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2021-10-31-accounts

REGISTERED CHARITY NUMBER: 1165396

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

FOR

CHILDREN'S SAILING TRUST

Lang Bennetts Audit Limited The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG

CHILDREN'S SAILING TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

Page
Report of the Trustees 1 to 9
Report of the Independent Auditors 10 to 12
Statement of Financial Activities 13
Balance Sheet 15
Notes to the Financial Statements 15 to 25
Detailed Statement of Financial Activities 26 to 27

CHILDREN'S SAILING TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2021

The trustees present their report with the financial statements of the charity for the year ended 31 October 2021. The trustees have adopted the provisions of 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 2019).

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1165396

Principal address Trevassack Lake Garras HELSTON Cornwall TR12 6LH

Trustees

M E Barlow Ms L Norfolk (appointed 15/3/2021) Ms G M Briggs (appointed 7/12/2020) R Brook T Roach Ms C Green T Green T Holden P J Badger P Dixon (resigned 31/10/2021) C R Richardson (resigned 31/10/2021) J Thornton (resigned 31/10/2021)

Auditors

Lang Bennetts Audit Limited The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG

Page 1

Children's Sailing Trust Report of the Trustees for the Year Ended 31st October 2021

The trustees present their report with the financial statements of the charity for the year ended 31st October 2021. The trustees have adopted the provisions of 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 2019).

Public benefit

The trustees have complied with the duty in section 17(5) of the 2011 Charities Act and have had due regard to public benefit guidance published by the Charity Commission in setting the activities required to meet its objectives.

I am incredibly proud of what the Children’s Sailing Trust has achieved this year and feel fortunate to be a part of this exciting next chapter.

Our charities aims and objects remain the advancement and education of children and young people by providing sailing and watersports facilities and opportunities that develop their physical, mental, and spiritual capacities. We do this so that these children may grow as confident individuals and members of their community.

It was wonderful to see the return of young sailors to the Helford River after recent disruption and I’m proud of the team for their agile approach to making this happen. 2021 saw us operate a slightly reduced programme, working with a total of 415 local pupils from more than 20 schools who took to the water, reaching an impressive 5,688 hours of subsidised activities.

Over the years I have been privileged to witness the hugely positive effects that our work has had on young people. This year has been no different. Feedback from parents, teachers, and pupils themselves tells us that the impact on children's well-being has been supercharged after the recent challenges of lockdowns. The Children's Sailing Trust's new accessible watersports and accommodation offering at Trevassack Lake on the Lizard Peninsula is already proving popular with the our communities and visitors alike. I offer my sincere thanks to Simon Osborne, our first CEO, who left in the summer with our gratitude for his achievements with the development and in building a reliable and professional team. Jakie Jewell was appointed to the role during the year, and we would like to thank Jakie for her hard work, hitting the ground running with determination to tackle the ongoing challenges of Covid-19 alongside a growing organisation. We are also all particularly grateful to outgoing trustees Charles Richardson and Jonathan Thornton whose vision and commitment have both made significant and lasting contributions to the charity. On behalf of the trustee team, I would like to thank the individuals, businesses, grant-givers and fundraisers for their dedication and support in helping our charity to reach an impressive milestone of 24 years.

Martin Barlow Chair of Trustees

Page 2

CST charitable Sailing & Watersports programmes instil a sense of achievement in participants. Giving them a knowledge of sailing and water sports activities, an understanding of their marine environment, increased water confidence. Knowledge of water safety, an ability to work as a team, improved mental health and increased creative thinking and self-confidence.

Unrestricted Income

----- Start of picture text -----
Individuals
Financial Review Trust & Foundations
Grants
Gift Aid
Contributions from Schools
Coronavirus Job Retention Scheme
Community Fundraising Total £278,590
Proceeds from sale of equipment
£0 £50,000 £100,000 £150,000 £200,000
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Our unrestricted expenditure was substantially met by our income this year, leaving a small £6,690 deficit, thus preserving unrestricted funds of £207,248 for the year ahead. Of this, £171,202 are free reserves (i.e. excluding fixed assets)

Restricted Income

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Individual donors
Trusts
Grants
Total £147,524
Gift Aid
£0 £25,000 £50,000 £75,000
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This income was raised for a number of different purposes, more information can be found in Note 17 of the financial statements. Restricted funds at the year end totalled £3,628,532 of which £3,659,371 are fixed assets (boats, equipment, land & property) and £30,839 net liabilities including £180,000 of investor loans.

