UK Sailing Academy
Reports and Accounts
2023/24
UKSA
Sea.Change
Charity Numbei 299248
For the Financial Year
ending 31 January 2024
UKSA
,11

REFERENCE AND ADMINISTRATIVE DETAILS 

## Patron 

HRH the Princess Royal 

Founders Noel and Sylvia Lister 

## Trustees 

Richard Stokes CBE Chair of the Board Sir Anthony Greener (resigned 22 September 2023) Claire Locke David Lister, MBE Founder Trustee Debra Price Vice Chair Marc Giraudon Chair of Finance committee Ole Bettum (resigned 15 November 2023) Samantha Axtell Claire Sunderland-Hay Chair of Ops Risk committee (appointed 24 March 2023) Shonagh Primrose (appointed 24 March 2023) John Michael Wemms (appointed 24 March 2023, resigned 25 April 2024) Catherine Longhurst (appointed 24 March 2023) 

Key Management Personnel Ben Willows Chief Executive Tim Goulding Interim Director of Finance & Risk (appointed January 2024) Mark Smith Director of Finance & Risk (resigned January 2024) Sophie Dear Director of Sales & Marketing (appointed December 2023) Julia Hutchinson Director of Marketing & Business Development (until December 2023) Chris Frisby Director of Training & Operations Amy Sweeting Director of Fundraising & Development 

Auditors Crowe UK LLP Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL 

Bankers NatWest plc 107 St James’ Square Isle of Wight PO30 1XH 

Solicitors Bates, Wells & Braithwaite London 2-6 Cannon Street London EC4M 6YH Registered Office Arctic Road Cowes Isle of Wight PO31 7PQ 

Registered Company Number 02251024 (England and Wales) 

Registered Charity Number 299248 

Accreditations \ Licences British Accreditation Council (for independent further and higher education) UK Independent College accreditation RYA Accreditation MCA Accreditation ISO 9001 Registered Adventure Activities Licensing Service Visit England 

Contact details Telephone 01983 294941 Email info@uksa.org Website www.uksa.org 



## **Contents** 

Report from the Chief Executive and Chair of Trustees ……………………………………………………4 

Report of the Trustees: Aims, Objectives and Values ………………………………………………………………………7 Strategic Report: Public Benefit …………………………………………………………………………………….8 Financial Review …………………………………………………………………………………11 Future Development ……………………………………………………………………………..13 Risk Review ………………………………………………………………………………………15 Fundraising Review ………………………………………………………………………………16 Structure, Governance and Management ………………………………………………………...17 Statement of Trustees’ Responsibilities …………………………………………………………..18 Independent Auditor’s Report ……………………………………………………………………………19 Consolidated Statement of Financial Activities ………………………………………………………….. 22 Balance Sheets ……………………………………………………………………………………………23 Consolidated Cash Flow Statement ……………………………………………………………………….25 Notes to the Financial Statements ………………………………………………………………………..26 

Page | 3    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## REPORT FROM THE CHIEF EXECUTIVE AND CHAIR OF TRUSTEES 

OUR VISION:  To be a world-leading provider of water-based adventures for young people and training for careers in maritime. 

UKSA is the only training provider to offer comprehensive pathways from a child’s initial experience of the sea, through education and training, to professional careers in maritime. Our outdoor learning and education programmes inspire and engage children and young people, enabling them to build confidence, develop vital life skills, broaden their horizons, and signpost them to the wide range of career opportunities the maritime industry offers. 

UKSA’s ambition is to provide more life-changing opportunities to the children and young people who need them most, empowering them to build positive futures and access pathways into maritime employment. 

## WHO WE ARE: 

Founded in 1987, UKSA is a compassionate and inclusive organisation that unlocks profound maritime adventures, education, and career pathways, irrespective of an individual's life journey. 

From its unique, four-acre, waterfront campus in Cowes, on the Isle of Wight, UKSA provides water-based adventure programmes for children and young people together with over 150 industry-leading maritime courses. It offers day and fully inclusive residential programmes, providing funding to those who would not otherwise be able to access these programmes. 

In 2023/24 UKSA welcomed over 11,000 beneficiaries, including 6,711 school-aged pupils taking part in programmes to develop their skills and introduce them to the education and training opportunities available in the maritime sector. 

UKSA is committed to widening access to maritime training, and enhancing employment opportunities in the sector and relies on the generosity of its donors, grant-making trusts, companies and industry partners, who help transform the lives of children and young people by providing funding to help them access UKSA’s programmes. 

Health and Safety, Safeguarding and the well-being of all UKSA students and staff is at the heart of everything we do. 

## OUR STRATEGY: 

UKSA is passionate about empowering these young people to reach their potential and invest in their future, irrespective of their background or circumstance. It provides financial, welfare and coaching support to those facing barriers in their lives, be they economic, social, health or education, including those who are at risk of exclusion from school or of offending, and those not in education or employment. UKSA aims to extend its reach by engaging more schools and youth organisations who work with children from diverse and disadvantaged backgrounds, who would not otherwise have the opportunity to access its programmes. 

UKSA will continue to increase the depth of its maritime careers offer by increasing both the scale and range of education and training it provides and the amount of financial support it offers to deserving young people seeking a career in maritime.  UKSA will continue to work closely with employers and will  tailor its training to meet the needs of the maritime industries. 

Page | 4    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## REPORT FROM THE CHIEF EXECUTIVE AND CHAIR OF TRUSTEES (continued) 

## OUR DEVELOPMENT PATHWAY: 

## 2023/24 HIGHLIGHTS: 

- UKSA welcomed a total of 11,114 beneficiaries, from a wide variety of socio-economic backgrounds, across its programmes. 

- UKSA engaged 32 schools in its Outdoor Learning programmes, a total of over 1,500 children, of which 527 were provided funding from its ‘Leave No Child Behind’ fund. 

- UKSA accepted 481 young people onto its unique, fully funded Sea.Change Foundation programme, providing the opportunity to further develop their life skills, whilst learning about the training and careers opportunities available in the maritime industry. In 2023/24 UKSA also piloted this programme in Weymouth through its partnership with Marine Society & Sea Cadets. 

- UKSA saw 100% of its Further Education students go into employment or further training and 30% join its careers programmes, evidencing the powerful pathways that it offers to young people. 

- UKSA delivered world class career and professional training to 2,300 students in the maritime industry. 

- UKSA provided an average of 50% funding to 80% of Superyacht Cadet students. 

- UKSA worked with local businesses to provide apprenticeship schemes for Port Operatives and Workboat Crew Members. 

## OTHER MILESTONES: 

2023/24 was the first full year of operation for UKSA’s purpose-built, 136-bed Sea.Change accommodation block which opened in July 2022. This was the culmination of a four-year site development project and fundraising campaign, which raised £4.3m in donations and  significantly improved UKSA’s facilities and residential provision, increasing  capacity, reach and impact. 

Following this growth trajectory, UKSA has continued to develop its assets and as a key stakeholder in the levelling up plan for the Isle of Wight has worked with the Council to develop the East Cowes, Victoria Barracks site as another UKSA base. Our aim is to have this site operational in 2025, which will offer further employment opportunities for Island residents, whilst enabling us to support even more young people. We are grateful to our supporters for pledging their early funding support towards this transformational project. 

Page | 5    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



REPORT FROM THE CHIEF EXECUTIVE AND CHAIR OF TRUSTEES (continued) 

## OPERATIONAL CHALLENGES AND ACHIEVEMENTS: 

In 2023/24 there were the challenges of high inflation, a cost-of-living crisis, and an uncertain global economic environment. 

Despite these challenges, UKSA was able to increase the number of beneficiaries welcomed through its doors and has delivered a strong financial performance. Since 2020, the charity has delivered a strong growth trajectory, both in terms of income and fundraising: 

- Overall income increase: 23% 

- Fundraising income increase: 107% 

Having survived these significant challenges, during the year we grew income whilst simultaneously managing our operational costs to deliver a surplus of £0.4m. We also invested £0.9m in our buildings, fleet, and equipment to maintain and develop our asset base making sure it is fit for purpose for many years and generations to come. 

Ben Willows, Chief Executive 

Richard Stokes CBE, Chair of Trustees 

14 June 2024 

Page | 6    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## REPORT OF THE TRUSTEES AIMS, OBJECTIVES AND VALUES 

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 UK Sailing Academy (hereinafter ‘UKSA’) for the year ended 31 January 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP), applicable to charities (effective 1 January 2019), and have had regard to the general guidance provided by the Charity Commission on public benefit in ensuring that its aims and objectives comply with section 17(5) of the Charities Act 2011 and are for the public benefit. 

## AIMS AND OBJECTIVES: 

UKSA is a youth training charity, which aims to inspire and support children and young people to broaden their horizons through its life enhancing water-based adventures, education and training for careers at sea. 

Our objectives, as defined by our Articles of Association, are: 

1. To advance the education and physical, mental and spiritual development of children (or young persons under the age of 25) by providing or assisting in providing facilities for training in sailing and seamanship for those who have need of such facilities by reason of poverty or social or economic circumstances (so that they may grow to full maturity as individuals and members of society). 

2. To provide or assist in the provision of facilities for the recreation and other leisure time occupation of the general public, and in particular, facilities for watersports and outdoor activities in the interests of social welfare and with the object of improving their conditions of life. 

3. To advance the education of the public in all aspect of maritime activities and in particular, in matters relating to: (a) the promotion of personal safety, (b) the prevention of accident, (c) navigation, (d) engineering, (e) seamanship, (f) stability and construction of boats, (g) communication at sea, (h) maritime law, and (i) business and interpersonal skills. 

4. To promote community participation in healthy recreation through the provision of sailing facilities. 

Every 3-5 years, UKSA develops a strategy to deliver these objectives considering the current needs of its primary beneficiaries and UKSA’s operating capacity. This is outlined and reported on in more detail in the Strategic Report included later. 

## VALUES: 

Our values reflect the type of charity that we want to be - one that loves what we do, has a passion for sharing it and wants to inspire as many people as possible through our work.  They apply to all our employees, trustees, beneficiaries, supporters and volunteers: 

- Challenge, have fun and smile. 

- We take care of ourselves, those around us and this place. 

- Be part of who we are and help others do the same. 

- Tell the truth, hear the truth, act truthfully. 

- If not you, who? If not now, when? 

