CST Children's Sailing Trust Transforming Young Lives Through Sailing Trustees, Report and Financial Statements for the 18-Month Period 1st November 2023 to 30th April 2025 Registered Charity NLimber: 1165396 CST Children's Sailing Trust Contents of the Financial Statements for the 18-Month Period Ended 30th April 2025 Ito16 Report of the Trustees 17to20 Report of the Independent Auditors 21 Statement of Financial Activities 22to23 Balance Sheets 24 Cash Flows 25to46 Notes to the Financial Statements CST Children's Sailing Trust Trustees, Report and Financial Statements for the 18-Month Period Ended 30th April 2025 The Trustees present their report with the financial statements of the Charity for the period ended 30th April 2025. 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 IFRS 102} (effective l January 2019). Public Benefit The Trustees have complied with the duty in section 17151 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. Review of the period by our former Chair, Martin Barlow Thi5 period marks a particularly proud and poignant moment for me, as I share my final report a5 Chair of Trustees of Children's Sailing Trust. It has been an extraordinary privilege to help steer this remarkable charity through a period of dynamic growth and I do so with great confidence In the team, the organisation's direction and its continued impact. 2024 has seen CST deepen its roots and expand its reach, While Jakie's CEO Report wlll detail the charity's operational hlghlights - from the Joyous return of the Regatta on the Helford River to the ploneering Inclusive School Game5 at Trevassack Lake- I would like to focus here on the strategic and governance perspective. It has been a year of both consolidation and ambition. The Board has supported a number of forward-thlnklng developments that will sustain CST'S work well into the future. The launch of the South Bank Project is one such initiative opening up a previously inaccessible shoreline to create inclusive, nature-based learning opportunities for all young people, regardless of ability or background. Likewise, the decision to bring the cafe operations in-house reflects the Trust's readines5 to take bold, well-con5idered steps to strengthen income streams and deepen community engagement while enabling us to maintain our policy of modest future growth. The performance of CST Trading C,l.C. continues to play a critical role in our long-term sustainability, supporting both our charitable mission and financial resilience. Income from self-catering accommodation, watersports provision, a growing venue hire and event5 programme and now the cafe, goes directly to sustaining our charitable activities, This year also brought meaningful recognition, with CST recelving generous support from Individual donors and as Charity of the Year for both A&P Falmouth and Taylor Money. These partnerships went far beyond fundraising- they exemplified how businesses and charities can work together wlth shared values to create lasting community impact through a genuine buy-in of corporate social responsibility, As a Board, we remain focused on effective strategic oversight and ensuring the right skills are in place to govern well. We were pleased to welcome Richard Trafford as a trustee thls year, and we extend our slncere thanks to Randall Brook for his dedicated service as he stepped down. We continue to seek new trustee5 - particularly in areas such as finance and safeguarding- to further strengthen our governance team, It is also important to acknowledge the people who power CST. To Jakie, whose leadership continues to define and inspire the organisation, my deepest thanks. She brings vision, integrity and tenacity to her role in a way that brings out the best in her team and ensures the Trust's values remain front and centre. To our small but mighty Staff team and our committed volunteers - your passion and professionallsm make everything possible. And to my fellow trustees thank you for your support, challenge and wlse counsel throughout, I look forward to remaining a proud ambassador of CST and to watching the charity contlnue to go from strength to Strength. Chair's Report, Coralie Green DL l am honoured to have been appointed Chair of Chlldren's Sailing Trust and would like to express my sincere thanks to my predecessors., Martin Barlow, who served as a Trustee for 14 years, Co-chair for three years and Chair for four years and James Staughton, who kindly fulfllled the role of Chalr from June 2025 to January 2026. I would also like to record my thanks to our recently retired Trustees - Jilly Holt, David Bickford, Joanna Wood and Linda Norfolk- for their significant and valued contrlbutions, I look forward to bulldlng on theirwork and achievements. CEO'S Report It gives me great pleasure to reflect on what has been another rewarding period for the Children's Sailing Trust. From ambitious new projects and dynamic partnerships to deepening community ties and unforgettable moments on the water, thi5 period has seen our impact grow - bringing new opportunities to the young people we are privileged to serve. Sailing Programmes and Impact At the heart of all we do is our Charitable Sailing Programme, which continues to provide life-changing opportunities for children across Cornwall. In 2024, we welcomed 426 primary-aged children to our core sailing programme and an additional 78 young people attending Special Educational Needs ISENI provision. Operating across both the Helford River and Trevassack Lake, we offer 16 weeks of sailing tuition each season for children aged 8-11, extending up to age 25 for those in SEN settings. Witnessing children develop confidence, competence and resilience alongside their Sailing skills remains one of our greatest rewards. A testament to the lasting value of these experiences in 2024, we proudly employed 9 young people who first discovered sailing through CST'S Charitable Sailing Programme. This demonstrates the lasting impact of early engagement with the water. This vision, championed by our founder John Green MBE, continues to guide and inspire all we do, In July 2024, we proudly hosted Cornwall'5 first-ever 'lnclusive School Games, at Trevassack Lake. Delivered in partnership with RYA Sailability and Active Cornwall, this event brought together the young people we work with from SEN schools to enjoy a fun, games-style event. It was a joyful occasion and a powerful reminder of the importance of breaking down barriers and creating meaningful opportunities for every child to thrive on the water and at the same time improve their mental well-belng, Our 2024 Helford River Regatta was once again a fabulous celebration of everything the Children's Sailing Trust stands for - a river alive with children's laughter, spirited competition and strong community pride. This annual event brought together 80 primary-aged children from several of the local schools we partner with, alongside a group from our Home Educated programme. A highlight of the day was our popular Regatta Raffle, which raised an impressive £772.20, thanks to a fants5tic array of pr12es generously donated by local busine55e5. We continue to strengthen key partnerships that extend our impact. Our ongoing collaboration with the Naval Children's Charity enables children from Naval families to enjoy their much-valued annual week of sailing and paddlesports on the Helford River during the summer school holidays. We are also proud to be the chosen delivery provider for the Andrew Sirnpson Foundatlon and Royal Navy Sailing Association, offering free sailing courses for children aged 8-17 with a parent serving in the Royal Navy, Royal Marines or Royal Fleet Auxiliary. Facilities Development One of the m05t exciting developments this period has been the launch of the South Bank Project- an ambitious initiative to transform the previously inaccessible southern shoreline of Trevassack Lake (only accessible via waterl into a fully accessible outdoor learning area. Designed to complement and extend the inclusive work we already do on site, this new 'shore' space will offer children and young people opportunities for water-based actlvities, nature exploration and confidence-building experiences. We were awarded funding from Cornwall Council Community Infrastructure Levy to support this project, with completion anticipated by mid-Summer2025. We are also delighted that Trevassack Lake is now an RYA Certified Training Centre, Thls accreditation not only strengthens our credibility but enables us to operate the RYA syllabus year-round. When weather conditions challenge our work on the Helford River during the season, we can continue our charitable sailing programmes in the sheltered water5 of Trevassack Lake, ensuring consistent opportunitles for young people to develop sailing skills and enjoy time on the water. Another practical boost came from Pendennis Shlpyard Apprenticeship Weekj part of National Apprenticeship Week, when a talented team of apprentices transformed an old shipping container into a dry, insulated and lined space. They also created a new laundry area within one of our Changing Places facilities - improvements that enhance comfort and operational efficiency at our headquarters. Partnerships and Fundraising We continue to benefit from our valued relationship with A&P Falrnouth, who named us their Charity of the Year in July 2023. Throughout 2023124, A&P raised an exceptional sum of £26,806.20 for CST through a wide range of fundraising activities. To mark the end of this special partnership, they hosted a CharSty Golf Day at Falmouth Golf Club, which brought in significant additional funds. I was privileged to 5UPPOrt on the day, wlth the grand finale featuring a raffle of truly exceptional prize5 and the presentation of the Charity Golf Day Awards- a brilllant way to celebrate a hugely successful collaboration. Beyond their financial contrlbutlons, A&P has offered invaluable volunteer 5UPPOrt, undertaklng essentlal maintenance and repairs to our fleet, extended supply chain discounts, providing volunteer assistance for annual maintenance at Trevassack Lake, running our Regatta Raffle and consistently being there to support us wheneverwe