2024-12-31-accounts

Andrew Simpson Sailing Foundation Annual Report and Financial Statements Year Ended 31 December 2024 Company registration number.. 08595862 Charity registration number.. 1153060

Andrew Simpson Sailing Foundation Contents Reference and Administrative Details Trustees, Report 2to16 Independent Auditors, Report 17to20 Consolidated Statement of Financial Activities 21 to22 Consolidated Balance Sheet 23 Balance Sheet 24 Consolidaled Statement of Cash Flows 25 Notes to the Financial Statements 26to50

Andrew Simpson Sailing Foundation Reference and Administrative Details Charity Registration Number 1153060 Company Registration Number 08595862 Registered Office WPNSA Osprey Quay Portland Dorset DT5 1SA Senior Management l Leadership Team Richard Percy - Chief Executive Officer Trustees Miles Bradbury FCA {Chair} Sir Ben Ainslie CBE John Derbyshire OBE David Gratton FCA Nicholas Harrison Andrew Lawson Prakash Paran lain Percy OBE Sophie Sheldon Amanda Simpson Leah Simpson David Tyler Secretary Hermione Garner Auditor PKF Francis Clark Towngate House 2-8 Parkstone Road Poole, Dorset BH15 2PW Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling, Kent ME19 4JQ HSBC Camberley 29 High Street Camberley, Surrey GU15 3RE Page 1

Andrew Simpson Sailing Foundation Trustees, Report Foreword from our Chair of Trustees 2024 marked the completion of our tenth full year of charitable activity and the Trustees are delighted to report on another exciting year of continued development and growth despite a challenging fundraising environment. In 2024, the Andrew Simpson Foundation worked with over 45.000 beneficiaries and grew our expenditure on charitable activities by 140/0 once again extending the breadth of our charitable programs and geographic reach across the UK through our five Andrew Simpson Centres. subsidiary charities and ten partner centres. Developing and implementing collaborative working has continued to be a major theme during 2024, and it has been fantastic to see the launch of major new programs during the year with a number of our key partners including the Royal Yachting Association, Royal Naval Sailing Association and Greenwich Hospital these enable us to deliver to new communities and grow our outputs. 11 is crystal clear that collaborative working is key to maxirnising charitable impact - and 2024 saw many practical examples of this in practice. This included exlending our operations to the Plymouth area where we welcomed a new subsidiary charity. Horizons Plymouth. to join the Foundalion in June 2024. Elsewhere. our Birmingham Centre is a great example of the benefits of parlnering a diverse range of initiatives and organisations with an Andrew Simpson Centre the Centre generates a constanl stream of projects and opportunities to serve a diverse community that typically has little historical connection to, or experience of, the benefits of our sector for young people. 2024 has once again shown that sailing and watersports do provide a powerful mechanism to change the lives of young people and reaffimed that the benefits of time on the water should be accessible to everyone. The Foundation continues to be fully committed to removing barriers and developing and delivering programmes so that all young people and communities can benefit from the opportunities that we offer. I would like to extend my heartfelt thanks and congratulations once again to the brilliant Foundation and Centre teams, led by our exceptional CEO Richard Percy. and to all of our partners, funders, supporters and volunteers, including of course my fellow Trustees - for another year of outstanding achievement in 2024. We look ahead with continued ambition to expand our charitable reach. strengthen our partnerships, and deepen the long-term impact we have on young lives and their communities in Andrew's name. Miles Bradbury Chair of Trustees Andrew Simpson Foundation Page 2

Andrew Simpson Sailing Foundation Trustees, Report The trustees, who are directors for the purposes of company law. present the annual report together with the financial statements of the charitable company for the year ended 31 December 2024. The Foundation What we do Together we transfomi lives through sailing and watersports. Our mission- At the Andrew Simpson Foundation. we believe sailing and watersports provide a powerful mechanism to change the lives of young people and that these benefits should be accessible to everyone, regardless of background or ability. Breaking down barriers: We're committed to removing any real or perceived barriers so that all young people can benefit from the opportunities we offer. How we work ASF'S credibility, broad delivery ecosystem. and community4riven model works to enable.. Inclusive Access: ASF delivers year-round programmes for young people, schools. families, marginalised groups. and local residents, removing participation barriers through bursaries, adaptive equipment, culturally inclusive design, and targeted outreach. Skills & Employability: ASF provides accredited training pathways and hands-on learning opportunities in watersports, outdoor leadership. and the marine sector, supporting young people and underrepresented communities into meaningful careers. Environmental Stewardship.. Through dimate-aligned programming, including the new Sustainability Programme at ASC Portland. and partnerships with Project Seagrass and The Green Blue, ASF embeds environmental literacy and low-impact activity into every layer of delivery. Increased impact is achieved through working in partnerships and collaboration with communities, both nationally and locally. Our Network - Charity & Not-For-Profit Centres To realise our vision of Access for All. we established a growing network of Andrew Simpson Centres (ASCS) across the UK. beginning with our first centre at WPNSA, Portland in May 2014. AII ASCS deliver our charitable programs and operate as not-for-profits. offering thousands of RYA and subsidised courses. specialist programmes, and clubs to young people from all backgrounds welcoming everyone from complete beginners to experienced sailors and athletes. We also operate through our two subsidiary charities: Sail Training Trust (STT), registered charity (no. 1153870). supports youth in Portsmouth and Portland through maritime training. On 13 June 2024, Horizons Plymouth (charity no. 1096256, company no. 04592593) also became a subsidiary charity. allowing us to expand our delivery in Plymouth. Page 3

Andrew Simpson Sailing Foundation Trustees, Report Our UK Andrew Simpson Centres are located in Bimiingham, Portland, Portsmouth. Haslar Marina (Gosport), and Reading strategically pla￿d near transport links for accessibility. We are aclively exploring further UK expansion. In addition to our ASCS and subsidiary charities we operate accross the UK through our ne￿Ork of partner centres. Specialist Centres Andrew Simpson Yachting delivers the full range of RYA courses, supporting all levels - from beginner to aspiring marine professionals. We offer dedicated programmes for those aiming to enter the marine leisure industry and provide young people with valuable yacht training and experien￿. Our Performance Academy supports young sailors at every stage. offering class-specific coaching, intemational event supporl, and transition training. In partnership with organisations like Crew 4 Gold and The Athena Foiling Pathway, we help more young people get on the water and into competition. Each year, selected sailors across all pathways receive subsidised access to group training, mentoring. and equipment-chosen based on need and alignment wtth ASF'S values. Our Action- key priorities and why we do what we do 1. Community Health and Wellbeing Providing year-round access to outdoor leisure and physical activity Physical health and wellbeing: ASF'S mission is to "transform lives through sailing, improving health and wellbeing through watersports. Strong eviden￿ is cited that sailing contribules to mental and physical health, social connection, reduced crime, and increased confidence. Only 47% of young people meet minimum physical activity levels according to Sport England. ASF programming directly addresses this gap by delivering a vast array of physical health & wellbeing initiatives. Targeted programmes focus on physical and mental health" neurodiversity and SEND,. looked after children- and children re￿Iving emotional literacy support. ASF also conducts world-leading research into the health benefits of sailing and the barriers to participation. working wilh institutions such as the University College London and Universities of Exeter and Bournemouth. Findings inform programme design, enhance inclusion. and are shared widely to influence and support broader participation efforls. 730/0 of young people in our community programmes reported increased confidence. Additional case studies highlight children overcoming fear of water and making lasting memories that positively impact wellbeing. Access and Participation: ASF removes financial, social, and cultural barriers to ensure year-round access to watersports. Activities include school sailing programmes, regular clubs (e.g., Sailing Club, Race Club, Windsurfing), community family days and SEND open days and emphasis on inclusive, outdoor physical activity that builds confidence and social skills. Page 4

