Charlty reglstratlon number 1183S62 (England and Wales} Charlty reglstration number SC053115 (Scotlandl ROYAL NAVAL SAILING ASSOCIATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ROYAL NAVAL SAILING ASSOCIATION LEGAL AND ADMINISTRATIVE INFORMATJON Trustees K Daniels MFOX Sir C R Gardnor KBE. KJay Sir G Jenkins KCB OBE ADC J Landalè G P Marshall W P Shirfey M Bradbury (Appointed 19 July 20241 Charity numbar 1183562 Prln¢lpal address H8sl8r Marina 10 Haslar Road Gosport P012 1NU Auditor Warner Wilde Limiied 4 M8rigold Driva Bisley Surrey Unitéd Kingdom GU24 9SF Bank•rs Bar¢18ys Bank Ple Leicester Leicestershirs LE87 2BB ROYAL NAVAL SAILING ASSOCIATION CONTENTS Page Trustees. report statement of trustees. responsibilkles Independent auditorfs report 7-10 Statement of financial activitie3 Bal8nc8 sheet 13 stal8m8nl of cash flows 14 Notès to the financial statements 15-36 ROYAL NAVAL SAILING ASSOCIATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial slalements for thè y&ar anded 31 December 2024. The financial slalements have been prepared in accordance with the accounting poliaes set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities Act 2011, the Charities and Trustee Investment Iscotlandl Act 2005. the Charities Accounts IScotl8ndl Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP'Accounting and Reporting by Charities.. Statement of Recommendèd Practice applicable to chaTlties preparing their a¢oounts in accordance th8 Financial Reporting Standard appli¢8ble in the UK and Rgpublic of Ireland IFRS 1021 {effective 1 JanLJary 20191.. Oblectlves and actlvltSes 'The obleet of thg CIO is to promote the military efficiency of His Majesty's Ami•d Forces in such charitable ways as the Trustees think fit with particular reference to.. lal increasing physical and mental fitness and wellbeing Ibl fostering esprit de corps; Icl raising morale,. and Idl encouraging seamanship. sea sense and sea safety awareness amongst membèrs ot the Naval Sarvice, 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 encoLFra9ing and facllitatlng the participatlon In..and provislon of or asslstlng In the provision of facllltlès for. water borne actlvltles in the Naval S•rvice. RNSA provides public benefit by assisting RN Service personnel to perfomi thelr roles within the Amod Forces of the Crown more effectively. It does this by providlng, 8n8bling and supptsrbng sailing activities across the disciplines of sailing dovelopment, yachting, dinghy sailing and windsurfing. 11 supports serving personnel and their familles and works closely with the veteran community. This assistance helps equip Naval personnel with thè skill sets needed to face the challenges and danger associated with military service by developing teamwork, fitness, confidence, character. an ability tc7 overcome challenges and experience to better understand the maritime environment. all underpinn8d by enhancing morale. RNSA hBS long held a strong belief in the b8n8fits of sailing and thls Is supported by RN policy. Sailing develops critical skills such as judgment, risk management, and resilience, which benefit young sailors in their career5 and laamlng to operate in their fighting environment. There is also 8 benefit in forging 8 stronger cultural link in a Nation incr8asingly disconnected from the sea and the RN I RNSA community repres8nting serving personnel, thèir families and veterans. RNSAS Approach as a charity is tts locus on three main strands.. firstly grassroots sailing, secondly ropr859ntalionavcompetitive sailing and finally, family and youth sailing. 2024 has b8en a pivotal year for RNSA with th8 delivery of a new major pilot project, RNSA Youth Crew. With funding provided via a grant from Gre8nwich Hospital and a strong partnership with the Andrew Simpson Foundation IASFI in place to doliver the courses, this innovativ6 and completely free offer of RYA start sailing c()urses to the children of Royal Navy, Royal Marines and Roy81 Fleet Auxiliary personnel has delivered beyond expe¢tstion to 350 children around the UK. Making sailing accessible and fun remains at the Cor8 of RNSA'S misslon. RNSA is worklng together with the RYA, sailing clubs and related organisations to inspire participation through affordable pathways and to encourage ihe tak8-up of sailing as a lile-Ic>ng Snteresl for the whole family. RNSA continues to shape an offering that removes as many of the blockers to sailing as possible. It is looking to raise awareness that sailing can be for anyone, that it offers a way to enjoy quality tirne with the family and friends. helps build confidence, offers a Chan￿ lo learn new I￿e-long skills, is affordable and can be greal fun. Service life is challenging and th8 ¢h8nce for families to enloy quality tim& together is uitical. Equally important is for the offer to provide SLkPPOrt to f8milies left behind when serving personnel are deployed, Often for long periods. This concept of support to the community is at the h88rt of RNSA'S new Youth Crew projgct which has made such an impact on RNSAS profile and output this year. The conversations which are corning out ol these dovelopmenis are laying the foundations for more growth and grgaler impact across the Naval community. ROYAL NAVAL SAILING ASSOCIATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Thè mèmbership of the RNSA al the end of 2024 was 4823, slightly down on la* year. Subscriptions fmm membership, create important financial stability and remain the primary source of operating income each year. The RNSA offer to members is improving all the time and a rang& of new initiatives are expected to halp reinforce the support of memb8rs. RNSA Youth Craw, RNSA families days and nèw yacht cruising pathw8ys are good exarnples. RNSAS pot8ntial bèneficiaries are far greater than its membership number and the main slratggic focus is how to tnake sailing and all its benèfits available to more of the Royal Navy and its community. RNSAS Annual Meeting was held in May 2024 via Zoom to maxirnise attendance and a copy of it made available to all members via the RNSA'S w8b8lte. Testimonials from soma of our aetivlty thls year.. Leadlng Engineering Technician ILETI- Communications and InfomatSon Specialist Submariner-CISSM.' Before joining the Royal Navy in the backend gf 2018. 