**Charity registration number 1183562** ## **ROYAL NAVAL SAILING ASSOCIATION** # **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** # **FOR THE YEAR ENDED 31 DECEMBER 2021** ## **ROYAL NAVAL SAILING ASSOCIATION** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|P R Davies|| |---|---|---| ||M Fox|| ||C R Gardner|| ||K Jay|| ||G Jenkins|| ||K Juniper|(Appointed 26 November 2021)| ||G P Marshall|| ||W P Shirley|| |**Charity number**|1183562|| |**Principal address**|Haslar Marina|| ||10 Haslar Road|| ||Gosport|| ||PO12 1NU|| |**Independent examiner**|Frances Wilde FCCA DChA|| ||Warner Wilde|| ||Chartered Certified Accountants|| ||4 Marigold Drive|| ||Bisley|| ||Surrey|| ||GU24 9SF|| |**Bankers**|Barclays Bank Plc|| ||Leicester|| ||Leicestershire|| ||LE87 2BB|| ## **ROYAL NAVAL SAILING ASSOCIATION** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 6| |Independent examiner's report|7| |Statement of financial activities|8 - 9| |Balance sheet|10| |Notes to the financial statements|11 - 30| ## **ROYAL NAVAL SAILING ASSOCIATION** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ The trustees present their annual report and financial statements for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out in note s 1 to 28 of the financial statements and comply with the charity's g overning document, the Charities Act 2011 and "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)". ## **Objectives and activities** The charity's object is t o promote the efficiency of the Royal Navy by: - the provision of facilities and activities for the sport of sailing to improve health and physical fitness and to promote esprit de corps of serving personnel; - promoting the Royal Navy by supporting participation of members of the naval cadet forces. RNSA provides public benefit by assisting Service personnel to perform their roles within the Armed Forces of the Crown more effectively. It does this by providing and supporting sporting activities. This assistance helps equip them with the broad skillsets needed to face the challenges and danger associated with military service by developing and maintaining teamwork, skillsets, fitness, confidence, character, spirit and attitude, and as a result also helps improve morale. Through this work, the Charity promotes the efficiency of the Armed Forces of the Crown by enhancing the Royal Navy’s capability to undertake the roles demanded of it including the defence of the United Kingdom and its interests. Having now completed our second year as a CIO, we can report that the governance and procedures are firmly established. RNSA’s 5-year plan is based on a strategy designed to be ambitious, financially sound and to maximise impact. This crux of the ‘idea’ is to make sailing at whatever level and in whatever form as accessible as possible. The work on grassroots activity has enabled dedicated funding and outreach activity to introduce those new to sailing to our sport. Part of this initiative included the decision to provide free first year membership for all beneficiaries. This along with an energised communications plan, better use of social media and the enthusiasm of the volunteers has resulted in 2021 being a record year (in our 87 years of existence as an Association) for new members joining. The percentage of these new joiners being beneficiaries as opposed to veterans is significantly improved. The first half of the year was constrained to varying degrees by the Covid-19 pandemic. However, RNSA looked to deliver sailing opportunities where this was permitted under the regulations and as the restrictions eased was able to quickly ramp up events. This agility and innovation was important and proved instrumental in generating momentum and attracting participants safely back to sailing. RNSA completes 2021 on a positive and output orientated note. We have attracted a number of commercial partners with shared values, which helps build awareness of our role and also contributes to our endeavours to diversify our income stream. The financial position is sound and fully supports the RNSA 2025 strategy work to build our delivery and impact. Our plans to mitigate the challenges of Covid-19 over the last 18 months or so, have proved largely successful, although more remains to be done, in line with society, to regain many of the pre-pandemic norms. Volunteers and staff are very much up for this challenge. We confirm that we have paid due regard to the Charity Commission for England and Wales’s guidance on public benefit when deciding what activities the charity should undertake. - 1 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **Achievements and performance** The foundation work during 2020 and the early part of 2021 , whilst Covid continued to be a major factor, enabled RNSA to optimise the opportunities available from June 2021. Once initiated , the programme for the year was busy as events were fitted into the time remaining and it was pleasing to see the Watersports Activity Centres (RNSCs) at the Naval dockyards be permitted to operate again making good use of the RNSA assets. RNSA also delivered a new initiative which provided sailing dinghies to 3 warships for their operational deployments and will be looking to develop this further in future years. RNSA’s Sailing