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2025-03-31-accounts

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE

FINANCIAL STATEMENTS FOR THE PERIOD ENDED

31 MARCH 2025

Company Number 01988352 Charity Number 293781

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31 MARCH 2025

Contents Page
Trustees report 1
Report of the Auditor 8
Consolidated Statement of Financial Activities 10
Consolidated Balance Sheet 11
Consolidated Cash Flow statement 12
Balance Sheet 13
Notes to the Financial Statements 14

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE COMPANY INFORMATION

Trustees C Crossley (resigned 26 June 2025)
N E N Doney
R M Doney
N I Rees
R I Walker
C J Adams
N J F Houston
E Slinn
N Day (appointed 27 June 2024)
Secretary N J F Houston
Registered office Jubilee Building
Chidham
Chichester
West Sussex
PO18 8TE
Registered number Company 01988352
Charity 293781
Auditor Xeinadin Audit Ltd
5 Robin Hood Lane
Sutton
Surrey SM1 2SW
Bankers HSBC
165-167 High St
Poole
BH15 1AU

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE TRUSTEES REPORT

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the 15 month period ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

They have also adopted the provisions of the Good Governance Code for the Voluntary and Community Sector.

INTRODUCTION & EXECUTIVE SUMMARY

Chair’s Foreword

"As we come into our 40th year, CYESC has faced both extraordinary challenges and significant triumphs. The devastating flood early in 2024 tested our resilience, but through the dedication of our team, volunteers, and supporters, we emerged stronger—rebuilding, improving, and preparing for the future. With a renewed focus on leadership development, facility upgrades, and long-term financial sustainability, we enter 2025 full of faith and ambition. This report not only reflects our compliance obligations but also shares the heart of CYESC—transforming young lives through adventure, faith, and community."

Key Highlights of 2025

Immediate flood response & £60,000 in grant funding for flood defences

Bursary impact: £24,000 awarded across 150 grants

£25,000 gift (+ Gift Aid) to replace ageing Wayfarers with Touras

Appointment of new Operations Manager, Becky, following key staff transitions

Launch of ReLoad Leadership in February 2025

Started 40th Anniversary celebration planning for summer 2025 & fundraising campaign to raise additional £40,000 per annum in regular giving

Significant operational improvements, including site and fleet upgrades

OBJECTIVES AND ACTIVITIES

Our Mission & Vision

At CYESC, our vision is to see people grow in their love for God and live fully—with purpose, resilience, and joy.

We exist to respond to the deep needs of today’s society, where many people feel disconnected from others, uncertain about their future, and distant from God. In this context, we offer a transformational alternative—creating irresistible experiences and supportive communities where faith can be explored, confidence built, and purpose discovered.

Through engaging activities, personal relationships, and acts of service, we:

Page 1

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE TRUSTEES REPORT (continued)

What We Believe a Full Life Includes

How We Work

Our theory of change underpins the design and delivery of all our programmes and is expressed through four core goals:

Our Key Activities Include:

Page 2

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE TRUSTEES REPORT (continued)

These activities are powered by a committed team of staff and volunteers, generous supporters, quality equipment, a unique natural setting and a safe, welcoming space where young people can thrive.

ACHIEVEMENT AND PERFORMANCE

Responding to Challenge: The Flood & Recovery

In April 2024, CYESC faced one of the biggest challenges in its history: severe flooding that caused extensive damage to facilities and disrupted programmes.

Our Response & Recovery :

Growing & Strengthening Our Impact

Bursary Support & Accessibility ● £23,700 awarded in bursaries

Page 3

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE TRUSTEES REPORT (continued)

New Equipment & Grants

Developing Future Leaders

FINANCIAL REVIEW

Income Source Jan – Dec 2023 Jan 24 – Mar 25
Programme Fees £465,056 £711,978
Legacies, Donations, Gift
Aid & Bank Interest		 £601,421 £531,398
Grant Income £270,250 £50,000
Retail Sales £5,712 £5,747
Total Income £1,342,439 £1,299,123

Additional £40,000 fundraising target for regular donations launched to cover increased payroll & operational costs.

School booking windows extended to 24 months for better financial stability.

Reserves policy - Unrestricted reserves

The trustees recognise the need for the charity to maintain free reserves sufficient to cover 3 months management, administration support costs, and such unexpected costs as may arise from time to time, should the charity suffer from a reduction in its income. The trustees consider that given the charity's loyal supporter base and the usual strong demand for most of its courses and events, this level of reserves is sufficient for the charity's needs. Unrestricted cash reserves at 31 March 2025 were £140,000 (2023: £36,000). Designated cash reserves of £127,874 (2023: £169,000) were also held for final flood replacements and upgrading of administrative facilities within Jubilee Building; a long awaited new website; completion of the pirate ship resurfacing; improvements to TS Resolute including hull repainting and new carpeting for the cabins; purchase of two RS500 dinghies previously on loan and replacing the 16 year old centre car.

