2024-09-30-accounts - South Cerney Sailing Club Limited

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CHARITY COMMISSION FOR ENGLAND AND WALES Trustees. Annual Report for the period From: 0111012023 Perfod start date To: 3010912024 Period end date Charfty name: South Cemey Salllng Club Llmlted Charity registration number: 1201064 Objectives and Activities Summary of the purposes of the charity as set out in its goveming document Pa 1.17 The purpose of the Club is to promote and faalitale communty participation in healthy recreation by providing facilities for sailing, and other water-based activities. to those residents and visitiNJ the surrounding area of South Cerney. Summary ofthe main aclivities in relation to those purposes for the public beneftt, in particular, the activities. projects or services identified in the accounts. Pwa 1.17 119 Provide facilities and equipment for general sailing and water-based activities. Provide training for inexperienced and experienced saihjrs. including Royal Yachting AssociatK)n (RYA} accredited training courses. Organise a programme of sailing activities, racing and events. Promote youth sailing. induding through the proviston of a safe environment, equipment, and training. Make available the faalities to other groups organisations for sailing. Offer temporary membership and boat hire and provide buoyancy aids to casual visitors. statement confiming whether the trustees have had regard to the guidance Issued by the Chartly Cofflmission on public benefft Pa 1.18 All Trust&s are provided with copies of the relevant guidan from the Charity Cornrnission regarding Public Benefit. Additional tnfonnation (optionafj You ma choose to include further statements where relevant about SIYiP r2fererKe Not applicable Policy on grant making 1.38 Not appli(xble Para 1.38

Policy on social investment induding program relaled inveslment The Club is primarily run by unpaid volunteers. None of the Trustees re1ve any remuneration or other benefits inding the Treasurer and Secretary. Contribution made by volunteers Pwa 1.38 Other Achievements and Perfomian¢e Our Sailing Club has 575 rnembers which indudes 86 new fflembers this year. The membership is slightly down on 2022 and 2023. However, on the positive side. the nurnbers Eeaving are also down on 2022 and 2023. Club now provides facilities and equipment not just for dinghy racing or cruising. but also viindsurfing, kayaking and SiarKJ-Up Paddle )arding. Importantiy, the club runs a Cadet squadron for youngsters. 20-30 sailing and training most Saturday momings throughout Ihe year. The dub also promdes boats and our members SUPF(Irt UK Blind Sailing on a number of days through the year. Summary of the main achievements of the charity, identifying the difference the charity's work has made to Ihe circumstances of its beneficiaries and any w¥Jer benefits to society as a whole. Paa 120 RYA accredited Sail training and Power boat training is 12rried out nol only to encourage full participation but also to ensure risks are mttigated and safety aspects are prioritised. This year the dub is providing new dinghies appropriate for members lo develop their sailing skills. Risk assessments, including weather forecasts and assessing the experience of sailors are carried out prior to all sailing events and action. such as additional safety bt)at cover tsken. Over the year the club ran over 210 raS across 21 series. Of our members, raced in at least one handicap race" 70+ raced at least one Hot Dogs race and 40 competed in at least one pursuit. In all. 135 embers of SCSC entered at least one race. Members not only organise and run the races. but also provide safety boat cx)ver. The dub also hosts a number of National sailing races for specific classes of sailing dinghies during the year, attractin sailors from around the

UK. Also adopted an outstanding new race management software system. The dub has a EX)licy to maintain a contingency monetary reserve of 50% of annual operating expenses to meet any Snificant unexpected or exceplional costs that might impact the club's ability to function. The club invests to maintain and improve (2pabilities. equipment and facilities, this year replacÉng the ra( committee boat, and installing a new werboat jetty, next year, upgraded changing room fadlltles are planned. Additional infomiation (optional) You ma chcK)se to I[lUde further statements W[e relewant aLx)ut: The dub has had limited training capabilities due to limited availability of trainers. However, Ihe main racing season started as planned in April and ran until the end of October. The dub was able to undertake some powerboat training using their ovm trainers. The Winter sailing series ox)ntinued bui with the usual lower numbers of partiupants. Achievements against objectives set 1.41 The club income. that is primarily from membership fees. has continued in line with previous years. There has been some drawdown of costs against items that have needed replacirKJ, plus the replacement of the main ra cornmittee boat and repairs to the F()ntoJn as mentioned above. Performance of fundraising activities against objectives set P¥8 1.41 All surplus funds are held in accounts with UK based High Street banks. . Investrnent perfoman against objectives P*a 1.41 Other

