**Charity registration number 1183562** ## **ROYAL NAVAL SAILING ASSOCIATION** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **ROYAL NAVAL SAILING ASSOCIATION** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|K Daniels|| |---|---|---| ||M Fox|| ||Sir C R Gardner KBE|| ||K Jay|| ||G Jenkins|| ||J Landale|(Appointed 23 June 2023)| ||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 - 5| |Independent examiner's report|6| |Statement of financial activities|7 - 8| |Balance sheet|9| |Notes to the financial statements|11 - 29| ## **ROYAL NAVAL SAILING ASSOCIATION** ## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ The trustees present their annual report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in notes 1 to 28 of the financial statements and comply 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)". ## **Objectives and activities** The Charity Commission approved a revised Object for RNSA this year: **The object of the CIO is to promote the military efficiency of His Majesty’s Armed Forces in such charitable ways as the Trustees think fit with particular reference to: (a) increasing physical and mental fitness and wellbeing (b) fostering esprit de corps; (c) raising morale; and (d) encouraging seamanship, sea sense and sea safety awareness amongst members of the Naval Service, contributing towards the defence of the realm by members of the Naval Service; in particular, (but not by way of limitation), the Trustees may further the object through encouraging and facilitating the participation in, and provision of or assisting in the provision of facilities for, water borne activities in the Naval Service.** RNSA provides public benefit by assisting RN Service personnel to perform their roles within the Armed Forces of the Crown more effectively. It does this by providing, enabling and supporting sailing activities across the disciplines of sailing development, yachting, dinghy sailing and windsurfing. This assistance helps equip Naval personnel with the skill sets needed to face the challenges and danger associated with military service by developing teamwork, fitness, confidence, character, an ability to overcome challenges and experience to better understand the maritime environment, all underpinned by enhancing morale. The updated Object provides the Trustees the opportunity to explore new ways of increasing the Charity’s impact and by way of example, scoping work has started on a project to offer children of Naval Service families the opportunity to learn to sail. This will build on the success of the Family Sailing Festival held in Scotland during the summer. This initiative has the real potential to be retention positive for RN personnel. Having now completed our fourth year as a CIO, we can report that the governance and procedures remain robust with an effective relationship between the Trustees, the executive team and RNSA’s volunteers. RNSA’s 5-year plan (2020- 2025) is based on a strategy designed to be ambitious, financially sound and to maximise impact. This plan and its associated change objectives are reviewed at each Board meeting and pleasingly remain on track to deliver. This is now supported by a new ‘Future Ambition’ paper, which incorporates a range of ideas to enable growth and wider charitable impact. James Landale was welcomed as a trustee this year and he brings with him a wealth of sailing, media and management experience. On the staff front, a new Membership Secretary was recruited along with the first full time Sailing Manager. RNSA continues to make good progress and is well placed to make the most of a wide range of opportunities, including energising the golden thread of ‘youth to families to serving personnel enjoying a lifetime of sailing’. A number of projects support this including the recruitment of a full time Sailing Manager, the purchase of a Sunfast 3600, the Families Sailing Festival initiative, the Youth Sailing project, the development of strategic partners and improved income diversification. The delivery of sailing for beneficiaries has been steady this year with the unfortunate dis-masting of ‘Sovereign Sailing Navy’ in the Fastnet impacting on momentum in the offshore arena. To help mitigate this a yacht was chartered to allow participation in the Services Offshore Regatta in which the teams did well. The use of ‘Cutlass’ also helped and ‘Jackaroo’ did well in the West Country. Windsurfing enjoyed good engagement and is on the up, not least due to a successful training camp in Vasiliki. Dinghy participation is always hard to quantify with many sailors using their own boats to campaign or enjoy local club racing. At the Inter-Service level, the Navy dinghy teams did well and remain highly competitive. - 1 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ The membership of the RNSA at the end of 2023 sat at 5051, which is consistent with last year. This is encouraging considering the challenging socio-economic conditions and important as the subscriptions raised from membership represent the primary source of income for the operating budget. This funding is supported by modest levels of sponsorship and donations as well as the opportunity for capital grants from Naval Charities. Potential beneficiaries are far greater than this membership number and there is a strategic focus on how to introduce sailing and all its benefits to more of the Royal Navy. RNSA’s impact across the Naval Service remains significant and important, with high levels of participation and a 7% increase on 2022. Maintaining momentum remains paramount and a range of family related initiatives are being matured for full implementation next year. The operational tempo of the RN is busier than ever, which combined with the cost of living challenges and parental pressures appear to be limiting the opportunity for participation in sport. Paradoxically these challenges are exactly why engagement in the sport of sailing is so beneficial. We are working hard to make the sport as accessible as possible, whether