1 showed no interest in sailing, nor had l ever sailed before. I was born and raised in Croydon, wh8ra aside from a couple of srnall18kes In local parks, rnany of whlch are surrounded by tr885. there's not exact￿ a vibrant sailing scenel Plus, none (>f my family sails, so il wasn't something I was encouraged to do anyway. When I first heard about the RNSA during my earfy days in the RN. I didn't think much of il. It wasn't until three years into my naval career that a shipmat8 aboard the submarine I was serving on invited me to join a sailing race on Jackarots, the J80 based in Plymouth. After lust a few races, I was completely hooked. I kept coming back for morel Now, three years on from that rirst raee. I'm a qualified Day Skipper working towards my Yachlmaster Offshore. I'v8 sailed In New Zealand with the RN Sailing Team. in Croatia with the Intelligence Corps. and taken part in rnajor regattas like Cowes We8k, Services Offshore Race ISORI, and Dartmouth, among many others. Looking back to 2022. when I stepped onboard Jackaroo for the rirsl time, I could never have imagined just how much RNSA would shape my journey, hèlp me grow, both personally and professional￿, and the incredible experiences it woul(5 lead to. One of the things I ltsve most about RNSA and sailing is how it breaks down barriers between 811 ranks and rates, branches and fighting amis. Allowing you to mak8 friends and meet wonderful people you probably would never have mel or spoke to in professional work setting. Wh8n I first joined the Navy at 17, 1 ￿rtainlY never imagined I'd one day b8 sitting at dinnèr with the then Commandant General of the Royal Marines and now 1 st Sea Lord at the RNSA Cowes Week party. Or having lunch in the Royal Yacht Squadron during Sovereigns naming ceremony. RNSA has made so much possible for me, and for that, I will a￿ayS bts grateful. I will continu8 to try to repay the debt by continuing to volunt8er on the offshore committee and manage the RNSA InslagTaTn 8ccountl S8rving Royal Naval Parent. EasleT 2024 Youth Crew.. My children and I have had 8 very difficult year, l arn serving RN and due to a relationship br&akdown, I had to mtsve away from the area and the RN community. I continued to work from home and travelling lo Portsrnouth as and when. RNSA Youth Crew Sailing week has not only given my children something to support their emotional and physical developmenl. leaTning new skills, making new relationships etc. but also tneant I could bring th8m lo Portsmouth. show them where I work and stay when I come down and let them feel part of the Royal Navy Family and reflect jUSt h(>w far they have corn81 They loved telling me how well they had worked together in the bigger boats and to see them having the opportunity to support each olhgr so much was really graat. Publlc Benefit We confirrr that we have paid due Teg8rd to the Charity Commission for England and Wales's guidancè on public b&nafit when deciding what activities the charity should undertake. ROYAL NAVAL SAILING ASSOCIATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and p8rformanee The new Youth C￿W Project has been 8 gre¥l succe55, delivering, within a very short timeline free RYA Salltng Courses to 350 young people of our Royal Navy, Royal Marines and Royal Fle81 Auxiliary families. Thè RN owned and funded Watersports Acbvity Cèntr8s provide sailing and powerbts8t RYA courses as well as 1851er sessions and recreational sailing for RN personllel and the RNSA provid88 the boats, support craft. staff training and govemance oversight. Most also provide paddle sports under the Adventurous Sport banner and this helps signpost thè sailing opportunities which are often thè next slep. The Centres that provide sailing reduced from fiv8 to three in 2024 and the remaining ones in Portsmouth, Plymouth and F8slane all struggled to maintain their level of activity for reasons beyond RNSAS control. RNSA is working h8rd to support the RN, help the RN WACS function more efficiently. drive new delivery options and offer leadership to help fimi up the provision of sport. The RNSA'S Sailing Manager is a CTilical enabler. In yachting, RNSA t&8ffls attended key regattas includlng Cork Week 150, Caribbèan 600, Cowes We&k, a vAde range of RORC &v8nts, the Womens, Open Keelbtsat Ghampionships IWOKCI and Dartmouth Week. 11 also participated in regular club events to help promotg engagement at all skill levels. The dinghy community had Competitive entries in the RS200 and 2000 class National championships and enjoyed good success in both the Inter-services dinghy team racing and Inter-service keelboat match racing champi(>nships. The windsLJrfers visited Vassiliki for th6ii annval training camp, were th8 runners up at the Inter-services wndsurfing championships and delivered training courses at Thorney Isl8nd. Yacht cruising rèmains popular and RNSA is increasing its levèls of support lo help make this more acce55ible. RNSA further Lleveloped its Salllng Festivals, delivering these in Portsmouth, Plymouth and S¢oll8nd. These act as a hub to assess future demand and signpost onto other RNSA projects. They also act lo support the local communities in their own right. Overall partiapant days in 2024 were 7000, an 8% Increase on 2023 which was signifi￿ntlY helped by th& new RNSA Youth Crew project Adding some 1800 days. The Safety Management Plan to support all this activity remained in place with first and second party assuranc& conducted. Good land importantl work by RNSA'S Flag Officers ov8rsaw 'safe operating, procedures whi¢h included robust risk assessments. As dglivery broadened to include more families, the safety and safeguarding aspects were updated to support these events. Coneluslon As a￿aYS, the Trustees appreciate that RNSA would not be abla to achieve so much withtsul the valued and v8ri8d support of the many unseen and often unsung volunteers who give up their free Ime lo contribute to thls . unique organisation. The Trustees also remain very grateful for th8 continued support of ltte various RN Charities, sponsors and grant providers. It really does make a huge difference and enables RNSA lo operate effectively, efficiently and dynamically to optimize its impact. The Trustees are also grateful to the staff and executive team that works so hard to build the success that is so evident. The Trustees are pleased to report that RNSA continues to evolve lo meet the operating environmènt, is financially sound. well managed and stfiving to optimise it impact for the wide rèngè of beneficiaries. It also looks to recognise its membership, not all of whom are beneficiaries. and RNSA'S 90th anniversary n8xl year will provide tha p8rfecl opportunity to do so. ROYAL NAVAL SAILING ASSOCIATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal review RNSA'S reaGh and eviden￿ of succe85 is building and broadening, in turn slrenglhèning its financial position with unrestricted income up again this year at £372k IPY £352kl and restricted fund income up to £410k, due to the £335k grant from Greenwich Hospital for the Youth Crew pilot year. Toial income was up to £781 k IPY £551kl. Th8 Gharitys principal source of income ￿MaInS memb8rship subscriptions which whilst steady at £219k IPY £217kl does require continued focus on membership numbers, bolh in terrns of attracting and reiaining. 