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CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE TRUSTEES REPORT (continued)

Total funds held by the charity at the end of the period totalled £3,054,378 (2023: £3,030,921). Of the total funds held, £74,145 (2023: £77,979) were restricted.

Fundraising

In line with the reporting requirements included in the Charities Act 2016 the Trustees are pleased to confirm that all fundraising is done in compliance with best fundraising practice. During the period we did not employ any professional fundraisers, fundraising being carried out via our usual communication channels (annual update publication “Masthead”, social media, word of mouth) to our regular supporters. We have not subscribed to the Fundraising Regulator, believing that our Christian principles exceed the requirements of the regulator. There were no complaints or criticisms during the period about our fundraising activities.

FUTURE PLANS

The trustees, in partnership with the centre staff, are actively seeking to utilise the sailing centre's facilities to the maximum capacity throughout the period and to provide a good, relevant and diverse programme for all.

  1. To fulfil the mission of CYESC, to increase the income from the new opportunities presented by Thwaites House. To review the remaining facilities: upgrading TS Resolute carpets and repainting the hull, replacing the Centre car with a newer 7 seat model.

  2. To continue to enable the Centre Director to operate effectively with responsibility for the management of the staff and centre, marketing, media and financial control. The training of the staff and running of activities to be under the responsibility of the new Operations Manager, who was appointed in July 2024.

  3. To increase current levels of unrestricted fundraising, particularly in regular (monthly/quarterly) donations to fund the growth of reserves and the general operational capacity of the work of CYESC.

  4. CYESC will continue to provide a wide range of activities for children and adults at the activity centre, continuing to run RYA courses and to seek to train people from all ages, ethnic groups, able bodied and disabled in aspects of physical, mental and spiritual development.

  5. To work together with other like-minded organisations, including churches, to fulfil the mission of CYESC.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Christian Youth Enterprises Sailing Centre Limited is a company limited by guarantee, as defined by the Companies Act 2006 and a registered charity, governed by its Memorandum and Articles of Association, which were amended and updated in April 2012.

The trustees who served during the period and since the period-end, are as detailed below. One third (or the nearest number to one third) of the trustees retire by rotation at each AGM. A retiring trustee shall be eligible for re-election.

The board of trustees govern the charity, working with the Centre Director, Development Director and staff. The trustees have various portfolios, including medical, safeguarding, teaching, compliance, fleet, finance and human resources. All trustees are given sufficient and appropriate training on appointment, are usually given responsibilities for which they have previous experience and for which they are already trained in their professional lives.

The charity's wholly owned subsidiary, Sussex Enterprise Marine Limited (SEM), is responsible for repairing and maintaining T S Resolute, it also served as the design & build contractor for project DELTA.

The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to reduce those risks. The risk assessment is reviewed annually in December.

Principal Risks & Mitigation

Key risks identified in 2024 were:

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CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE TRUSTEES REPORT (continued)

Trustees

The directors of the charitable company (hereafter referred to as 'the charity') are its trustees for the purposes of charity law and throughout this report are referred to collectively as 'the trustees'. The trustees serving during the period and since the period-end are as follows:

Trustee Name Role Term
C Crossley Chair Resigned 26 June 2025
N E N Doney Development Director Reappointed 2022
R M Doney Schools Content Reappointed 2023
N I Rees Finance Reappointed 2021
R I Walker Medical Reappointed 2023
C J Adams Fleet & Training Appointed 2021
N Houston Company Secretary & HR Reappointed 2022
E Slinn Safeguarding Appointed 2022
N Day School Leadership Appointed 27 June 2024

Day to day management is delegated to: Centre Director - Mark Sheldrake (appointed April 2018).

PUBLIC BENEFIT

The centre is open to all people aged 8 and over and for younger children when they come as part of a family's event. In 2011 we fully reviewed and ensured that CYESC beliefs and practices of the Christian religion are capable of advancing religion for the purposes of charity law (Public Benefit Assessment Report, July 2009) and continue to do so, on a regular basis. Volunteers are involved in all areas of the organisation including centre maintenance & repairs, fundraising, administration, catering and activity provision and leadership. Their contribution cannot be quantified although it makes a big positive difference to the charity's ability to meet its aims & objectives. The centre has a working partnership with PACSO (Parents and Carers Support Organisation) and other specialist schools and groups to help with the care of disabled children and their families. The centre usually also runs "On Board" an RYA scheme aimed at encouraging any young person to get sailing.

