ARMY SAILING ASSOCIATION ARMY Trustees, Annual Report and Financial Statement for the period 6 Apr 22- 5 Apr 23 SAIUNG Reference and Administrative Information: Charity Name: Army Sailing Association (ASA) Principle Address: ASA McKenzie Building Fox Lines Queens Lines Aldershot Hampshire GU112LB Charity Commission registered number: 1152679 Names of the Trustees who manage the Charity.. From Name Retd N D Sexton CB Bri adler A Reill OBE Bri adler Retd N Nottin ham OBE Bri adler Retd A Jackson CBE Col Retd D Mcculloch Col N Wilson Lt Col AJ Fairs Mr J Stevens C I S Horsfield C IHJones 1Feb23 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 Page1 of5
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: 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 Army Sport) 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. By assisting Theatres and Commands in the establishment. maintenance and supervision, where appropriate, of Army sailing clubs world-wide. By laying down and maintaining up-to-date regulations governing safety, coaching. competition rules and sailing qualifications. By advising the Army Board on the best use of monies that become available to support Army Sailing. 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 goveming 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 (2022-2023} The 2022 season was the first full competitive and training year after the pandemic restrictions meaning uptake in activities was high but not quite at pre-pandemic levels. The ASA'S inshore training centre delivered formal training and multi activity periods to approximately 1200 service personnel, with offshore training delivered to around 100. The Army and Inter Service competition calendar retruned to normal. The offshore racing yacht took part in the RORC Series, finsihing as the the first fully crewed vessel in the Round Britain and Ireland Race. The team was narrowly beaten into second place at the Services Offshore Regatta by the Royal Navy. Again the dinghty team took part in the 2000 Class National competition with eight boats, hosted the Inter Service Gold Cup competilion in September and delivered an Army Female Single Handed competition as well. Wind and Kitesurfing competition featured training and devleopment at the Army Inshore Sail Training Centre as well as competition there and in Anglesey. The windsurfing team competed in an ovesreas endurance windsurfing competition in France, commendably finishing mid table in a field of over 300 riders. The ASA received £1.5mn in grants from the Nuffield Trust for the Amed Forces of the Crown and the Army Sport Charitable Fund to execute the project to relocate the ASA Page2of5
Offshore Sailing Centre to the Grade11 listed Old Police Barracks. This sees the start of a new partnership with Hornet Services Sailing Club thal will also relocate the ASA, Regimental and Corps yacht club vessels to new berths, creating an enhanced offshore centre of excellen alongside the MOD'S Joint Services Adventurous Sail Training Centre The relocation project saw some initial delays, principally in planning permission and foundation work, but it will fully complete at the end of August 2023. The office and classroom complex will be occupied from May. Alongside the offshore project the ASA still plans a further two phases,. to enhance workshops, stores, accomodation and install a floating pontoon at the inshore ntre and then to return to the offshore centre to create hard stores and possibly accommodation in the Guardhouse opposite the new office building. The whole project is planned to be complete by 2025126 with the final part still subject to funding. 12. The Trustees reviewed membership and affilaitions in January 2023 and will execute those changes in summer 2023 for affilaitions and from January 2024 for memberships. The full financial impact of these changes cannot be fully assessed until summer 2024. 13. The Trustees are still closely focused on keeping the ASA finances by balancing ambition and output with available funds so that delivery on the object can be met. Participation levels in the serving Army community are expected to fluctuate in 2023 with an Army committed to extensive operations and training. Army Sport has recognised the complexities of the ASA'S operations and have agreed an uplifted operating grant for 2023124 in order to smooth the as yet unknown impact of running the new offshore centre alongside additional staff required to deliver there and at the inshore centre. The autumn 2023 steering group meeting will analyse the financial picture in detail detailed in order to enable future plans to be set. Financial Review 14. The ASA receives membership subscriptions from members and affiliation fees from local (Regimental and regionall 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 Sport Charitable Fund as well as grants from the Army Central Fund and the Nuffield Trusl for the Armed Forces of the Crown for specific projects. Sponsorship has been raised through the Army Sport's sponsorship partner and continues to provide valuable income. 16. The ASA finances remain positive though increasing costs, particularly in energy. have been keenly felt. Capital property value has been adjusted to take into account revised equipment and building values. There is a much more proactive approach to funding, especially in the training centres. The financial plan for the next five years delivers against the Objects of the Charity and reflects the ongoing viability of the ASA. Page3of5