it be at grassroots, more competitive levels, as an individual or with the family. We recognise the value of a community approach to participation in activities and shaping a journey for more regular involvement. RNSA’s Annual Meeting was held in May 2023 via Zoom to maximise attendance and a copy of it made available to all members via the RNSA’s website. Safeguarding remains an **i** mportant focus for the Board. Wayne Shirley has volunteered to be the lead Trustee and the Sailing Manager will be the key point of contact from a ‘customer’ perspective. Partners such as the Ellen McArthur Cancer Trust and Andrew Simpson Foundation, along with the RYA have provided expert support at Board, staff and volunteer levels. ## **Testimonial** From Alice, an established volunteer and participant: ‘RNSA means a lot to me and I have seen it deliver in so many different ways. I have been part of it since I was an RN University Cadet and then as a member of the RN Reserves over the last 15 years. It has given me access to progress my windsurfing and powerboating training, where I have now achieved my instructor qualifications. I have also been part of transatlantic tri-Service race legs, round the cans sailing and skippering yachts to allow recruits to get out into the Solent as part of their marinisation, sea sense and team building development as well as encouraging them into racing. I have seen how RNSA allows people of all ranks and rates to find and enjoy new skills and passions. RNSA evening racing in Portsmouth has allowed interaction with a range of wonderful people, both military and civilian. RNSA is not just about access to RN boats but to the RNSA family. I have been involved with teams that we have taken to Gibraltar made up of a mix of RNSA serving and non-serving personnel and it’s been great to see the friendships and relationships grow because of these opportunities. More people coming though the RN Sailing Centre routes are taking advantage of the opportunities that RNSA offers, and I would hope that with continued access events for both serving and non-serving members, even when our sailors leave the RN they will stay in the RNSA and continue to support and be involved to bring more serving members through.’ From Liam, a keen Naval windsurfer: ‘Over the last 18 months I’ve taken the opportunity to get involved in the RN Windsurfing. I was on a sailing exercise in the Canary Islands and there was a professional windsurfing event taking place – it was so quick and dynamic that it really piqued my interest and I booked onto a ‘Start’ course with the Army Inshore Sailing Centre at Thorney Island. I don’t think I’m a natural – I’ve had to work hard on my balance and the skills required, but I’ve had a really enjoyable time. Since that initial ‘Start’ course I have attended one of the RN intermediate courses which was excellent – a small group and quality instruction meant some really good progress on my part. There are regular club nights throughout the summer at Thorney Island (tide and wind dependent!) which present the chance to utilise the RN kit and get advice from more experienced windsurfers. The most recent event in the RN Windsurfing calendar has been the Training Camp in Vasiliki, Greece which was a fantastic opportunity to meet others involved in the sport and surf in some excellent conditions – warm flat water, consistent wind and professional coaching led to some great progression personally, with some tack variations, beach starts and planning all nailed to various degrees! The next step for me now is to attend a UKWA event with the RN team and put those skills into practice in some competition!’ 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. - 2 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **Achievements and performance** Participant days in 2023 were 6500, a 5% increase on 2022. There is a trend towards multi activity taster sessions and less formal / structured training, which reflects a broader trend reported by the National Governing Body (RYA). A wide range of events, regattas, and activities was successfully delivered, with good volunteer support. Ex Roaring Antilles, saw 17 RNSA sailors compete in the RORC Caribbean 600 Race in Antigua at the start of the year. It was a big success and demonstrated the reach of RNSA. Windsurfing training camp in Vasiliki proved popular and met its aim of generating a strong team for the Inter-Service windsurfing competition. There was good success at Inter-Service competition across all sailing disciplines. The Safety Management Plan to support this was updated and first / second party assurance conducted. Good (and important) work by RNSA’s Flag Officers oversaw ‘safe operating’ procedures which included robust risk assessments. As delivery broadens to include more families, the safety and safeguarding aspects will merit review / further development. There is significant turnover in the key leading volunteers (flag plot) during 2024 and this will need careful management, not least in the safety management arena. Andrew Simpson Foundation (ASF) closed their Lake Garda facility, which had been enjoyed by RNSA for annual training. As a result of good negotiation, the Army Sailing Association’s (ASA) 4 x Laser 2000 dinghies were gifted to RNSA and co-located with RNSA’s 4 dinghies of the same class at the Andrew Simpson Centre in Portland. ASF remain a key deliver partner, not least in the provision of grassroots sessions. A Scotland Families Sailing Festival was held at the Royal Northern and Clyde YC with the support of the Naval Children’s Charity and proved a great success. There are plans to repeat and expand in Portsmouth, Plymouth and Faslane next year. This ability to partner and reach out to the wider naval community showcased RNSA’s potential and caught the eye of Greenwich Hospital. Combined with our strong relationship with the RYA, a pilot project helped establish the pathway for the Youth Sailing project to be delivered in 2024. In reflection of growing