Page | 7    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



REPORT OF THE TRUSTEES STRATEGIC REPORT – PUBLIC BENEFIT 

UKSA RESPONDING TO THE NEEDS OF YOUNG PEOPLE: 

There is considerable evidence that, post-Covid, young people need assistance more than ever. Across the UK, poverty and the attainment gap are increasing and due to increases in the cost-of-living, we are seeing more demand for financial support than ever before. 

UKSA knows that outdoor education, structured training, and support into employment are vital to ensure children and young people can lead fulfilled lives. However, we also know that many children and young people are missing out on life-changing opportunities because schools, local authorities and parents simply cannot afford to pay for them. 

## UKSA IN THE LOCAL COMMUNITY: 

UKSA has a significant economic footprint in the Isle of Wight local community employing approximately 135 permanent staff with an additional 100 freelance or casual staff during the summer season. We are proud to acknowledge that we exist in an Island community where everyone matters, and we recognise our people are key to our success and their health and wellbeing is central to our people strategy. 

UKSA’s dedication to Islanders and, in particular, to ensuring its young people have priority access where possible to some of the best opportunities to shape their education and careers, is unwavering. 

## OUR IMPACT: 

UKSA is an impact led organisation, measuring the outcomes on young people across all programmes. These focus on enhanced Skills 4 Life alongside ensuring our young people obtain viable employment opportunities to provide a career for life. UKSA has partnered with Cambridge University to measure and validate these outcomes: Key Impact outcomes in 2023/24 include: 

## SUPPORTING CHILDREN FROM THE UK AND THE IOW IN A TIME OF ECONOMIC CHALLENGES: 

## 1. School residential trips at UKSA - Leave No Child Behind 

In 2023/24, UKSA welcomed 5,673 children and their leaders on a residential trip. Thanks to our donors, we were able to provide £150,0000 of funding support to 32 schools.  This equated to 527 children facing financial hardship within the criteria of Free School Meals, Pupil Premium, Education, Health and Care Plans , who were able to join their peers on an enriching experience instead of being left behind in the classroom. This financial support for schools from the most deprived areas also included travel costs and the provision of essential items, including swimwear for those in need. 

UKSA reached out to new schools and youth groups from disadvantaged backgrounds  as well as welcoming returning schools. Through this outreach, the charity saw a 55% increase in the number of beneficiaries able to access support from some of the most deprived postcodes in the UK compared with the previous year. 

UKSA programmes provide a new learning environment outside of the classroom and are designed to build confidence and encourage teamwork.  The results reported from 2023/24 UKSA Skills 4 Life measurements highlight substantial increases across all development elements. 

These findings demonstrate UKSA programmes improve self-confidence, personal growth, and children’s ability to recognise their capabilities and improve behaviours back in the classroom. 

Page | 8    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



REPORT OF THE TRUSTEES STRATEGIC REPORT – PUBLIC BENEFIT (continued) 


**I am struggling to express how important this trip has been on these young people. For some of them to have had the bravery to try new things, which they were only able to do thanks to the encouragement of the UKSA instructors.** 

- Abi Johnson, Cirencester Deer Park School 

**The funding has been incredible and has enabled our young people that might not have had the opportunity to come away on a trip like this to realise their dream and to take part in an amazing experience at UKSA.** - Assistant Principal, Mary Rose Academy 

## 2. Sea. Change Programme 

Last year, UKSA funded 481 beneficiaries to take part in its Sea.Change Foundation programme, an increase of 64% on the previous year. Since 2021, UKSA’s pathway progression from Sea.Change into Further Education has increased by over 80%. This increase is a promising indicator that the charity is achieving its intended goals of fostering development within the maritime industry for young people from disadvantaged backgrounds. 

UKSA continues to remove financial barriers whilst bridging the gap between education and employment, addressing two key issues; helping young people from low-income backgrounds to access career opportunities into a maritime career and offering a solution to the shortage of skilled seafarers in maritime operations. 

2023/24 impact figures for our Sea.Change Programme: 


**The UKSA Sea Change course was an unforgettable journey for me, but what stood out the most was the opportunity to connect with individuals from all corners of the globe. The diverse perspectives and personal stories shared made for a truly enriching experience. Had it not been for UKSA and the Sea.Change Foundation, many of us in the group would never know about the opportunities and futures that lie ahead in the maritime industry. We have all made new friends and coming to UKSA has been the highlight of our summer.** - Muhammad, Sea.Change Beneficiary. 

## 3. Test the Water 

Launched in 2014, the ‘Test the Water’ programme gives all Year 6 Isle of Wight children the opportunity to come to UKSA to try sailing and watersports through a free half-day session with their school.  Many children living on the Island have never had the opportunity to go into the sea before, despite growing up so close to it. 34% of children on the Isle of Wight live in poverty, 22% Island children in primary school are in receipt of free school meals. UKSA funds students to participate in its Test the Water programme so that every child can benefit regardless of their financial situation. Last year UKSA welcomed 1,213 island students from 38 Schools to take part in this programme. 

The programme takes Island students out of the classroom and for many children, this new experience gives them a unique opportunity to thrive and positively impacts them when back in school, boosting their confidence and encouraging them to try new things. From this introduction, UKSA offers follow-on programmes to give further opportunities to those wishing to seek more adventures and the possibility of a maritime career. To date over 10,000 young people on the Isle of Wight have benefited from this programme. 

Page | 9    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



REPORT OF THE TRUSTEES STRATEGIC REPORT – PUBLIC BENEFIT (continued) 

**The staff really get everyone along and get the children sailing without it being a big thing, they don't even realise that they are doing it. It’s a real sense of fulfilment and overcoming what they are scared of, it’s really empowering.** Ollie Whiting, Teacher Newport C of E Primary school 

**The children love it, it’s great fun and so important for them to feel safe around the water. It’s Fantastic!** Heather, Island Primary School Teacher 

Maritime Depth: In response to the challenges facing young people, UKSA is proud of its careers and professional maritime training courses delivering high exam pass rates and supporting young people into maritime employment. UKSA is an outcome led organisation, and we ensure that we that measure our impact throughout our programmes. UKSA is working with academics at the University of Cambridge to develop a theory of change, which considers young people’s development, learning and examines the relationship between personal factors, such as the environment and behaviour. 

UKSA programmes provide a new environment outside of the classroom and are designed to build confidence and encourage teamwork using the sea as a catalyst for positive change. 

**Being at UKSA I have found who I really am – I am myself.** Education Student 

In terms of careers available to young people, it’s about raising awareness. They weren’t even aware of the size of the maritime industry and how many different jobs there are. I know of one young person who is now considering working in the maritime sector and has decided that’s what he wants to do as a career 

moving forward . 

Director of Programmes, The Royal National Children’s Springboard Foundation 

- Further Education: 100% of students successfully completed their courses in 2023/24 and either progressed their training or entered employment. As part of its partnership with the IOW College UKSA received a highly rated score by Ofsted. 

- Careers: In 2023/24 UKSA achieved an overall pass rate of 97% across its careers programmes and 98% (of those who reported back to us) entered a job in the maritime sector 

- MCA Exam pass rates: In 2023/24 UKSA achieved an average pass rate of 74% across key MCA 

- modules which is higher than the industry average. 

- Welfare: UKSA has extensive experience of working with many young people who struggle with traditional learning in the classroom, with 33% of its Further Education students being classed as SEN. In the last quarter, UKSA’s Welfare team supported 196 students and worked with many local schools and authorities to support its local young people with Alternative Provision. 

Page | 10    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



REPORT OF THE TRUSTEES STRATEGIC REPORT - FINANCIAL REVIEW 

## FINANCIAL RESULTS FOR THE YEAR: 

Economically, 2023/24 was a challenging year. There was high inflation, a cost of-living crisis that impacted the finances of UKSA’s beneficiaries, and global conflicts that disrupted supply chains.  Despite this UKSA continued to deliver a solid financial return whilst also meeting the needs of its 11,114 beneficiaries.  This achievement is a testament to the dedication of our team and the focus on financial discipline and cost control. Financial resilience and strategic resource allocation is central to our decision-making processes in order to ensure the long-term success of the charity.  We continue the journey of growing income and developing our asset base while carefully controlling expenditure. 

Operating Performance: UKSA continued to deliver solid progression in its operating performance in 2024: 


**----- Start of picture text -----**<br>
Operating Surplus / (Deficit)<br>400<br>200<br>Covid<br>-<br>2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24<br>(200)<br>(400)<br>(600)<br>(800)<br>£k<br>**----- End of picture text -----**<br>


## REPORT OF THE TRUSTEES 

STRATEGIC REPORT - FINANCIAL REVIEW (continued) 

The table below illustrates how we calculate our operating performance: 

|Total Surplus per SOFA<br>Less: Donated capital<br>income<br>Less: Income from<br>investments<br>Add: Interest Payable<br>Operating Surplus /<br>(Deficit)|2016/17<br>2017/18<br>2018/19<br>2019/20<br>2020/21<br>2021/22<br>2022/23<br>2023/24<br>£000's<br>£000's<br>£000’s<br>£000’s<br>£000’s<br>£000’s<br>£000’s<br>£000’s<br>COVID<br>117<br>27<br>104<br>294<br>1,670<br>850<br>461<br>426<br>(375)<br>(105)<br>(101)<br>(139)<br>(2,374)<br>(983)<br>(234)<br>(116)<br>(1)<br>(1)<br>(2)<br>(2)<br>(1)<br>(20)<br>(20)<br>(50)<br>-<br>-<br>-<br>-<br>41<br>39<br>39<br>34|
|---|---|
||(259)<br>(79)<br>1<br>153<br>(664)<br>(114)<br>246<br>294|



Non-operating items such as donated capital income and investment and debt interest have been removed. 

## GOING CONCERN BASIS: 

UKSA’s Trustees, supported by the Executive Team, have considered the reserves and net asset position and are satisfied that these financial statements should be prepared on an ongoing concern basis. This is supported by our auditors. 

## RESERVES: 

The balances and movements in funds along with the amounts held at the year-end are detailed in note 22 to the Financial Statements. Transfers between reserves represent the application of restricted and designated funds to capital projects, funded programmes and bursaries. 

Page | 11    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



REPORT OF THE TRUSTEES STRATEGIC REPORT - FINANCIAL REVIEW (continued) 

Unrestricted Reserves: The designated fixed asset reserve fund is presented net of the balance of the secured bank loan that was arranged in 2020 and secured against the Charity’s fixed assets.  The unrestricted general fund balance (“free reserves”) is £296k as at 31 January 2024. 

