2020-10-31-accounts - Children's Sailing Trust

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Report ofthe Trustees	1to4
Report ofthe independent Auditors	Sto6
Statement of Financial Activities
Statement ofFinancial Position
Statement ofCash Flows
Notes to the Statement ofCash Flows	10
Notes to the Financial Statements	11to19

	for	the Year	En ed 31stOctob	er 2020
					2020	2019
						restated
			Unrestricted	Restricted	Totalfunds	Total funds
			funds	funds
		Notes	E	f
INCOME AND ENDOWMENTS	FROM
Donations and legacies			205,609	1,489,834	1,695,443	1,669,215
Other trading activities			18,855		18,855	76,316
Investment income			88		88	73
Other income			32,702	1,034	33,736	750
Total			257,254	1,490,868	1,748,122	1,746,354
EXPENDITURE ON
Raising funds		7	58,156		58,156	50,554
Charitable activities		8
On the water costs Trevassack Lake and Learning	Centre		121,708 ~52910	9,214 16,941	130,922 ~69851	245,428 81,019
Total			232,774	2e,155	256,929	377,001
NET INCOME			24,480	1,464,713	1,489,193	1,369,353
Transfer between funds			8,399	(8,399)
NET MOVEMENT IN FUNDS			32,879	1,456,314	1,489,193	1,369,353
RECONCILIATION OF FUNDS
Total funds brought forward			181,059	2,109,418	2,290,477	921,124
TOTAL FUNDS CARRIED FORWARD			213,938	3,565,732	~3,779670	2,290,477

				2020	2019
					resisted
		Unrestricted	Restricted	Total funds	Total funds
		funds	funds
	Notes	6	6
FIXED ASSETS
Tangible assets	14	47,120	1,233,729	1,280,849	911,191
Investments	15	1		1
CURRENT ASSETS
Debtors Cash at bank and in hand	16	11,271 ~220475	1,493,463 ~1071545	1,504,734 ~1292020	892,194 ~488 442
		231,746	2,565,008	2,796,754	1,380,636
CREDITORS
Amounts fa8lng due within one year	17	(14,929)	(233,005)	(247,934)	(1,350)
NET CURRENT ASSETS		216,817	2,332,003	~2548,820	~1379286
TOTAL ASSETS LESSCURRENT LIABILITIES		263,938	3,565,732	3,829,670	2,290,477
CREDITORS
Amounts falling due after one year	18	(50,000)		(50,000)
NET ASSETS		~213938	~3565732	~3779670	2,290,477
FUNDS	19
Unrestricted funds				213,938	181,059
Restricted funds				~3565,732	2,109,418
TOTALFUNDS				~3,779670	2,290,477
The financial statements were approved by the Board of behalf by:(em~ C. P,.Richardson		Trustees on2:........vf~.................and were 93M( ~z(			signed on its

		for the	Y s	r En ed31stOcto	r2020
					2020	2019
				Notes		restated f
Cash flows from operating	activities:
Cash generated from operations					1,154,442	521,750
Net cash provided by (used in) operating
ectivldes					1,154,442	521,750
Cash flows from investing	activities:
Purchase of tangible fixed assets Sale oftangible fixed assets Purchase of investments				14 15	(416,305) 15,442 ~1)	(557,457) 170,750
Net cash provided by (used in) investing
activities					(400,864)	{386,707)
Cash flows from tlnancing	activities:
Cash inflows from new borrowing					50,000
Net cash provided by (used in) financing
activities					50,000
Change in cash and cash	equivalents	in the
reporting period					803,578	135,043
Cash and cash equivalents	at the beginning		of
the reporting period					4aa,442	353.399
Cash and cash equivalents	at the end	ofthe
reporting period					1,292,020	488,442

RECONCILI	ATION	OF NET I	NCOME TO	NET CASH FLOW	FROM OPERATI	NG ACTIVITIES
						2020	2019
							rssialed
							8
Net Income	for the	reporting	period (as	psr the statement	offinancial
activities)						1,489,193	1,369,353
Adjustments	for:
Depreciation	charges					33,603	34,524
Profit on disposal of		fixed assets				(2,398)	(750)
(Increaseydecrease		in debtors				(612,540)	(862,727)
Increase in	creditors					246,584	1,350
Net cash provided		by (used	in) operating	activities		1,154,442	521,750

