2025-01-31-accounts

UKSA Beyond the Horizon UK Sailing Academy Annual Report and Accounts 2024125 For the Financial Year ending 31 January 2025

UKSA REFERENCE AND ADMINISTRATIVE DETAILS the Prine•ss Royal Natwest pk 107 St Jomes. Squor• Isle of Wight P030 1XH Found•rs Noel and Sylvio Lister Soll¢ltor$ Botes, Wells & Broithwuite London 2-6 Ctsnnon Str••t London EC4M 6YH Richord Stok•s C8E Cloire L￿ke Dovid Ustar MBE Debro Price Marc Giraudon Somontho Axt•ll Cbire Sunderlond-Hay Choir of Ops Risk commtiee st￿n09￿ Primros• Thomus Athron loppointecl 20 September 20241 Jomes Nioll D•nhSm lapp(xnted 20 September 20241 Rochel Kitley loppc¥nted 20 Septembor 20241 John Michcl wèmrr (resigned 25 April 20241 Cattr￿nn9 Lry￿rst Chty of thè Bour(I Chair of the Borxd Iresuned 20 Sttptember 20241 Founder Trustee Chotr of Finon¢e cotTrntiee Reg￿ered Office Arett R¢od Cowes Islg of W￿ht P0317PQ girt•r•d Compony NUm￿r 02251024 IEngbnd and Wabsl 299248 Btrn Wilbws Chief Exee¥JtNe IresKJ)ed 6 20251 Chf Exècutwè (appointed 6 Moy 20251 crtheryie Dixon Briti8h Accreditotion Ccwjica Ifor independent fLrther hgFr du¢rtiwl UK thdtpend￿t ¢oU•y oeer•ditrt•Jn RYA Accredrcotion MCA Accrèdrtati¢ LSO 9001 RegiSter•d Athenture ArtiVit￿8 i￿￿n9 Serv WLsfc EngkJnd rim Goulding Sophv& Dear Chris Frisby Amy Sweeting Interirn Drector of FIr￿nCe & Risk Director of so￿$ & Morkéting Director of Troinnig & Operotions Director of Development & Impoct Iprevk)US￿ DWe¢t￿ of Fundraising & Development) AudEtors Crowè UK LLP R Building 2 Blagrtsve Street Reoding RGI IAZ Cont()t deta18 T?lephon¢ Emoil Websrte 01983 294941 [e-mail] www.uksa.org Page12 UX SAILING ACADEMY IVKSAI ANNUAL REPORT & ACCOUNTS 2024125

UKSA Contents Report from the Chi•f Executiv• ond Choir of Twstees .......__...._.....-.-__... Report of the Trustees: Objectives.... finonciol Results........ Fundraising Review ........ Risk Review . Govemonce Review _ ..10 stotement of Trustees, Responsibilities ...-...............-.......... Independent Auditorts Report .---.-.. Consolidoted Statement of Financial Activities ......................... -12 16 Bolance Sheets ......... .16 Consolidated Cash Flow Statemont ........ -18 Notes to the Financial Stotements ..............................................--...............--................-.............19 Page13 u K X4IUNG ACAtrW IUKSAI ANNUAL REPORT • A¢¢ouNf$ 2024125