Future Plans 17. 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 OffirS 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 Great Britain and in Northern Ireland. Financial Reserves Policy 18. 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. 19. The ASA holds reserves to mitigate for any potential reduced income from the Army Sport 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 20. 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 21. 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 and enabling sail training for both wellbiing, personal development and as a pthway to competitive sport. This enables service personnel to face the challenges and danger associated with military service by developing and maintaining teamwork, skills, fitness, confidence, character, spirit, 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. 22. 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. Page4of5
23. 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 SOFA Report Independent Examiners Report Page5of5
CC Balance Sheet as at 31 Mar 23 Charity No: 1152679 Army Sailing Association Total Funds Prior year Funds Fixed assets Intangible assets Tangible assets Heritage assets Investments Total fixed assets £0 £2,396,785 £0 £98257 £2.495,042 £0 £2,259,039 £0 £109,628 £2.368.687 Current assets Stocks Debtors Investments Cash al bank and in hand Total current assets £4217 £44251 £0 £389,378 £437,846 £6,814 £2,935 £0 £174,621 £184.371 Creditors.. amounts falling due within one year £78467 £63,199 Total assets less current liabilities £2.854,421 £2.489.839 Funds of the charity: Endowment funds Restricted income funds Unreslricled funds Revaluation reserve £0 £187102 £2.667,319 £0 £0 £0 £2,489,839 £0 Total charity funds £2.854,421 £2.489.839 Page1of11
Balance Sheet Report as at 31 Mar 23 Charity No: 1152679 Army Sailing Association Total Funds Prior year Funds Fixed assets 8uildings Yachts & Boats Fixtures & Fittings Investments Total fixed assets £1,531,064 £763,721 £102,000 £98257 £2.495,042 £1,530,000 £677,933 £51,106 £109,628 £2.368.687 Current assets Stock- RYA IP&CI Stock- ASA Shop Debtors ASA Current Bank Account ASA Clearing Bank Account ASA Deposit Account AISTC Cash & Bank Total current assets £229 £3987 £44,251 £2,000 £500 £382,880 £3,998 £437,845 £117 £6,697 £2,935 £2,020 £500 £167.234 £4,868 £184.372 Creditors.. amounts falling due within one year £78,467 £63,200 Total assets less current liabilitlgs £2,854.420 £2.489,839 Funds of the ¢harlty: AISTC British Soldier Dinghies General (UnreslricledlGPFI HRF IHRF InfraslruclurelDevelopmenl Kite Surfing Offshore Windsurfing Retained Surplus Grebe Victor Total charity funds 46. 503 40,326 1,376 £2,667,319 £33,266 £16,115 £228,066 318 £1.735 £1,221 48.438 1,833 £3,776 £562,712 £33,267 £19.820 £24.027 £2.429 1.371 £2.797 £1,892,652 2980 1.799 £2.854,420 £2.489.839 Page2of11
Charity Commission SOFA Report as at 31 March 2023 Charity No- 1152679 Army Sailing Association Unrestrlcted Funds Restricted Income Funds Endowment Funds Total Funds Prior Year Funds Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments Separate material item of income Other Total 105,673 3,564 45,620 5.593 1,220,687 153,920 1,326,360 157,484 45,620 5,593 357,527 336,078 72,242 4,524 1497 1.376,104 1,497 1.536.554 62,559 832.930 160,450 Expendlture on.. Raising funds Charitable activities Separate material item of expense Other Totsl 9,703 52,570 977,951 219,324 987,654 271,894 29,678 664,827 62,273 1,197,275 1,259,548 694,505 Nel incomellexpenditurel before investment gainslllossesl Net gainslllossesl on investments Extraordinary items Transfers between funds G2ins/llossesl on revaluation of f ixed assets 98,177 178,829 277,006 138,425 -11,371 -11,371 Net Movement in Funds 86,806 178,829 265,635 609,211 Total funds brought forward Total funds carried forward 2,412,725 2,667,319 77,114 265,570 2,489,839 2,932,889 Page3of11
Notes to the accounts: Principal Accounting Policies 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}. 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. 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. 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. 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. 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 Page4of11
Yachts and boats Straight line over a period of 2 - 10 years 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. Fixed Asset Investment. Fixed asset investments are included at market value at the balance sheet date. Any gain or loss on revalualion is shown in the SOFA. Stocks. Purchased stocks are valued at the lower cost or net realisable value making due allowance for any obsolete or slow-moving items. Funds Accounting. Funds held by the charity are.. (1) General PurposelUnrestrictedlDesignated 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 allocatedlearmarked 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. Heritage Assets. In the course of the ASA'S history, Ihe 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 celebraling the ASA'S history and foster esprit4e-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. Page5of11