impact north of the border, RNSA successfully registered with the OSCR (Office of the Scottish Charity Register) in early 2024. RNSA has a new yacht to its inventory, a Sunfast 3600. This represents a real step up in capability and the Trustees are very grateful to the RNRMC and RNRM Sports Lottery for its generous funding of this exciting new yacht. It will help attract ‘Sailors to go Sailing’ and provide a clear head-mark for the journey from grassroots to representing the RN at highly competitive events. The five Royal Navy Watersport Activity Centres (RNWACs) continue to deliver very effectively, especially in terms of their grassroots impact. They provide sailing and powerboat RYA courses as well as taster sessions and recreational sailing. Most also provide paddle sports under the Adventurous Training banner and this helps signpost the sailing opportunities, which are often the next natural step. It cannot be over emphasised how important these organisations are and the value RNSA’s beneficiaries derive from the provision of support, that includes the loan of dinghies, powerboats and safety related assets to enable sustained year-round delivery. The Andrew Simpson Foundation Centres represent an important partnership and have also been used to support grassroots taster sessions away from dockyard ports, with a number of events held at Portland and Reading. Using a commercial element to enhance delivery has attracted Navy grassroots funding and successfully allowed RNSA to reach a wider audience of beneficiaries. ## **Conclusion** The Trustees remain hugely grateful to the Royal Navy, the Service Charities, its partners, staff and above all dedicated volunteers that make RNSA the successful, valuable, dynamic and fun Sports Association that it is. - 3 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **Financial review** RNSA remains in a strong financial position with unrestricted income fairly steady at £352k (PY £347k) and an additional major grants for RNSA’s new race boat taking total income up to £551k (PY £361k). RNSA continues to develop its stakeholder relationships and key partnerships in order to broaden its income streams across grants, sponsorship, partnering deals and donations. The charity’s principal source of income remains membership subscriptions which is fairly steady at 62% of its general fund income (PY 61%). At the heart of RNSA’s ethos is to promote the accessibility and affordability of sailing and it is for this reason that it keeps subscriptions as low as possible. This is a hard balance to get right as the modern approach to activities is more transactional and RNSA recognizes that it needs to do all it can to promote longer–term membership. New initiatives to promote ‘youth to families to serving personnel’ enjoying a lifetime of sailing are designed to address this. Membership numbers remain robust at around 5050 and new joiners during 2023 was back up to 475 (PY 394) following record levels in 2021 of 439. Importantly RNSA continues its ‘first year free’ initiative for its beneficiaries, those serving in the Royal Navy, Royal Marines and Royal Naval Reserves and this initiative is keeping the proportion of serving joiners high at 62%. RNSA’s leavers also remain relatively high and this is partly due to members’ retiring from sailing after a long membership as well as new members taking the first year free and then resigning. Work to mitigate this includes improving the offer, improved messaging and extra support for volunteers and events. RNSA has developed the Sailing Academy page of its website in response to the need to showcase all that it offers to the whole membership and hopes this will maintain the interest of its current members and new joiners supported by renewed offers to members. In stark contrast to 2022, RNSA had investment gains £26k (PY loss £66k), accounting in a £93k difference between these two years. Altogether the markets faired better this year and the transfer into an Income and Growth Fund for Charities with Cheviot Quilter towards the end of the year sets RNSA up to capitalize on its charitable status . No withdrawals were made from either RNSA or Samuel Woodcock Memorial Trust (SWMT) again this year. Expenditure on general Charitable activities increased by 12% to £311k as a cost of living increase, an additional member of staff and a database renewal were funded. RNSA’s output across the four key areas of delivery (Dinghies, Yachting, Windsurfing and Sailing Development) totalled £146k, up 75% on 2022. RNSA delivered two major tours in 2023 being the Caribbean 600 and a Windsurfing tour to Vasiliki; these both had matched funding in income with RNSA contributing to the entry fee for one and with a £3k grant for the other. Additionally this was a key year for yacht maintenance and depreciation as Jolly Jack Tar was prepared for sale and RNSA’s new racing yacht Yoyo (now renamed as Sovereign Sail Navy) needed repair after a dismasting in the Fastnet race. RNSA’s main grassroot output is driven by the sailing courses that are delivered through the RNWACs with the help of RNSA’s fleet of boats. The majority of these boats are fully funded by RN charities and form part of RNSA’s asset base within a restricted fund with its associated depreciation each year. RNSA also owned 4 keelboats in 2023 as Jolly Jack Tar was replaced by a new racing yacht. Other assets included 79 dinghies, 17 powerboats and 59 windsurfing boards and associated kit. All these assets enable RNSA to get ‘sailors sailing’ either training or as part of events. All this would not be possible without the wide and varied support of RNSA’s volunteers many of whom are still serving. Sailing Development received a boost from September 2023 with the addition of a fully funded Sailing Manager, Simon Horsfield, to the RNSA team. RNRM Sport Lottery have generously agreed to fund this new member of staff along with their own commitment to support RNSA with the services of 50% of a new Sports Development Officer for Sailing