Andrew Simpson Sailing Foundation Trustees, Report Regular Participation Clubs provide year-round structured access to watersports and help parlicipants feel part of a community and improve mental wellbeing. Participants last year reported an 85/0 increase in mental wellbeing, 114% improvement in emotional regulation and a 73% increase in confidence. Sunnah Sundays at our Birmingham Andrew Simpson Centre is an example of inclusion through Outdoor Access. This programme enables Muslim women to access outdoor water activities via modest swimwear, women-only sessions, and cultural awareness. This breaks down cultural barriers to year-round outdoor leisure. Community Outreach & Club Academies developed by the Andrew Simpson Foundation supports grassroots aC￿sS to watersports in underserved communities. Our Birmingham Andrew Simpson Centre is currently delivering a Wavemakers Sailing Academy pilot project in partnership with the RYA, to build diverse role models and community leaders through consistent outdoor activity. Staff testimonials highlight the positive impact of outdoor watersports on mental health, personal wellbeing, and social development and voiced across group communications. 2. Skills and Employability Qualificalions. palhways. and hands on leaming eXperien￿S in marine and outdoor sectors In line with the ASF Mission, °Everylhing we do is driven by our belief that all young people can excel and succeed in life and work.. ASF uses watersports to build personal skills, promote employability, and develop young people for life and careers. Education & Careers Main Offerings at the ASF include: Vocational Education (e.g. RYA qualifications) STEM, Sustainability and Further Education Courses Careers Training Programmes and Skill Development Pathways Neurodiversity and SEND Programmes Mentorship & Pupil Referral Unit (PRU) Engagement Key Programmes at the ASF are as follows: Pupil Referral Units= Help students who struggle with traditional education gain new skills and achieve strong academic results. Volunteer Instructor Training-. Offers subsidised RYA training. practical instruction, and opportunities to "pay it forward" through volunteering. Multi Activity Leadership Programrne (MALP): Offers qualifications in windsurfing, paddle sports, and climbing, with hands-on instruction and confidence-building. Diploma in Sport and Physical Activity.. Developed in partnership with Gosport and Fareham Multi Activity Academy Trust. this supports progression through education and into outdoor careers. Start Yachting Courses.. Practical onboard training builds teamwork, confidence, and real-world yachting skills. Participants gain RYA Start Yachting Qualifications. In terms of impact, participants report career growth, increased self-confidence. and life-changing opportunities to work globally in sailinglyachting sectors and approximately 800 instructors trained annually across multiple centres by the Andrew Simpson Foundation per year. The Wavemakers Sailing Academy is a pilot project in partnership with the RYA British Youth Sailing and Sports Aid. The project focuses on identifying high-potential individuals from diverse communities and aims to develop future coaches. athletes, and role models for the sailing world. This is an excellent example of combining community engagement with talent development pathways. Page 5

Andrew Simpson Sailing Foundation Trustees, Report Our programs also include sports leadership & training and education through outdoor and marine experiences. "Since starting the Multi Activities Leadership Program... I've gained my Windsurfing Instructor RYA qualification. I now feel much more comfortable speaking in front of large groups... It feels great to be doing a job which is helping other people grow in confidence and resilience." Sam Foley, MALP participant. "Taking part in the Clipper Round the Wotld Race changed my life... I have now sailed and worked all over the world." Heather Thomas. Skipper of Maiden 3. Community Pride and Inclusion An accessible and welcoming community hub for all demographics ASF'S Mission Statement and Core Values underpin a belief that all young people can excel and SUc￿ed in life and work. ASF promotes indusion. development, inspiration, community, and enjoymenl and emphasizes creating an inclusive environment for all backgrounds. abilities, and identities. Access and participation: ASF also actively works to break down barriers for underrepresented groups in watersports, focusing on engaging with.. People from lower socio-economic backgrounds Ethnic minorities Faith groups Disabled people . LGBTQ+ community Older adults . Women and girls Methods for engagement include subsidies, bursaries, and scholarships. inclusive programme design, Family days, Neurodiversity and SEND open days, and regular participation clubs. The key focus being on building community, friendship. and a sense of belonging. 580/0 of our courses and training in 2024 were funded by grants and donations secured via the ASF. Cultural Inclusion: Sunnah Sundays is a key Cultural Inclusion Initiative run at our Andrew Simpson Centre in Birmingham. The programme is designed to provide Muslim women with safe and culturally appropriate access to watersports with features including- Modest swimwear (Burkinis) . Women-only sessions Prayer room and Wudu stations Cultural training for staff Open days hosted by the Centre dedicated specifically to refugees have also served to build confidence. promote inclusion, and celebrate identity through shared public space use. Page 6

Andrew Simpson Sailing Foundation Trustees, Report Community Clubs and Local Impact: The ASF'S Regular Participation Clubs promote a strong sense of belonging and community ownership with 80 % of participants stating that they felt part of the sailing and watersports community. The clubs are subsidised and emphasise ongoing involvement and identity with local ASF Centres. Development & Community Outreach: Our outreach work aligns with priorities often supported by Police and Crime Commissioner funding, particularly in the areas of youth engagement. community cohesion, and crime prevention. ASF'S outreach model such as the Wavemakers Sailing Academy and Regular Participation Clubs offers structured, year-round activities that engage marginalised and at-risk youth, build leadership and resilience. and foster a sense of belonging. These outcomes directly contribute to safer communities, reduced antisocial behaviour, and the development of positive role models in underserved areas. Charity and Not-for-Profit Centres: ASF cenlres are in ac￿Ssible urban and coastal areas and designed to welcome all, also offering free or subsidised programmes to ensure no one is excluded due to financial barriers. The centres are not-for-profit, and all surplus funds goes back into the delivery of charitable activity of sole benefit to the community. Diversity, Equity & Inclusion Strategy: ASF DEI commitments include maintaining at least 50°A female staff- increasing racial and socio-economic diversity across staff and leadership; and recruitment reforms to improve representativeness. ASF sees diversity as 'not just a goal. it's imperative." Data capture around ethnicity and socio*conomic status as part of the participant feedback prO￿sS also informs targeted engagement and activity for underseNed groups. Employee Voices - Centre as a Welcoming Space: Testimonials reflect the inclusive. positive atmosphere at ASF centres: "From charitable activities to deaf sailing groups. every group brings a new dynamic and opportunity to each differently.- "As soon as I get here. all my worries go- being here helps with my mental health.- Fundraising & Community Ownership: Fundraising and public support show broad civic engagement. ASF ￿ntreS are seen as community assets, inspiring local pride and involvement across the UK. 4. Climate Leadership A sustainable and active use of watersfront space aligned with environmental goals. The ASF is building a reputation as a leader in climate-conscious education and sustainable waterfront use. Through hands-on outdoor programmes, strategic partnerships. and inclusive, low-impact aC￿sS to natural spaces, ASF empowers communities. especially young people, to become informed and active stewards of the environment. Page 7