UKSA REPORT FROM THE CHIEF EXECUTIVE AND CHAIR OF TRUSTEES In o challen9ing &¢onomic enwronment for oll chorities. UKSA hos remoined resilient ond continued to deliver strongty on its two core objectives= using woter-based odventures to build essent￿1 lffje skills in young people, ond providing education and training for coreers in the maritime industries. Whilst our income rose by 4% compored to last year, our surplus decreosed os we mode strategic investments in restructuring our operotions ond investing in our people. fleet ond fociifcies. These essentiol investments position us well for delivery in the years ohead. OUR VISION: A world where more people unlock their potentlol through the opportunltles of the seo. UKSA is a centre of excellence dedicated to inspiring, educating, and equipping young people for o life in or oround the seo. Our expert team delivers educotion, troining, mentoring and welfore support to the highest standards. With world-class facifities. o modern fleet, and industry-ali9ned programmes, we help young people to discover their potentiol ond the vast opportunities a maritime eoreer con offer. Our unique training pathway begins with o young person's first experience on the water and continues with the support. quoltfications ond mentoring needed for o successful mar￿lme career. We work to remove social, financial. educotional, and other barriers, gnsuring that our lrfe-enhoncing opportunTties ore occessible to oll. regordless of background. OUR VALUES: Our volues define the kind of chority we strive to be - passionote, inclusNe, ond driven to inspire throu9h our work. These principles guide our employèes, trustees, supporters, volunteers. and berneficiaries.. Excellence - getting better never stops" we ohwoys do our best Inspiration inspire the people around you and be inspired by them Caring - we core about everything we do here Integrity - stay open. be honest, and do the right thing WHO WE ARE: Founded in 1987. UKSA is o compossionate and inclusive organisation that transforms lives through marffcime education, training ond adventure. From our four-ocre woterfront compus in Cowes, Isle of Wight, we deliver water-based adventure programmes for children ond young people, olong with more thon 150 industry-leading morfcime troining courses. In 2024125, UKSA welcomed over 10,000 beneficiories. Neorly ho￿ were school-oged pupils who porticipoted in development programmes thot build essentiol life skills ond introduce moritime coreer opportunities. We are commited to widening occess by offering funding to those who need tt most. ensuring finonciol borriers don't limit opportunity- Our work depends on the generosty of donors, gront- moking trusts, CoMF￿nieS ond industry portners. who enoble us to deliver lrfe-¢Pionging moritime educ(rtion. Hea￿h and Safety, Safeguording, ond the well-being of all our students ond stoff ore centrol to everything we do. Page14 u K SAILING A¢ADEMY IUXSAI ANNUAL REPORT & ACCOUNTS 2024125

UKSA REPORT FROM THE CHIEF EXECUTIVE AND CHAIR OF TRUSTEES (continued) OUR STRATEGY: UKSA'S strategy is focused on delwering an exceptional customer experience - from the f irst point of contoct, through troining delivery, to long-term olumni engogement. There are four koy principles thot guide our work ond future development: l. Maritime Careers ot the Core. A clear focus on maritime eareers rs woven through every programme. Our courses ore developed with input f rom industry professionals ond ore oli9ned with current ond emergent industry needs, ensuring groduotes ore fully prepared for the workfor¢e. 2. Commitment to Quality. We tsre committed to excellence. All our programmes offer high-quolity experiences ¢nd training that leod to consistently high employment rotes omongst our groducrtes. 3. Expanding the Pathway. We will grow oworeness of maritime ccreers and help more young people progress through UKSA'S unique training pathway, f rorn initial exposure to odvonced quolificotions, acro&8 all key sectors Iwatersports, superyacht. and ¢ommercial maritime). 4. Operational Efficiency- We optimise Lbse of resources ond copocfcy to support long- term sustainabiltty and impact. We manage risk, measure impact effectively, ond will continue to increose our reoch ond operational resilience. By 2030. UKSA will be recognised for delivering high-quofity. deepty impocttul pro9rommes - especiolly for young people focing borriers. We will rneasure success by: The number of students gaining moritime career aworeness through our Maritime Futures programme. The number of young people who occe$$ UKSA'S progrommes thonks to fjnonciol support and outreach. The number progressing through UKSA'S full troining pothwoy. Graduote employment rates in the maritime industries. The measured impoct and quality of our troining programmes. OUR DEVELOPMENT PATHWAY: Tra Building life skills through water based adventures Introducing young people to career opportunities In mantime Éducation ond training f or coreers ot seo Profo$$ionol courses and qualifications Poge15 u K s￿4￿ ACADVWY IWI ANNUAL RWRT & ACCOUNTS 2024128

