## **Annual Report and Financial Statements**
# Year ended 31[st] December 2021
Andrew Simpson Sailing Foundation (a company limited by guarantee) Company registration number: 08595862 / Charity registration number: 1153060
Andrew Simpson Foundation - Annual Report & Financial Statements 2021 1
## Report Contents
Reference & Administrative Details Page 3
## Coronavirus (COVID-19) Acknowledgement
Page 4
## Introductions
Pages 5-7
## Objectives & Charitable Activities
Page 9
Our Delivery Mechanisms Page 16
Access & Participation Pages 18
## Andrew Simpson Foundation Reference & Administrative Details
Chief Executive Officer Richard Percy
## Bankers
CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
## Trustees
Miles Bradbury FCA VR (Chair) Sir Ben Ainslie CBE John Derbyshire OBE David Gratton FCA Nicholas Harrison Andrew Lawson Prakash (PK) Paran Iain Percy OBE Amanda Simpson Leah Simpson David Tyler
HSBC
Camberley 29 High Street Camberley Surrey GU15 3RE
## Auditor
Health & Wellbeing Page 23
Careers & Education Pages 24
## International Activities
Pages 33
## Senior Management Team
Richard Percy, Chief Executive
## Registered Office
WPNSA Osprey Quay Portland Dorset DT5 1SA
PKF Francis Clark
Chartered Accountants & Statutory Auditors Towngate House 2-8 Parkstone Road Poole Dorset BH15 2PW
## Research
Page 34
## Company Registration Number
08595862
Fundraising Pages 42
## Charity Registration Number
1153060
Our Partners & Supporters Page 44
Public Benefit Page 46
## Financial Review
Page 47
## Independent Auditors Report
Pages 53
Andrew Simpson Foundation - Annual Report & Financial Statements 2021
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## Coronavirus (COVID-19) acknowledgement
This report looks back on another year impacted by Covid-19. Therefore, it is important that we acknowledge the direct and indirect impact that the pandemic continues to have on the Andrew Simpson Foundation and the people that we support.
Due to government lockdowns, our Andrew Simpson Centres were only permitted to operate for 9 months of the year. When the Centres re-opened in March 2021, they had to adhere to strict Covid-19 regulations and reduce the numbers of people visiting the Centres. As these restrictions began to ease, the Centres found themselves busier than ever, catering to young people who had missed out on extracurricular activity for over a year, and customers unable to travel abroad. This resulted in the Andrew Simpson Foundation having its best financial year to date.
Despite the financial success of 2021, we have ' ' f fi;,| still seen, first-hand, the negative impact the pandemic has on the young people we support. (- A a — 2 It prevented them from socialising with friends, disrupted their education and had a detrimental , ; —-—j : = : RaeJ 4 ..a —_—— ,; f ° = -o . e , —s :; = effect on their physical and mental health. We a ~ eeey) > : are determined to continue supporting young oe a; M>. : oo .= , ~——S-, eemet> :— =e . =SE ~~_ ~ —— . people from all walks of life, enabling them = - = = =—— —— | SS = 5s -—=—9 —— ri ——' << _- = ———== to experience sailing and watersports, gain aVSS2, — Sas—SS> ——kk i OSeeareeeeSe——=Se ——f= accredited qualifications and develop life skills. oe—— eeesy ~ ———i - eC— _ heeioe —SErE =
We want to thank everyone who continued to support our work during 2021.
Chair of the Board of Trustees Introduction 2021 was another challenging year for us all and despite starting the year in a national lockdown, we were still able to safely welcome over 30,000 participants to our Andrew Simpson Centres and to deliver across our nine key charitable programs focused on the three key themes across: Access & Participation, Health & Wellbeing and Careers & Education. As this annual report sets out, the hard work of our staff and volunteers coupled with the generosity of our supporters has enabled us to very quickly get the young people we work with back on the water to experience the benefits and personal development that sailing brings. Coming out of the pandemic, the importance of the Foundation’s work to physical and mental health and well being is also clearly evident, and this continues to be backed up and analysed through our program of research.
Despite the challenges, 2021 was also a year of development for the Foundation - we launched the NCEF level 3 extended Diploma in Sport and Physical Activity at our Portsmouth Centre (enabling young people to turn their passions into a career), Andrew Simpson Yachting (adding yachting provision to our charitable and commercial programs) and the Boatgen initiative with Boatfolk which further extends our geographical reach across the UK, beyond our existing Centres.
We have also recommenced our plans to grow our charitable output and UK presence and we continue to progress discussions with potential new centres, particularly where the financial impact of the pandemic is threatening sailing provision. We are only able to continue our work and plan for future growth with support, and to all of our staff, volunteers, supporters and benefactors – thank you so much for helping us through 2021.
Andrew would always tell the young sailors that he worked with that they should never give up on achieving their goals - our commitment at the Foundation is to ensure that we never give up on achieving Andrew’s goal to inspire and encourage young people, helping them to develop and excel and enabling young people from all walks of life to realise their full potential and pursue their dreams.
## Miles Bradbury Chair
## **Together, we transformed lives through sailing.**
—_ 4 ~
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## Chief Executive
## Introduction
As I look back on 2021, I am once again amazed and humbled at how Andrew’s legacy continues to live on through the young people we support.
The start of the year was filled with uncertainties. However, as restrictions eased it was incredible to see our Andrew Simpson Centres reopening and instantly supporting young people from their local communities, enabling them to get out on the water and experience the joys and challenges of sailing and watersports.
Our mission is to transform lives through sailing. Yet transformation doesn’t happen overnight. It requires time, determination, dedication, and perseverance. It also requires a clear plan of action to get you from where you are, to where you want to be.
Many of the young people we support come from challenging and complicated backgrounds. They have found the past two years extremely difficult and are now navigating a complex world with increased anxiety and stress. Yet, when they are given the opportunity to get out on the water, these young people transform into confident, competent individuals whose resilience, determination and strength often leaves me in awe.
Our aim is to not only get these young people out on the water, but to take them on a journey, creating clear and accessible pathways which enable them to pursue their passions. It is always fantastic to meet young people whose sailing journey started on an ASF taster day and who are now working towards becoming Instructors, coaches and even Olympic Sailors! You can read about some of these young people in this report.
The launch of the NCFE Level 3 Extended Diploma in Sport and Physical Activity (Outdoors) highlights our commitment to creating these pathways, along with the vision to open more Andrew Simpson Centres across the UK in the next two years.
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I am extremely proud of all that the Andrew Simpson Foundation has achieved in 2021 and I hope Andrew would be proud too...
Richard Percy Chief Executive
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## Objectives & Activities
## Trustees’ Report
The members of the Board of Trustees take pleasure in presenting their impact report and audited financial statements for the charity for the year 1st January – 31st December 2021.
## Background
The Andrew Simpson Foundation was founded in memory of Olympic Gold Medal and America’s Cup sailor Andrew “Bart” Simpson, MBE, who tragically died in a training accident in 2013 at the age of 36. Andrew was committed to helping others by providing inspiration and encouragement wherever he could and working with young people to help them develop and excel. The Andrew Simpson Foundation seeks to honour Andrew’s legacy.
## The stated objectives of the charity are:
1. to advance the education in the sport of sailing of young people by the provision of support, assistance and encouragement (to enable them to fulfil their potential)
2. to advance the education, development and improvement of young people (mainly) through the provision of sailing programmes to develop their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible citizens;
3. the advancement of education in the field of sports leadership and training in the context of the sport of sailing.
4. to promote such other purposes being exclusively charitable as the directors may from time to time determine.
## Our Vision
Our vision is to build an engaged, global community of accessible sailing and watersports and is underpinned by our ethos of “Sailing for All”.
We want to achieve this vision so that we can provide thousands more opportunities for people to get out on the water.
## Our values
## **Inclusivity** - for everyone
**Enjoyment** - creating a positive and memorable experience **Community** - building positive relationships **Development** - creating an environment of nurture and growth Inspiring sharing our passion for sailing **Partnerships** - we seek meaningful connections and work together
## Key Strategic Objectives
- Building a connected, accessible and inclusive community - increasing access to opportunities through charitable programs and not-for profit watersports centres.
- Creating life-long impact: seeking to create opportunities that bring about life-long impact on young people
These objectives are achieved through charitable activities within our key focus areas.
## Our Mission
Our mission is “together we transform lives through sailing”.
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## **Our Charitable Activities**
Absolutely everything we do is driven by our belief that all young people have the ability to excel and succeed in life and work. We believe that the challenges of sailing and watersports do this by promoting health and well-being and building essential personal skills.
To achieve this, the Andrew Simpson Foundation has developed three focus areas, underpinned by our ethos of ‘Sailing for All’. Under these three focus areas, we have developed charitable programmes and activities which strive to transform young people’s lives through sailing.