Andrew Simpson Sailing Foundation Trustees, Report Sustainable Use of Natural Waterfronts: ASF'S programmes are deeply rooted in the active and respectful use of rivers, lakes. and coastal waters, promoting low-carbon, non-motorised sports (e.g. sailing, paddleboarding, kayaking, windsurfing) and encouraging year-round engagement with natural spaces to build community stewardship. The accessible urban and rural waterfront ￿ntreS redu￿ travel needs and promote local interaction with the environment. Environmental Education & Youth Empowemient: . ASF embeds climate literacy and nature-connected leaming into its educational pathways.. The Diploma in Sport and Physical Activity and similar programmes use largely local outdoor spaces as living classrooms. fostering sustainable thinking and awareness of natural resources. ASF centres also deliver open-water safety programrnes like Swim Safe (in partnership with RNLI and Swim England), teaching children safe and respectful inleraclion with natural water environments. New Sustainability Programme- ASC Portland: Launched in 2024, the Sustainability Programme at ASC Portland offers a 6-week curriculum for schools and groups that.. Tackles climate change, pollution. and biodiversity loss through hands-on fieldwork (e.g., waler sampling, ecological surveys). Engages young people with local habitats like Poruand Harbour's seagrass beds - key to carbon storage and marine biodiversity. Builds skills in dats analysis, teamwork. and scientific inquiry, aligned with the national curriculum (KS21KS3) . Aims to reduce eco-anxiety by helping participants feel capable of making a difference. "Our aim is to empower young people to make positive choices for the environment and themselves." Holly Jones, Senior Instructor, ASC Portland Environmental Partnerships: ASF'S climate leadership is further strengthened by collaborations with national and marine sustainability organisations. such as- Project Seagrass: helps deliver marine education around the ecological importance of seagrass habitats and supports citizen science and conservation engagement. The Green Blue (RYA & British Marine)= promotes sustainable boating behaviours and marine habitat protection at ASF centres. These partnerships allow ASF to scale its environmental impact while modelling best practices in climate-conscious sport and recreation. A Legacy of Hamiony with Nature: ASF'S philosophy reflects a deeper environmental ethic - "There is nothing like being in hannony with the world, on the water." Andrew Hill, ASF Fundraiser This mindset supports ASF'S vision of recreational a¢￿sS that aligns with ecological values, activating natural spaces for education. inclusion, and long-tenn sustainability- Page 8

Andrew Simpson Sailing Foundation Trustees, Report Project Case Studies Holiday Activities and Food program: ASF delivers the govemment-funded Holiday Activities and Food (HAF) programme across our Andrew Simpson Centres. providing free, engaging activities and nutritious meals to children aged 5-16 eligible for benefit-related free school meals. supporting healthy lifestyles during school holidays. Greenwich Hospital Funded Projects Swim Free: ASF'S Swim Free initiative offers free weekly swimming lessons to children from Royal Navy families, promoting water safety and confiden￿. The programme also supports workforce development by training members of the naval community as swim teachers. National outreach includes family events at naval centres across the UK. with a Ihree-year expansion plan re￿Iving strong support. RNSA Youth Crew: The RNSA Youth Crew programme provides free sailing and windsurfing weeks for children aged 8 to 17 from Royal Navy, Royal Marines, and Royal Fleet Auxiliary families. Delivered by ASF and funded by Greenwich Hospital, the programme requires no prior experience and includes RYA cerlifications. Sessions are held across eight UK locations, with all equipment provided. The success of Youth Crew has led to the crealion of RNSA Go Sail, offering serving Royal Navy partners, access to RYA sailing courses, which will be delivered by ASF in 2025. Our Impact In 2024, the ASF supported over 45,000 beneficiaries and to date. ASF has reached over 200.000 young people. including underserved and marginalised groups. 85 % of participants report improved wellbeing through active participation. As a registered charity, the Andrew Simpson Foundation remains steadfast in delivering public benefit in line with our charitable objectives as set out in our goveming documents. Our core purpose is to advance education and promote physical and mental wellbeing through sailing and watersports, with a focus on removing barriers to participation for children and young people from disadvantaged backgrounds. In 2024. we continued to generate significant social value by enabling inclusive aC￿sS to the water, fostering life skills such as confidence. teamwork and resilience, and creating meaningful pathways for progression both within and beyond sport. This commitment to measurable social impact underpins every programrne we deliver. ensuring our work remains mission-led, eviden￿-based, and deeply rooted in the communities we serve. Our future Our Goal by 2033: In 2023 our 10 year goal was to support over 60,000 individuals each year to access and participate in sailing and watersports across the UK. However we believe that due to the strong partnerships we have built that this will be exceeded in the near future. Page 9

Andrew Simpson Sailing Foundation Trustees, Report How We Will Get There By expanding our national footprint, establishing new centres across the UK, creating more opportunities for young people and communities to experien￿ the water. many for the first time By building strong partnerships and delivering innovative outreach programmes that actively remove barriers, particularly in underserved and inland communities where participation is lowest By ensuring our delivery reflects the diversity of the UK and prioritises inclusion, wellbeing, and long-term progression in everything we do. Carrying Forward Bart's Legacy - Andrew Simpson MBE Our vision is inspired by the enduring legacy of Andrew "Bart" Simpson, Olympic gold medallist, sailor, mentor and friend, whose passion for sharing sailing with others lives on in every life we help transform. Through collaboration. determination. and belief in young people. we honour his memory by building a more inclusive and inspiring future for young people. Partners and Supporters The Andrew Simpson Foundation works in collaboration with a wide range of partners to design and deliver innovative charitable programmes that create measurable and lasting social impact. Our supporters include corporate sponsors, philanthropic foundations, educational institutions, community organisations, national goveming bodies, public sector agencies, and elite sailing teams. By aligning with organisations that share our commitment to youth development, wellbeing, education, and environmental sustainability. we are able to extend our reach, diversify participation, and amplify outcomes. These partnerships enable us to co-create a¢￿SSIble watersports and life-skills initiatives that reduce inequality. empower young people, and strengthen communities across the UK. Working through our national network of centres, delivery partners. and local collaborators, we focus our impact across four strategic pillars.. Health & Mental Wellbeing Sailing and watersports offer unique opportunities for personal growth, physical activity, and connection to nature. Our programmes are designed to improve mental and physical wellbeing by fostering confiden￿, resilience, and a sense of belonging. particulady for those experiencing disadvantage or exclusion. With growing levels of youth anxiety. social isolation, and inactivity, we provide inclusive experiences ihat contribute to improved health, reduced risk of crime, and stronger community ties. Skills & Employability We deliver clear pathways into education, training. and employment, especially for young people facing barriers. Through accredited qualifications, volunteering, apprenticeships, and leadership opportunities, our programmes build critical personal and professional skills that prepare parlicipants for life and the workforce. . Community Pride & Inclusion We are committed to ensuring that watersports are ac￿Ssible to all. Our programmes engage underrepresented groups and work with local communities to break down barriers to participation. By prioritising inclusion. we create safe, welcoming environments where young people from all backgrounds can thrive, develop a sense of community pride, and see themselves reflected in the sport's future. Page 10