Committee consists of volunteers and is responsible for overseeing the sailing programmes across the core disciplines of yachting, dinghies and windsurfing. Sailors may partake in any or all of these disciplines. Indeed we encourage the cross fertilisation of skills, as it strengthens the teamwork and helps share experience with a wider number of participants. Some of the events are run by RNSA, others by the Army or RAF and the remainder by civilian organising authorities. This mix and exposure to a huge variety of sailing formats absolutely underpins our charitable work. The planning generates a tapestry of events to suit beginners as well as the more elite end of the sport. Ultimately it is about the individual benefitting and developing their military attributes. The teamwork and endeavour derived from representing the Royal Navy is huge and success at the more competitive end of the scale reaps rewards just as much as the sense of achievement in learning a new skill. A key part of this work is the management of safety and risk to life which RNSA takes very seriously. Procedures are robust and in place across the planning committee, the Executive Board and the Board of Trustees. The necessary assurance is led by Royal Navy policy, which in turn is subordinate to the UK Armed Forces Sports Board. Safeguarding, risk assessment and risk mitigation are all embedded in RNSA’s procedures. Reaching out at the grassroots level to attract newcomers to the sport of sailing was at the heart of our work in 2021 and is spearheaded under our ‘Sailing Development’ pillar. Royal Naval charities have proved very positive in their support of this work and have on a number of occasions provided funding. The normalising of these pilot schemes is important for next year. RNSA is about making sailing accessible and removing blockers, whether they be social, financial or geographical. Grassroots sailing has a benefit in itself, but it is also pleasing to see many look to the various development pathways to progress to more competitive levels. In 2021 RNSA assesses that it has delivered to 4754 individual Royal Navy Service personnel of which 4233 were at the grassroots level and 521 at the more competitive end of the scale. The split between male and female varies across the different types of sailing but overall is approximately three quarters male. The four Royal Navy Sailing Centres (RNSCs) located in Portsmouth, Plymouth, Faslane and Falmouth, deliver the majority of the volume of our grassroots sailing. The RNSCs run a full programme of dinghy and powerboat courses to ‘get sailors sailing’ and also enable race training as well as often adding the post event social dimension. RNSA provides the sailing and power boats to enable this activity. The total number of events delivered across the programme is estimated to be 256, of which 187 were delivered by the RNSCs. This is a pleasing level noting the constraints endured during the first half of the year. The Royal Navy was operating at a high tempo and managing the impact of Covid-19. This had some consequences for the availability of both volunteers and participants and we see this as a challenge which will continue to dominate the landscape. The 2020 strategy of ‘protect the charity, build resilience and prepare for the future’ bore fruit and allowed output in 2021 to ramp up quickly. Training camps, regattas, taster sessions and the full gamut of delivery vehicles were available by the end of the year, albeit foreign travel was severely restricted. Of particular note was the re-energised partnership with the Andrew Simpson Foundation, that allowed RNSA to deliver sailing opportunities at grassroots level to beneficiaries serving away from the dockyards ports; all of this activity was funded by the Sports Lottery Grassroots Fund. This broadening of accessibility is a notable tenet of RNSA’s ambition and we will be looking to encourage demand throughout the Royal Navy and deliver to that. Capacity was also increased with the commissioning of RNSA’s new yacht, Cutlass which operates out of Portsmouth and enables more of those new to racing yachts to ‘have a go’ alongside the use of Jolly Jack Tar (JJT) the main RNSA race boat. - 2 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ Participation in the Fastnet Race by JJT was a particular success, the seven crew hugely benefitting from a race of a lifetime. Cowes Week was another major event that saw Cutlass and the RNSA’s sport boat Sail Navy (SB20) participating in this famous regatta. RNSA volunteers stepped in where needed to ensure that serving personnel were able to experience this iconic event and enjoy the art of racing. The whole event benefitted from a strong Naval presence (HMS LEDBURY the Cowes Week race guard ship and the Fleet Commander’s Reception, held at the Royal Yacht Squadron). Over the summer, the RNSA team also won the prestigious RYS Commodore’s Invitational Regatta for the second year running. And with club activity permitted again, more RNSA dinghies were chartered for campaigning. Training in match racing, first flight foiling courses, RNSA’s J80 (Jackaroo) sailing in Plymouth, windsurfing training and competitions, were all good examples of delivery resuming at pace. The Annual Meeting was