Restricted Reserves: Restricted funds are held to support revenue expenditure and can only be used in accordance with donors’ directions, further details of the funds and their intended use are to be found in Note 22 to these accounts. 

Reserves Policy : The Trustees have set the guide amount of general unrestricted (free) reserves at £275k for the charity based on their 2022/23 studies of worst case (loss of income) scenarios. 

## INVESTMENT POLICY: 

The Trustees assessed the working capital requirements of the charity, and the liquid funds were deemed to be sufficient to meet the short-term cash flow requirements of the charity but not at a level to place funds in longer term investments.  Whenever possible, reserve funds are held in short term notice accounts to maximise income from interest with minimal risk. 

Page | 12    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



REPORT OF THE TRUSTEES STRATEGIC REPORT – FUTURE DEVELOPMENTS 

## HOW WE PLAN FOR THE FUTURE: 

In Spring 2024, the Trustees and Executive Team reviewed the charity’s strategy in the context of how the needs of beneficiaries had been affected post the Covid-19 pandemic. Whilst the detailed development of the overall ambition and core purpose of UKSA by 2030, is to deliver and be recognised for High Quality - Deep Impact programmes, it will focus on supporting young people, particularly those who have faced barriers through UKSA’s unique training and careers pathways into the maritime sector. 

Success in 2030 will be judged against how well we are delivering the following: 

- The number of students coming through the Sea.Change programme and their increased understanding about, and signposting to, careers in maritime. 

- The number of students attending UKSA who have faced barriers and who wouldn’t otherwise access its programmes. 

- The number of students following UKSA’S career pathway offer 

- The number of students going into (maritime) employment 

- The quality of our training offer. 

## STRATEGY VISION 

OUR VISION:  To be a world-leading provider of water-based adventures for young people and training for careers in maritime. 

## OUR PURPOSE 

UKSA inspires and supports children and young people to broaden their horizons through its life-enhancing waterbased adventures, education, and training for careers in maritime. 

## OUR MISSION 

UKSA’s strategic mission is to continually develop its services, assets and people to meet the needs of children and young people. Our aim is to remove both financial and social barriers to enable students from any background to be able to access UKSA programmes by providing funding for those who need it. We want our beneficiaries to achieve their best and gain life-changing experiences, qualifications and progress along a pathway into a maritime career. 

UKSA’s evidenced-based approach to the long-term benefits of UKSA’s work will enable it to work within a network of ‘like-minded’ partners to create further awareness and opportunities to grow with agility and at scale on the mainland; whilst developing its Cowes HQ site as a centre for Maritime excellence to support deserving young people. 

Page | 13    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



REPORT OF THE TRUSTEES STRATEGIC REPORT – FUTURE DEVELOPMENTS (continued) 

## OUR FIVE STRATEGIC PRIORITIES: 

1. Broaden the horizons of children accessing UKSA’s programmes. Increasing volumes and funding support for children and schools from disadvantaged areas. 

Goal – Increase volumes of Schools & Group children accessing UKSA’s water-based activities. 

Target Beneficiaries - 6 – 16 years. Those in need of confidence and life skills and / or need extra support (for instance SEN, Pupil Premium etc.) 

2. UKSA recognised as the global centre of excellence for maritime training and career progression. 

Goal – Increase volumes of assisted funded careers places and form strategic partnerships with industry organisations to develop new and existing programmes and secure employment for beneficiaries. 

Target Beneficiaries - 16 – 25 years of age: 

- Those who would otherwise not be able to access maritime programmes 

- Those seeking a career in the maritime industry / seeking an alternative to university 

- • Those working in the maritime sector 

- Those seeking to develop their career in the maritime industry / gaining higher qualifications to enable job retention and future career progression 

UKSA’s Sea.Change programme, delivered for 14–17-year-olds in the summer holidays, provides the bridge between these two strategic priorities – informing on the opportunities for a career in maritime. 

3. Working with partners to grow and deliver UKSA introductory sessions. Building awareness of, and engagement in, UKSA’s pathways and maritime employment . 

Goals – Develop partnerships with ‘like-minded’ organisations on the mainland to  grow UKSA’s introductory activities, signposting beneficiaries to the opportunities of careers and skills training in Cowes. 

Target Beneficiaries 6 – 16 years. Those in need of confidence and life skills and/or need extra support (for instance SEN, Pupil Premium etc.) 

4. Maintain adequate free reserves and deliver evidenced-based impact creating a step change in UKSA’s fundraising activity and income. 

Goals – Deliver operational surplus in line with long term plans. 

- Create sustainable and significant fundraising income to support target beneficiaries: We will diversify income streams and create lasting relationships with funders, and 

- Deliver evidence-based research assessment on UKSA’s impact. Our overall approach is to be led by the needs of our beneficiaries, focusing on the impact and outcomes on their lives. 

Target Beneficiaries – All UKSA beneficiaries and stakeholders. 

5. Grow UKSA’s capacity on the Isle of Wight, whilst developing and maintaining a world-class staff team and facilities. 

Goals – Deliver a capital investment plan to ensure UKSA remains a world-leading maritime training centre 

- Expand our Isle of Wight capacity, focusing on East Cowes, and reducing the risk of watersports operations, 

- UKSA’s resources are fit for purpose and remain a world-leading maritime training and work environment, 

- Execute a digital-enabled strategy to significantly improve organisational efficiency, and 

- Become a “Best Companies” employer. 

Target Beneficiaries - All UKSA beneficiaries and stakeholders. 

Page | 14    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## REPORT OF THE TRUSTEES STRATEGIC REPORT - RISK REVIEW 

## RISK MANAGEMENT - TRUSTEES: 

UKSA operates a formal risk management process at the top of which is the Operational Risk Sub-Committee (ORSC) which meets quarterly.  ORSC considers all main risk areas, subject to the paragraph below. It is chaired by a Trustee and comprises two other Trustees as well as members of the Executive Team.  The sub-committee also considers any reported incidents in detail. Summaries of the sub-committee’s discussions are presented to the main Board at its quarterly meetings. 

The risks associated with the new building project were monitored by the Capital Development Sub-Committee insofar that they related to Health & Safety, compliance with planning and other regulations, unforeseen complications in the ground, supplier issues and the business risk of delays overrun.  The Financial Risk relating to the project has been a matter for Finance Sub Committee. 

A summary of the major risks to the charity is held on a detailed risk register that identifies which scores the operational, financial, governance, compliance and external risks and evaluates the measures that are in place to mitigate them. 

The risk register is a regularly updated by management and is reviewed by the ORSC. UKSA has a structured approach to risk, that emphasises the importance of mitigating both the likelihood and the impact of risk.  In doing so we adopt a four-tier approach to mitigating risk.  Tier 1 comprises measures that are followed at an operational level by individuals and teams as part of their day-to-day work.  Our internal audit processes are the mainstay of Tier 2 while at Tier 3, we have the external expertise that supports the risk assurance activities that we do in-house.  At Tier 4 are the external inspections and audits that are required to maintain regulatory compliance. 

Financial Risk is a matter for the Trustee led Finance Sub-Committee. The charity’s main income is derived from maritime training. The main financial risk is a significant downturn in business activity leading to an interruption in sold or fundraised income. 

## RISK MANAGEMENT - OPERATIONAL: 

The predominant operational or reputational risks for the charity are the health and safety of students taking part in UKSA activities on and off the water and the safeguarding of young people and vulnerable adults.  Monthly Health and Safety meetings are held for both shoreside and water activity risks, both feeding into a monthly Health and Safety management meeting.  Leadership is a key element of safety assurance, and a member of the Executive Team chairs all such meetings. 

Stringent operating procedures are in place to minimise the risk of accidents while undertaking activities at UKSA and all instructors undergo a mandatory and rigorous induction programme followed up with regular training. Daily operational meetings are held to assess risk for each day’s activities and consider group ability, type of activity and location. This, together with the high level of monitoring from national governing bodies and statutory authorities helps to ensure that safety is paramount at UKSA. 

UKSA has a Designated Safeguarding Officer within the Executive Team and holds monthly safeguarding meetings with key staff to review practices and policies. All staff, Trustees and volunteers receive appropriate levels of training in safeguarding for young people and adults deemed to be at risk.  A robust safeguarding policy is in place and external expertise is sought where necessary. 

The charity engages with Centor Risk Management to provide a risk consultancy service with a particular emphasis on insured risk, and compliance with policy wordings.  In addition, working with our IT partner, PC Consultants, we implemented the measures required to achieve the Cyber Essentials standard that is promoted by the National Cyber Security Centre. 

UKSA has a robust critical incident response plan, which was developed with the support and input of the ORSC and our external consultants, Pharos Response, who are specialists in risk and reputation management in the education, youth, travel and adventure sectors and who also provide the charity with 24/7 incident support. 

Page | 15    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



REPORT OF THE TRUSTEES STRATEGIC REPORT – FUNDRAISING REVIEW 

## FUNDRAISING OVERVIEW: 

The charity has secured a number of new funders and greatly benefits from transformational ongoing relationships with key funders. A focus on multi-year funding, sponsorship and major unrestricted donations means that the charity can be agile and react to the needs of charity beneficiaries. Progress in this area is illustrated in the graph below: 


**----- Start of picture text -----**<br>
Donated Support to Beneficiaries<br>£1,200k<br>£1,000k<br>£800k<br>£600k<br>£400k<br>£200k<br>-<br>2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24<br>**----- End of picture text -----**<br>


## HOW WE FUNDRAISE: 

UKSA is a medium sized charity that takes a long term, supporter-led relationship approach to its fundraising activities. The fundraising team raise funds to support programme delivery, capital projects and unrestricted income to support the charity in whatever way it needs. UKSA has raised £4.4m for capital projects (Sea.Change building, Training Centre building, Shower Blocks, Yachts and Dinghies) in the last 7 years. UKSA ensures fundraising remains beneficiary focused and impact driven, sharing stories with supporters to bring to life their support. 

The charity’s small fundraising team is led by an experienced Director of Fundraising and Development. The Chief Executive, wider management team and Trustees also play a significant role in raising funds for the Charity.  All partnerships with third parties are managed in line with the Fundraising Regulator and Charity Commission including contracting, reporting and managing their fundraising activities. Furthermore, where a third party is used UKSA asks that the third party adheres to the provisions in the Code of Fundraising Practice where relevant. 