need help. We were also honoured to be chosen as Charity of the Year by Taylor Money in 2024. Alongslde a year of committed financial support, the Taylor Money team organised a range of fundraising actlvities, culminating in a 24-hour 'Rowathon' challenge at their Falmouth offices. I was fortunate to join this inspiring effort during the final stages of the 24-hour challenge, where they raised an incredible £4,558.641 Trading Subsidiary Support On 20th February 2024, we proudly opened our very own not-for-profit lakeside cafe, operated directly by CST Trading C.l.C. Now open 7 days a week, the cafe has quickly become a much-loved hub within the community, offering a warm welcome, exceptional coffee, home-baked cakes and desserts and delicious food. It also provides a unique opportunity for the community to observe and engage with our work first-hand, wltnessing the positive impact it has on the young people we sUPPOrt. Complementlng our income-generating water5POrts programmes, self-catering holiday accommodation and events space, the cafe plays a vital role in generating income and building awareness In support of our charitable work. Events at our Trevassack Lake HQ We have continued to diversify the use of our beautiful lakeside headquarters at Trevassack Lake to support the future of the charity, by transforming the space into a vibrant and versatile venue for a wlde range of events, From our popular Christmas Craft Fayre to our first-ever wedding celebration, as well as birthday parties, celebrations of life and corporate team-building days. These events bring our community together, raising awareness of our mission, but also helping to generate income in support of our charitable work. Continued Core Achievements Our Charitable Sailing provision remains at the core of our mission, delivering transformative experiences for young people across Cornwall. The expansion of inclusive activities at Trevassack Lake continues to grow year on year and we continue to expand our volunteer network, with individuals and corporate partner5 generously contributing time, skills and energy. Ongoing fundraising effort5 - large and small - have allowed us to maintain and develop our services despite significant rising operational costs. Looking Ahead This report marks another proud chapter for myself, Team CST, our dedlcated volunteers and our esteemed Trustees, both past and present. I remain deeply grateful for the unwavering support from this remarkable and passionate group of individuals. l also exiend heartfelt gratitude to our funders, donors, supporters and Friends of CST. Thelr steadfast support remains the cornerstone of our work with young people and we are truly thankful for thelr contlnued commitment. These achievements are only possible thanks to the passlonate dedicatlon ofourtrustees, staff, volunteers and all those who contribute so generously to our cause. As we look to the future, we remaln committed to innovatlon, incluslvlty and impact - contlnulng to create opportunities for young people to bulld confidence, competence, resillence and loy through transformative experlences on the water. Jakle Jewell, CEO Delivering Lasting Impact oca ren app or our TK Foundatlon fundlng¥ all achlev•d RYA Stage 2 (h•vln8 only start•d sallln wlth ui thls y•ir) and 10 i¢hl•v•d th•lr RYA St•ie 3 ours o ered through th Cornwall Councll me2Move Hotlda programm• volunteerlng (approxlmately equal t 11 weeks, workl on th• wit 1,268 ¢ Idren and young people •cce$sed the water through hollday ¢ourses an multi.artlvlty days with an addltlonal 304 attendlngon off actlvlty group sesslons 78youngpoople who attend SEND provlslon took part In oyrcharlt•b salllng programme$ at TrevasJ•ck L•ke OurTrlnlty House fundlng (for chlldren on Fr•• School Meals), funded two RYAStig• 2 courses, two Saturday Club salllng ¢ourse$, one RYA Stag• 4 and one Power Boat Level 2 Course 8aln•d RYA Pow•rbo•t Level 2 C•rtlflcitei 90% 53% told us that they feel more confident on the water thought the 5e55ions were fun to take part in found that they were more active a5 a result of the sessions loo% 75% loo% of teachers felt that children were more ready to learn afterthe session5 said they enjoyed making new friends during their sessions want the opportunity to access our salllng 3galn Sailing Through Challenges The 2024 Charltable Sailing Programme brought a series of challenging weather conditions across both the Helford River and Trevassack Lake. These conditions tested not only the sailing skills of our participants but also their confidence and determination. While some students rose to the challenge and flourished, others found the conditions daunting- hesitating to take part or losing confidence in the new skllls they had begun to acquire. These experiences have highlighted the importance of patience, individualised support and the safe, nurturing environmentwe strive to provide, enabling each young person to progress at theirown pace. Please note, all names have been changed. Sarah's Anxiety Very worried about even climbing into a boat, let alone sailing out onto the River to learn new skllls, Sarah became a part of a small group who took things much more slowly than the rest ofthe groupj continuing with tacking drills where the boat is held in the water by the instructor. The development of thls Is to Secu￿ the boat with a long rope, so they can sail out a short distance and then tack, with the confidence that If somethlng goes wrong, the instructor on the other end of the rope will be able to pull the boat back to shore. Sarah Is getting used to being in the boat but is still worried about moving around in the boat and steering. The teachers on session are very involved with the small, shore-based group and are pleased with the development they are making, desplte it being in far smaller increments than that of the main group. William's Worries William started confldently on the River, but was Involved In a capsize where the Optlmlst he and a friend were saillng inverted and he was briefly caught under the boat. Despite never being in any danger William was anxious about getting afloat again. His next session was moved to Trevassack Lake, which gave us the opportunity to slowly rebuild his confldence. Two instructors were able to sit wlth hlm on the pontoon, one In a Tera dinghy, one holding it firmly to shore. The instructors were then able to encourage and reassure Willlam that sitting on the boat was no different from sittlng on the pontoon. At first, he would move elther his hands or bottom onto the boat, but then anxiety would have him quickly coming back onto the pontoon. Eventually with much reassurance, we were able to get him aboard the boat, whlch we then held a little wayfrom shore, to show that the boat was still level and Safe. Eventually, the instructors were able to release the boat and one of them took William for a short 'out and back, sail. From there, he gained enough confidence to sail with the Instructor for the rest of the season. Throughout all our charitsble programme, across nearly every group, we have seen a growing number of young people struggllng wlth confidence and resilience- sometimes to the point of being unable to participate. In many cases, we are able to spend time helping these children overcome their fears, often with support from teachers and accompanying school staff who have the skills and understanding to offer tailored encouragement. However, in mainstream school groups - where stafflng Is aligned to standard RYA ratios - It is not always posslble to give each Individual the time and support they need. In contrast, our Special Educational Needs groups typically run wlth higher staffing ratios and with team members who are experlenced in providing emotlonal support as well as instruction. Thls enables a more nurturing, personalised approach where reassurance and encouragement are as central as teaching. Recognising the increasing need for this kind of sUPPOrt - particularly In the post- Covid context we increased our staffing ratios for the 2025 season. In addltlon, we introduced a dedlcated instructor role focused specifically on supporting pupils who need extra help. This small but important development reflects our commitment to ensurlng that every young person has the opportunlty to succeed, whatever their starting point. Simon's Progression Simon attends a mainstream school, He first joined our Charltable Sailing Programme at Trevassack Lake in the summer 2023. Although we were unable to offer officlal certification at that time (due to not being accredited at that timel, we were able to deliver sessions aligned to the RYA Stage I syllabus. He was initially quite nervous - particularly on wlndler days. However, with time, encouragement and the patience of hls instructors and supporting teacher, Simon began to build confidence and demonstrate real potential. In spring 2024, Simon returned to CST and completed 11 two-hour sailing sessions. His dedication and progress caught the attentlon of our instructors and he was invited to take part in a TK Foundation funded RYA Stage 2 course on the Helford Rlver during the summer holldays. The transition from the sheltered lake to the open river environment didn't faze Simon. Quite the opposlte - the greater sense of adventure inspired hlm, boostlng hls reslllence and confidence in a way that other sports had not. He successfully completed hls RYA Stage 2 and was eager for more. Thanks to continued support from the TK Foundation, we were able to offerthose summer students a chance to return for an RYA Stage 3 course at Trevassack Lake, now an accredited training centre. Slmon wa5 one of the first to sign up. Over two joyful days, he not only honed his salling skills, but also emerged as a leader- offerlng support and guldance to his peers durlng exercises. Simon's mother spoke movingly about how salllng has helped transform her son's confidence. Something as simple as belng able to wear his glasses whlle salling challenge in many other sports- has meant he feels safe and capable even when far from shore, Thls, she says, ha5 made all the difference. She a150 shared that Slmon Is more outgoing with his classmates and that sailing has become a frequent and enthusiastic topic of conversation at home. The experience has given hlm not only new skllls, but also a renewed sense of self-bellef - on the water and beyond. Skills for Life Our Next Generation of Assistant Instructors We are always looking to harness the enthusiasm of children who wish to progress their sailing learning beyond our core charitable offerSng. By seeking to secure bursary funding for such opportunities we contlnue to build on your donations and the learning of children and young people. This year, through fLfndin8 from the Worth Waynflete Foundation, we were able to progre55 six young people to quallfy them as Asslstant Instructor5. Hear what this Opportunity has meant to some ofthem and their parents below. 