held on 12 March via Zoom, with 125 members in attendance. As in 2020, virtual conferencing was exploited both for the management of RNSA and for the provision of webinars for members. The Annual Journal was published and well received. RNSA benefits from a wide range of volunteers who give up their personal time to help to deliver our Object and promote the charity. Much of this work goes unseen, but is so very critical to RNSA’s output. The Trustees are particularly grateful for their dedication, commitment and energy. The Trustees would also like to acknowledge and thank the members, who via their subscriptions ensure that RNSA is in such a robust and energised position to strive to deliver for its beneficiaries. Finally, the role of the small team of paid staff is recognised and their imagination, hard work and advice is warmly welcomed by the Board. ## **Impact of RNSA’s Work** The trustees and executive have considered in detail how to assess the impact of RNSA against its object. It is very difficult for small, individual military sports associations to directly measure the impact on the efficiency of the Armed Forces resulting from their work. Trustees also agreed that trying to routinely and accurately measure the improvement in aspects such as fitness and health in individuals who take part in sailing activities would be challenging and overly bureaucratic. Accordingly, the Trustees decided to rely on research and information from Royal Navy sports authorities and other sporting bodies about the many health, fitness and other individual benefits that accrue from participation in sport and specifically sailing. Proxy measures on participation rates and types of activity will be the main metric used by RNSA to demonstrate its impact. In addition, annual participant survey data will be used to support the overall assessment of RNSA’s impact. Based on this approach Trustees are satisfied that RNSA is having a real and valuable impact on meeting its object. - 3 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **Financial review** RNSA is in a robust financial position and has emerged from the pandemic (Covid-19) on the front foot, with a balanced budget focused on delivery and impact. RNSA's income was £325,383 and up slightly on 2020. The overall surplus of £188,156 includes the incorporation of the Samuel Woodcock Memorial Trust (SWMT) into RNSA’s accounts (£168,221) and a legacy from Sir Donald Gosling (£20,000). Our investment portfolio performed broadly in line with financial benchmarks with gains of £36,322. The charity’s principal source of income continues to be through membership subscriptions from those who are either still serving or now no longer serving (veterans) in the Royal Navy and the Maritime Reserves. RNSA is grateful to the Royal Naval Charities for their ongoing support to capital expenditure, equipment purchases and for an annual grant towards overheads; along with support for training camps and foreign sport tours and an increasing number of grassroots events. Membership numbers remain robust at c5000 and 2021 saw a record number of new joiners. The trend resulting from a number of initiatives is seeing the balance shifting towards more of these being Serving personnel as opposed to veterans. This is a positive for the charity, although sustaining membership and keeping new joiners over the longer term will be key. In July 2021 the Charity Commission agreed to a change in the Scheme of the SWMT designed to improve efficiency and optimise the use of charitable funding. As a result of this work, the RNSA CIO Trustees are now also the trustees of the Trust. Thus SWMT was brought into RNSA as a permanent endowment of £108,184 with a restricted income element £61,285. The trustees subsequently transferred the Hawk 20 small keelboat out of the Trust and into RNSA to protect the fund from its ongoing running costs. SWMT exists to promote the efficiency of the Royal Navy and Royal Marines by encouraging serving personnel to take part in sailing and in particular competitive sailing. - 4 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ 2021 saw RNSA establish new carefully selected commercial partners that share similar values. These are benefits to members but many also provide direct income to RNSA. Whilst on a relatively small scale, it is nonetheless significant. RNSA continued its work on diversifying its income and in addition to better access to Royal Navy charitable funding, some sponsorship is likely to be in place for 2022. As Covid-19 restrictions were eased, RNSA was able to deliver more activity, although unfortunately still below the pre-pandemic norm. Spending across the 4 key areas of delivery (Dinghies, Yachting, Windsurfing and Sailing Development) totalled £61,497. The trustees have assessed the strategic and financial risks facing the charity and are satisfied that systems are in place to mitigate them. Their focus can therefore be on developing the impact of the charity in line with the 5-year strategic plan (RNSA 2025). RNSA’s close relationship with the Royal Navy is vital as it maintains the strong support of both volunteers and the members. The Navy is very clear on the importance of sport to the delivery of operations and military efficiency. This