11 is 560/0 of RNSA'S general fund income IPY 62°kl. Subscriptions continue to be held as low as possible with minimal in¢rea$6s year on year lo encourage as many as possible into our sport and to take up sailing for life. Membership is not a prerequisile for b8n8liciaries to engage with RNSA'S offer. Th8 new RNSA Youth Crew project in which RNSA delivers sailing Gouises to children of those serving in the Navy almost doub18d RNSA'S income by 8dding £335k as a restricted grant fund and was 50 successful thot Greenwich Hospitsl went on to confirm funding and commit £1.5m lo the project over the nèxt three years. Membership numbers h8ve fallen slightly to 4823 IPY 50511. although there were 355 new jolners in 2024. RNSA continues its'first year free. initiative for ils beneficiaries, those s8rving In the Roy81 Navy, Royal Marin6s and Royal Naval R￿erv8S. The proportion of $8rving new joiners remained steady at 62%. RNSA man8ges a deg￿e of routine chum in its membership and is alive to the changes in how an evolvin9 society looks to engage with clubs and as50Cl8tions. RNSA'S investments werè in their second year wlth Qullter Cheviot's Income and Growth Fund for Charities and produced a gain for thè second year £47k IPY £26kl,' likewise Investment income was up at £32k IPY £17kl. The overall portfolio ￿t￿m, being income and growth. with in¢ome Idividends and interest) rg-invested produced a return of 8.8QJo over the one ye8r perfod to 31 December 2024. No withdrawals were tnade from 8ither RNSA or Samuel Woodcock Memorial Trust ISWMTI this ye8r. Expenditufa on general Charitabla aetiwiies increased by 7Yo to £341 k IPY£319k} despit8 nts journal costs in year as this was realigned with its Spring delivery. RNSA'S output across the four k8y areas of delivery {Dinghies. Yachting, Windsurfing and Sailing Dev8lopm8ntl totalled £163k. up 11Yo on 2023. Volunteer and beneficiary availability determining the exact mix of evfynts each year. New for RNSA w8S the RNSA Youth Crew project whi¢h delivered to 350 children around the UK a fijlly funded £277k towards the project RNSA owns 3 keelboats,. Sov8reign Sail Navy Isunfast 36001 and Cutlass Icorby 291 in Portsmouth and Jackaroo IJ801 in Plymouth. Oth8r assets include 79 dinghies. 17 powèrboats and 59 windsurfing boards and associated kit. RNSA is also using th8 'pay and play, rnodel of boating, where it can, to 8dd flexibility and create additional output wilhoul all the associated fixed costs.'RNSA hopes that by tailoring the mix of these modèls.it can leam more about the demand in the market and reach a wider audienc9. RNSA continues lo be supported by funding from th8 RN Sports Lottery for their Sailing Manager. and this is making a real difference to the impact that RNSA is ab18 to achieve across the offshore, dinghy and windsurfing comrnunities, as well as the support provided io the RNWACS. In an era where thf. Royal Navy tempo is increasing and 'time for sport, is ever more difficull to Commit ahead of time, this aSSiStance'j4 martirfg the difference between running On event and not being ablg to throL¢gh lack of voluntser availability or boat re8diness. RNSA is extremely grateful for this continuing critic21 support. There was a very sm811 0￿ratIng 8urplus in 2024 of £3k IPY suiplus £Skl which aligned with the slral8gic intention of delivering a balancèd budget for 2024. The RNSA Youth Crew delivered to 350 children and RNSA is vèry grateful to Greenwich Hospital for their generous fundlng and support and to the Andrew Simpson Foundation's for their delivery expertise. The RYA has also been a key partner in ensuring this pilot has been a real success and ready lo be expanded for the next 3 years. The 'SOFA Indicates a strong and balanced financial position that sits proportionally alongslde the successful l&vels of outptjt in 2024. RNSA'S overall fund balance increasgd by 4.5 /, £65k IPY £95kl to £1.516.006 IPY £1,451,444). ROYAL NAVAL SAILING ASSOCIATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Reserves Policy It is the policy of the Charfty that unrestricted funds which have not been designated for a specific use should be maintained at a 18vel equivalent to onè lo two year's expenditure. The Trustees consider that reserves at this level will ansure that, in the event of a significant drop in funding. thèy will be able to oontinue the charity's currènt activities while considèrallon is given to ways in which additional funds may be raised. This level of r6serv8 has been maintained throughout thè yèar. Inveslmeflt activities are managed in line with the requirements of thè Trustee Act 2000. The Truste&s contsnued to use Quilter Cheviot Gbbal Inwme and Growth Fund for Charfb"es. RNSA'S maintained its inveslrnent policy risk profile al medium in order to maintain capital and generate more income. Structure. govèrnance and management The charity is a Charitable Incorporated Organisation The trustees who SOTved during th6 year and up to the date of signature of the flnanctal statements were.. K Daniels MFOX Sir C R Gardner KBE KJay Sir G Jenkins KCB OBEADC J Landale G P Marshall W P ShIr￿Y M Bradbury {Appoint8d 19 July 20241 Trustees are appolnled by the Board following an interview with the Chaiman and CEO and supportive recommendations. The Board looks for diversity, the engagement of participants and a blend of the ¥ighl skills. Enthusiasm fr)r the Charity's purpose and identity is key. The tnJsl6es' report was approved by the Board of Trustees. SIT C R Gardner KBE Chair of the Board of Trusloe8 Dated.. ROYAL NAVAL SAILING ASSOCIATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees are rèsptsnsible for preparing the Trustees. Rèptsrt and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Unitod Kingdom Generally knGepted Accounting Practicè). The law applicable to charities in England and Wales and in Scotland wul￿S ihe trustees lo prepar& financial statements for each financial yèar which give a true and fair view ol state of affairs of the charity and of the incoming resources and application of rèsources of the charity for hal year. In preparing th&s& financial statements. the tru81885 are required to: S818Ct suitable accounting policies and then apply them Gonsistently., observe the methods and principles in the Charities SORP.. tllak8 judgements and estimates that are reasonable and prudent., stsle whèthèr applicable accounting standards have been followed. subject to any material d8P8rtures disclosèd and explained in th8 financial statements., and prepare the financial statements on the goirrtJ concern basis unlèss It is inappropriate to presume that the charity will continue in op8ration. The trustees are responsibl& for keeplng sufficient accounting records that dlsclose with reasonable accuracy at any time the financial position of the charity and enable them to ensur8 that the financial statements Comply wilh the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008. the Charities and Trustee Invesiment (Scotlandl Act 2005. the Charities Accounts (Scollandl Regulations 2006 and th& provisions of the trust d8ed. They are also rèsponsible for safeguarding the 8ss8ts of the charity and hence for tsking reasonab18 Steps for the prevention and detection of fraud and other irregularities. ROYAL NAVAL SAILING ASSOCIATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ROYAL NAVAL SAILING ASSOCIATION Oplnlon We have audil¢d the financial statements of Royal Naval Sailing Assoaalion Ilhe 'charfty'l for the year ended 31 December 2024 which comprise the statement oi financial activities. the balance sheet, the statement ol cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Unitèd Kingdom Accouniing Standards, including Financial Reporting Standard 102 Th8 Fin8￿￿8￿ Reporting Standard èpplicabl& in the. UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, thè flnancial statements-. give a true and fair view of the state of the charl￿S affairs as al 31 Decembor 2024 and of its incorTring resources and application of resources, for the year then ended.. hav8 properly prepared in accordane8 wlth United Kingdom Genèrally Accepted Acctsunting Practice.. and h8v8 b88n prepared in accordance with the Charities Act 2011, the Charities and Trustse Investment (Scotlandl Act 2005 and regulation 8 of the Ch8riliesAccounts