Sail Fit PSTT ‘Aspire’ Community Clubs Aiming High Skipper Discover Sailing Young Leaders Bart’s Bash Careers & Education Health Access & Wellbeing & Participation
Volunteer Intructor Training
**Andrew Simpson Foundation - Annual Report & Financial Statements 2021**
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**Providing sailing for all** To achieve our vision, we are developing a network of centres across the UK. These centres will create opportunities in sailing and watersports for individuals from all walks of life and with all levels of exerpience. Our funding and delivery model is circular. The ASF supports our centres financially by subsidising places in our classes, courses and clubs. Surplus profit from the centres is then delivered back to the Foundation to help us continue to grow and impact more lives.
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## **Access & Participation**
true or perceived barriers and enable and encourage all young people to participate in sailing and watersports. We achieve this via the following activities:
We believe that everyone should be able to access and participate in sailing and watersports, regardless of background or ability. Therefore, we work to remove any
## **Community Clubs**
We deliver a variety of Community Clubs across our Andrew Simpson Centres:
## **BYS Windsurfing Club**
## **Race Club**
BYS Windsurfing Club is a community for windsurfers and aspiring windsurfers of all levels where coaching and fun are combined to teach skills and help young people to stay in the sport.
Race Club offers regular sessions for young people who have a desire to experience and develop their racing skills. As well as providing equipment and clothing, participants have access to high-level race coaching and the opportunity to enter races and regattas.
## **Sailing Club**
Sailing Club offers weekly sessions in which young people can improve their sailing skills and make new friends. Young people of all abilities are welcomed into a nurturing environment where they can thrive.
## **Paddle Club**
Paddle Club offers regular participation, fun kayaking and SUP sessions for all abilities. Young Paddlers put their skills into practice on a regular basis, whilst making friends and enjoying the sport.
## **Discover Sailing**
There are currently seven million children aged five to 15 in England. Nearly four in five are not doing the recommended daily amount of exercise. (Sports England)
Through Discover Sailing, we are bringing taster sessions to young people in our local communities. We include key messaging in partnership with the RNLI to make young people safer around water.
Each young person is given opportunities to continue sailing through our other Charitable Programmes. We hope that our Discover Sailing sessions enable young people to access an exciting new sport and become more active individuals.
of young people said they had more determination after 77% participating in a Community Sailing Programme
Discover Sailing is made available to all young people, regardless of their background or ability.
**In 2021, 2,848 young people took part in Discover Sailing, rising from 100 in 2020.**
All Community Clubs are subsidised by the Andrew Simpson Foundation, enabling young people from all walks of life to participate. Each Community Club is outcome focused and works towards our fundamental mission of transforming lives through sailing. With the easing of lockdown restrictions from April 2021, our Community Clubs proved extremely popular with many young people desperate to get out on the water and reconnect with their friends
**In 2021, 2,442 subsidised Community Club sessions were delivered across our Andrew Simpson Centres, with the support of the Andrew Simpson Foundation. This is in comparison to 1,700 subsidised Community Clubs sessions taking place in 2020.**
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## **Bart’s Bash**
Bart’s Bash is the Andrew Simpson Foundation’s flagship fundraising race, connecting sailing communities around the world. It was officially recognised by Guinness World Records as the largest sailing race in the world, held across multiple sailing venues, in 2014.
## **Bart’s Bash 2021 Highlights**
• The Sint Maarten Yacht Club saw 24 teams participate in 7th edition of the Bart’s Bash. The SMYC hosted the event on September 11 and saw 24 teams compete, divided over 4 classes, of which 7 teams came from the Friar’s Bay Sailing Club. The SMYC raised funds through a bake sale to be able to replace a stolen dinghy with a total of $560 raised! Congratulations - together we can transform lives through sailing.
The annual event has become a well-established fixture at sailing clubs around the world and is seen as an excellent way to encourage large numbers of people of all abilities to participate in sail racing and be part of a global sailing event.
- Ulley Sailing Club raised £100 for the Andrew Simpson Foundation at their Bart’s Bash event through sale of donated sailing gear and homemade cakes.
The aim of Bart’s Bash is simple: **To get as many people, around the world, on the water over the course of one weekend in the year** , in order to:
- 73 boats took part in Bart’s Bash at Bosham Sailing Club, with the club raising an incredible £734 for the Andrew Simpson Foundation.
- **celebrate and showcase sail racing in all its forms**
- Hebe Haven Yacht Club opted for a one-day Bart’s Bash – One-Design / Dinghy Racing event, along with a Bart’s Bash – Ladies Helm race and for a second year, over HK$22,000 was raised for Sailability Hong Kong. Amazing!
- **connect sailors globally**
- **raise funds for good** .
- **community causes**
## BA ~~RT’S BASH o~~ ur flagship f ~~undr~~ a ~~i~~ s ~~ing r~~ a ~~c~~ e annually i ~~n SEPTEMBER~~ BARTSBASH.COM
This year 118 Sailing Clubs and groups took part in Bart’s Bash, raising over £18,600 for the Andrew Simpson Foundation. Sailing Clubs also raised money to support their own community groups and members.
Every single penny raised will transform young people’s lives through sailing.
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## **Health & Wellbeing**
We believe that participating in sailing and watersports promotes positive health and well-being. Therefore, we have developed two charitable programmes which focus upon young people’s physical and mental health.
## **Aiming High**
8% of children are living with a disability (Family Resources Survey 2016/17).
Almost 1 in 4 children and young people show some evidence of mental ill health, including anxiety and depression (Young Minds 2018).
said attending one of our sailing and water sports programmes had helped them deal with the negative effects of the pandemic*
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82%
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Aiming High is a sailing and watersports programme which supports young people living with a learning and/or physical disability. The programme also focuses on young people’s mental health, using sailing and watersports to boost young people’s sense of self-worth and help them manage their emotions.
## **Sail Fit**
Sail Fit focuses on tackling inactivity in young people, teaching them new skills and inspiring them to eat a healthily and balanced diet.
of participants said they had more self confidence
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83%
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The participants partake in physical education via learning to sail in a safe and inclusive environment. During the Sail Fit programme, the young people attend sessions on nutrition.
These are fun and engaging and teach them how to eat a healthy and balanced diet.
**In 2021, 68 young people took part in Sail Fit. This did not run in 2020 due to Covid-19.**
said they made new friends*
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66%
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**In 2021, 379 young people took part in Aiming High, increasing from 65 in 2020.**
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## **Careers & Education**
which inform and have a positive impact on their future career.
We believe that access to sailing and watersports enables young people to gain accredited qualifications and develop life skills
## **Young Leaders**
Young Leaders focuses on those aged 14+ and provides them with the opportunity to attend a leadership-training programme where they learn key skills and are prepared for the Dinghy Instructor qualification.
The programme works with young people from disadvantaged backgrounds and aims to equip these young people with the skills needed to gain employment in the marine industry so that they may become valuable contributors to society .
**In 2021, 9 young people took part in Young Leaders.**
## **Portsmouth Sail Training Trust**
attending the programme throughout the year. As well as gaining sailing and maritime skills, all the young people developed valuable life skills such as communication, resilience and self-confidence.
Portsmouth Sail Training Trust (PSTT) is a registered charity (no. 1153870) and a subsidiary of the Andrew Simpson Foundation. It is based at the Naval Dockyard in Portsmouth and Haslar Marina.
## **Raising Aspirations for Young People**
_“PSTT has had such a positive impact on pupils, it is now built into their curriculum. It helps them build up their confidence and learn how to work together in an environment outside of school._
_One of the students involved in the programme was selective mute. He barely spoke in Junior School and was the same in Secondary School._
_Fast forward to now and after a year of attending PSTT, the young man now speaks every day, he is accessing all his lessons in school and has just finished his mock exams. He took to sailing very well and formed a great relationship with the sailing instructors. The skills he has picked up, and the huge boost to his confidence and self-esteem, has honestly changed this young man’s life.”_
Tony Hewett – Class Teacher, Miltoncross Academy
**PSTT provides maritime training, qualifications and mentoring to 120 disadvantaged young people. PSTT aims to help these young people raise their aspirations.**
The PSTT programme provides opportunities for disadvantaged young people from Portsmouth who are struggling to engage with mainstream education. The primary aim of the programme is to raise their aspirations. It focuses on developing their personal and life skills as well as mentoring them back into mainstream education. The programme also provides qualifications that open doorways to careers in the marine industry.
2021 was another challenging year for PSTT, with the programme only being able to operate from April onwards. However, PSTT was still able to support the young people of Portsmouth, with 120 young people
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## **About the course**
“This incredible course looks to truly inspire and motivate students to aim high and achieve their dream careers in the marine and maritime sector, regardless of their background. I’m really proud of the impact the Andrew Simpson
Foundation is having both locally and nationally, partnering with local educational bodies to achieve this. My own path into professional sports was challenging in that there wasn’t a dedicated pathway I could follow or a course that I could take but I was incredibly fortunate to have some amazing people around me that were able to guide me.
For the Andrew Simpson Foundation to offer a course that can provide that pathway and opportunity is fantastic. I really hope that young people are inspired to sign up and explore the many future career opportunities within the Portsmouth and Gosport area, an area experiencing a huge growth in the marine and maritime industries, and not to forget an area, I’m extremely passionate about being close to home”.