Andrew Simpson Sailing Foundation Trustees, Report Climate Leadership Sailing connects young people to the natural wodd. and we use this connection to promote environmental awareness and responsibility. From low-impact water activities to citizen science and sustainability education, our initiatives empower young people to become stewards of their environment. We also integrate social value impact reporting to guide our environmental commitments and support collective climate action. Through the commitment of our partners and supporters, we are able to subsidise and fully fund access to eXperien￿S, qualifications, and progression pathways. Together, we are building a more inclusive and sustainable future, using the power of sailing and watersports to transform lives. Support received in 2024 We are hugely grateful to all those who continue to invest in our mission. In 2024, the Foundation received £865,129 in generous support from Trusts and grant-making organisations. This funding has been critical in helping us reach more young people. expand our programmes. and deepen our social impacl. We extend our sincere thanks to the organisalions and individuals who have generously supported the Foundation throughout 2024. Below is a summary of all grants awarded to the Foundation exceeding £10.000. BBC Children in Need Bruce Wake Charitable Trust Greenwich Hospital Holiday Activities & Food (HAF) Programme RYA St James Place Swire Charitable Trust The Chesil Trust The Garfield Weston Foundation The Hargreaves Foundation The Joseph Stannah Foundation The Kelsey Trust The Royal Naval Sailing Association The Wickens Family Foundation Trinity House Valentine Charitable Trust Fundraising How do we raise funds? Our funding and delivery model is circular and sustainable. The Andrew Simpson Foundation provides charitable programmes and financial support to our centres by subsidising access to classes, courses, and clubs. ensuring more young people can benefit from sailing and watersports. Any surplus generated by the ￿ntreS is then retumed to the Foundation, allowing us to expand our impact and invest in further outreach. In addition to this self-sustaining model. we raise funds through a diverse mix of sources: Individual donations Grants from trusts and foundations Corporate partnerships and sponsorships Page11

Andrew Simpson Sailing Foundation Trustees, Report Bart's Bash and other community fundraising events High-net-worth individual engagement and fundraising events Our official charity partnerships with sailing events and organisations Donated goods, services, or trading support Revenue from educational and vocational courses delivered to the public via our Andrew Simpson Centres Powered by People We are especially grateful to our incredible staff, volunteers, donors, and funders, who generously support everything we do. Reinvesting into the Sailing & Watersports Community In 2024, we raised £1,081.585 in fundraising income. contributing to a total income of £3,144,064 across all venues. We proudly reinvested £2.884.554 directly into our charitable programmes, breaking down barriers to parlicipation and empowering young people through sailing and watersports. Where Our Funding Came From in 2024: Not-for-profit centre activities 52°/ Partnerships 16 % Grants 12 / Donations 7 % Events 6 % How we spent money on transforniing lives through sailing: Charitable Activities 96 % Governance 10/0 Fundraising 30/0 Trusts & Grants The Andrew Simpson Foundation is proud to work in partnership with a wide range of charitable trusts and grant funders who share our vision of transforming young lives through sailing and watersports. Each year. we apply for targeted funding to support the delivery of our Charitable Activities across the Andrew Simpson Watersports Centres, Sail Training Trust and Horizons Plymouth. All of our funded programmes are designed to break down barriers to aC￿ss, ensuring that young people, regardless of background. ability. or location. can experienTr the life-changing benefits of getting on the waler. From boosting confidence and wellbeing to building essential life skills, these grants enable us to deliver real, measurable impact where it is needed most. Public Benefit The Andrew Simpson Foundation reviews its goals, objectives, and activities annually to ensure that these are in line with its charitable aims and objects. 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. Page 12

Andrew Simpson Sailing Foundation Trustees, Report Financial Overview For the year ended 31 December 2024, the Foundation reported a consolidated net surplus of £178,928 from consolidated total income of £3.144,064 Income Consolidated income for 2024 totalled £3,144.064 (2023 £2,333,207) of which £771.332 related to restricted funds (2023.. £242.447). Restricted income in 2024 enabled ASF to fund the provision of specific additional programmes and to buy boats and equipment to support operational delivery (including to beneficiaries with physical constraints). Income in 2024 includes a one-off £183,350 from the transfer of net assets arising on the acquisition of Horizons Plymouth. Excluding this, total income increased by 270/0 year on year. Unrestricted income for 2024 was £2,372,732 {2023- £2,090,760), primarily reflecting charitable activities income of £1.875.349 (2023- £1,821.903) from the five watersports centres and event income. Income from donations and grants increased in the year from £509,340 in 2023 to £1,081,585 in 2024 as proportionally more income is derived from grants. Expenditure Expenditure for 2024 totalled £2,967.455 (2023 £2.530,423) and included £715,904 (2023 £300.148) on charitable activities funded by restricted income. Unrestricted charitable activity expenditure increased from £2,230,275 in 2023 to £2,251,551 in 2024. In total. expenditure increased by 17 /0 With staff cost up by 19 % and programme delivery costs up by 28 /. Support Costs for 2024 were £103,248 (2023: £83.307) accounting for 3 % of tumover {2023 4 % ). Net income Net income for the year, before the one-off transfer of net assets arising on the acquisition of Horizons Plymouth, was a loss of £4,422 (2023 loss £197,216). This loss is arrived at after charging non-cash depreciation and amortisation of £120.202 {2023 £87,556). Net cash flow Net cash inflow from operating activities for 2024 was £98,473 (2023 net oufflow £320.581). Net debt ASF and subsidiaries do not have any liabilities in the form of indebtedness other than hire purchase agreements which will be fully repaid during 2025. Cash at bank Cash at bank on 31 December 2024 was £1,168,552 (2023 £1,079,079) of which £65,428 (2023 £10,000) relates to restricted funds. The cash holding on 31 December 2024 includes cash held for asset replacement and reserves and represents a seasonal peak in cash after the summer period the cash holding then reduces during the low income winter period. ASF supports high quality provision and wishes to have good quality and well-maintained equipment. A review of all fixed assets has been undertaken to establish a 3-year rolling programme of asset replacement. Page 13

Andrew Simpson Sailing Foundation Trustees, Report 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 ASF 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 and approved by the Board of Trustees. When preparing the annual budget, consideration is given to the realistic level of income achievable, the level of charitable delivery and the minimum expenditure required to run the charity sustainably and maintain a cash reserve in line with the Charl￿S policy. 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, on the current level of charitable activity, income, expenditure. and cash position enabling the board to make timely decisions if so required. Risk.. An incident or accident occurring ASF instills a safety first culture and modus operandi throughout its operations. All activities and operational risk management policies and systems are reviewed by a 'Health and Safety Board, knjice 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.. ASF 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 participanls 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.. Fraudulenl financial activities taking pla The ASF has developed a comprehensive set of controls with regards to the handling and management of cash. The ASF and its subsidiaries maintains its accounting records on commercial software packages managed by a financially qualified employee utilising checks and controls appropriate for the operations. The payroll is outsourced to FC Payroll Solutions. The Foundation also seeks advi￿ from PKF Francis Clark on key financial management areas such as tax compliance and VAT compliance. The ASF is independently audited by PKF Francis Clark. Page 14