Iscodandl Regulations 2006. Basis for oplnlon We ctsnducled our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. OLJr r&sponsibililies under those standards are further described in the Auditorfs ￿SpOrtS￿b￿lNt1eS for the audit of the statements section of our report. We are independent of the charity accordan￿ with the 8thi¢al requirements that are relevant to our audit of Ihe financial st8lements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilib88 in accordance with these requirèm8nts. We believè that the audit avidenc8 we have obtained is suffi¢ienl and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In oijditing the financial statements, w8 hav8 concluded that the trustees. use of the going concern basis of 8ccounb.ng in the preparation ol the finan¢ial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or eoll8ctively, May cast significant doubl on the charity's ability lo continue as 8 going concem for a period of at least Iw81ve months from when the financial statements are 8ulhoTised for issuè. Our ￿sponsibl11b￿s and the responsibilities ol thg trustees wth respect to going concem ar¢ d88cribed in th relevant sections of this report. Other Informatlon The other information comprises the information included in the annual report other than the financial stat8ments and our audito¢s report th8reon. The trustees are responsible for the other information wntained within the annual report. Our opinion on the financial statements does not cover the other infomation and we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider wh6thÈr the other information is materially inconsist8nt with the financial statements or our knowledge obtained in the cours8 of the audit, or otherwise appeals to be materially misstated. If we identify such material inconsistencies or apparent material misstaternents, we are r8quir&d to determine whether this gives rise to a mateilal misstatement in the finanelal ststemenls themselves. If, based on th8 work we have performed, we conclude that th8re is a matèrial misstalemenl of this olher infom)8tion. we are required to report that fact. We have nothing to report in this regard. ROYAL NAVAL SAILING ASSOCIATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ROYAL NAVAL SAILING ASSOCIATION Matters on whlch we are required to rèport by 8xceptlon We have nothing lo report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 and thè Charities Accounts IScotland} Regulation$ 2006 require us lo report l(> you if, in our opinion.. th8 inlormatlon glven In the financial statements is inconsist8nt In any material respect with thè trustees, Teport., or sufficient and propar accounting records have not been kept,. or th8 financial statements are ntst in agreement with the accounting records., or we have not received all the inforrnalion and explanations we require for our audit. Responsibilities of trustèes As explained more fully in the staternent of trustees, responsibiliti*s. the trustees are responsib18 for the preparation of the financial statern8nts and for being satisfied that they give a true and lair view, and for such intern81 Control as the trustees determine is necessary to enable the preparation of financial statements thal are free frorn material misstatement, wheth&r due to fraud or 8iror. In preparing the financial statements, the trustees are responsible for assessing th8 charity's 8bility to contlnue as a going concem, disclr)8ing, as applicable, matters re181ed to going concern and using tho going c(>ncern basls ol accounling unless the tnjstees either intend lo ceas8 operations, or have no realistic all8rn8tlV9 but to do so. Audltorfs responsibilities for th8 audit of tha flnanclal statements We have begn appointed as auditor under section 144 of th8 Charities Act 2011 and section 4411llcl of the Charities and Trustee Investment (Scotlandl Act 2005 and report in accordance wth the Acts and r818vant regulations made or having effect Ihgrgundgr. Our objectives are to obtain reasonable a55ur8nce about whether the financial 5taternents as a whole are free from m8t8rial misstatement, whether due to fraud or error. and to issue an auditoffs raport that includes our opinion. Reasonablè assurance is a high level of a55urancè but is not a guarantee that an audit conducted in accordance with ISA5 IUKI will always detect a material misstatemènt when it exists. Mi55tatÈmÈnts can arise from fraud or error and are ¢onsidered material if, individualty or in the aggregale, they could reasonably be expected lo influ8nce the economic decisions of users taken Dn ihe basis of these financial slatements. Tha extènt to which our procedures arè capable of detecting irregularities, Including fraud, is dgtalled below. ROYAL NAVAL SAILING ASSOCIATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ROYAL NAVAL SAILING ASSOCIATION Our approach to identifying and ass85sing the risks of material misstatement in fespect of irregularities, including fraud and ntsn-¢otnpliance with laws and regulations, was as follows.. The engagement partner ensured that th8 8ngagernent tearn collectivèly had Ihe appropriata Competence. capabilities and skills to idèntify or re¢ognise non-compliance with applicable laws and regulations., We Ident*fjed the laws and regulations applicable to th8 charity through discussions with trustees and other management, and from our knowledge 8nd èxperience of the charity and education sector. We focused on specific laws and regulations which we considered may have a direct materi81 effect on the financial stalernents or the operations of the charity, the Charities Act 2011, taxation legislation, data protection, employment. environmental and health and safety legislation. We a$se55ed the extent of compliance with the laws and regulations identified abov& through making enquiri88 of management,. and identifled laws and regulations were tommunicaled within the audit team regulady and the team remained alert to instancès of non-compliance throughout the audit. We aSS&s￿d th8 suscepts'bility of the company'8 financsal statements to material misstatèment, including obtsining an und&rstanding of how fraud might occur. by.. m8king enquiries of managèm8nt 85 lo where they considered there was su8c8plibility to fraud. their knowledge of actual. suspècted and alleged fraud., considering the Int8m81 ¢o)nlrols in place to mitigat8 risks of fraud and non-compliance with laws.. r8gulations,' and lesling controls with walk through pr￿dureS and substantive transattion tasting,. To address the rfsk offr8ud through management bias and override of controls, w8.. perfomied analytical procedures to identify any unusual or un&xpecled relationships.. tssled journal entries to identify unusual transactions., assessed whether judgernents and assumptions made in determinlng any 8ccounling estimates were indicative of potential bias- • lftV8Stigaled the rationale behlnd slgnfflcanl or unusual transactions., and In response to the risk of irregularities and non-compliance with laws and regulations. we designed procedures which included, bul were not limited to.. agreeing financial statement dis¢losure8 to underlying supporting documentation.. reading the minutgs of meetings of those charged with governance.. enquiring of management as to actual and potential litigation