**Portsmouth Sail Training Trust (A Charitable Incorporated Organisation)** **Annual Report and Financial Statements Year Ended 31 December 2021 Charity registration number: 1153870** ## **Portsmouth Sail Training Trust** |Contents|| |---|---| |Reference and Administrative Details|1| |Trustees’ Report|2 to 6| |Statement of Trustees' Responsibilities|7| |Independent Examiner's Report|8| |Statement of Financial Activities|9 to 10| |Balance Sheet|11| |Notes to the Financial Statements|12 to 19| ## **Portsmouth Sail Training Trust** ## Reference and Administrative Details **Trustees** M A Bradbury (Chair) J H Derbyshire (resigned 4 May 2021) R E Dunn (appointed 4 May 2021) D M Gratton N B M Harrison E T Phillips ## **Registered address** C/O Andrew Simpson Foundation Weymouth & Portland Sailing Academy Osprey Quay Portland Dorset DT5 1SA **Principal Office** C/O PNBPT 19 College Road Portsmouth Hampshire PO1 3LJ ## **Charity Registration Number** 1153870 **Bankers** CAF (Charities Aid Foundation) 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4TA ## **Independent Examiner** PKF Francis Clark Towngate House 2-8 Parkstone Road Poole Dorset BH15 2PW Page 1 ## **Portsmouth Sail Training Trust** ## Trustees' Report The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities'. ## **Coronavirus (Covid-19) acknowledgement** This report again looks back on a year which was affected by the Coronavirus pandemic. Therefore, it is important we acknowledge the impact that this pandemic had on Portsmouth Sail Training Trust (PSTT) and the young people that we support. PSTT was unable to run for the first three months of the year due to National Lockdown restrictions. PSTT was able to open again in April 2021 and ran for the remainder of the year. Securing funding, again, proved challenging and we continued to see the negative impact the pandemic was having on the young people who attend PSTT. It prevented them from socialising with friends, disrupted their education and had a detrimental effect on their physical and mental health. However, despite another challenging year, we continued supporting the young people in our local communities, enabling them to experience sailing, gain accredited maritime qualifications and develop life skills. All the young people who attended PSTT from April 2021 demonstrated an increase in their confidence and resilience. We want to thank everyone who continued to support our work during 2021. You enabled the young people of Portsmouth to raise their aspirations. ## **Structure, governance and management** ## _**Organisational structure**_ Portsmouth Sail Training Trust was established as a Charitable Incorporated Organisation on 19 September 2013 with the Andrew Simpson Foundation being its sole member (as defined in the Trust’s Constitution of a Charitable Incorporated Organisation (CIO)) since 6 November 2017. ## _**Nature of governing document**_ The governing document is the Constitution of a Charitable Incorporated Organisation, a copy of which is on the Trust’s website (www.portsmouthsailtrainingtrust.org). ## _**Recruitment and appointment of trustees**_ The appointment and recruitment of new trustees is by recommendation by the Board of Trustees following an interview and “get to know each other” process. ## _**Induction and training of trustees**_ Induction of a trustee takes place at initial meetings with the new trustee; copies of Charity Commission literature are provided. ## _**Management**_ The management team of the Trust comprises the trustees, the Chief Executive Officer of Andrew Simpson Foundation and the Centre Manager of the Andrew Simpson Centre, Portsmouth. Page 2 ## **Portsmouth Sail Training Trust** ## Trustees' Report ## **Objectives and activities** The Trust uses sail training as a method of raising the aspirations of young people through their teenage years. Their training is both on the water and on dry land and results in the growth of confidence, teamwork and leadership skills whilst gaining valuable qualifications to enhance their careers. The Trust’s vision, mission and aims are set out below. ## _**Vision**_ Raise aspirations for inner city young people ## _**Mission**_ Enable young people to actively participate in the regeneration of our community ## _**Aims**_ ## **Broaden Horizons - for inner