link with RNSA’s Object is fundamental and one that all involved in RNSA both recognise and relish. ## **Reserves Policy** It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent t o one to two year’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserve has been maintained throughout the year. Investment activities are managed in line with the requirements of the Trustee Act 2000. The Trustees appointed Brooks Macdonald Asset Management Limited as investment managers. RNSA’s investment policy is a low-medium risk approach for maintaining capital and generating a modest income. - 5 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **TRUSTEES' REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **Structure, governance and management** The charity is a Charitable Incorporated Organisation The trustees who served during the year and up to the date of signature of the financial statements were: P R Davies M Fox C R Gardner K Jay G Jenkins K Juniper (Appointed 26 November 2021) S R Lister (Resigned 26 November 2021) C G Loughran (Resigned 19 February 2021) G P Marshall W P Shirley Trustees are appointed by the Board following an interview with the Chair, CEO and one other trustee and supportive recommendations. The Board looks for diversity, a mix of skills, the engagement of participants and a blend of the right skills. Enthusiasm for the Charity’s purpose and identity is key. As the CIO concludes its second year, the Trustees continue to broaden the make-up of the Board and now have 2 ‘participant trustees’. Succession planning is factored into thinking as the organisation continues to develop in maturity and confidence. The Trustees are supported by a CEO and small executive team, who draw on the support of the lead volunteers via an Executive Board. The trustees' report was approved by the Board of Trustees. .............................. ## **P R Davies** Chair of the Board of Trustees Dated: ......................... - 6 - ROYAL NAVAL SAILING ASSOCIATION INDEPENDE￿[ EXAMINER'S REPORT TO THE TRUSTEES OF ROYAL NAVAL SAILING ASSOCIATION l rnpcwi to the trustsas on my examInatic￿ of ts ￿ancIal sla1￿)eThts of Royal Na￿1 saI￿n9 A$8ouation1th8 th8rfty1 lor the year ended 31 December2021. R•$ponslbSlltles and bas1• of rnp A3 lh8 trust8•s of the charity you are re¥F¢n$￿ ￿ the preparat￿￿ of tho final￿￿1 slatom8nts In accord8n¢• wlth tha raqulrements of the Ch8rltlèsAd 2011 (the 2011 Adl. I rsport In respect of my examlnatlon of th& Cha￿￿S financaal s18l¥mants carrled out under section 145 of lh• 2011 Act. In cprrykng o(rt my examinat#)n I have followed the apphcabk Direction8 gr¥en by thè Charfty Commlsslon und8r s•clh)n 14515llbl of the 2011 kt. Inde￿ndent •x•mln•rf• •l•t•m•nt Sir￿* the charftys gro￿ Incomè èxe88d8d £250.000 your examlnor nwst bo 8 mamb8r of a body In sedon 145 of th0 2011 I ccmfimi that l am qualrfle(I to und8rtak• Ihè examlnation b8causg18m 8 rn8m￿r of A￿lattOn of Chart8r•d Certified Act￿ntants, wN¢h 1$ on• ofth• fist•J bc*Jl89. Your attention h drawn lo th• fact that th8 ch•rfty has pr•par¢d finandal 8tatement8 in ac￿rdanC& ￿th Ac￿untInG and Rsporung by Charltles preparfng thelr ¥**Restricted Endowment**
**funds**
**funds**
**funds**
**funds**
**general d esignated**
**2021**
**2021**
**2021**
**2021**
**Notes**
**£**
**£**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
231,891
-
-
-
Charitable activities
**4**
14,060
-
6,167
-
Other trading activities
**5**
26,188
-
-
-
Investments
**6**
7,424
-
999
-
Material other income
-
-
59,038
108,184
Other income
**7**
39,653
-
-
-
**Total income and**
**endowments**
319,216
-
66,204
108,184
**Expenditure on:**
Raising funds
**8**
27,826
-
1,085
-
Charitable activities
**9**
253,331
338
61,754
-
Other
**15**
(2,564)
-
-
-
**Total expenditure**
278,593
338
62,839
-
Net gains/(losses) on
investments
**16**
32,418
-
3,904
-
**Net incoming resources**
**before transfers**
73,041
(338)
7,269
108,184
Gross transfers
between funds
(4,489)
4,489
-
-
**Net movement in funds**
68,552
4,151
7,269
108,184
Fund balances at 1 January
2021
773,080
6,071
484,117
-
**Fund balances at 31**
**December 2021**
841,632
10,222
491,386
108,184|**Total**
**2021**
**£**
231,891
20,227
26,188
8,423
167,222
39,653
493,604
28,911
315,423
(2,564)
341,770
36,322
188,156
-
188,156
1,263,268
1,451,424|**Total**
**2020**
**£**
1,488,902
12,035
21,647
7,827
-
29,960
1,560,371
21,633
297,951
(171)
319,413
22,310
1,263,268
-
1,263,268
-
1,263,268| |Donations and legacies
**3**
Charitable activities
**4**
Other trading activities
**5**
Investments
**6**
Material other income
Other income
**7**
**Total income and**
**endowments**
**Expenditure on:**
Raising funds
**8**
Charitable activities
**9**
Other
**15**
**Total expenditure**
Net gains/(losses) on
investments
**16**
**Net incoming resources**
**before transfers**
Gross transfers
between funds
**Net movement in funds**
Fund balances at 1 January
2021
**Fund balances at 31**
**December 2021**||| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 8 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **Prior financial year** |**Unrestricted Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general d esignated**
**2020**
**2020**
**2020**
**Notes**
**£**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
941,618
-