-Sir Ben Ainslie, a founding trustee of the Andrew
Simpson Foundation
“Plans to build a Marine and Maritime Careers Centre is such positive news for our area. Our peninsula is home to a range of marine and maritime businesses, and it is so important that our young people have the skills which can really secure the future prosperity of Gosport’s world class marine and sailing industry.”
-Caroline Dinenage, Gosport MP
## **Career pathways into the Marine & Maritime industry**
In 2021, Andrew Simpson Centres launched a brand new water-based Diploma In Sport And Physical Activity (Outdoors) in partnership with Gosport and Fareham MAT - Multi Academy Trust (GFM).
“The GFM was formed with the ambition of working collaboratively and purposefully with local organisations and community partners in our town. Our new Marine and Maritime centre and diploma is a hugely exciting step forward , offering the young people of Gosport and beyond the opportunity to forge new careers paths on the water. Huge thanks go to our partners Andrew Simpson Foundation and patron Alex Thomson.”
The new state-of-the-art maritime centre is based at the GFM with a focus on developing skills and qualifications for marine careers.
The post-16 vocational diplomas, equivalent to 3 A-levels and run by the GFM in partnership with the Andrew Simpson Centres, welcomed its first cohort of students in September 2021.
-GFM Executive Trust Lead for Personal Development & Community Services, Chris Willis
The marine and maritime careers centre consists of purpose-built classrooms located metres from GFM school Bay House in Stokes Bay. The scheme is backed by Olympic sailing gold medalist and founding trustee, Sir Ben Ainslie, and Gosport MP Caroline Dinenage while British Sailor Alex Thomson, who attended Bay House School, is the patron of the GFM Marine and Maritime curriculum.
Find out more online at:
## **andrewsimpsoncentres.org/diploma**
## **9 students were enrolled on the**
**Course in September 2021 and we are currently recruiting for September 2022.**
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## **Volunteer Instructor Training**
## **Impacting our local community and helping to get people on the water.**
We know that there are thousands of people out there that share our passion for transforming people’s lives through sailing.
Volunteer instructors can have a huge impact on their local communities and increase the numbers of people who are able to experience sailing for the first time or continue a pathway in their sailing career.
instructors in the industry, in order to support clubs and organisations doing valuable work, in line with our mission of transforming the lives of young people through sailing.
Since 2017, the Andrew Simpson Foundation has funded over £46,000 of RYA instructor courses through Volunteer Instructor Training Grants (VITG). This means that there are now many more volunteer instructors inspiring positive change within your community.
We are committed to increasing the number of volunteer
## **Our partnership with the RYA**
We delivered a Volunteer Instructor Training Programme in partnership with the RYA, from March 2019 to October 2020. Through this, we funded 99 new RYA Dinghy Instructors and RYA Senior Instructors who are now volunteering to train and coach young people across the UK.
## **Find out more and apply online:**
**andrewsimpsonfoundation.org/key-charitable-activities/ volunteer-instructor-training/**
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## 7 at pe = **Billie’s story** “ a _ : Billie first visited the Andrew Simpson Centre when she took jF f ‘’ part in our Discover Sailing programme with her primary - = ~y af = - = — **Participant** ' school. Since then, Billie has progressed through Sailing Club, —_ into Race Club and now dreams of becoming an Olympic sailor. et ‘e / A 7 . = _ ae TASS \:AWN <= : DISCOVER + SS SAILING e ty, **Stories “ I have made so many amazing** Th \)= — ’ SAILING **friends through sailing. Sailing has** CLUB In the future, Billie hopes that sailing will **and I** not only help her achieve Olympic success, **helped my confidence to grow have had to learn lots of new skills.** but also enable her to become a marine **In the future I am hoping to do the** biologist. Billie has recently completed her GAP SON FOS Young Leader programme, a huge step in = 2 **Young Leader programme, so that I programme, so that I** her watersports career pathway. **Alex’s story** ' RACE “X\ cus ss **can then help other people to enjoy** Alex is a local sailor from our Andrew Simpson Centre Portsmouth. Alex found the 2020 **the water just like I do”.**
**“ I have made so many amazing friends through sailing. Sailing has and I helped my confidence to grow have had to learn lots of new skills. In the future I am hoping to do the Young Leader programme, so that I programme, so that I can then help other people to enjoy the water just like I do”.**
In the future, Billie hopes that sailing will not only help her achieve Olympic success, but also enable her to become a marine biologist. Billie has recently completed her Young Leader programme, a huge step in her watersports career pathway.
lockdown hard and struggled with his schoolwork and increased levels of anxiety. For Alex, sailing gave him the opportunity to get away from the day to day demands of life, whilst helping him to develop important life skills such as communication and self-confidence.
## **Oli’s story**
Ellie Gennings is a PhD Candidate and Visiting Lecturer from the University of Winchester. Amongst other key findings, Ellie’s research found that the community at our Portsmouth **“ The best thing about** Centre was key to Alex’s development. Sailing regularly at the Centre has enabled Alex to meet likeminded people and feel **sailing is the sense** part of an inclusive community, one where Alex can be himself. **of achievementachievement I get,**
Oli is autistic and started his sailing journey by taking part in our Aiming High Open Day, part-funded by Children in Need. He has been a regular at the Andrew Simpson Centre Portland ever since, participating in our weekly subsidised sessions.
## **of achievementachievement I get,**
Before sailing, Oli suffered with a lack of self-worth and confidence. Oli felt like he couldn’t achieve anything. Now, Oli believes in himself and has confidence in his sailing ability. When he is on the water, Oli knows he is in control. Sailing gives Oli a sense of freedom which he doesn’t experience in other areas of his life.
## **but also the fact that**
Alex now hopes to pursue his passion for racing and one day join Team GB, as well as become an Instructor and encourage other young people to get out on the water.
## **you get to be in a new**
## **community, which is sort of like your second family”**
## areas of his life. **“ Sailing makes me feel like I can do** Oli now dreams of becoming a sailing instructor and travelling all around the world. **what I want, and it is all down to me’, says Oli, “it makes me feel proud”**
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## **Skipper Programme**
The Skipper Programme is delivered in Mossel Bay, South Africa, and focuses on providing opportunities for disadvantaged young people from local townships to get out on the water and gain accredited maritime qualifications.
However, frequent changes in lockdown regulations throughout 2021 meant that it was sometimes challenging to get out on the water. Despite this, the Skipper Programme was able to be fully operational from September onwards, with young sailors working towards their Level 3 qualifications, the Ladies Group participating in their first Bart’s Bash, and the young people getting the chance to participate in a variety of regattas.
The ‘Steering the Course’ event which took place at the beginning of November was a particular highlight for the team. ‘Steering the Course’ is a World Sailing initiative aimed at encouraging female participation in the sport. A group of young women attended the course from Great Brak, a coastal village located in Mossel Bay.
Elfie Holden, Skipper Programme Chairperson and Centre Manager in Mossel Bay says, “in the little town of Great Brak the unemployment rate has escalated causing copious social problems. Uplifting yourself in these circumstances is very difficult, and the challenges these young ladies are faced with on a daily basis breaks one’s heart. This group of girls and ladies needed some positive affirmation and sailing was harnessed. They loved the fact that they could be in charge of their own vessels. Our hope is that this feeling of empowerment will spill over to the rest of their life”.
## **International Activities**
The Foundation undertakes a limited number of charitable activities either located outside of the United Kingdom or with international beneficiaries. International activities typically include projects where funds have been donated for a specific purpose, where the activity acts a pathfinder for the continued development of our programs and research and where the Foundation has the opportunity to provide significant charitable benefit (including those connected to legacy grant appplications or international fund raising). In 2001, in addition to Bart’s Bash, the Foundation’s primary international charitable activities were:
## **World Training Sailing Scholarships**
The Foundation continues to work with World Sailing to provide the International Sailing Scholarships based primarily out of the ASC Portland. By enabling the delivery of the scholarship, ASF supports emerging sailing nations to increase participation.
## **Turks & Caicos**
Utilising a 2020 donation from Sail Aid UK, the Foundation continues to provide Community Sailing Programmes to communities impacted by Hurricane Irma in the Turks and Caicos in partnership with the Provo Academy. 2021 saw the Foundation send expert coaches to Turks and Caicos to deliver instructor training to local young people.
=
## **Instructor Development in Antigua**
Delivered at the National Sailing Academy in Falmouth Harbour, the Foundation supported the training of local young people to gain their RYA instructor certificates. The programme aims to inspire a new generation of Antiguans to Discover Sailing.
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## **World-leading research**
**“Benefits to mental and physical health through being physically active have been consistently demonstrated over the past few decades”** , said Richard Percy, CEO of the Andrew Simpson Foundation. This research further illustrates the value of being physically active outdoors, in the natural blue environment.
The Andrew Simpson Foundation is proud to announce the latest release of crucial research into the benefits of sailing on young people’s lives.
The ASF first set out to produce academic research in 2016 to demonstrate the positive impact of sailing and has since co-funded research in partnership with 3 universities, including the University of Winchester, the University of Exeter and the University College London (UCL). The aim of the research was to demonstrate the positive impact of sailing on young people. All publications are now accessible for all to view and download on the ASF’s website.