We are grateful to the 16 individual investors who have loaned money to the Charity to help purchase three additional accommodation units to compliment those funded by Bradbury Foundation, Clare Milne Trust and Coastal Communities Fund. These loans are repayable over nine years commencing August 2022, from the profits made from the CST Trading CIC, the Charity’s 100% owned subsidiary.

Page 3

“It’s more than wind, water, and waves that children discover

when sailing; it’s themselves, each other and their place in the world.”

We are very grateful to the following Trusts & Foundations for their generous donations this year, as well as to our amazing Individual donors, who together helped support us through a challenging year. Special thanks go to

The Baily Thomas Charitable Trust The Van Neste Foundation Tanner Trust The Coulthurst Trust Coral Samuel Trust & The Fineman Trust

The Clare Milne Trust Greenhall Foundation Harriet’s Trust The Elmgrant Trust RYA Foundation Hedley Foundation Emmanuel Kaye Foundation Sport England Trinity House Maritime Charity

Page 4

Our Impact & Evaluation

In 2021, we provided:

S o m e c h i l d r e n h a v e b e e n i n o p e n w a t e r f o r t h e f i r s t t i m e , w o r n a w e t s u i t f o r t h e f i r s t t i m e a n d o n e w e n t i n t o t h e s e a f o r t h e f i r s t t i m e .

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Page 5
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8 7 % O F M Y C L A S S H A V E S E L F - E S T E E M I S S U E S A N D D I F F I C U L T Y W I T H R E S I L I E N C E A N D M E N T A L W E L L B E I N G . T H E E N T I R E G R O U P C A N N O T W A I T F O R O U R W E E K L Y S E S S I O N S , I T I S T R U L Y A H I G H L I G H T O F T H E W E E K . T H E Y T A L K A B O U T I T A L L T H E T I M E . W H E N S A I L I N G , M O S T O F T H E C H I L D R E N H A V E H U G E , B I G B E A M I N G S M I L E S , I T ’ S W O N D E R F U L T O S E E T H E M “ C A R E - F R E E ” F R O M T H E I R W O R R I E S .

“Kate is adopted and comes from a background of childhood trauma and neglect. This has had a huge impact on her self-esteem, confidence, and ability to form meaningful relationships with her peers and adults. She also suffers from high levels of anxiety, which prevents her from trying new things. She was initially very reluctant to do the sailing course because it was with a group she didn’t know, doing an activity she had never done before. We encouraged her to take part and much to her and our surprise she loved it!

She has been very proud of the new skills she’s learnt and has really enjoyed getting to know some new people in a structured and safe environment. She has said that doing the sailing helps her manage the anxiety she has felt in school and gives her time to “decompress”. She feels calmer at home afterwards. Making new friends and being told she is good at a new activity has boosted her self-confidence, and this is starting to translate into her everyday life. She has loved the teamwork and camaraderie on the course and would certainly like to continue on her sailing journey.” - Local Parent, 2021

Page 6

Reserves policy

The trustees’ Reserves Policy is to build an Unrestricted Reserves of £169,000 to £185,000 which is equal to six months charitable sailing activity.

While we expect this to take several years, it will ensure the Charity is in a strong position and able to commit to a full programme of activity in March of each year.

The trustees are at liberty to invest the charity’s unrestricted reserves as they see fit, within the guidelines set out by the Charity Commission.

Going concern

The Trevassack site experienced a soft opening towards the end of the financial year, which was delayed from the original intended opening date due to Covid 2019, and then opened more fully in the Spring of 2022. As with any new going concern there have been challenges surrounding the costs of running the site at Trevassack which the Trustees and Executive are currently reviewing. The intentions are to maximise the use of the site going forwards, in an affordable way to ensure we are fulfilling our charitable objectives a efficiently as possible.

Future Strategic Planning

Children’s Sailing Trust has put a robust plan in place and intends to maximise its charitable sailing programmes going forward, while making use of sailing instructors time during the busy holiday periods to deliver profitable commercial sailing programmes to help support the charities work.

CST’s facilities at Trevassack Lake complement and extend our work on the Helford River, further increasing the numbers of children we can support. With a particular focus on creating opportunities for those with physical disabilities and special educational needs to experience watersports for themselves. We see great potential in growing the number of participants we reach, while also working with national charities to secure funding so that families of those with physical disabilities can come and holiday and take part in leisure activities with us. It is our vision, that in time, these facilities will help increasing the financial sustainability of the charity.

