,503)**<br>158,502<br>317,939<br>-<br>476,441<br>559,944<br>**174,406**<br>**628,689**<br>**-**<br>**803,095**<br>**476,441**|
|---|---|



Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing. 

The notes on pages 9 to 15 form part of these financial statements. 

7 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION** 

## **(A COMPANY LIMITED BY GUARANTEE)** 

## **BALANCE SHEET AS AT 31ST DECEMBER 2024** 

## **Company number: 07030163** 

|||Unrestricted|Restricted|**31-Dec-24**|**31-Dec-23**|
|---|---|---|---|---|---|
|||Funds|Funds|**Total**|**Total**|
||**Note**|£|£|**£**|**£**|
|**Fixed Assets**||||||
|Tangible assets|2|544,452|-|544,452|224,995|
|Investments|3|122,235|-|122,235|112,548|
|**Current Assets**||||||
|Debtors and Prepayments|8|19,108|-|19,108|22,559|
|Cash at bank and in hand||136,360|-|136,360|117,849|
|**Total Current Assets**||**155,468**|**-**|**155,468**|**140,408**|
|**Creditors:**amounts falling due more than one year|9|19,060|-|19,060|1,510|
|**NET ASSETS**||**803,095**|**-**|**803,095**|**476,441**|
|**Funds of the Charity**||||||
|General Funds - Unrestricted Funds||174,406|-|174,406|158,502|
|Designated Funds - Revaluation Reserve|7|348,155|-|348,155|-|
|Designated Funds|7|280,534|-|280,534|317,939|
|Restricted Funds|6|-|-|-|-|
|**TOTAL FUNDS**||**803,095**|**-**|**803,095**|**476,441**|



## **DIRECTORS' RESPONSIBILITIES:** 

The charitable company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 

The Directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. However, in accordance with section 145 of the Charities Act 2011, the accounts have been examined by an Independent Examiner whose report appears on page 16. 

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. 

27 Oct 25 Approved by the Directors on the ..........................................................2025 Signed on their behalf by  ....................................................., Director Print name: Jörg Lobbedey[Sg][Lobbedey] 

8 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR** 

## **ROYAL AIR FORCE SAILING ASSOCIATION** 

## **(A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **1. ACCOUNTING POLICIES** 

## **Basis of preparation:** 

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. 

Advantage has been taken of Section 396(5) of The Companies Act 2006 to allow the format of the financial statements to be adapted to reflect the special nature of the charity's operation and in order to comply with the requirements of the SORP. 

The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement. 

## **Preparation of accounts on a going concern basis** 

Preparation of the accounts is on a going concern basis. The Trustees are of the view that the level of reserves will support the charity going forward. 

## **Change of accounting policy** 

No changes have been made to the accounting policies adopted. 

## **Changes to accounting estimates** 

No changes to accounting estimates have occurred in the reporting period 

## **Material prior period errors** 

No material prior year errors have been identified in the reporting period 

Some items of income and expenditure have been re-classified to provide better clarity. Overall figures have not been restated. 

The particular accounting policies adopted are set out below. 

## **Income** 

## **Recognition of Income** 

These are included in the Statement of Financial Activities (SOFA) when: 

- the charity becomes entitled to the income; 

- it is more likely than not that the trustees will receive the resources; and 

- the monetary value can be measured with sufficient reliability. 

## **Offsetting** 

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102. 

## **Grants and Donations** 

Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP). 

## **Tax Reclaims on Donations and Gifts** 

Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise. 

## **Contractual Income and Performance Related Grants** 

This is only included in the SoFA once the charity has provided the related goods or services or met the performance related conditions. 

## **Gifts in Kind** 

Gifts in kind for use by the charity are included in the SoFA as income from donations when receivable. 

## **Legacies** 

Legacies are included in the SOFA when receipt is probable, that is, when there has been grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met. 

9 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR** 

## **ROYAL AIR FORCE SAILING ASSOCIATION** 

## **(A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **Government Grants** 

The charity has not received government grants in the reporting period. 

## **Volunteer Help** 

The value of any voluntary help received is not included in the accounts but is described in the Directors' annual report. 