UKSA REPORT FROM THE CHIEF EXECUTIVE AND CHAIR OF TRUSTEES {continued} UKSA'S IMPACT & COMMUNITY COMMITMENT: The chollenges facing young people post-COVID are greater than ever. Rising poverty and on increosing educotional attainment gop rneon thot many children ore missing out on the benefits of tronsformotive outdoor leorning often due to cost barriers. UKSA is committed to ensuring these opportunities remain accessible by providing f inoncial support. mentoring, ond welfore services. Our mission is to empower young people through early exposure to moritime coreers and world- class professionol troining. We work to remove f inonciol and sociol barriers, supporting those from disodvontaged bockgrounds, those ot risk of exclusion, or those struggling with traditior)al education settings. We ore proud to be deeply rooted in the Isle of Wight Community. UKSA employs oround 138 permanent staff and an additional ioo freelance or seasonal team members, with a focus on creoting opportunities for local young people. As a key partner in the Isle of Wight's Levelling Up ogenda, UKSA has continued to invest in its inf rostructure. In colloborotion with the Council. we ore developing the Victorio Borracks site in East Cowes as an additional UKSA base. This new site, due to open in autumn 2025, will create further employrrent opportunities for Island residents and expand our capacity to support more young people. We are incredibly groteful to our supporters who hove pledged funding towards this transformational project. KEY 2024125 OUTCOMES: 10.027 students ottended UKSA in 2024125, w￿h 6496 under the age of 25, reflecting our Strong focus on engaging young people. 4,842 children ond young people occessed enriching educotional experiences supported by f unding f rom Pollys Fund, the Leave No Child Behind Fund and the Sea.Change Fund. UKSA delivered world-class career and professional training to 1.062 students in the moritime industries. Further Education: 98% completion rate from our portnership w¢ch the Isle of Wight College, with students progressing to further troining or employment. This progromme is highly roted by Ofsted. Careers Training: 96% overall pass rate, with 98% of those who reported back to us., securing jobs in the maritime sector. MCA Exam poss rates.. 95% overage pass rate across our broad range of courses, exceeding industry stondords. Welfare Support- Supporting young people who do not excel in the troditional leorning environment120% of Further Education students are SENDI- 611 students received additional welfare support last year. OUTLOOK: Coreers opportunities in the maritime sector ore greater than ever. As an island nation, the UK relies heavily on the sea for trade, energy, food, security ond leisure. Yet many young people remain unaware of the exciting and rewarding careers the maritime industry offers. At UKSA, we are committed to Chonging this. By working closely with industry and partners, and thanks to the generosity of our supporters, we are well-positioned to raise owareness and inspire the next generation to explore careers at sea. Poge l O u K SAIUNG ACADEMY IUKSAI ANNUAL REPORT & ACCOUIITS 2024126

UKSA REPORT OF THE TRUSTEES - FINANCIAL RESULTS The Trustees, who also serve os Directors of th8 chority under the Companies Act 2006. prosent their report and the f inancial statements for UK Soiling Academy IUKSAI for the yeor ending 31 Jonuory 2026. This report follows the Statement of Recommended Proctice {SORPI for charrcies {effe¢tive l Jonuory 20191 ond oligns wÈth the ChorTty Commission's guidance on public beneffc under section 17151 of thg Choricies Act 2011. OBJECTIVES UKSA is a youth troining charity. which oims to inspire and support children and young people to broaden their horizons through tts lffte enhoncing water-bosed odventures. education and training for coreers at $90. Our objectNes, os defined by our Articles of Association, are: To advance the educotion ond physical, mental and spiritual development of children lor young persons under the oge of 261 by providing or assisting in providing focilities for troining in suiling ond seamanship for those who have need of such fociifcies by reoson of poverty or sociol or economic circumstonces Iso thot they may grow to full maturity os individuols ond members of so¢igtyl- 2. To provide or ass¢st in the provision of facilities for the recreotion ond other leisure time occupotion of the general public, and in porticular, facilities f or watersports ond outdoor octivities in the interests of sociol welfore or)d with the objeet of improving their conditions of life. 3. To advance the education of the public in oll ospect of maritime octivfcies ond in particular, in matters reloting to.. lal the promotion of personol sof ety, Ibl the prevention of accident. Icl novwJation. Idl engineering. lel seamanship, If l stobility ond construction of boots. Igl communication at seo, Ihl maritime law, and lil business ond interpersonal skills. To promote community POrti¢ipotion in healthy recreation through the provision of 80iling foc11￿18$ FINANCIAL RESULTS FOR THE YEAR The finonciol yeor 2024125 presented chollenges due to previous yeors, high inflation, thtr ongoing cost-of-living crisis, ond globol uncertointies. UKSA achieved o small net profit ofter capitol receipts but faced on operating deficit due to restructuring and o temporary reduction in yochting eoreer progrommes. While these chonges impacted short-term profrcs, they position UKSA for a strong financial recov&ry, wich a return to operoting surplus expected in 2025126. Financial resilience ond strotegic resource ollocotion remoin centrol to our decision-moking. We continue to grow income. develop our asset bose. and manage expenditure while investing in infrostructure to enhonce our facilities and fleet for benef iciaries. The toble bebw illustrotes how we colculate our operoting performonce.. 2018n9 2079120 2020121 2021122 2022123 2023124 2024125 £OOO's £OOO's £OOO's £OOO's £OOO's £000'8 £000'8 COVID 294 1,670 11391 12,3741 121 Total Surplus par SOFA L?ss.. Donoted copital income Less.. Income from investments Add.. Interest Payoble Operating Surplu8 1 {Deficitl 104 850 19831 1201 39 461 426 10 iioii 121 12341 1201 39 246 11161 1501 13461 150) 33 353 41 294 Non-operat*?g ir•ms such os donotodcoptolm7con￿ ond1ti7VeStment anddebt￿teresth0Wbeen removed.