The Fundraising Team are supported by a Fundraising Sub-committee, which ensures that all new income generating activity, whether from charitable activities or from fundraising, is carried out in a way that is consistent with UKSA’s overall strategic priorities. The Fundraising Team have developed and are implementing a growth strategy, which looks at the future of the fundraising and marketing landscapes, with the following aims: 

- Increasing multiyear commitments of support with a focus on unrestricted income 

- Launching and growing the Founders’ Club for major donors 

- Growing strategic corporate partnerships, including within the maritime industry 

- Creating an impact focussed communications plan 

- Growing community fundraising, challenge events and wider event offerings 

## FUNDRAISING CONTROLS: 

UKSA is a member of the Fundraising Regulator and is committed to the highest standards in fundraising. At all times, we ensure that we are respectful, open, honest and accountable to our supporters and the public. All UKSA’s fundraising activities must comply with the Fundraising Regulator’s Code of Fundraising Practice for the UK and UKSA adheres to the Code’s requirement on handling any breaches of the Code or complaints about UKSA’s fundraising activities. There have been no such breaches or complaints reported in the year to 31 January 2024, or subsequently. 

UKSA also has a fundraising policy which works alongside charity safeguarding and volunteering policies which sets out our approach to protecting our beneficiaries and supporters. Alongside this, the department works closely with the Trustees to outline their responsibility against the CC20 Funding & Finance Guidance ensuring we continue to fundraise effectively, efficiently, and legally. 

Page | 16    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## REPORT OF THE TRUSTEES STRUCTURE, GOVERNANCE AND MANAGEMENT 

UKSA is incorporated as a company limited by guarantee, as defined by the Companies Act 2006, and is governed in accordance with its Memorandum and Articles of Association. The charity is directed by a Board of unpaid Trustees who are also directors for the purposes of the Companies Act 2006.  At the end of January 2024, there were eight Trustees.  Other than the Founding Member Trustee, Trustees serve for four years, with the possibility of election for a second four-year term.  Only under exceptional circumstances are further terms considered, to be reviewed annually thereafter. 

UKSA’s Chair of Trustees has a maximum set term of four years and can serve a maximum of three such terms.  There is an agreed and documented selection process to either re-appoint the existing Chair or select a new Chair, which takes place every four years.  The nominations committee, comprising three to five Trustees, conducts the selection process. 

The Board is self-appointing, elected on the basis of professional qualities, experience, competence and availability. Trustee training is provided. 

The Board meets at least four times a year.  Trustees are responsible for the appointment of the Chief Executive, to whom day-to-day management of the organisation is delegated.  Trustees work with the Executive Team to develop a long-term strategic plan, progress against which is reviewed with them at annual strategy and development meetings.  The Board also reviews and approves the Executive’s annual business plan and budget.  At quarterly Governance meetings, the Board addresses governance matters and assesses the charity’s performance with the Executive Team.  Additionally, the Chief Executive holds regular conference calls with the Board on any matters arising. 

The Board has established standing Sub-Committees to provide specific oversight, advice and recommendations. Sub-Committees are made up of at least two Trustees, as well as Executive Team members and external advisors as required. 

- The Finance Sub-Committee monitors the effectiveness of the charity’s financial controls and reporting, considers key areas of financial risk and compliance, reviews the audit process and has a key role in the control of financial planning, investments and pensions. 

- The Operational Risk Sub-Committee, which monitors all areas of risk to the charity other than financial risk, reviews incident reports and scrutinises the risk management system. 

- The Reward Sub-Committee reviews the remuneration and benefits for the CEO and makes recommendations to the Board with regard to criteria for pay awards and benchmarking. 

- The Fundraising Sub-Committee ensures consistency of focus and approach across all Course Delivery and Fundraised streams of income. 

UKSA has a wholly owned non-charitable subsidiary, UKSA Trading Limited, who activities include recreation and leisure activities. 

Page | 17    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## REPORT OF THE TRUSTEES STATEMENT OF TRUSTEES’ RESPONSIBILITIES 

UKSA’s Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations . 

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of the affairs of the Charity and of the surplus or deficit of the Charity for that period. In preparing these financial statements the Trustees are required to: 

- select suitable accounting policies and apply them consistently, 

- observe methods and principles in the Charities SORP, 

- make judgements and estimates that are reasonable and prudent, 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and 

- prepare the financial statements on the going concern basis unless it is inappropriate to assume that the company will continue in operation. 

The Trustees are also responsible for ensuring that proper accounting records are maintained, that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included in the charity’s website. Legislation in England/Wales governing the preparation and dissemination of financial statements and other information included in Annual Reports may differ from legislation in other jurisdictions. 

In so far as we are aware: 

- there is no relevant audit information of which the charitable company's auditor is unaware; and 

- the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

## AUDITORS 

The auditors will be proposed for re-appointment in accordance with the Companies Act 2006 at the Annual General Meeting of the Board. 

In approving the Report of the Trustees, the Trustees are also approving the Strategic Report included here in their capacity as the company’s directors. 

## ON BEHALF OF THE BOARD : 

Richard Stokes CBE, Chair of Trustees 

14 June 2024 

Page | 18    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## UK SAILING ACADEMY (UKSA) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF UK SAILING ACADEMY 

## Independent Auditor’s Report to the Members of UK Sailing Academy 

## Opinion 

We have audited the financial statements of UK Sailing Academy (the “charitable company”) and its subsidiary (the “group”) for the year ended 31 January 2024 which comprise Consolidated Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Consolidated Statement of Cashflows 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 Financial Reporting Standard 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: 

- give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 January 2024 and of the group’s incoming resources and application of resources, including its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## 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 trustee'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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

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


**----- Start of picture text -----**<br>
© 2021 UKSA<br>**----- End of picture text -----**<br>


## Other information 

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 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. 

Page | 19    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## UK SAILING ACADEMY (UKSA) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF UK SAILING ACADEMY 

## Opinions on other matters prescribed by the Companies Act 2006 

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

- the information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements. 

## Matters on which we are required to report by exception 

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ 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: 

- the parent company has not kept adequate accounting records; or 

- 

- 

- 

- the parent company financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

## Responsibilities of trustees 

As explained more fully in the trustees’ responsibilities statement set out on page 18, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 


**----- Start of picture text -----**<br>
© 2021 UKSA<br>**----- End of picture text -----**<br>


## Auditor’s responsibilities for the audit of the financial statements 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. 

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. 

Page | 20    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## UK SAILING ACADEMY (UKSA) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF UK SAILING ACADEMY 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and group for fraud. The laws and regulations we considered in this context were Charity Commission regulations health and safety legislation, General Data Protection Regulation (GDPR), Royal Yachting Association (RYA) regulation and Maritime and Coastguard Agency (MCA)/International Association of Marine Investigators (IAMI) regulations. 

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. 

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of certain income streams and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance, Risk, Audit and Assurance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and the certain income streams, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance. 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. 

A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## Use of our report 

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 


**----- Start of picture text -----**<br>
© 2021 UKSA<br>**----- End of picture text -----**<br>


## INSERT E-SIGNATURE 

Janette Joyce Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor Reading 

19 June 2024 

Page | 21    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## **Consolidated statement of financial activities for the year ended 31 January 2024** 

(Incorporating income and expenditure account) 

|INCOME FROM:<br>Donations, Legacies and Grants<br>2<br>Charitable Activities<br>3<br>Trading Activities<br>4<br>Government Support<br>5<br>Investments<br>6<br>Total income<br>EXPENDITURE ON:<br>Raising funds:<br>Trading Activities<br>4<br>Expenditure on raising funds<br>7<br>Charitable Activities<br>8<br>Total expenditure<br>Net income<br>Transfers between funds<br>22<br>Net movement in funds<br>RECONCILIATION OF FUNDS:<br>Total funds brought forward<br>TOTAL FUNDS CARRIED FORWARD<br>22|Unrestricted<br>Funds<br>Restricted<br>Funds<br>TOTAL<br>2023/24<br>TOTAL<br>2022/23<br>£000's<br>£000's<br>£000's<br>£000's<br>882<br>238<br>1,120<br>957<br>7,101<br>-<br>7,101<br>6,566<br>209<br>-<br>209<br>195<br> <br>-<br>-<br>-<br>19<br>50<br>-<br>50<br>20|
|---|---|
||8,242<br>238<br>8,480<br>7,757|
||126<br>-<br>126<br>124<br>234<br>-<br>234<br>194<br>7,694<br>-<br>7,694<br>6,978|
||8,054<br>-<br>8,054<br>7,296|
||<br>188<br>238<br>426<br>461<br> <br>250<br>(250)<br>~~-~~<br>~~-~~|
||438<br>(12)<br>426<br>461<br> <br>7,453<br>178<br>7,631<br>7,170<br>|
||7,891<br>166<br>8,057<br>7,631|



## Continuing operations 

All of the charity's activities are continuing. There were no gains or losses other than those shown above. Full comparatives for the year to 31 January 2023 are shown in note 27. 

The notes on pages 26 to 43 form part of these financial statements. 

Page | 22    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## **Group balance sheet as at 31 January 2024** 

|Notes<br>FIXED ASSETS<br>21<br>CURRENT ASSETS<br>Stocks<br>15<br>Debtors: Amounts falling due after more than<br>one year<br>16<br>Debtors: Amounts falling due within one year<br>16<br>Short Term Deposit Accounts<br>17<br>Cash at bank and in hand<br>17<br>CREDITORS<br>Amounts falling due within one year<br>18<br>NET CURRENT ASSETS<br>TOTAL ASSETS<br>CREDITORS<br>Amounts falling due after more than one year<br>19<br>NET ASSETS<br>FUNDS<br>22<br>Unrestricted funds;<br>Designated tangible fixed asset fund (net of<br>secured bank loan)<br>Unrestricted general funds<br>Restricted funds;<br>Restricted bursary funds<br>Restricted capital fund<br>TOTAL FUNDS|Unrestricted<br>Restricted<br>Funds<br>Funds<br>£000's<br>£000's<br>8,970<br>-<br>153<br>368<br>-<br>1,095<br>-<br>1,310<br>-<br>348<br>166|TOTAL<br>TOTAL<br>2023/24<br>2022/23<br>£000's<br>£000's<br>8,970<br>8,531<br>153<br>148<br>368<br>317<br>1,095<br>1,182<br>1,310<br>1,270<br>514<br>624|
|---|---|---|
||3,274<br>166<br>(3,037)<br>-|3,440<br>3,541<br>(3,037)<br>(3,052)|
||237<br>166|403<br>489|
|||<br>|
||9,207<br>166|9,373<br>9,020|
||(1,316)<br>-|<br>(1,316)<br>(1,389)|
||7,891<br>166|8,057<br>7,631|
|||7,595<br>7,095<br>296<br>358|
|||7,891<br>7,453<br>166<br>178<br>-<br>-|
|||166<br>178<br> <br>|
|||8,057<br>7,631|



The notes on pages 26 to 43 form part of these financial statements. 