with their employment of Dennis Waterman. RNSA is extremely grateful for this continuing support. The operating budget for 2023 saw a smaller surplus of £5k (PY£22k), marginalised by the increasing cost of entering events as well as that of maintaining a fleet of boats. The ‘SOFA’ highlights the strong cash and asset position, the value of assets and the impact of the unrealised gains in the investment portfolio. The fund balance rose £95k to £1,451,444 (PY £1,355,969). - 4 - ROYAL NAVAL SAILING ASSOCIATION TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Roserves Policy It is the policy of the charity that unrestricted funds which have not been designated for a specrfic use should be maintained al a level equivalent lo one to Iwo yèar's expendilure. The Trustees consider that ieserves at Ihbs level will ensure that, in the event of a signifitrant drop in funding, they will be able lo continue the charity's current activities while consideration is given lo ways in which additional funds may be raised. This level of restsrve has bean maintained throughout the year. Investment activities are managed in ling with the requirements of Ehe Trustee Act 2000. The Trtislees restructured their investment portfolios in 2023 and moved both RNSAS and SWMTS from Brooks MacDon8ld to the Quilter Cheviot Global Income and Growth Fund for Charities. At the same time RNSAS investrnenl policy was changed from a low-medium risk approach for maintaining ¢8pilal and gen¢raling a modest income to one with medium risks as thè Trustees felt that this was a more appropiiale risk level for RNSA to carry. stNcture, governance and managomont The ¢h8rity is a Charitable Incorporated Organisalion The trustees who seNed during the year and up lo the dale of signature ofthe financial slalements were.. K Daniels MFOX Sir C R Gardner KBE KJay G Jenkins J Landale G P Marshall. W P Shirley (Appointed 23 June 20231 Trustees are appointed by tho Board following an interview wlh the Chairman and CEO and supportive ¢ommendab'r)ns. The Board looks for (Siversrf(y, the engagement of participants and a blend of tha right skills. Enthusiasm for Ihg Charitys purpose and identity is key. The Iruslees, report was approved by the Board ofTwsteos. Sir Chrls Gardner KBE Chair of Ihe Board of Trustees Dated: 11 fa L¢fr ROYAL NAVAL SAILING ASSOCIATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ROYAL NAVAL SAILING ASSOCIATION I r8port to the trustees on my examination of the finanual statements of Royal Naval Sailing Assouation (the d)arilyl for the year ended 310gcemb8r 2023. Respon$ibiliti•s and ba$1$ of r¥port As thé trustees of thè tharily you are responsible for the preparation of the finan¢i81 slalemenls in accordance with the requirements of the ChariliesAct 2011 (the 2011 Acti. l Teport in respect of my exarninalion of the charity's financdal statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions 9iven by the Charity Commission under sectbon 14515llbl of the 2011 Act. Inde￿nd￿nt •xamln•rfs $tat•mènt Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified lo undertake the exatninalion bècause l am a mernber of A550cialion of Chartered Certsfied Accountants, which is one of the listed bodie5. Your attention is drawn to the faci that the charity has prepared finanaal statements in accordance with Acuunting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preferen￿ to the Accounling and Reporting by Charities.. Statement of Recommanded Practi￿ issued on 1 April 2005 which is referred to in the exiant regulations but has now been withdrawn. l undèrstand that this has been donè in ordèr for financial statèments to provide a tnje and fair view in accordance with Generally A￿ptfyd Ae¢ounling Praclico effecti￿ for reporting periods beginning on or after 1 January 2015. I have u)mpleled my examln8lk)n. l ￿)n￿rn that no matters have ￿me lo my attention in connethon wlth the examination giwng tne cause lo believe th81 in any matèrial respé¢t.' 8c¢ounting racords wère not k8pI in rèspect of the charity as required by section 130 of the 2011 Act,. or the financial statements do not acwrd with those records., or the financial 518lemenls do not comply with the applicable requirements concerning the form and Conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 olhei than any requiTement that the accounts give a true and fair view which is not 8 matter considered as part of an independent examination. I have no Gon￿m$ and have come acTOSS no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Fran¢ts Wildo FCCA DChA Warner Wilde Chartered Certified Accounlanls 4 Marigold Drive Bisley Surrtry GU24 9SF Dal&d.. E* ## **ROYAL NAVAL SAILING ASSOCIATION** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**Current financial year**
**Unrestricted Unrestricted**
**Restricted Endowment**
**funds**
**funds**
**funds**
**funds**
**general**
**designated**
**2023**
**2023**
**2023**
**2023**
**Notes**
**£**
**£**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
234,636
-
-
-
Charitable activities
**4**
15,697
-
195,558
-
Other trading activities
**5**
39,349
-
-
-
Investments
**6**
14,844
-
3,147
-
Other income
**7**
48,093
-
-
-
**Total income**
352,619
-
198,705
-
**Expenditure on:**
Raising funds
**8**
39,741
-
2,966
-
Charitable activities
**9**
311,877
-
132,180
-
Other
**15**
(3,977)
-
(527)
-
**Total expenditure**
347,641
-
134,619
-
Net gains/(losses) on
investments
**16**
20,830
-
5,581
-
**Net incoming/(outgoing)**
**resources before transfers**
25,808
-
69,667
-
Gross transfers between
funds
(35,452)
6,202
29,250
-
**Net movement in funds**
(9,644)
6,202
98,917
-
Fund balances at 1 January
2023
807,326
15,258
425,201
108,184
**Fund balances at 31**
**December 2023**
797,682
21,460
524,118
108,184|**Total**
**2023**
**£**
234,636
211,255
39,349
17,991
48,093
551,324
42,707
444,057
(4,504)
482,260
26,411
95,475
-
95,475
1,355,969
1,451,444|**Total**
**2022**
**£**
224,115
46,100
34,001
12,983
43,861
361,060
31,877
340,387
17,841
390,105
(66,410)
(95,455)
-
(95,455)
1,451,424
