2022-04-05-accounts - Army Sailing Association

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ARMY SAILING ASSOCIATION

Trustees' Annual Report and Financial Statement for the period 31 Oct 20 – 5 Apr 22

Reference and Administrative Information:

Charity Name: Army Sailing Association (ASA)
Principle Address: ASA McKenzie Building Fox Lines Queens Lines Aldershot Hampshire GU11 2LB
Charity Commission registered number: 1152679
Names of the Trustees who manage the Charity:

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From To Name
31 Oct 20 5 Apr 22 Maj Gen N D Sexton CB
13 Dec 21 5 Apr 22 Brigadier A Reilly OBE
31 Oct 20 5 Apr 22 Brigadier (Retd) N Nottingham OBE
31 Oct 20 5 Apr 22 Brigadier (Retd) A Jackson CBE
31 Oct 20 5 Apr 22 Col (Retd) D McCulloch
31 Oct 20 5 Apr 22 Col N Wilson
31 Oct 20 5 Apr 22 Lt Col AJ Fairs
31 Oct 20 5 Apr 22 Mr J Stevens
31 Oct 20 5 Apr 22 Cpl S Horsfield
4 Jan 21 5 Apr 22 Cpl H Jones
----- End of picture text -----

Structure, Governance and Management

The Army Sailing Association became a Charitable Incorporated Organisation (CIO) from 01 Nov 13, governed by an amended Constitution dated 17 May 2013. The Constitution is supplemented by Rules and Bye-Laws that aid the management and conduct of the charity. The ASA has a management plan that is updated annually and approved by both the Trustees and Executive committee in Feb each year.
As stated in the Rules and Byelaws Para 4.6, the appointment of Admiral of the ASA is approved by the Flag Officers. The Commodore and other Flag Officers shall be proposed by the Admiral and approved by the Executive Committee.
As senior serving officers, some of the trustees have held ex-officio appointments as managing trustees of charitable funds. The Army offers regular courses and briefings

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on the role, duties and responsibilities of trustees and Charity Commision guidance is amplified in the Army’s Service Fund Regulations.

Charity Object

The promotion of efficiency of the Armed Forces of the Crown by the provision and support of facilities and activities for the efficiency and well-being of personnel.
The Charity achieves its object in the following manner:

a. By encouraging sailing, including racing, amongst all ranks in the Army. In doing this, the ASA is accountable in two directions: it represents the interests of the membership of the Association and, also, it is appointed by the Army Board (through the Army Sport Control Board) as the authority, advisor and co-ordinator for all sailing matters in the Army. In all matters the ASA shall seek to achieve a correct balance between the interests of its individual members, its constituent clubs and, also, between the needs of recreational sailing, competitive sport and sail training.

b. By assisting Theatres and Commands in the establishment, maintenance and supervision, where appropriate, of Army sailing clubs world-wide.

c. By laying down and maintaining up-to-date regulations governing safety, coaching, competition rules and sailing qualifications.

d. By advising the Army Board on the best use of monies that become available to support Army Sailing.

e. By acting as a common voice for Army sailing in relationship to the Association of Service Yacht Clubs, the other Services, the MOD and the Royal Yachting Association as the national governing body for sailing. In particular, the ASA coordinates and administers the RYA National Training Schemes for sailing in the Army.

Summary of main achievements of the Charity during the year (2020-2022)

The continued impact of the global pandemic and its associated restrictions that applied through the winter of 2020 and into 2021 had impact on the ability of the ASA to run activities at the desired levels, despite plans to do so. Therefore the sailing season was compressed from mid summer 2021 where training restarted and competition was able to take place. The ASA’s inshore training centre was still able to deliver formal training and multi activity periods to approximately 1000 service personnel, with offshore training delivered to around 40. In competition the Army competitions were still possible, alebeit with reduced numbers. The Army’s new offshore racing yacht was put to the test in a range of races including the Fastnet race in July where it finished high in its class rankings and winning the Inter Service trophy for that race. The dinghy team was able to compete in the National 2000 Class competition with seven boats and hosted the Inter Service Gold Cup competition in September. Wind and Kitesurfing competition was reduced as personnel got back into competitive sport but there was opportunity to introduce four weekend league races as well as run the Army individual and Inter Corps contests. Sadly there was no Inter Service competition in these dsiciplines in 2021.