2021 has seen the Charity continue to be agile and nimble while it works hard to return to its pre-pandemic level of activity while launching its new facility, and all the investment of resources this has entailed. We have hired the services of a seasoned consultant to work with the board of trustees to produce a 5-year strategic review of our work which will include -

·Stakeholders’ consultation ·Short/Medium & Long Term priorities ·5-year action plan ·Key risks and dependencies

This will help inform a full ·Fundraising Strategy ·Theory of Change ·Accommodation strategy ·Use of Trevassack Lake strategy ·Cost control strategy

We recognise the challenges facing us over Winter 2022, due to the late opening of our lake facilities and reduced commercial activities but have plans in place to shore up our reserves. Page 7

Structure, Governance & Management Governing document The CIO is governed according to the Constitution dated 10 August 2015 and registered with the Charity Commission on 2 February 2016. Recruitment and appointment of new trustees The CIO is administered by its trustees. New trustees are appointed by the existing board of trustees, normally for a term of at least five years, by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment, the charity trustees must have regard to the skills, knowledge and experience for the effective administration of the CIO. We would like to record our thanks to outgoing trustees Charles Richardson, Jonathan Thornton and Peter Dixon, for their commitment and time over many years, and whose vision has made significant and lasting contributions to the charity. There are currently nine trustees, three ofwhom work togetherwith the Chief Executive as a Management Committee, each having specific responsibilities, meeti ng as necessary during the year. The Management Committee is currently Martin Barlow, Anthony Holden and Coralie Green. All trustees give their time voluntarily and receive no remuneration or other benefits. There is a Child Protection Policy in place and Disclosure and Barring Service IDBSI checks are carried out on each employees, trustees and volunteers who have direct contact with the children and young people participating in our activities. Risk management Personnel & Staffing update The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. In March 2021 several activity staff were transferred to the Charity's tradi ng subsidiary CST Tradi ng CIC. An agreement is in place for the Charity to buy back the services of the activity and accommodation staff in order to deliver its charitable activities. The trustees delegate operational responsibility to the Chief Executive to recruit and train instructors who are contracted to be on the waterfor every teaching session. The instructors, led by the Chief Saili ng Instructor, are responsible for supervising each session and for ensuring a continuous risk analysis is conducted throughout each session. The Charity also benefitted from the Government's 'Kickstart Scheme, duringthe yearwith the funded recruitment of a marketing assistant for six months who helped us establish branded publicity and communications at the launch ofthe new season. The trustees are responsible for setting the pay of the Chief Executive, having reviewed the job description, role and responsibilities, benchmarking against local and industry pay scales. The pay of all other staff is set by the Chief Executive in the same way, with review by the Management Committee. All risk and operational policies are published on our website Iwww.childrenssailingtrust.org.ukl. The trust is affiliated to and inspected annually by the Royal Yachting Association IRYAI and by the Adventurous Activities Licencing Authority IAALAI.

CHILDREN'S SAILING TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2021

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They 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 order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ M E Barlow – Trustee

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF CHILDREN'S SAILING TRUST

Opinion

We have audited the financial statements of Children's Sailing Trust (the 'charity') for the year ended 31 October 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

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 Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF CHILDREN'S SAILING TRUST

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to financial compliance (for example in relation to taxation, company and charity law), relevant regulatory standards for the sector in which the charity operates, employment matters and other relevant laws and regulations.

We assessed the risks of material misstatement in respect of fraud as follows:

Based on the results of our risk assessment, we designed our audit procedures to identify and to address material misstatements in relation to fraud, as follows:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 11

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF CHILDREN'S SAILING TRUST

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Lang Bennetts Audit Limited The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG

Date: .............................................