## **Income from interest, royalties and dividends** 

This is included in the accounts when receipt is probable and the amount receivable can be measured reliably. 

## **Income from membership subscriptions** 

Membership subscriptions received in the nature of a gift are recognised in Donations and Legacies. 

Membership subscriptions which gives a member the right to buy services or other benefits are recognised as income earned from the provision of goods and services as income from charitable activities. 

## **Expenses and liabilities** 

## **Liability recognition** 

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. 

## **Grants with performance conditions** 

Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output. 

## **Grants payable without performance conditions** 

These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity. 

## **Deferred income** 

One item of deferred income has been included in the accounts. 

## **Creditors** 

The charity has creditors which are measured at settlement amounts less any trade discounts. 

## **Debtors** 

Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received. 

## **Assets** 

## **Tangible Fixed Assets** 

These are capitalised if they can be used for more than one year, and cost at least £2,000 (until 31st December 2023, the threshold was set at £1,000). They are valued initially at cost or, if gifted, at the value to the charity on receipt. From 1 January 2024, the charity has chosen to adopt an accounting policy of revaluing the Offshore and Safety tangible fixed assets held. Tangible fixed assets are assessed for impairment at each balance sheet date. 

## **Depreciation** 

Until the 31st December 2023, depreciation was calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied per annum were as follows: 

Off-Shore 10-20% Safety 10-33.3% Dinghy 10% Windsurfing 20% 

From 1 January 2024 , depreciation for Offshore and Safety is calculated based on the current resale value as these assets hold their value for a very long time, resulting in little or no diminution in their value. The rates applied per annum are as follows: 

Off-ShoreSafety 0%0% ] Dinghy 10% Windsurfing 20% 

No set percentage but assessed for impairment and revalued each year using a reasonable approach 

10 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION** 

## **(A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **Legal status of the charity** 

The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. 

## **2. TANGIBLE FIXED ASSETS** 

|EQUIPMENT<br>Cost<br>01-Jan-24<br>Additions<br>Revaluations<br>Cost at<br>31-Dec-24<br>Depreciation<br>01-Jan-24<br>Revaluations<br>Charge<br>Depreciation at<br>31-Dec-24<br>**Net Book Value**<br>**31-Dec-24**<br>Net Book Value<br>31-Dec-23|Off-Shore<br>Safety<br>Dinghy<br>Windsurfing<br>**Total**<br>£<br>£<br>£<br>£<br>**£**<br>305,831<br>76,512<br>259,738<br>121,458<br>763,539<br>-<br>-<br>-<br>-<br>-<br>58,388<br>17,150<br>-<br>-<br>75,538<br>364,219<br>93,662<br>259,738<br>121,458<br>839,077<br>221,396<br>55,118<br>167,832<br>94,198<br>538,544<br>(218,501)<br>(54,116)<br>-<br>-<br>(272,617)<br>1,324<br>-<br>114<br>27,260<br>28,698<br>4,219<br>1,002<br>167,946<br>121,458<br>294,625<br>**360,000**<br>**92,660**<br>**91,792**<br>**-**<br>**544,452**<br>84,435<br>21,394<br>91,906<br>27,260<br>224,995|
|---|---|



## Revalued tangible fixed assets 

RAFSA revalued the Offshore and Safety vessels in Dec 2024 to better reflect a realistic market value as the depreciation method used previously had resulted in a significant under valuation over previous years. An independent valuer was not used; RAFSA based these revaluations on Rear Commodore’s knowledge and experience, taking into consideration the condition, age, insurance and market values of their respective fleets. 