1,355,969| |---|---|---| The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 7 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**Prior financial year**
**Unrestricted Unrestricted**
**Restricted Endowment**
**funds**
**funds**
**funds**
**funds**
**general**
**designated**
**2022**
**2022**
**2022**
**2022**
**Notes**
**£**
**£**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
224,115
-
-
-
Charitable activities
**4**
35,308
-
10,792
-
Other trading activities
**5**
34,001
-
-
-
Investments
**6**
10,278
-
2,705
-
Other income
**7**
43,861
-
-
-
**Total income**
347,563
-
13,497
-
**Expenditure on:**
Raising funds
**8**
29,827
-
2,050
-
Charitable activities
**9**
278,653
527
61,207
-
Other
**15**
16,682
-
1,159
-
**Total expenditure**
325,162
527
64,416
-
Net gains/(losses) on investments
**16**
(51,144)
-
(15,266)
-
**Net incoming/(outgoing) resources before**
**transfers**
(28,743)
(527)
(66,185)
-
Gross transfers between funds
(5,563)
5,563
-
-
**Net movement in funds**
(34,306)
5,036
(66,185)
-
Fund balances at 1 January 2022
841,632
10,222
491,386
108,184
**Fund balances at 31 December 2022**
807,326
15,258
425,201
108,184|**Total**
**2022**
**£**
224,115
46,100
34,001
12,983
43,861
361,060
31,877
340,387
17,841
390,105
(66,410)
(95,455)
-
(95,455)
1,451,424
1,355,969| |---|---| - 8 - ROYAL NAVAL SAILING ASSOCIATION BALANCE SHEET AS AT31 DECEMBER 2023 2023 2022 Notes Fiy¥d a$s•ts Tangible assets Inveslrnenls 18 19 526,429 677,618 438,250 645,854 1,204,047 1.084,104 Currènt a$s8ts Stocks Debtors Cash al bank and in hand 20 21 25,217 38.892 301,026 20,858 46,719 260,534 365.135 328,111 Creditors: amounts falling du• wlthln one year 22 117.738 56,246 Net Current assets 247.397 271.865 Total assets less current liabilitsos 1,451,444 1,355.969 Th• funds ofthè charfty Endowment funds Restricted income fvnds Unrestricted funds- general Unrestricted funds- dèsignated 23 108.184 524,118 797.682 21,460 108.184 425,201 807,326 15,258 25 1,451,444 1,355,969 The financial statements were approved by the tnjstees on ...... . Slr C R Gard Trustsg rKBE ## **ROYAL NAVAL SAILING ASSOCIATION** ## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**2023**
**2022**
**Notes**
**£**
**£**
**£**
**Cash flows from operating activities**
Cash generated from operations
**29**
181,941
**Investing activities**
Purchase of tangible fixed assets
(177,523)
(13,402)
Proceeds from disposal of tangible fixed
assets
21,563
18,841
Purchase of investments
(67,759)
(125,968)
Proceeds from disposal of investments
64,279
121,751
Investment income received
17,991
12,983
**Net cash (used in)/generated from**
**investing activities**
(141,449)
**Net cash used in financing activities**
-
**Net increase in cash and cash equivalents**
40,492
Cash and cash equivalents at beginning of year
260,534
**Cash and cash equivalents at end of year**
301,026|**£**
40,580
14,205
-| |---|---| ||54,785
205,749| ||260,534| - 10 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** ## **Charity information** Royal Naval Sailing Association is a Charitable Incorporated Organisation. ## **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 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 amounts 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 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. 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. ## **1.5 Expenditure** Liabilities and the resulting expenditure are recognised when either a legal or constructive obligation is recognised. - 11 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** ## **(Continued)** ## **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 at 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. ## **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. - 12 - **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** ## **(Continued)** ## _**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 payments 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 £61,944. ## **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. - 13 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **3 Income from donations and legacies** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2023**|**2022**| ||**£**|**£**| |Donations and gifts|906|543| |Legacies receivable|2,500|-| |Grants receivable|13,628|11,000| |Membership and joining fees|217,602|212,572| ||234,636|224,115| |**Donations and gifts**||| |Other|906|543| ||906|543| |**Grants receivable for core activities**||| |NSSC|13,500|11,000| |Other|128|-| ||13,628|11,000| - 14 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **4 Charitable activities** |Charter and RNWACs
income
Performance related
grants
Event income
Analysis by fund
Unrestricted funds -
general
Restricted funds
**Performance related grants**
RNRM Sport Lottery -
Grassroots Fund
RNSCB (SEG)
RNRM Sport Lottery -
Replacement Yacht
RNRMC - Replacement
Yacht
RNRM Sport Lottery -
Sailing Manager|**Dinghies**
**2023**
**£**
3,908
-
831
4,739
3,908
831
4,739
-
-
-
-
-
-|**Yachting**
**Windsurfing**
**Sailing**
**Development**
**2023**
**2023**
**2023**
**£**
**£**
**£**
-
-
9,604
143,285
-
14,639
27,255
11,733
-
170,540
11,733
24,243
2,185
-
9,604
168,355
11,733
14,639
170,540
11,733
24,243
-
-
1,056
2,285
-
-
70,000
-
-
71,000
-
-
-
-
13,583
143,285
-
14,639|**Total**
**2023**
**£**
13,512
157,924
39,819
211,255
15,697
195,558
211,255
1,056
2,285
70,000
71,000
13,583
157,924|**Total**
**2022**
**£**
10,776
11,322
24,002| |---|---|---|---|---| |||||46,100| |||||35,308
10,792| |||||46,100| |||||9,037
2,285
-
-
-| |||||11,322| - 15 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**4**|**Charitable activities**|||||**(Continued)**| |---|---|---|---|---|---|---| ||**For the year ended 31 December 2022**|||||| |||**Dinghies**|**Yachting**|**Windsurfing**|**Sailing**|