Andrew Simpson Sailing Foundation Trustees, Report Policies Reserves Policy The ASF'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 in cash to manage against unforeseen circumstances. Small Company Provisions This report has been prepared in accordan￿ with the small company's regime under the Companies Act 2006. Structure, Governance and Management Goveming Document The Andrew Simpson Sailing Foundalion is a charity registered with the Charity Commission and governed by its Memorandum and Articles incorporated on 3 July 2013 as amended by special resolutions regislered al Companies House on 30 July 2013. 31 March 2014 and 5 February 2015. The charily 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. Executive Team. Key Personnel Pay & Remuneration Policy The Trustees are responsible for the appointment of the ASF'S key personnel, namely the Chief Executive Officer (CEO). The CEO reports to the Board of Trustees and heads the ASF including its subsidiaries. The CEO'S remuneration was detennined 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 by the Board considering several factors including remuneration at similar charities (in the maritime sector and more broadly) and inflation. The ASF also benefits significantly from the services of many unpaid volunteers who support the charity in a variety of roles. The Trustees recognise and appreciate the essential and fundamental contribution made to the success of the ASF by the staff. volunteers. partners, funders, and supporters and are very grateful for the continued support into 2025. Recruitment and appointment of Trustees The Board acknowledges the need to identrfy and regulady review the approprrate skill sets required, among its Board of Trustees. for effective govemance. The Board of Trustees has the power to appoint any other person as they see as fit to be a member of the Board (subject to Charity Commission requirements). Potential future members of the Board of Trustees are reviewed for the skills that they have to offer the ASF, and new members of the Board are inducted through one-to-one sessions with the Chief Executive and the Chair of the Board. Page 15

Andrew Simpson Sailing Foundation Trustees, Report 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 applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practi￿). including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". 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 parent charitable company and the group and of the incoming resources and application of resources, including its income and expenditure. of the charitable group for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and apply them consistently- observe the methods and principles in the Charities SORP" make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards. comprising FRS 102 have been followed, subject to any material departures disdosed and explained in the financial statements" and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the parent charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the parent charitable company and the group 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 parent charitable company and the group and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporale and financial information included on the charitable company's website. Legislation goveming the preparation and dissemination of financial statements may differ from legislation in otherjurisdictions. Disclosure of inforniation to auditor Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant infomiation that they know of and of which they know the auditor is unaware. The annual report was approved by the trustees of the charity on 17 September 2025 and signed on its behalf by.. Miles Bradbury FCA Chair Page 16

Andrew Simpson Sailing Foundation Independent Auditorfs Report to the Members of Andrew Simpson Sailing Foundation Opinion We have audited the financial statements of Andrew Simpson Sailing Foundation (Ihe 'charitable parent companl) and its subsidiaries (the 'group') for the year ended 31 December 2024. which comprise the Consolidaled Statement of Financial Activities, Consolidated Balan￿ Sheet, Balance Sheet, Consolidated Statement of Cash Flows and Notes to the Financial Siatements, 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). In our opinion the financial statements- give a true and fair view of the state of the group's and parent charity's affairs as at 31 December 2024 and of its incoming resources and application of resources. including its income and expenditure, for the year then ended" have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practice; and 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 responsibilities for the audil 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 accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require us lo report to you where: the trustees use of the going con￿rn basis of accounting in the preparation of the financial statements is not appropriate- or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other infomiation 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 otheNise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Page 17

Andrew Simpson Sailing Foundation Independent Auditorfs Report to the Members of Andrew Simpson Sailing Foundation 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 determine whether there is a material misstatement in the financial slatements or a material misstatement of the other information. If, based on the work we have performed, we conclude thal 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 matter 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 and Trustees, Report have been prepared in accordan￿ 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 ￿muneratIon specified by law are not made., or we have not re￿iVed all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Ststement of trustees, responsibilities (set out on page 16), 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 intemal 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 charity's ability to continue as a going concern. disclosing. as applicable. matters related to going con￿rn and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Page 18

Andrew Simpson Sailing Foundation Independent Auditorfs Report to the Members of Andrew Simpson Sailing Foundation Auditor 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 accordan￿ 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 tsken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 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 Charitys 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 artse. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the Charitys 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. Page 19

Andrew Simpson Sailing Foundation Independent Auditorfs Report to the Members of Andrew Simpson Sailing Foundation 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-complian￿ or legal costs in respect of non-compliance. 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 nomal course of business. Audited the risk of fraud in revenue recognition, including substanlive testing and analytical review. Reviewed estimates and judgements made in the accounts for any indication of bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions. collusion, forgery, misrepresentations, or the override of intemal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Use of our report This report is made solely to the charitable parent company's members, 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 members 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 members 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, Towngale House 2 - 8 Parkstone Road, Poole, BH15 2PW Date: 17 September 2025 Page 20

Andrew Simpson Sailing Foundation Consolidated Statement of Financial Activities Year Ended 31 December 2024 (Including Consolidated Income and Expenditure Account) Unrestricted funds Restricted funds Total 2024 Note Income and Endowments from: Donations and legacies Charitable activities Investment income Transfer of net assets arising on acquisition of Horizons Plymouth 310,253 1,875.349 3,780 771,332 1,081,585 1,875,349 3,780 183,350 183,350 Total income 2,372,732 771,332 3.144,064 Expenditure on: Raising funds Charitable activities {87.075} (2,164,476 (87,075) 2,880.380) (715,904) Total expenditure Gainsllosses on investment assets {2,251.551) 2,319 (715,904) (2,967,455) 2,319 16 Net income 123,500 55,428 178,928 Net movement in funds 123.500 55.428 178,928 Reconciliation of funds Total funds brought fO￿ard 1,372.226 10.000 1.382.226 Total funds carried fo￿ard 23 1,495,726 65,428 1,561,154 The notes on pages 26 to 50 foTh an integral part of these financial statements. Page 21

Andrew Simpson Sailing Foundation Consolidated Statement of Financial Activities Year Ended 31 December 2024 (Including Consolidated Income and Expenditure Account) Unrestricted funds Restricted funds Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities Investment income 266,893 1,821.903 1,964 242,447 509,340 1,821,903 1,964 Total income 2,090,760 242,447 2.333,207 Expenditure on: Raising funds Charitable activities {74,201) {2,156,074 {74,201) 2,456.222 (300,148 Total expenditure (2,230,275 (300,148 2,530.423 Net expenditure Transfers between funds (139.515) 166.881 (57.701) (166,881) (197.216) Net movement in funds 27.366 (224,582) (197.216) Reconciliation of funds Total funds brought fO￿ard 1,344,860 234,582 1,579,442 Total funds carried fo￿ard 23 1,372,226 10.000 1,382.226 All of the group's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 23. The notes on pages 26 to 50 foTh an integral part of these financial statements. Page 22