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Autumn 2021 saw the ASA informed that sale of the Fort Blockhouse would be brought forward requiring the vacation of its offshore sail traiing centre. A reloaction project board was appointed along with the set up of temporary operating model started in earnest. The offshore centre is now spread across three areas in Gosport in the short term but is able to deliver activity into 2023. Fortunately the relocation project was successful in gaining grant funding of a total of £1.5m from the combined generosity of the Nuffiled Trust for the Armed Forces of the Crown and the Army Sport Control Baord that will support the refurbishment of the Grade II listed Haslar Gunboat Yard Police Barracks with a new offshore headquarters and training facility. In partnership with Hornet Services Sailing Club this new facility is planned to be operational for the 2023 sailing season. Alongside the offshore project the ASA is plans a further two phases; to enhance accommodation, mooring and workshops at the inshore centre and finally to enhance storage back at the offshore centre. The whole project is planned to be complete by 2024/25 with the third part still subject to funding.
While membership levels have been sustained through the last two years the Trustees have agreed that individial membership and affiliations must be reviewed in 2022 to take into account the changing size and dempgraphic of the Army’s serving and retired community as well as increasing costs. It is expected to implement changes through the summer of 2022 with any financial impact assessed and reported in Apr 2023.
Looking ahead the Trustees are still closely focused on keeping the ASA finances in order by balancing ambition and output with available funds so that delivery on the object can be met. Any impact on participation levels in the serving Army community that are a direct result of the changing size of the Army and any operational commitements aer not likely to be felt until the winter.

Financial Review

The Trustees agreed in 2021 to extend the ASA’s financial operating year from Oct 21 to Apr 22 to take better advantage of the timing of grants and sponsorship received as well as to further assess the ‘pandemic effect’. The ASA receives membership subscriptions from members and affiliation fees from local (Regimental and regional) sailing clubs. This is supplemented by investment income, profit from the sale of ASA and RYA items as well as training course fees. Funding from income is made available to the training centres and to each competitive discipline against management plans to promote activities in that discipline.
The ASA also receives an operating grant for the Army’s competitive teams from the Army Sports Control Board and other grants from the Army Central Fund and the Nuffield Trust for the Armed Forces of the Crown for specific projects. Sponsorship has been raised through the Army Sport Control Board’s sponsorship partner and continues to provide valuable income.
The ASA finances remain positive though impact attriibutable to 2020 closures and reduced output in 2021 is still being felt as are increasing costs, particularly in energy. Capital property value has been adjusted to take into account revised equipment and building values and deprecaition after it was noted that this had not taken place since 2019. The 2022 season is seen as a stabilisation year with focus on how the ASA can be more proactive in its approach to funding from 2023 through its training centres in particular. The financial plan for the next five years delivers against the Objects of the Charity and reflects the ongoing viability of the ASA.

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Future Plans

The ASA produces a rolling management and financial plan. This enables the Trustees to articulate a long term strategy, direct 5 year development objectives and set management tasks for the Flag Officers in the coming year. It includes an annual development and management action plan, individual sailing plans and the ASA finanical plan to ensure that the stategy’s objectives are matched by activities and resources. The ASA continues to help improve the inshore and offshore sailing opportunities for those based in the north of the Great Britain and in Northern Ireland.

Financial Reserves Policy

The seasonal nature of sailing activities and the cyclic nature of grant funding requires the ASA to maintain a reasonable level of financial reserves to maintain cash flow and support ongoing activities. Immediate cash requirements are held on deposit, with funds not immediately required but planned for future asset purchase, placed into investments.
The ASA holds reserves to mitigate for any potential reduced income from the ASCB for its operating grant, loss of sponsorship revenue and significant unplanned infrastructure or equipment costs. The reserve also enables the ASA to balance the longer-term risks of the rising operating costs and income generation from course fees for the AISTC and AOSC.

Investment Selection Policy

The trustees take a risk-averse view towards investments. Money is invested in the Common Investment Fund (CIF) and it is assessed that this is an appropriate means of maintaining both the worth of the investment and income to support activities and meets the requirements of Service Fund Regulations, The Trustees Act 2000 and the Charities Act 1993.

Public Benefit Statement

The ASA provides public benefit by assisting service personnel to more effectively perform their roles within the Armed Forces of the Crown. It does this by providing and supporting sporting activities. This assistance enables service personnel to face the challenges and danger associated with military service by developing and maintaining teamwork, skills, fitness, confidence, character, spirit and attitude, and morale. As a result, the fund promotes the efficiency of the Armed Forces of the Crown by enhancing the British Army’s capability to undertake the roles demanded of it including the defence of the United Kingdom and its interests.
We confirm that we have paid due regard to the Charity Commission of England Wales’s guidance on public benefit when deciding what activities the charity should undertake.