**Total**| ||||||**Development**|**2022**| |||**£**|**£**|**£**|**£**|**£**| ||Charter and RNWACs income|1,376|-|50|9,350|10,776| ||Performance related grants|-|-|530|10,792|11,322| ||Event income|14,700|9,302|-|-|24,002| |||16,076|9,302|580|20,142|46,100| ||Analysis by fund|||||| ||Unrestricted funds - general|16,076|9,302|580|9,350|35,308| ||Restricted funds|-|-|-|10,792|10,792| |||16,076|9,302|580|20,142|46,100| ||**Performance related grants**|||||| ||RNRM Sport Lottery - Grassroots Fund|-|-|530|8,507|9,037| ||RNSCB (SEG)|-|-|-|2,285|2,285| |||-|-|530|10,792|11,322| |**5**|**Income from other trading activities**|||||| ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2023**|**2022**| ||**£**|**£**| |Sponsorships|16,834|7,000| |RNSA shop income|22,515|27,001| |Other trading activities|39,349|34,001| - 16 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **6 Income from investments** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
Investment income
11,436
3,147
Interest receivable
3,408
-
14,844
3,147|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
14,583
10,237
2,705
3,408
41
-
17,991
10,278
2,705|**Total**
**2022**
**£**
12,942
41| |---|---|---| |||12,983| ## **7 Other income** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2023**|**2022**| ||**£**|**£**| |Other income|586|68| |RNSA Moorings recharged costs and licence fees|41,200|36,033| |Insurance commissions|5,107|4,560| |Journal advertising income|1,200|3,200| ||48,093|43,861| An analysis of the RNSA Moorings income is shown in note 27. ## **8 Raising funds** |**Unrestricted**
**Restricted**
**funds**
**funds**
**general**
**2023**
**2023**
**£**
**£**
Fundraising and publicity
Advertising
8,433
-
Trading costs
Other trading, RYA and
shop
23,071
-
Investment management
8,237
2,966
39,741
2,966|**Total**
Unrestricted
Restricted
funds
funds
general
**2023**
2022
2022
**£**
£
£
8,433
2,642
-
23,071
20,352
-
11,203
6,833
2,050
42,707
29,827
2,050|Total
2022
£
2,642
20,352
8,883| |---|---|---| |||31,877| - 17 - **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **9 Charitable activities** |Staff costs
Depreciation and impairment
Rent
Journal costs
Telephone and internet
Computer and website
Utilities
Printing, postage and stationery
Events
Subscriptions and Affiliation Fees
Sailing output
Boat Insurance
Boat running costs
Grant funding of activities (see note 11)
Share of support costs (see note 12)
Share of governance costs (see note 12)
**Analysis by fund**
Unrestricted funds - general
Unrestricted funds - designated
Restricted funds|**Dinghies**
**Yachting Windsurfing**
**Sailing**
**Development**
**2023**
**2023**
**2023**
**2023**
**2023**
**£**
**£**
**£**
**£**
**£**
149,219
-
-
-
-
70,312
-
-
-
-
13,213
-
-
-
-
20,530
-
-
-
-
1,812
-
-
-
-
18,683
-
-
-
-
2,219
-
-
-
-
6,452
-
-
-
-
-
-
-
-
162
-
-
-
-
2,928
-
5,699
36,953
16,042
2,256
-
1,051
3,115
407
3,155
-
1,217
59,738
-
860
282,440
7,967
99,806
16,449
9,361
-
-
7,820
-
4,553
10,721
-
-
-
-
4,940
-
-
-
-
298,101
7,967
107,626
16,449
13,914
223,024
7,136
64,383
4,716
12,618
-
-
-
-
-
75,077
831
43,243
11,733
1,296
298,101
7,967
107,626
16,449
13,914|**Total**
**2023**
**£**
149,219
70,312
13,213
20,530
1,812
18,683
2,219
6,452
162
2,928
60,950
7,728
61,815
416,023
12,373
10,721
4,940
444,057
311,877
-
132,180
444,057|**Total**
**2022**
**£**
119,050
64,543
14,450
17,730
1,593
10,630
4,601
4,841
310
2,809
31,203
9,324
33,306| |---|---|---|---| ||||314,390
6,500
15,429
4,068| ||||340,387| ||||278,653
527
61,207| ||||340,387| - 18 - **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **9 Charitable activities** ## **(Continued)** ## **For the year ended 31 December 2022** |**For the year ended 31 December 2022**||| |---|---|---| |Staff costs
Depreciation and impairment
Rent
Journal costs
Telephone and internet
Computer and website
Utilities
Printing, postage and stationery
Events
Subscriptions and Affiliation Fees
Sailing output
Boat Insurance
Boat running costs
Grant funding of activities (see note 11)
Share of support costs (see note 12)
Share of governance costs (see note 12)
**Analysis by fund**
Unrestricted funds - general
Unrestricted funds - designated
Restricted funds|**Dinghies**
**Yachting Windsurfing**
**Sailing**
**Development**
**£**
**£**
**£**
**£**
**£**
119,050
-
-
-
-
64,543
-
-
-
-
14,450
-
-
-
-
17,730
-
-
-
-
1,593
-
-
-
-
10,630
-
-
-
-
4,601
-
-
-
-
4,841
-
-
-
-
-
-
-
-
310
-
-
-
-
2,809
-
13,162
11,786
2,615
3,640
-
2,594
1,540
903
4,287
-
10,420
16,271
-
6,615
237,438
26,176
29,597
3,518
17,661
-
-
6,500
-
-
15,429
-
-
-
-
4,068
-
-
-
-
256,935
26,176
36,097
3,518
17,661
201,653
24,977
36,097
2,991
12,935
-
-
-
527
-
55,282
1,199
-
-
4,726
256,935
26,176
36,097
3,518
17,661|**Total**
**2022**
**£**
119,050
64,543
14,450
17,730
1,593
10,630
4,601
4,841
310
2,809
31,203
9,324
33,306| |||314,390
6,500
15,429
4,068| |||340,387| |||278,653
527
61,207| |||340,387| - 19 - **ROYAL NAVAL SAILING ASSOCIATION** **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **10 Description of charitable activities** Running costs of the charity, specifically all the costs relating to maintaining income, enabling output and running the website. ## Dinghies Dinghies provide sailing opportunities for all skill levels, from introductory sessions to national-level competitions. These include training camps, inter-service events, match racing, and international tours. The RNSA maintains a fleet of racing dinghies available for loan, with support available for entry fees. ## Yachting Yachting encompasses a wide range of activities, from beginner training sessions to participating in the biennial Fastnet race and other offshore competitions. This includes national, European, and international events, as well as the services offshore regatta. The RNSA owns three yachts, with two based in Portsmouth and one in Plymouth, which are regularly used by sailors of all skill levels. ## Windsurfing Windsurfing offers entry level courses, training and inter-service events, national and international events. Partially funded training camps and foreign tours are regularly undertaken to prepare for inter-service events and to develop the teams. RNSA owns a range of windsurfing boards and kit which can be hired out on a seasonal