UKSA REPORT OF THE TRUSTEES - FINANCIAL RESULTS (continued GOING CONCERN BASIS: UKSA'S Trustees, supported by the Executive Team, have considered the reserves ond net osset position and or? #oti$fi•d thot th•se financial statements should be prepored on a going concern basis. RESERVES: The bolonces ond movements in funds olon9 Wlth the amounts held ot the year-end ore detoiled in note 22 to the Finaneiol Statements. Tronsfers between reserves represent the opplicotion of restricted and designated funds to Copttol projects. funded progrommes ond bursorie$. Unrestricted Reserves.. The desi9noted r￿ed osset reserve is offset by a secured bonk loon arranged in 2020. As of 31 JonLtory 2025. unrestricted generol funds I'free reserves'l stond ot o negotNe £420k. Restricted Reserves: These funds support speciFic activtties os directed by donors, detailed in Note 22 of the f inonciol stotements. Reserves Policy: Trustefjs have set 0 £275k guide level for unrestricted reserves based on worst-case income loss scenarios. Free reserves are below this due to copitol investments ond economic chollenges. but Trustees ore confident in UKSA'S long-term financial sustoinobiifcy. INVESTM￿ POLICY UKSA'S working copitol meets short-term cosh flow requirements, but surplus funds arg not yet at a level for long-term investments. Whenever possible. reserve funds are placed in short- term notice accounts to moximise interest income while minimising risk. REPORT OF THE TRUSTEES - FUNDRAISING REVIEW FUNDRAISING UKSA takes o long-term, supporter-led opprooch to fundraisin9, securin9 Vital fund$ for programme debivery, capital projects, ond unrestricted income. Over the past eight years, we have raised £4.7 million for major capitol improvements. including new troining focilrcies. fleet expansion, and upgraded occommodation. Our fundraising Strote9y prioritises Mu￿1-Year fundin9, corporate sponsorships, ond moior unrestricted donations, ensuring we remoin agile in responding to the needs of our beneficiaries. Key priorities incSude'. Exponding The Founders. Club to engage high-level donors. Strengthening corporate portnerships, particularty within the moritime sector. Growing Communtty fundroising ond events to brooden support. We have secured several new ftjnders while deepening transformotionol relationships with key portners. By focusing on gjstainable funding Streoms, UKSA ensures long-term impact ond finonciol resilience. UKSA'S dedicoted fundroising teom. led by on experienced Director of Development and Impoct. works alongside the Chief Executive, Trustees, ond senior management to drive income generotion. A Fundroising Sub-commitee oversees strategy. ensuring oll fundraising efforts olign with UKSA'S long-tem vision and priorities. FUNDRAISING CONTROLS & GOVERNANCE: AS o member of the Fundraising Regulator, UKSA is committed to the highest ethical standards, ensuring all fundroising octivities are respectful, transparent, and occountoble. We adhere to the Fundroising Code of Proctice and have hod no breaches or comploints reported in the post year. To safeguard our beneficiaries ond supporters, UKSA maintains o robust fundroising policy, aligned with charity safeguarding and volunteering policies. Trustees pSay an active role in oversight, ensuring compliance with Chority Commission guidance ICC201 and best practitss in fundraising governonce. By continuously evolving our fundroising strotegy, UKSA remoins well- positioned to expand access to maritime educotion, remove f inanciol barr￿rs, and transform lives through the power of the sea. Pag•18 u XSAIUNG ACADEMY IUXSAI ￿vAL A￿oftT 1 ACcc4JN￿2O2I126