Andrew Simpson Sailing Foundation Consolidated Balance Sheet 31 December 2024 2024 2023 Note Fixed assets Intangible assets Tangible assels Investments 14 15 16 100,332 338,227 48,772 94,210 273,980 487,331 368,190 Current assets Stocks Debtors Cash at bank and in hand 17 18 669 252,185 1,168,552 1,575 304,926 1,070,079 1,421,406 1,376.580 Creditors: Amounts falling due within one year 19 (347,583 347.715 Net current assets 1,073,823 1,028.865 Total assets less current liabilities 1,561,154 1,397.055 Creditors: Amounts falling due after more than one year 20 14,829 Net assets 1,561,154 1,382.226 Funds of the group: Restricted income funds Restricted funds 65,428 10,000 Unrestricted income funds Unrestricted funds 1,495,726 1,372,226 Total funds 23 1,561,154 1,382,226 The finanaal statements on pages 21 to 50 were approved by the trustees. and authorised for issue on 17 September 2025 and signed on their beha￿ by: Miles Bradbury FCA Chair The notes on pages 26 to 50 foTh an integral part of these financial statements. Page 23

Andrew Simpson Sailing Foundation Charity Balance Sheet 31 December 2024 2024 2023 Note Fixed assets Intangible assets Tangible assels Investments 14 15 16 98,310 284,535 5.000 94,210 260,560 5,000 387,845 359,770 Current assets Debtors Cash at bank and in hand 18 488,151 763,889 285,676 668,946 1,252,040 954,622 Creditors: Amounts falling due within one year 19 {205,881) (15,322) Net current assets 1,046,159 939,300 Net assets 1,434,004 1,299,070 Funds of the charity: Restricted income funds Restricted funds 23 68.689 10,000 Unrestricted income funds Unrestricted funds 1,365,315 1,289,070 Total funds 23 1,434,004 1,299,070 The financial statements on pages 21 to 50 were approved by the trustees. and authorised for issue on 17 September 2025 and signed on their behalf by: Miles Bradbury FCA Chair The notes on pages 26 to 50 foTh an integral part of these financial statements. Page 24

Andrew Simpson Sailing Foundation Consolidated Statement of Cash Flows Year Ended 31 December 2024 2024 2023 Note Cash flows from operating activities Net incomel(expenditure) 178.928 (197.216) Adjustments to cash flows from non-cash items Depreciation Amortisation (Profit)Iloss on disposal of fixed assets Revaluation of investments Acquisition of Horizons Plymouth non-monetary assets 15 14 80,088 40.114 (3.126) (2.319) 99,931 193,754 64,293 23.263 5.577 16 1Éf16 (104.083) Working capital adjustments Decre2sel(increase) in stocks Decreasel(increase) in debtors Increasel(decrease) in creditors Increasel(decrease) in deferred income 17 18 19 19 906 52,741 41,107 51.021 2.468 (78,714) (5,036) 4,624 Net cash flows from operating activits'es 237,487 189.989 Cash flows from investing activities Purchase of intangible fixed assets Sale of tangible fixed assets Purchase of tangible fixed assets 14 (43,747) 8,450 98.670 (48,815) 15 76,729 Net cash flows from investing activities {133.967) (125,544) Cash flows from financing activities Repayment of capital element of finance leases and hire purchase contracts 19120 5,047 5,048 Net increasel(decrease) in cash and cash equivalents 98,473 (320,581) Cash and cash equivalents at 1 January 1.070.079 1.390.660 Cash and cash equivalents at 31 December 1,168,552 1,079,079 All of the cash flows are derived from continuing operations during the above two periods.

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 1 Charity status The charity islimited 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. 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statemenls are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement of compliance The financial statements have been prepared in accordan￿ with Accounting and Reporling by Charities.. Statement of Recommended Practi￿ (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Andrew Simpson Sailing Foundation meets the definition of a public benefit entity under FRS 102. Basis of preparation Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Basis of consolidation The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 December 2024. No statement of financial activities is presented for the charity as pemiitted by section 408 of the Companies Act 2006. The charity made a surplus for the financial year of £134.933 {2023 - deficit of £61,991) Page 26

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern Ihe financial and operating policies of an entity so as to obtain benefits from ils activities. The resulls of subsidiaries acquired or disposed of during the year are included in the statement of financial activities from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group. The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of acquisition, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any eX￿s$ of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill. In the case of a combination which is in Substan￿ a gift to the parent charity (where the consideration paid is nil or a nominal amount and is less than the net assets acquired) the parent charity has made a gain. The parent charity recognises that gain as 'other income. in the consolidated SOFA, rather than treat it as negative goodwill on consolidation. Inter-company transactions, balances and unrealised gains on transactions beiween the charity and its subsidiaries, which are related parties. are eliminated in full. Intra-group losses are also eliminated but may indicate an impaimient that requires recognition in the consolidated financial statements. Accounting policies of subsidiaries have been changed Whe￿ necessary to ensure consislency wilh the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group's equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder's share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. Going concem The trustees consider that there are no material Un￿rtaIntieS about the group's ability to continue as a going concern nor any significant areas of Un￿rtaInty that affect the carrying value of assets held by the group. Income and endowments All income is recognised On￿ the charity 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. Page 27

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 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 require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Grants receivable Grants are recognised when the group has an entitlement to the funds and any condilions 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. Deferred income Deferred income represents amounts re￿iVed for future periods and is released to incoming resources in the period for which. it has been received. Such income is only deferred when- The donor specifies that the grant or donation must only be used in future accounting periods- or The donor has imposed conditions which must be met before the charity has unconditional entitlement. Donated services and facilities Donated goods and services (excluding volunteer time) are included in the financial statements at fair value. Investment income Interest on funds held on deposit is included when re￿1vable and the amount can be measured reliably by the charity- this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. 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 reSoUr￿s, with central staff costs allocated on the basis of time spent, and depreciation charges allocaled on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raising funds These are costs incurred in attracting voluntary income. the management of investments and those incurred in trading activities that raise funds. Page 28

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of ils activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those cosls of an indirect nature necessary to support them. Grant pmvisions Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. Governance costs These include the costs attributable to the charitrfs compliance with constitutional and statutory requirements. including audit, strategic management and trustees meetings and reimbursed expenses. Irrecoverable VAT Irrecoverable VAT is charged against the category of reSoUr￿S expended for which it was incurred. 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. Goodwill Goodwill is amortised over its useful life. which shall not exceed ten years if a reliable estimate of the useful life cannot be made. Intangible assets Intangible assets are stated in the Balan￿ 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= Asset class Goodwill Domain name Website development costs Amortisation method and rate 10-year straight line basis 4-year straight line basis 3-year straight line basis Tangible fixed assets Individual fixed assets costing £500 or more are initially recorded at cost. Page 29

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 Depreciation and amortisation Depreciation is provided on 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.. Asset class Leasehold buildings Boats and equipment Office equipment Depreciation method and rate 25-year straight line basis 2-5-year straight line basis 3-year straight line basis Fixed asset investments Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. Stock Stock is valued at the lower of cost and estimated selling pri￿ 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) basis. Trade debtors Trade debtors are amounts due from customers for merchandise sold or ServI￿S performed in the ordinary course of business. Trade debtors are recognised initially at the transaction pri￿. 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 ternis of the receivables. 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. Page 30

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 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 ￿e1ve months after the reporting date. If there is an unconditional right to defer settlement for at least ￿e1ve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction pri￿ and subsequently measured at amortised cost using the effective interest method. 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 balan￿ sheet date are reported at the rates of exchange prevailing at that date. The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balan￿ sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriatel. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtheran￿ of the objectives of the group. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 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. Pensions and other post retirement obligations The group operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. Page 31