Financial Review Review of the chartvs rinancial position at the end of the period The cash balan(E at the year-end is £159k in the General Account. As with previous years a small surplus has been generated which enables the dub to invest in the dub facilities. Statement explaining the policy for holding reserve5 stating why they are held Pa 122 The Club Reserves Policy is to maintain sufficient financial contingency level, to enable 50% of Th)mial operating activities to continue over a 12-month period shou5d a shortfall in income occur and considering potential risks and contingencies thal may arise from time to time. In addition. the Club Development Plan calls for the redevelopment of changing facilities to address both addttional numbers and thangirvJ contemporary user needs. Amount of reserves held Reasons for holding zero reserves No In effect the cash in hand at the bank acts in parL as a reserve and has been a relative stable position over the last few years. It has not b8en considered a requirement to set up a separate account to hold Ihese same monies. Pwa 1.22 Details of fund materially in deficit ExarIatIon of any uncertainties about the charity continuing as a going concem P8 1.24 NIA Pwa 1.ZJ None. AddStional information {optlonal) You may chiKJse to include further statements where relevant aiKlUt The funds lo meet normal operating costs come from members subscriptions, race entry fees and some incidental income is generated from the use of the clubhouse building by members and the local communtty. The charlty's principal sources of funds (including any fundraising) P1.47 The dub holds no long-term investments. The principle criterion i8 the securty of funds. as such they are all held in accounts with UK based High Street banks. Investment policy and objectives including any social Inv8strn8nt policy adopted 1.46 The trustees have a duty to identify and revtew the risks to which the charFty is exposed and to ensure appropr¢ate controls are in Pla to provide reasonable assuran against fraud and error. Trustees manage and mitigate risks to the charity thri)ugh reviews of operaliDns and ures at trustee meetin s held as A description of the principal risks facing the charty P¥a 1.46

required, but every six months as a minimum. . FInan- otwJoing hflOW model and budget control with intemal authorisation pro(Edures for management of transactions. • Health and Safety- an agenda item at every meeting (trustees and commtttee embers) to ensure Complian wilh regulations. and a general common-sense approach to maintainiry safe practices, with specific w0dureS for on or near water activities. . Exlemal risk- to ftjnding and serwices, strategic planning ensures relevant service development and diver5tfications paying hd to wider county and national strategic direction. Other

Structure. Governance and Management Description of charItS Irusls.. Type of governing document trust deed. ro al charter How is the charity constituled? (e.g unincorporated association, CIO Trustee selection methcKJs including details of any conslitulional provFsions e.g. election to post or name of any person or body entitted to appoint one or more trustees Para 125 Artides of Association. approved by EGM 20Au ust 2022 Charitable Company. Umited by Guarantee under the Companies Act 2006 Pwa 125 125 All trust88s are 81e(*ed from the Club membership al the AGM. Depending on the Tote Ihey hold on the Executive Committee, trustees may stay in post for either three or four years, Sublt to an annual vole of the membership. After this period. they have to standdown or apply for a different role. Any mefnber may put their name forward to serve as a trustee when a vacancy arises. Addltlonal Infomatlon (Opllonal) You ma choose to inc]ude further statements where relevant abou New trustees are fully briefed on their duties and responsibilities using material from the Charity Commission website. Policies and procedures adopted for the induction and training of trustees P8ra 1.51 The day-t(HJay activities of the Club are run by an Executive Committee. chaired by the Club Commodore (who is also a trustee). The members of the committee are electedlre-elected annually at the AGM and are drawn from the club membership. Any member may put themselves foDNard for cx)nsideration by the members at the AGM. The charity's organisational structure and any wider neOrk with which the charity works 1.51 None Relationship with any related parties 1.51 Other Reference and Administrative details Chari name other name the chari uses stered charil number Charity's principal address Soulh Ceme Sailin ub 1201064 South Cetney Sailing Club Lake 16. Slation Road, South Cemey GL7 5TH

Names of the charlty trustees who manage the charity Dales athd If not for wht)le Trusteo nam& Officè Irf any) Namè of parson lor body) èntltled oint trustee rfan Blair Jamieson Clive Whitehouse Commt)dore Vice CoMMlC8 Alistair Slm Rear Commodo Nigel Dibb Jeremy Soulsby William Gardiner Treasurer Hon Secrelary Membership Sec Duty Sec Sailing Sec Cadet Captain Marketing Social Sec Mac Powell Alex Atack rimothy Bullock Sam Tanner 10 Kean Gunlon 12 13 14 15 16 17 18 19 20 orate trustees- names of the directcKs at the date the Dir•¢tor nam• c¥t was a roved Blair Jamleson ClÉve Whitehouse Alistair Sim el Dibb Jerem Soulsb William Gardiner Mac Powell Alex Atack Timoth Bullock Sam Tanner Kean Gunton Name of trustees holding tiue to tKoperty bekxlging to the charity Tntstèè namè Dates acted If not forT¥rt èar