UKSA REPORT OF THE TRUSTEES - RISK REVIEW RISK MANAGEMENT TRUSTEES OVERSIGHT UKSA operotes o structured risk monogement process, overseen by the Opercrtionol Risk sub- committee IORSCI, which meets quorterly. Choired by o Trustee, the ORSC includes two other Trustees ond members of the Executive Team. The wmmittee reviews risk areas, examines incident reports. and updates the charTty'S detailed risk règister, which ossesses operational. financial, governonce. complionce. ond extemol risks. Summaries of the sub-¢ommittee's discussions ore presented to the moin Boord ot quorterly meetings. UKSA employs o four-tier ri8k mitl9ation opprooch= 1. Operotionol Procedures: Embedded in doily oct1vit￿s. 2. Intornol Audits: Conducted annually or os directed by the Boord for quolity ossuronce. 3. Extornol Exp8rtiso: Engaged for risk evaluation and assurance. 4. Regulotory Compliance= Maintained through inspe¢tions and aud￿s, including from prof essionol governing bodies. Finonciol ri8k is overseen by the Finonce Sub-commtttee, with the primary concern being a downturn in business octivity offecting income. OPERATIONAL RISK Key operotionol ond reputotionol risks include heolth ond sofety in wotersports octtvtties ond sofeguording young ond vulneroble people. Activity to monoge operational risks includes-. Health and Safety- A monthly Heolth and Safety rnonogement meeting led by the Executive Team reviews both shoresidè and watgr-bosed activties. . Operating procedures: All instructors under90 o mondotory ond rigorous induction pro9ramme, followed up with regular refresher trainin9, to ensure complion¢e with stringent operating procedures. Notionol Governing Bodies and Stotutory Authorities provide external oudtt. Safeguarding.- A robust safeguarding policy is in place ond external gxpertise is sought where necèssary. All staff, Trustees and volunteers receive appropriate leveL8 of sofeguording troining for young people ond odults deemed to be ot risk. The Designoted Sofe9uardin9 Officer holds monthly safe9uording meetings With key stoff to review practices ond policies. Cyber so￿rIty.. UKSA Complies wfch the Cyber Essentiols standard. Critical In¢ident Response.. A critical incident response plan hos been developed ond tested with Pharos Response, speciolists in risk and reputotion monogement in the educotion. youth, travel and adventure sectors. Page19 u K$A￿￿& ACAWY IUKSAI A1•4UAL R￿oRT • ACeOLwfs 2024r26