In compiling this report, the trustees have given due regard to the public benefit guidance as issued by the Charity Commission. CYESC works out its Public Benefit in several ways. CYESC believes that the Christian faith is of benefit to society and individuals bringing personal transformation for peace and social harmony which grows from what Christians believe is God's ultimate purpose. Most people are impacted if Christians ''live a Christ-like life amongst them, share the good news of Jesus, demonstrate God's love, and prayerfully expect God's power to transform individuals, communities, and whole nations''. CYESC seeks to demonstrate this benefit through its wide range of activities as detailed throughout the trustees' report.

Page 6

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE TRUSTEES REPORT (continued) TRUSTEES, RESPONSIBILITIES The directors are responsible preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stand8rds (United Kingdom Generally Accepted Accounting Practice). Company law requires the directors to prepare financial statements for each ffin8ncial pertod which gNe a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, Ihe directors 8re required lo: select suitable accounting FX)licies and 8pply them consistently. obsetve the methods and principles in the Chartties SORP., make judgements and estimates that are reasonable and prudent state whether 3ppli(xble UK Accounting Standards have been followed. subject to any m8terial departures disclosed and explained in the financial statemerrts- prepare the financial statements on the going ￿ncern basis unless it is inappropriate to presume that the charitable company will continue its operations. The directors are responsible for keeping proper actx)unling records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial stslemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention of fraud and other irregularities. DIS LOSURE OF INFORMATION TO AUDITOR To the best of the knovAedge and b8lief of the directors, there is no relevant information that the company's auditors are r￿t aware of. The directors have taken all the steps necessary to ensure that they are aware of any relevant infomiation. and to estsblish that the company's auditors have been provided with such informaton. This report ha5 been prepared in 8c¢ordancg with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of twstees on 17 December 2025 and signed on its ￿half by C Adams Trustee Page 7

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE

Opinion

We have audited the financial statements of Christian Youth Enterprises Sailing Centre (the ‘parent company’) and its subsidiary (‘the group’) for the period ended 31 March 2025 which comprise the consolidated Statement of Financial Activities, the consolidated and parent Balance Sheets, the consolidated Cash Flow statement 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 United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the charity’s use of the going concern basis of accounting in the preparation of the financial 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 collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Page 8