and ¢laims.' reviewing correspondence with HMRC and relevant regulators sueh As the Charity Commlssion. A further description of our responsibilit4ès is avai18b18 on the Financlal Rèptrrting Council's websita at.. https'.11 www.frc.org.uklaudilorsresponsibilities. Thls description forms part of our auditorfs Teport. ROYAL NAVAL SAILING ASSOCIATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ROYAL NAVAL SAILING ASSOCIATION other mattèrs Your attention is drawn to the fact that the ch8rity has prepared financial statements in accordance with "Arxounting and Reporting by Chariti8s'. Statement of Recommended Practice appllc8ble to charities preparing their accounts in aceordar)ce with the Finanaal Reporting Standard applicable In thè UK and Republic of Ireland IFRS 1021. {as amended) in prelerancè lo the Accounting and Reporting by Charities.. Statement ol Recomm8nded Practice issuad on 1 April 2005 which is referred to in the extant regulations bul has now been withdrawn. This has been done in order for the financ¢al statements to provide a true 8nd fair view in accordance with current GenerallyAccepled Accounting Practice. This report is made solely to the charity's trust8es, as a body, In accordance with Part 4 of the Chariti8s [A￿Unts and Reports) Regul81ion5 2008 and Ragulalion 10 of the Charilies Accounts Iscotlandl R8gulalion8 2006. Our audit work has been undertaken so that we might state to th8 charity's trustees those matt8rs we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to anyon8 Other than the chaiity and the charity's trustees as 8 bc>dy, for our audit work, for this report, or for the opinions wg have fomied. FJ Wllde IS8nlor Statutory Audltor} For and on behalf of Wamer Wilde Limited. StatLJlory Auditor Ch8rt8red Certified Accountants 4 Marigold Drive Bisley Surrey GU24 9SF United Kingdom D81e'. Warner Wilde Limited is eligible for appointment as auditor of the charity by vlrtue of tts eligibility for appointment as auditor of a eotnpany under section 1212 of the Companies Act 2006. 10- ROYAL NAVAL SAILING ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Curr•nt financlal year Unr•strlctad Unrestricted Restricted Endowment funds funds funds funds general designated 2024 2024 Totsl Total 2024 2024 2024 2023 Notès Incomè and endowments from: Donations and legacies Charitable activities Other trading a¢llvilles Investments other income 252,964 11,307 26,756 26,755 53,925 252,964 415,854 26,756 32,060 53,925 240,936 212,743 31,561 17,991 48,093 404,547 5,305 Total Income 371,707 409.852 781.559 551,324 Expenditure on.. Raising funds Charitable activities Other expendilure 23,243 341,286 4,031 21,078 373,746 44,321 715,D32 5.075 34,669 452,095 14,5041 16 Totsl expendlture 368,560 395.868 764,428 482,260 Net g8inslllossesl on investments 17 36,527 10.904 47.431 26.411 Not Income 39,674 24,888 64,562 95,475 Transfers betwoen funds 15,9781 5.978 Net movement in funds 13 33,696 5,978 24,888 64,562 95,475 R•conclllatlon of funds: Fund balances al 1 January 2024 797,682 21,460 524.118 108,184 1,451,444 1,355,969 Fund balan¢9$ at 31 Decemb8r 2024 831,378 27,438 549,006 108,184 1,516,006 1,451.444 The statement of finan¢i818Ctivit188 includ85 all gains and losses recogni5ed in the year. income and expenditure derive from wntinuing aclivitle5. 11 ROYAL NAVAL SAILING ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Prior financSal year Unrgstrlctèd Unre¥trl￿ed funds funds general deslgnat•d 2023 2023 Restrlct•d Endowment funds funds Total 2023 2023 2023 Notès Income and endovmiènt from: Dtsnation5 and legacies Charitable activities Other trading activities Investments Othér income 240.936 17,185 31,561 14,844 48,093 240,936 212,743 31,561 17,991 48.093 195,558 3,147 Totsl income 352,619 198,705 551,324 Expendlturè on= Raising funds Charitable activities Other expenditure 31.703 319,915 13,9771 2,966 132.180 15271 34.669 452.095 14.$041 16 Totsl expenditure 347,641 134.619 482,260 Nel gainslllossesl on investments 17 20,830 5.581 26,411 Net income 25,808 69.667 95,475 Transfers between funds 135,4521 6,202 29,250 Net movèment Én funds 13 19,6441 6,202 98.917 95,475 Reconclllatlon of fvnds.. Fund balances at 1 January 2023 807.326 15.258 425,201 108,184 1,355,969 Fund balancès at 31 Dgcgmber 2023 797.682 21,460 524,118 108,184 1,451,444 12- ROYAL NAVAL SAILING ASSOCIATION BALANCE SHEET ASAT 31 DECEMBER 2024 2024 2023 Notès Flxed a659ts Tangible assets Investments 19 20 405,852 741,438 526,429 677,618 1.147,290 1,204,047 Current assets Stocks Debtors Cash at bank and in hand 21 22 24,402 60,853 509,600 25,217 39,161 301,026 594,855 365.404 Credltors= amounts falllng due wlthln ono year 23 1226,1391 1118.0071 N•t ¢urr•nt ass8ts 368,716 247.397 Total assets less ¢UTfgnt11obiliti•s 1.516,006 1,451,444 Th& funds of thè charlty Endowment funds Restricted income funds Unrestri¢ted funds- general un￿StriCted funds- designated 26 27 30 28 108,184 549,006 831,378 27,438 108,184 524,118 797,682 21,460 1,516,006 1.451,444 The financial statements were approved by thè tmstees on ..?. 1 ￿4..1￿1£ Sir C R Gard Tru$tO8 rKBE 13 ROYAL NAVAL SAILING ASSOCIATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notss Cash flows from operating activities Cash generated from operations 33 135,619 181,941 Investing activities Purchase of tangible fixed assets Proceeds from disposal of tangible fixed asseis Purchase of investments Proceeds froffl disposal of investmgnts Investment Income received 16,8181 1177,5231 69,175 1692,9601 671,498 32,060 21,563 167,7591 64,279 17,991 Net cash generated fromllused in) investing actlvltles 72,955 1141,4491 Not eash g•nèratèd from financlng actlvltles Net increaBg in cash and ￿5h equivalent5 208,574 40.492 Cash and cash equivalents al beginning of year 301,026 260.534 Cash and cash equlvalents at end of year 509,600 301.026 14 ROYAL NAVAL SAILING ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charlty Information Royal Naval Sailing Association 18 8 Charitable Incorporated Organisation. 1.1 Accounting conventSon The financial slatemenis have been p￿pared in acwrdance with the charity's governing document, the Charities Act 2011 and "Accounting and Rèp(>rting by Gharilies.. Statement of Recornrnended Practice applicabl8 to charities preparing their accounts in accordance with the Financial Reporting standard applicable In the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191.. The charity is a Public 8enefit Entity as defined by FRS 102. The financial slalemenls have departed fr()m the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required to provide a true and fair view. This departure has involved following th8 Statement of Recommended Practi￿ for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations bul which has since b88n withdrawn. Th8 financi81 slalemenls are prepared in sterling, which is the functional ¢urroncy of the tharity. Monètsry amounts in these financial statements are rounded to the nearest £. Thè financial stslements have been prepared und8r the historical cost convention, M{￿lfIed to include lo include investment properb'es and certaN) financial instruments at fair valua. The principal accounting policies adopted a set out below. 