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

Signed on behalf of the charity’s trustees

A P REILLY OBE Brig Commodore

Enclosures:

Balance Sheet 2. SOFA Report

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ASA Trustee and Financial Report 20-22

CC Balance Sheet as at 31 Mar 22

Charity No: 1152679 Army Sailing Association

Charity No: 1152679 Army Sailing Association
Fixed assets Intangible assets Tangible assets Heritage assets Investments	Total Funds £0 £2,259,039 £0 £109,628	Prior year Funds £0 £1,788,253 £0 £97,604
Total fixed assets	£2,368,667	£1,885,857
Current assets Stocks Debtors Investments Cash at bank and in hand	£6,814 £2,935 £0 £174,621	£4,925 £4,113 £0 £66,759
Total current assets	£184,371	£75,797
Creditors: amounts falling due within one year	£63,199	£34,921
Total assets less current liabilities	£2,489,839	£1,926,733
Funds of the charity: Endowment funds Restricted income funds Unrestricted funds Revaluation reserve	£0 £0 £2,489,839 £0	£0 £0 £1,926,733 £0
Total charity funds	£2,489,839	£1,926,733

ASA Trustee and Financial Report 20-22

Balance Sheet Report as at 31 Mar 22

Charity No: 1152679

Army Sailing Association

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Total Funds Prior year Funds
Fixed assets
Buildings £1,530,000 £1,116,000
Yachts & Boats £677,933 £638,933
Fixtures & Fittings £51,106 £33,320
Investments £109,628 £97,604
Total fixed assets £2,368,667 £1,885,857
Current assets
Stock - RYA (P&C) £117 £114
Stock - ASA Shop £6,697 £4,811
Debtors £2,935 £4,113
ASA Current Bank Account £2,020 £2,000
ASA Clearing Bank Account £500 £500
ASA Deposit Account £167,234 £62,196
AISTC Cash & Bank £4,868 £2,063
Total current assets £184,372 £75,798
Creditors: amounts falling due within one year £63,200 £34,921
Total assets less current liabilities £2,489,839 £1,926,733
Funds of the charity:
AISTC -£48,438 -£25,047
British Soldier -£1,833 £33,075
Dinghies £3,776 £6,627
General (Unrestricted/GPF) £562,712 £146,424
HRF £33,267 £0
IHRF £19,820 £0
Infrastructure/Development £24,027 £0
Kite Surfing £2,429 -£5,769
Offshore -£1,371 -£9,668
Windsurfing £2,797 £6,011
Retained Surplus £1,892,652 £1,775,081
Total charity funds £2,489,839 £1,926,733
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ASA Trustee and Financial Report 20-22

Charity Commission SOFA Report as at 31 March 2022

Charity No: 1152679 Army Sailing Association

Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments Separate material item of income Other Total Expenditure on: Raising funds Charitable activities Separate material item of expense Other Total Net income/(expenditure) before investment gains/(losses) Net gains/(losses) on investments Extraordinary items Transfers between funds Gains/(losses) on revaluation of fixed assets Net Movement in Funds Total funds brought forward Total funds carried forward	Unrestricted Funds Restricted Income Funds Endowment Funds Total Funds Prior Year Funds
	£ £ £ £ £
	207,237 150,290 0 357,527 237,705 336,078 0 0 336,078 376,740 42,242 30,000 0 72,242 41,241 4,524 0 0 4,524 4,554 0 0 0 0 0 18,699 43,860 0 62,559 831 608,780 224,150 0 832,930 661,071 29,678 0 0 29,678 19,890 542,797 122,030 0 664,827 438,872 0 0 0 0 0 0 0 0 0 0 572,475 122,030 0 694,505 458,763 36,305 102,120 0 138,425 202,308 0 0 0 0 0 0 0 0 0 0 25,006 -25,006 0 0 0 470,786 0 0 0 0 532,097 77,114 0 609,211 202,308 1,880,628 0 0 1,926,733 1,724,425 2,412,725 77,114 0 2,489,839 1,926,733

Income and endowments from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Separate material item of income
Other
Total
Expenditure on:
Raising funds
Charitable activities
Separate material item of expense
Other
Total
Net income/(expenditure) before investment
gains/(losses)
Net gains/(losses) on investments
Extraordinary items
Transfers between funds
Gains/(losses) on revaluation of fixed
assets
Net Movement in Funds
Total funds brought forward
Total funds carried forward

Unrestricted
Funds
Restricted
Income
Funds
Endowment
Funds
Total
Funds
Prior
Year
Funds

£
£
£
£
£

207,237
150,290
0
357,527
237,705
336,078
0
0
336,078
376,740
42,242
30,000
0
72,242
41,241
4,524
0
0
4,524
4,554
0
0
0
0
0
18,699
43,860
0
62,559
831
608,780
224,150
0
832,930
661,071
29,678
0
0
29,678
19,890
542,797
122,030
0
664,827
438,872
0
0
0
0
0
0
0
0
0
0
572,475
122,030
0
694,505
458,763
36,305
102,120
0
138,425
202,308
0
0
0
0
0
0
0
0
0
0
25,006
-25,006
0
0
0
470,786
0
0
0
0
532,097
77,114
0
609,211
202,308
1,880,628
0
0
1,926,733
1,724,425
2,412,725
77,114
0
2,489,839
1,926,733

ASA Trustee and Financial Report 20-22

Notes to the accounts:

1. Principal Accounting Policies

a. Accounting Convention . The financial statements are prepared under the historical cost convention as modified by the inclusion of investments at market value and in accordance with applicable accounting standards. In preparing the financial statements the charity follows best practice as set out in the 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).