This goes beyond the physical and mental benefits and includes a collection of life skills such as confidence, empowerment, the development of personal, social and cognitive skills.
Since the pandemic, we’ve been delighted to see that the appetite for getting out on the water is stronger than ever. It is a clear antidote to the isolation of lockdown and, as we now know from this research, being active in a blue space is key for all, particularly during these challenging times.”
The latest research, funded in partnership with the RYA, was a landmark study by the Institute of Education at University College London (UCL). The research investigated the individual developmental benefits of dinghy sailing for young people. ‘Children and Sailing’ specifically examined the consequences of participation in the RYA OnBoard (OB) programme and successfully evidenced the positive impact on young people’s lives.
All publications are now accessible for all to view and download via the webpage below. We are committed to always making the results of our research freely available to the wider sailing community for anyone to use and benefit from.
## **Our latest research**
Dr Ellie Gennings is a Lecturer in Sports Coaching at Bournemouth University. Ellie has been working in partnership with the ASF for a few years now, with research mainly focused out of our ASC Portsmouth.
Building on her previous research with the Andrew Simpson Foundation and the University of Winchester, she has obtained funding for a project that is focused on exploring marginalised communities’ barriers to accessing the ASF’s programmes. Her previous research has identified the benefits of water sports for youth populations, and she is now looking to explore, via focus groups, why parents might not want to engage their children in the ASF’s programmes. The aim of the project is to help understand and break down perceived barriers.
RYA OnBoard is one of many grass roots programmes supported by our Andrew Simpson Centres (ASC). Our ASC’s introduce sailing and windsurfing to young people aged 8 to 18, connecting schools and youth groups with RYA clubs and training centres.
**----- Start of picture text -----**
Pictured: Dr Ellie Gennings
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**Find out more at:**
**andrewsimpsonfoundation.org/key-charitable-activities/research**
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## Where do _you_ — : want to go?
## **Andrew Simpson Yachting**
Officially launched in Summer 2021, Andrew Simpson Yachting is a new Training Centre of Excellence based in Haslar Marina in Gosport, on the Solent.
Underpinned by the Andrew Simpson Foundation’s ethos of sailing for all, the new Training Centre will continue to increase the numbers of people enjoying activities on the water in what is already a hub for boating in the Solent on the South Coast.
Delivering a wide range of RYA approved shore based and practical courses, participants are offered an introduction into the sport of sailing yachts or to learn new skills on their own boats. A taster of training disciplines on offer includes:
The venture will also draw from existing ASF programmes running in the area, such as the Portsmouth Sail Training Trust, working in the local community to transform lives through sailing. Andrew Simpson Yachting will be further utilised as an additional mechanism from which to deliver additional charitable activity and further educate and develop career pathways within the local marine and maritime sector.
- **Yachting**
- **Sail Cruising**
- **Motor Cruising**
With its own yacht as well as a classroom facility located at Haslar Marina in Gosport supported by boatfolk, Andrew Simpson Yachting is able to offer an extensive range of learning opportunities to get people on the water in no time!
- **Powerboat**
- **Shore Based Courses, and**
- **Own Boat Tuition**
Find out more online at:
...for individuals or groups.
## **andrewsimpsonyachting.org**
Powered by the Andrew Simpson Centres, drawing on
the wealth of experience in the wider watersports sector, the latest not-for-profit venture at Haslar Marina looks to widen the offering to make boating in all disciplines accessible to participants of all levels, ages and abilities.
Supported by boatfolk
**andrewsimpsonyachting.org**
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## **ASC Performance Academy**
The Performance Academy, powered by the Andrew Simpson Centres, has grown in 2021, after a successful launch in Autumn 2020.
The aim of the Performance Academy is to provide high quality training which enables young sailors to achieve success at every level. The Performance Academy achieves this by offering and supporting class specific training, international event support and transition training.
The Performance Academy is a continuation of the charitable work of the Andrew Simpson Foundation, creating clear pathways and opportunities for young people from entry level sailor through to elite athlete.
Sponsors of the Performance Academy
Four sailors across the junior, youth and senior pathway were selected to receive subsidised access to our Performance Academy group training, mentoring programme and an equipment package.
These sailors were selected based on their need for additional support and their alignment to the ASF’s values (Inclusivity, Enjoyment, Community, Development, Inspiring & Partnerships).
## **Club Academy**
Our Club Academies, launched this year, provide subsidised high quality junior race training regionally across the UK. These are delivered through our centres in partnership with adjoining clubs and the Performance Academy.
## Powered by ASC
As regional hubs of race training, the Club Academies will act as a springboard for grassroots sailors, launching them into the national racing circuit, RYA RTGs and the ASC Performance Academy Pathway.
## Training // Transition // Success
> Andrew Simpson Foundation - Annual Report & Financial Statements 2021 sz. 2 dream become 39[a] ne reality.
**ascperformanceacademy.org**
38
## **#BOATGEN**
include:
boatfolk and the Andrew Simpson Foundation join forces to launch **#boatgen** to give young people a gateway to boating.
- Sailing experience days
- Pop-up boat club
- • Get afloat days
To engage and encourage young people to experience the benefits of being on the water, boatfolk, a national boating business, has partnered with our sailing charity to launch #boatgen, a not-for-profit sailing initiative which aims to get children and teens on the water.
- Career pathways
- Youth ambassador program
## **Ambassador scheme**
We want to take away the fears and barriers associated with trying boating for the first time and to foster a sense of pride in our young boaters. boatgen provides curious water-lovers with the support, guidance, and tools they need to try boating.
As part of our #boatgen campaign we’re looking for ambassadors who share our belief that young people can benefit from getting out on the water.
We want role models who understand the value of sailing and watersports and are passionate about sharing their love of these sports, as well as looking after the environment that makes these sports possible.
All participants in boatgen activities will be guided onto the most suitable pathway for them, whether that’s further education, careers, performance racing, or leisure boating. Some of the activities boatgen will be delivering For more information and to get involved, visit
## **www.boatgen.co.uk**
Use # **boatgen** to help spread the joy of boating and encourage participation.
## **Access for All**
Coming in Summer 2022, we have been working towards launching our “Access for All” membership card to support more people to get out on the water or access our Centres’ facilities.
## **Who is it for?**
Our Access for All membership is open to all. We would encourage anyone who faces a barrier to accessing the activities we deliver at our not-for-profit centres to apply; Whether you are disabled, a refugee, a student or simply find the opportunities to get out on the water more of a challenge*
## **What is the Access for All Card?**
The Access for All scheme provides subsidised opportunities, information and evidence required to access our activities, regardless of any barriers individuals may face.
## **Find out more and apply online at:**
**andrewsimpsonfoundation.org/accessforall**
Membership numbers on each card will discreetly link our Centres to information about the member’s specific disability/ impairment, educational status, financial support required or any further barriers you may face in accessing facilities.
The card will provide access to subsidised prices and more complex adjustments where necessary to suit the individuals’ requirements, all without having to go into personal detail and where language or communication may be more challenging.
_*All based on rights under the Equality Act and providers’ responsibilities_
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## Fundraising
To achieve its mission of transforming lives through sailing, the Andrew Simpson Foundation generates income through a range of activities including:
- Individual Supporters
## Trusts and Grants
The Andrew Simpson Foundation annually applies to grant funders to support the delivery of its Charitable Activities through the Andrew Simpson Watersports Centres. All the Charitable Activities are designed to reduce barriers to participation and maximise the number of young people whose lives are improved through sailing and watersports.
**£302,186** , including the following grants In 2021 the Andrew Simpson Foundation received generous financial support totaling over £10,000:
- Grants from Trusts and Foundations
- Corporate Partnerships
- Official Charity Partnerships
- Profit from Andrew Simpson Centres
- • Profit from asset sales
- **1 Stannah Foundation 6 Berkshire Sail Training Centre £24,000 £12,000** _Portsmouth Sail Training Trust Community Sailing Programmes – Reading_
- **2 Wickens Family Foundation 7 Will Houghton £20,000 £10,000** _Portsmouth Sail Training Trust_
-
_Portsmouth Sail Training Trust_
**3 8 RYA Garfield Weston £20,000 £10,000** _Portsmouth Sail Training Trust Aiming High_
_Aiming High_
- **4 Chesil Trust 9 The Valentine Charitable Trust £20,000 £10,000** _Discover Sailing, Sail Fit and Super Sailor Bursary – Portland Community Sailing Programmes – Portland Centre_
- **5 Portsmouth City Council £18,720**
_Extreme Adventure_
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## Our Partners & Supporters
## The Foundation continually seeks meaningful
connections, to help to support our work to
positively impact young people’s lives and help to make a difference to their health and wellbeing.
Engaging with new partners and seeking new conversations is vital to our survival and growth as an organisation and we are proud to partner with organizations who share our vision.
## Volunteers
Volunteers are an essential part of our sustainability and development. They support the work of our community sailing programmes, share the benefits of sailing with young people or take part in sponsored events to raise money for the ASF.