The financial statements were approved and authorised for issue by the Board of Trustees on 14 June 2024. And were signed on its behalf by: 


Richard Stokes CBE Chair of Trustees 14 June 2024 Registered Company Number:  02251024 

Page | 23    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## **Company balance sheet as at 31 January 2024** 

|Notes<br>Unrestricted<br>Restricted<br>Funds<br>Funds<br>£000's<br>£000's<br>FIXED ASSETS<br>21<br>8,970<br>-<br>CURRENT ASSETS<br>Stocks<br>15<br>151<br>-<br>Debtors: Amounts falling due after more than<br>one year<br>16<br>368<br>-<br>Debtors: Amounts falling due within one year<br>16<br>1,092<br>-<br>Short Term Deposit Accounts<br>17<br>1,310<br>-<br>Cash at bank and in hand<br>17<br>346<br>166<br>3,267<br>166<br>CREDITORS<br>Amounts falling due within one year<br>18<br>(3,030)<br>-<br>NET CURRENT ASSETS / (LIABILITIES)<br>237<br>166<br>TOTAL ASSETS<br>9,207<br>166<br>CREDITORS<br>Amounts falling due after more than one year<br>19<br>(1,316)<br>-<br>NET ASSETS<br>7,891<br>166<br>FUNDS<br>22<br>Unrestricted funds:<br>Designated tangible fixed asset fund (net of secured bank loan)<br>Unrestricted general funds<br>Restricted funds:<br>Restricted bursary funds<br>Restricted capital fund<br>TOTAL FUNDS|Unrestricted<br>Restricted<br>Funds<br>Funds<br>£000's<br>£000's<br>8,970<br>-<br>151<br>-<br>368<br>-<br>1,092<br>-<br>1,310<br>-<br>346<br>166|TOTAL<br>TOTAL<br>2023/24<br>2022/23<br>£000's<br>£000's<br>8,970<br>8,531<br>151<br>145<br>368<br>317<br>1,092<br>1,181<br>1,310<br>1,270<br>512<br>622|
|---|---|---|
||3,267<br>166<br>(3,030)<br>-|3,433<br>3,535<br>(3,030)<br>(3,046)|
||237<br>166|403<br>489|
||||
||9,207<br>166|9,373<br>9,020|
||(1,316)<br>-|<br>(1,316)<br>(1,389)|
||7,891<br>166|8,057<br>7,631|
|||7,595<br>7,095<br>296<br>358|
|||7,891<br>7,453<br> <br>166<br>178<br>-<br>-|
|||166<br>178<br> <br>|
|||8,057<br>7,631|



The surplus for the financial year 2023/24 dealt with in the financial statements of the parent charity was £426k (2022/23: £461k). 

The financial statements were approved and authorised for issue by the Board of Trustees on 14 June 2024. 

And were signed on its behalf by: 


Richard Stokes CBE Chair of Trustees 14 June 2024 Registered Company Number:  02251024 

Page | 24    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## **Consolidated statement of cash flow for the year ended 31 January 2024** 

|Notes<br>NET CASH PROVIDED BY OPERATING ACTIVITIES<br>A<br>CASH FLOWS FROM INVESTING ACTIVITIES<br>Interest received<br>Interest paid and fees<br>Purchase of tangible fixed assets<br>CASH FLOWS FROM FINANCING ACTIVITIES<br>Secured bank loan repaid in year<br>MANAGEMENT OF LIQUID FUNDS<br>Short term deposit account transfers<br>(Decrease)/Increase in cash in the year<br>B|Notes<br>NET CASH PROVIDED BY OPERATING ACTIVITIES<br>A<br>CASH FLOWS FROM INVESTING ACTIVITIES<br>Interest received<br>Interest paid and fees<br>Purchase of tangible fixed assets<br>CASH FLOWS FROM FINANCING ACTIVITIES<br>Secured bank loan repaid in year<br>MANAGEMENT OF LIQUID FUNDS<br>Short term deposit account transfers<br>(Decrease)/Increase in cash in the year<br>B|2023/24<br>2022/23<br>£000's<br>£000's<br>931<br>223|
|---|---|---|
|||50<br>20<br>(74)<br>(76)<br>(916)<br>(2,266)|
|||(940)<br>(2,322)|
|||(61)<br>(64)<br>(40)<br>234|
|||(110)<br>(1,929)|
||||
|NOTE A - RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES|||
|Net income<br> <br>Depreciation charges<br>Interest received<br>Interest paid and charges<br>(Increase)/Decrease in stocks<br>Decrease/(Increase) in debtors<br>(Decrease)/Increase in creditors<br>Net cash provided by operating activities||426<br>461<br>477<br>410<br>(50)<br>(20)<br>74<br>76<br>(5)<br>(32)<br>36<br>(349)<br>(27)<br>(323)|
|||931<br>223|
||||
|NOTE B - RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS|||
|(Decrease)/Increase in cash in the year<br>(Decrease)/Increase in short term deposits<br>Secured bank loan repaid in year<br>Change in net cash<br>Net cash at 1 February<br>Net cash at 31 January<br>ANALYSIS OF CHANGE IN CASH AND CASH<br>EQUIVALENTS<br>Cash at bank and in hand<br>Short term deposit accounts<br>Loans<br>Total|At 1st Feb 23<br>£000's<br>624<br>1,270<br>(1,436)|(110)<br>(1,929)<br>40<br>(234)<br>61<br>64|
|||(9)<br>(2,099)<br>458<br>2,557|
|||449<br>458|
|||Cashflow<br>At 31st Jan 24<br>£000's<br>£000's<br>(110)<br>514<br>40<br>1,310<br>61<br>(1,375)|
||458|(9)<br>449|



Page | 25    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## **Notes to the financial statements for the year ended 31 January 2024** 

UK Sailing Academy is an incorporated charity (number 299248) and company (number 02251024)  with its registered office at Arctic Road, Cowes, Isle of Wight PO31 7PQ and is incorporated and domiciled in the UK. 

## 1 ACCOUNTING POLICIES 

## a) Basis of preparation 

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

UKSA meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). 

## b) Going concern 

In their assessment of going concern, the trustees have considered the impact of the current economic climate on the charity.  Supported by the management team, they have throughout the year considered the cash, reserves and net asset position of the charity (I&E, Cashflow and balance sheet forecasts and reviewed on a rolling basis). Based on these considerations the Trustees consider that the going concern basis for the charity is appropriate. 

The trustees are confident that the management team will continue to mitigate financial risks effectively by actively managing liquidity and by carefully controlling income and expenditure. 

## c) Group accounts 

The accounts have been consolidated to include the results of the charity's trading subsidiary, which has the same year-end. No separate profit and loss account is presented for UK Sailing Academy as permitted by Section 408 of the Companies Act 2006. The parent company’s surplus for the year was £426k (2022/23: £461k). 

## d) Income 

All income is included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.  Voluntary income is credited to the income and expenditure account on a received basis, apart from income that covers a specific period of time ending after 31 January 2024, the deferred part of the income being shown within creditors. Income from the charitable activities is recognised on an accruals basis, and income relating to courses which commence after the balance sheet date is deferred to future accounting periods. 

e) Expenditure 

All expenditure is accounted for on an accruals basis and allocated to the appropriate heading in the accounts. Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure.  Support costs are allocated between the activities of the charity on a percentage basis in line with the income and activity levels of those activities. 

Included within charitable activity are governance costs. Governance costs are those costs associated with the governance arrangements including external and internal audit and legal advice for Trustees, rather than the day-to-day management of the charity. 

Page | 26    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## **Notes to the financial statements for the year ended 31 January 2024 (continued)** 

## f) 

## Debtors 

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## g) Cash and cash equivalents 

Cash is represented by cash in hand and short term highly liquid investments with a short maturity of 95 days or less from the date of acquisition or opening of the deposit or similar account. This has been split accordingly on the face of the balance sheet. 

## h) 

## Creditors and provisions 

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

## i) 

## Intangible fixed assets 

The company capitalises purchases of intangible assets where the value is over £1k and the useful economic life is at least three years. Amortisation is provided on all intangible fixed assets using the straight-line method designed to write off each asset over its expected useful economic life. The expected useful life of the company’s intangible fixed assets is 10 years. 

The company reviews its intangible fixed assets on an annual basis and will consider an impairment of those assets where the carrying amount (net book value) of the asset is higher than its recoverable amount; the recoverable amount being defined as the higher of the amount that could be obtained by selling the asset (Net Realisable Value), and the amount that could be obtained by using the asset (Value in Use). 

i) Tangible fixed assets 

The company capitalises purchases of tangible assets where the value is over £1k and the useful economic life is at least three years. Depreciation is provided on all tangible fixed assets using the straight-line method designed to write off each asset over its expected useful economic life. It is the company's policy to determine the expected useful life of each asset individually, ranging from 3 to 100 years. 

The company reviews its tangible fixed assets on an annual basis and will consider an impairment of those assets where the carrying amount (net book value) of the asset is higher than its recoverable amount; the recoverable amount being defined as the higher of the amount that could be obtained by selling the asset (Net Realisable Value), and the amount that could be obtained by using the asset (Value in Use). 

## j) Impairment of buildings 

Buildings are held at historic cost. This value is subject to the requirement to test assets for impairment in accordance with section 27 of FRS102. 

The company will get a land and buildings valuation done at least every 10 years to confirm no impairment is requirement, with a directors' assessment in the interim. The last valuation was performed by Jones Lang LaSalle in 2021 and showed no impairment was required. 

k) Stocks 

Stocks of bought in goods are stated at the lower of cost and net realisable value. Stocks held include Provisions, Bar, Vending, Merchandise, Clothing and Red Funnel ferry tickets. 