Page 12

CHILDREN'S SAILING TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2021

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Other trading activities
3
Investment income
4
Other income
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Raising Funds
On the Water Costs
Trevassack Lake
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
17
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
259,840
18,654
96
-
278,590
4,821
40,713
152,630
104,934
303,098
(24,508)
17,818
(6,690)
213,938
207,248		 Restricted
funds
£
147,524
-
-
-
147,524
77
514
16,399
49,916
66,906
80,618
(17,818)
62,800
3,565,732
3,628,532		 2021
Total
funds
£
407,364
18,654
96
-
426,114
4,898
41,227
169,029
154,850
370,004
56,110
-
56,110
3,779,670
3,835,780		 2020
Total
funds
£
1,726,781
18,855
88
2,398
1,748,122
1,168
56,983
130,517
70,261
258,929
1,489,193
-
1,489,193
2,290,477
3,779,670

The notes form part of these financial statements

Page 13

CHILDREN'S SAILING TRUST

BALANCE SHEET 31 OCTOBER 2021

Notes
FIXED ASSETS
Tangible assets
11
Investments
12
CURRENT ASSETS
Debtors
13
Cash at bank
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
15
NET ASSETS
FUNDS
17
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
36,045
1
36,046
42,454
192,498
234,952
(16,430)
218,522
254,568
(47,320)
207,248		 Restricted
funds
£
3,659,371
-
3,659,371
164,292
164,372
328,664
(183,114)
145,550
3,804,921
(176,389)
3,628,532		 2021
Total
funds
£
3,695,416
1
3,695,417
206,746
356,870
563,616
(199,544)
364,072
4,059,489
(223,709)
3,835,780
207,248
3,628,532
3,835,780		 2020
Total
funds
£
1,280,849
1
1,280,850
1,504,733
1,292,022
2,796,755
(247,935)
2,548,820
3,829,670
(50,000)
3,779,670
213,938
3,565,732
3,779,670

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. M E Barlow - Trustee

The notes form part of these financial statements

Page 14

CHILDREN'S SAILING TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

Income

Income from donations and grants is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Income from grants, including government grants, is recognised when the charity has an entitlement to the funds and any conditions 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 in the balance sheet as deferred income to be released.

Donated fixed assets are also recognised once the Charity has entitlement to them, it is probable they will be received and their value can be reliably measured. Valuation of assets is provided by the trustees. The value of services provided by volunteers has not been included.

Income from trading activities including holiday courses is recognised on the basis of when the service is delivered.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category.

Allocation and apportionment of costs

Where costs cannot be attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources and staff time as follows:

Raising donations 17% (2020: 33%) On the water 38% (2020: 36%) Trevassack Lake 45% (2020: 31%)

Comparative figures

Certain SoFA transactions in the comparative figures have been re-analysed to give rise to a consistent treatment with the current year. There is no impact on the previously reported totals for income, expenditure or the surplus or deficit for the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - not depreciated Plant and machinery - 10% on cost Fixtures and fittings - 33% on cost and 10% on cost Computer equipment - 33% on cost

continued...

Page 15

CHILDREN'S SAILING TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

Once the Travassack site and buildings have been brought into use, the buildings and professional fees will be depreciated.

Tangible fixed assets are shown at cost. Only cost above £500 are capitalised.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. DONATIONS AND LEGACIES

Individuals
Corporate bodies including charities
Gift aid
Grants
Grants received, included in the above, are as follows:
Rural Development Programme for England
Costal Communities Fund (Government Grant)
Clare Milne Trust
Coronavirus Job Rentention Scheme
Cornwall Marine Network
Cornwall Development Company
The RYA Foundation
Bounce Back Loan Interest
Trinity House		 2021
£
245,298
79,433
22,361
60,272
407,364
2021
£
-
29,971
-
10,724
9,487
900
6,800
1,250
1,140
60,272		 2020
£
144,306
377,891
27,674
1,176,910
1,726,781
2020
£
(24,953)
885,525
285,000
31,338
-
-
-
-
-
1,176,910

Grants received, included in the above, are as follows:

continued...

Page 16

CHILDREN'S SAILING TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021

3. OTHER TRADING ACTIVITIES

Fundraising events
Schools
Other
4.
INVESTMENT INCOME
Deposit account interest
5.
RAISING FUNDS
Other trading activities
Purchases
6.
CHARITABLE ACTIVITIES COSTS
Raising Funds
On the Water Costs
Trevassack Lake
7.
SUPPORT COSTS
Management
£
Raising Funds
30,514
On the Water Costs
58,925
Trevassack Lake
75,766
165,205		 2021
£
6,006
11,605
1,043
18,654
2021
£
96
2021
£
4,898
Support
Direct
costs (see
Costs
note 7)
£
£
6,516
34,711
100,800
68,229
64,170
90,680
171,486
193,620
Information
Governance
Finance
technology
costs
£
£
£
412
844
2,941
915
1,870
6,519
3,694
2,395
8,825
5,021
5,109
18,285		 2020
£
16,357
2,360
138
18,855
2020
£
88
2020
£
1,168
Totals
£
41,227
169,029
154,850
365,106
Totals
£
34,711
68,229
90,680
193,620

continued...

