**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
**----- End of picture text -----**
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
**----- Start of picture text -----**
Individual donors
Trusts
Grants
Total £147,524
Gift Aid
£0 £25,000 £50,000 £75,000
**----- End of picture text -----**
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:
- 2,844 subsidised sailing & watersports sessions
- 5,688 total hours of subsidised sailing & watersports
- 22 connections with local schools & education groups
- 59 students from SEND schools enjoyed watersports
- 5 assistant instructors & powerboat helms trained using grants
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 .
- L o c a l T e a c h e r , 2 0 2 1
**----- Start of picture text -----**
Page 5
**----- End of picture text -----**
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 .
- L O C A L T E A C H E R , 2 0 2 1
“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
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- 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 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'.
- In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 October 2021 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
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:
- We made enquiries of the trustees and management in relation to any non-compliance of laws and regulations, potential litigation and claims or any knowledge of actual, suspected or alleged fraud.
- We considered the risk of fraud through management override of controls.
- We considered the risk of fraud through revenue recognition.
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:
- Legal fees were reviewed to identify any potential non-compliance of laws and regulations.
- We reviewed the minutes of trustee meetings to identify matters relevant to our audit.
- We reviewed material manual journal entries for evidence of management override or fraud.
- We tested specific instances of grant income for the correct application of the revenue recognition rules.
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