547,284
Charitable activities
**4**
5,964
6,071
-
Other trading activities
**5**
21,647
-
-
Investments
**6**
7,827
-
-
Other income
**7**
29,960
-
-
**Total income and endowments**
1,007,016
6,071
547,284
**Expenditure on:**
Raising funds
**8**
21,633
-
-
Charitable activities
**9**
234,784
-
63,167
Other
**15**
(171)
-
-
**Total expenditure**
256,246
-
63,167
Net gains/(losses) on investments
**16**
22,310
-
-
**Net incoming resources before transfers**
773,080
6,071
484,117
**Net movement in funds**
773,080
6,071
484,117
Fund balances at 1 January 2020
-
-
-
**Fund balances at 31 December 2020**
773,080
6,071
484,117|**Total**
**2020**
**£**
1,488,902
12,035
21,647
7,827
29,960
1,560,371
21,633
297,951
(171)
319,413
22,310
1,263,268
1,263,268
-
1,263,268| |---|---| - 9 - ROYAL NAVAL SAILING ASSOCIATION BALANCE SHEET AS AT31 DECEMBER 2021 2021 2020 *# Mstated Flxed assets Tangible assets Investments 17 18 500.672 733.606 551,618 530,979 1234,278 1,082,S97 Curr•nt a8•01• stocks Debtor8 Cash at bank arKI in hand 2D 21 27,112 24.181 205.749 28,106 23,388 151,767 257.042 203,239 Cr•dStorn: •mounts falllng du• *lthln on• y••r 22 139.8961 (22.568) Nel ttjrrenl assets 217,146 180,671 Total ••••t• l••• curr•nt Ilabllltl 1,451,424 1.263,288 C•plthl fund• Endowinent fvnds Incom• fund8 RestrScled funds 23 108,184 491.388 484,117 Designated funds General Unrestrict￿ fund• 10.222 841.632 6,071 773.080 851,854 779,151 1,451.424 1.263.268 The flnanclal stalemerts ￿Ere aFvoved by the Trustees on .1.71.6.J..2£. P R Oavies Trusts• 10- ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **1 Accounting policies** ## **Charity information** Royal Naval Sailing Association is a Charitable Incorporated Asociation. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "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)". The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors 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. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. ## **1.4 Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. - 11 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **1 Accounting policies** **(Continued)** ## **1.5 Expenditure** Liabilities and the resulting expenditure are recognised when either a legal or constructive obligation is recognised. ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Dinghies 25% first year, then 10% on cost (legacy dinghies 10% on cost) Boards 25% first year, then 10% on cost (legacy boards 10% on cost) Equipment 3 year straight line Yachts 10% Reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities . ## **1.7 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred. ## **1.8 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) . ## **1.9 Stocks** Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. ## **1.10 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. - 12 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **1 Accounting policies** ## **(Continued)** ## **1.11 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled. ## **1.12 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **1.13 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. ## **1.14 Trophies** Cups and trophies donated to the association are not reflected in the accounts. The most recent valuation, for insurance purposes, of trophies held by the association, is £17,600. - 13 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **3 Donations and legacies** |**Unrestricted**Unrestricted
**funds**
funds
**general**
general
**2021**
2020
**£**
£
Donations and gifts
20,655
701,087
Grants receivable
8,120
33,000
Membership fees
203,116
206,221
Donated goods and services
-
1,310
231,891
941,618
**Donations and gifts**
Royal Naval Sailing Association (unincorporated
organisation)
-
653,175
RNSA - Portsmouth Branch
-
5,145
Adam Gosling Legacy
20,000
-
Other
655
42,767
20,655
701,087|Restricted
funds
2020
£
546,176
1,108
-
-
547,284
587,198
-
-
(41,022)
546,176|Total
2020
£
1,247,263
34,108
206,221
1,310
1,488,902
1,240,373
5,145
-
1,745
1,247,263| |---|---|---| The majority of the donations in 2020 came from the previous entity when it ceased on 31 December 2019. All of the assets and liabilities were transferred. The restricted element of the donation is boats, dinghies and boards purchased in the previous entity by way of grants. |**Grants receivable for core activities**
Gosport Borough Council (Covid 19)
NSSC
RNSCB (SEG)
RNRM Sports lottery|-
8,000
-
120
8,120|25,000
8,000
-
-
33,000|-
-
1,108
-
1,108|25,000
8,000
1,108
-
34,108| |---|---|---|---|---| - 14 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **4 Charitable activities** |**Dinghies**
**Yachting**
**Windsurfing**
**Sailing**
**Development**
**2021**
**2021**
**2021**
**2021**
**£**
**£**
**£**
**£**
Sales within charitable
activities
1,217
280
75
8,920
Performance related grants
-
-
250
6,167
Miscellaneous income
1,008
-
2,310
-
Other income
-
-
-
-
2,225
280
2,635
15,087
Analysis by fund
Unrestricted funds - general
2,225
280
2,635
8,920
Unrestricted funds - designated
-
-
-
-
Restricted funds
-
-
-
6,167
2,225
280
2,635
15,087
**Performance related grants**
RNRM Sports Lottery -
Grassroots Fund
-
-
-
1,380
RNSCB (SEG)
-
-
-
4,787
Other
-
-
250
-
-
-
250
6,167|**Total**
**2021**
**£**
10,492
6,417