'For me, sailing with Children's Sailing Trust has really allowed my confidence to flourish. Before sailing became such a massive part of my life, I was a very quiet and anxious person. Not much would have convinced me to Step out of my comfort zone. When I started learning how to sail, I felt as if I was suddenly free from all those stresses, in control and in a safe environment surrounded by like-minded instructors and young people. l am very grateful for all that the Trust has done to allow me to progress from a beginner sailor to an Assistant Instructor, to a qualified sailor becoming a Dinghy Instructor with a power boating license!" Young person's account 66 66 'Both my children have benefited hugely from Children's Sailing Trust and are bereft when they can'tsail in thewinterl Learningto sail isso much more than just an amazing skill to have, it has boosted their 5elf-confidence and self-esteem in ways that nothing else ever h35.1 am so grateful to CST and all the dedicated people who work there. l am a150 delighted that my eldest child is now able to give something back to the Trust by volunteering and training to become a sailing instructor. I couldn't have wished for a better outcome." Parent's account "This is my second season volunteering as an assistant sailing instructor for the Trust. I thoroughly enjoy my time on the water helping and coaching the students and get great satisfaction seeing the students, skllls and confidence growing in all areas of salllng. I have learnt how to teach sailing and gain confidence while doing it. I was also able to do my powerboat licence as well and hopefully my Dinghy Instructor licence next year" Young person's account 99 99 "Volunteering with the Children's Sailing Trust really opened up several opportunities for me over the summer, enabling me to broaden my capabilities. I really enjoyed helping out with the on the water sessions and seeing the increase they made to childrens, spirits and confidence through the course of an activity. You really can see the principles of the trust building strongly within a group from beginning to end. Personally I feel as though this opportunity has allowed me to improve my own confidence not just as an instructor, but in all aspect5 of life. It feels great to be volunteering towards something I truly believe is a brilliant cause and to see the positive impacts it has on all involved." Young person's account. Learning, Achieving, Progressing 142 'Tried Sailing, Certificates Awarded 28 RYA Stage 2 Certificates Awarded 205 RYA Stage I Certificates Awarded 10 RYA Stage 3 Certlflcates Awarded 15 children took part in waterborne activities to work towards gaining skllls such as building upper body strength, confidence and resllience 28 children worked at their own pace, galnlng their Wave I Certlficates Financial Results for 18 Months Ended 30th April 2025 The Charity changed its reporting period to end on 30 April In order to align with the start of our Charltable Sailing Programme. The 18 month financial period has meant the Charity exceeded £lm in Group turnover and therefore have had to prepare Con501idated Accounts to meet Charity Commission requirements, For the 18-month period ended 30 Aprll 2025, the Charity reported a surplus of £144,718 on Its Unrestricted General Fund. The Charity's wholly owned trading subsidiary, CST Trading C.l.C., donates all available profits to the Charity via Gift Aid, the contribution for thls 18-month period was £38,305. We are extremely grateful to all our donors and customers who continue to support both the Charlty and CST Trading C.l.C. The extended reporting period included two six-month phases that are traditlonally the most challenging for income generation, making this a particularly pleasing result. The Charity income received from external source5 during the 18-month period was £565,524. When pro-rated to a standard 12-month period, this equates to £377,016. Income generated by CST Trading C,l.C. la separate legal entity) during the same period amounted to £656,252. As shown in the income figures below, donations from individuals remain our primary source of income, We recognise the importance of this support and will continue to work towards further diversifying our income streams to strengthen long-term sustainability. Income Recelved Duringthe 18-Month Perlod Ended 30th Aprfl 2025 Unr•itrict•d Fund$ Incom• csrTr•dlniC.I.C. £65fj,352 Trnrt& Found￿1¢￿5 £119,1)06 Indlvldu•ts £301,054 Contslbutlonifr•m GroupiE16hJ5 Glft Ald 437,174 Communlty Fyndrnliln1£27.767 Corp•v•t• Donorn £23J Contr•rtuallncgrn• £lJJ24 B•nk lftt•M#t Rrf•lv•¢l 116,019 oth•rlncom• £13,683 100000 200000 JOOOQO 700000 io Summary of Funds Carried Forward as at 30th April 2025 Restricted Funds These funds consist of income received for specific purposes, generally allocated to defined areas of expendlture and often linked to capital projects. A substantial proportion of this income has been invested in fixed assets to support the Group's charitable activities. During the year, we invested £88,238 in watercraft and associated equlpment for our Charitable Salllng Programme, We are deeply grateful to the many individual donor5 and corporate supporters whose generosity made this capital investment possible. The largest fund wlthin this category15 the Trevassack Lake Fund, which primarily comprises fixed assets acqulred through a combSnatlDn of donations, grant5 and loans. At the end of the reporting period, thi5 fund accounted for £3.184,173 of the Group's total funds. These assets are restricted to the purposes specified by the funders and cannot be sold, leased or used as security for borrowing. Unrestricted General Funds Thi5 fund represents the unrestricted reserves held by the Charity, whlch are not restricted in their use and are available to 5UPPOrt the dellvery of our core mission- providing free or subsidised sailing opportunities for children and young people. At the close of the financial year, the unrestricted general fund stood at £380,776, whlch included a Gift Aid donatlon of £38,305 from CST Trading C.l.C, These reseNes provide essential financial stability, enabling the Charity to meet it5 operational costs and continue delivering charitable sailing activities through to Autumn 2025. Our Reserves Policy is designed to 5UStain the Charity for a limited period in the event of a significant reduction or loss of donations. As has been observed, Sn line with many other charities, we have had to draw heavily on these reserve5 moving into 2026 due to a sharp decline in fundraising income. While the reseNes may appear relatively hlgh, the Charity's budgeted expenditure is approximately £250,000 for six months, sufficient to deliver the Charitable Sailing Programme, and around £500,000 for a full 12-month period. Unrestricted Designated Funds To support the ongoing financial viability of the Group and safeguard both the operations of the Charlty and CST Tradlng c.i.c. the Trustees have designated specific fund5 from unrestricted reserves as outlined below.. 25th Anniversary Dinner Fund £12,284 This fund represent5 a one-off income source generated from our 25th Anniversary Dlnner. The Trustees have allocated these funds to assist wlth capital loan repayment5 and other capital commltment5, particularly those relating to operations on the Helford River. Thi5 includes repayment of capital on investor and bank loans and supporting any shortfalls in funding for capital expenditure. Staff Welfare Fund £6,833 As the Charity currently offers no employee benefit5 beyond statutory requirements, the Trustees have established thls fund to support staff welfare. It will be used to cover costs such as Statutory Sick Pay ISSPI, d15cretionary leave and other welfare-related benefits as deemed appropriate. Kenneth and Susan Green £30,000 This fund kindly donated by Kenneth and Susan Green Is to be used to provide additional resovrce over a two year perlod to support Human ResoL¢rces, Finance, Marketing and Volunteer recruitment. The support will be delivered by CST Trading c.i.c. Bursary Fund £7.500 This fund, kindly donated by a former Trustee. ha5 been specifically designated to provide financial sUPPOrt for chlldren and young people to access charitable Sailing programmes, holidays and activities where no alternative fundlng exlsts. li Reserves Policy The Charlty aim5 to build and maintain unrestricted general reserves of £350.000. This level of reserves ensures that the Charity can continue delivering its charitable mi55ion and maintain operations for up to six months In the event of unexpected disruption or a shortfall in income. Thi5 approach provides the Charity with a strong and stable financial foundation, allowing confidence to commit to a full programme of activity from March each year. The Trustees retain discretion to invest these unrestricted reserves as they see fit, in accordance with Charity Commission guidelines and in support of the Charity's objectives, The Charlty's free reserves amount to £365,819. Change of Accounting Date The Trustees have revised the end of the accounting period to 30 Aprll. Thls allgns the financial year wlth the start of our Charitable Sailing Programme and allow5 interested partles to more easily assess our reserves In relation to the funds required to dellver our charitable objective5, Going Concern The Trevassack Lake site opened in late October 2021. While the C.l.C.. which