## Open Days
We hold open days at each of our centres for anyone who wants to come and see what we are all about and try out any of the activities on offer. We also hold special needs inclusive open days so that anyone, regardless of the perceived barriers, can come and join us for a free open day and share in our passion for the water.
## Corporate Partners
We work with corporate partners to help us develop a truly global sailing charity that will benefit young people throughout the world, support our vision, engage their teams and enhance their profile.
We hold engagement days for all of our partners where they can book into our centres and bring staff along to enjoy all the centres have to offer.
Progress made possible through partnership working
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## Public Benefit
The Andrew Simpson Foundation reviews its goals, objectives and activities annually to ensure that these are in line with its charitable aims.
The Andrew Simpson Foundation refers to the Charity Commission’s guidance on public benefit when reviewing its own goals and activities. The Trustees ensure that all current and future activities are consistent with the primary goals of the Andrew Simpson Foundation and are of benefit to the public.
## Financial Review
Consolidated income for the year ended 31 December 2021 was £2,396,027 (2020 £1,309,987 of which only £105,309 has restrictions on it (Restricted funds) (2020 £60,974).
within 1 year) of finance lease liability for the purchase of a motor vehicle.
## **Restricted income**
Restricted income in 2021 enabled ASF to buy boats and equipment to support operational delivery, including to those with physical constraints, and to provide specific additional programmes.
## **Net cash flow**
Net cash flow from operating activities for 2021 was £114,959 (2020 £23,466) with £82,682 (2020 £89,267) being reinvested in the purchase of fixed assets.
## **Unrestricted income**
Unrestricted income for 2021 was £2,290,718 (2020 £1,243,428) including £172,442 (2020 £172,615) of donations and grants mainly earned by ASF which is the main fund-raising entity of the group supplemented by PSTT and charitable activities income of £2,118,269 (2020 £785,357) which mainly relates to the income from the operations of the five watersports centres with the year on year increase due to the periods of enforced closure due to coronavirus in the previous year.
## **Cash at bank**
Cash at bank at 31 December 2021 was £1,325,571 (2020 £611,639) of which £52,931 (2020 £85,896) relates to restricted funds.
## **Reinvestment**
## **Expenditure**
Expenditure for 2021 was £1,784,572 (2020 £1,166,108) including £161,236 (2020 £15,308) on charitable activities funded by restricted income. Unrestricted charitable activity expenditure increased from £1,150,800 in 2020 to £1,623,336 in 2021.
Support Costs for 2021 were £114,375 (2020: £87,324) accounting for less than 4% of turnover (2020 7%)
ASF prides itself on being a high quality provider of courses and services to its customers. To support this, ASF wishes to have relatively new, good quality and well maintained fixed assets. A review of all fixed assets has been undertaken to establish a 3-year rolling programme of asset replacement and a plan for total investment over 3 years in excess of £500,000.
## **Net income**
Net income for 2021 was a profit of £611,455 (2020 £143,879) after incurring £85,570 2020 £149,513) of noncash depreciation and amortisation.
## **Net debt**
ASF and it’s subsidiaries do not have any liabilities in the form of indebtedness other than £29,071 (of which £5,047 is due
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## Risk Management
The Trustees have considered the strategic, business and operational risks faced by the charity’s activities. It has established processes to consider and manage those risks. The risks and processes are reviewed annually. The following section identifies four principal risks and uncertainties associated with the strategic, business and operational management of the Foundation and how these risks are mitigated:
## Risk - Reduction in the level of fundraising income and availability of cash to fund future operations
Annual budgets are prepared by the Chief Executive Officer. When preparing the annual budget, consideration is given to the realistic level of income achievable, the level of charitable delivery and the minimal expenditure required to run the charity sustainably and maintain a cash reserve in line with the Charity’s policy.
At the current time, the risk of further shutdowns is considered unlikely with any risk more likely to be about demand for courses and operational delivery. However, the Trustees are prepared to take prompt mitigating actions to minimise costs and preserve cash again if required. Borrowing facilities could be applied for as a last resort to fund any short-term deficits, but this is not forecast, and the Trustees have no desire to utilise borrowing facilities at this stage.
Future and current fund raising and income generating activities are reviewed annually by the Board and the Chief Executive Officer prior to the completion of the annual budget. Proposals for fund raising and income generating activities, for the upcoming year, are then incorporated into the annual budget for approval by the board of Trustees.
The Chief Executive Officer reports to the board of Trustees, on a periodic basis, the current level of charitable activity, income, expenditure and cash position enabling the board to make timely decisions if so required.
## Risk – Disruption to operations caused by Covid-19 pandemic
The impact of Coronavirus in2021 has been covered above and has continued to affect the Foundation in the first half of 2022 through individual cases of Coronavirus disrupting operations on both the supply and demand side. Additionally, the opening up of international travel has led to uncertainty over demand for the key summer months.
To ensure the Foundation can continue to support its beneficiaries into the future, the trustees have implemented an operational and financial plan that is designed to safeguard its continuation through to December 2022 and beyond.
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## Policies
## Risk – An incident or accident occurring
All ASC and PSTT activities and operational risk management policies and systems are reviewed by a ‘Health and Safety Board’ twice per year. All reporting and operational risk management systems used at the ASC have been developed in line with industry standards and are accredited by the national governing body, the Royal Yachting Association and the Adventurous Activities Licencing Authority. Appropriate levels of insurance for all activities at the ASC are maintained and reviewed annually.
## Risk - ASSF Grant payments made to inappropriate recipients
The board, with support from a member of the Executive team, have developed a grant application process that ensures due diligence is undertaken prior to the awarding of a grant. Grant recipients are required to report back to the Foundation on the outcomes of their sailing project and number of participants engaged. If grant recipients are unable to deliver their proposed projects due to changed circumstances the board reserves the rights to withdraw all or part of the grant.
## Risk – Fraudulent financial activities taking place
The Foundation has developed a comprehensive set of controls with regards to the handling and management of cash. The Foundation and its subsidiaries maintains its accounting records on proprietary commercial software packages managed by a financially qualified employee utilising checks and controls appropriate for the operations. The payroll is outsourced to PW Payroll Solution Ltd. The Foundation also seeks advice from PKF Francis Clark on key financial management areas such as tax compliance and VAT compliance. The Foundation is independently audited PKF Francis Clark.
## Reserves Policy
The Foundation’s unrestricted reserves are reviewed by the Trustees on a quarterly basis to ensure that it maintains at least one year’s committed operating expenditure (after deducting the cost of all approved grants) in cash to manage against unforeseen circumstances.
## Small Company Provisions
This report has been prepared in accordance with the small company’s regime under the Companies Act 2006.
## Structure, Governance and Management Governing Document
The Foundation was established during the period following the untimely death, in May 2013, of Andrew “Bart” Simpson MBE, Olympic and World Champion.
The Andrew Simpson Sailing Foundation is a registered charity governed by its Memorandum and Articles incorporated on 3 July 2013 as amended by special resolutions registered at Companies House on 30 July 2013, 31 March 2014 and 5 February 2015.
The charity is a company limited by guarantee and has no share capital. The legal members of the charitable company are the Trustees and the liability of each member in the event of a winding-up is limited to £1.
## Recruitment and appointment of Trustees
The Foundation acknowledges the need to identify and regularly review the appropriate skill sets required, among its Board of Trustees, for effective governance. The Board of Trustees has the power to appoint any other person as they see as fit to be a member of the Board. Potential future members of the Board of Trustees are reviewed for the skills that they have to offer the Foundation and new members of the Board will be inducted through one-to-one sessions with the Chief Executive and the Chair of the Board.
## Executive Team, Key Personnel Pay & Remuneration Policy
The Trustees are responsible for the appointment of the Foundation’s key personnel, namely the Chief Executive Officer (CEO). The CEO reports to the Board of Trustees and heads the Foundation including its subsidiaries. The CEO’s remuneration was determined at appointment following an open and competitive recruitment processes. The level of key personnel remuneration was set following a review of base salary levels within the charity sector. Remuneration of key personnel is reviewed annually by the Finance Committee and recommendations for adjustments are made to the board of Trustees.
The Foundation also benefits from the services of many unpaid volunteers who support the charity in a variety of roles.
The Trustees recognise, and value and the essential and fundamental contribution made to the success of the Foundation, and its subsidiaries, by its staff and volunteers.
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## Andrew Simpson Sailing Foundation
## Statement of Trustees’ Responsibilities
The trustees (who are also the directors of Andrew Simpson Sailing Foundation for the purposes of company law) are responsible for preparing the trustees’ report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
Approved by the trustees of the charity on 11th July 2022 and signed on its behalf by:
## Miles Bradbury
- select suitable accounting policies and apply them consistently;
Miles Bradbury FCA VR (Chair)
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
## Andrew Simpson Sailing Foundation
## Independent Auditor’s Report to the Members of Andrew Simpson Sailing Foundation
## Opinion
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have audited the financial statements of Andrew Simpson Sailing Foundation (the ‘charitable parent company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2021, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Charity Balance Sheet, Consolidated Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and applicable law (United Kingdom Generally Accepted Accounting Practice).
## Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
## **In our opinion the financial statements:**
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
• give a true and fair view of the state of the group’s and parent charity’s affairs as at 31 December 2021 and of the group’s results for the year then ended;
## Other information
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
- have been prepared in accordance with the requirements of the Companies Act 2006.
## Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to
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## Independent Auditor’s Report to the Members of Andrew Simpson Sailing Foundation (continued)
determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the and Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Trustees’ Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the and the Trustees’ Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## Responsibilities of trustees
As explained more fully in the Statement of Trustees’ Responsibilities set out on page 52, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
• In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
## Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of our audit planning, we obtained an understanding of the legal and regulatory framework that is applicable to the Charity. We gained an understanding of the Charity and the sector in which the Charity operates as part of this assessment to identify the key laws and regulations affecting the Charity. As part of this, we reviewed the Charity’s website for an indication of any regulations in place and discussed these with the relevant individuals responsible for compliance. The key regulations we identified were Charity legislation, health and safety regulations and breaches of The General Data Protection Regulation (“GDPR”). We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Charities SORP - FRS 102.
We discussed with management and trustees how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the Charity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any noncompliance with laws and regulations on the Charity’s ability to continue trading and the risk of material misstatement to the accounts.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations.
Our procedures involved the following:
- Enquiries of management and trustees regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries, we also discussed with management whether there have been any known instances, allegations or suspicions of fraud.
- Reviewed filings with the Charity Commission and whether there were any serious incident reports made during the year.
- Discussed with management whether any reportable health and safety incidents occurred under the requirements of RIDDOR (Reporting of Injuries, Diseases and Dangerous Occurrences Regulations) during the year. Reviewed minutes of the Health and Safety Committee.
- Review of the GDPR policy and enquiries to management as to the occurrence of any reportable breaches.
- Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of noncompliance.
- Reviewed Board minutes.
- Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
- Reviewed estimates and judgements made in the accounts for any indication of bias..
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A further description of our responsibilities is available on
the Financial Reporting Council’s website at: www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor’s report.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## Use of our report
This report is made solely to the charitable parent company’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable parent company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Daniel Tout FCA (Senior Statutory Auditor)
## For and on behalf of
PKF Francis Clark, Statutory Auditor, Towngate House 2 – 8 Parkstone Road, Poole,
## Andrew Simpson Sailing Foundation
## Consolidated Statement of Financial Activities for the Year Ended 31 December 2021 (Including Consolidated Income and Expenditure Account)
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Unrestricted Restricted
Note Total 2021
funds funds
£ £ £ £
Income and Endowments from:
Donations and grants 2 172,442 105,309 277,751
Charitable activities 3 2,118,269 - 2,118,269
Investment income 4 7 - 7
Total Income 2,290,718 105,309 2,396,027
Expenditure on:
Raising funds 5 36,258 - 36,258
Charitable activities 6 1,587,078 161,236 1,748,314
Total Expenditure 1,623,336 161,236 1,784,572
Net Income 667,382 (55,927) 611,455
Transfers between funds 22 314 (314) -
Net movement in funds 667,382 (56,241) 611,455
Reconciliation of funds
Total funds brought forward 589,600 289,270 878,870
Total funds carried forward 22 1,257,296 233,029 1,490,325
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BH15 2PW
Date: 13th of September 2022
The funds breakdown for 2021 is shown in note 22.
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## Andrew Simpson Sailing Foundation
## Consolidated Statement of Financial Activities for the Year Ended 31 December
## Andrew Simpson Sailing Foundation
## Consolidated Balance Sheet - 31 December 2021
## 2020 (Including Consolidated Income and Expenditure Account)
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Unrestricted Restricted
Note Total 2020
funds funds
£ £ £ £
Income and Endowments from:
Donations and grants 2 436,857 60,974 497,831
Charitable activities 3 811,885 - 811,885
Investment income 4 271 - 271
Total Income 1,249,013 60,974 1,309,987
Expenditure on:
Raising funds 5 13,843 - 13,843
Charitable activities 6 1,136,957 15,308 1,152,265
Total Expenditure 1,150,800 15,308 1,166,108
Net Income 98,213 45,666 143,879
Transfers between funds 22 - - -
Net movement in funds 98,213 45,666 143,879
Reconciliation of funds
Total funds brought forward 491,387 243,604 734,991
Total funds carried forward 22 589,600 289,270 878,870
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The funds breakdown for 2020 is shown in note 22.
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Note 2021 2020
£
Fixed assets
Intangible assets 12 5,133 2,202
Tangible assets 13 300,188 290,639
305,321 292,841
Current assets
Stocks 15 3,206 8,799
Debtors 16 43,286 69,970
Cash at bank and in hand 1,325,571 611,637
1,372,063 690,406
Creditors: Amounts falling due within one year 17 (162,135) (104,377)
Net current assets 1,209,928 586,029
Creditors: Amounts falling due in more than
18 (24,924) -
one year
Net assets 1,490,325 878,870
Funds of the group:
Restricted funds 233,029 289,270
Unrestricted income funds
Unrestricted funds 1,257,596 589,600
Total funds 22 1,490,325 878,870
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The financial statements on pages 31 to 49 were approved by the trustees, and authorised for issue on 11th July 2022 and signed on their behalf by:
## Miles Bradbury
Miles Bradbury FCA VR
Chair
Company Registration Number: 08595862
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Andrew Simpson Sailing Foundation
Balance Sheet - 31 December 2021
## Andrew Simpson Sailing Foundation
## Consolidated Statement of Cash Flows - Year Ended 31 December 2021
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Note 2021 2020
£
Fixed assets
Intangible assets 12 5,133 2,202
Tangible assets 13 266,600 250,272
Investments 14 13,900 13,900
285,633 266,374
Current assets
Stock 15 3,206 7,250
Debtors 16 146,168 283,450
Cash at bank and in hand 628,659 236,004
778,033 526,704
Creditors: Amounts falling due within one year 17 (20,161) (20,698)
Net current assets 757,872 506,006
Net assets 1,043,505 772,380
Funds of the charity:
Restricted funds 215,131 265,950
Unrestricted income funds
Unrestricted funds 828,374 506,430
Total funds 22 1,043,505 772,380
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The financial statements on pages 31 to 49 were approved by the trustees, and authorised for issue on 11th July 2022 and signed on their behalf by:
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Note 2021 2020
£
Cash flows from operating activities
Net cash income 611,455 143,879
Adjustments to cash flows from non-cash items
Depreciation and amortisation 6 85,570 149,513
6/ 3 (15,388) (20,943)
Loss/ (profit) on sale of fixed assets
681,637 272,449
Working capital adjustments
(Increase) / decrease in stocks 15 5,593 -
(Increase) / decrease in debtors 16 26,684 18,874
Increase / (decrease) in creditors 17/18 82,682 4,592
114,959 23,466
Net cash flows from operating activities
Cash flows from investing activities
26,469 45,961
Sale of tangible fixed assets
12/ 13 (109,131) (135,228)
Purchase of intangible and tangible fixed assets
(82,662) (89,267)
Net cash flows from investing activities
Net increase/(decrease) in cash and cash
713,934 206,648
equivalents
Cash and cash equivalents at 1 January 611,637 404,989
Cash and cash equivalents at 31 December 1,325,571 611,637
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All of the cash flows are derived from continuing operations during the above two periods.
## Miles Bradbury
Miles Bradbury FCA VR
Chair
Company Registration Number: 08595862
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## Andrew Simpson Sailing Foundation
## Notes to the Financial Statements - Year Ended 31 December 2021
## 1 Accounting policies
Summary of significant accounting policies and key accounting estimates
The trustees continue to monitor closely the short-term liquidity of the Trust.
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
The trustees consider that there are no other material uncertainties about the charity’s ability to continue as a going concern.
## **Basis of consolidation**
The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 December 2021
## **Statement of compliance**
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a surplus/ (deficit) for the financial year of £271,125 (2020: £127,429).
A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
## **Basis of preparation**
Andrew Simpson Sailing Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Intra-group transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
## **Going concern**
The financial statements have been prepared on a going concern basis as the group has sufficient working capital to continue to meet its financial obligations and pay its liabilities as they fall due for the foreseeable future. The trustees have considered the level of funds held, any restrictions on usage, and the expected level of income and expenditure for 12 months from the date of authorising these financial statements.
## Andrew Simpson Sailing Foundation
## Notes to the Financial Statements - Year Ended 31 December 2021 (continued)
## Donated services and facilities
## Income and endowments
Donated goods and services (excluding volunteer time are included in the financial statements at fair value.
All income is recognised once the Group has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
## Investment income
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.
Investment income is recognised on a receivable basis.
## Charitable activities
Details of the material sources of income and the basis on which they have been recognised are set out below.
Charitable activities income derives from the delivery of programmes and events.
The charity recognises revenue from watersports programmes on the date that the activity is delivered.
## Donations
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that restrict its use the donation is recognised when the charity becomes entitled to it but reported within a restricted fund.
## Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## Grants receivable
Grants are recognised as income when the charity has an entitlement to the funds and any performance conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
## Government grants
## Raising funds
A grant that becomes receivable as compensation for expenses already incurred will be recognised in the income and expenditure in the same period in which the related expenditure is incurred.