UKSA REPORT OF THE TRUSTEES - GOVERNANCE REVIEW STRUCTURE, GOVERNANCE AND MANAGEMENT UKSA is o compony limited by guarantee, governed by a 8oard of unpaid Trustees. At Jonuory 2025, there were 11 Trustees. Except for the Founder Trustee. Trustees serve four-yeor terms, renewoble on¢e, wsth exceptions reviewed annuolly. UKSA'S Choir of Trustees hos o moximum set term of four years and con serve a maximum of three such terms. Trustee selection is based on professional experience ond competence, with a documented process for oppointing the Choir. Trustee troining is provided along with on induction. The Boord meets ot least four times a yeor ond appoints the Chief Executive, who manages day-to-day operations. Trustees and the Executive Team colloborate on UKSA'S long-term strotegic direction, with performonce reviewed onnuolly alongside the Executive's onnuol business plon and budget. Quarterly governance meetings are held with the Board and the Executive Team to address governance matters ond to review the chority's performonce. The Board has established stonding sub-commttees to provide specrfic oversight, advice ond recommendations. Each sub-committee is made up of at least two Trustees, along with members of the Executive Teom ond externol odvisors as needed. Sub-committees are.. Finance= Oversees financial contro5s, financial risk management, compliance, investments, ar)d pensions. Operational Risk-. Manages non-f inancial risks and incident reviews ond the risk rnanagement system. Reward: Reviews CEO ond key monugement persor)nel remuneration ond pay structures. Fundroising.. Ensures alignment ocross income streams. UKSA hos o wholly owned non-choritable subsidiary. UKSA Trading Limited, whose activities encompass recreation and leisure. Poge110 ¢J K SAILING ACADEMY IUKSAI ANNUAL REPORT & ACCOUNTS 2024125

UKSA

REPORT OF THE TRUSTEES - STATEMENT OF TRUSTEE'S 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.

Trustees must also maintain accurate financial records, safeguard assets, and prevent fraud. They oversee UKSA's corporate and financial disclosures, ensuring compliance with relevant regulations.

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.

In March 2025 the Trustees approved changes to the company's Articles of Association. The Articles of Association of the Company were amended by incorporating the provisions of the Company's Memorandum of Association which, by virtue of section 28 of the Companies Act 2006, are to be treated as provision of the Company's Articles of Association. In addition, more clarity was provided on the purpose, tenure and responsibilities of the role of Founder Trustee. The role holder was appointed in 1996 by the Founder and understands the values and history of UKSA better than anyone else. They also bring skills and experience in finance, commercial, capital programme management and sports governance. The role will be reviewed every four years by a panel of three trustees.

AUDITORS

The audit will be re-tendered during 2025 in line with our internal policies and recognised charity governance guidelines, and auditors will be proposed for 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.

Richard Stokes CBE, Chair of Trustees

27 June 2025

U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2024/25

UKSA UK SAILING ACADEMY (UKSA) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UK SAILING ACADEMY We hove oudited the financial stotements Df UK Soiling Academy (the "charitoble compony'l ond its subsidiary (the "group") for the year ended 31 January 2025 which comprise Consolidoted Stotement of Financiol Activrties, the Group and Porent Choritable Compony Bolonce Sheets, the Consolidated stotement of Coshflows ond notes to the f inancial statements, including signif icant accounting policies. The financiol reporting framework that has been cipplied in their preparation is opplicoble low ond United Kingdorn Accounting Stondords, including Finonciol Reporting Standard 102 The Financial Reporting Stondard opplicoble in the UK ond Republic of Ireland (Unbted Kingdom Generally Accepted Accounting Procticel- In our opinion the financial stotements= give a true and fair view of the state of the groups and the charitable compony's offoirs os ot 31 Jonuory 2025 and of the group's incoming resources and oppliootion of resources, including its income and expenditure for the year then ended. have been properly prepared in accordance with United Kingdom GeneralSy Accepted Accounting Practice., ond hove been prepared in accordonce with the requirements of the Componies Act 2006. Bosis for opinion We conducted our aud￿ in accordance with International Stondurds on Auditing IUKI 11SAs IUKII and opplicoble low. Our responsibilities under those standords 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 occordance with the ethical requirements that are relevant to our audit of the finonciol statements in the UK, including the FRC'S EthicoS Standord, and we hove fuSfilled our other ethicol responsibilities in accordance with these requirements. We believe thot the aud￿ evidence we have obtoined is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In ouditing the finon¢ial 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. Bosed on the work we have performed. we have not identified ony material uncertainties relating to events or conditions that, individually or collectively, may cost signif icont doubt on the charitable compony's ability to continue as a going concern for a period of at least twelve months from when the financial statements ore authorised for issue. Our responsibilities and the responsibilrties of the trustees w￿h respect to going concern are described in the relevant sections of this report. Other information The tnjstees ore responsible for the other informotion contoined within the onnuol report. The other informotion comprises the information included in the annual report, other than the financia5 statements and our auditor's report thereon. Our opinion on the finonciol stotements does not cover the other informotion ond. except to the extent otherwise explicitly stoted in our report. we do not express ony form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so. consider whether the other informotion is materially inconsistent with the financiol stotements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstaternents, we are required to determine whether this gives rise to a material misstatement in the f inonciol stotements themselves. If. bosed on the work we have performed, we conclude thot there is o material misstotement of this other information, we ore requirèd to report that fact. We have nothing to report in this regord. Poge l 12 u X SAILINS ACATJEMY IVKSAI ANNLJAL REPORT & ACCOUNTS202412S