operate5 the site, experienced trading deficits in its early years, it has delivered surpluses over the last two financial periods. Looking ahead, the Trustees have accounted for potential risks, including rising operational costs, inflationary pressures and Increased employer expenses, wlthin the budgets for forthcomlng year5. The Trustees are focused on optimi51ng the use of the site, exploring opportunities to expand its charltable Impact and ensuring operations are managed efficiently. With careful oversight and strategic planning, the Trustees are confident that Trevassack Lake will continue to provide sustainable, high.quality water sports experiences, supporting the Charity's objectives and long-term growth. Wethank all our Donors, aswithoutthelr support none of this would be possible. We are gratefulto the followlngTrusts and Foundatlons forthelrsupport: Duchy ofcornwall Benevolent Fund TK Foundation RYA Foundation Worshipful Company of Shipwrights The Millennium Oak Trust Worshipful Company ofworld Traders Mark Benevolent Fund Cornwall Council Community Infrastructure Levy Fund Cornwall Council Good Growth Fund Goonhilly Windfarm The Duchy Health Charity The Whirlwind Charitable Trust Garfield Weston Foundatlon Lady Cobham Foundation Worth Waynflete Foundatlon Kenora Charitable Foundatlon The Mercers, Company Tanner Phoenix Trust Kenneth and Susan Green CharitableTrust Speclal thanks to Tom and Nlgel Bllgh, Christopher and Rosle Fawell, Rlchard and Chrlstlne Graham-vlvlan and The National Trust, without whose permission for the use of land and boathousÈs, operations on the Helford River would not be possible. We are also grateful to the followlng Corporate sponsors forthelr support: A & P Falmouth A E Rodda and Son Cornish Holiday Cottages Keynvor Morlift Llmlted Guiding Light Investments 31 Group PIC Taylor Money 12 Structure, Governance and Management Gov•rnln8 Document The CIO is governed according to the Constitution dated 10th August 2015 and registered with the Charity Commission on 2nd February 2016. Recrultm•nt and Appolntment of New Tru$tee$ The CIO is governed by its Board of Trustees. New Trustees are appointed by the existing Board through a resolution passed at a properly convened meeting, tyPlC311y for a term of at least five years. In selecting new members, the Trustees consider the skills, knowledge and experience required for the effective governance and admlnistratlon of the organisation. As at the date of signing these accounts, there are five Trustees. Three of these Trustees also form part of a Management Committee, working closely with the Chief Executive throughout the year. Each holds specific responsibilities and meets as required to support the strategic and operational leadership of the Charity. The current member5 of the Management Committee are.. Stephen Watson (Chairl, Coralle Green and Richard Trafford. All Trustee5 give their time voluntarily and receive no remuneration or other benefits for their role. The Charity has a robust Safeguarding and Child Protection Policy in place. Disclosure and Barring Service IDBSI checks are conducted for all Trustees, employees and volunteers to ensure the safety and wellbeing of all those we support. Risk Management The Trustees recogni5e their responsibility to Identify and review the risks to which the Charlty Is exposed and to ensure that appropriate systems and controls are in place to provide reasonable assurance against fraud, financial mismanagement and operational error. Day-to-day operational responsibility for risk management Is delegated to the Chief Executive. On the water, Sailing In5tructors- under the leadership of the Activities Manager- are responsible for the safe delivery of each session. A dynamic risk assessment process is embedded into every actlvity, ensuring that instructor5 are continuously analysing and respondirsg to changing conditions throughout each sesslon. All risk pollcie5 and operational procedL¢res are publicly available on ourwebslte:ww￿￿gttllLOtg￿k. The Charlty is proud to be affiliated with the Royal Yachting Association IRYAI and licensed by the Adventure Activities Llcensing Authority IAALAI. Both bodies conduct regular inspections to ensure that our practices meet the highest standards of safety and governance in the dellvery of outdoor and water5POrts education. Personnel & St•fflng Update The Charity continues to operate under an ongoing agreement to buy back the services of employees from CST Tradlng C.l.C. in order to deliver its charitable activities efficiently and effectively. This arrangement ensures that staff resources are used flexibly across both entities to 5UPPOrt the Charity's mission. The Trustees retain full responsibility for setting the remuneratlon of the Chief Executive. This is determined through a comprehensive review of the role's responsibilities, job description and benchmarking against relevant local and ndustry salary data to ensure fairness, competitlvene55 and value for money. The pay of all other staff members is determined by the Chief Executive using a similar process. All staffing decisions, including pay reviews and structural changes, are subject to oversight and scrutiny by the Management Committee to ensure transparency and alignment with the Charity's value5 and objectives. 13 Strategic Objectives (2026-2030) The Chirlty has made strong progress In dev•loplng a comprehenslve flve.y••r $trateglc framework to gulde Iti work from 2026 to 2030. This framework has been subject to approprlate revlew and governance processes and 1$ now belng tr•nslated Into operatlonal d•llv•ry by the Chlef Ex•cutlve ind Senior Management Team. Clear mechanlsms •re In plac• to monltor progress, m••sur• succ•ii ind •nsure accountablllty. The strategy is designed to 5UPPOrt the Charlty's Purpose . to advance the education of and to provide recreational and leisure facilities for young people Iwithout limitation) through the provlslon of salllng and other actlvltles, removlng any barriers to participation, in order to develop their physical, mental and spiritual capacities so that they may grow to full maturity as confident individuals and members of their community while also securing the Charlty's long-term sustainability through strong governance, accountable leadership and a flnancially sustainable operatSng model, The strategic planning proces5 has been structured around the following key areas: stakeholder Coniultatlo Actively engaging with key stakeholders, including schools, funders, partners and volunteer5, to gather insight, align expectations and continue to build confidence in the Charity's long-term direction and impact. Short, Medlum and Long.Term Prloritles Defining clear, measurable priorities acr055 different time horizons to ensure that activity, resources and decision.making remain flrmly aligned to the Charity's charitable purpose and strategic objectives. Flv•.YearActlon Plan Establishing a detalled and structured action plan wlth clearly defined responsibilities, timescales and mllestones, enabllng effective delivery, monitoring and accountability acros5 both choritable provision and operational sustalnabllSty, Rl$k Management strengthening organisational resilience through the identiflcatlon of key risks and dependencle5, alongslde the development of proportionate mitigation strategies to support stable delivery and long-term viability. Fundraising Strat•8y Developing a robust and forward-looking fundraising strategy to support long-term financial sustainabillty, Includlng improved donor retention and the exploration of new funding opportunities, while ensuring transparency around how funds SLlPPOrt charitable impact and organi5ational stability. Impact Measurement and R•portlng Implementing improved systems and processes to assess programme outcomes and organisational impact, particularly In relatlon to young people's confidence, competence, resilience and wellbeing, enhancing transparency and strengthening st3keholder confidence. Partnershlps and Collaboratlon$ Building purposeful partnerships with charities, community organisations, businesses and educational Instltutlon5 to extend reach, Improve acce55 and maximise impact for children and young people. Marketingand Communlcatlons Refreshing the Charity's marketing and communication5 approach to raise awareness, clearly articulate Impact and better engage audlences, including an enhancement ofthe Charlty's dlgital presence. Volunt••r •nd Workforce Development Enhancing approaches to staff and volunteer recruitment, development and retention, with a strong focLSS on wellbelng, capability buildlng and succession plannlng. Technology and Innovatlon Exploring the effective use of technology and digital solutions to improve operational efflclency and communlcatlons. L•8acy PianTrlni Embedding legacy gSving within long-term financial plannlng to support the Charity's sustainablllty and ensure Its work continues to benefit future 8enerations of young people. 