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE Icontinuedl Rosponslbllltlbs of dlr•tt¢)ts A$ explained mor8 fully In the d1￿Clor$. responsibikn&s stat6m&nl. lh8 directors are resp£￿$•￿8 for the preparatson of Ihe financial slalements and for being 5absfied Ihal they give a tsve and fair view. antl S￿h intemal as Ihè diractorn d8tembne ts necessary to Ènabl& tha prepar8t￿n of financial 8tal6rneTrts that are free froffl rnat81ial miss1al8w￿￿t. thether ¢JJe b) frwJd rx error. In prtrpanng thè financk81 ststèm8nts. th6 di￿torS 6 r•swnsknl8 lor 8ss8swg Iha group's and tha parent company s ability lo continue a5 a 90ing concem, disckjsing. as appli(bl8. matt&rs rtlaled to going concm and u51r￿d the wing concem basis 01acc￿nting unless dyectors either intend to liquid8le th& syoup or the parent company of V) ￿¥Se operdtiws. or hove no tealisbG allematwe tJl lo do 50. Audltorfs rgsponiiblllti•s lor the audi¢ of th• finan¢i•l ¥t•l•rn•nt• Our objective5 8re to oblaki reasonable assurance atrt)ut whether the finan¢ial Statements as a 1t￿le are free from m81ed8I ml8St818menl, ¥¥helh8r dL lo fraud or elror. and to I￿U8 an audrtor's report that ndudes ow Opin￿n. ReasOna￿e assurance Is a h￿Jh level of a5suranGo, bul is nol a guoranlee Ihal 8n audit c￿duG1ed In ISAS IUKI ￿11 olways d?iacl a mater￿1 m1851816ment when Il axists. Misslalements can arv68 from fraud ￿ error and are considered malerial if. indniKlu•lly or ifi Iho •9gr0gato, Ih&y ¢8a$onably b• Oxpectod to Infknence the economic deasicffjs ol u88rs taken on the ba5 of Iheso finaThcvol 5talomgnis. The exlenl lo whkh Lwf KTh•duw$ ar• ol d•t¢¢￿"Th9 wwu1arit￿I. traud IB detai￿ below. B8$od on our und•rstsnding of the group. ￿ klenlrfd that the pmcip31 rsks of rnn<ornplianGe wi¢h Ws aThJ regulation$ rolaled lo employment and finan(ial repoplryj ￿gIsL?￿on and consthred the exleTht lo rK•n<ornpliaw mighl havo a malerl oN&¢i on th? rinancial stalemenls. We also consh8ered those ￿aw5 and regulatyons thai have a dirnct impact on the prep8rat.on ol the fln8nclal stst6menl$ $u¢h as Iho Compan￿$ Acl 2006 and the Ch8nlias Acl X111. Wo aJsesJed the $u#c•pitbility of lh• groL¥J'$ financNg1 $1oi&mnts to mal•rial nusslate￿nt. including oblaining an uNlerstath11ng of howfraud rnighl occur. by making onquiri85 01 management considerir¥J lh• initrnal ¢onlrols In plx and discussion anKsngst th8 8ngag8menl team. We Jotemin•d kn81 Ihe prlThclpal ￿0k related to management bios n ￿￿OUntIng Oilm￿•$, pr¢sontsts"on ol vparately dl8cbs8d Iterns, and managornenl ov•rride ol ¢ontrOts. In respofi￿ 10 the risks ￿entifi&d we Jo$4n•4 pro¢edU￿$ which mcluded. re rnt limited lo challoThJing $¥4nif¢anl accounling e$tlmale8, agreeing financkil $18tsmoni disclosures to unoedying suppo￿r￿a (xurMnlalion. revwnng Iruslees mlfiulOS. ovaluatiw the group Inl8rnal control8 and k1enb"fyiThJ 188tw pxmal enlrie8. Thero are inh•rnl limiiaik)n8 in tho aydil procedw8s d8scriW abov8. The mre romo¥ed thai tsws )ThJ regulat￿tin$ &r& Irom financial tran8actson8. the less likely il Ihal we %4wld bo¢Crtn• aw•r• ol n¢n￿e0ft￿l￿?nc0. Ma18n81 misst8tement8 that ariw due lo Irwd ¢Jn b• harder to d0t¢¢l th•n thos• Ih•l a￿$? from ermf as Ihey may In￿￿8 del￿ern￿ CryKM1￿nl N tt￿￿•￿)n. A lurth8F descriplkn of our fespon5ibiblies for th• of th• finanual slalemenls Is hxat•d on thv Fln•ndJl Rewtlny Coundl'$ ￿b$ble at.. ht1p.'IN￿￿.frC.or9.￿kl8UdrtOrSresPOn￿bIIlts.es. This d•s¢ry)IN fonns part ol ow audiiofs report. U•• ¢1 our r•port Thls report 18 made sdely lo the company s rnernbeis. #$ a boty. In a¢¢or4ance ￿1h Chapter 3 of Part 16 of Ihe CompaThe$ Aci 2006. Our qudilwork ha5 bgèn undértaken so thatwe mighl stale to Ihe company's m•mb•rs t￿$¢ tha￿r& are required to 81810 lo them in an audilor's r8POrt and for no olher purpo$o. To Ihe fv11¢s1 exiéni pemiitted by law. do nol accept ￿ a$¥umo f¢sKX)nsibility lo anyone olh8r than tha company and the company's rmrnbers 8$ ¥ body. forour authl ￿rk. for Ihis report. or for tho Opin￿￿$ hJ¥è forrnad. Mlrfam Hlck•on FCA IS•nSor S1•t￿Ory Authtorl lor and on ￿hll of Xélnadln Audlt Ltd Stitutory Audltor Chartor•d Accountants 5 Robin Hood Lane Sutton su￿*Y SM1 2SW Dated.. i& C)lLLtstsIats￿ zozS. Page 9

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including the Income and Expenditure Account) FOR THE PERIOD ENDED 31 MARCH 2025

_____01.01.24 – 31.03.2025______ – 31.03.2025______ ___2023____ ___2023____ ___2023____
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
Income from:
Donations and legacies 249,325 261,961 511,286 180,830 679,583 860,413
Charitable activities 711,691 287 711,978 465,056 - 465,056
Investments 11,018 - 11,018 8,343 2,069 10,412
Other trading activities 5,576 171 5,747 5,712 - 5,712
Other income 31,028 28,066 59,094 - 846 846
Total income(note 3) 1,008,638 290,485 1,299,123 659,941 682,498 1,342,439
Expenditure on:
Raising funds 5,476 - 5,476 3,735 - 3,735
Charitable activities (note 4) 1,144,151 126,039 1,270,190 777,426 38,192 815,618
Total expenditure 1,149,627 126,039 1,275,666 781,161 38,192 819,353
Net (expenditure)/income ( 140,989) 164,446 23,457 ( 121,220) 644,306 523,086
Transfer between funds 168,280 (168,280) - 1,180,468(1,180,468) -
Net movement in funds 27,291 ( 3,834) 23,457 1,059,248 ( 536,162) 523,086
Fund balances brought forward
2,952,942		 77,979 3,030,921 1,893,694 614,141 2,507,835
Fund balances carried forward 2,980,233 74,145 3,054,378 2,952,942 77,979 3,030,921