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
The impact of the outbreak of Coronavirus in the UK is explained in the Trustees’ Report.
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## Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## Grant expenditure
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as an expense as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
## Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’ meetings and reimbursed expenses.
## Irrecoverable VAT
Irrecoverable VAT is charged to the income and expenditure account as shown in note 6.
## Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## Intangible assets
Intangible assets are stated in the Balance Sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.
## Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
## **Amortisation method Asset class and rate**
Website development costs 3 year straight line basis Domain name 4 year straight line basis Goodwill 10 year straight line basis
## Tangible fixed assets
Individual fixed assets costing £500 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
## Depreciation and amortisation
Depreciation is provided on other tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
**Depreciation method Asset class and rate** Leasehold buildings 25 year straight line basis Boats and equipment 2 – 5 year straight line basis 3 year straight line basis Office equipment Assets under construction Not depreciated
## Andrew Simpson Sailing Foundation
## Notes to the Financial Statements - Year Ended 31 December 2021 (continued)
## Fixed asset investments
## Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Investments in subsidiaries are measured at cost less impairment.
## Stock
Stock comprises goods for resale. Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO) method.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
## Foreign exchange
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
## Pensions and other post retirement obligations
The charity operates a defined contribution pension scheme. Contributions are charged in the statement of financial activities as they become payable in accordance with the rules of the scheme.
## Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## Fund structure
Unrestricted income funds are general funds that are available for use at the trustees’ discretion in furtherance of the objectives of the group. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
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## 2 Income from donations and grants
## Andrew Simpson Sailing Foundation
## Notes to the Financial Statements - Year Ended 31 December 2021 (continued)
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Unrestricted Restricted
Total 2021 Total 2020
funds funds
£ £ £ £
Donations and grants;
Donations 118,527 - 118,527 70,164
Grants received 53.915 105,309 159,224 427,667
172,442 105,309 277,751 497,831
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## 5 Expenditure on raising funds
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Unrestricted
Total 2021 Total 2020
funds
£ £ £
Fundraising expenses 36,258 36,258 13,843
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Included within the income above are donations in kind totalling £32,575 (2020: £15,321) which comprises £9,096 (2020: £5,000) advertising and £23,479 (2020: 10,231) occupancy costs.
## 6 Expenditure on charitable activities
## 3 Income from charitable activities
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Unrestricted
Total 2021 Total 2020
funds
£ £ £
Income from Watersport Centre operations 1,886,976 1,886,976 782,732
Events income 215,905 215,905 2,624
15,388 15,388 26,529
Gain on sale of tangible fixed assets
2,118,269 2,118,269 811,885
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## 4 Investment income
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Unrestricted
Total 2021 Total 2020
funds
£ £ £
Interest receivable and similar income;
Interest receivable on bank deposits 7 7 271
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Other Watersport
charitable Centre Total 2021 Total 2020
activities Activities
£ , £ £ £
18,404 917,636 936,040 645,115
Staff costs
Programme delivery costs 144,925 143,815 288,740 77,689
-
28,345 28,345 16,700
Staff and volunteer expenses
Grants (see analysis below) 4,578 23,625 28,203 29,165
Insurance - 28,332 28,332 18,212
Advertising and promotion
-
20,949 20,949 16,020
expenses
Occupancy and administration
-
144,669 144,969 67,489
costs
-
Bank charges and interest 19,078 19,078 11,589
Irrecoverable VAT relating to partial
-
56,090 56,090 27,649
exemption
Depreciation 71,231 11,770 83,001 143,742
Amortisation 2,569 - 2,569 5,771
Loss on disposal of tangibles fixed - - - 5,585
assets
Foreign exchange losses (2,355) 278 (2,077) 215
Support costs (see analysis below) 95,781 18,594 114,375 87,234
355,133 1,413,181 1,748,314 1,152,265
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Included within the expenditure above are donated goods and services totalling £32,575 (2020: £15,231) which comprises £9,096 (2020: £5,000) advertising and £23,479 (2020: £10,231) occupancy costs.
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Total 2021 Total 2020
£ £
Analysis of support costs
20,426 7,259
Staff costs
7,246 5,844
Staff and volunteer expenses
Insurance 1,618 4,931
Administration costs 426 770
Advertising and promotion expenses 42,311 14,166
Governance costs (see note 7) 28,431 30,741
Legal and professional fees 2,159 9,044
Bank charges and interest 1,529 1,246
Irrecoverable VAT relating to partial exemption 10,229 13,323
114,375 87,324
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## Andrew Simpson Sailing Foundation
## Notes to the Financial Statements - Year Ended 31 December 2021 (continued)
## 7 Analysis of governance costs
## Governance costs
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Unrestricted
Total 2021 Total 2020
funds
£ £ £
11.025 11,025 10,500
Audit of the financial statements
Other fees paid to auditors 16,198 16,198 19,291
Independent examination fees 1,208 1,208 950
28,431 28,431 30,741
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## 8 Net incoming/outgoing resources
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Total 2021 Total 2020
£ £
Analysis of grants
Skipper Foundation 4,578 1.665
Portsmouth City Council (infrastructure grant) 22,500 22,500
-
RYA (volunteer training and research) 5,000
28,203 29,265
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Net incoming resources for the year include:
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2021 2020
£ £
Audit fees 13,750 10,500
Independent examination fees 1,208 950
(15,388) (20,943)
Loss/ (Gain) on sale of fixed assets
Depreciation and amortisation 85,570 149,513
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## 9 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration or reimbursed expenses from the group during the year (2020: £nil).
No trustees have received any other benefits from the charity during the year.
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## 10 Staff costs
The aggregate payroll costs were as follows:
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2021 2020
£ £
Staff costs during the year were:
Wages and salaries 889,050 613,264
Social security costs 55,341 42,233
Pension costs 12,075 10,035
956,466 665,532
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The monthly average number of persons (including senior management team) employed by the group expressed as full time equivalents as as follows:
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2021 2020
No No
Charitable activities 45 28
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One employee received emoluments of more than £60,000 during the year (£70,000- £80,000 pay bracket) during the year (2020: No employees received emoluments of more than £60,000 during the year).
The total employee benefits of the key management personnel of the group were £74,800 (2020: £55,099).
## Andrew Simpson Sailing Foundation
## Notes to the Financial Statements - Year Ended 31 December 2021 (continued)
## 12 Intangible fixed assets
## Group and Charity
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Website costs Domain name Goodwill Total
£ £ £ £
Cost
-
At 1 January 2021 72,043 2,000 74,043
Additions - - 5,500 -
At 31 December 2021 72,043 2,000 5,500 79,543
Depreciation
-
At 1 January 2021 70,091 1,750 71,841
Charge for the year 1,952 250 367 2,569
At 31 December 2021 72,043 2,000 367 74,410
Net book value
At 31 December 2021 - - 5,133 5,133
At 31 December 2020 1,952 250 - 2,202
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## 11 Taxation
The parent company is a registered charity and is therefore exempt from taxation.
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## 13 Tangible fixed assets
## Andrew Simpson Sailing Foundation
## Notes to the Financial Statements - Year Ended 31 December 2021 (continued)
## Group
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Furniture
Leasehold
Boats and Office Total
equipment Building
equipment
£ £ £ £ £
Cost
At 1 January 2021 571,972 23,787 12,636 179,273 787,668
Additions 63,986 37,287 2,376 - 103,631
-
Disposals (144,630) (4,000) (50) (148,680)
At 31 December 2021 491,310 57,074 14,962 179,273 742,619
Depreciation
At 1 January 2021 473,265 3,641 10,130 9,993 497,029
Charge for the year 64,583 9,439 1,870 7,109 83,001
-
Eliminated on disposals (135,949) (1,600) (50) (137,599)
At 31 December 2021 401,899 11,480 11,950 17,102 442,431
Net book value
At 31 December 2021 89,411 45,594 3,012 162,171 300,188
At 31 December 2020 98,707 20,146 2,506 169,280 290,639
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## 13 Tangible fixed assets (continued)
## Charity
**----- Start of picture text -----**
Furniture
Leasehold
Boats and Office Total
equipment Building
equipment
£ £ £ £ £
Cost
At 1 January 2021 523,042 10,123 11,207 179,273 723,645
Additions 55,966 37,287 2,376 - 95,629
-
Disposals (141,619) (4,000) (50) (145,669)
At 31 December 2021 437,389 43,410 13,533 179,273 673
Depreciation
At 1 January 2021 451,038 3,641 8,701 9,993 473,373
Charge for the year 55.545 6,707 1,870 7,109 71,231
-
Eliminated on disposals (135,949) (1,600) (50) (137,599)
At 31 December 2021 370,634 8,748 10,521 17,102 407,005
Net book value
At 31 December 2021 66,755 34,662 3,012 162,171 266,600
At 31 December 2020 72,004 6,482 2,506 169,280 250,212
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## 14 Fixed asset investments
## Charity
**----- Start of picture text -----**
2021 2020
£ £
Shares in group undertakings and participating interests
Cost 1 January and 31 December 13,900 13,900
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## Subsidiaries
## Andrew Simpson Sailing Foundation
## Notes to the Financial Statements - Year Ended 31 December 2021 (continued)
## Andrew Simpson Watersport Centres
## Andrew Simpson Watersport Centre Lake Garda:
## Limited:
Registered office – Osprey Quay, Portland, Dorset, DT5 1SA.