14 Reference and Administrative Details: Registered Charity Number: 1165396 Charitable Incorporated Organisation Company Number: CE005312 (England and Wales) Principal Address: Trevassack Lake, Garras, Helston, Cornwall, TR12 6LH Auditors: TC Group, Vivian House, Newham Road, Truro, Cornwall, TRI 2DP Bank: Lloyds Bank Group, 25 Gresham Street, London, EC2V 7HN Solicitors: Murrell Associates LLP, 14 High Cross, Truro, Cornwall TRI 2AJ Trustees: Mr M Barlow Chairman (resigned Ioth June 2025) Mr S J Staughton (appointed Chair 10th June 2025, resigned 27th January 2026) Mrs C Green (appointed Chair 28th January 2026) MrTMCGreen Mr S P Watson Mr C R Trafford (appointed 1st October 2024) Mr R C Ackland (appointed 2, December 2025) Mr R Brook (resigned Ilth February 2025) th Ms J D Holt (resigned 30 September 2025) Mr D Bickford (appointed 24th June 2025, resigned 7th December 2025) Mrs J L Wood (resigned 23, December 2025) th Mrs L Norfolk (resigned 27 January 2026) (V CST Children's Sailing Trust Report of the Trustees for the 18-Month Period Ended 30th April 2025 Statement of the Trustees, Responsibilities The Trustees are responsible for preparing the Report of the Trustees and the financi31 statement5 in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Pr3Cticel 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 Charitie5 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;, - obseNe the methods and principles in the Charity SORP- - makejudgements and estimates that are reasonableand prudent. prepare the financi31 statements on the going concern basis unless It is inappropriate to presume that the charity will continue in business. The tru5tee5 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) Regulation5 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 pr *•.Md and other irregularities. Approved byorder ofthe board ofTrustees on.. d signed on its behalf by: 16 CHILDREN'S SAIUNG TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CHILDREN'S SAILING TRUST Oplnlon We have audited the financlal statements of Chlldren's Salling Trust (the 'parent charitrfl for the period ended 30 Apr51 2025 which compTi5e the con501idated statement of flnat)clal attivities, the consolidated and parent statement of financial position, the consolidated statement of cash flows and note5 to the consolldated financial statements, Sncludln8 slgnificant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard5, including Flnancial Reportlng Standard 102 The Financial Reportlng Standard applicable in the UK and Republit of Ireland (United Kingdom Generally Accepted Accounting Prè¢ticel. In our opinlon, the financial statements.. Sve a trtse and fair view of thè state of the parent charity's affairs as at 30 April 2025 and of its incomin8 resources and applicatlon of resources, for the perlod then ended.- have been properly prepared In accordance with United Kingdom Genèrally Accepted Accountin8 Prartice,. and have been prepared In accordance with the requirements of the Charltles Act 2011. Basls for oplnlon We conducted our audlt in accordance wlth International Standarils on Auditing IUKI IISAS IUKII and appli¢able law. Our responsibilities under those standards are further descrlbed In the Auditor's responslblllties for the atsdlt of the financial statements settion of our report. We are Independent of the Charity in accordance with the ethlcal requlrements 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 obtalned Is sufflcSent and appropriate to provide a basls for our oplnion. Concluslons relatln8 to goSng concern In audltin8 the financial statements, we have concluded that the Trustees use of the golng concern basls of accounting In the preparatlon of the financial statements Is approprlate. Based on the work we have performed, we have not Identlfled any materlal uncertaintie5 relatin8 to events or conditions that. Indlvidually or collectively. may cast significant doubt on the Charlty's ability to continue as goln8 concern for a perlod of at least twelve months from when the flnancial statement5 are authorised for Sssue. Our re5pon51bilitie5 and the responsibi1Sties of the trustees with respect to going Concern are described in the relevant Sections of this report. Other Informatlon The other Snformation comprises the Information included in the. annual report other than the financial statements and our auditor's report thereon. The trustees are responslble for the other information contained within the annual report. Our opinlon on the financial statements does not cover the other Informatlon anil we do not express any form of assurance concluslon thereon. Our responsibslity 15 to read the other information and, in dolng so, tonsider whether the other information is materially inconsistent wlth the financlal Statements or our knowled8e obtained In the course of 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 thls gives rise to a material misstatement in the financlal 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. 17- CHILDREN'S SAIUNG TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF CHILDREN'S SAILING TRUST Matters on whlch we are requlred to report by exceptlon We have nothing to report in respett of the followlng matters in relation to which the CharStles (Accounts and Reports) Regulations 2008 require u5 to report to you If, in our opinion.. the informatSon glven in the flnanclal statement5 Is inconslstent In any material respect with the Trustees report.. or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records,. or we have not received all the informatlon and explaftations we require for our audlt. Re5ponsSbllltSes of trustees As explained more fully in the statement of Trvstees responsib51ities, the trustees are responsSble for the preparatlon of the financial statement5 and for being satisfied thai they give a true and fair view, and for such internal control as the trvstees determine is necessary to enable the preparatlon of financial statements that are free from material mlsstatement. whether due to fraud or error. In preparing the financial statement5, the trustees are responsible for assessing the Charity's abllity to continue as a going concern, disclosing, as applicable, matters relatèd to goinÉ concern and using the going concern basi5 of accountlng unless the trustees either Intend to cease operatlons, or have no reallstlc alternative but to do so. Audltor's responslbllltles for the audlt of the flnanclal statements We have been appolnted as auditor under section 144 of the Charltles Art 2011 and report Sn accordance with the Act and relevant regulatlons made or having effect thereunder. Our objectSves are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an audStor'5 report that includes our oplnion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted In accordance with ISAS IUKI will always detect a material misstatement when It exlsts. Mlsstatement5 can arise ffom fraud or error and are consldered material if, indlvidually or In the aggregate, they could reasonably be expected to Snfluence the economlc declslons of users taken on the basls of these flnancial statements. The extent to which our procedures are capable of detectln8 Irregularities, including fraud, is detaSled below. The oblertives of our audit, in respert to fraud, are.. to Identify and assess the risks of material mlsstatement of the financlal statements due to fraud; to obtain Sufficient appropriate audlt evidence regarding the assessed rlsks of material misstatement due to fraud. through designing and implementlng approprlate responses,. and to respond appropriately to fraud or Suspected fraud Identified during the audit. However, the primary responsibility for the prevention and detertion of fraud rests wlth both those charged wlth governance of the entity and Its management. 18- CHILDREN'S SAIUNG TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED} TO THE TRUSTEE5 OF CHILDREN'S SAILING TRUST Otjr approach wa5 as follows: We identlfled areas of law5 and regulatlons that could reasonably be expected to have a materlal effett on the finèncial statements from our general commercial and sertor experience, and through di5CtJssion with the trustees and other management las required by auditing standardsl, and dlscussed with the trustees and other management the policie5 and procedures regardlng compliance with laws and regulation5', We considered the le8al and regulatory framework5 dlrectly applicable to the flnanclal statements reportlng framework ICharitie5 SORP FRS 102 and the Charities Act 20111 and the relevant tax compliance regulation5 in the UK,. We ¢onsidered the nature of the sector in which the charity operates, the control environment and charlty performance, includSn8 the key drivers for management's remuneratlon; We communicated identifled laws and regulations throughout our team and remalned alert to any inilications of non-compliance throughout the audit,. We consldered the procedures and controls that the Charity has e5tabllshed to address ri5k5 identified, or that otherwise prevent, deter and detect fraud,. and how senlor management monltors those programmes and controls, Based on thls under5tandlng we designed our audlt procedures to identify non-compliance wlth such laws and regulatlons. Where the risk was ¢on5idered to be hlgher, we performed audlt procedures to addre55 each identified fraud risk. These procedures Included.. testing manual journals. reviewing the fSnanclal statement disclosures and testing to supporting documefitation., performin8 analytical procedure5; and enquiring of management, and were designed to provlde reasonable assurance that the financlal statements were free from fraud or error. Owlng to the inherent limStatlon5 of an audit, there is an unavoidable risk that we may not have detected some material m155tatements in the financial statÈment5, even though we have properly planned and performed OLir audlt In accordance with auditing standards. For example, the further removed non-compliance with laws and regulations lirregularltlesl is from the events and transactions reflected in the financial statements- the less Ilkely the inherently limited procedures required by auditing Standards would identify it. The risk is also greater regarding Srregularities occurring due to fraud rather than error, as fraud involves Intentional concealment, for8ery, colluslon, omlsslon or misrepresentation. We are not responslble for preventing non-compllance and cannot be expected to detect non-compliance wlth all laws and re8ulatlons. A further descrlption of our responslbilitie5 is avallable on the Financlal Reporting Council's webslte at.. https'./l www.frc.org.uklauditorsrespons5bllities. This description forms part of our auditor's report. Use of our report Thi5 report is made solely to the charity's trustees, a5 a body, in accordance wlth part 4 of the Charltles (Accounts and Reports) Regulations 2008. Our audit work has been undertaken 50 that we mlght State to the charity's trustees those matters we are required to State to them in an auditor'5 report and for no other purpose. To the fullest extent permitted by law, we do not accept or assumè responsibilsty to anyone other than the charity and the charlty's trustees as a body, for our audit work, for this report, or for the opinions we have formed. 