1.2 Going concern At the tlme of approving the financial statements, the trust6es have a reasonable expectation that the charity has adequate resoure8s lo continue in operational existenc6 for th8 foreseeable future. Thus the trustees continue to adopt th8 going concem basis of accounting in praparing th8 ffnancial statements. 1.3 Charltsblè fund$ Unrestricted funds are 8vai18b18 for use al the discretion of the trustees in fvrtherance of their charitsble objectives. Restricted funds are subjèct to Specific conditions by donors or grarstors as to how they may b8 used. The purposes and usès of the restricted funds are set out in thè notes to thè finanaal statement8. Endowmènt funds arg Subject lo specific conditions by donors that the capital must be maintained by the charity. 1A Income Income is ￿COgnISed wh6n th8 charity is leg8lly entitled lo it after any performance conditions have b88n mel, the amounts can be measured reliably. and it 18 probable that income will be received. Cash donations are recognised on le￿ipl. Other donations are reeognis&d once the charity has been notified of the donation, unless perfomance conditions require deferral of the atnount. Inwme tax recoverable in relation to donations racèlvèd under GiftAid or deeds of covenant is recognlsed al the lime of the donation. Legacies are recognlsed on receipt or otherwise if Ihe charity has been notifi¢d of an irnpending dislributlon. the amo¢Jnt is known. and recelpt is expectèd. If the amount is not known, the legacy is tr8818d as a contingent asset. 1.5 Expenditure 8bilitie8 and the resulting expenditure are recognised when either 8 legal or conslrudive obligation is recognised. 15- ROYAL NAVAL SAILING ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Icontlnuedl 1.6 Tangible fixed a$set$ Tangible fixed assets are initially measured at cost and subsequenuy measured 81 cost or valuation. net of dep￿ciatIon and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual valuès over theSr US8ful lives on th8 followin9 b888S'. Dinghies Boards Equipment Yad)ts 25% first year, then 1Ct% on cost (legacy dinghi8s 10Qh on costl 25/¢ first year, thèn 10Y¢ on cost (legacy boards 10°k on costl 3 year straight line 10Q/o ReducAng balance The gain or loss arising on the disposal of an asset is determined as th8 dIff8￿nCe befvleen the sale pro￿ed$ and the carrying value of the asset, and is recognised in the slatemgrit of financial activities. 1.7 Flxed asset investments Fix8d asset inv8Sttnents are initially measured at transaction price excluding tran58Ctlon costs. and are subsequently measured at fair value at èach ￿pOrting date. Changes in fair value are r8cognised In net incomel lexp8nditurel for the year. Tran58Ction costs 8Tè èxpansed as incurred. 1.8 5mpairment of fixed a¥¥ets At each reporting end date, the charity reviews the carying amounts of its tangible assets to detemiine wh8ther there is any indication thal those assets have suffered an impaiment loss. If any such indication exists. tha r8eoverable amount of the asset is estimaled in order lo determine the extent of the impairment loss lif any). 1.9 Sto¢k$ St()cks are stated at the lower of cost and eslimaled selling price less costs to complete and s811. Cost comprises direct materials and, where applicable, direct18bour costs and those overheads that have been incurred in bringin9 the stocks to their present location and condition. It8ms held for distribution at no or nominal consideration are measU￿d at the lower of replacement cost arKI cost. Net r8alisable value is the esiimated selling price lèss all estimated costs of completion and costs to be incurrgd In marketing. sellin9 and distribution. 1.10 Cash and Gash equivalents Cash and cash equivalents include cash in hand. deposits held al call with banks, othef short-tem I￿Uld investments with original m8tuThties of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.11 Flnanclal instrumants The charity h88 e18Cted to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 '0ther Financial Instruments Isstjes. ol FRS 102 to all of its financial instruments. Finan¢i81 instruments are recognised in the charitys balance sheet whgn the charity becomes party to the conlractU81 provisions ol the instrument. Flnancial as5els 8nd liabilities are offset, wth the net amounts presentèd in the financial statements, when there is a legally enforceablg right to set off the recogni5ed amounts and there Is an intention to 58tt1e on a nel basis or to realise th8 asset and settle the liability simultaneously. 16 ROYAL NAVAL SAILING ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aecounting pollcles (Continued) Baslc flnanclal assets Basic financial assets, which include debtors and cash and bank balances. are initially rnea5ured at transaction price including transaction costs and are subs8qU8ntly ¢arried at arnortlsed cost using the effective interest method unles5 the arrangement constitutes a financing Iransaclion, where the transaction is measured at the prasènt value of the future receipts dlscounted at a market rate of interest. Financial a&sets classified as rse8ivable within one year are not amortised. Basic financlal Ilabllltl•$ Basic finanrial liabilities, Including oreditors and bank loans are initl8lly recognised at transa¢tion price unless the arrangement constitutes a financtng Iransaclion. where the d8bt instrument is measured at the present value ol th8 future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt inslrurnents are subsequently. carried at amortised cost. using the effective interest rate method. Trade creditors arts oblig8tions lo pay for goods or services that have been acquired in tre ordinary ¢ours8 of operations from suppliers. Amounts payable are e18S5ifi8d as current liabilitles if payment is due wtthin one year or less. If not, they are presented as non-current liabilities. Trade creditors arg recognised initially 8t trarisaclion price and subsgouently measured at amDrtis8d cost using the effective interest method. Derecognltlon of flnanelal liabilities Financial liabilities are derecognised when the charity's contractual obligations expirg or are dischargèd or cancelled. 1.12 Employ•• bènefits The cost of any unusgd holiday entitlement is rècognised in the period In which the employee's s8rvices are received. Termination benefits are recognised immediately as an expense wh8n the charity is demonstrably committed to terrninatg the employment of an employ88 or tg provide teminatitsn benefits. 1.13 Retlremènt benefit$ Payments to defined eontribution retirement benefit schemas 8re charged as an expense as they fall due. 1.14 Trophie$ Cups and trophies donated to the assoclation Ère not reflected in the aceounts. The mosl recènt valuation, for insurance purposes, of trophies held by the association, is £109.090. Critical accountlng •stlmatès and judgements In the application of the charity's aeeounting policies, the trustees are required to make judgements. 8Stimales and assumptions about the carrying smounl of assels and liabilities that are not readily apparent from other sources. The estimates and as50ciat8d assumptions are based on histori￿1 experience and other f8Ctors that are considered to be relevant. Actu81 results may differ from these eslimales. The 0s11rn8te8 and under￿ing assumptions arè rèvi8wed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which th& estimate is revised where the revision affects only that period, or in the period of the revision and fLJturg periods where the ￿vIsiOn affgcts both current and future periods. 