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 Financial instruments Classification Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the Substan￿ of the contractual arrangements entered into. An equity instwment is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. Recognition and measurement All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is nomially the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the group intends either to settle on a net basis. or to realise the asset and settie the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the group, despite having retained some, bul not all. significant risks and rewards of ownership. has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Investments Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment. Investments in subsidiaries and associates are measured at cost less impaimient. For investments in subsidiaries acquired for consideration including the issue of shares qualifw'ng for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. Fair value measurement The best evidence of fair value is a quoted pri￿ for an identical asset in an active market. When quoted prices are unavailable, Ihe price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time Sin￿ the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. Page 32

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 3 Income from donations and grants Unrestricted funds General Restricted funds Total funds Donations and legacies- Donations Grants. including capital grants- Grants 216,456 216,456 93,797 771,332 865,129 Total for 2024 310,253 771,332 1,081,585 Total for 2023 266,893 242,447 509,340 Page 33

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 Included within the income above are donations in kind totalling £36,532 (2023- £46,501) which comprise £nil (2023: £11,340) advertising and £36,532 (2023.. £35,161) occupancy costs. 4 Income from charitable activities Unrestricted funds General Total 2024 Income from Watersports Centre operations Events and other income 1,641,528 233,821 1,641,528 233,821 1,875,349 1,875,349 Unrestricted funds General Total 2023 Income from Watersports Centre operations Events and other income 1,589,379 232,524 1,589.379 232,524 1,821,903 1,821,903 5 Investment income Unrestricted funds General Total 2024 Total 2023 Income from dividends; Dividends re￿1vable from other listed investments Interest receivable and similar income-, Interest receivable on bank deposits 701 701 3,079 3.079 1,964 3,780 3.780 1,964 Page 34

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 6 Transfer of net assets arising on acquisition of Horizons Plymouth On 13 June 2024, Andrew Simpson Sailing Foundation acquired all the assets and liabilities (see analysis below) of Horizons Plymouth (charity no. 1096256, company no. 04592593) for £nil consideration. These assets and liabilities were brought into the group accounts at 1 July 2024, any difference between the value transferred and the fair value of the assets and liabilities is deemed to be immaterial. Income and expenditure relating to Horizons Plymouth have been included in the group statement of financial activities from 1 July 2024. Intangible fixed assets (note 14) Tangible fixed assets (note 15) Fixed asset investments (note 16) Debtors and prepayments Cash and bank 2,489 50,989 46,453 6,560 80,179 (3,320) 183.350 Creditors and accruals 7 Expenditure on raising funds Total 2024 Total 2023 Fundraising expenses Staff costs 6.728 80.347 702 73,499 87.075 74,201 Page 35

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 8 Expenditure on charitable activities 2024 2023 Staff costs Programme delivery costs Staff and volunteer expenses Grants {see analysis below) Insuran Advertising and promotional expenses Occupancy and administration costs Event costs Bank charges, online payment fees Irrecoverable VAT Depreciation Amortisation (Profit)Iloss on disposal of fixed assets Foreign exchange (gains)/losses Support costs {see analysis below) 1,369,591 758,243 79,026 38.604 39.683 24,468 202,560 44,278 18.919 84.485 80.088 40,114 (3,126) 199 103,248 1.140,798 593,530 48,337 38,538 47,018 24,238 186,764 85,879 17,560 95,331 64,293 23,263 5,577 1,789 83,307 2,880,380 2,456,222 Included within the expenditure above are donated goods and services totalling £36.532 (2023- £46,501) which comprises £nil (2023: £11,340) advertising and £36,532 (2023.. £35,161) occupancy costs. 9 Analysis of grants, governance and support costs Analysis of grants Total 2024 Total 2023 Provo Sailing Academy Skipper Foundation Portsmouth City Council Bournemouth University 4,377 4,994 29,167 1,665 29.158 7,781 38.604 38,538 Page 36

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 Support costs allocated to charitable activities Total 2024 Total 2023 Staff costs Staff and volunteer expenses Insuran Administration costs Advertising and promotion expenses Governance costs (see analysis below) Legal and professional fees Bank charges Irrecoverable VAT relating to partial exemption 28,489 3,991 879 4.179 1,473 39,267 11,788 337 12,845 27,544 1,859 880 628 5,013 30,168 4,017 467 12,731 103,248 83,307 Governance costs Unrestricted funds General Total 2024 Audit fees Audit of the financial statements Other fees paid to auditors Independent examiner fees Examination of the financial ststements 20.000 12,167 20,000 12,167 7,100 7,100 39,267 39,267 Unrestricted funds General Total 2023 Audit fees Audit of the financial statements Other fees paid to auditors Independent examiner fees Examination of the financial statements 17,750 11.129 17,750 11,129 1.289 1,289 30,168 30,168 Page 37

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 10 Net incomingloutgoing resources Net incoming reSoUr￿S for the year indude: 2024 2023 Audit fees (Profit)Iloss on disposal of tangible fixed assets Depreciation of fixed assets Amortisation of goodwill Independent examination fees 20.000 (3,126) 80,088 40.114 7.100 17,750 5,577 64,293 23,263 1,289 11 Truslees remuneration and expenses No trustees, nor any persons connected with them, have re￿iVed any remuneration from the group during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. Page 38

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 12 Staff costs The aggregate payroll costs were as follows: 2024 2023 Staff costs during the year were: Wages and salaries Social security costs Pension costs 1,353,894 102,653 21.880 1.137,948 82,443 21,450 1,478,427 1,241,841 The monthly average number of persons (including senior management I leadership team) employed by the group during the year expressed as full time equivalents was as follows= 2024 No 45 2023 No 47 Charitable activilies The number of employees whose emoluments fell within the following bands was: 2024 No 2023 No £80,001 - £90,000 £90,001 - £100,000 The lotal employee benefits of the key management personnel of the group were £321,637 (2023 - £317,780>. 13 Taxation The group is a registered charity and is therefore exempt from taxation. Page 39

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 14 Intangible fixed assets Group Website and software costs Domain name Goodwill Total Cost At 1 January 2024 Additions Acquisitions (see note 6) 5,500 184,933 43,747 2.489 2,000 192,433 43,747 2,489 At 31 December 2024 5,500 231,169 2,000 238,669 Amortisation At 1 January 2024 Charge for the year 1,467 550 94,756 39.564 2,000 98,223 40,114 At 31 December 2024 2,017 134,320 2,000 138,337 Net book amount At 31 December 2024 3,483 96.849 100,332 At 31 December 2023 4,033 90,177 94,210 Charity Website and software costs Domain name Goodwill Total Cost At 1 January 2024 Additions 5,500 184,933 43,747 2,000 192,433 43,747 At 31 December 2024 5,500 228,680 2,000 236,180 Amortisation At 1 January 2024 Charge for the year 1.467 550 94.756 39.097 2,000 98,223 39,647 At 31 December 2024 2.017 133.853 2,000 137,870 Net book amount At 31 December 2024 3,483 94.827 98,310 At 31 December 2023 4,033 90,177 94,210 Page 40