Stocks also include inventory items held for free distribution to beneficiaries in furtherance of charitable activities (e.g., boards, masts, sails, wetsuits, paddles, buoyancy aids etc.). Inventory is written down (impaired) to nil value over a three-year period. 

Page | 27    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## **Notes to the financial statements for the year ended 31 January 2024 (continued)** 

## l) Taxation 

The charity is exempt from corporation tax on its charitable activities.  Irrecoverable VAT is recognised as an expense in the Statement of Financial Activities within training and education expenditure.  The trading subsidiary has not incurred a tax charge as it gifts all profits to the charity. 

## m) Pensions 

The charity does not operate a defined benefit pension scheme.  UKSA auto-enrolled eligible employees with the National Employment Savings Trust (NEST) as the provider for its workplace pension. During 2023/24 UK Sailing Academy contributions of £69k (2022/23: £62k) were recognised in the Statement of Financial Activities (see Note 13). 

## n) Leased assets 

Instalments on operating lease contracts are charged on a straight-line basis over the lease life. 

## o) Fund accounting 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. 

Restricted funds are subject to specific conditions laid down by donors as to how they may be used, or which have been raised by the charity for particular purposes.  The aim and use of each restricted fund are set out in the notes to the financial statements. 

## p) Financial instruments 

The charity has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Note 20 provides more information in respect of this area . 

## q) Key judgements and estimates 

In the application of the charity’s accounting policies, which are described in note 1, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. 

The estimates and underlying 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 on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods. 

The Trustees consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty. 

Page | 28    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## **Notes to the financial statements for the year ended 31 January 2024 (continued)** 

|2<br>DONATIONS AND LEGACIES<br>Donations (Revenue)<br>Donations (Capital)<br>Grant funding<br>3<br>INCOME FROM CHARITABLE ACTIVITIES<br>Youth Development programmes<br>Schools and groups<br>Careers courses for employment<br>Professional training<br>Recreational training<br>Total income for training activities<br>Student services and site income<br>Lost deposits|2023/24<br>2022/23<br>£000's<br>£000's<br>1,004<br>719<br>116<br>234<br>-<br>4|
|---|---|
||1,120<br>957|
||2023/24<br>2022/23<br>£000's<br>£000's<br>8<br>-<br>1,356<br>1,185<br>3,336<br>2,994<br>1,620<br>1,589<br>299<br>318|
||6,619<br>6,086<br>324<br>295<br>158<br>185|
||7,101<br>6,566|



Income in respect of courses that commence after the balance sheet date is deferred and recognised over the period during which the course takes place. An analysis of deferred income is shown below: 

|Gross income from charitable activities<br>Amounts deferred last year that have been released in the current<br>year<br>Amounts deferred to future periods|2023/24<br>2022/23<br>£000's<br>£000's<br>6,926<br>6,658<br>2,338<br>2,246<br>(2,163)<br>(2,338)|
|---|---|
||7,101<br>6,566|



Page | 29    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



**Notes to the financial statements for the year ended 31 January 2024 (continued)** 

## 4 INVESTMENT IN TRADING COMPANY 

UK Sailing Academy holds 100% of the share capital of UKSA Trading Limited (registered office – Arctic Road, Cowes, Isle of Wight PO31 7PG – Registered Company No. 06276835) which is responsible for the provision of commercial services on behalf of the charity. 

|The charity's investment in the trading company was as<br>follows:|2023/24|2022/23|
|---|---|---|
||£|£|
|UKSA Trading Limited|1|1|



The subsidiary is registered in England and Wales and pays under gift aid its entire profits as computed for corporation tax purposes to the charity.  Its results and balance sheet are as follows: 

|Profit and Loss Account<br>Income<br>Cost of sales<br>Gross profit<br>Administration expenses<br>Amount payable under gift aid to the charity<br>Retained in subsidiary<br>Balance sheet<br>Current assets<br>Current liabilities<br>Share Capital (Total Share Capital = £1)|2023/24<br>2022/23<br>£000's<br>£000's<br>209<br>195<br>(126)<br>(124)|
|---|---|
||83<br>71<br>(72)<br>(59)|
||11<br>12<br>(11)<br>(12)|
|||
||-<br>-|
||11<br>7<br>(11)<br>(7)|
||-<br>-|
||-<br>-|



A UKSA members’ resolution was passed in 2019 for the purpose of the continuance of the Gift Aiding of the profits of UKSA Trading Limited to UK Sailing Academy annually on the 31st January, until further notice. 

The gift aid payment of £11k (2022/23: £12k) and management charge of £72k (2022/23: £59k) payable to UK Sailing Academy has been eliminated upon consolidation. 

Page | 30    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## **Notes to the financial statements for the year ended 31 January 2024 (continued)** 

|5|GOVERNMENT SUPPORT|||2023/24|2022/23|
|---|---|---|---|---|---|
|||||£000's|£000's|
||Kickstart Scheme Income|||-|10|
||IOW Council LRS Grant|||-|9|
|||||-|19|
|6|INVESTMENT INCOME|||2023/24|2022/23|
|||||£000's|£000's|
||Deposit account interest|||50|20|
|||||50|20|
|7|EXPENDITURE ON RAISING FUNDS|||2023/24|2022/23|
|||||£000's|£000's|
||Fundraising pay costs|||184|161|
||Fundraising non-pay costs|||50|33|
|||||234|194|
|8|EXPENDITURE ON CHARITABLE ACTIVITIES|||||
|||Training|Support|Admin, Sales|Total|
|||Costs|Costs|and||
|||||Marketing||
|||||Costs||
|||2023/24|2023/24|2023/24|2023/24|
|||£000's|£000's|£000's|£000's|
||Youth Development programmes|80|4|2|86|
||Schools and Groups|526|696|313|1,535|
||Careers courses for employment|1,518|1,711|770|3,999|
||Professional training|473|831|374|1,678|
||Recreational training|174|153|69|396|
|||2,771|3,395|1,528|7,694|
|||Training|Support|Admin, Sales|Total|
|||Costs|Costs|and||
|||||Marketing||
|||||Costs||
|||2022/23|2022/23|2022/23|2022/23|
|||£000's|£000's|£000's|£000's|
||Youth Development programmes|57|77|33|167|
||Schools and Groups|394|733|288|1,415|
||Careers courses for employment|1,367|1,565|685|3,617|
||Professional training|472|569|339|1,380|
||Recreational training|162|169|68|399|
|||2,452|3,113|1,413|6,978|



Page | 31    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## **Notes to the financial statements for the year ended 31 January 2024 (continued)** 

|9<br>SUPPORT, ADMINISTRATION & SALES AND MARKETING COSTS<br>Delivery Teams<br>Depreciation & Write down<br>Site costs<br>Catering<br>Operations and Customer Support<br>Yacht, Fleet and Vehicle Maintenance<br>VAT<br>Other<br>Total Support Costs<br>Administration Costs<br>Sales and Marketing Costs<br>Interest Payable<br>Total Support Costs<br>10<br>GOVERNANCE COSTS<br>Auditors' remuneration<br>Company Secretary<br>Travel and Subsistence<br>Legal and other professional fees<br>11<br>NET MOVEMENT IN FUNDS<br>Net movement in funds is stated after charging:<br>Auditors' remuneration for statutory work<br>Operating lease rental for IT and vehicles<br>Interest paid and charges<br>Depreciation - owned assets|2023/24<br>2022/23<br>£000's<br>£000's<br>163<br>139<br>565<br>473<br>699<br>665<br>675<br>608<br>363<br>317<br>387<br>367<br>247<br>247<br>296<br>297|
|---|---|
||3,395<br>3,113<br>801<br>671<br>693<br>703<br>34<br>39|
||1,528<br>1,413|
||4,923<br>4,526|
||2023/24<br>2022/23<br>£000's<br>£000's<br>19<br>17<br>11<br>11<br>2<br>1<br>2<br>-|
||34<br>29|
||2023/24<br>2022/23<br>£000's<br>£000's<br>19<br>17<br>61<br>76<br>74<br>76<br>477<br>410|



## 12 TRUSTEES' REMUNERATION AND BENEFITS 

There were no trustees' remuneration or other benefits for the year ended 31 January 2024 (2022/23: £nil). Travelling expenses are reimbursed, if claimed, to trustees.  In 2023/24 this was £2k (2021/22: £1k). 

Page | 32    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## **Notes to the financial statements for the year ended 31 January 2024 (continued)** 

## 13 STAFF COSTS 

The average number of full-time equivalent staff employed by the charity during the financial year amounted to: 

|2023/24<br>Total No.<br>Directly involved in achieving charitable objectives<br>135<br>Management and financial administration of the charity<br>10<br>145<br>The aggregate payroll costs of the above were:<br>Wages and salaries<br>Social security<br>Pension<br>The number of employees whose emoluments exceeded £60,000 was:<br>£60,000 to £69,999<br>£70,000 to £79,999<br>£80,000 to £89,999<br>£90,000 to £99,999<br>£100,000 to £110,000|2023/24<br>Total No.<br>135<br>10|2023/24<br>2022/23<br>2022/23<br>FTE No.<br>Total No.<br>FTE No.<br>112<br>125<br>102<br>10<br>10<br>10|
|---|---|---|
||145|122<br>135<br>112|
|||2023/24<br>2022/23<br>£000's<br>£000's<br>3,451<br>3,097<br>285<br>271<br>69<br>62<br>3,805<br>3,430<br>2023/24<br>2022/23<br>No.<br>No.<br>2<br>2<br>1<br>-<br>1<br>-<br>-<br>1<br>1<br>-|



Employer Pension Contributions for the above individuals were £13k (2022/23: £8k). 

During the year termination payments of £2k (2022/23: £nil) were made. 