The carrying amount that would have been recognised if the assets had been carried under the historical cost model is: 

||£|
|---|---|
|Offshore|305,831|
|Safety|76,512|



The annual commitments under non-cancelling operating leases and capital commitments are as follows: 31-Dec-24 : None 31-Dec-23 : None 

## **3. FIXED ASSET INVESTMENTS** 

## **Investments Holding** 


**----- Start of picture text -----**<br>
TOTAL TOTAL<br>31-Dec-24 31-Dec-23<br>£ £<br>Investments 122,235 112,548<br>Movement on Investments<br>£<br>Holding value at start of year 112,548<br>Accumulated income 4,017<br>Net gain/(loss) on revaluation 5,670<br>Holding value at end of year 122,235<br>**----- End of picture text -----**<br>


11 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **4. INCOME** 

|**(a) Grants and Donations**<br>Grants<br>Corporate Donations<br>**(b) Charitable Activities**<br>Annual Dinner<br>Rental, Charter, Hire and Lease Income<br>Coaching and Training Course Income<br>Other Charitable Activities<br>Sale of Equipment, Clothing, Ensigns, Bunting<br>Personal Contributions<br>**(c) Investments**<br>Bank Interest<br>Dividends<br>Subscriptions and Membership Income|Unrestricted<br>Designated<br>Restricted<br>**Total**<br>**Total**<br>Funds<br>Funds<br>Funds<br>**2024**<br>**2023**<br>£<br>£<br>£<br>**£**<br>**£**<br>-<br>-<br>58,949<br>58,949<br>78,453<br>3,000<br>-<br>3,000<br>-<br>**-**<br>**3,000**<br>**58,949**<br>**61,949**<br>**78,453**<br>-<br>930<br>-<br>930<br>1,236<br>7,631<br>1,890<br>-<br>9,521<br>10,335<br>-<br>33,557<br>-<br>33,557<br>29,312<br>-<br>5,475<br>-<br>5,475<br>4,353<br>663<br>5,410<br>-<br>6,073<br>3,649<br>-<br>4,290<br>-<br>4,290<br>1,017<br>-<br>7,475<br>-<br>7,475<br>-<br>**8,294**<br>**59,027**<br>**-**<br>**67,321**<br>**49,902**<br>1,877<br>-<br>-<br>1,877<br>1,892<br>4,017<br>-<br>-<br>4,017<br>4,374<br>**5,894**<br>**-**<br>**-**<br>**5,894**<br>**6,266**|
|---|---|



12 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION** 

## **(A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **5. EXPENDITURE** 

|**Expenditure on Charitable Activities**<br>Activity Costs *<br>Depreciation<br>Governance<br>Annual Dinner<br>Provision for Doubtful  Debt<br>**DETAILS OF MATERIAL EXPENDITURE**<br>The following expenditure is included in activity costs:<br>Kit and Equipment<br>Repairs and Maintenance<br>Insurance<br>RAF Champs and Inter Services<br>Ground Rent and Mooring Fees<br>Registration, Affiliation and Entrance Fees<br>Travel and Accomodation<br>Hire costs and Berthing Fees<br>Other Charitable Activities<br>New Member Engagement<br>**6. RESTRICTED FUNDS**<br>RAF Central Fund Grant<br>RAF Sports Fund Grant<br>RAF Central Fund Grant|Unrestricted<br>Designated<br>Restricted<br>**Total**<br>**Total**<br>Funds<br>Funds<br>Funds<br>**2024**<br>**2023**<br>£<br>£<br>£<br>**£**<br>**£**<br>1,950<br>69,872<br>58,949<br>130,771<br>135,472<br>-<br>28,698<br>-<br>28,698<br>77,538<br>1,768<br>-<br>-<br>1,768<br>1,597<br>-<br>1,098<br>-<br>1,098<br>1,214<br>-<br>-<br>-<br>-<br>2,660<br>**3,718**<br>**99,668**<br>**58,949**<br>**162,335**<br>**218,481**<br>**TOTAL**<br>**TOTAL**<br>**2024**<br>**2023**<br>**£**<br>**£**<br>17,236<br>7,447<br>41,770<br>73,175<br>24,667<br>18,687<br>6,989<br>3,963<br>6,815<br>6,214<br>10,975<br>6,877<br>2,536<br>1,520<br>12,522<br>7,842<br>7,261<br>2,945<br>-<br>6,802<br>**130,771**<br>**135,472**<br>Balance<br>**Balance**<br>01-Jan-24<br>Income<br>Expenditure<br>Transfers<br>**31-Dec-24**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>58,949<br>(58,949)<br>-<br>-<br>**-**<br>**58,949**<br>**(58,949)**<br>**-**<br>**-**<br>Balance<br>**Balance**<br>01-Jan-23<br>Income<br>Expenditure<br>Transfers<br>**31-Dec-23**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>18,100<br>(485)<br>(17,615)<br>-<br>-<br>60,353<br>(57,872)<br>(2,481)<br>-<br>**-**<br>**78,453**<br>**(58,357)**<br>**(20,096)**<br>**-**<br>CURRENT YEAR<br>PREVIOUS YEAR|
|---|---|



Sports Fund Grant - for equipment 

Central Fund Grant - to be used for operating costs, kit and equipment, overseas visits and development activities. 