basis to help our beneficiaries develop their experience. RNSA also supports race entry fees as another way of enabling activity. Some wingfoiling training is available at the grassroots level. ## Sailing Development Sailing Development reaches out across a variety of disciplines and initiatives, including Project Sailing, a fund dedicated to promoting sailing at the grassroots level and exploring new opportunities, It also supports the Royal Navy Water Activity Centres with the provision of boats, the expenses for the RNSA rib that is used for training and race coaching, RYA affiliation fees, and branch events designed to support Naval sailing. RNSA has a strong community feel with clear pathways that are designed to strengthen and train our teams and is always looking for volunteers to train others, organise events or to help with our social media programme. ## **11 Grants payable** |**Yachting**
**Sailing**
**Development**
**2023**
**2023**
**£**
**£**
Grants to institutions:
West Country Branch
-
1,500
Jackaroo events and maintenance
7,820
3,053
7,820
4,553|**Total**
**Yachting**
**2023**
**2023**
**£**
**£**
1,500
-
10,873
6,500
12,373
6,500|**Total**
**Yachting**
**2023**
**2023**
**£**
**£**
1,500
-
10,873
6,500
12,373
6,500| |---|---|---| |||6,500| The West Country Branch ran the management of Jackaroo, RNSA's J80, in 2022 and 2023. - 20 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **12 Support costs allocated to activities** |**Support costs allocated to activities**||| |---|---|---| |Office expenses
Insurance
Bank and other financial charges
Sundry expenses
Governance costs
**Analysed between:**
Charitable activities|**2023**
**£**
726
4,144
4,534
1,317
4,940
15,661
15,661|**2022**
**£**
4,082
6,005
3,827
1,515
4,068| |||19,497| |||19,497| Governance costs includes payments to the independent examiner of £4,470 (2022: £4,320) for accounts preparation and independent examination. ## **13 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. ## **14 Employees** The average monthly number of employees during the year was: |**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2023**
**Number**
3
**2023**
**£**
136,064
9,696
3,459
149,219|**2022**
**Number**
3| |---|---|---| |||**2022**
**£**
109,711
6,967
2,372| |||119,050| There were no employees whose annual remuneration was more than £60,000. ## **Remuneration of key management personnel** Key Management Personnel is defined as the CEO and Deputy CEO roles. The remuneration of key management personnel in the year, including employer's national insurance and pension contributions, was £115,004. This is before apportionment of the employer's national insurance allowance. - 21 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **15 Other** |**Unrestricted**
**Restricted**
**funds**
**funds**
**general**
**2023**
**2023**
Net profit on disposal of
tangible fixed assets
(2,531)
-
Net loss/(profit) on
disposal of investments
(1,446)
(527)
(3,977)
(527)|**Total**
Unrestricted
Restricted
funds
funds
**£**
general
**2023**
2022
2022
(2,531)
(5,319)
(2,242)
(1,973)
22,001
3,401
(4,504)
16,682
1,159|Total
£
2022
(7,561)
25,402
17,841| |---|---|---| ## **16 Gains and losses on investments** ||**Unrestricted**|**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**| |---|---|---|---|---|---|---| ||**funds**|**funds**||**funds**|**funds**|| ||**2023**|**2023**|**2023**|**2022**|**2022**|**2022**| |Gains/(losses) arising on:|**£**|**£**|**£**|**£**|**£**|**£**| |Revaluation of||||||| |investments|20,830|5,581|26,411|(51,144)|(15,266)|(66,410)| ## **17 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. ## **18 Tangible fixed assets** |**Cost**
At 1 January 2023
Additions
Disposals
At 31 December 2023
**Depreciation and impairment**
At 1 January 2023
Depreciation charged in the year
Eliminated in respect of disposals
At 31 December 2023
**Carrying amount**
At 31 December 2023
At 31 December 2022|**Dinghies**
**£**
460,370
-
(34,603)
425,767
144,875
42,577
(15,571)
171,881
253,886
315,495|**Boards**
**Equipment**
**£**
**£**
53,900
3,087
-
-
-
-
53,900
3,087
16,118
1,826
5,390
660
-
-
21,508
2,486
32,392
601
37,782
1,261|**Yachts**
**£**
133,400
177,523
-
310,923
49,688
21,685
-
71,373
239,550
83,712|**Total**
**£**
650,757
177,523
(34,603)
793,677
212,507
70,312
(15,571)
267,248
526,429
438,250| |---|---|---|---|---| - 22 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **19 Fixed asset investments** |**Cost or valuation**
At 1 January 2023
Additions
Valuation changes
Cash movement
Disposals
At 31 December 2023
**Carrying amount**
At 31 December 2023
**20**
**Stocks**
Finished goods and goods for resale
**21**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income
**22**
**Creditors: amounts falling due within one year**
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income|**Listed**
**investments**
**£**
645,854
67,759
28,284
87,175
(151,454)
677,618
677,618
**2023**
**2022**
**£**
**£**
25,217
20,858
**2023**
**2022**
**£**
**£**
14,185
10,005
(271)
(270)
24,978
36,984
38,892
46,719
**2023**
**2022**
**£**
**£**
8,253
4,209
17,204
6,045
30,136
9,939
62,145
36,053
117,738
56,246| |---|---| - 23 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **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. |**At 1**
**Permanent endowments**
**Previous year:**
**At 1**
**Permanent endowments**
Samuel Woodcock Memorial Trust|**January**
**2023**
**At 31**
**December**
**2023**
**£**
**£**
108,184
108,184
**January**
**2022**
**At 31**
**December**
**2022**
**£**
**£**
108,184
108,184| |---|---| The Samuel Woodcock Memorial Trust (SWMT) was a separate, excepted charity. The Permanent Endowment was introduced at its value at 17 July 2021. The Charity Commission 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 income element is shown as a restricted fund. - 24 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **24 Restricted funds** The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. |**Balance at**
**1 January 2022**
**r**
**£**
RNSA (old entity) grants
429,731