19- CHILOREN'S SAIUNG TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED} TO THE TRUSTEES OF CHILDREN'S SAILING TRUST James Pearce (Senior Statutory Auditor) for and on behalf of TC Group Chartered Accountants Statutory Auditor Vivian House Newham Road Truro Cornwall United Kingdom TRI 2DP TC Group is eligible for appointment'as auditor of the Charity by virtue of its eligibility for appointment as audltor of a company under section 1212 of the Companies Act 2006. 20- CHILDREN'S SAILING TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED30APRIL 2025 Unre5trlct•d R95trlrted funds funds 2025 2025 Total Unrestrltted Restrlited funds funds 2023 2023 Total 2025 2023 Notes Income and endowments from: Donations and 5egacies Charitable activities Othei tradlng artlvities Investments Other Income 480,791 68,714 656,252 17,644 2,478 168,776 649,567 68,714 656,252 17.644 2.478 130,644 56.136 422,824 6,568 4,470 42,230 172,874 56,136 422,824 6,568 4,470 Total Income 1,225,879 168,776 1,394,655 620,642 42,230 662.872 Expendlture on: Raising fund5 harit ble RaSsing Funds On the Water Trevassack Lake 646,139 646,139 309.042 309,042 83.573 131.316 191,398 1.208 39,166 190,402 84.781 170,482 381,800 49,046 70,343 122,133 1,362 17,193 135,918 50,408 87,536 258,051 Total charltable expendlture 406,287 230,776 637,063 241,522 154,473 395,995 Total expendlture 1,052,426 230,776 1,283,202 550,564 154,473 705.037 Net Income/lexpendltur•l 173,453 162,0001 111,453 70,078 1112,2431 142.1651 Transfers between funds 194,9901 94,990 6,761 16,7611 Net movement In funds io 78,463 32,990 111,453 76,839 1119,0041 142,1651 Reconclllatlon of funds: Fund balances at l November 2023 358,930 3,426.876 3,785,806 282,091 3,545.880 3,827,971 Fund balances at 30 Aprll 2025 437,393 3,459,866 3,897,259 358,930 3,426,876 3,785.806 The statement of financial actSvStles Includes all 8ains and losses recognlsed in the year. All income an expenditure derlve from contlnuing activltles. 21 CHILDREN'S SAILING TRUST CONSOUDATED STATEMENT OF FINANCIAL POSITION ASA T30 APRIL 2025 2025 2023 Notes Flxed assets Property, plant and equipment Investment5 14 15 3,521,221 3,553,273 3,521,221 3,553,273 Current assets Stock Trade and other Tecelvables Cash at bank and in hand 16 17 1,173 103,848 700,919 69,395 511,263 805,940 1337,9931 580,658 1170,9311 Current Ilabllltle$ 20 Net current assets 467.947 409,727 Total as$et$ less Current Ilabllltles 3,989,168 3,963,000 Non-current Ilabllltles 21 191,9091 1177,1941 Net assets excludlng penslon Ilablllty 3,897,259 3.78S,806 Net assets 3.897.259 3,785,806 The funds of the Charlty Restritted income funds Unrestricted funds 23 24 3.459.866 437,393 3,426,876 358,930 3,897,259 3,785,806 The financial statements were approved by the trustees on . 2oZ£ Mr5. Coralie Green - Trustee 22- CHILDREN'S SAIUNG TRUST CHARITY STATEMENT OF F114ANCIAL POSITION AS A T30APRIL 2025 2025 2023 Notes Flxed assets Property. plant and equlpment Investments 14 Is 3,521,221 3,553,273 3,521.222 3.553,274 Current assets Trade and other receivables Cash at bank and in hand 17 50,462 583.902 176,576 321,934 634.364 1165,2421 498,510 186,3181 Current Ilabllltles 20 Net current assets 469,122 412,192 Total assets less current Ilabllltles 3,990,344 3,965,466 Non-current Ilabllltles 21 191,9091 1177,1941 Net assets excludlng penslon Ilablllty 3,898.435 3,788,272 Net assets 3,898,435 3,788,272 The funds of the Charlty Restrlcted income funds UnrestrSded funds 23 24 3,459,866 438,569 3,426,876 361,396 3.898.435 3,788,272 The financial statements were approved by the trustees on Mrs. Coralie Green - Trustee -23- CHILDREN'S SAIUNG TRUST CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED30APRIL 2025 2025 2023 Notes Cash flow$ from operatlng actlvltles Cash generated fromllabsorbed byl operations 443,353 15,9051 Investlng actlvltles Purchase of property. plant and equipment Proceed5 from disposal of property, plant and equlpment Investment Income recelved 1181,4471 141,8221 3,415 17,644 4,550 6,568 Net cash used In InvestlnB actlvltle5 1160.3881 130,7041 Flnancln8 artlvltles Repayment of borrowin8S Repayment of bank loans Payment of flnance leases obll8atlons 181,3791 19,4331 12,4971 119,4551 15,7651 4,440 Net cash used In flnancln8 actlvltles 193,3091 120,7801 Net In¢reaselldecreasel In cash and cash equlvalents 189,656 157,3891 Cash and cash equivalents at be8lnning of year 511,263 568,652 Cash and cash equlvalents at end of year 7C(fr,919 511,263 24- CHILDREN'S SAILING TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30APRIL 2025 countln8 pollcles Charlty Infomiatlon The charSty is a public benefit entlty and is constltuted as a Charitable Incorporated Organisation. 1.1 Ac¢ountlng conventlon The financial statements have been prepared in accordance with the Charlty's18overning documentl, the Charitles Art 2011, FRS 102 'Yhe Financial Reporting Standard applicable in the UK and Republlc of Ireland" I"FRS 102,1 and the Charitles SORP "Accounting and Reporting by Charities.. Statement of Recommended Prartice applicable to charities preparlng their accounts in accordance with the Financial Reporting Standard pplicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191. Thè Charlty Is a Publlc Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functlonal currency of the Charlty. Monetary amounts In these financial statements are rounded to the nearest £. The financial statements have been prepared under the histo¥ical cost convention. The principal accounting pollcles adopted are set out below. Ba515 of consolldatlon These financlal statements con5011date the results of the Charity and its wholly owned subsSdiary, CST Trading C.l.C. on a line by line basis. All intra-group bèlances. transactions, income and expenses are eliminated on consolidation. The consolidated account5 are prepared using uniform accounting pollcles. 1.2 Goln8 concern At the time of approvlng the financial statements. the trustees have a reasonable expectatlon that the Charity ha5 adequate resources to continue in operational exlstence for the foreseeable future. Thus the trustees contbnue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use at the dls¢retlon of the trustee5 In furtherance of thelr charltable oblectives. Restrlcted funds are Subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out In the notes to the financial statements. 1.4 Income Income from donations and grant5 is recognised in the Statement of Financlal Activities once the charity has entltlement to the fund5, It Is probable that the income will be received and the amount can be measured reliablv. Income from 8rant5, includSn8 government grants, Is recognised when the charlty has an entltlement to the funds and any condltlons to the 8rants have been met. Where performance conditions are attached to the grant and are yet to be met the income Is recognlsed as a liabillty and included In the balance sheet as deferred income to be released. Income from tradlng actlvltles Including holiday courses is recogni5ed on the basls of when the service Is delivered 26- CHILDREN'S SAIUNG TRUST NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 APRIL 2025 Accountln8 poll¢les Donated fSxed a55ets are also recognlsed once the Charity has entltlement to them, it is probable they will be received and thelr value can be rellably measured. Valuatlon of assets 55 provlded by the trustees. The vèlue of servitÉs provlded by volunteers has not been included. 1.5 Expendlture Liabilltles are recogni5ed 85 expenditure as soon as therels a legal or constructlve obligation committing the charity to that expenditure. St Is probable that 3 transfer of economic benefits will be requlred in settlement and the amount of the obligation can be measured reliably. Expenditure Is accounted for on an accruals basis and has been cla5slfied under headings that a8gre8ate all cost related to the category. The objects of the charlty are to advance the education of and to provide recreational and leisure facilities for youn8 people (without limitatlonl through the provlslon of sallin& and othei artivities. removlng anv barriers to participation, in order to develop their physical, mental and spiritual capacities 50 that they mav grow to full maturlty as confident individuals and members of their community. Where costs cannot be attributed to particular headings, they have been allocated to artivities on a basls con51Stent with the use of resources and staff time as follows.. 2025 30% 30% 40% 2023 24% 36% 40% Raising donatlons On the water Treva55ack Lake Where support costs are not allocated dlrectly to a particular artlvlty, they are allocated on the same basis a5 above. 1.6 Property. plant and equlpment The c05t of tangible fixed assets is their purchase cost, together wlth any incldental expenses of acquisltlon. The charity's poll¢y Is to depreciate the c05t of an 355et less its resldual value over the uselul economlc life of that asset, using the followSng rates.. Freehold Land Plant and equlpment Flxtures and fittln85 Computer Equipment Not Depreciated IO% on Cost 33% on cost, 20% on costs and IO% on cost 33% on cost Tanglble Pixed assets are shown at cost. Only item5 above £500 are capltalised. 1.7 St¢xks Stocks are stated at the lower of cost and estimated selllng prSce less costs to complete and sell. Cost ¢omprises direct materials and, where applicable, direct labour costs and those overheads that have been Incurred in brin8ing the stocks to thelr present location and condition. Stocks held for distribution at no or nominal conslderatlon are measured at the lower of cost and replacement cost. adjusted where applicable for any loss of servlce potential. 26- CHILDREN'S SAILING TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30APRIL 2025 Accountlng pollcle5 1.8 Flnanclal Instrument$ The Charity has elected to apply the prov15ions of Section 11 'Basic Fln3n¢ial Instruments, and Sectlon 12 'Other Financlal Instruments Issues, of FRS 102 to all of it5 financial instruments. Financial instruments are reco8ni5ed in the Charlty's balance sheet when the Charity become5 party to the contractual provisions of the Instrument. 