17- ROYAL NAVAL SAILING ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donatlon$ and legaclès Unr8strlet•d funds 2024 Unrestricted funds 2023 Donations and gifts Leg8Gies Grants Membership fees Donated goods and services 18.059 7,206 2,500 13,628 217,602 12,500 219,405 3,000 252,964 240.936 Donatlons and glfts Other 18,059 7,206 18,059 7,206 Grants NSSC Other 12.500 13,500 128 12.500 13,628 18 ROYAL NAVAL SAILING ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from CharItab￿ aetlvltl•s Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Core Event income 1,663 1,663 Dlnghles Charter income Event income 1,550 1.550 2.151 3,908 3,908 831 2,151 831 i Yachting P8rforrnance related grants Evènt Ineomg 143,285 25,070 143.285 27,255 5.321 5,321 2,185 Windsurfing Evant Incomo 9,874 9,874 11.733 11,733 Saillng Development RNWAC in¢orne Performanc6 rèlatgd grants Event income 8,094 8,094 9.604 9,604 52.2L11 52,201 14,639 14,639 1,488 1,488 Youth Crew Performance relaleLI grants 335.000 335,000 11,307 404,547 415,854 17.185 195,558 212.743 19- ROYAL NAVAL SAILING ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from ¢haritsble a¢tivities Icontlnued) P•rfonnane• Mlat8d grants analysi¥ Salllng Development Youth Cr8W Total Yachtlng Total Dev4lopmont 2024 2024 2024 2023 2023 2023 RNRM Sport Lottery - Grassroots Fund RNSCB ISEGI RNRM Sport Loittery- Yacht Cosis RNRMC- Rèplaeement Yacht RNRM Sport Lottery- Sailing Manager Greenwich Hospital Youth Crew RNRMC- Sailing Develc)pment Other 500 2.398 soo 2.398 1.056 11.0561 2,285 2,285 10.000 10.000 70,000 70.000 71,0(K) 71,000 37,02S 37,025 13.583 13,583 335.000 335,000 2.278 2,278 52,201 335.000 387,201 143.285 14,639 157,924 Income from other trading •etlvltl•s Unr6strlcted Unrestri¢ted funds funds 2024 2023 Sponsorships and sodal10tt8ri8s Shgp 8nd cgurses 3,500 23.256 10,534 21.027 Other trading activities 26,756 31,561 Income from investments Unrestricted Rèstrleted funds funds 2024 2024 Totsl Unrestrietod R•strlGted funds funds 2023 2023 Tatal 2024 2023 Other income Interest r8C8iv8ble 17,819 8,936 5,305 23,124 8,936 11,436 3.408 3,147 14.583 3,408 26,755 5,305 32,060 14,844 3.147 17,991 .20- ROYAL NAVAL SAILING ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Other income Unrestricted Unrestrlcted funds funds 2024 2023 Net gain on disposal of t8ngibl8 fixed assets other income RNSA Moorings recharged costs and licence fees Insuranoe commissions Joumal advertising incorne 10,712 447 37,650 5.116 586 5,107 1,200 53,925 48,093 An an8ly$i$ of the RNSA Moorings income is shown in note 32. Expenditure on ralslng funds Unrestricted Restricted funds funds 2024 2024 Totsl Unrestricted Restrlcted funds funds 2023 2023 Total 2024 2023 Fundralslng and publicity Advertlsing 2,034 20,747 22,781 8.433 8,433 rr¥ding ¢06ts Shop and courses 19,881 19.881 15,033 15,033 Investment management 1.328 331 1,659 8,237 2,966 11,203 Totsl costs 23,243 21,078 44,321 31,703 2,966 34.669 21 15) O Q) 15> 00 r (ry ¢fJ <0 m r Cq ¢5) Lr) *- Jw* rr O Lr> o 0)o￿try[￿￿O *¢D Èltlll > 2 c 0> rc > ? LO O O U)0tt7￿Q)3cL0￿￿)￿)ajCD ffer. 24- ROYAL NAVAL SAILING ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Grants payabl• Salllng Dev8lopm•nt 2024 Yachtlng Salling Developmont 2023 Totsl 2023 2023 Grants lo inslitulions.. West Country Branch Jackaroo events and rn8inlenance Roaring Antilles 1,500 3,053 1.500 10.873 7.820 2,278 2.278 7.820 4,553 12,373 In 2023, the Wesl County Branch ran the management ol Jackaroo, RNSA'S J80. 12 Support costs allacated to activities 2024 2023 Office expens9$ Insurance Bank and other financlal ¢harges Sundry expenses Gtsvèrnance costs 2,850 5,565 4.914 2,254 10,680 726 4,144 4,534 889 4,940 26,263. 15,233 Anatysod bètwèèn: Core Yachting Sailing Development Youth Crew 25.364 20 529 350 1S.233 26,263 15,233 Govgrnance costs includes payments to the auditor of £10,680 for 8ccounts preparation and aLtdit 12023.. £4,470 for accounts preparation and independent 8xaminationl. 13 Net movement In funds 2024 2023 The net movement In funds is staled after Chargin￿{CreditIng}'. F86s payable for the audit of the charitys financial statemonts Depreciation of owned tangible fixed assets Profil on disposal of tangible fixed assets 10.680 68,931 110,7121 70.312 12.5311 25- ROYAL NAVAL SAILING ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Trustees One of the trustees received a salary from thè charity during the year lotslllng £4,643 and was reimbursed expenses 01 £407. 15 Employees Th8 average monthly number of employees during the year was.. 2024 Numbèr 2023 Numbèr Employmant Costs 2024 2023 Wages and salaries Social sg¢urity costs Other pension costs 194,597 13,588 7,234 136,064 9.696 3,459 215,419 149,219 The number of employees whose annual remuneration was more than £60.000 is as follows.. 2024 Number 2023 Numb•r £60,001- £70,000 Remuneratlon of k•y manag•m•nt p•rsonn•l Key Management Personnel is defined as the CEO and Deputy CEO roles. 2024 2023 Aggregate compensatio 124,476 115,004 26- ROYAL NAVAL SAILING ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Other expenditur• Unrestrlcted Restrlcted funds funds 2024 2024 Total Unrestrlcted Restr5cted funds furhds 2023 2023 Total 2024 2023 Nel lossllgainl on disposal of tangible fixed assets Net loss on disposal of programme related . investments 12.5311 12,5311 4,031 1,044 5,075 11,4461 15271 11.9731 4,031 1,044 5,075 13,9771 15271 14,504} 17 Galns and loss•s on Inv•stmènts Unr85tricted Restricted funds funds 2024 2024 Total Unrestrlcted R•stricted funds funds 2023 2023 Total 2024 2023 Gainsl{lossesl arising on.. Revaluation of investmenis 36.527 10.904 47.431 20,830 5,581 26,411 18 Taxation The Charity is exempt from taxalon on activltlès b6c8US8 all its income is applied for charitable purposès. -27- ROYAL NAVAL SAILING ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Tanglble fixed assets Dimghi&s Boar Equlpment Yachts Total Cost At 1 January 2024 Additions Disposals 425,766 53,900 3,087 1,769 310,923 5.049 182.2081 793,676 6,818 182,2081 At 31 December 2024 425.766 53.900 4,8S6 233.764 718,286 Dopreciation and irnpairnient At 1 January 2024 Depreciation charged in the year Eliminated in respect of disposals 171,881 42.577 21,508 5,390 2,486 71,373 19.980 123.7451 267.248 68,931 123,7451 At 31 December 2024 214.458 26.898 3,470 67.608 312,434 Carrying amount At 31 Deeembgr 2024 211,308 27,002 1,386 166.156 405,852 At 31 December 2023 253,886 32,392 601 239.550 526.429 20 Fix•d a$set investments Llsl•d inv8stm8nt5 Cost or valuatlon Al 1 January 2024 Addition Valuation changes Cash movement Disposals 677,618 692.960 42.317 {113,1961 {558,261} Al 31 t)ecember 2024 741.438 Carrylng amount At 31 December 2024 741,438 At 31 Dectrmbgr 2023 677,618 21 Stocks 2024 2023 Flnished goods and goods for resale 24,402 25,217 -28- ROYAL NAVAL SAILING ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Dgbtors 2024 2023 Amounts falllng duè wlthln one year: Trade deblofs Propayments and accrued income 18.117 42.736 14.185 24.976 60,853 39,161 23 Crgditors= amounts fèlling du• within onè year 2024 2023 Notes Other taxation and social security Deferred income Trade creditors other creditors Accruals 8,146 184,142 13,935 8,253 17,204 30,405 62,145 18,072 226,139 118,007 Deferred income 2024 2023 other deferred in¢om8 184,142 Deferred inojme is included in the fin8nci81 statements as follows.. 