Funds held as custodian trustees on behalf of others Description of the assets held in this capacty Not applicable Name and objects of the charity on whose behalf the assets are held and how this falls within the cust¢)dian chariws objects Not applicable Details of arTangements for safe custody and segregation of such assets from the charity's own assets Not applicable Additional infomiation (opti<)nal> Names and addresse5 of advlsors (Optlonal Inforn)allon) Type of Name Address adviser Name of chlef executlve or names of senlor Staff members (Opfjonal Irrfomiatlon) Exemptions from disclosure R8ason for non-disclosute of ke rsonnel details Other o tional infonnation

Declarations The trustees declare that Ihey have approved the Irustees. Teport above. Signed on behalf of the chariws trustees Slgnaturels) Full namg(s} Posltlon (eg Secretary, Chair, etc) Blair Jamieson Jeremy Soulsby CommcKJore Honorary Se(xetsry Date 21--¥ht as

South Cerney Sailing Club Limited Annual R•port and FlTran¢lal Statemont• for tho y•ar d•d 30 Sopt•mbgr 2024 Charlty number 1201064 Company number 0893478

South Cornoy Salllng Club Llmlt•d TnMleo8' Roport For th• year andod 30 Soptemb•r 2024 Admlnl8tratlv• Infornmllon Soulh Corrw Sailing Club Llmited 1201084 0893478 South Cemey Sailing Club ststion Road Soulh Cemay Cwencester GIoLK8Stershlre GL7 5Th Mr Blair Jamie80n (Chalrl Harriet Hanco¢k Illlam Gardiner Mike IrNersi Jeremy Soulsby Clive Whitahouse Kean Gunton Toby Davidsc Alox Atack Howard Powell Sam Tanner Toby Davk180n Miss Ruth Hethrt FCCA Wenn Tovmsond Charteffjd Accourrtant$ Gosdilch House 5 Gosditch Slreot ClnceSter Gloucester8hire GL7 2AG Tho appointment of offkials takes place at meetlng8 whete the perBon 1$ proposed 8nd 8a¢ondod by exk8ting offici818. Thg induction of ne•V TTUStee8 irwolve8 awareness of Tru8tee8' mpon8ibilitie8. the governing document, administrattve procedures. the history and philosophical approach of the Charity. South Comey Sailing Club Limited h a company limited by guaranteè with no share cepital. g0Vem by a memorandum and article8 of associatn. It was in¢orp8ted on 6 Decen*er 1986 and regk%ter&a a8 a dwnty on 18 November 2022.

South Corn•y Salllng Club Llmltod Trte08. Report Icontlnued) For tho yaar d•d 30 Seplombor 2024 The DiTectots have Conducted a revtew of the major risks to which the ¢h8rfty is •XPOBed. A rt6k register has been e8tabllshed and 18 updat¢d at least annualty. V41hort appropriate, 8yStems or procdure8 have been estsblished to mitwe the risk8 whKh the Charity faces. Intwnal control rtsks aro minkn188d bytha implementatlon of pT(Kedure8foraulhori8ation of all transactions and projects. Procedures are In place to ensura compliarKe with h88llh and safety of 8taff, volunteers, clients and vi8itot8 to our premises. To promote community participatlon in heamty recreation by providing facilitie8to partiripate in water based amateur 8POrts, including salllng, paddle boarding. canoging and windsurfing. To advan¢e edU10n for the public benefit in the subject of water based sports, including youngsters from the 8g¢ of 8 as well a8 aduAs to 8UPPOrt and provide f8cilitles for di8abl8d Sailing actlvitw. In plannlng the Charity'88ctivities forthg year. the Trusteos kept in mindthe CharityComm158k)n'$ guidance on publlG bonefft * thdr meetings. Our Salllng Club ha8 575 Mber0 wthich include6 86 mombers this year. Tho membership Sllght d¢xin on 2022 and 2023. H¢Mver, on the positive sid8, the numberts toaving are a180 dthvn on 2022 2023. Club rwprovide8 facillllas and aquipmenl notlu8tfordinghy racing orcrul$ing, butalsowind8urfing, k8yaking and Stand-up Paddle l)oarding. Importontty, the club run8 a Cadet squadron for young8ters" 20- 30 sailing and training m08t Saturday mornings throughoth the year. The club a180 provhJ8s Ix)at8 and our members support UK Blind Sailing on a number of days through the year. RYA accredlled Sail training and Pcfwer boat tr•ining Is ¢anf•d out not onty to en¢ouAge firtl partK5pation but also to ensure ri$k$ are mitigated and safety aspects are priorftised. This year the club B providing ne4V dinghies appropriate for members lo d8velop their $8iling $kill¥. Ri8k a88es8m8nt8, including weather fore¢asls and asse8slng the experience of $ailors are Calad out prlorto all sailing events and acllon, 8uch additional safety boat covertsken. Over the year the dub ran ¢)veT 210 races acros$ 21 series. Of our m•mbgrs, 90+ raced in at1608t L handicap rao., 70+ raced at le88t one Hot Dogs race and 40 ctynpeled in at least one pursuiL In all, 135 members of SCSC entered at19ost one race. Member8 notonly organis&and run the races, bulal80 provide Safety boat cover. The ¢lub aL80 hosts a number of Notional 8ailirKJ races for specific cla88e8 of sailing dinghies during the year. attraGtino visiting 8ailoT8 from around the UK. Also adopted an outstanding n8w race management 8oftwsro syst. The dub has a to maintain a contlnggrtcy monetsry re88rv& of 50% ofannual opwlng exponse8 to me81 any $ignrfKant unexW8d or exceptional co8t8 that mhJhl impact the club'8 abllty to function. Tha dub inv88t8 to malntsln and improve Capabdrti, equipment and facilltles. this year replacing the ra¢0 commbttee boaL and instdllNJ a now poweth)at pty. nexl year, upgiaded ¢hanging room facilities are plann.