b. Incoming Resources . Income is recognised in the period in which the charity is entitled to receipt, and the amount can be measured reasonable certainty. Grants from other agencies including donations and other income from activities are in furtherance of the charity’s objects and are part of the general funds of the grant or donor.

c. Intangible Income . Due to the close collaborative relationship and the manner in which the charity’s activities compliment those of the Army, intangible income, reflected in time and use of premises is not quantifiable or measurable and so is not recognised in the accounts.

d. Resources Expended and Basis of Allocation of costs . Expenditure is included when incurred or exceptionally where a commitment is made which requires an accrual when payment is to be made in the subsequent accounting period. Similarly, where prepayments are made in the recognition of commitments falling due in a subsequent accounting period, the appropriate credit is entered in the accounts and reversed the following year. Grant payments are included in the SOFA when approved by the Trustees. Expenditure is recognised in the period in which it is incurred. The majority of costs are directly attributable to specific activities. Irrecoverable VAT is charged to the annual report and accounts.

e. Governance Costs . Governance costs are the costs of professional advice, holding trustee meetings or committee meetings associated with decision making, any fee for audit or independent examination and any fee incurred in the preparation, statutory filing, printing or copying of the annual report and accounts.

f. Capitalisation and Depreciation of Tangible Fixed Assets . All assets having a purchase value of more than £500 are capitalised. The cost of tangible fixed assets are written off by equal annual instalments over their expected useful lives using the following methods of depreciation:

Buildings Straight line over a period of 25 years Furniture, fixtures and equipment Straight line over a period of 2 – 10 years Yachts and boats Straight line over a period of 2 - 10 years

ASA Trustee and Financial Report 20-22

Assets with a life of more than one year but with a purchase value of below £500 are included within the inventory but the cost is written off in the year it is incurred and is not depreciated over the useful life of the asset.

g. Fixed Asset Investment . Fixed asset investments are included at market value at the balance sheet date. Any gain or loss on revaluation is shown in the SOFA.

h. Stocks . Purchased stocks are valued at the lower cost or net realisable value making due allowance for any obsolete or slow-moving items.

i. Funds Accounting . Funds held by the charity are:

(1) General Purpose/Unrestricted/Designated Funds . These are funds that can be used in accordance with the charitable objects at the discretion of the Trustees. Designated funds are unrestricted funds which have been allocated/earmarked for a particular purpose by the Trustees and are declared in the Trustees’ comments in accordance with Paragraph 12 to these notes stating what they are intended to be used for and when.

(2) Endowment Funds . Endowment funds are those investments and other gifts accepted by the unit, the capital sum or property being held in perpetuity and the income only being available for charitable use. The ASA currently has no endowment funds.

(3) Restricted Funds . These are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the accounts.

j. Heritage Assets . In the course of the ASA’s history, the charity may have acquired gifts, memorabilia, regalia, silverware, antiques and other historical artefacts in the course of distinguished military service of the Crown. The value of these pieces is in large part derived from their close association with Army history which precludes the use of conventional valuation techniques being applied. Whilst the objects of the charity do not specifically include preservation and conservation, the pieces represent an essential element of celebrating the ASA’s history and foster esprit-de-corps. Consequently the Trustees consider the charity to hold heritage assets both for functional use and as an element of national history on behalf of the nation. Heritage assets acquired prior to 1 Apr 06 are therefore not capitalised on the balance sheet but a description of those are recorded within the ASA property book. No heritage assets have been acquired since 1 Apr 06.

k. Other Costs . Other costs are those costs not incurred in the undertaking of charitable activity in furtherance of the objects of the charity, i.e. the provision of facilities, recreational programmes or activities in furtherance of military efficiency.

ASA Trustee and Financial Report 20-22

They are also costs incurred in the making of grants and donations, in the costs of generating funds, i.e., the costs incurred in trading or fundraising undertaken by the charity, or in governance costs.

Grants Made . The charity has not made any grants or donations during the year.
Related Party Transactions & Remuneration and Expenses . Whilst the charity has a close working relationship with the Army, there are no transactions with the Army which require disclosure. The only transactions made by the charity in favour of the ASA are wholly attributable to the charitable activities of furthering military efficiency. The Trustees are senior Army officers or have other relevant experience and fulfil their role as trustees in accordance with the applicable laws and regulations. No expenses have been paid to the trustees.

4. Analysis of Capital Property .

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Buildings Fixtures, Yachts & Total
fittings & Boats
Equipment
Balance b/f £1’116’000 £33’320 £638933 £1’885’857
Purchases
Revaluation £414’000 £17’786 £56’786 £482’810
Depreciation
Balance c/f £1’530’000 £51’106 £677’933 £2’368’667
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5. Total Value of Investments by Category .