Page 17

CHILDREN'S SAILING TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 October 2021 nor for the year ended 31 October 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 October 2021 nor for the year ended 31 October 2020.

9. STAFF COSTS

Wages and salaries
The average monthly number of employees during the year was as follows:
Sailing Instructors
Administration & Support		 2021
£
154,328
154,328
2021
1
6
7		 2020
£
161,587
161,587
2020
2
6
8

No employees received emoluments in excess of £60,000.

10.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
236,949
Other trading activities
18,855
Investment income
88
Other income
1,362
Total
257,254
EXPENDITURE ON
Raising funds
1,168
Charitable activities
Raising Funds
56,983
On the Water Costs
121,304
Trevassack Lake
53,319
Total
232,774
NET INCOME
24,480
Transfers between funds
8,399
Restricted
funds
£
1,489,832
-
-
1,036
1,490,868
-
-
9,213
16,942
26,155
1,464,713
(8,399)		 Total
funds
£
1,726,781
18,855
88
2,398
1,748,122
1,168
56,983
130,517
70,261
258,929
1,489,193
-

continued...

Page 18

CHILDREN'S SAILING TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021

10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
Net movement in funds
32,879
RECONCILIATION OF FUNDS
Total funds brought forward
181,059
TOTAL FUNDS CARRIED FORWARD
213,938
11.
TANGIBLE FIXED ASSETS
Fixtures
Freehold
Plant and
and
property
machinery
fittings
£
£
£
COST
At 1 November 2020
1,055,233
208,353
101,669
Additions
2,269,796
41,151
146,370
Disposals
-
(3,961)
(11,637)
At 31 October 2021
3,325,029
245,543
236,402
DEPRECIATION
At 1 November 2020
-
59,446
25,405
Charge for year
-
24,555
10,030
Eliminated on disposal
-
(1,584)
(5,405)
At 31 October 2021
-
82,417
30,030
NET BOOK VALUE
At 31 October 2021
3,325,029
163,126
206,372
At 31 October 2020
1,055,233
148,907
76,264
12.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 November 2020 and 31 October 2021
NET BOOK VALUE
At 31 October 2021
At 31 October 2020		 10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
Net movement in funds
32,879
RECONCILIATION OF FUNDS
Total funds brought forward
181,059
TOTAL FUNDS CARRIED FORWARD
213,938
11.
TANGIBLE FIXED ASSETS
Fixtures
Freehold
Plant and
and
property
machinery
fittings
£
£
£
COST
At 1 November 2020
1,055,233
208,353
101,669
Additions
2,269,796
41,151
146,370
Disposals
-
(3,961)
(11,637)
At 31 October 2021
3,325,029
245,543
236,402
DEPRECIATION
At 1 November 2020
-
59,446
25,405
Charge for year
-
24,555
10,030
Eliminated on disposal
-
(1,584)
(5,405)
At 31 October 2021
-
82,417
30,030
NET BOOK VALUE
At 31 October 2021
3,325,029
163,126
206,372
At 31 October 2020
1,055,233
148,907
76,264
12.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 November 2020 and 31 October 2021
NET BOOK VALUE
At 31 October 2021
At 31 October 2020		 - continued
Restricted
funds
£
1,456,314
2,109,418
3,565,732
Computer
equipment
£
5,440
1,151
(2,148)
4,443
4,995
504
(1,945)
3,554
889
445		 Total
funds
£
1,489,193
2,290,477
3,779,670
Totals
£
1,370,695
2,458,468
(17,746)
3,811,417
89,846
35,089
(8,934)
116,001
3,695,416
1,280,849
Shares in
group
undertakings
£
1
1
1

There were no investment assets outside the UK.

The investment relates to the wholly owned subsidiary CST Trading C.I.C. registered in England & Wales under company number 12572960. Until 30[th] May 2022 the subsidiary was known as CST Trading Limited and converted to a Community Interest Company from that date.

continued...