South Corn Salllng Club Llmlt•d TnMtoM' R•port {contlnuod) For the y•ar •ndod 30 8•ptomb•r 2024 The Charity Trustses (who are a180 th8 direclorB of South Cemey Salling Club Limited for the purpose8 of company kw) are re8ponsible for preparing a Truste88' annual report and financial 8tatement8 in accordance wlth appliceble law and United Kingdom A¢tIng Standards (United Kingdom G¢netally Accaptad Accounting Practicè). Ccrfnpany law requlr88 the Tntee5 to prepare fingrKial statements for eaGh financi81 year which gi a true and fair vithv of the stat8 of the affalrs of the Charit8ble Comp•ny a5 at the balance sheat date ar#¥ of it8 incoming resources and appIatiOn of resource8, induding inwne and expendlture, forthg financlal year. In eparing t>88 fmancial StateMts. the Truste68 Bhoukl follvm best prtKe and.. 8alect $uttabl8 accounting policw$ and then appty them consi5tentty; serve the method8 and principles in the appll¢abl8 Charitres SORP,. m&ke jiJdgem8n18 and tImaS that are r888onable 8nd pNdent'. state whether applicable UK accounting standar(Is have been followed, subjecl to any material doparture8 di8¢1osed and explained in the finan¢i81 statements: prepare the finanGial ¥latemtnts on thg going concern batsiB unless it is Inappropriats to pmume that the Chority will continue in bu$lno88. TheTrustee$ are re8pon8ible forkeeping proper accounting record8 thatdi8¢lose with reasonable accurxy at any Ilm8 the financial position of the Charity and to enable them to ensure that th8 financial statenIS compty wlth the CompanK88 Act 2006. They are also respons1b for safeguarding the assets of the Charity and the group and hence taking rewonable 8teps for the preventlon and detectK)n of fraud and other irregularities. The Trust888 are re8ponsbi 18 for the maintenarKe and Intagrty of the Corporate and financial infomtIOn In¢luded ontheCharltabl& Company'swebstte. LegFsl•lion in the United Klngdom governing the prep8r8tion and di58emlnation of fin8nclal 8tatements msy difterfrom18gl8lation in otherluri8dlctlon8. On b¢hall0ft Trustees on lalrJamlo•on Chalrpor40n

South C•moy Salllng Club Llmltod Ind•pendont examlneVg Report Forth•yearend•d 30 Septemb•r 2024 I report to the Charity Trusteas on my examwiation of the accounts of the company for the year ended 30 September 2024 whlch are Set OLrt on page$ 5 to 13. Rospon8lbllltl•¥ and ba818 of r•port AB tha Charity Trustees of tha company larKI also h directors for thè purpo$88 of compgny law} you are re8pon8ible for tho PreParatn ofthe accounts in accordanc6 with the wuirements ofthe Componios kt 20081'the 20C Act,). HavirvJ 88llsfied my8eW that the accounts of the company are not required to be audllgd under Part 16 of the 2006 Act and are eligible for Independent examination. I report in respect of my examinat of your cixnpany'8 a¢courts a8 ¢8rried out under sectK)n 145 of the Chartties Act 2011 {'th¢ 2011 Att}. In carrying oul my examination I have foll¢wed the Direction8 gNen by the Charity Commission under section 145151{b} of the 2011 Act. Ind•pond•nt oxamlnets •tat•m•nt I have ¢omplgted my examination. I confimi that no matter8 have Come lo my attention in nnectIOn wlth tha axam1r1atTh glving me cau80 to beliove that in any matsrial respect". accounting reccrfds were not kept in re8Wrt of the compary as required by 88Ction 388 d the 2006 t., or the accounts do not aceryd with th08a rèwrd$,' c the accounts do not compty with th& accounting requirements of 8eGlion 396 of the 20< A¢t oth8r than any requirement that the a¢ntS give a 'lrue and fair viav/ which18 not a matter considered as part of an indepondenl examirtIOn. or the a¢¢ounts have not been prepsrod In accord8nc6 wlth the methtyjs and principk88 ofthe Statement of Recommended Practts for accountlng and reporting by charitie8 applicable to ¢harilie8 preparing their accoynts in accordan¢o with the FhanciBI Reportlng Standard appll¢able in ts UK and Republk of Ireland IFRS 102) I no concem8 8nd hav8 ¢om8 acr088 no other matter8 in connectlon with the examination to whkh attention should be drawn In thls report in ordw to enable a proper understsnding of the accounts to be ro8ched. Nam•: R•l•v•nt ProfoMlon•l quallficatlon or boty: AddroM: FCCA Wenn Townsend 5 Gosd5tch Stre•t Clroncegtor Glouc•8tor8hl GL7 2AG 13 AIoywiL.N ao2*