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Value (£)
Carrying value (market value at beginning of year) £97’604
Add additional to investments at cost (investments purchased) 0
Less disposals at carrying value (investments sold) 0
Add/(deduct) net gain/(loss) on revaluation (gain/loss at end of £12’024
accounting period/audit
Carrying value (market value) at end of year £109’628
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The Investments are held in unit trusts or other collective investments schemes and are categorised as GPF/unrestricted investments.

6. List of Debtors .

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Debtor Date of Debt Amount
ATGA Various £2 ’ 300.00
Blendworth Tyres £91.20
Phil Brown – AOSC Float £200.00
Ekipsikopi Service Sailing £343.68
Club
Total £2’934.88
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ASA Trustee and Financial Report 20-22

List of Creditors .

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Creditor Date of Credit Amount
ASCB (Wages) Various £62’939.70
Colin Brown £260.00
Total £63’199.70
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Paid Employees . The ASA has no paid employees.
Governance Costs . There are no governance costs this year, until Paxton Independent Examiners have completed an independent examination of the accounts.
Restricted Funds . The ASA has two Restricted funds, the Offshore Hull Replacement (OHR) Fund and the Dinghy Hull Replacement (DHR) Fund. The sum in these funds represents proceeds from the sale of yachts, dinghies and windsurfers previously part-funded by grants from Nuffield Trust, ACF and other sources, and may only be used to assist in the funding of future replacement craft purchases. Movements of the individual funds as summarised in the restricted column of the SOFA are as follows:

Fund Name	Fund Bal b/f	Incoming resources for period	Outgoing resources for period	Transfers	Gains and losses	Fund Bal c/f
OHR	0.00	£45’000	£11’733	0.00	0.00	£33’267
DHR	0.00	£129’150	£84’324	0.00	0.00	£19’820

Heritage Assets . Heritage Assets that are owned by the charity but purchased/acquired prior to 1 Apr 06 are not included in the charity’s capital property value. A list/description of these assets is held by the ASA secretary and predominantly comprises cups and other trophies.

12. Declarations .

All of the charity’s commitments are provided for in the accounts. No guarantees have been given to third parties.

The charity has not received any loans that are outstanding at the year-end and secured on assets.

The charity has not granted any loans to institutions or companies connected with the charity.

The charity did not make any ex-gratia payments during the year. Sufficient resources are held in an appropriate form to enable each fund to be applied in accordance with the restrictions imposed.

The financial activities, assets and liabilities of all the charity’s branches or sections have been included.

The Trustees have changed the year end date or the length of the charity’s financial year.

The ASA operates six designated funds to enable better management and control of the ongoing activities of the charity’s object. These are:

ASA Trustee and Financial Report 20-22

a. Dinghy fund To promote and develop dinghy sailing and racing.

b. Offshore fund To promote and develop offshore sailing and racing, including the Army Offshore Sailing Centre
c. British Soldier To run the Army racing yacht. d. Windsurfing To promote and develop windsurfing.
e. Kitesurfing To promote and develop kitesurfing.
f. Army Inshore sail Training Centre (South ) at Thorney Island to manage the inshore sailing centre.

All the charity’s operations are continuing operations and there were not operations discounted or acquired during the year.

The charity has no intangible assets. There were not inter-fund loans outstanding at the balance sheet date. The charity has no subsidiary companies.

The charity has no material fixed assets which have not been capitalised and included in the balance sheet.

No internal transfers have occurred out of restricted funds, other than using funds in the hull replacement funds to assist in the purchase of new assets, with the prior agreement of the original donors of these funds.

All investments are held in investment assets in the UK unless otherwise stated.

These accounts were approved by the Trustees on 19 Jul 22 and signed on their behalf by:

A P REILLY OBE Brig Commodore

G P AUDAS WO2 (SQMS) Treasurer

ARMY SAILING ASSOCIATION

Trustees' Annual Report and Financial Statement for the period 31 Oct 20 – 5 Apr 22

Reference and Administrative Information:

Charity Name: Army Sailing Association (ASA)
Principle Address: ASA McKenzie Building Fox Lines Queens Lines Aldershot Hampshire GU11 2LB
Charity Commission registered number: 1152679
Names of the Trustees who manage the Charity:

Structure, Governance and Management

The Army Sailing Association became a Charitable Incorporated Organisation (CIO) from 01 Nov 13, governed by an amended Constitution dated 17 May 2013. The Constitution is supplemented by Rules and Bye-Laws that aid the management and conduct of the charity. The ASA has a management plan that is updated annually and approved by both the Trustees and Executive committee in Feb each year.
As stated in the Rules and Byelaws Para 4.6, the appointment of Admiral of the ASA is approved by the Flag Officers. The Commodore and other Flag Officers shall be proposed by the Admiral and approved by the Executive Committee.
As senior serving officers, some of the trustees have held ex-officio appointments as managing trustees of charitable funds. The Army offers regular courses and briefings

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on the role, duties and responsibilities of trustees and Charity Commision guidance is amplified in the Army’s Service Fund Regulations.