Page 19

CHILDREN'S SAILING TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021

12. FIXED ASSET INVESTMENTS - continued

The company commenced trading in the year and incurred a loss of £15,648 in its first year of trading.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021
£
Trade debtors
1,533
Other debtors
185,367
VAT
18,811
Accrued income
-
Prepayments
1,035
206,746
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
£
Bank loans and overdrafts (see note 16)
2,680
Trade creditors
40,196
Other creditors
156,668
199,544
15.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021
£
Bank loans (see note 16)
47,320
Other creditors
176,389
223,709
16.
LOANS
An analysis of the maturity of loans is given below:
2021
£
Amounts falling due within one year on demand:
Bank loans
2,680
Other loans
3,611
6,291
Amounts falling due between two and five years:
Bank loans - 2-5 years
23,660
Other loans - 2-5 years
78,090
101,750		 2020
£
-
290,783
83,479
1,117,609
12,862
1,504,733
2020
£
-
111,731
136,204
247,935
2020
£
-
50,000
50,000
2020
£
-
-
-
-
50,000
50,000		 2020
£
-
290,783
83,479
1,117,609
12,862
1,504,733
2020
£
-
111,731
136,204
247,935
2020
£
-
50,000
50,000
2020
£
-
-
-
-
50,000
50,000

continued...

Page 20

CHILDREN'S SAILING TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021

16. LOANS - continued

2021
£
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans > 5 years
23,660
Other loans > 5 years
98,299
121,959		 2020
£
-
-
-

17. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Designated Fund 2021 Sailing
Designated Fund 2022 Sailing
Restricted funds
Boat and Equipment Fund
Toyota Parasport Fund Grant
Sam Chamberlain - Prize Fund
Trevassack lake
Chandlery Fund
SEND Sailing Fund
Youth Club (Trinity House)
2021 Sailing
Bruce Wake Ceiling Hoist
Bursary Fund
EKF Trevassack Sailing
TL Accommodation Equipment
TL Activity Equipment
TOTAL FUNDS		 At
1/11/20
£
191,297
22,641
-
213,938
57,246
4,198
4,317
3,400,768
3,185
56,000
22,200
17,818
-
-
-
-
-
3,565,732
3,779,670		 Net
movement
in funds
£
(27,758)
-
3,250
(24,508)
7,663
(367)
-
47,578
(573)
-
(4,985)
-
3,000
7,500
10,000
6,617
4,185
80,618
56,110		 Transfers
between
funds
£
40,459
(22,641)
-
17,818
-
-
-
-
-
-
-
(17,818)
-
-
-
-
-
(17,818)
-		 At
31/10/21
£
203,998
-
3,250
207,248
64,909
3,831
4,317
3,448,346
2,612
56,000
17,215
-
3,000
7,500
10,000
6,617
4,185
3,628,532
3,835,780

continued...

Page 21

CHILDREN'S SAILING TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Designated Fund 2022 Sailing
Restricted funds
Boat and Equipment Fund
Toyota Parasport Fund Grant
Trevassack lake
Chandlery Fund
Youth Club (Trinity House)
Bruce Wake Ceiling Hoist
Bursary Fund
EKF Trevassack Sailing
RYA Foundation grant
TL Accommodation Equipment
TL Activity Equipment
TOTAL FUNDS		 Incoming
resources
£
275,340
3,250
278,590
17,000
-
96,222
-
-
3,000
7,500
10,000
3,000
6,617
4,185
147,524
426,114		 Resources
Movement
expended
in funds
£
£
(303,098)
(27,758)
-
3,250
(303,098)
(24,508)
(9,337)
7,663
(367)
(367)
(48,644)
47,578
(573)
(573)
(4,985)
(4,985)
-
3,000
-
7,500
-
10,000
(3,000)
-
-
6,617
-
4,185
(66,906)
80,618
(370,004)
56,110

Comparatives for movement in funds

Unrestricted funds
General fund
Designated Fund 2021 Sailing
Restricted funds
Boat and Equipment Fund
Toyota Parasport Fund Grant
Sam Chamberlain - Prize Fund
Trevassack lake
Chandlery Fund
SEND Sailing Fund
Youth Club (Trinity House)
2021 Sailing
TOTAL FUNDS		 At
1/11/19
£
181,059
-
181,059
55,945
-
4,317
1,987,057
6,099
56,000
-
-
2,109,418
2,290,477		 Net
movement
in funds
£
24,480
-
24,480
9,700
4,198
-
1,413,711
(2,914)
-
22,200
17,818
1,464,713
1,489,193		 Transfers
between
funds
£
(14,242)
22,641
8,399
(8,399)
-
-
-
-
-
-
-
(8,399)
-		 At
31/10/20
£
191,297
22,641
213,938
57,246
4,198
4,317
3,400,768
3,185
56,000
22,200
17,818
3,565,732
3,779,670

continued...