								01,11.19	Cashflows	At 31.10,20
									E
Cash								488,442	803,578	1,292,020
Loans	falling	due	aller	more	than	one	year		(50,000)	(50,000)
								488,442	753,578	1,242,020

								2020	2019
									resialed
						Unrestricted	Restricted	Total	Total
						funds	funds	funds	funds
						E	E	E	E
	Holiday courses								32,771
	Schools					2,360		2,360	10,154
	Fundraising	events				16,357		16,357	32,111
	Other					138		138	1,280
						18,855		18,855	76,316
5.	INVESTMENT			INCOME
								2020	2019
									resialed
						Unrestricted	Restricted	Total	Total
						funds	funds	funds	funds
						E	E	E	E
	Investment	income				88		88	73
8	OTHER INCOME
								2020	2019
									raeleled
						Unrestricted	Restricted	Total	Total
						funds	funds	funds	funds
						E	E	E	E
	Coronavirus Surplus on	Job Retention Scheme grant disposal offixed assets				31,338 ~1364	1,034	31,338 2,398	750
						32,702	1,034	33,736	750
7.	RAISING FUNDS
	Other trading			activities
								2020	2019
						Unrestricted	Restricted	Total	Total
						funds	funds	funds	funds
						E	E	E	E
	Raising donations				and legacies
	Support Costs					56,986		56,986	46,114
	Other trading			activities
	Cost of fundraising				evenls	1,170		1,170	4,440
						58,156		58,156	50,554
8.	CHARITABLE			ACTIVITIES COSTS
						Direct costs	Support	2020	2019
							costs (note 9)	totals	restated
						E	E	E	E
	On the water		costs			70,473	60,449	130,922	245,428
	Trevassack	Lake				16,533	53,318	~69851	81,019
						87,006	113,767	200,773	326A47

												2020		2019
					Raising			On	the		Trevassack	Total		Total
						funds	water costs				Lake	funds		funds
						6		6			f	f		6
Staff costs						42,938		45,568			40,152	128,658		109,630
Information technology						3,244		3,443			3,033	9,720		1,901
Administration						3,215		3,382			3,037	9,634		13,156
Marketing						1,450		1,539			1,355	4,344		6,013
Finance						276			294		259	829		254
Professional services						4,695		4,983			4,390	14,068		16,416
Governance costs						1,168		1,240			1,092	3,500
						56,986		60,449			53,318	170,753		149,370
NET INCOME/(EXPENDITURE)
Net income/(expenditure)			is stated			after charging/(crediting):
												2020		2019
												6		f
Depreciation -owned	assets											33,603		34,524
Surplus on disposal of 5xed assets												(2,397)		(750)
Auditors' remuneration		—statutory			audit							3,500
Auditors' remuneration		—other assurance services										600
TRUSTEES' REMUNERATION				AND BENEFITS
There were no trustees'		remuneration				orolher benefits		for	the year ended 31stOctober			2020nor forthe year ended
31stOctober 2019.
Trustees' expenses
There were no trustees' 31stOctober 2019.			expenses paid				for the	year		ended	31st October2020	nor for the	year	ended
STAFF COSTS
												2020		2019
														6
Wages and salaries												149,550	169,821
Social security costs												7,158		15,278
Pension costs												4,879		6,731
												~161587	211,630
The average monthly	number ofemployees						during the year			was as follows:
												2020		2019
Sailing Instructors												2		5
Administration &Support												6		3

			Unrestricted	Restricted	Totalfunds
			funds	funds
			restated	restated	reslafed
			2019	2019	2019
			6	6	6
INCOME AND ENDOWMENTS		FROM
Donaiions and legacies			266,558	1,402,657	1,669,215
Other trading activities			76,316		76,316
Investment income			73		73
Other income			750		750
Total			343,697	1,402,657	1,746,354
EXPENDITURE ON
Raising funds			50,491	63	50,554
Charitable activities
On the water costs			202,555	42,873	245,428
Trevassack Lake and Learning		Centre	27,022	53,997	81,019
Total			280,068	96,933	377,001
NET INCOME			63,629	1,305,724	1,369,353
RECONCILIATION	OF FUNDS
Total funds brought forward			117,430	803,694	921,124
TOTAL FUNDS CARRIED FORWARD			181,059	2~109418	~2290477