Charity Object

The promotion of efficiency of the Armed Forces of the Crown by the provision and support of facilities and activities for the efficiency and well-being of personnel.
The Charity achieves its object in the following manner:

b. By assisting Theatres and Commands in the establishment, maintenance and supervision, where appropriate, of Army sailing clubs world-wide.

c. By laying down and maintaining up-to-date regulations governing safety, coaching, competition rules and sailing qualifications.

d. By advising the Army Board on the best use of monies that become available to support Army Sailing.

Summary of main achievements of the Charity during the year (2020-2022)

The continued impact of the global pandemic and its associated restrictions that applied through the winter of 2020 and into 2021 had impact on the ability of the ASA to run activities at the desired levels, despite plans to do so. Therefore the sailing season was compressed from mid summer 2021 where training restarted and competition was able to take place. The ASA’s inshore training centre was still able to deliver formal training and multi activity periods to approximately 1000 service personnel, with offshore training delivered to around 40. In competition the Army competitions were still possible, alebeit with reduced numbers. The Army’s new offshore racing yacht was put to the test in a range of races including the Fastnet race in July where it finished high in its class rankings and winning the Inter Service trophy for that race. The dinghy team was able to compete in the National 2000 Class competition with seven boats and hosted the Inter Service Gold Cup competition in September. Wind and Kitesurfing competition was reduced as personnel got back into competitive sport but there was opportunity to introduce four weekend league races as well as run the Army individual and Inter Corps contests. Sadly there was no Inter Service competition in these dsiciplines in 2021.

Page 2 of 5

Autumn 2021 saw the ASA informed that sale of the Fort Blockhouse would be brought forward requiring the vacation of its offshore sail traiing centre. A reloaction project board was appointed along with the set up of temporary operating model started in earnest. The offshore centre is now spread across three areas in Gosport in the short term but is able to deliver activity into 2023. Fortunately the relocation project was successful in gaining grant funding of a total of £1.5m from the combined generosity of the Nuffiled Trust for the Armed Forces of the Crown and the Army Sport Control Baord that will support the refurbishment of the Grade II listed Haslar Gunboat Yard Police Barracks with a new offshore headquarters and training facility. In partnership with Hornet Services Sailing Club this new facility is planned to be operational for the 2023 sailing season. Alongside the offshore project the ASA is plans a further two phases; to enhance accommodation, mooring and workshops at the inshore centre and finally to enhance storage back at the offshore centre. The whole project is planned to be complete by 2024/25 with the third part still subject to funding.
While membership levels have been sustained through the last two years the Trustees have agreed that individial membership and affiliations must be reviewed in 2022 to take into account the changing size and dempgraphic of the Army’s serving and retired community as well as increasing costs. It is expected to implement changes through the summer of 2022 with any financial impact assessed and reported in Apr 2023.
Looking ahead the Trustees are still closely focused on keeping the ASA finances in order by balancing ambition and output with available funds so that delivery on the object can be met. Any impact on participation levels in the serving Army community that are a direct result of the changing size of the Army and any operational commitements aer not likely to be felt until the winter.

Financial Review

The Trustees agreed in 2021 to extend the ASA’s financial operating year from Oct 21 to Apr 22 to take better advantage of the timing of grants and sponsorship received as well as to further assess the ‘pandemic effect’. The ASA receives membership subscriptions from members and affiliation fees from local (Regimental and regional) sailing clubs. This is supplemented by investment income, profit from the sale of ASA and RYA items as well as training course fees. Funding from income is made available to the training centres and to each competitive discipline against management plans to promote activities in that discipline.
The ASA also receives an operating grant for the Army’s competitive teams from the Army Sports Control Board and other grants from the Army Central Fund and the Nuffield Trust for the Armed Forces of the Crown for specific projects. Sponsorship has been raised through the Army Sport Control Board’s sponsorship partner and continues to provide valuable income.
The ASA finances remain positive though impact attriibutable to 2020 closures and reduced output in 2021 is still being felt as are increasing costs, particularly in energy. Capital property value has been adjusted to take into account revised equipment and building values and deprecaition after it was noted that this had not taken place since 2019. The 2022 season is seen as a stabilisation year with focus on how the ASA can be more proactive in its approach to funding from 2023 through its training centres in particular. The financial plan for the next five years delivers against the Objects of the Charity and reflects the ongoing viability of the ASA.

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Future Plans

The ASA produces a rolling management and financial plan. This enables the Trustees to articulate a long term strategy, direct 5 year development objectives and set management tasks for the Flag Officers in the coming year. It includes an annual development and management action plan, individual sailing plans and the ASA finanical plan to ensure that the stategy’s objectives are matched by activities and resources. The ASA continues to help improve the inshore and offshore sailing opportunities for those based in the north of the Great Britain and in Northern Ireland.