Sports equipment grant
(SEG)
370
Samuel Woodcock
Memorial Trust
61,285
RNRM Sports Lottery -
Grassroots Fund
-
RNRM Sports Lottery -
Equipment
-
Samuel Woodcock - Hawk
-
RNRM & RNRMC - Yoyo
-
RNRMC Sports Lottery -
Sailing Manager
-
Events
-
Boat reserve fund
-
491,386|**Movement in funds**
**Incoming**
**esources**
**Resources**
**expended**
**Transfers**
**Gains and**
**losses**
**Balance at**
**1 January 2023**
**r**
**£**
**£**
**£**
**£**
**£**
-
(51,701)
-
-
378,030
2,285
(2,655)
-
-
-
2,705
(5,451)
(2,356)
(15,266)
40,917
3,880
(3,640)
-
-
240
4,627
(577)
-
-
4,050
-
(392)
2,356
-
1,964
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13,497
(64,416)
-
(15,266)
425,201|**Movement in funds**
**Incoming**
**esources**
**Resources**
**expended**
**Transfers**
**Gains and**
**losses**
**Balance at**
**31 December**
**2023**
**£**
**£**
**£**
**£**
**£**
-
(47,521)
-
-
330,509
2,285
(2,285)
-
-
-
3,147
(2,439)
-
5,581
47,206
1,056
(1,296)
-
-
-
-
(462)
-
-
3,588
-
(197)
-
-
1,767
141,000
(29,202)
-
-
111,798
13,583
(13,583)
-
-
-
37,634
(37,634)
-
-
-
-
-
29,250
-
29,250
198,705
(134,619)
29,250
5,581
524,118|**Movement in funds**
**Incoming**
**esources**
**Resources**
**expended**
**Transfers**
**Gains and**
**losses**
**Balance at**
**31 December**
**2023**
**£**
**£**
**£**
**£**
**£**
-
(47,521)
-
-
330,509
2,285
(2,285)
-
-
-
3,147
(2,439)
-
5,581
47,206
1,056
(1,296)
-
-
-
-
(462)
-
-
3,588
-
(197)
-
-
1,767
141,000
(29,202)
-
-
111,798
13,583
(13,583)
-
-
-
37,634
(37,634)
-
-
-
-
-
29,250
-
29,250
198,705
(134,619)
29,250
5,581
524,118| |---|---|---|---| ||||524,118| - 25 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **24 Restricted funds** **(Continued)** ## 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. ## - RNRM Sports Lottery Equipment To fund the purchase of 3 new Fusions dinghies. ## RNRM & RNRMC - Yoyo To fund a replacement yacht. - RNRMC Sport Lottery Sailing Manager Salary funding for the sailing manager role. ## Boat Reserve Fund Represents sale proceeds of grant funded boats held for reinvestment. - 26 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **25 Unrestricted funds - designated** These are unrestricted funds which are material to the charity's activities. ||||**At 1 January**|**Resources**|**Transfers**|**At 31**| |---|---|---|---|---|---|---| ||||**2023**|**expended**||**December**| |||||||**2023**| ||||**£**|**£**|**£**|**£**| |Boat replacement fund|||14,353|-|6,202|20,555| |Windsurfing fund reserve|||905|-|-|905| ||||15,258|-|6,202|21,460| |**Previous year:**|||**At 1 January**|**Resources**|**Transfers**|**At 31**| ||||**2022**|**expended**||**December**| |||||||**2022**| ||||**£**|**£**|**£**|**£**| |Boat replacement fund|||8,790|-|5,563|14,353| |Windsurfing fund reserve|||1,432|(527)|-|905| ||||10,222|(527)|5,563|15,258| |**Analysis of net assets between**|**funds**|||||| ||**Unrestricted**||**Unrestricted**|**Restricted**|**Endowment**|**Total**| |||**funds**|**funds**|**funds**|**funds**|| ||**general**||**designated**|||| |||**2023**|**2023**|**2023**|**2023**|**2023**| |||**£**|**£**|**£**|**£**|**£**| |**Fund balances at 31 December**|**2023 are**|||||| |**represented by:**||||||| |Tangible assets||78,767|-|447,662|-|526,429| |Investments|522,228||-|47,206|108,184|677,618| |Current assets/(liabilities)|196,687||21,460|29,250|-|247,397| ||797,682||21,460|524,118|108,184|1,451,444| ## **26 Analysis of net assets between funds** - 27 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **26 Analysis of net assets between funds** |**Analysis of net assets between**|**funds**||||**(Continued)**| |---|---|---|---|---|---| ||**Unrestricted**|**Unrestricted**|**Restricted**|**Endowment**|**Total**| ||**funds**|**funds**|**funds**|**funds**|| ||**general**|**designated**|||| ||**2022**|**2022**|**2022**|**2022**|**2022**| ||**£**|**£**|**£**|**£**|**£**| |**Fund balances at 31 December**|**2022 are**||||| |**represented by:**|||||| |Tangible assets|56,455|-|381,795|-|438,250| |Investments|496,753|-|40,917|108,184|645,854| |Current assets/(liabilities)|254,118|15,258|2,489|-|271,865| ||807,326|15,258|425,201|108,184|1,355,969| ## **27 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations 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 out of unrestricted funds by the trustees for specific purposes. |**At**
General funds
**Previous year:**
**At**
General funds|**1 January**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
807,326
352,619
(347,641)
**1 January**
**2022**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
841,632
347,563
(325,162)|**Transfers**
**Gains and**
**losses**
**At 31**
**December**
**2023**
**£**
**£**
**£**
(35,452)
20,830
797,682
**Transfers**
**Gains and**
**losses**
**At 31**
**December**
**2022**
**£**
**£**
**£**
(5,563)
(51,144)
807,326| |---|---|---| - 28 - ## **ROYAL NAVAL SAILING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **28 Related party transactions** ## **Transactions with related parties** During the year the charity entered into the following transactions with related parties: RNSA paid the following costs to RNSA Moorings Limited in 2023: Moorings fees £1,271 (2022: £1,188) RNSA Moorings Limited paid the following costs to RNSA in 2023: Shared costs recharged £15,625 (2022: £14,571) Moorings licence fee £11,340 (2022: £10,000) CEO time costs recharged £13,141 (2022: £11,849) The above balance includes £6,796 owed to RNSA at the balance sheet date. RNSA is a corporate member of RNSA Moorings Limited. |**29**
**Cash generated from operations**
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Gain on disposal of tangible fixed assets
(Gain)/loss on disposal of investments
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in stocks
Decrease/(increase) in debtors
Increase in creditors
**Cash generated from operations**|**2023**
**£**
95,475
(17,991)
(2,531)
(1,973)
(26,311)
70,312
(4,359)
7,827
61,492
181,941|**2022**
**£**
(95,455)
(12,983)
(7,561)
25,560
66,410
64,543
6,254
(22,538)
16,350
40,580| |---|---|---| - 29 -