south Cern8y 8alllng Club Llmlt•d statsment of Fln•nclal Actl¥ltl•8 for tho yoar ended 30 8•ptemb8r 2024 {Incorpornllng tho Income and Expgndlthro Account) 2024 2024 2024 2023 Inffle from: Donations and18ga¢iab CharÉtable 8cllviti68 Investmènt incom8 Other income Fundraising events 920 105,760 920 1,106 105,760 100.710 1,041 Totsl Incomlng Rmourc 109,119 109,119 103,357 Resour¢o9 exponded Chaiitabte aclivkn8 Fundraising exn$89 Govemance costs 108.7IXI 108,700 99,401 4,695 4.782 Total R••our¢e8 Expand•d 113.394 113.394 104,183 Net loutgolng) f880ur¢e8 beforn transfe (4,275) {4.275} (8261 Gro88 transfer8 balween funds Net movwnont in fund$ (4,275) {4.275) (826) Balan at 30 Sept8mb•r 2023 363,047 383,047 363.873 Total fundj rrfed forward 358,772 358,772 383,047 Tho Statement of financial 8Ctlvibes inclLKI88 all g8in$ and1058e8 recognised during the year. All Incomlng rex)urcg8 expended deriva from continuing a¢tWit.

8outh Cerney 3alllng Club Llmlt Balance Sh••t A• at 30th 8optsmber 21)24 2024 2023 Tangible 858ets 203,363 195.077 440 5.296 154,133 382 5,310 188,408 Cash at bank and in hatyj 159,869 172,1(X) CuTh•rf Uablllll Creditors.. amount8 fglllrKJ dWtthin on8 y88r 10 14,4601 (4,130) Nat Cyry•ntAs••ts 165,409 187,970 Total Fun 358,T12 363,047 Funds 11 358,772 363,047 In approving these financial 8t8tements 8$ Directors of the Company we hereby ¢onfinn: la) The Company 18 entitled lo the exemption from audit under Section 477{c) of the Companies Act 2006 for the year endod 30 September 2024. The Tru8te88 have not required tho Charitable Company to obtain an audll of its finan¢lal statement forthe yoar ended 30 Septembor 2024 in accordance with 8ectkin 478 of the Companios Act 20. (b} That we 8¢knowlgdge our responsibilities for (1> onsuring that tho ColanY keep8 C()UntIng re¢ord8 which compty wh 8oGtion 386 and 387 of the Companle8 Act 2iX)6 and (21 prepan9 financial Statements which gNe a true 8nd fatr view of the State of affairs of the Company a8 at the end of th? financlal y•ar gnd of it8 profit lx loss for the year thon ended in aceordanca with the requirements of section 394 and 395 and whlch othe18e comply with the provisions of the Companies Act 2006 relating to finan¢Fal 8tat6m8nt8. so lar as applicab18 to the Charltablo Compary. Those accounts have boen prepared In a¢vanCe w6th tha provbsion8 appllc8bla to ¢ompantes 8ubJ8(tothe small ¢ompani88' reglm8 and in accordance •th FRS102 and the Charities SORP (FRS102). The note8 on the following pages fomi part of these accounts. The80 fin81st8rnents werfr approved and 8uUwri8ad for i88ue by the Trusta05 on and 8lgned on their behatl by: Chair (if Tru•t8 Compary Regi8lratk)n No. 0893478