UKSA UK SAILING ACADEMY {UKSA) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UK SAILING ACADEMY (continued Opinions on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our aud the information given in the trustees, report, which includes the directors, report, ond the strote91¢ report prepared for the purposes of company Ic￿, for the finoncial year for which the financia statements ore prepored is consistent with the financial statements., ond the strategic report ond the directors. r8POrt included within the trustees. report have been prepored in occordonce with opplicoble legal requirements. Matters on whlch we are required to report by exception In light of the knowledge and understonding of the choritable company ond their environment obtoined in the course of the audit, we have not identif led material misstatements in the strategic report or the directors. report included within the trustees, report. We hove nothing to report in respect of the following matters in relotion to which the Componies Act 2006 requires us to report to you rf, in our opinion- the parent company has not kept adequote accounting reoords- or the porent company financial stotements are not in ogreement wtth the accounting records ond returns,. or certain disclosures of trustèes, remuneration specffied by low ore not made: or we hove not received oll the informotion and explonotions we require for our oudit. Responsibilities of trustees As explained more f ully in the trustees, responsibilities statement set out on poge ii, the trustees (who ore olso the directors of the choritoble compony for the purposes of compony lowl ore responsible for the preparation of the finoncial statements and for being satisfied that they 9Ne a true ond fair view, ond for such internol control os the trustees determine is necessary to enable the preporation of finonciol stotements thot are free from materiol misstotement, whether due to fraud or error. In preparing the financial statements, thg trustees cre responsible for ossessing the charitoble ¢ompany's ability to continue os a going concern. disclosing, as applicable, matters reloted to going concern ond using the going concern bosis of occounting unless the trustees either inter)d to liquidate the charitoble company or to cease operotions, or have no realistic olternotNe but to do so. Auditorfs responsibilities for the oudit of the finan¢iol statements Our objectives are to obtoin reosonoble ossuronce cbout whether the financial staternents as a whole org free from moteriol rnisstatement, whether due to fraud or error, ond to issue on auditor's report that includes our opinion. Reosonable assurance is o high level of assurance but is not a guarantee that an oudit conducted in occordonce with ISAS IUKI will alwoys detect o moteriol misstotement when Tt exi8ts. Misstotements con orise from froud or error and ore considergd moteriol tf, individuolly or in the aggregate. they could reasonably be expected to influence the economic decisions of users token on the basis of these f inanciol statements. Irregularities, including froud, ore instances of non-compliance with lows and rggulations. We identrfied ond assessed the risks of material misstotement of the financial stotements from irregulorityes, whether due to froud or error. ond discussed these between our oudit teom. We then designed and performed oudit procedures responsive to those risks. includiThJ obtaining oudit evidence sufficient and appropriate to provide o bosk8 for our opinion. We obtained an under$tonding of the legol and regulatory frameworks within which the charitoble cornpony and group operates. focusing on those laws ond regulotions thot have a direct effect on the determinotion of moteriol omounts and disclosures in the financial statements. The lows ond regulotions vrfe considered in this context were the Companies Act 2006 together wtth the Chorities SORP IFAS1021 2019. We assessed the required complionce wich these lows and regulations 0$ port of our audit procedures on the related financial statement ￿effl$. Poge l 13 u K SAILINQ ACADEMY IUKSAI MNLtAL REPORT & ACCOUNTS 2024126

UKSA

UK SAILING ACADEMY (UKSA) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UK SAILING ACADEMY (continued)

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)/lnternational 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.