	Freehold		Other
	property	Boats	equipment	Totals
	6		6	6
COST
At 1stNovember 2019(as restated)	653,380	208,423	106,632	968,435
Additions	401,853	13,976	476	416,305
Disposals		/14,046)		~14046)
At 31stOctober 2020	1,055,233	208,353	107,108	1,370,694
DEPRECIATION
At 1stNovember 2019(as restated)		39,612	17,632	57,244
Charge for year Eliminated on disposal		20,836 ~1,002)	12,767	33,603 ~1,002)
At 31stOctober 2020		59,446	~30399	89,845
NET BOOK VALUE
At 31st October 2020	1,055,233	148,907	76,709	1,280,849
At 31stOctober 2019	653,380	168,811	89,000	911,191

DEBTORS:AMOUNTS FALLING DUE WITHIN	ONE YEAR
	2020	2019
		restated
	f	8
Grant income	1,117,610	883,317
GIR Aid	783	7,737
P repayments	12,862	1,140
Other debtors	290,000
VAT	~83479
	1,504,734	892,194

CREDITORS: AMOUNTS FALLING DUE WITHIN O	NE YEAR
	2020	2019
	E	6
Trade creditors	111,730
Income in advance	4,731
Other creditors	1~31473	1,350
	247,934	1,350

CREDITORS: A	MO	UNT	S FALL	ING DUE AFTER ONE YEAR
						2020	2019
						E	E
Bounce Back Bank		loan				50,000
MOVEMENT IN	FUNDS
					Net	Transfers
					movement in	between
				At 1.11.19	funds	funds	At31.10.20
				restated
				E
Unrestricted funds
General fund				181,059	24,480	(14,242)	191,297
Designated fund	2021 Sailing					22,641	22,641
				181,059	24,480	8,399	213,938
Restricted funds
Boat and equipment		fund		55,945	9,700	(8,399)	57,246
Toyota Parasport	Fund Grant				4,198		4,198
Sam Chamberlain	-	prize fund		4,317			4,317
Trevassack Lake				1,987,057	1,413,711		3,400,768
Chandleryfund				6,099	(2,914)		3,185
SEN fund				56,DDD			56,000
Youth Club 2021 Sailing					22,200 17,818		22,200 ~17818
				2,109,418	1,464,713	(8,399)	3,565,732
TOTALFUNDS				~2290477	~1489193		~3779670
Net movement in	funds,		included	in the above are as follows:
					Incoming	Resources	Movement in
					resources	expended	funds
					E	E	E
Unrestricted funds
General fund					257,254	(232,774)	24,480
Restricted funds
Boat and equipment		fund			16,000	(6,300)	9,700
Toyota Parasport	Fund Grant				4,198		4,198
Trevassack Lake					1,430,652	(16,941)	1,413,711
2021 Sailing					17,818		17,818
Youth Club					22,200		22,200
SEN fund
Sam Chamberlain Chandlery fund	-	prize	fund			~2914	~2914
					1,490,868	(26,155)	1,464,713
TOTAL FUNDS					1~748122	~258929)	1~489,193

						f	E Net	f
Comparatlves for	movement				in funds		movement in
						At 1.11.18	funds	At 31.10.19
						E	E	restated
								E
Unrestricted Funds
General fund						96,149	84,910	181,059
Designated fund equipment					replacement	~21 281	~21 281)
						117,430	63,629	181,059
Restricted Funds
Boat and equipment Sam Chamberlain - Trevassack Lake		fund prize	fund			63,667 4,401 644,126	(7,722) (84) 1,342,931	55,945 4,317 1,987,057
Helford Village changing			rooms			19,700	(19,700)
Chandlery fund SEN fund						15,800 56,000	(9,701)	6,099 56,000
						803,694	1,305,724	2,109,418
TOTALFUNDS						~921 124	1~369353	2~290477
Comparative net movement				in funds, included		in the above are as follows:
						Incoming	Resources	Movemenl M
						resources E	expended f	funds E
Unrestricted tunds
General fund						343,697	(280,068)	63,629
Restricted funds
Boat and equipment Trevassack Lake		fund				1,392,657	(7,722) (49,726)	(7,722) 1,342,931
SEN fund						10,000	(10,000)
Sam Chamberlain	-	prize	fund				(84)	(84)
Helford Village changing Chandlery fund			rooms				(19,700) ~9701)	(19,700) ~9701
						1,402,657	(96,933)	1,305,724
TOTAL FUNDS						1,746,354	~377,001)	1,369,353