city young people** - Enable inner city young people to achieve their full potential - Build young people’s self-confidence, develop self-esteem and facilitate self-management ## **Learn Life Skills** - Develop teamwork and leadership through participation in sail training where mutual trust and personal responsibility is essential - Teach communication, problem solving skills and positive attitude ## **Instil Values** - To instil strong values to enable young people to be successful adults - Values include: Honesty, Integrity and Trust ## **Achievements and performance** Portsmouth Sail Training Trust (PSTT) is passionate about enabling young people in Portsmouth to reach their full potential. We use sailing to increase young people’s career prospects and develop key life skills. Our aim is to raise young people’s aspirations. From April 2021, 120 young people attended PSTT, from nine different schools. The young people receive training in watersports; dinghy sailing, keelboat sailing, yachting and powerboating as well as other practical watersports experiences. Training is also given in maritime related subjects such as First Aid, Seamanship and Navigation and Diesel Engine Maintenance. As well as gaining sailing and maritime skills, all the young people have developed valuable life skills such as communication, resilience and self-confidence. Developing these life skills enables the young people to raise their aspirations, helping them to have a hope and ambition for the future. The support from local businesses including the Royal Navy and many others is highly valued, and we enjoy excellent relationships with the many businesses and organisations within the thriving marine industry in and around Portsmouth. The continuing support of volunteers is a great asset for the Trust. Volunteers act as excellent role models and mentors for our young people actively supporting their personal and key skills development. Page 3 ## **Portsmouth Sail Training Trust** ## Trustees' Report Both PSTT and Andrew Simpson Foundation continue to benefit from the sharing of operational and administrative resources. This helps ensure that best value is achieved for donors and beneficiaries. Funding remains a key challenge and a significant focus alongside excellence in deliver ## **Case Studies and Feedback** ## **Tony Hewett – Miltoncross Academy** “PSTT has had such a positive impact on pupils, it’s programme is now built into their curriculum. It helps them build up their confidence and learn how to work together in an environment outside of school. One of the students involved in the programme was selective mute. He barely spoke in Junior School and was the same in Secondary School. He transferred to us in Year 8 and would barely speak. On the days he did speak it was only yes or no answers, some days he would not speak at all. Fast forward to now and after a year of attending PSTT, the young man now speaks every day, he is accessing all his lessons in school and has just finished his mock exams. He took to sailing very well and formed a great relationship with the sailing instructors. The skills he has picked up, and the huge boost to his confidence and self-esteem, has honestly changed this young man’s life”. ## **Sarah Foley – Prospect School** “LC started attending PSTT in 2021. LC was chosen to attend PSTT because he really wanted to be involved regardless of his swimming abilities. LC attempts every week to overcome his fears of the sea and boats. LC has swam and tried paddle boarding and yachting. At times he is still very nervous but continues to attend each week. His confidence has grown massively and his ability to accept help is far better. He no longer just gives up ## **Monitoring and evaluation** PSTT has a conscientious approach to monitoring and evaluation of its programme. Its aims are outlined below: All young people entering the project engage with the programme through weekly sessions. Our instructors monitor their progress against aims using a qualitative assessment. This assessment is repeated on a termly basis by the teachers referring the young people. Our End of Year Teacher Surveys 2021 revealed that: - 95% young people have increased their confidence - 86% young people have increased their resilience - 81% young people have developed good communication skills - 89% young people have an increased knowledge of opportunities available to them in the maritime sector Page 4 ## **Portsmouth Sail Training Trust** ## Trustees' Report ## **Fundraising** PSTT annually applies to grant funders to support the delivery of its programme. In 2021 PSTT received generous financial support from the following organisations, totalling £120,507. 