South Cemoy Salllng Club Llmltad Nots8 to th• FlnaTrclal 8tst•m•nts For tho Year End•d 30th Soptemr 2024 Accoyntlng Pollclo8 8a8lB d Pvyratlon offlnan¢lal at•m The financial statements have been prepared in accordance w6th the charity8 governing docum•nt. th8 Companie8 Act 2008 and. "A¢¢ounting and Reporting by Charille$.' Ststement of Recommended Pr8Cti¢e appllcoble to charbtle8 preparlng thelr ac¢ounts In acc(Irdanc6 wlth tho Flnanclal Reportlng Standard appll¢able in tho UK arKI Republlc of Ireland IFRS1021 {gffective 1 January 2019)". The charlty a Public Benefft Entity a8 defined by FRS102. The financial Statements arg prepared In sterling, which 18 the fvn¢tv)nal currency of the chaiity. Monetsry amounts in these financial 81atements are rounded to the neare8t £ The ftnancial 8tetements have l)een prepared undor the hi8tortcal co nVentkjn, modrfbd to Includ& CfAlaln financlal Instruments at fair valua. The prirKipal a¢¢ountiw polici88 adopbj are $8t out below. Golng Conrn At the tNne of approvin9 th8 financial 8talomonts the tru8tee8 havo 8 rea8onabl8 expectatbn that the charlty hos adequate resources lo continue In oporatronal exi8ten¢e for Ihg fore8eeable fLrturo. Thu8 the tru8teeB continue to adopt the going concem bagis of accounting in preparing tho financial Statements. Tanglble Flxed A890ts and Dopreclatk>n Tangibte fixed assets are Initialty measured al c08t and ¥ub8equerty mea8urnd at coBt or valuatson, r1 of depreciation and ary impaimient k)8$e8. Equipment Depre¢latb)n i& provided at 15% on the stralght Iln8 ba$1$ Deprnciation18 provided at 25% on the 8tr8ight Ilna basis DepreciatM 18 prided at 40 yew8 on the Straht lino basi8 Lea8ehold Propoty Income from Ch4rllabl• Acthiltlo• Other Incom• Income is recogn18ed when th8 charlty 18 legally ontitled to it after any p•rformance cOndlOn9 have bean meL the amounts ¢on b8 measured reliabty, and it is wobable that Income will be receNed. Cash donations aro rwini8ed on recelpt. Other donation8 are recognrJ8d once thecharty has boen notified of tha donation. unle8$ perfomiance condlllon$ require deferral of the amounL Income tax rerable in r&lalton to donation8 received under Gift Aid or deeds of Covenant is recognised at the time of the donation Legaci¢$ are recogntsed on re¢eipt or otherwi8e if the ¢harity has been notified of an Impending di8tribution, the amount 18 known, and receipt 18 expe¢ted. If tho amount 18 not known, the legacy 18 treated as ¢onting8nt a88et. In¢omo from government and othoT grant818 recognlsed when the charity has entftlement to the funds, any p8rfomian¢e Corlt10n$ attached to the grants have beon mot, 15 prob8blo that the income will be roG8ived and the amount can be me88ured reliably. Investrnent income Is In¢ludod when receivable and the amount can be me88ured raliably by the charity,. thi8 1$ nomally upon notification of the inloiest or dividend8 pald or payabl6 by the bank or inve¥tmont managars.

8outh Carn•y S•lllng Club Llmltod Notss lo the Flnanclal Ststom8nts {contlnuBd) For the Yoaf Ended 30 Septembgr 2024 R050urce8 oynded LHblliti¢s are recognised a8 expenditure a8 soon as there is a legal or ¢onslructive obligation committing the charity to that expondilure. It 1$ Prob18 that a tran8fer of e¢ortomtc benefrts will be required in s&ttlemenl and the amount of the ¢)bligation can bo m888ured reliabty. Expenditure is a¢¢ounted for on an accwals bosis and has been classrfied under h8adlng8 that aggregate all costs related to that category. Where c08ts can11 be directly attributed to partl¢ular heading8 they have be8n allocated to a¢tiviti88 on a basi8 conslstent wh the use resourc88. IrroGovernble VAT is charg&J against the ¢ategory of resources expended for whtch it is incurred. Support costs ara Ih08e functions that assist tho work of the charfty but do not dlr8cdy undertak& eharitable a¢tivitie8. Support costs are gov8manc8 ¢osts which Support the charty'8 programme5 and activities. The8e osts have been allocated between ¢ost ol ralBlng fvnd8 and expenditure on Charitab ¥tivities. The managemènt of the chariws affair8 and fundr8i8lng ar6 Whol undertaken ty volunte8r8 and no 8alerie8 or other empkny80 oxpen888 are incurred. Impalrnient of fixed a88•ts Al 88ch ffjporting end dats. the charity revi8w8 the carrying amunls ofits tangible let810 dotsryninewhdh there IB any indicatlon that Ih08e assets have $uffwed 8n impaimient 1088. If any such indrcation ex18ts, the Tecoverabie amount of the asset Is 65tNnated In order to dm7ino th8 extent of th8 impaimient los$1rf 8nyl. Cash and ca•h equfvalonts Ca6h and cash ¢quivalents Include c88h In hand. depo$lt$ held al call with bank8, Other short-temi liquid Investments wrlh original maturitias of three months or l&s$, and bank overdrafts. Bank overdraft$ aro shown within borrowings in current liabilitie8. Flnanclal In•trum•nts Financial instruments are recogni8od in the charity's balanca 8hoOt when the charity becomos party to tha contraclual provi8ion8 of tho instrumenL Financial 8$88ts and Itabrflli88 are offset, with the net amounts presented in the financial statements, whon there 18 a legally enforceablo right to 86t off the recognisod amounts and there 1$ an intentlon to settle on net ba$1$ or to realise the a88at and 8etUe the IFability 8imullanoously. Ba81¢ flnanclal 48set8 8asic financial asset8, irKlude debtors 8nd and bank balances, aTr initlalty measured at transaction prke including transaction Costs and are 8ub8equently rAffied at amortised c081 uslng the effectwg inter86t melhc*J unbs8 the arrangement constitute8 a fin8n¢ing tran88Ction, where tha transaction 18 measured at th6 pr88ent value of the future receipts di8counbJ at a market ratg of inler88t. Financial a8$0ts cla8sifi8d as recoNable Whfjn on? year are not amortised. Concessionary loans are bask financial in$trnments and aro knitial recognlzed at the amount paid. The carrykng amwnt 18 adju8ted In 8ub8equent years to refl¢¢t repayments and any impalmnI. Baslc flnanclal Ilabllltl88 Basic financial li8biliti88. Including credltors and bank k)an8 are Inltlalty recognioed at tran88ction price unless the arrangement constitute8 a financing transa¢lion, where tha dgbt instrument is measured at thg prnsent value of the future payment8 di8counled at a mathol rate of Inter88t. FinancivJ Ilabilities cla88ifled as payable within one year are not amortised.