8oslcAlnan¢lol ossets Basic financial asset5, which Include trade and other debtor5, are initially measured at transactlon price including transaction cost5 and are subsequently carried at amortised cost usSng the effectlve Interest method unles5 the arrangement constltutes a financing transaction, where the financlal asset is measured at the present value of the future recelpts discounted at market rate of Interest. Flnanclal assets, other than those held at fair value through profit and loss, are a$5e55ed for indicators of impairment at each reportlng end date. Financl31 assets are impaired where there is objectlve evldence that, as a result of one or more eversts that occurred after the Snltlal recognition of the flnanclal asset. that the future cash flows have been affected. If an asset Is Impalred, the impairment105S IS the difference between carrying amount and the present value of the estlmated Cash flows discounted at the asset's original effertive Interest rate. The impalrment loss is recognised in profit or loss. Baslcfinanclalllabllltles Basic financial liabilities, including trade, other credStors, bank loans, other loans and hlfe purchase Ilabillties, are initially recognised at transaction prlce unless the arrangement constltutes a fSnanclng transaction, where the debt Instrument is measured at the present value of the fLbture payments dlscounted at a market rate of interest. Debt Instruments are subsequently carried at amort15ed c05t, usln8 the effective Interest rate method. Flnanclal 1Sabllltles are derecognised when, and only when, the charity's contractual obligation5 are dlscharged, cancelled, or they explre. 1.9 Taxatlon The charlty is exempt from tax on its charitable activities. 1.10 Employee beneffts The costs of short-term employee beneffts are recogni5ed as a liability and an expense. The cost of any unused holiday entltlement 15 recognlsed In the perlod In whlch the employee'5 servlces are receSved. Termlnatlon benefits are recognised immediately as an expense when the company 15 demonstrably commltted to terminate the employment of an employee or to provide termlnatlon beneflts. 1.11 Retlrement benefits The charity operates a defined contributlon penslon scheme. Contribution5 payable to the charlty's penslon scheme are charged to the StatÈment of Flnancial Artivltie5 in the period to which they relate. 27- CHILDREN'S 5AIUNG TRUST NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENOE030 APRIL 2025 Crltlcal accountlng estlmates and Judgements In the application of the Charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carryin8 amount of assets and118bilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historlcal experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Key 50ur¢es of estlmatlon uncertaSnty Useful Economlc Ilfe of tanglble fixed assets The charity makes an estimate for the useful economlc Ilfe of tanglble flxed assets taking into account the age, condition, residual value and the expectations for the usage of each class of asset and applies a policy to charge depreciation on a systematlc basis over that useful life, taklnÈ into a¢count any impalrment that has been Identified. CrStlcal Jud8ements The trustees do not believe there are any crStlcal Judgements that have been made in applylng the charitles, accounting pollcles. In¢ome from donatlons and le8a¢les Unrestrlrted Restrlrted funds funds 2025 2025 Total Unrestrlcted Restrlrted funds fund5 2023 2023 Total 2025 2023 Donations and gSft5 Gift Aid Grants 439,977 37.174 3,640 107,407 3,519 57,850 547,384 40,693 61,490 125,396 5,248 29,056 3,174 10,000 154,452 8,422 io,c O ¢1 Q t4) CO Ln In LD w r4 ty) r>) CHILDREN'S SAILING TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30APRII 2025 Support ¢0Sts allocated to actlvltles 2025 2023 Staff costs Depreciation Rates & Water Telephone Postage & Stationery AdvertisSng Mileage & Travel RecruStment Tralnlng IT Costs Bank Charge5 Interest Paid Governance costs 206,981 111,954 385 34,797 2,679 1,240 749 289 315 7,089 2,598 798 6.315 7,2 57,244 3,488 1,331 479 7,125 1,023 3,777 8,403 1,301 7,873 14,950 313,975 176,408 Analysed betweèn: Raising Funds On the Water Trevassack Lake 78,214 81,157 154,604 46,261 39,530 90,617 313,975 176,408 10 Net movement In lund$ 2025 2023 The net movement in funds Is stated after chargingllcreditingl: Fees payable for the audlt of the charity's financial statements Fee5 payable to the charity's auditor for the trading subsidlary accounts Depreciation of owned property, plant and equipment Profit on dlsposal of property, plant and equipment 9,500 4,509 212.562 12,4781 7,200 1.250 133.160 14,4701 11 Trustees There were no trustees, remuneratlon or other benefits for the year ended 30 AprS12025 nor for the year ended 31 Ottober 2023. Trustees, expenses There were expenses pald to the value of £206 for the year ended 30 April 2025 3nd £459 for the ye8r ended 31 October 2023. 33. CHILDREN'S SAILING TRUST NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30APRIL 2025 12 Employees The average monthly number of employees during the year was: 2025 Number 2023 Number Administration & Support 28 17 Employment costs 2025 2023 Wages and salarie5 Social security costs Other pension costs 648.150 46,485 15,216 327.999 21,818 8,220 709.851 358,037 There were no employees whose annual remuneratlon was more than £60,000. Remuneratlon of key management personnel The remuneratlon of key management personnel wa5 as follows.. 2025 2023 A88re8ate compensatlon 80,099 50,573 13 Taxatlon The charlty Is exempt from taxation on its actlvltles because all its income 55 applieil for charltable purposes. CHILDREN'S SAIUNG TRUST NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS {CONTINUEDI FOR THE YEAR ENDED30APRIL 2025 14 Property> plant and equlpment- group and charlty FI￿hOld Land Plantand e4ulpmeDt Flthre54nd flttinK5 Comp￿er Equlpm¢nt Cost At l November 2023 Additions Dlsposals 3,359,381 31,934 267,059 88,238 16,2451 300,128 56,690 4,443 3,931,011 4,583 181,445 16,2451 At 30 April 2025 3,391,315 349,052 356,818 9,026 4,106,211 Depreclatlon and Impalrment At l November 2023 Depreciation charged in the year Ellmlnated in respect of disposals 104,007 78,568 134,084 48,937 15,3101 135,204 83,815 4,443 1,242 377,738 212,562 15,3101 At 30 April 2025 182,575 177,711 219,019 5,685 $84,990 Carrylng amount At 30 April 2025 3,208,740 171,341 137,799 3,341 3,521.221 At 31 October 2023 3,255,374 132,974 164,924 3,553,273 15 Flxed asset Investments- charlty only Other In¥e5tments Cost or valuatlon At l November 2023 & 30 April 2025 Carrylng amount At 30 April 2025 At 31 October 2023 2025 2023 Other Investments comprSse'. Notes Investments in svbsldlarles 26 35- CHILDREN'S SAILING TRUST NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30APRIL 2025 16 Stock-group only 2025 2023 Stock of raw materials and consumables 1,173 1,173 17 Trade and other recelvables Amounts fallln8 due wlthln one year: 2025 Group 2025 CharSty 2023 Group 2023 Charlty Trade recelvables Amounts owed by subsidlary undertaklngs Other receivables Prepayments and accrued income 58,162 5,458 60,986 5,602 163,751 5,890 1,333 35,358 10,328 35,358 9,646 5,890 2,519 103.848 50,462 69,395 176.576 18 borrowlngs- Broup and charlty 2025 2023 Bank loans Other loans 34,585 75,555 44,018 156,934 110,140 200,952 Payable wlthln one year Payable after one year 18,370 91,770 26,533 174,419 Bank loan5 ￿late to a Bounce Back Loan for the sum of £50,IJ)O at an Interest rate of 2.5% per annum lfixedl over a loan term of 72 month with the flrst 12 months, payment5 covered by the government. Other loans Comprlse of loans from a number of supporters of the charSty, which were put in place to raise funds the purpose of funding the development work at Treva55ack Lake. The loans are unsecured and carry Interest at 3% pei annum over a period of 9 years CHILDREN'S SAILING TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED30APRIL 2025 19 Flnance lease obll8atlons- 8roup and charlty Future minimum lease payments due under finance leases.. 2025 2023 WSthln one year Wlthin two and five years 1,804 139 1,665 2.775 1.943 4.440 The hire purchase Ilabllity relates to a 3 year agreement at an interest rate of 8.5%. 20 Credltors: amounts fallln8 due wlthln one year 2025 Group 2025 Charlty 2023 Group 2023 Charlty Notes 18 19 Bank loans Obligations under finance leases Other borrowlngs Other taxation and Social security Trade payables Amounts owed to subsldlary undertakings Other payables Accrua15 and deferred Income 6.287 1,804 12,083 49,858 27,619 6,287 1,804 12,083 3,809 22,068 6,288 1.665 20,245 27,673 10,624 6,288 1,665 20,245 2,956 5,983 46,384 3,453 69,354 3,453 236,889 708 48,473 103,728 337,993 165,242 170,931 86,318 21 Non-current IlabllltSes- group and charlty 2025 2023 Notes Bank loans Obligations under finance leases Other borrowln8S 17 18 28,298 139 63,472 37,730 2,775 136,689 91,￿9 177,194 -37- CHILDREN'S SASLING TRUST NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS ICONTINUEO} FOR THE YEAR ENDED 30 APRIL 2025 22 Retlrement beneflt s¢heme5 2025 2023 Deflned contrlbutlon schemes Charge to profit or loss in respect of defined contributlon schemes 15,175 8,220 -38- CHILDREN'S SAIUNG TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED30APRIL 2025 23 Rostrfcted funds The restricted fund5 of the charlty comprlse the unexpended balances of donations and grants held on trust subject to specific conditSons by donors as to how they may be used. Atl November 2023 IncomSng resources Resources expended Transfers At 30 Aprll 2025 Other Boat & Equipment Fund Toyota Passport Fund Grant Sam Chamberlaln- Prlze Fund Trevassack Lake Chandlery Fund SEND Sallin8 Fund Youth Club (Trinity House) BTuce Wake CeSllng HoSst TL Activity Equipment Peter Harrlson Foundatlon Sports Founilation for Disabled The Natlonal Lottery Comfftunity Fund Cornwall Community Foundation Jonathan Thornton EUV Fund Worth Waynflete Foundation LuggeT Fund The Hargreaves Foundatlon Cornwall Councll Communlty Infrastrurture Lewy Fund The Marks Benevolent Fund Can￿1n10n Boat House 23,041 67.250 110.9271 121.1811 16011 13981 1156,8251 15601 110.8061 14,0061 1901 11.2901 14.3291 13,2871 5,000 20,IJJo 17,115 109.671 2.496 3,800 3,184,173 1,306 15,803 1.115 2,790 1,290 15,460 7,691 43,602 3,097 4,198 3,267,288 1,866 26.609 5,121 2.880 2,581 19,789 10,977 3,720 69,990 13,476 12,0241 