13 



## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **7. DESIGNATED FUNDS** 

|**7. DESIGNATED FUNDS**|||
|---|---|---|
|||CURRENT YEAR|
|Offshore Fund<br>Dinghy Fund<br>Special Project Fund<br>Fixed Asset Fund (formerly Depreciation Fund)<br>Windsurfing Fund<br>Safety Fund|Balance<br>01-Jan-24<br>Income<br>**£**<br>**£**<br>33,268<br>38,886<br>29,425<br>18,358<br>30,252<br>-<br>224,994<br>-<br>-<br>4,783<br>-<br>-|**Balance**<br>Expenditure<br>Transfers<br>Other gains/<br>**31-Dec-24**<br>(losses)<br>**£**<br>**£**<br>**£**<br>**£**<br>(52,250)<br>-<br>-<br>19,904<br>(15,201)<br>-<br>-<br>32,582<br>-<br>-<br>-<br>30,252<br>(28,698)<br>-<br>-<br>196,296<br>(3,283)<br>-<br>-<br>1,500<br>(236)<br>236<br>-<br>-|
||317,939<br>62,027|(99,668)<br>236<br>-<br>280,534|
|Revaluation Reserve Fund|-|-<br>348,155<br>348,155|
||-<br>-|-<br>-<br>348,155<br>348,155|
||||
||**317,939**<br>**62,027**|**(99,668)**<br>**236**<br>**348,155**<br>**628,689**|
|||PREVIOUS YEAR|
|Offshore Fund<br>Dinghy Fund<br>Special Project Fund<br>Depreciation Fund|Balance<br>01-Jan-23<br>Income<br>**£**<br>**£**<br>48,755<br>29,350<br>32,900<br>6,297<br>30,252<br>-<br>270,566<br>-|**Balance**<br>Expenditure<br>Transfers<br>Other gains/<br>**31-Dec-23**<br>(losses)<br>**£**<br>**£**<br>**£**<br>**£**<br>(44,837)<br>-<br>-<br>33,268<br>(6,035)<br>(3,737)<br>-<br>29,425<br>-<br>-<br>-<br>30,252<br>(77,538)<br>31,966<br>-<br>224,994<br>-|
||**382,473**<br>**35,647**|**(128,410)**<br>**28,229**<br>**-**<br>**317,939**|
|**8. DEBTORS AND PREPAYMENTS**<br>Sundry Debtors<br>Allowance for Doubtful Debts<br>Accrued Income<br>VAT Debtor<br>Prepayments||Unrestricted<br>Restricted<br>**Total**<br>**Total**<br>Funds<br>Funds<br>**31-Dec-24**<br>**31-Dec-23**<br>£<br>£<br>**£**<br>**£**<br>763<br>-<br>763<br>2,664<br>-<br>-<br>-<br>(2,660)<br>1,710<br>-<br>1,710<br>-<br>1,128<br>-<br>1,128<br>912<br>15,507<br>-<br>15,507<br>21,643|
|||**19,108**<br>**-**<br>**19,108**<br>**22,559**|
|Sundry Creditors<br>Accruals<br>Deferred Income *<br>**9. CREDITORS AND ACCRUALS: AMOUNTS**|Unrestricted<br>Restricted<br>**Total**<br>**Total**<br>Funds<br>Funds<br>**31-Dec-24**<br>**31-Dec-23**<br>£<br>£<br>**£**<br>**£**<br>15,295<br>-<br>15,295<br>280<br>1,829<br>-<br>1,829<br>1,230<br>1,936<br>-<br>1,936<br>-<br>**FALLING DUE WITHIN ONE YEAR**||
|||**19,060**<br>**-**<br>**19,060**<br>**1,510**|
|*** DEFERRED INCOME**<br>Deferred income brought forward 01-Jan-24<br>Utilised in the year||Affiliation<br>O'seas Visit<br>Ann. Dinner<br>**Total**<br>Membership<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|
|Received in 2024 for 2025||-<br>-<br>-<br>-<br>-<br>1,936<br>-<br>1,936|
|Deferred income as at 31-Dec-24||**-**<br>**1,936**<br>**-**<br>**1,936**|