Financial Reserves Policy

The seasonal nature of sailing activities and the cyclic nature of grant funding requires the ASA to maintain a reasonable level of financial reserves to maintain cash flow and support ongoing activities. Immediate cash requirements are held on deposit, with funds not immediately required but planned for future asset purchase, placed into investments.
The ASA holds reserves to mitigate for any potential reduced income from the ASCB for its operating grant, loss of sponsorship revenue and significant unplanned infrastructure or equipment costs. The reserve also enables the ASA to balance the longer-term risks of the rising operating costs and income generation from course fees for the AISTC and AOSC.

Investment Selection Policy

The trustees take a risk-averse view towards investments. Money is invested in the Common Investment Fund (CIF) and it is assessed that this is an appropriate means of maintaining both the worth of the investment and income to support activities and meets the requirements of Service Fund Regulations, The Trustees Act 2000 and the Charities Act 1993.

Public Benefit Statement

The ASA provides public benefit by assisting service personnel to more effectively perform their roles within the Armed Forces of the Crown. It does this by providing and supporting sporting activities. This assistance enables service personnel to face the challenges and danger associated with military service by developing and maintaining teamwork, skills, fitness, confidence, character, spirit and attitude, and morale. As a result, the fund promotes the efficiency of the Armed Forces of the Crown by enhancing the British Army’s capability to undertake the roles demanded of it including the defence of the United Kingdom and its interests.
We confirm that we have paid due regard to the Charity Commission of England Wales’s guidance on public benefit when deciding what activities the charity should undertake.

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

Signed on behalf of the charity’s trustees

A P REILLY OBE Brig Commodore

Enclosures:

Balance Sheet 2. SOFA Report

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ASA Trustee and Financial Report 20-22

CC Balance Sheet as at 31 Mar 22

Charity No: 1152679 Army Sailing Association

Charity No: 1152679 Army Sailing Association
Fixed assets Intangible assets Tangible assets Heritage assets Investments	Total Funds £0 £2,259,039 £0 £109,628	Prior year Funds £0 £1,788,253 £0 £97,604
Total fixed assets	£2,368,667	£1,885,857
Current assets Stocks Debtors Investments Cash at bank and in hand	£6,814 £2,935 £0 £174,621	£4,925 £4,113 £0 £66,759
Total current assets	£184,371	£75,797
Creditors: amounts falling due within one year	£63,199	£34,921
Total assets less current liabilities	£2,489,839	£1,926,733
Funds of the charity: Endowment funds Restricted income funds Unrestricted funds Revaluation reserve	£0 £0 £2,489,839 £0	£0 £0 £1,926,733 £0
Total charity funds	£2,489,839	£1,926,733

ASA Trustee and Financial Report 20-22

Balance Sheet Report as at 31 Mar 22

Charity No: 1152679

Army Sailing Association

ASA Trustee and Financial Report 20-22

Charity Commission SOFA Report as at 31 March 2022

Charity No: 1152679 Army Sailing Association

Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments Separate material item of income Other Total Expenditure on: Raising funds Charitable activities Separate material item of expense Other Total Net income/(expenditure) before investment gains/(losses) Net gains/(losses) on investments Extraordinary items Transfers between funds Gains/(losses) on revaluation of fixed assets Net Movement in Funds Total funds brought forward Total funds carried forward	Unrestricted Funds Restricted Income Funds Endowment Funds Total Funds Prior Year Funds
	£ £ £ £ £
	207,237 150,290 0 357,527 237,705 336,078 0 0 336,078 376,740 42,242 30,000 0 72,242 41,241 4,524 0 0 4,524 4,554 0 0 0 0 0 18,699 43,860 0 62,559 831 608,780 224,150 0 832,930 661,071 29,678 0 0 29,678 19,890 542,797 122,030 0 664,827 438,872 0 0 0 0 0 0 0 0 0 0 572,475 122,030 0 694,505 458,763 36,305 102,120 0 138,425 202,308 0 0 0 0 0 0 0 0 0 0 25,006 -25,006 0 0 0 470,786 0 0 0 0 532,097 77,114 0 609,211 202,308 1,880,628 0 0 1,926,733 1,724,425 2,412,725 77,114 0 2,489,839 1,926,733

Unrestricted
Funds
Restricted
Income
Funds
Endowment
Funds
Total
Funds
Prior
Year
Funds

£
£
£
£
£

ASA Trustee and Financial Report 20-22

Notes to the accounts:

1. Principal Accounting Policies

Buildings Straight line over a period of 25 years Furniture, fixtures and equipment Straight line over a period of 2 – 10 years Yachts and boats Straight line over a period of 2 - 10 years

ASA Trustee and Financial Report 20-22

g. Fixed Asset Investment . Fixed asset investments are included at market value at the balance sheet date. Any gain or loss on revaluation is shown in the SOFA.

h. Stocks . Purchased stocks are valued at the lower cost or net realisable value making due allowance for any obsolete or slow-moving items.

i. Funds Accounting . Funds held by the charity are:

ASA Trustee and Financial Report 20-22

Grants Made . The charity has not made any grants or donations during the year.
Related Party Transactions & Remuneration and Expenses . Whilst the charity has a close working relationship with the Army, there are no transactions with the Army which require disclosure. The only transactions made by the charity in favour of the ASA are wholly attributable to the charitable activities of furthering military efficiency. The Trustees are senior Army officers or have other relevant experience and fulfil their role as trustees in accordance with the applicable laws and regulations. No expenses have been paid to the trustees.