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 15 Tangible fixed assets Group Leasehold Furniture and buildings equipment Office equipment Boats Total Cost At 1 January 2024 Additions 179.273 59,074 22.899 2,999 2,000 14,662 6,544 393 2.005 364,293 69,227 27,906 32,633 617,302 98,670 50,989 36,638 Acquisition (see note 6) Disposals 19.691 At 31 December 2024 198,964 82,972 19,594 428,793 730,323 Depreciation At 1 January 2024 Charge for the year Eliminated on disposals 31,318 9.077 38.631 12.533 1.120 13,033 2.204 1.528 260,340 56,274 28,666 343,322 80,088 31,314 At 31 December 2024 40.395 50,044 13,709 287,948 392,096 Net book amount At 31 December 2024 158.569 32,928 5.885 140,845 338,227 At 31 December 2023 147,955 20,443 1,629 103,953 273,980 Page 41

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 Charity LeaseholdFumiture and buildings equipment Office equipment Boats Total Cost At 1 January 2024 Additions Disposals 179.273 45.410 22,899 2,000 13,233 5,741 2,005 332,718 69,227 32,633 570,634 97,867 36,638 At 31 December 2024 179,273 66,309 16,969 369,312 631,863 Depreciation At 1 January 2024 Charge for the year Eliminated on disposals 31,318 7,108 30,432 9,430 1,125 11,604 2,133 1.528 236,720 49,902 28.666 310,074 68,573 31,319 At 31 December 2024 38,426 38,737 12.209 257.956 347,328 Net book amount At 31 December 2024 140.847 27.572 4.760 111.356 284,535 At 31 December 2023 147,955 14.978 1,629 95,998 260,560 Page 42

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 16 Fixed asset investments Group Other investments Listed investments Total Cost or Valuation Acquisitions (see note 6) Revaluation 46,453 2,319 46,453 2,319 At 31 December 2024 48,772 48,772 Net book value At 31 December 2024 48,772 48,772 Charity Shares in group undertakings and participating interests Subsidiary undertakings Total Cost At 1 January 2024 5,000 5,000 At 31 December 2024 5,000 5,000 Net book value At 31 December 2024 5,000 5,000 At 31 December 2023 5,000 5,000 17 Stock Group 2023 Charity 2023 2024 2024 Stock 669 1,575 Page 43

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 18 Debtors Group 2023 Charity 2023 2024 2024 Trade debtors Due from group underiakings Prepayments Accrued income 137.608 247.102 291,413 129,926 85,794 181,746 47,134 67,443 18,613 39,211 66,812 18,136 252,185 304.926 488,151 285,676 19 Creditors: amounts falling due within one year Group 2023 Charity 2023 2024 2024 Trade creditors Hire purchase and finan leases Other taxation and social security Other creditors Accruals Deferred income 21,836 74,271 165,380 3,825 14.829 5.047 1.447 32,625 129,680 147,166 1.497 3,932 64.781 198.187 850 1,497 22.151 17.500 10,000 347,583 347,715 205,881 15,322 Deferred income 2024 2023 Group Deferred income at 1 January 2024 Amounts released from previous periods 198,187 (51.021) 147,166 202,811 {4,624) 198,187 Deferred income at year end 2024 2023 Charity Resources deferred in the period 17,500 Deferred income at year end 17,500 Page 44

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 20 Creditors: amounts falling due after one year Group 2023 Charity 2023 2024 2024 Hire purchase and finan leases 14,829 21 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 £21,880 (2023 £21,450). Conlributions totalling £4.252 (2023- £3,931) were payable to the scheme at the end of the year and are included in creditors. 22 Commitments Group Other financial commitments The total amount of other financial commitments not provided in the financial statements was £456,705 (2023.. £172.174}. £3,900 (2023.. £nil) relates to boat charter lease and £452,805 (2023.. £172,174) relates to property leases. Page 45

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Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 Charity Balance at 31 December 2024 Balance at 1 January 2024 Incoming resources Resources expended Unrestricted funds General Unrestricted funds 1.289,070 400.468 (324,223) 1.365.315 Restricted funds Restricted funds 10,000 725.695 (667,006) 68,689 Total funds 1.299,070 1,126.163 (991,229 1,434.004 Balance at 31 December 2023 Balance at 1 January 2023 Incoming Resources resources expended Transfers Unrestricted funds General Unrestricted funds 1.015,290 505,144 (385,839) 154,475 1,289.070 Restricted funds Restricted funds 221,792 238,255 (295,572 154,475 10,000 Totsl funds 1.237.082 743,399 (681.411) 1,299,070 Page 48

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 24 Analysis of net assets between funds Group Total funds at31 December 2024 Unrestricted funds General Restricted funds Intangible fixed assets Tangible fixed assets Fixed asset investments Current assets Current liabilities 100,332 338.227 48,772 1.355,978 347,583 100,332 338,227 48,772 1,421,406 347,583) 1,561,154 65,428 Total net assets 1,495,726 65,428 Total funds at31 December 2023 Unrestricted funds General Restricted funds Intangible fixed assets Tangible fixed assets Current assets Current liabilities Creditors over 1 year 94,210 273,980 1.366.580 (347.715} {14,829} 94,210 273,980 1.376,580 (347.715) {14,829) 10,000 Total net assels 1.372.226 10.000 1.382,226 Page 49

Andrew Simpson Sailing Foundation Notes to the Financial Statements Year Ended 31 December 2024 Charity Total funds at31 December 2024 Unrestricted funds General Restricted funds Intangible fixed assets Tangible fixed assets Fixed asset investments Current assets Current liabilities 98,310 284,535 5,000 1.183,351 (205.881 } 98,310 284,535 5,000 1,252,040 205.881 68,689 Total net assets 1.365.315 68,689 1,434,004 Total funds at31 December 2023 Unrestricted funds General Restricted funds Intangible fixed assets Tangible fixed assets Fixed asset investments Current assets Current liabilities 94,210 260.560 5,000 944,622 {15,322} 1.289,070 94,210 260,560 5,000 954,622 (15,322) 1,299,070 10.000 Total net assets 10,000 25 Related party transactions Group During the year the group made the following related party transactions.. Andrew Simpson Watersports Centres Limited During the year grants for charitable activities were paid to Andrew Simpson Watersports Centres Limited totalling £667,773 (2023.. £248,602). At the balan￿ sheet date the amount due from Andrew Simpson Watersports Centres Limited was £295,172 (2023 - £182,473). Sail Training Trust At the balance sheet date the amount due tolfrom to Sail Training Trust was £Nil (2023 - £727). Transactions between subsidiaries: Andrew Simpson Watersports Centres Limited and Sail Training Trust - There were recharges of £97,747 (2023: £97,200) made to Sail Training Trust during the year. At the balan￿ sheet date, the amount due (to)1 from Sail Training Trust was £8,778 (2023.. £23,177). Andrew Simpson Watersports Centres Limited and Horizons Plymouth There were recharges of £19,048 (2023.. £nil) made to Horizons Plymouth during the year. There were grants of £8,000 (2023: £nil) made to Horizons Plymouth during the year At the balance sheet date, the amount due (toll from Horizons Plymouth was £6,201 (2023: £nil). Page 50