Page 22

CHILDREN'S SAILING TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021

17. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Boat and Equipment Fund
Toyota Parasport Fund Grant
Trevassack lake
Chandlery Fund
Youth Club (Trinity House)
2021 Sailing
TOTAL FUNDS		 Incoming
resources
£
257,254
16,000
4,198
1,430,652
-
22,200
17,818
1,490,868
1,748,122		 Resources
expended
£
(232,774)
(6,300)
-
(16,941)
(2,914)
-
-
(26,155)
(258,929)		 Movement
in funds
£
24,480
9,700
4,198
1,413,711
(2,914)
22,200
17,818
1,464,713
1,489,193

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Designated Fund 2022 Sailing
Restricted funds
Boat and Equipment Fund
Toyota Parasport Fund Grant
Sam Chamberlain - Prize Fund
Trevassack lake
Chandlery Fund
SEND Sailing Fund
Youth Club (Trinity House)
2021 Sailing
Bruce Wake Ceiling Hoist
Bursary Fund
EKF Trevassack Sailing
Trevassack Lake Accommodation Equipment
Trevassack Lake Activity Equipment
TOTAL FUNDS		 At
1/11/19
£
181,059
-
181,059
55,945
-
4,317
1,987,057
6,099
56,000
-
-
-
-
-
-
-
2,109,418
2,290,477		 Net
movement
in funds
£
(3,278)
3,250
(28)
17,363
3,831
-
1,461,289
(3,487)
-
17,215
17,818
3,000
7,500
10,000
6,617
4,185
1,545,331
1,545,303		 Transfers
between
funds
£
26,217
-
26,217
(8,399)
-
-
-
-
-
-
(17,818)
-
-
-
-
-
(26,217)
-		 At
31/10/21
£
203,998
3,250
207,248
64,909
3,831
4,317
3,448,346
2,612
56,000
17,215
-
3,000
7,500
10,000
6,617
4,185
3,628,532
3,835,780

continued...

Page 23

CHILDREN'S SAILING TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021

17. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming
resources
£
Unrestricted funds
General fund
532,594
Designated Fund 2022 Sailing
3,250
535,844
Restricted funds
Boat and Equipment Fund
33,000
Toyota Parasport Fund Grant
4,198
Trevassack lake
1,526,874
Chandlery Fund
-
Youth Club (Trinity House)
22,200
2021 Sailing
17,818
Bruce Wake Ceiling Hoist
3,000
Bursary Fund
7,500
EKF Trevassack Sailing
10,000
RYA Foundation grant
3,000
Trevassack Lake Accommodation Equipment
6,617
Trevassack Lake Activity Equipment
4,185
1,638,392
TOTAL FUNDS
2,174,236		 Resources
Movement
expended
in funds
£
£
(535,872)
(3,278)
-
3,250
(535,872)
(28)
(15,637)
17,363
(367)
3,831
(65,585)
1,461,289
(3,487)
(3,487)
(4,985)
17,215
-
17,818
-
3,000
-
7,500
-
10,000
(3,000)
-
-
6,617
-
4,185
(93,061)
1,545,331
(628,933)
1,545,303

Boat and Equipment Fund

This fund represents grants, donations and the proceeds from the sale of old boats and equipment, which are received specifically to meet expenditure to purchase new boats and equipment. The purchase of new boats has been capitalised as fixed assets. The annual depreciation charge for these assets is included under the charitable activity 'on the water costs'.

Toyota Parasport Fund Grant

This fund represents a grant from Toyota Parasport for the purchase of multi-person Stand Up Paddleboards. The purchase of these paddleboards was made during the previous year.

Sam Chamberlain - Prize Fund

This fund represents a donation from the family of Sam Chamberlain to enable trophies and certificates to be issued to the children that take part.

Trevassack Lake Fund

This fund represents donations and grants from government bodies, charities and individuals for the purchase and development of the site. This includes £285,000 from Clare Milne Trust and £290,000 from Bradbury Foundation.