4. Analysis of Capital Property .

5. Total Value of Investments by Category .

The Investments are held in unit trusts or other collective investments schemes and are categorised as GPF/unrestricted investments.

6. List of Debtors .

ASA Trustee and Financial Report 20-22

List of Creditors .

----- Start of picture text -----
Creditor Date of Credit Amount
ASCB (Wages) Various £62’939.70
Colin Brown £260.00
Total £63’199.70
----- End of picture text -----

Paid Employees . The ASA has no paid employees.
Governance Costs . There are no governance costs this year, until Paxton Independent Examiners have completed an independent examination of the accounts.
Restricted Funds . The ASA has two Restricted funds, the Offshore Hull Replacement (OHR) Fund and the Dinghy Hull Replacement (DHR) Fund. The sum in these funds represents proceeds from the sale of yachts, dinghies and windsurfers previously part-funded by grants from Nuffield Trust, ACF and other sources, and may only be used to assist in the funding of future replacement craft purchases. Movements of the individual funds as summarised in the restricted column of the SOFA are as follows:

Fund Name	Fund Bal b/f	Incoming resources for period	Outgoing resources for period	Transfers	Gains and losses	Fund Bal c/f
OHR	0.00	£45’000	£11’733	0.00	0.00	£33’267
DHR	0.00	£129’150	£84’324	0.00	0.00	£19’820

Heritage Assets . Heritage Assets that are owned by the charity but purchased/acquired prior to 1 Apr 06 are not included in the charity’s capital property value. A list/description of these assets is held by the ASA secretary and predominantly comprises cups and other trophies.

12. Declarations .

All of the charity’s commitments are provided for in the accounts. No guarantees have been given to third parties.

The charity has not received any loans that are outstanding at the year-end and secured on assets.

The charity has not granted any loans to institutions or companies connected with the charity.

The charity did not make any ex-gratia payments during the year. Sufficient resources are held in an appropriate form to enable each fund to be applied in accordance with the restrictions imposed.

The financial activities, assets and liabilities of all the charity’s branches or sections have been included.

The Trustees have changed the year end date or the length of the charity’s financial year.

The ASA operates six designated funds to enable better management and control of the ongoing activities of the charity’s object. These are:

ASA Trustee and Financial Report 20-22

a. Dinghy fund To promote and develop dinghy sailing and racing.

b. Offshore fund To promote and develop offshore sailing and racing, including the Army Offshore Sailing Centre
c. British Soldier To run the Army racing yacht. d. Windsurfing To promote and develop windsurfing.
e. Kitesurfing To promote and develop kitesurfing.
f. Army Inshore sail Training Centre (South ) at Thorney Island to manage the inshore sailing centre.

All the charity’s operations are continuing operations and there were not operations discounted or acquired during the year.

The charity has no intangible assets. There were not inter-fund loans outstanding at the balance sheet date. The charity has no subsidiary companies.

The charity has no material fixed assets which have not been capitalised and included in the balance sheet.

All investments are held in investment assets in the UK unless otherwise stated.

These accounts were approved by the Trustees on 19 Jul 22 and signed on their behalf by:

A P REILLY OBE Brig Commodore

G P AUDAS WO2 (SQMS) Treasurer

Independent examiner's report on the accounts

Section A Independent Examiner’s Report

Report to the trustees/ Army Sailing Association members of On accounts for the 5 April 2022 Charity no 1152679 period ended I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the period ended 05/04/2022. Responsibilities and As the charity's trustees, you are responsible for the preparation of the basis of report accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent The charity’s gross income exceeded £250,000 and I am qualified to examiner's statement undertake the examination by being a qualified member of the association of accounting technicians.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below *) which gives me cause to believe that in, any material respect:

the accounting records were not kept in accordance with section 130 of the Charities Act; or
the accounts did not accord with the accounting records; or
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

Please delete the words in the brackets if they do not apply.

Signed: Name: Relevant professional qualification(s) or body (if any):	Darren Warren Date:	6/9/2022

	Darren Warren – Paxton Independent Examiners

	FMAAT

Address: 61a High Street South Rushden Northants, NN10 ORA

Section B Disclosure

Only complete if the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).

Give here brief details of any items that the examiner wishes to disclose .