Page 10

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025 Company number: 01988352 31.03.2025 31.12.2023 Note Fixed assets Tangible assets 8a 2,946,899 2,956.231 Currgnt assets Stock Deblors Cash at bank and in hand Cash at bank and in hand- short term investment 4,804 254,577 230,453 100 000 589,834 3.016 184,515 282.855 10 557.380 Crgditors.. Amounts falling due within one year 11 Net current assels Total assets less current liabilities 3.176,943 3.158.421 Crgditors: Amounts falling due after more than one year 12 122 565 127 500 Net as$ets Represented by: Unrestricted funds Restiicted funds 14a 13 2,980.233 2,952,942 These financial statements have been prepared in accordan￿ with the special provisions relating to small companies within Part 15 of the Companies Art 2006. These financial statements were approved by the d1￿ctorS on 17 December 2025 and signed on their behalf by- C Adams Trustee Page11

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2025

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE

FOR THE PERIOD ENDED 31 MARCH 2025 Company number: 01988352 Company number: 01988352 Company number: 01988352 Company number: 01988352
2025 2023
£ £ £ £
Net cash provided by
operating activities(see below) 149,204 701,994
Cash flows used in investing activities
Interest income 11,018 10,412
Purchase of tangible fixed assets (178,869) (1,508,603)
Proceeds on sale of tangible fixed assets 8,001 1,657
Cash used in investing activities (159,850) (1,496,534)
Cash flows from financing activities
Proceeds from loans - 160,000
Loan repayments ( 28,750) (7,500)
Cash (used in)/provided by financing activities ( 28,750) 152,500
Decrease in cash and cash equivalents during the period ( 39,396) (642,040)
Cash and cash equivalents at start of period 369,849 1,011,889
Cash and cash equivalents at end of period 330,453 369,849
Cash flows from operating activities
Net movement of funds 23,457 523,086
Add back depreciation charge 183,599 138,417
Deduct interest income shown in investing activities ( 11,018) ( 10,412)
(Gain)/loss on disposal of tangible fixed assets ( 3,399) 476
(Increase)/decrease in debtors ( 70,062) 32,135
Increase in creditors 28,415 18,428
(Increase) in stock (1,788) (136)
Net cash provided by operating activities 149,204 701,994
Analysis of changes in net debt
At Cash Non-cash At
01.01.24 flows changes 31.03.25
£ £ £ £
Net cash
Cash at bank 369,849 (39,396) - 330,453
Debt
Debts falling due within one year ( 27,000) 10,000 - ( 17,000)
Debts falling due after one year (127,500) 18,750 - (108,750)
Net debt 215,349 (10,646) - 204,703

Page 12

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE BALANCE SHEET AS AT 31 MARCH 2025 Company number: 01988352 31.03.2025 31.12.2023 No Fixed ossets Tangible assets Investments 2.973.422 2.990.032 2,973.423 2.990.033 Current assets Stock Debtors Cash at bank and in hand Cash at bank and in hand- short term investments 4.804 251,488 227,522 3.016 189.016 256,105 10 583,814 535,131 Creditors.. Amounts falling due thin one year 11 31 Ngt current assets 224 951 Total assetslgss current Ilabilsties 3,209.309 3.214,984 Credltors: Amounts falling due in more than one year 12 122 565 127 Net assets Ropr95ented by: Unrestricted fvnds Restricted funds 14b 13 3,012,599 3,009.505 Total Funds The ttjmpany's nel expendtture for the period ended 31 March 2025 was £740 (year erKled 31 D￿mber 2023: sury)lus £529.1231. These financial ststements have been prepared in accordan￿ with the special provisions relating to small companies within Part 15 ofthe Companies Act 2006. These financial statements were approved by the diredors on 17 December 2025 and sign&J on their behalf by: C Adams Trustee Page 13

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025

1 ACCOUNTING POLICIES

Charity information

Christian Youth Enterprises Sailing Centre is a private company limited by guarantee incorporated in England and Wales. The registered office is Jubilee Building, Chidham, Chichester, West Sussex, PO18 8TE.

Reporting period

The year end has changed from 31 December 2024 to 31 March 2025 for operational practicality. The current period presented is for 15 months and therefore the comparative amounts (including the related notes) are not entirely comparable. Changes to the reporting period are permitted by the Memorandum & Articles of Association.

Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum & Articles of Association the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Consolidation

The group financial statements combine the results of the company and its subsidiary undertaking, Sussex Enterprise Marine Ltd. The accounts have been consolidated on a line by line basis.

A separate Statement of Financial Activities for the company itself is not presented because the charity has taken advantage of the exemptions afforded by Section 408 of the Companies Act 2006.

Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations, including grants, are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount can be estimated, and receipt is probable. If the amount is not known, the legacy is treated as a contingent asset.

Income for activities to be held in the future is deferred to the relevant accounting period.

Page 14

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (continued)

1 ACCOUNTING POLICIES (continued)

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings – 2% - 6.7% straight line Leasehold improvements – 3.85% - 10% straight line Plant and equipment – 2% straight line Fixtures and fittings – 25% reducing balance Motor vehicles – 25% reducing balance

Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the period. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slowmoving items.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 15

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (continued)

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE

1 ACCOUNTING POLICIES (continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Pension costs

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Page 16

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (continued)

3
INCOME
Unrestricted
Restricted
Funds
Funds
£
£
Donations and legacies
Donations and legacies
233,232
166,935
Gift Aid
16,093
45,026
Grants
-
50,000
249,325
261,961
Charitable activities
Activity fees
711,691
287
Investment income
Deposit account interest
11,018
-
Other trading activities
Shop sales
5,576
171
Other income
31,028
28,066

Total income
1,008,638
290,485
4
CHARITABLE ACTIVITIES
Direct costs
Staff costs (note 6)
Depreciation
Activity centre costs
Support costs (note 5)
5
SUPPORT COSTS
Advertising and promotion
Bank charges
Website and IT subscriptions
Governance costs
Auditor’s fees: audit
Auditor’s fees: other services
Legal and professional fees

Page 17

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (continued)

6 EMPLOYEES

Salaries

Social Security costs
Pension costs

 2025
£
459,733
31,332
21,653
512,718		 2023
£
284,029
18,243
11,762
314,034

The average number of employees during the period was:

2025 2023
No No
17 14

There were no employees whose annual remuneration was more than £60,000 (2023:None).

The employee benefits of the key management personnel totalled £66,736 for the 15 month period (Year ended 31.12.23: £51,595).

7 TRUSTEES

None of the trustees (or any persons connected with them) received any remuneration during the period. One trustee was reimbursed £67 for meeting expenses during the period (Year ended 31.12.23: none).

During the period to March 2025, the charity made payments for consultancy services totalling £12,663 (Year ended 31.12.23: £4,949) to Doney Consulting Limited, a company owned by one of the charity's trustees, Mr N Doney. These payments are permitted by the Memorandum & Articles of Association.

None of the trustees received any payments or remuneration for their work as trustees. See note 18 for details of other related party transactions

8a TANGIBLE FIXED ASSETS - Group

Leasehold land Leasehold Plant & Fixtures & Motor
& buildings improvements equipment fittings
vehicles
£
£
£
£
£
Cost
At 1 January 2024
176,153
2,165,365
1,154,779
328,051
4,695
Additions
100,614
19,697
-
58,558
-
Disposals
- - -
(42,076)
-
(
At 31 March 2025
276,767
2,185,062
1,154,779
344,533
4,695
Depreciation
At 1 January 2024
88,076
90,440
454,747
235,968
3,581
Charge for the period
8,896
113,817
28,869
31,669
348
Disposals
-
-
-
(37,474)
-

At 31 March 2025
96,972
204,257
483,616
230,163
3,929
Net book value
At 31 March 2025
179,795
1,980,805
671,163
114,370
766
At 31 December 2023
88,077
2,074,925
700,032
92,083
1,114		 Total
£
3,829,043
178,869
42,076)

3,965,836

872,812
183,599
(37,474)
1,018,937

2,946,899

2,956,231

Page 18

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025 (continued)

8b TANGIBLE FIXED ASSETS - Charity

Leasehold land Leasehold Plant & Fixtures & Motor
& buildings improvements equipment fittings
vehicles
£
£
£
£
£
Cost
At 1 January 2024
176,153
2,211,895
1,154,779
284,661
4,695
Additions
100,614
18,893
-
48,863
-
Disposals
- - -
(40,053)
-
At 31 March 2025
276,767
2,230,788
1,154,779
293,471
4,695
Depreciation
At 1 January 2024
88,076
92,255
454,747
203,492
3,581
Charge for the period
8,896
116,046
28,869
27,357
348
Disposals
-
-
-
(36,589)
-
At 31 March 2025
96,972
208,301
483,616
194,260
3,929
Net book value
At 31 March 2025
179,795
2,022,487
671,163
99,211
766
At 31 December 2023
88,077
2,119,640
700,032
81,169
1,114		 Total
£
3,832,183
168,370
(40,053)
3,960,500
842,151
181,516
(36,589)
987,078
2,973,422
2,990,032

9 FIXED ASSET INVESTMENTS

Company

Christian Youth Enterprises Sailing Centre owns the whole of the issued share capital of Sussex Enterprise Marine Ltd (Company number 06625412) registered in England and Wales, with a registered address of Jubilee Building, Chidham, Chichester, West Sussex, PO18 8TE.