Deferred income in 2024 represents income received for overseas visits, intended for the following financial year. 

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## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ROYAL AIR FORCE SAILING ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **10. STAFF COSTS AND NUMBERS** 

There are no staff paid by the Royal Air Force Sailing Association (2023: none). 

## **11. DIRECTORS AND OTHER RELATED PARTIES** 

No payments were made to directors or any persons connected with them during this financial period, apart from the reimbursement of charitable expenditure paid personally. No material transaction took place between the organisation and a 

## **12. RISK ASSESSMENT** 

The directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks. 

## **13. RESERVES POLICY** 

The directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The directors will endeavour not to set aside funds unnecessarily. 

## **14. PUBLIC BENEFIT** 

The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Report of the Directors. The directors confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake. 

## **15. RECONCILIATION OF FUNDS** 

|**Unrestricted Funds**<br>General Fund<br>Revaluation Reserve Fund<br>Designated<br>Offshore Fund<br>Designated<br>Dinghy Fund<br>Designated<br>Special Project Fund<br>Designated<br>Depreciation Fund<br>Designated<br>Windsurfing Fund<br>Designated<br>Safety Fund<br>**Total Unrestricted Funds**<br>**Restricted Funds**<br>RAF Central Fund Grant<br>**Total Restricted Funds**<br>**TOTAL FUNDS**|Balance<br>Income<br>Expenditure Other Gains/<br>Transfers<br>Balance<br>01-Jan-24<br>(Losses)<br>in/out<br>31-Dec-24<br>£<br>£<br>£<br>£<br>£<br>£<br>158,502<br>14,188<br>(3,718)<br>5,670<br>(236) 174,406<br>-<br>-<br>-<br>348,155<br>-       348,155<br>33,268<br>38,886<br>(52,250)<br>-<br>-         19,904<br>29,425<br>18,358<br>(15,201)<br>-<br>-         32,582<br>30,252<br>-<br>-<br>-<br>-         30,252<br>224,994<br>-<br>(28,698)<br>-<br>-       196,296<br>-<br>4,783<br>(3,283)<br>-<br>-           1,500<br>-<br>-<br>(236)<br>-<br>236                  -<br>**476,441     76,215   (103,386)     353,825                -     803,095**<br>-       58,949       (58,949) -                -                  -<br>**-     58,949     (58,949)                 -                -                 -**<br>**476,441   135,164   (162,335)     353,825                -     803,095**|
|---|---|



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## **INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS** 

Report to the trustees/directors of the Royal Air Force Sailing Association on the accounts for the year ended 31st December 2024 set out on pages 7 to 15. 

## **RESPECTIVE RESPONSIBILITIES OF TRUSTEES/DIRECTORS AND EXAMINER** 

As described on pages 6 & 8, the charity's directors (who are also the trustees of the company for the purposes of charity law) are responsible for the preparation of the financial statements. The directors are satisfied that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the governing document or constitution of the Charity for the conducting of an audit. As a consequence, the directors have elected that the financial statements be subject to independent examination. 

Having satisfied myself that the accounts of The Royal Air Force Sailing Association are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

## **INDEPENDENT EXAMINER'S STATEMENT** 

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

- accounting records were not kept in respect of Royal Air Force Sailing Association as required by section 386 of the 2006 Act; or 

- the accounts did not accord with the accounting records; or 

- the accounts did not comply with section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or 

- the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. 

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 accounts to be reached. 

J Irvinesmith FCIE Date: 28 October 2025 

Independent Examiners Ltd The Grain Store Hills Barns Appledram Lane South Chichester PO20 7EG 

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