## 14 EXECUTIVE REMUNERATION 

The total remuneration, benefits and pensions paid to the key management personnel in the year was £461k (2022/23: £431k). The key management personnel in the year were the Chief Executive, Director of Finance and Risk, Director of Sales and Marketing (previously Director of Marketing & Business Development), Director of Training and Operations, and Director of Fundraising & Development. 

|15<br>STOCK<br>Stock for resale (trading)<br>Inventories (charity)<br>Group stocks held|2023/24<br>2022/23<br>£000's<br>£000's<br>2<br>3<br>151<br>145|
|---|---|
||153<br>148|



Page | 33    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## **Notes to the financial statements for the year ended 31 January 2024 (continued)** 

## 16 DEBTORS 

|DEBTORS||
|---|---|
|Trade debtors for courses<br>Other debtors<br>Prepayments and accrued income<br>Bad debt provision for other debtors|Group<br>Group<br>Charity<br>Charity<br>2023/24<br>2022/23<br>2023/24<br>2022/23<br>£000's<br>£000's<br>£000's<br>£000's<br>514<br>679<br>511<br>678<br>587<br>538<br>587<br>538<br>384<br>333<br>384<br>333<br>(22)<br>(51)<br>(22)<br>(51)|
||1,463<br>1,499<br>1,460<br>1,498|



Included within other debtors is a total of £387k (2022/23 £361k) relating to repayable bursary amounts due over 1 year. 

Also included within other debtors is a total of £2k (2022/23 £6k) relating to cycle to work scheme repayable amounts due over 1 year. 

Included within bad debt provision for other debtors is a total of (£21k) (2022/23 (£50k)) relating to repayable bursary  amounts due over 1 year. 

## 17 CASH AND CASH EQUIVALENTS 

|CASH AND CASH EQUIVALENTS||
|---|---|
|Bank current accounts<br>Bank deposit accounts<br>Petty cash<br>Pre-paid expense cards|Group<br>Group<br>Charity<br>Charity<br>2023/24<br>2022/23<br>2023/24<br>2022/23<br>£000's<br>£000's<br>£000's<br>£000's<br>507<br>616<br>505<br>616<br>1,310<br>1,272<br>1,310<br>1,270<br>1<br>1<br>1<br>1<br>6<br>5<br>6<br>5|
||1,824<br>1,894<br>1,822<br>1,892|



## 18 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 

|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR||
|---|---|
|Trade creditors<br>Due to subsidiary undertaking<br>Social security and other taxes<br>Secured bank loan<br>Other creditors<br>Accruals and deferred income|Group<br>Group<br>Charity<br>Charity<br>2023/24<br>2022/23<br>2023/24<br>2022/23<br>£000's<br>£000's<br>£000's<br>£000's<br>489<br>321<br>484<br>316<br>-<br>-<br>4<br>1<br>79<br>62<br>79<br>62<br>62<br>60<br>62<br>60<br>51<br>61<br>51<br>61<br>2,356<br>2,548<br>2,350<br>2,546|
||3,037<br>3,052<br>3,030<br>3,046|



Included within trade creditors is a total of £93k (2022/23: £93k) relating to retentions of the main build capital project. 

Included within accruals and deferred income is a total of £1,975k (2022/23: £2,123k) relating to amounts invoiced in advance of the commencement of training courses. 

Page | 34    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## **Notes to the financial statements for the year ended 31 January 2024 (continued)** 

19 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR: 

|Secured bank loan<br>Accruals and deferred income|Group<br>Group<br>Charity<br>Charity<br>2023/24<br>2022/23<br>2023/24<br>2022/23<br>£000's<br>£000's<br>£000's<br>£000's<br>1,313<br>1,376<br>1,313<br>1,376<br>3<br>13<br>3<br>13|
|---|---|
||1,316<br>1,389<br>1,316<br>1,389|



The amounts held within accruals and deferred income relates to amounts invoiced in advance of the commencement of training courses of £3k (2022/23: £13k). 

The group has a bank loan with NatWest which is secured by a fixed and floating charge over the property and assets of the group. The balance of the loan at 31 January 2024 is £1,375k. The loan has interest charged at 2.44% for a fixed period (60 months until February 2026) thereafter at 2.09% over Base Rate for the remaining period. The loan is due for final repayment in January 2042. 

The maturity of the bank loan has been analysed as follows: 

|Within one year<br>1-2 years<br>2-5 years<br>Greater than 5 years|Net<br>Repayments<br>2023/24<br>Net<br>Repayments<br>2022/23<br>£000<br>£000<br>62<br>60<br>63<br>62<br>196<br>193<br>1,054<br>1,121|
|---|---|
||1,375<br>1,436|



In addition, deferred income has been analysed as follows: 

|Deferred income at 1 February<br>Applied during the year<br>Released during the year<br>Deferred income at 31 January|Group<br>Group<br>Charity<br>Charity<br>2023/24<br>2022/23<br>2023/24<br>2022/23<br>£000's<br>£000's<br>£000's<br>£000's<br>2,338<br>2,246<br>2,338<br>2,240<br>(2,338)<br>(2,246)<br>(2,338)<br>(2,240)<br>2,163<br>2,338<br>2,157<br>2,338|
|---|---|
||2,163<br>2,338<br>2,157<br>2,338|



Page | 35    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## **Notes to the financial statements for the year ended 31 January 2024 (continued)** 

## 20 FINANCIAL INSTRUMENTS 

Financial assets held at amortised cost are trade debtors, other debtors, accrued income, amount owed by group companies and cash held at bank. Note this excludes stock and prepayments. 

Financial liabilities held at amortised cost are trade creditors, accruals, bank loan and amounts owed by group companies. This excludes deferred income and social security and other taxes. 

|Group<br>Financial assets measured at amortised cost<br>Financial liabilities measured at amortised cost<br>Total interest income for financial assets held at amortised cost<br>Charity<br>Financial assets measured at amortised cost<br>Financial liabilities measured at amortised cost<br>Total interest income for financial assets held at amortised cost|2023/24<br>2022/23<br>£000's<br>£000's<br>3,067<br>3,234<br>(2,113)<br>(2,041)|
|---|---|
||2023/24<br>2022/23<br>£000's<br>£000's<br>50<br>20|
||2023/24<br>2022/23<br>£000's<br>£000's<br>3,062<br>3,231<br>(2,110)<br>(2,037)|
||2023/24<br>2022/23<br>£000's<br>£000's<br>50<br>20|



Page | 36    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## **Notes to the financial statements for the year ended 31 January 2024 (continued)** 

## 21 FIXED ASSETS 

|COST<br>As at 1 February 2023<br>Additions<br>Transfer<br>As at 31 January 2024<br>DEPRECIATION<br>As at 1 February 2023<br>Charge for year<br>As at 31 January 2024<br>NET BOOK VALUE<br>As at 31 January 2024<br>As at 31 January 2023<br>COST<br>As at 1 February 2023<br>Additions<br>Transfer<br>As at 31 January 2024<br>DEPRECIATION<br>As at 1 February 2023<br>Charge for year<br>As at 31 January 2024<br>NET BOOK VALUE<br>As at 31 January 2024<br>As at 31 January 2023|Assets under<br>course of<br>construction<br>£000's<br>54<br>18<br>(38)|Freehold<br>land and<br>buildings<br>Leasehold<br>buildings<br>Swimming<br>pool<br>Equipment<br>and Training<br>Aids<br>£000's<br>£000's<br>£000's<br>£000's<br>7,542<br>316<br>200<br>1,266<br>372<br>-<br>-<br>226<br>-<br>-<br>-<br>-|
|---|---|---|
||34|7,914<br>316<br>200<br>1,492|
||-<br>-|503<br>54<br>200<br>871<br>167<br>14<br>-<br>84|
||-|670<br>68<br>200<br>955|
||34|7,244<br>248<br>-<br>537|
||54|7,039<br>262<br>-<br>395|
|||Motor<br>vehicles<br>Yachts and<br>training fleet<br>Intangible<br>Assets<br>Totals<br>£000's<br>£000's<br>£000's<br>£000's<br>19<br>1,991<br>89<br>11,477<br>-<br>282<br>18<br>916<br>-<br>38<br>-<br>-|
|||19<br>2,311<br>107<br>12,393|
|||14<br>1,296<br>8<br>2,946<br>2<br>200<br>10<br>477|
|||16<br>1,496<br>18<br>3,423|
|||3<br>815<br>89<br>8,970|
|||5<br>695<br>81<br>8,531|



Page | 37    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## **Notes to the financial statements for the year ended 31 January 2024 (continued)** 

|22|MOVEMENT IN FUNDS|||||
|---|---|---|---|---|---|
||||Net|Transfers||
|||As at|Movement in|between|As at|
|||1 Feb 23|funds|Funds|31 Jan 24|
|||£000's|£000's|£000's|£000's|
||Unrestricted funds|||||
||Fixed assets fund|7,095|(476)|976|7,595|
||General fund|358|653|(715)|296|
||Trading activities|-|11|(11)|-|
|||7,453|188|250|7,891|
||Restricted funds|||||
||Restricted capital fund|-|116|(116)|-|
||Stephen Thomas Bursary|23|63|(36)|50|
||Noel Lister Memorial Fund|59|3|(26)|36|
||Milo Hanlon Fund|39|-|(5)|34|
||Will Black Fund|16|-|(5)|11|
||Seafarer's|41|1|(7)|35|
||Polly Birch Fund|-|-|-|-|
||Trinity House Fund|-|55|(55)|-|
|||178|238|(250)|166|
|||||||
||TOTAL FUNDS|7,631|426|-|8,057|
||Net movement in funds, included in the|above are as follows:||||
||||Incoming|Resources|Movement in|
||||resources|expended|funds|
||||£000's|£000's|£000's|
||Unrestricted funds|||||
||Fixed asset fund||-|(476)|(476)|
||General fund||8,033|(7,380)|653|
||Trading activities||209|(198)|11|
||||8,242|(8,054)|188|
||Restricted funds|||||
||Restricted capital fund||116|-|116|
||Stephen Thomas Bursary||63|-|63|
||Noel Lister Memorial Fund||3|-|3|
||Milo Hanlon Fund||-|-|-|
||Will Black Fund||-|-|-|
||Seafarer's||1|-|1|
||Polly Birch Fund||-|-|-|
||Trinity House Fund||55|-|55|
||||238|-|238|
|||||||
||TOTAL FUNDS||8,480|(8,054)|426|