1. Stannah Foundation - £24,000 2. Garfield Weston via UK Youth Fund - £20,000 3. Wickens Family Foundation - £20,000 4. Will Houghton - £10,000 5. St James’s Place - £7,500 6. TK Foundation - £ £7,351 11 grants of £5,000 and under, totalling £31,656, were awarded to PSTT in 2021. PSTT also received £ 4,946.47 worth of donations from local community groups and online donations. This means the total Fundraising income for 2021 was £ 148,932 Fundraising remains a key challenge and a significant focus alongside excellence in delivery. ## **Financial review** The Trust had total funds at 31 December 2021 of £164,957 (31 December 2020 £108,406). Cash at bank and in hand at 31 December 2021 was £135,658 (31 December 2020 £96,271 of which £1,187 has restricted usage (31 December 2020 £2,335). ## **Financial Performance:** Income for the year to 31 December 2021 was £149,082 (2020 £106,155). Of this, £nil (2020: £16,000) has restricted usage; (2020 to purchase a minibus). Within unrestricted usage income of £149,082 (2020: £90,155) is £23,479 (2020: £10,231) of non-cash donations in kind income. Unrestricted cash income of £125,453 (2020: £79,924) has come from a variety of sources, principally individuals £28,179 (2020: £25,383) and grant making trusts £97,274 (2020: £47,272). The Trust has benefitted greatly from having its operating premises within the Portsmouth Naval Base generously provided for free by The Royal Navy. The benefit in kind for premises has been assessed at £23,479 for the 39 weeks during which the Trust was able to operate (2020: £10,231). The reduced benefit in the prior year relates directly to the restricted access to the Naval Base and the resulting periods of closure of the Trust due to coronavirus. There is an equivalent non-cash cost of the above donations in kind included in resources expended on charitable activities and a depreciation charge of £8,580 (of which £5,108 related to restricted funds) (2020: £4,205: £1,225 restricted). Without these, the cash cost of resources expended for the year amounted to £60,472 (2020: £35,881). The increase in 2021 is as a result of increased activity. At 31 December 2021, the Trust had no employees with staffing requirements being provided by ASF and recharged to the Trust on a time spent basis. Accordingly, the Trust has minimal committed resources expenditure Page 5 ## **Portsmouth Sail Training Trust** ## Trustees' Report ## _**Policy on reserves**_ The desired policy is to consistently have a level of cash reserve sufficient to cover twelve months of committed outgoings, net of confirmed future receipts, at any point in time. This is in order to provide confidence for the ensuing year. This position was achieved at 31 December 2021. The trustees continue to monitor closely the short-term liquidity of the Trust. The trustees are satisfied that the charity will continue to be a going concern for the 12 months following the approval of these financial statements. ## _**Public benefit**_ The Portsmouth Sail Training Trust provides aspiration to the socially deprived young people of Portsmouth and its surrounding areas through sail training, free of charge at the point of delivery. The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. ## _**Risk management**_ The trustees have evaluated and considered the impact of identifiable risks on the Trust and has policies in place to minimise these. The health and safety of the young people in the Trust’s care is of utmost importance. The annual report was approved by the trustees of the charity on 7 July 2022 and signed on its behalf by: M A Bradbury Trustee Page 6 ## **Portsmouth Sail Training Trust** ## Statement of Trustees' Responsibilities The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then 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 have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trustees of the charity on 7 July 2022 and signed on its behalf by: M A Bradbury Trustee Page 7 ## **Portsmouth Sail Training Trust** ## Independent Examiner's Report to the trustees of Portsmouth Sail Training Trust I report to the trustees on my examination of the accounts of the Portsmouth Sail Training Trust (the Trust) for the year ended 31 December 2021. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner’s statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or. 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Daniel Tout FCA (a partner of) PKF Francis Clark Towngate House 2 – 8 Parkstone Road, Poole, BH15 2PW Date: 13 September 2022 Page 8 ## **Portsmouth Sail Training Trust** ## Statement of Financial Activities ## Year Ended 31 December 2021 (Including Income and Expenditure Account) |Year Ended 31 December 2021
(Including Income and Expenditure Account)|Year Ended 31 December 2021
(Including Income and Expenditure Account)| |---|---| |**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**2021**|| |**Note**
**£**
**£**
**£**|| |**Income and Endowments from:**|| |Donations and legacies
2|51,658
-
51,658| ||| |Charitable activities
3|97,274
-
97,274| |Other income|150
-
150| |Total income|| ||149,082
-
149,082| |**Expenditure on:**|| |Raising funds|(222)
-
(222)| |Charitable activities
4|(87,201)
(5,108)
(92,309)| |Total expenditure|| ||(87,423)
(5,108)
(92,531)| |Net income/(expenditure)|| ||61,659
(5,108)
56,551| |Transfers between funds|314
(314)
-| |Net movement in funds|| ||61,973
(5,422)
56,551| |**Reconciliation of funds**|| |Total funds brought forward|| ||85,086
23,320
108,406| |Total funds carried forward
12|| ||147,059
17,898
164,957| Page 9 ## **Portsmouth Sail Training Trust** ## Statement of Financial Activities ## Year Ended 31 December 2020 (Including Income and Expenditure Account) |Year Ended 31 December 2020
(Including Income and Expenditure Account)|Year Ended 31 December 2020
(Including Income and Expenditure Account)| |---|---| |**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**2020**|| |**Note**
**£**
**£**
**£**|| |**Income and Endowments from:**|| |Donations and legacies
2|35,614
-
35,614| ||| |Charitable activities
3|47,272
16,000
63,272| |Other income|7,269
-
7,269| |Total income|| ||90,155
16,000
106,155| |**Expenditure on:**|| |Raising funds|(199)
-
(199)| |Charitable activities
4|(49,092)
(1,225)
(50,317)| |Total expenditure|| ||(49,291)
(1,225)
(50,516)| |Net income/(expenditure)|| ||40,864
14,775
55,639| |Transfers between funds|-
-
-| |Net movement in funds|| ||40,864
14,775
55,639| |**Reconciliation of funds**|| |Total funds brought forward|| ||44,222
8,545
52.767| |Total funds carried forward
12|| ||85,086
23,320
108,406| All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 and 2020 is shown in note 12. Page 10 ## **Portsmouth Sail Training Trust** ## Balance Sheet ## 31 December 2021 |31 December 2021|||| |---|---|---|---| ||**2021**|**2020**|| |**Note**|**£**|**£**|| |**Fixed assets**|||| |Tangible assets
9|27,376|35,956|| |**Current assets**|||| |Debtors
10|5,779|1,684|| |Cash at bank and in hand|135,658|96,271|| ||141,437|97,955|| |**Creditors: Amounts falling due within oneyear**
11|(3,856)|(25,505)|| |**Net current assets**|137,581|72,450|| |**Net assets**|164,957|108,406|| |**Funds of the charity:**|||| |**Restricted funds**|17,898|23,320|| |**Unrestricted income funds**|||| |Unrestricted funds|147,059|85,086|| |**Total funds**
12|164,957|108,406|| The financial statements on pages 9 to 19 were approved by the trustees, and authorised for issue on 7 July 2022 and signed on their behalf by: M A Bradbury Trustee Page 11 ## **Portsmouth Sail Training Trust** ## Notes to the Financial Statements ## Year Ended 31 December 2021 ## **1 Accounting policies** ## **Statement of compliance** The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. ## **Basis of preparation** Portsmouth Sail Training Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. ## **Going concern** The outbreak of Coronavirus in the UK has caused all operations to temporarily be suspended for certain periods of time. A thorough and detailed review of outgoings has been undertaken to minimise these and to protect cash. The trustees continue to monitor closely the short-term liquidity of the Trust. The trustees consider that there are no other material uncertainties about the charity's ability to continue as a going concern. ## **Income and endowments** Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received, and the amount can be measured with sufficient reliability. Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred. Income received in advance of an activity or provision of other specified service it is deferred until the criteria for income recognition are met. ## _**Donated services and facilities**_ Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably, in accordance with the Charities SORP (FRS 102). On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. Page 12 ## **Portsmouth Sail Training Trust** ## Notes to the Financial Statements ## Year Ended 31 December 2021 ## **Expenditure** All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs. ## _**Raising funds**_ These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. ## _**Charitable activities**_ Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. ## **Allocation of support costs** Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Charity's programmes and activities. These costs have been allocated on Charitable Activities. ## **Tangible fixed assets** Individual fixed assets costing £100 or more are capitalised at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. ## **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**|**Depreciation method and rate**| |---|---| |Office Equipment|50%| |Moorings|33%| |Boats|25% - 50%| |Motor Vehicles|20%| ## **Fund structure** Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. 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. Page 13 ## **Portsmouth Sail Training Trust** ## Notes to the Financial Statements ## Year Ended 31 December 2021 ## **Pensions** The Charity operated an employee pension scheme and offered an auto-enrolment pension scheme which was open to all members of eligible employees. There were no employees, eligible or otherwise, from October 2017. ## **2 Income from donations and legacies** |**2** **Income from donations and legacies**|| |---|---| |Donations and legacies:
Donations from individuals
Donated services and facilities|**Unrestricted funds**
**General**
**£**
**Total**
**2021**
**£**
**Total**
**2020**
**£**
28,179
28,179
25,383
23,479
23,479
10,231| ||51,658
51,658
35,614| The Trust benefits greatly from the involvement and enthusiastic support of its volunteers, details of which are given in the Trustee's Report. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts. Page 14 ## **Portsmouth Sail Training Trust** ## Notes to the Financial Statements ## Year Ended 31 December 2021 ## **3 Income from charitable activities** Support from Grant making bodies |**Unrestricted**|**Restricted**|**Total**|**Total**| |---|---|---|---| |**funds**|**funds**|**2021**|**2020**| |**£**|**£**|**£**|**£**| |97,274|-|97,274|63,272| ## **4 Expenditure on charitable activities** |Recharges from related party (see
note 14)
Programme Delivery Costs
Rent & Other Facilities (Donation
in Kind)
Support Costs (see note 5)
Depreciation
Other Expenditure|**Unrestricted**
**funds**
**General**
**£**
**Restricted**
**funds**
**£**
**Total**
**2021**
**£**
**Total**
**2020**
**£**
43,200
-
43,200
20,360
371
-
371
3,792
23,479
-
23,479
10,231
9,346
-
9,346
10,325
3,472
5,108
8,580
4,205
7,333
-
7,333
1,404| |---|---| ||87,201
5,108
92,309
50,317| Page 15 ## **Portsmouth Sail Training Trust** ## Notes to the Financial Statements ## Year Ended 31 December 2021 ## **5 Analysis of support costs** ||**Unrestricted**|**Restricted**|**Total**|**Total**| |---|---|---|---|---| ||**funds**|**funds**|**funds**|**funds**| ||**2021**|**2021**|**2021**|**2020**| ||**£**|**£**|**£**|**£**| |Recharges from related
party (see note 14)|6,868|-|6,868|9,113| |Independent examination|1,208|-|1,208|950| |Other|1,270|-|1,270|262| ||9,346|-|9,346|10,325| ## **6 Net incoming/outgoing resources** This is stated after charging: |||**2021**|**2020**| |---|---|---|---| |||**£**|**£**| |Depreciation||8,580|4,205| |Independent|examination|1,208|950| ## **7 Staff costs** There were no employees during 2021 (2020: none). Remuneration costs for 2020 and 2021 were recharged by Andrew Simpson Foundation and are analysed in its financial statements. No other benefits or reimbursed expenses were paid to or received by the Trustees during the year (2020 £nil). The key management of the Trust comprises the trustees, the Chief Executive Officer of ASF and the Centre Manager of the Andrew Simpson Centre, Portsmouth. The total employee benefits of the key management of the Trust was £nil (2020: £nil). ## **8 Taxation** The company is a registered charity and its activities are exempt from taxation. Page 16 ## **Portsmouth Sail Training Trust** ## Notes to the Financial Statements ## Year Ended 31 December 2021 ## **9 Tangible fixed assets** ||**Motor**