3,318
-
20,227
14,060
-
6,167
20,227
1,380
4,787
250
6,417|**Total**
**2020**
**£**
5,964
-
-
6,071
12,035
5,964
6,071
-
12,035
-
-
-
-| |---|---|---| - 15 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ |**4**|**Charitable activities**|||||**(Continued)**| |---|---|---|---|---|---|---| ||**For the year ended 31 December 2020**|||||| |||**Operating**|**Dinghies**|**Windsurfing**|**Sailing**|
**Total**| |||**Income**|||**Development**|
**2020**| |||**£**|**£**|**£**|**£**|
**£**| ||Sales within charitable activities|704|300|70|4,890|
5,964| ||Other income|-|-|1,770|4,301|
6,071| |||704|300|1,840|9,191|
12,035| ||Analysis by fund|||||| ||Unrestricted funds - general|704|300|70|4,890|
5,964| ||Unrestricted funds - designated|-|-|1,770|4,301|
6,071| |||704|300|1,840|9,191|
12,035| ## **5 Other trading activities** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**general**|general| ||**2021**|2020| ||**£**|£| |Sponsorships and social lotteries|-|600| |RNSA shop income|26,188|21,047| |Other trading activities|26,188|21,647| ## **6 Investments** |**Unrestricted**
**Restricted**
**funds**
**funds**
**general**
**2021**
**2021**
**£**
**£**
Investment incom e
7,422
999
Interest receivable
2
-
7,424
999|**Total**Unrestricted
funds
general
**2021**
2020
**£**
£
8,421
7,643
2
184
8,423
7,827| |---|---| - 16 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **7 Other income** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**general**|general| ||**2021**|2020| ||**£**|£| |Other income|111|27| |RNSA Moorings recharged costs and licence fees|32,712|25,292| |Insurance commissions|3,930|3,453| |Journal advertising income|2,900|1,188| ||39,653|29,960| An analysis of the RNSA Moorings income is shown in note 27. ## **8 Raising funds** |**Unrestricted**
**Restricted**
**funds**
**funds**
**general**
**2021**
**2021**
**£**
**£**
Fundraising and publicity
Advertising
1,726
-
Trading costs
Other trading activities
19,210
-
Investment management
6,890
1,085
27,826
1,085|**Total**Unrestricted
funds
general
**2021**
2020
**£**
£
1,726
319
19,210
15,497
7,975
5,817
28,911
21,633| |---|---| - 17 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **9 Charitable activities** |**Operating**
**Costs**
**Dinghies**
**Yachting Windsurfing**
**Sailing**
**Development**
**2021**
**2021**
**2021**
**2021**
**2021**
**£**
**£**
**£**
**£**
**£**
Staff costs
115,746
-
-
-
-
Depreciation and impairment
65,117
-
-
-
-
Rent
14,450
-
-
-
-
Journal costs
15,609
-
-
-
-
Telephone and internet
1,482
-
-
-
-
Computer and website
14,215
-
-
-
-
Utilities
2,900
-
-
-
-
Printing, postage and stationery
5,020
-
-
-
-
SEG equipment
-
-
-
-
-
Events
-
-
-
-
-
Subscriptions and Affiliation Fees
-
-
-
-
2,050
Sailing output
-
3,752
10,491
4,096
1,380
Boat Insurance
-
2,345
2,795
707
4,619
Boat running costs
-
4,313
17,215
-
7,034
234,539
10,410
30,501
4,803
15,083
Grant funding of activities (see note 11)
-
-
-
-
700
Share of support costs (see note 12)
11,414
-
-
-
-
Share of governance costs (see note 12)
7,973
-
-
-
-
253,926
10,410
30,501
4,803
15,783
**Analysis by fund**
Unrestricted funds - general
198,339
10,410
30,501
4,465
9,616
Unrestricted funds - designated
-
-
-
338
-
Restricted funds
55,587
-
-
-
6,167
253,926
10,410
30,501
4,803
15,783|**Total**
**2021**
**£**
115,746
65,117
14,450
15,609
1,482
14,215
2,900
5,020
-
-
2,050
19,719
10,466
28,562
295,336
700
11,414
7,973
315,423
253,331
338
61,754
315,423|**Total**
**2020**
**£**
109,524
85,667
13,595
15,321
1,429
10,568
1,340
4,580
1,309
752
2,700
3,426
8,336
9,126
267,673
-
10,076
20,202
297,951
234,784
-
63,167
297,951| |---|---|---| - 18 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **9 Charitable activities** |**Charitable activities**||||||**(Continued)**| |---|---|---|---|---|---|---| |**For the year ended 31 December 2020**||||||| ||**Operating**|**Dinghies**|**Yachting**|**Windsurfing**|**Sailing**|
**Total**| ||**Costs**||||**Development**|
**2020**| ||**£**|**£**|**£**|
**£**|**£**|
**£**| |Staff costs|109,524|-|-|
-|-|
109,524| |Depreciation and impairment|85,667|-|-|
-|-|
85,667| |Rent|13,595|-|-|
-|-|
13,595| |Journal costs|15,321|-|-|
-|-|
15,321| |Telephone and internet|1,429|-|-|
-|-|
1,429| |Computer and website|10,568|-|-|
-|-|
10,568| |Utilities|1,340|-|-|
-|-|
1,340| |Printing, postage and stationery|4,580|-|-|
-|-|
4,580| |SEG equipment|-|746|563|
-|-|
1,309| |Events|579|-|173|
-|-|
752| |Subscriptions and Affiliation Fees|-|-|-|
-|2,700|
2,700| |Sailing output|-|1,224|206|
1,996|-|
3,426| |Boat Insurance|-|1,720|2,758|
473|3,385|
8,336| |Boat running costs|-|2,706|5,837|
-|583|
9,126| ||242,603|6,396|9,537|
2,469|6,668|
267,673| |Share of support costs (see note 12)|10,076|-|-|
-|-|
10,076| |Share of governance costs (see note 12)|20,202|-|-|
-|-|
20,202| ||272,881|6,396|9,537|
2,469|6,668|
297,951| |**Analysis by fund**||||||| |Unrestricted funds - general|209,714|6,396|9,537|
2,469|6,668|
234,784| |Restricted funds|63,167|-|-|
-|-|
63,167| ||272,881|6,396|9,537|
2,469|6,668|