South Cornoy SalHng Club Umllod Not•s to the Flnanclal 81at•mont• Iconllnuod) For th• Yoar Endod 30 Septombgr 2024 Debt Instruments are subB8quentty cartlpd * amort18ed cost, Uslng the effwxlve intsrejl rate moth. Trade creditord are obllion8 to pay for goods or servtce8 that have been acqulred In the ordinary ¢ourse of operatlons from SUpplrn. Amounts payable ¢lassrfJed a8 current liabilitie5 rf payment É¥ due within one year or1888. If not, they are presented as non<urr&nt liabllitie8. Trade ¢roditors are recogni$ed initially at transa¢tion pce and 8ub8equenty measured at amorttsed cost using the eff¢¢tive intere8t m&thod. Dor09nftloTr of Ilnanclal Il•bllltle• Financlal liabilitie8 are dorecognised when tho charty'g contractU81 obligation8 expiro or are dl8charged or cancelled. Provlsions Provigton8 are recognl8ed when the ¢PArly has a 81 or ¢on$tNGtive present obligation 88 a resu of a past event, it is probable that the charity will be required to 8ettle that rtlligation and a reliable e8tim810 Can be made of the amount of the obligation. Tho amount re¢ognised a8 a provl$ion 18 the best asllmato of the con8ideratlon roquired to 88tt18 tho present obligation at the reporting end data, tsking into account the risk8 and un¢ertaintie8 surrounding th8 obligation. vVhe the effect of the Ilme value of money 18 matsrial, the amount expected to bo required to settle the obllgation is recognised at present value. Wth•n a provision Is maasured at pre8ent value, the unwinding of the dl8¢ount 18 recognl$ed as a financa cost in net incomel(exponditure) in tha period in which T•xatlon The¢harity isexemptfrom taxon income andg8insf811ingwlthln se¢tion 505 of theTaxesAct 1988 or8ectlon 258 of the Taxation of Chargeable Gain8 Act 1992 to th8 extent thal these are applied to its charitable objects. 1. Restrlcied Funds The Company ha8 not received any re8trlcted lunds this year. There are ¢urrontty no reStrted fvnds. 2. Donallons 2024 2023 Other donation8 920 1.106

8outh Cernoy 8alllng Club Umlt•d Not08 to tho Flnanclal PAat•ments Iconthiu•d) For th Y8ar Endod 30 8eptemb8r 2024 Incomo from charltablo a¢tlvftl88 105,760 11JO,710 Inv•stmont In¢omo Th8 amount roGeived rnpre8onts dividend8 and intst88t on bank d•po8its. Ca•t of charftable actMII 2024 2023 Direct costs E8tabli$hment Costs Admini$lrative costs Bank charge8 Deprrialbn Costs 8.5(6 65,543 15,445 6.144 81,434 16,146 1,129 14.$48 17,839 108,699 3,401 4,895 4,782 113,394 104,183 Nat mOv0t In fund8 Net moVent in fund8 k8 Stated thr charglwluedttlngi.. 2023 Depre0at ofuwned tangble red ag88ts 17,839 14,548 Slaff Msts The charity had no wnpbyee8 in 2024 and 2023. The dKe¢tors receNed no berofits during the year. -1