2024 2023 Deferred income is included wthin.. Current liabilities 184,142 Movements in the year.. Deferred income al 1 January 2024 Resources deferred in the yèar 184,142 Dafèrrad income at 31 December 2024 184.142 The above figure includes a grant of £161.000 from Greenw¢h Hospitsl foryouth Crew 2025. 29- ROYAL NAVAL SAILING ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 25 Retlrem8nt bongfit schemes 2024 2023 Defined contributlon schomes Charge to profil or loss in respect of defined contribution sehèmas 7,234 3,459 The charity operates 8 defined contributlon p8nsion scheme for all qualifying omployees. The assets of the scheme are held separately from those of the ch8rity in an independently administered fund. 26 Endowrnènt funds Endowment funds reprèsent asseis which must be held perrnanently by the charfty. In￿me arising on the endowment funds can bè used in accordance with thè objects of the charity and is includad 8s réstriet8d incorne. Any capital gains or105585 arising on the assets fom part of the fund. At 1 Jartuary 2024 At31 December 2024 Pemianent endowments Samuel Woodcock Mernorial Trust 108,184 108.184 Prèvlgus year: At l January 2023 At31 December 2023 Pèrmanent gndowmgnts Samuel Woodcock Mèmori81 Trust 108,184 108,184 The Samuel Woodcock Memorial Trust ISWMTI was a separate, excepted ¢h8rity. The Pemian8nl Endowment was introduced at its valu6 at 17 July 2021. The Charity Commission confimied that, in Ihgir opinion, Il is a special trust of RNSA made up of a Permanont Endowment adrninistered by the trustees for the specific Purposes rlf the trust. UndeT the terms of the scherne, the income can be used for specific purposes. The ineome element is shown as a reslricled fund. 30- >0 (ry o)Nc <0 co u) o Ln LO ¢OrV)Lnv r oco Lri o) ￿ u) i o Lf (0 <5> o Etttt EttCÉ- Z £LffjZZ ozz o ￿Z > 0￿￿ )￿ r ir) #> ct (n fn re Ct LU (O ROYAL NAVAL SAILING ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 27 Restrl¢t¢d funds (Continued) old enti Various grants received by RNSA (old entityl from RN Charities and Samuel W<)odcock Memorial Trust for the purchase of boats and dinghies. Don8téd to RNSA CIO on 01.01.20 SEG Grants re￿iVed from Royal Navy Sports Control Board IRNSCBI, Specifical￿ to help maintain equipment levels. SWMT Income from Ihg P8mianent Endowment to b8 used to encourage salling by Royal Navy serving personnel. RNRM S rts Lotte For d8lTvery of grassroots training. M S tsrts Lotte ui ment To fund the purchase of 3 new Fusions ¢Jinghlès. RNRM & RNRMC- Yo OISSN To fund a replacement yacht- the Yoyo. renamed Sovergign Sail Navy {SSN}. RNRMC S rt Lotte Mana er Salary ILJnding for the sailing man8g9r rtsle. Boat Reserve Rapresents Sa￿ proceeds of grant funded boats held for reinvestm8nl. th Crew The Youth Crew project welcomes young paople of serving RN, RFA and RM families onto th8 w8tar to laam lo sail. Youth Crew is lully funded by Grèènwich Hospital and delivered through the Andrew Simpson Foundatson. RNRM S orts Lotte Develo ment Sai A grant from to the RN Sports Lottery to fund the 'Caribb8an Express 20241 Roatlng Antilles. Adventurous Training Expeditlon to get sailors salling. Ev Grant and ￿ntribu￿onS for sailing evgnts. 33- ROYAL NAVAL SAILING ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 28 Unrestricted fund$- deslgnated These are unrestricted fvnds which are material to thè ¢harity's activities. At 1 January 2024 TransfÈr# At31 December 2024 Boat rèplacement fund Windsurfing fvnd ￿SerVe 20,555 905 5,978 26.533 905 21,460 5.978 27.438 Prèvious year: At 1 January 2023 Transfers At31 Decemb•r 2023 Boat replacement fund Windsurfing fund reservg 14,353 905 6,202 20,555 15,258 6,202 21.460 29 Analysls of net assets between funds Unrestrlcted Unr•stri¢ted funds funds gèneral designated 2024 2024 Restricted Endowmènt funds funds 2024 2024 2024 At 31 De¢ember 2024: Tangible assets Investments Currenl assetsllliabilitiesl 44.853 571.214 215,311 360,999 62.040 125.967 405,852 741,438 368,716 108.184 27,438 831,378 27,438 549.006 108,184 1.516.006 34- ROYAL NAVAL SAILING ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of net a$s•ts b•tween funds Icontlnuedl Unre$trl¢ted Unrestricted funds funds goneral deslgnated 2023 2023 Bestrlct•d Endowmgnt funds funds Total 2023 2023 2023 At 31 December 2023: Tangible assets Investments Current assetsllliabilitiesl 78,767 522,228 196,687 447,662 47,206 29,250 526,429 677.618 247.397 108,184 21,460 797,682 21,460 524,118 108,184 1,451,444 30 Unr•strlcted funds The unrestricted funds of the charity comprise the unexp8nded balances of donations and granis which are not subject to specific conditions by donors and grantors 8s to how they may b6 used. These include designated Yunds whieh have been sel aside out of unrestricted funds by the trustoes for speeific purposas. At 1 January 2024 Incomlng resources R•sourc•s expended Transtars Galns and lossès At31 Dacèmber 2024 General funds 797,682 371,707 1368,5601 15.9781 36,527 831.378 Prèvlous year: At 1 January 2023 IncomSng resoureès ReSou￿e$ expended Transfers Galns and 10sse$ At31 D8cemb8r 2023 Gènéral fvnds 807,326 352,619 1347,6411 {35,4521 20.830 797,682 31 Oper*ing lèas• eommltments Lessee Op8rating leases exist for marina units undèr a 25 year ￿ase from July 2000, and for 8 photocopler-printer under 8 63 month lease from January 2020. At thè reporting end date th8 charity had outstanding commitments for futur• mlnlmum lease payments under non-cancellable oper8ting18ases. which fall due as follows: 2024 2023 Wrthin one year Be￿een two and five y8ars 8.056 16,942 8,056 8.056 24,998 35- ROYAL NAVAL SAILING ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 32 Related party transactions Transactions wlth related parties During the year the charity enter8d into the following tr8n$8dions with related parties.. The Andrew Simpson Sailing Foundation. a registered charity. delivers RNSA'S Youth Crew project. On8 RNSA trustee is 8 trustee of the Andrew Simpson Sailing Foundation. RNSA is a Corporate mamber of RNSA Moorfng$ Limited. RNSA paid £1.809 In ¢osls lo RNSA Moorings Llmit&d in 202412023.. £1,271). RNSA Moorings Limit8d paid the following costs to RNSA in 2024.. Shared costs recharged £12,05412023: £15,625) Moorings licenee fee £11,84012023'. £11,340) CEO ts'me costs recharged £13.75612023.' £13,141) Total £37.65012023.' £40,106) The abov8 balance indudes £9,800 owed lo RNSA at the balance sheet dale. 33 cash g•nerat•d from operatlons 2024 2023 Surplus for thè ye8r 64,562 95,475 Ad}ustment5 for.. Investrnent income recognised in statement of financial actIV￿leS Gain on disposal of tangible fixed assets Gain on dispos81 of investments Fair value gains and 1055es on investment5 Depreeiation and impairment of tangible fixed assets 132,0601 110,7121 117.9911 12,5311 11.9731 126.311} 70,312 147,4311 68.930 Movements in working capital- Decreasellincreasel in stocks Ilncreaselldecrease in debtors IDecrè85eYincrease in creditors Increase in deferred income 815 121,6921 176,0101 184,142 14,3591 7,558 61,761 Cash g&n•rated from operatlons 130,544 181.941 36-