11,453 820 2.734 7,638 10,316 3,884 820 2.683 5,097 8.686 521 2,856 12.9081 12.5411 11.6301 13,3631 50,250 12,159 9,500 50,250 8,148 9,500 14,0111 3,426,876 168,776 1230,7761 94,990 3,459,866 -39- CHILDREN'S SAILING TRUST NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30APRIL 2025 23 Restrlcted funds Prevlou5 year.. Atl November 2022 Incomlng resour¢e$ Resour￿$ expended Transfers At 31 October 2023 Other Boat & Equipment Fund Toyota Passport Fund Grant Sam Chamberlaln- Prize Fund Treva55ack Lake Chandlery Fund SEND Sall*ng Fund Youth Club ITrinity House) 8ruce Wake Ceiling Hoist TL Activity Equipment Peter Harrison Foundation Sports Foundation for Disabled The National Lottery Community Fund Cornwall Community Foundation Jonathan Thornton EUV Fund Worth Waynflete Foundatlon LL*gger Fund The Hargreaves FoundatSon 1601 19.3371 13671 11181 1112,2221 13731 1601 43,602 3,097 4.198 3,267,288 1,866 26.609 5.121 2,080 760 15,567 16,031 52,939 3,464 4,316 3,365,055 2.239 42.389 13,422 2,940 3,441 22,470 17,880 14,455 115.7801 15,4361 12,8651 18601 12,6811 16,9031 11,8491 15,325 15,325 10,000 4,620 12,000 11,250 4,360 19,1801 11,8861 14,3621 19341 14761 820 2,734 7,638 10,316 3,884 3,545,880 42,230 1154,4731 16,7611 3,426.876 CHILOREN'S SAILING TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30APRIL 2025 23 Restrlcted funds Boat and Equlpment Fund This fund repre5entS 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 charltable attivity'on the water costs,. Toyota Para5POrt Fund Grant This fund represents a 8rant from Toyota Parasport for the purchase of myltl-person Stand Up Paddleboards. The purchase of these paddleboards wa5 made during the year. Sam Chamberlaln- Prlze Fund Thls fund represents a donation from the family of Sam Chamberlaln to enable trophies and certificates to be Issued to the chllilren that take part. Trevassack Lake Fund This fund represents donatlons 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. Helf¢fd Vlllage Changlng Rooms Thls fund represents donations for the provision of changSn8 rooms at Helfoid Village. Chandlery Fund This fund represents donation5 for boat repairs and maintenance. SEN Fund This fund represents donatlons for the training of disabled children and children wlth special educatlonal needs. 2021 Salllng Thls fund represents donations for school sailing lessons in 2021. Youth Club This fund represents donations for the training of the YoL¢th Salllng Group and Race Group. Bruce Wake CellSng Holst ThSs fund represent5 a 8rant contrlbution towards the Installation of a celling holst and changlnÉ bench in the Learning Centre changlng room at Trevassack Lake. Bursary Fund This fund represents a donation Biven with the desire to see a Bursary Fund set up and expanded over the years to fund holidays and actlvStles at Trevassack Lake. EKF Treva55ack SallSng This fund represents a donation from Emmanuel Kaye Foundation towards SEND watersports tuition at Trevassack Lake. 41 CHILDREN'S SAILING TRUST NOTES TO THE CONSOUDATEO F5NANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30APRIL 2025 23 Restrlcted funds Trevassack Lake Accommodatlon Equlpment Thls fund represents donatlons received Specifically to purchase atcessibility equipment for three fully- accessible hollday houses at Trevassack Lake. Treva55ack Lake A¢tlvlty Equlpment This fund represents donations for the pu¥chase of a Hereford Hoist from Bruce Davis Trust and The Hedlev Foijndatiot). Chrlstmas @ TL 2021 This fund represents donatlons received 5peciflcally for the Chr55tmas event held in 2021. Peter Harrlson Foundatlon This fund represents a grant from Peter Harrlson Foundatlon for the purchase of enhancements to the facilities at the Treva553ck Lake Centce. The purchase of an automatic barrler. CCTV system and blinds were purchased In the year. Sports Foundatlon for Dlsabled This fund represents a grant from Sports Foundation for the Dlsabled for the purchase of speclalist equipment, watersPOrt5 experSences and to create a bursary. The purchase of waterwheels wheelchairs and l..1 watersport5 experlen¢e5 were made during the year. The Natlonal Lottery Communlty Fund Thls fund represènts a grant from The Natlonal Lottery Communlty Fund Specifically for works completed to the beach at Trevassack Lake Cornwall Communlty Foundation Thls fund represents a grant from the Cornwall Community Foundation for residentlal stays and woter. sports activSties, and attivity days. offering bereaved young people the chance to meet others and share their experiences, and help aid their recovery Jonathan Thornton EUTV Fund This represents fund5 received from Jonathan Thornton relating to the flnance of the Club Car which Is belng paid for in In5talments Worth Waynfleté Foundatlon Thls fund represents a grant received from The Worth Waynflete Foundation to fL*nd new volunteer training and volunteer refresher trainlng Lugger Fund This fund represents donations received specifically for the purchase of a Drascombe Lugger to enable less able individuals access to sailing. Har8reaves Foundatlon Fund This fund represents a grant received from The Hargreaves Foundation to 5UPPOrt a salling programme for the Three BrSdges Education Centre. -42- CHILDREN'S SAIUNG TRUST NOTES TO THE CONSOUDATED FINANCIALSTATEMENTS ICONTINUEDI FOR THE YEAR ENDED30APRIL 2025 23 Restrlcted funds Canvlnlon Boat House This fund represent5 donatlons recelved from the Cornwall Communlty Foundatlon towards the repairs of the Carwinion Boat House. Duchy Health Fund This fund represents donations recelved from the Duchy Health Charlty towards the Sailin8 for all project and towards the purchase and installatlon of a hoist. The Marks Benevolent Ftsnd This fund represent5 a 8rant received from The Marks Benevolent Fund for the purchase of a special hoist. Cornwall Marlne Network Thls fund represents a grant recelved from Cornwall Marlne Network to develop and run 4 x I day learnlng events with local school students. The events are to bring school students who operate outside of stand3rd education and are offerin8 mental health, confidence, teamwork and employabS1Sty sessions. CIL Fund Thls fund represents a grant received from the Cornwall Council Community Infrastrutture Levy Fund to Develop infrastructure on the far 'South Bank, shoreline at Trevassack Lake which will allow for an increased provision of inclusive services to chlldren and young people thereby increaslng opportunltie5 to take part in physical activities, helpin8 to improve mental health, learning and outcome5. Good Grovrth Fund This fund represents a grant received from the Cornwall Council Good Growth Fund for the purchase of equipment. -43- CHILDREN'S SAILING TRUST NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS ICONTINUEOI FOR THE YEAR ENDED 30APRII 2025 24 Unrèstrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donatlons and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been Set aside OL¢t of unrestrStted funds by the trustees for specific purpose5. Atl November 2023 Incomlng resources Resources expended Transfers At 30 Aprll 2025 General Fund Designated 25th Annlversary Dinner Designated Staff Welfare Deslgnated Bursary Fund Designated Kenneth & Susan Green 236,058 1,195,879 11.050.5941 15671 380,776 106,707 8,665 7,500 194.4231 12,284 6,833 7,500 11,8321 30,000 30,000 358.930 1,225,879 11.052.426) 194,9901 437,393 Prevlous ye8r: Atl November 2022 Incomln8 resources ResOu￿e5 expended Transfers At 31 Ortober 2023 General Fund Designated Fund 2023 SaS1Sng Designated 25th Anniversary Dlnner Designated Staff Welfare Deslgn3ted Bursary Fund 143,179 601,753 18,375 1549,2291 40,355 118,3751 236,058 126,412 5,000 7,500 514 120,2191 s,000 106,707 8.665 7.500 11,3351 282,091 620,642 1550,5641 6.761 358.930 CHILDREN'S SAILING TRUST NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 30APRIL 2025 25 Analysls of net asset5 between funds Unrestrlcted funds 2025 Restrlcted funds 2025 Total 2025 At 30 Aprll 2025: Property. plant and equipment Investments Current assetsllliabilitiesl Lon8 term liabSlltles 14,957 3,506.264 3,521,221 450,873 128,4371 17,074 163,4721 467,947 191,9091 437,393 3,459,866 3,897,259 Unrestrl¢tèd funds 2023 Restrlrted fund5 2023 Total 2023 At 31 October 2023: Property, plant and equlpment Investments Current assetsllliabilitiesl Long term Ilabilities 23,743 3,529,530 3,553,273 375,692 140,5051 34,035 1136,6891 409,727 1177,1941 358,930 3,426,876 3,785,806 26 Rèlated party transartlons Total donations of £15,39812023: £6,681) were given to the Charity In the year by trustees. At the year end £13,88912023'. £17,222) of loans were due to the trustees, these are due to be paid back over 10 years with Interest pald quarterly, at a rate of 3% per annum. -45- CHILDREN'S SAILING TRUST 140TES TO THE CONSOUDATED FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR EAIDED 30APRIL 2025 27 Sub51dlarles These fSnancial statements are the cor¢solidated financSal staternents for Children's Saillng Trust and CST Trading C.l.C. Details of the Charity's subsidiaries at 30 Aprll 2025 are as follows: Name of ufidertaklng Reglstered offlce Nature of buslnes$ Cla55 of shares hold % Held Dlrect Indlrect CST Trading CIC Trevassack Lake, Tradin8 Subsidiary Garras, Helston, Cornwall, TR12 6LH Ordtnary loo.00 28 Cash generated from operatlons 2025 2023 Surpluslldeficitl for the year 111,453 142,1651 Adjustments for.. Investment Income recognised in statement of financial activities Gain on disposal of property, plant and equipment Depreciation and impairment of property, plant and equlpment 117,6441 12,4781 212,562 16.5681 14,4701 133,160 Movements in working capital: Decreaselllncreasel In stock Decreasellincreasel in trade and other recelvables Increaselldec¥easel In trade and other payables 11,1731 134,4531 175,086 1148,8301 62,968 Cash generated fromllabsorbed by) operatlons 443,353 15,9051 29 Analysls of changes In not funds Al l No￿r￿￿er Z023 Cash ftvws AI 30Aprll 2025 Cash at bank and in hand 511,263 189,656 700.919 Loans falling due withln one year Loan5 fallin8 due after more than one year Obligatlons under finance leases 126,5331 1174,4191 14,4401 8,163 82,649 2,497 118,3701 191.7701 11,9431 305,871 282,965 588,836 -48-