Helford Village Changing Rooms

This fund represents donations for the provision of changing rooms at Helford Village.

Chandlery Fund

This fund represents donations for boat repairs and maintenance.

SEN Fund

This fund represents donations for the training of disabled children and children with special educational needs.

continued...

Page 24

CHILDREN'S SAILING TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021

17. MOVEMENT IN FUNDS - continued

2021 Sailing

This fund represents donations for school sailing lessons in 2021.

Youth Club

This fund represents donations for the training of the Youth Sailing Group and Race Group.

Bruce Wake Ceiling Hoist

This fund represents a grant contribution towards the installation of a ceiling hoist and changing bench in the Learning Centre changing room at Trevassack Lake.

Bursary Fund

This fund represents a donation given with the desire to see a Bursary Fund set up and expanded over the years to fund holidays and activities at Trevassack Lake.

EKF Trevassack Sailing

This fund represents a donation from Emmanuel Kaye Foundation towards SEND watersports tuition at Trevassack Lake.

Trevassack Lake Accommodation Equipment

This fund represents donations received specifically to purchase accessibility equipment for three fully-accessible holiday houses at Trevassack Lake.

Trevassack Lake Activity Equipment

This fund represents donations for the purchase of a Hereford Hoist from Bruce Davis Trust and The Hedley Foundation.

18. CAPITAL COMMITMENTS

Contracted but not provided for in the financial statements 2021
£
-		 2020
£
2,004,690

19. RELATED PARTY DISCLOSURES

Total donations of £193,467 (2020 £17,252) were given to the Charity in the year by Trustees. This includes a donation in kind valued at £6,000 for the use of offices by the Charity during the year.

An amount of £4,600 was paid for professional services to Francis Clark LLP, a business in which a Trustee is a partner.

At the year end £30,000 of loans were due to the Trustees, these are due to be paid back over 10 years with interest paid quarterly, at a rate of 3% per annum.

Remuneration and benefits paid to key management personnel during the year totalled £44,657 (2020: £49,590).

Page 25

CHILDREN'S SAILING TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2021

INCOME AND ENDOWMENTS
Donations and legacies
Individuals
Corporate bodies including charities
Gift aid
Grants
Other trading activities
Fundraising events
Schools
Other
Investment income
Deposit account interest
Other income
Gain on sale of tangible fixed assets
Total incoming resources
EXPENDITURE
Other trading activities
Fundraising event costs
Charitable activities
Wages
Insurance
Professional services
Rental equipment
Repairs & maintenance
Motor expenses
Freelance staff
Rent - moorings
Rent - storage
Staff training
Subscriptions
Service costs
Equipment
Watersports activities
Plant and machinery
Fixtures and fittings
Computer equipment
Loss on sale of tangible fixed assets		 2021
£
245,298
79,433
22,361
60,272
407,364
6,006
11,605
1,043
18,654
96
-
426,114
4,898
17,303
9,331
-
-
18,193
3,874
870
2,115
3,892
365
1,953
2,212
31,202
39,485
24,555
10,030
-
6,106
171,486		 2020
£
144,306
377,891
27,674
1,176,910
1,726,781
16,357
2,360
138
18,855
88
2,398
1,748,122
1,168
32,929
7,175
(1,007)
234
7,329
(3,151)
614
2,980
4,225
964
515
1,156
-
-
20,834
11,456
754
-
87,007

This page does not form part of the statutory financial statements

Page 26

CHILDREN'S SAILING TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2021

Support costs
Management
Wages
Rates and water
Telephone
Postage and stationery
Advertising
Mileage & travel
Recruitment
Office rent
Equipment rental
Training
Web support/design
Finance
Bank charges
Interest paid
Information technology
IT maintenance
Software & Licences
Computer equipment
Governance costs
Professional services
Accountancy and legal fees
Total resources expended
Net income		 2021
£
137,025
3,051
2,051
1,302
9,076
432
1,044
6,000
140
1,829
3,255
165,205
2,410
2,611
5,021
2,551
2,054
504
5,109
12,035
6,250
18,285
370,004
56,110		 2020
£
128,658
-
1,939
(3,436)
4,344
771
48
6,000
140
113
3,938
142,515
829
-
829
1,656
7,628
558
9,842
14,068
3,500
17,568
258,929
1,489,193

This page does not form part of the statutory financial statements

Page 27