**Office**|**Boats**
**£**
**Moorings**
**£**
**Total**
**£**
32,686
3,012
50,792
32,686
3,012
50,792
10,395
3,012
14,836
5,847
-
8,580
16,242
3,012
23,416
16,444
-
27,376
22,291
-
35,956| |---|---|---| ||**Vehicles**
**Equipment**|| ||**£**

**£**|| |**Cost**||| |||| |At 1 January2021|13,665
1,429|| |At 31 December 2021||| ||13,665
1,429|| |**Depreciation**||| |||| |At 1 January 2021|-
1,429|| |Charge for theyear|2.733
-|| |At 31 December 2021||| ||2,733
1,429|| |||| |At 31 December 2021||| ||10,932
-|| |At 31 December 2020||| ||13,665
-|| |**10 Debtors**||| |||| |||| |||**2021**
**£**
**2020**
**£**
4,797
-
982
1,684
5,779
1,684| |||| |Due from group undertakings||| |Prepayments||| |||| |**11Creditors: amounts falling due within 1 year**||| |||| |||| |||**2021**
**£**
**2020**
**£**
2,706
-
-
22,192
1,150
3,313
3,856
25,505| |||| |Trade creditors||| |Due to group undertakings||| |Accruals||| |||| Page 17 ## **Portsmouth Sail Training Trust** ## Notes to the Financial Statements Year Ended 31 December 2021 ## **12 Funds** ||**Balance at 1**
**January 2021**
**£**
**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**Transfers**
**£**
**Balance at**
**31 December**
**2021**
**£**
85,086
149,082
(87,423)
314
147,059

15,000
-
(2,733)
-
12,267
1,187
-
-
-
1,187
314
-
-
(314)
-
6,819
-
(2,375)
-
4,444
23,320
-
(5,108)
(314)
17,898
108,406
149,082
(92,531)
-
164,957
**Balance at 1**
**January 2020**
**£**
**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**Transfers**
**£**
**Balance at**
**31 December**
**2020**
**£**
44,222
90,155
(49,291)
-
85,086

-
15,000
-
-
15,000
343
1,000
(156)
-
1,187
591
-
(277)
-
314
7,611
-
(792)
-
6,819
8,545
16,000
(1,225)
-
23,320
52,767
106,155
(50,516)
-
108,406| |---|---| ||| |**Unrestricted funds**|| |**_General_**|| |General Fund|| |**Restricted funds**|| |The Clothworkers’ Foundation|| |Shipwrights|| |RYA|| |Sport England|| ||| |**Total restricted funds**|| |**Total funds**|| ||| ||| ||| |**Unrestricted funds**|| |**_General_**|| |General Fund|| |**Restricted funds**|| |The Clothworkers’ Foundation|| |Shipwrights|| |RYA|| |Sport England|| |**Total restricted funds**|| |**Total funds**|| Page 18 ## **Portsmouth Sail Training Trust** ## Notes to the Financial Statements ## Year Ended 31 December 2021 ## **Name of restricted fund** ## **Description, nature and purposes of the fund** Shipwrights 2017 - to purchase a safety boat (part funded) Shipwrights 2020 - to cover certain labour resources expended RYA To purchase a safety boat (part funded) Sport England To purchase a Hawk 20 dinghy The Clothworkers’ Foundation To purchase a minibus ## **13 Analysis of net assets between funds** |**13 Analysis of net assets between funds**|||| |---|---|---|---| ||**Unrestricted**||| ||**funds**||| ||**General**|
**Restricted funds**|
**Total funds**| ||**£**|
**£**|
**£**| |Tangible fixed assets|10,665|
16,711|
27,376| |Cash at bank and in hand|134,471|
1,187|
135,658| |Other current assets|5,779|
-|
5,779| |Current liabilities|(3,856)|
-|(3,856)| |Total net assets|147,059|
17,898|
164,957| ## **14 Related party transactions** The parent company is Andrew Simpson Sailing Foundation. The charity has related party transactions to derive benefit from operational cost and support cost efficiencies principally with Andrew Simpson Watersports Centres Limited. The following is a summary of value of the services provided by the related party: ||**2021**|**2020**| |---|---|---| ||**£**|**£**| |Programme delivery resources|43,200|20,360| |Management and administrative resources|6,868|9,113| ||50,068|29,473| The amount due to/(from) Andrew Simpson Sailing Foundation at the year-end was (£3,270) (2020: £4,080). The amount due to/(from) Andrew Simpson Watersports Centre Ltd at the year-end was (£1,527) (2020: £18,112). Page 19