South Cernoy 8alllng Club Llmltsd Nots• to the Flnanclal 81aloment• Icontlnu•d) For th• Year Ended 30 Septsmbor 2024 T•nglbl• Flx•d Amots L•hOld Equlpment Totsl At 1 October 2023 Additions Di8PO8a18 338.890 66.315 21,825 (4,889) 491,572 26.125 (16,293) {11.404) At 30 8oPtomb•r 2024 338,890 79,263 83,251 501,404 D•preclall¢)n At 1 October 2023 Charg8 for the year Di8po8al8 188.024 8.349 85,805 42,866 8,228 14.8891 296.495 17,839 116.293) (11,404) At 318•ptwnbgr 2024 176,373 75.663 48,OOS 298.041 Not book valuo ot 30 Swtemb8r 2023 170,866 23,649 195.077 Not book value at 30 8oPt•mbgr 2024 162.517 37.246 203,363 All the charlty8 a$8ots are u8ed for ¢harRable pu865. 2024 2023 Tra¢le debtLJ% Prepayments 1,371 3,925 1,310 4,0 5,296 5,310 10. Crodltorn 2023 Attn15 4,130 -11-

South Cemoy PAlllng Club Llmltod P4ote• to tho Flnanclol Stat•monts {contlnuod) For tho Yoar End•d 30 Septemb•r 2024 11. Unrejtrktsd funds At At l O¢lober Incomlng Outgolng Transfovs 30 S•pt•mbor 2023 rMource8 r•sourco8 2024 General fund 363.047 109,119 1113,394) 358,772 At 1 Octobor At 30 Septombgr 2023 Incomlng Oirtgolng Ger fund 383,873 103.357 {104,183} 363.047 11 Analysts of n•t 6t* belwaan fvnd Fund balanceB at 30 S¢ptember21f24 repre8onted ty: Genoral nds DoBlgn•ted Re8trlGtod Total Taft9 fad a88ets Stc¢k Cash * ba[ and in hand 203,363 440 154,133 203,363 Ho 154,133 836 358.772 358,7n Fund balarKes at 30 Sepknber 2023 represented ty: 0on•rnl funds D8slgnalod fund8 fund8 funds Tanglbl? fad a88et8 Stock Cash at b8nk and in haNI Othw nat 8s8ets 195,077 382 186,408 1.180 195.OTT 382 186,408 1.180 363,047 363,047 -12-

8outh C•mey Salllng Club Llmlt•d Not•8 to the Flnan¢lal Statwnonts {contlnu0d) For th• Yoar Ended 30 S&pt•mb•r 2024 13. Flnancthl commknthts, guarnntse and contlng•nt Ilablllilss None known. 14. TranMctlon• *lth trustO0s and connoct•d p•rnon• None known. 15. Relat party tranmctlons None kn¥n. 16. Sharn Capttal Th8 c(xnp8ry 4$ Ilmited by guarentee and doos not have share caphal.

South C•rw Salllng Club Llmmod Dotsll•d Profft and Lo88 A¢count For th• Year End•d 30 S•pt•mbor 2024 Sale$- Subs and fee$ Sale8- Training Sates- Galley Saw Club events and sundry Sales- Bar Sales- Cadots l)onation$ 77.997 4.812 15,332 2,130 3.797 2,377 920 79,154 2,327 11,578 3,862 3.529 1,106 107,165 102.316 Olroct coots Opening stock Purthase¥ Tralning èxpgn8eS Closing stc¢k 1382) 12,086) 18,498) 440 ($451 (1,824) {4.157) 382 E•lablhhffl•nt c¢xts Rent 115.6181 11,243) 13.852) 19.010) {28.204) 17,616) 114.3331 (2,604) {4.641) (8.725) {24.259) (6,872) ht. heat and pow Insurance Repairs and maInten8re Galley expen8eB Thls page doe8 not fomi part of the statutory ffinanclal stslement#.

South Cerney Sailing Club Llmitèd Datailod Profit and Loss Account For the Year Ended 30 September 2024 Admlnlstratlve expenses Telephone and fax Computer costs Printing, postage and slalionery Subscriptions Charitable donations Sundry expenses Cleanlng Powerboat fuel Trav81 Advertising Accountancy fees Legal and professional fetrs 11.3701 13.217} 1301 11.110} 12.430) 12.2301 11.0151 13.556 14,278 11.5101 1374) 14,0371 14,6961 11.5991 (139) 14,3201 1375) 13,7201 11.0621 20.140 20.928 Flnane• chargos Bank charg9S 1,366 1,129 Depreciatlon costs Depreciation of long leasehold propety Dgpre¢iatlon of plant and mathlnery Depreciation of ftttures 8nd fitbngs 18,3491 11,2621 18,2281 18,3491 14061 15,7931 17,839 14,548 Othar Intérèst rècolvablè and $lmllar In¢om• Bank interest receivable This page does not form part of the statutory financial statements.

South Cerney Sailing Club Limited Annual R•port and FlTran¢lal Statemont• for tho y•ar d•d 30 Sopt•mbgr 2024 Charlty number 1201064 Company number 0893478