297,951| - 19 - **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **10 Description of charitable activities** ## Operating Costs Running costs of the charity, specifically all the costs relating to maintaining income, enabling output and running the RNSA website. ## Dinghies Dinghies offers sailing opportunities at all levels to take part in taster sessions, training camps, inter-service events, match racing and foreign tours. RNSA owns a sports boat - SB20 that runs out of the Hamble and is used to introduce new sailors and train up helms for local and National and occasional international events. There are also opportunities to campaign your own boat and support for race entry fees. ## Yachting Yachting covers a broad range of activities from the grassroots level training sessions to entry in the biennial Fastnet and other offshore races, National, European and international events including the Services Offshore Race. RNSA owns 3 yachts, 2 in Portsmouth and one in Plymouth which regularly take sailors of all levels. ## Windsurfing Windsurfing offers entry level courses, training and inter-service events, training camps and foreign tours. RNSA owns a range of windsurfing boards and kit which can be hired on a seasonal basis. ## Sailing Development Sailing Development reaches out across all disciplines and includes Project Sailing (a fund used to deliver sailing particularly at the grassroots level and to expand into new opportunities), the Royal Naval Sailing centre support costs, the RNSA rib running costs, RYA affiliation fees and branch events aimed at supporting Naval Sailing. ## **11 Grants payable** ||**Sailing**|2020| |---|---|---| ||**Development**|| ||**2021**|| ||**£**|£| |Grants to institutions:||| |Other|700|-| The West Country Branch supported RNSA output by organising a team competition with the Royal Gibraltar Yacht Club (RGYC) which took seven RN sailors out to Gibraltar for a week's racing and training. - 20 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **12 Support costs** |**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Office expenses
2,038
-
Insurance
4,927
-
Bank and other financial
charges
4,043
-
Sundry expenses
406
-
Legal and professional
-
-
Accountancy
-
1,440
Meeting and travel costs
-
-
Independent
Examination fees
-
4,518
Constitutional change
costs
-
2,015
11,414
7,973
Analysed between
Charitable activities
11,414
7,973|**2021**
**£**
2,038
4,927
4,043
406
-
1,440
-
4,518
2,015
19,387
19,387|Support
costs
Governance
costs
£
£
1,547
-
4,413
-
3,630
-
486
-
-
35
-
1,860
-
136
-
2,160
-
16,011
10,076
20,202
10,076
20,202|2020
£
1,547
4,413
3,630
486
35
1,860
136
2,160
16,011
30,278
30,278| |---|---|---|---| ## **13 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year except as disclosed in note 24. ## **14 Employees** The average monthly number of employees during the year was: |**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2021**
**Number**
3
**2021**
**£**
106,274
7,028
2,444
115,746|**2020**
**Number**
3
**2020**
**£**
103,435
4,151
1,938
109,524| |---|---|---| There were no employees whose annual remuneration was more than £60,000. - 21 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ |**15**
**Other**
Net profit on disposal of investments
**16**
**Net gains/(losses) on investments**
Revaluation of investments
**17**
**Tangible fixed assets**
**Cost**
At 1 January 2021
Additions
At 31 December 2021
**Depreciation and impairment**
At 1 January 2021
Depreciation charged in the year
At 31 December 2021
**Carrying amount**
At 31 December 2021
At 31 December 2020|**Unrestricted**Unrestricted
**funds**
funds
**general**
general
**2021**
2020
(2,564)
(171)
(2,564)
(171)
**Unrestricted**
**Restricted**
**Total**Unrestricted
**funds**
**funds**
funds
**general**
general
**2021**
**2021**
**2021**
2020
**£**
**£**
**£**
£
32,418
3,904
36,322
22,310
**Dinghies**
**Boards**
**Equipment**
**Yachts**
**Total**
**£**
**£**
**£**
**£**
**£**
455,522
53,600
1,108
127,054
637,284
8,445
-
1,799
3,927
14,171
463,967
53,600
2,907
130,981
651,455
53,732
5,360
369
26,205
85,666
47,663
5,360
438
11,656
65,117
101,395
10,720
807
37,861
150,783
362,572
42,880
2,100
93,120
500,672
401,790
48,240
739
100,849
551,618| |---|---| - 22 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **18 Fixed asset investments** |**Cost or valuation**
At 1 January 2021
Additions
Valuation changes
Cash movement
Disposals
At 31 December 2021
**Carrying amount**
At 31 December 2021
**19**
**Financial instruments**
**Carrying amount of financial assets**
Instruments measured at fair value through profit or loss
**20**
**Stocks**
Finished goods and goods for resale
**21**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income|**Listed**
**investments**
**£**
530,979
274,498
36,322
(39,533)
(68,660)
733,606
733,606
**2021**
**2020**
**£**
**£**
733,606
530,979
**2021**
**2020**
**£**
**£**
27,112
28,106
**2021**
**2020**
**£**
**£**
7,855
9,329
973
5,215
15,353
8,822
24,181
23,366| |---|---| - 23 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **22 Creditors: amounts falling due within one year** |Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income|**2021**
**£**
4,184
11,505
804
23,403
39,896|**2020**
**£**
4,455
1,971
908
15,234
22,568| |---|---|---| - 24 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **23 Endowment funds** Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as restricted income. Any capital gains or losses arising on the assets form part of the fund. |**Balance at**
**1 January 2020**

**£**
**Permanent endowments**
Samuel