The principal activity of the company is that of repairs and maintenance of TS Resolute, an accommodation barge, and overseeing the construction of buildings for Christian Youth Enterprises Sailing Centre.

2025 2023
£1 ordinary shares £ £
Sussex Enterprise Marine Ltd: 1 1

At 31 March 2025 a summary of the financial information of the subsidiary is as follows:

Sussex
Enterprise
Marine Ltd
£
Assets 22,407
Liabilities (13,759)
Net assets 8,648
Turnover 116,122
Expenditure (95,628)
Profit 20,494

Page 19

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (continued)

10
DEBTORS
Group
31.03.25
31.12.23
£
£
Trade debtors
139,479
90,897
Amounts owed by subsidiary
-
-
Other debtors
103,240
86,893
Prepayments
11,858
6,725
254,577
184,515
11
CREDITORS: Amounts falling due within one year
Group
31.03.25
31.12.23
£
£
Trade creditors
36,644
5,444
Accruals and deferred income
269,522
292,971
Social security and other taxes
9,746
5,288
Other creditors
43,878
51,487
359,790
355,190		 Charity
31.03.25
31.12.23
£
£
138,819
90,897
1,226
15,164
99,585
76,230
11,858
6,725
251,488
189,016
Charity
31.03.25
31.12.23
£
£
27,126
3,765
288,583
249,639
7,384
5,288
24,835
51,488
347,928
310,180

12 CREDITORS: Amounts falling due after one year

Group Group Charity Charity
31.03.25 31.12.23 31.03.25 31.12.23
£ £ £ £
Deferred income 13,815 - 13,815 -
Other loans due in more than one year 108,750 127,500 108,750 127,500
122,565 127,500 122,565 127,500
RESTRICTED FUNDS – Group and Charity
Balance b/f at Income Expenditure Transfers Balance c/f at
01.01.2024 31.03.2025
£ £ £ £ £
Restricted
Other restricted funds 18,842 - - ( 18,842) -
Superstructure Fund 9,771 - ( 6,071) - 3,700
Delta Project Fund - 86,299 ( 27,742) ( 58,557) -
Flood - 126,263 ( 59,133) ( 67,130) -
Fleet - 41,691 - ( 23,751) 17,940
Bursary Fund 49,366 36,232 ( 33,093) - 52,505
77,979 290,485 (126,039) (168,280) 74,145
Balance b/f at Income Expenditure Transfers Balance c/f at
01.01.2023 31.12.2023
£ £ £ £ £
Restricted
Other restricted funds 14,300 11,542 - ( 7,000) 18,842
Superstructure Fund 9,771 - - - 9,771
Delta Project Fund 534,758 658,710 ( 20,000) (1,173,468) -
Bursary Fund 55,312 12,246 ( 18,192) - 49,366
614,141 682,498 ( 38,192) (1,180,468) 77,979

13 RESTRICTED FUNDS – Group and Charity

Restricted Superstructure Fund

The purpose of this fund is to finance the upgrading of parts of the exterior of TS Resolute, improving the long term weatherproofed overall and hence the longevity of the asset. Restricted Fleet Fund The strategy for renewal of the CYESC fleet is to move to doing this on a cyclical basis, a few items each year.

Page 20

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (continued)

13 RESTRICTED FUNDS – Group and Company (continued)

Restricted Delta Project Fund

The purpose of this fund is to finance the redevelopment of the sailing centre premises. Transfers from this fund to general fund represent the investment in fixed assets.

Flood

The purpose of this fund is to fully recover operational excellence after a significant storm surge flood in April 2024. Transfers from this fund to the general fund are part of the investment in a flood defence system.

Fleet

The purpose of this fund is to purchase replacements for ageing fleet: currently RIB safety boat and wayfarer dinghies.

Restricted Bursary Fund

The Bursary Fund was established to enable young people from all financial backgrounds to benefit from the unique irresistible experiences that CYESC has to offer. Bursaries of up to 50% of the cost of courses are offered to any young person, subject to receipt of a statement of financial hardship, often from a Head teacher or pastor, and approval by CYE.