Page | 38    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



**Notes to the financial statements for the year ended 31 January 2024 (continued)** 

|22|MOVEMENT IN FUNDS (PRIOR YEAR COMPARATIVES)|MOVEMENT IN FUNDS (PRIOR YEAR COMPARATIVES)||||
|---|---|---|---|---|---|
||||Net|Transfers||
|||As at|Movement in|between|As at|
|||1 Feb 22|funds|Funds|31 Jan 23|
|||£000's|£000's|£000's|£000's|
||Unrestricted funds|||||
||Fixed assets fund|5,175|(410)|2,330|7,095|
||General fund|308|562|(512)|358|
||Trading activities|-|12|(12)|-|
|||5,483|164|1,806|7,453|
||Restricted funds|||||
||Restricted capital fund|1,337|234|(1,571)|-|
||Stephen Thomas Bursary|42|-|(19)|23|
||Noel Lister Memorial Fund|194|1|(136)|59|
||Milo Hanlon Fund|34|1|4|39|
||Will Black Fund|14|-|2|16|
||Seafarer's|58|1|(18)|41|
||Polly Birch Fund|8|-|(8)|-|
||Trinity House Fund|-|60|(60)|-|
|||1,687|297|(1,806)|178|
|||||||
||TOTAL FUNDS|7,170|461|-|7,631|
||Net movement in funds, included in the above are as follows:|||||



|Unrestricted funds<br>Fixed asset fund<br>General fund<br>Trading activities<br>Restricted funds<br>Restricted capital fund<br>Stephen Thomas Bursary<br>Noel Lister Memorial Fund<br>Milo Hanlon Fund<br>Will Black Fund<br>Seafarer's<br>UKSA Assisted Funding<br>Polly Birch Fund<br>Trinity House Fund<br>TOTAL FUNDS|Incoming<br>resources<br>Resources<br>expended<br>Movement in<br>funds<br>£000's<br>£000's<br>£000's<br>-<br>(410)<br>(410)<br>7,265<br>(6,703)<br>562<br>195<br>(183)<br>12|
|---|---|
||7,460<br>(7,296)<br>164|
||234<br>-<br>234<br>-<br>-<br>-<br>1<br>-<br>1<br>1<br>-<br>1<br>-<br>-<br>-<br>1<br>-<br>1<br>-<br>-<br>-<br>60<br>-<br>60|
||297<br>-<br>297|
||<br>|
||7,757<br>(7,296)<br>461|



Page | 39    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## **Notes to the financial statements for the year ended 31 January 2024 (continued)** 

## Unrestricted funds 

- A) The fixed asset fund shows the net book value of unrestricted fixed assets (net of secured bank loan). Net movement in funds are represented by the net of profit/ (loss) on disposal, impairment and depreciation £476k (2022/23: £410k). Transfers are represented by net capital expenditure of £916k plus the in-year reduction of secure bank loan £61k. 

- B) The unrestricted general fund represents funds which are freely available for use by the charity, including those generated from trading activities. 

Net movements in funds are represented by all Income and Expenditure movements not already represented by movements on other reserves of £653k (2022/23: (£562k)). Transfers are the sum of net working capital movements excluding transfers on other reserves of (£715k) (2022/23: (£512k)). 

- C) The trading activities fund is represented by the wholly owned subsidiary UKSA Trading Ltd profit / (loss). For the year 2023/24 UKSA Trading Ltd returned a profit of £11k (2022/23: £12k) which was transferred to the UK Sailing Academy’s unrestricted general fund in the same year. 

## Restricted funds 

- A) A restricted Capital Fund was set up in 2015/16 to hold donations that are specifically to fund capital works required. In 2023/24 £116k net income was received (2022/23 £234k) less (£116k) capital expenditure in the year (2022/23: (£1,571k)). 

- B) The Stephen Thomas Bursary was set up in memory of Stephen Thomas to provide sailing and seamanship experiences for young people between the ages of 16 and 20. 

- C) The Noel Lister Memorial Fund was set up in memory of Noel (the founder of UKSA) to provide sailing and seamanship experiences for young people. 

- D) The Milo Hanlon Fund was set up in memory of Milo who was a student at UKSA in 2012. The fund provides assistance to young people wishing to undertake professional training for employment. 

- E) The William Black Fund was set up in 2016 in memory of Will. The fund provides financial support to individuals with a desire to enter the maritime sector. 

- F) The Seafarer’s fund was set up in 2017/18. The fund provides assistance to young people wishing to undertake professional training for employment. 

- G) The Polly Birch fund was set up in 2017/18. This fund was set-up in memory of Polly Birch to provide watersports experiences for school children through capital and revenue donations. 

- H) The Trinity fund was set up in 2011. The fund provides assistance to young people wishing to undertake professional training for employment. 

Page | 40    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## **Notes to the financial statements for the year ended 31 January 2024 (continued)** 

## 23 ANALYSIS OF NET ASSETS BETWEEN FUNDS – GROUP 

|Group|Unrestricted<br>Funds<br>General|Unrestricted<br>Funds<br>Designated|Restricted<br>Funds|Total funds<br>as at<br>31 Jan 24|
|---|---|---|---|---|
||£000's|£000's|£000's|£000's|
|Fixed assets|-|8,970|-|8,970|
|Current assets|3,274|-|166|3,440|
|Creditors due in less than one year|(2,975)|-|-|(2,975)|
|Creditors due in more than one year|(3)|-|-|(3)|
|Secured Bank Loan due in less than one year|-|(62)|-|(62)|
|Secured Bank Loan due in more than one year|-|(1,313)|-|(1,313)|
||296|7,595|166|8,057|
|ANALYSIS OF NET ASSETS BETWEEN FUNDS – GROUP (PRIOR YEAR||COMPARATIVES)|||
|Group|Unrestricted<br>Funds<br>General|Unrestricted<br>Funds<br>Designated|Restricted<br>Funds|Total funds<br>at 31 Jan 23|
||£000's|£000's|£000's|£000's|
|Fixed assets|-|8,531|-|8,531|
|Current assets|3,363|-|178|3,541|
|Creditors due in less than one year|(2,992)|-|-|(2,992)|
|Creditors due in more than one year|(13)|-|-|(13)|
|Secured Bank Loan due in less than one year|-|(60)|-|(60)|
|Secured Bank Loan due in more than one year|-|(1,376)|-|(1,376)|
||358|7,095|178|7,631|
|ANALYSIS OF NET ASSETS BETWEEN FUNDS – CHARITY|||||
|Charity|Unrestricted<br>Funds<br>General|Unrestricted<br>Funds<br>Designated|Restricted<br>Funds|Total funds<br>as at<br>31 Jan 24|
||£000's|£000's|£000's|£000's|
|Fixed assets|-|8,970|-|8,970|
|Current assets|3,267|-|166|3,433|
|Creditors due in less than one year|(2,968)|-|-|(2,968)|
|Creditors due in more than one year|(3)|-|-|(3)|
|Secured Bank Loan due in less than one year|-|(62)|-|(62)|
|Secured Bank Loan due in more than one year|-|(1,313)|-|(1,313)|
||296|7,595|166|8,057|



Page | 41    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## **Notes to the financial statements for the year ended 31 January 2024 (continued)** 

## ANALYSIS OF NET ASSETS BETWEEN FUNDS – CHARITY (PRIOR YEAR COMPARATIVES) 

|Charity<br>Fixed assets<br>Current assets<br>Creditors due in less than one year<br>Creditors due in more than one year<br>Secured Bank Loan due in less than one year<br>Secured Bank Loan due in more than one year|Unrestricted<br>Funds<br>General<br>Unrestricted<br>Funds<br>Designated<br>Restricted<br>Funds<br>Total funds<br>at 31 Jan 23<br>£000's<br>£000's<br>£000's<br>£000's<br>-<br>8,531<br>-<br>8,531<br>3,357<br>-<br>178<br>3,535<br>(2,986)<br>-<br>-<br>(2,986)<br>(13)<br>-<br>-<br>(13)<br>-<br>(60)<br>-<br>(60)<br>-<br>(1,376)<br>-<br>(1,376)|
|---|---|
||358<br>7,095<br>178<br>7,631|



## 24 RELATED PARTY DISCLOSURES 

The company was under the ultimate control of the trustees. 

Sir Anthony Greener, trustee of UKSA, is also Chairman of Minton Charity Trust which gave financial assistance to UKSA in the form of donations of £30k in the year (2022/23: £70k). 

Claire Locke, trustee of UKSA, is also a trustee of Daisie Rich Trust who gave financial assistance to UKSA in the form of donations of £5k in the year (2022/23: £11k).  Claire Locke paid UKSA £3k for a mooring (2022/23 £3k). 

Donations were received from three trustees totalling £1k (2022/23: two trustees £21k). 

## 25 OPERATING LEASES 

At the year end, the Group were committed to the following future minimum lease payments in respect of operating leases: 

|operating leases:||
|---|---|
|Less than one year<br>Greater than one year and less than five years<br>Later than five years|Vehicles and equipment<br>2023/24<br>2022/23<br>£000's<br>£000's<br>54<br>23<br>81<br>29<br>-<br>-|
||135<br>52|



## 26 CAPITAL COMMITMENTS 

The charity has no capital commitments as at 31 January 2024 (31 January 2023: £176k for work on two shower blocks). 

Page | 42    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24 



## **Notes to the financial statements for the year ended 31 January 2024 (continued)** 

## 27 COMPARATIVE SOFA FOR THE YEAR ENDED 31ST JANUARY 2023 

|INCOME FROM:<br>Donations, Legacies and Grants<br>Charitable Activities<br>Other Trading Activities<br>Government Support<br>Investments<br>Other<br>Total income<br>EXPENDITURE ON:<br>Raising funds:<br>Trading Activities<br>Expenditure on raising funds<br>Charitable Activities<br>Total expenditure<br>Net income/(expenditure)<br>Transfers between funds<br>Net movement in funds<br>RECONCILIATION OF FUNDS:<br>Total funds brought forward<br>TOTAL FUNDS CARRIED FORWARD|Unrestricted<br>Restricted<br>TOTAL<br>Funds<br>Funds<br>2022/23<br>£000's<br>£000's<br>£000's<br>660<br>297<br>957<br>6,566<br>-<br>6,566<br>195<br>-<br>195<br>19<br>-<br>19<br>20<br>-<br>20<br>-<br>-<br>-|
|---|---|
||7,460<br>297<br>7,757|
||124<br>-<br>124<br>194<br>-<br>194<br>6,978<br>-<br>6,978|
||7,296<br>-<br>7,296|
||164<br>297<br>461<br>1,806<br>(1,806)<br>~~-~~|
||1,970<br>(1,509)<br>461<br>5,483<br>1,687<br>7,170|
||7,453<br>178<br>7,631|



Page | 43    U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2023/24