Registered office - Via Riccardo Cozzaglio, 1, 25010 Campione BS, Italy.
Andrew Simpson Sailing Foundation holds 100% of the shareholding. The principal activity of the company is the running of the sailing centres. The surplus for the financial period was £364,652 and the aggregate amount of capital and reserves at the end of the period was £382,353.
Andrew Simpson Sailing Foundation holds 100% of the shareholding. The principal activity of the company is the running of the sailing centre in Italy. The deficit for the financial period was £5,529 and the aggregate amount of capital and reserves at the end of the period was (£83,782)
## Portsmouth Sail Training Trust:
Registered office - C/O PNBPT, 19 College Road, Portsmouth, Hampshire, PO1 3LJ.
Andrew Simpson Sailing Foundation has 100% control. The principal activity of the charity is the running of the Portsmouth sailing centre. The surplus for the financial period was £56,551 and the aggregate amount of funds at the end of the period was £164,957.
## 15 Stock
**----- Start of picture text -----**
Group
2020 Charity 2021 2020
2021
£ £ £ £
Stocks 3,206 8,799 3,206 7,250
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## 16 Debtors
**----- Start of picture text -----**
Group
2020 Charity 2021 2020
2021
£ £ £ £
Trade debtors 30,005 19,751 20,809 10,958
- -
Due from group undertakings 121,074 267,972
Prepayments 10,148 13,551 4,285 817
VAT 3,133 1,317 - -
Other debtors - 35,351 - 3,703
43,286 69,970 146,168 283,450
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## 17 Creditors: amounts falling due within one year
**----- Start of picture text -----**
Group
2020 Charity 2021 2020
2021
£ £ £ £
Trade creditors 7,249 803 2,649 550
Other taxation and social security 4,754 6,452 3,762 5,340
Other creditors 3,653 24,542 - 400
- - -
5,047
HP and finance lease
Accruals 110,166 63,440 13,750 14,408
Deferred income 31,266 9,140 - -
162,135 104,377 20,161 20,698
**----- End of picture text -----**
## Deferred income
**----- Start of picture text -----**
2021 2020
£ £
Group
Deferred income at 1 January 2021 9,140 6,583
Resources deferred/ released in the period (net) 22,126 2,557
Deferred income at 31 December 2021 31,266 9,140
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## 18 Creditors: amounts falling due in more than one year
## Andrew Simpson Sailing Foundation
## Notes to the Financial Statements - Year Ended 31 December 2021 (continued)
**----- Start of picture text -----**
Group Group Charity Charity
2021 2020 2021 2020
£ £ £ £
- - -
24,924
HP and finance lease
- - -
24,924
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## 19 Pension and other schemes
## **Defined contribution pension scheme**
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £12,075 (2020: £4,000). At the year-end contribution totalling £2,252 (2020: £7,087) were outstanding and are included in other creditors.
## 20 Group status
The parent company is a charity limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
## 22 Funds
## Group
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Balance at Transfer Balance at
Incoming Resources
1 January between 31 December
resources expended
2021 funds 2021
£ £ £ £ £
Unrestricted funds
Total Unrestricted Funds 589,600 2,290,718 (1,623,336) 314 1,257,296
Restricted funds
Total restricted funds 289,270 105,309 (161,236) (314) 233,029
Total funds 878,870 2,396,027 (1,784,572) - 1,490,325
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The above restricted funds include donations from the following:
## 21 Commitments
BBC Children in Need – To enable the ASSF to increase provision for disabled children and young people
## Group
## Other financial commitments
The total amount of other financial commitments not provided in the financial statements in respect of property leases was £388,600 (2020: £388,579).
Chesil Sailability - to part fund sailability equipment for two boats
Everson Charitable Trust – towards Aiming High at ASC Birmingham
**----- Start of picture text -----**
2021 2020
£ £
Due in 1 year 74,754 74,754
Due in 2-5 years 238,679 239,659
Due >5 years 75,167 74,166
Total 388,600 388,579
**----- End of picture text -----**
The trustees are committed to ensuring the assets of the Foundation are replaced as necessary.
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## 22 Funds (Continued)
## Andrew Simpson Sailing Foundation
## Notes to the Financial Statements - Year Ended 31 December 2021 (continued)
## Group
## Charity
**----- Start of picture text -----**
Balance at Balance at
Incoming Resources
1 January 31 December
resources expended
2020 2020
£ £ £ £
Unrestricted funds
Total unrestricted funds 491,387 1,249,013 (1,150,800) 589,600
Restricted funds
Total restricted funds 243,604 60,974 (15,308) 289,270
Total funds 734,991 1,309,987 (1,166,108) 878,870
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Balance at Balance at
Incoming Resources
1 January 31 December
resources expended
2021 2021
£ £ £ £
Unrestricted funds
Total unrestricted funds 506,430 537,207 (215,263) 828,374
Restricted funds
Total restricted funds 265,950 105,309 (156,128) 215,131
Total funds 772,380 642,516 (371,391) 1,043,505
Balance at Balance at
Incoming Resources
1 January 31 December
resources expended
2020 2020
£ £ £ £
Unrestricted funds
Total unrestricted funds 409,892 253,254 (156,716) 506,430
Restricted funds
Total restricted funds 235,059 44,974 (14,083) 265,950
Total funds 644,951 298,228 (170,798) 772,380
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## Andrew Simpson Sailing Foundation
## 24 Analysis of net funds
## Notes to the Financial Statements - Year Ended 31 December 2021 (continued)
## Group
## 23 Analysis of net assets between funds
## Group
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Unrestricted Restricted
Total Funds
Funds Funds
£ £ £
5,133 - 5,133
Intangible fixed assets
120,090 180,098 300,188
Tangible fixed assets
Current assets 46,492 - 46,492
Cash at bank and in hand 1,272,640 52,931 1,325,571
Current liabilities (187,059) - (187,059)
Total net assets 1,257,296 233,029 1,490,325
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At 31
At 1 January
Cash Flow December
2021
2021
£ £ £
Cash at bank and in hand 611,637 713,934 1,325,571
Net debt 611,637 713,934 1,325,571
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## Charity
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Unrestricted Restricted
Total Funds
Funds Funds
£ £ £
5,133 - 5,133
Intangible fixed assets
101,879 164,721 266,600
Tangible fixed assets
Fixed asset investments 13,900 - 13,900
Current assets 149,374 - 149,374
Cash at bank and in hand 578,249 50,410 628,659
Current liabilities (20,161) - (20,161)
Total net assets 828,374 215,131 1,043,505
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## Andrew Simpson Sailing Foundation
## Notes to the Financial Statements - Year Ended 31 December 2021 (continued)
## 25 Related party transactions
## Group
## Thank you
During the year the charitable group made the following related party transactions:
## Transactions between Andrew Simpson Sailing Foundation and subsidiaries:
Andrew Simpson Watersport Centres Limited - During the year grants for charitable activities were paid to Andrew Simpson Watersport Centres Limited totalling £131,487 (2020: £nil. A gift aid donation of £363,675 (2019: £75,622) will be paid to the Foundation from the Andrew Simpson Watersport Centres Limited period surplus in the subsequent financial period. At balance sheet date the amount due (to)/ from Andrew Simpson Watersport Centres Limited was £48,631 (2020: £208,978)).
Thank you so much to every single supporter of the Andrew Simpson Foundation in 2021.
**Together, we transform lives through sailing.**
Portsmouth Sail Training Trust – At the balance sheet date the amount due from Portsmouth Sail Training Trust was (£3,270) (2019: £5,180).
Andrew Simpson Lake Garda – There were £47,780 (2020: £12,045) sales to Andrew Simpson Lake Garda and £7,284 (2020: £nil) purchases from Andrew Simpson Lake Garda during the period. At the balance sheet date, the amount due (from)/to Andrew Simpson Lake Garda was £75,314 (2020: (£53,814)).
## Transactions between subsidiaries:
Andrew Simpson Watersport Centres Limited and Portsmouth Sail Training Trust - There were sales of £48,200 (2020 £20,363) made to the Portsmouth Sail Training Trust tduring the year. At the balance sheet date the amount due from Portsmouth Sail Training Trust was (£1,527) (2020: £18,112.
Andrew Simpson Sailing Watersports Centre and Andrew Simpson Lake Garda - At the balance sheet date the amount due from Andrew Simpson Sailing Watersports Centre Limited to Lake Garda was £15,623 (2019: £15,623).
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www.andrewsimpsonfoundation.org
Andrew Simpson Foundation Weymouth & Portland National Sailing Academy, Osprey Quay, Portland, Dorset DT5 1SA enquiries@andrewsimpsonfoundation.org
Registered Charity in England & Wales No. 1153060
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