Transfers between funds

Transfers from the Fleet, Flood and Delta Project funds to general funds represent capital expenditure incurred from restricted funds. The transfers have been made on the basis that the conditions of the restricted fund donations are met once the specified assets are acquired, so allowing the charity to use the assets acquired on an unrestricted basis for any charitable purpose.

Other restricted funds: Of the brought forward balance, £15,542 was for Fleet and transferred to a separate line as the fund has grown. The remaining balance had been wrongly classified as restricted so has been transferred to general funds.

14a UNRESTRICTED FUNDS - Group

Balance b/f at
01.01.2024
Unrestricted
£
General
2,250,298
Designated
T S Resolute: Boat, Furniture
& Equipment
702,644
Total unrestricted funds
2,952,942
Balance b/f at
01.01.2023
Unrestricted
£
General
1,166,174
Designated
T S Resolute: Boat, Furniture
& Equipment
727,520
Total unrestricted funds
1,893,694		 Income Expenditure

£
£
1,008,638
(1,118,969)
-
( 30,658)
1,008,638
(1,149,627)
Income Expenditure

£
£
659,941
( 756,285)
-
( 24,876)
659,941
(781,161)		 Transfers
Balance c/f at
31.03.2025
£
£
168,280
2,308,247
-
671,986
168,280
2,980,233
Transfers
Balance c/f at
31.12.2023
£
£
1,180,468
2,250,298
-
702,644
1,180,468
2,952,942

Page 21

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (continued)

14b UNRESTRICTED FUNDS - Charity

Balance b/f at
01.01.2024
£
Unrestricted
General
2,306,861

Designated
T S Resolute: Boat, Furniture
& Equipment
702,644
Total unrestricted funds
3,009,505
Balance b/f at
01.01.2023
£
Unrestricted
General
1,216,700
Designated
T S Resolute: Boat, Furniture
& Equipment
727,520
Total unrestricted funds
1,944,220		 Income
Expenditure
£
£
1,000,858
(1,135,386)
-
( 30,658)
1,000,858
(1,166,044)
Income
Expenditure
£
£
659,939
(750,246)
-
( 24,876)
659,939
(775,122)		 Transfers
Balance c/f at
31.13.2025
£
£
168,280
2,340,613
-
671,986
168,280
3,012,599
Transfers
Balance c/f at
31.12.2023
£
£
1,180,468
2,306,861
-
702,644
1,180,468
3,009,505

15a ANALYSIS OF NET ASSETS BETWEEN FUNDS - Group

Restricted
Unrestricted
Total
Funds
Funds
31.03.25
£
£
£
Fixed assets
-
2,946,899
2,946,899
Net current assets
74,145
155,899
230,044
Non current liabilities
-
(122,565)
(122,565)
Totals
74,145
2,980,233
3,054,378
ANALYSIS OF NET ASSETS BETWEEN FUNDS - Charity
Restricted
Unrestricted
Total
Funds
Funds
31.03.25
£
£
£
Fixed assets
-
2,973,423
2,973,423
Net current assets
74,145
161,741
235,886
Non current liabilities
-
(122,565)
(122,565)
Totals
74,145
3,012,599
3,086,744		 Restricted Unrestricted
Funds
Funds
£
£
-
2,956,231
77,979
124,211
-
(127,500)
77,979
2,952,942
Restricted Unrestricted
Funds
Funds
£
£
-
2,990,033
77,979
146,972
-
(127,500)
77,979
3,009,505
Total
31.12.23
£
2,956,231
202,190
(127,500)
3,030,921

Total
31.12.23
£
2,990,033
224,951
(127,500)
3,087,484

15b ANALYSIS OF NET ASSETS BETWEEN FUNDS - Charity

Page 22

CHRISTIAN YOUTH ENTERPRISES SAILING CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (continued)

16 FINANCIAL COMMITMENTS

The group has financial commitments in respect of non-cancellable operating leases as follows :

Within one year
Between two and five years
More than five years

 31.03.25
£
10,705
28,546
181,166
220,417		 31.12.23
£
10,705
30,741
192,345
233,791

17 PENSION COMMITMENTS AND OTHER POST-RETIREMENT BENEFITS

Defined contribution scheme

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently-administered fund. The pension cost and charge represents contributions payable by the group to the fund and amounted to £21,653 (31.12.23: £11,762). £2,362 (31.12.23 £nil) of contributions were outstanding at the balance sheet date.

18 RELATED PARTY TRANSACTIONS

During the period the charity paid a service charge of £18,274 (year ended 2023 : £12,500) to its subsidiary, Sussex Enterprise Marine Ltd. (SEM). SEM also raised charges of £90,068 (year ended 2023 : £1,513,296) in relation to building works carried out for the Thwaites building.

Page 23