Woodcock
Memorial Trust
-
-|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers Revaluations**
**gains and**
**losses**
**Balance at**
**1 January 2021**

**£**
**£**
**£**
**£**
**£**
-
-
-
-
-
-
-
-
-
-|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers Revaluations**
**gains and**
**losses**
**Balance at**
**31 December**
**2021**
**£**
**£**
**£**
**£**
**£**
108,184
-
-
-
108,184
108,184
-
-
-
108,184| |---|---|---| The Samuel Woodcock Memorial Trust (SWMT) was a separate, excepted charity. The Charity Commission have confirmed that, in their opinion, it is a special trust of RNSA made up of a Permanent Endowment administered by the trustees for the specific Purposes of the trust. Under the terms of the scheme, the income can be used for specific purposes. The Permanent Endowment has been introduced at its value at 17 July 2021. The income element is shown as a restricted fund. - 25 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **24 Restricted funds** The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: |**Movement in funds**
**Balance at**
**1 January 2020**
**Incoming**
**resources**
**Resources**
**expended**
**Balance at**
**1 January 2021**

**£**
**£**
**£**
**£**
RNSA (old entity) grants
-
546,176
(62,790)
483,378
Sports equipment grant (SEG)
-
1,108
(369)
739
Samuel Woodcock Memorial Trust (income)
-
-
-
-
RNRM Sports Lottery- Grassroots Fund
-
-
-
-
Sports equipment grant (SEG) 20/21
-
-
-
-
-
547,284
(63,159)
484,117|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Revaluations,**
**gains and**
**losses**
**Balance at**
**31 December**
**2021**
**£**
**£**
**£**
**£**
-
(53,647)
-
429,731
-
(369)
-
370
60,037
(2,656)
3,904
61,285
1,380
(1,380)
-
-
4,787
(4,787)
-
-
66,204
(62,839)
3,904
491,386| |---|---| ## RNSA (old entity) Various grants received by RNSA (old entity) from RN Charities and Samuel Woodcock Memorial Trust for the purchase of boats and dinghies. Donated to RNSA CIO on 01.01.20 ## SEG Grants received from Royal Navy Sports Control Board (RNSCB), specifically to help maintain equipment levels. ## SWMT Income from the Permanent Endowment to be used to encourage sailing by Royal Navy serving personnel. ## RNRM Sports Lottery - Grassroots Fund For delivery of grassroots training. - 26 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **25 Designated funds** The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: |||**Movement**||||| |---|---|---|---|---|---|---| |||**in funds**||||| ||**Balance at**|**Incoming**|
**Balance at**|**Resources**|**Transfers**|**Balance at**| ||**1 January 2020**|**resources**|
**1 January 2021**|**expended**||**31 December**| |||||||**2021**| ||**£**|
**£**|
**£**|**£**|**£**|**£**| |Boat replacement fund|-|
4,301|
4,301|-|4,489|8,790| |Windsurfing fund reserve|-|
1,770|
1,770|(338)|-|1,432| ||-|
6,071|
6,071|(338)|4,489|10,222| - 27 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ |**26**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Designated**
**funds**
**Restricted**
**funds**
**Endowment**
**funds**
**2021**
**2021**
**2021**
**2021**
**£**
**£**
**£**
**£**
Fund balances at 31 December 2021
are represented by:
Tangible assets
68,215
-
432,457
-
Investments
566,493
-
58,929
108,184
Current assets/(liabilities)
206,924
10,222
-
-
841,632
10,222
491,386
108,184|**Total**Unrestricted
funds
Designated
funds
**2021**
2020
2020
**£**
£
£
500,672
67,501
-
733,606
530,979
-
217,146
174,600
6,071
1,451,424
773,080
6,071|Restricted
funds
2020
£
484,117
-
-
484,117|Total
2020
£
551,618
530,979
180,671
1,263,268| |---|---|---|---| - 28 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **27 Related party transactions** ## **Remuneration of key management personnel** The remuneration of key management personnel is as follows. ||**2021**|**2020**| |---|---|---| ||**£**|**£**| |Aggregate compensation|89,651|89,133| ## **Transactions with related parties** During the year the charity entered into the following transactions with related parties: No trustees (2020:one) received reimbursement of expenses during the year (2020: £82). |RNSA Moorings Limited paid the following costs to RNSA:| |---| |Shared Costs Recharged £13,887| |Moorings Licence Fee
£ 7,500| |CEO time costs recharged £11,325| RNSA was owed £6,917 from RNSA Moorings at the balance sheet date. ## **28 Prior period adjustment** ## **Changes to the balance sheet** |**As**
Capital funds
Income funds
Restricted funds
d esignated
Unrestricted funds
**Total equity**|**At 31 December 2020**
**previously**
**reported**
**Adjustment**
**As restated**
**£**
**£**
**£**
530,929
(46,812)
484,117
6,071
-
6,071
726,268
46,812
773,080
1,263,268
-
1,263,268| |---|---| Assets purchased by RNSA (old entity) subject to grants were introduced to RNSA (new) at a valuation that was less than the net book value. The transfer represents the impairment of £41,022 and prior year depreciation of £5,790 incorrectly treated as unrestricted. - 29 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ |**28**
**Prior period adjustment**
**Changes to the profit and loss account**
**As**
Net movement in funds|**(Continued)**
**Period ended 31 December 2020**
**previously**
**reported**
**Adjustment**
**As restated**
**£**
**£**
**£**
1,263,268
-
1,263,268| |---|---| - 30 -