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. 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. Analysis of Capital Property. Buildings Fixtures, fittings & ment £51,106 £58,644 £7,750 Yachts & Boats Total Balance blf Purchases Sales De reciation Balance clf £1.530,000 £1,064 £677,933 £87,139 £1,351 £2,259,039 £146,847 £9,101 £1,531,064 £102,000 £763,721 £2.396,785 Total Value of Investments by Category. Value £109,628 Car value markel value at be innin of ear Add additional to investments at cost investments Less dis osals at car value investments sold Addl(deduct} net gainl(loss) on revaluation {gainlloss at end of accountin eriodlaudit Car value market value urchased -£11,371 at end of ear £98,257.11 The Investments are held in unit trusts or other collective investments schemes and are categorised as GPFlunrestricted investments. List of Debtors. Debtor Arm Tr Blendworth T ASCB Date of Debt 01103122 01103122 13106122 Amount Arm res £2,300.00 £91.20 £500.00 Page6of11
True Colours Premier Marina, Gos Cobnor Placuna Facilities ASCB Welfare Grant Simon Horsfield James Bashall True Colours 23106122 07107122 06110122 12110122 31110122 15111122 19101123 08102123 £46.20 £93.39 £660.00 £640.00 £18,159.36 £180.00 £100.00 £59.76 ort Fi I Various Surf lus Will Na lor Laedal Medical ASA NI Phil Brown Total 10102123 21102123 03103123 21103123 21103123 30103123 £74.20 £20,010.23 £142.00 £495.12 £500.00 £200.00 £44,251.46 List of Creditors. Creditor ASCB Colin Brown Date of Credit Various Amount es £78,207.00 £260.00 Total £78,467.00 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. 10. Restricted Funds. The ASA has four Restricted funds.. The Offshore Hull Replacement (OHR) Fund The Inshore Hull Replament (IHR) Fund. Grebe Fund. Victor Fund. The sums in OHR and IHR funds represents proceeds from Ihe 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. The funds set up for Victor and Grebe are funding through membership charter and training. Movements of the individual funds as summarised in the restricted column of the SOFA are as follows: Fund Name Fund Bal blf Incoming resources for eriod 0.00 21,634.00 £6,658.25 Outgoing resources for eriod Transfers Gains and losses Fund Bal clf OHR IHR Grebe £33,267 £19,820 0.00 0.00 0.00 0.00 0.00 -£3704.67 -£2979.98 £33,267.00 £16,115.33 -£2,979.98 £25,338.67 £9,628.93 Page7of11
Victor 0.00 £100.00 £1,899.75 0.00 -£1,799.75 -£1,799.75 Heritage Assets. Heritage Assets that are owned by the charity but purchasedlacquired prior to 1 Apr 06 are not included in the charity's capital property value. A listldescription 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 parlies. 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 fomi 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 seven designated funds to enable better management and control of the ongoing activities of the charity's object. These are.. Dinghy fund To promote and develop dinghy sailing and racing. Offshore fund To promote and develop offshore sailing and racing, including the Army Offshore Sailing Centre British Soldier To run the Army racing yacht. Windsurfing To promote and develop windsurfing. Kitesurfing To promote and develop kitesurfing. Army Inshore Sail Training Centre (South) at Thorney Island to manage the inshore sailing centre. AOSC Infrastructure. To manage the re-development of the AOSC. 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. Page8of11
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 rep1arnent funds to assist in the purchase of new assets, wilh 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 26th October 2023 and signed on their behalf by= 7oy 7rt¢ed A P REILLY OBE Brig Commodore AJ Fairs Lt Col Treasurer Page9of11
(HARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Sectlon A Independent Examlner's Report Report to the trusteesl members of Army Sailing Association On accounts for the year ended 31 March 2023 Charlty no 1152679 I report to the trustees on my examination of the accounts of the above charity I'the Trust'l for the period ended 3110312023. As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111"the Act"). Responsibilities and basis of report 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 Direttions given by the Charity Commission under section 14515llbl of the Act. Independent The charity's gross income exceeded £250,000 and l am qualified to undertake the examiner's statement 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 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 IAccounts 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. SIEned: Darren Warren Date: 2910512025 Page10of11
Name: Darren Warren- Paxton Independent Examiners Relevant professional qualification: FMAAT Address: 61 a 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). None Page 11 of11