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

3 July 2025

U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2024/25

UKSA Consolidated statement of financial activities for the year ended 31 January 2025 (Incorporating Incon￿ and expenditure account) Unrestricted Restricted Funds Funds £OOO's £ooo' TOTAL 2024125 £OOO's TOTAL 2023124 £ooo' INCOME FROM: Donations, Legocies and Gronts 1,012 492 1,504 1,120 Charitable Activities 7,135 7,135 7,101 Trading Activiti8S 152 152 209 Investment8 50 50 50 other Total income 8.352 492 8.480 EXPENDITURE ON: Raising funds: Troding Activities Expenditur8 on raising funds 140 218 140 218 126 234 Charitable Actlvlties 8,476 8,476 7,694 Total expenditure 8,834 8,064 Net (8xpenditure)fincome (482} 492 10 426 Transfers between funds 379 (379) Net movement in funds (103) 113 10 426 RECONCILIATION OF FUNDS: Total funds brought forword 7,891 166 8.057 7.631 TOTAL FUNDS CARRIED FORWARD 7,788 279 8,067 8,057 Continuing operatlons All of the char￿Y'S activfcies are continuing. There wgrg no gains or losses other than those shown above. Full comporatives for the year to 31 Jonuory 2024 ore shown in note 27. The notes on pages 19 to 36 form port of these finonciol stotements. Po9e l 15 u K SAILNQ ACA1￿1¥ {IKSAI AW4UAL REPORY & ACCI)￿lT$ 202412

UKSA Group balance sheet as at 31 January 2025 Notes Unro$trict6d Funds £OOO'$ Restricted Funds £OOO's TOTAL TOTAL 2024126 2023124 £000'8 £OOO's FIXED ASSETS 21 9.521 9,521 8,970 CURRENT ASSETS Stocks Debtors.. Amounts folling due after more than one yeor Debtors: Amounts folling due wtthin one year Short Term Deposit Accounts Cash ot bank ond in hond 16 151 IS1 163 424 424 368 16 1,228 1,228 1,095 17 826 200 1,026 161 1.310 514 82 79 2,711 2,990 3,440 CREDITORS Amounts falling due within one yeor {3,134) {3,1341 13,0371 NET CURRENT ILIABILITIES}IASSETS 1423) 279 1144) 403 TOTAL ASs￿s 9,098 9,373 CREDITORS Amounts folling dLbe ofter more thon one year 19 11,310) 11,310) {1,3161 NET ASs￿s 7,788 279 8.067 8.057 FUNDS Unrestricted funds.. Designoted tongible fixed asset fund (net of secured bank loan) Unrestricted generol funds 8,208 1420) 7,788 7,595 296 7,891 Restncted funds Restricted bursory funds Restricted copitol fund 162 117 166 279 166 TOTAL FUNDS 8,067 8,057 The fintsneh?I statemonts were oppro¥ed ond ¢￿thOr￿ ft?r i8SL* by th• of TnJstèo$ 27 202S. And were sKJned o bèhaff by. hord Stokes CBE Choir of Trustees Registered Company Number.. 02251024 The notes on poges 39 to 36 fonm port of t￿ fiMnc%Jl statements. Page l 16 u K SAiWg ACA0fr1Y IUKSAI ANNUAL REPORT& AccouKfs 2024r215

UKSA Company balance sheet as at 31 January 2025 Notes Unr•stricted Restrictgd Funds Funds £OOO's £OOO's TOTAL 2024125 £OOO's TOTAL 2023124 £OOQ's FIXED ASSETS 21 9,521 9.521 8.970 CURRENT ASSETS Stocks Debtors- Amounts falling due after more than one year Debtors.. Amounts folling due WTthin one yeor Short Term Deposit Accounts Cash at bank and in hond 15 149 149 Isi 16 424 424 368 16 1,224 826 82 2,705 1,224 1.026 161 2.984 1,092 1,310 512 3,433 17 200 79 279 CREDITORS Amounts falling due within one yeor 18 13,1281 13.1281 13.0301 CURRENT (LIABILITIES) I ASSErs 423) 279 1144) 403 TOTAL ASs￿s 9,098 279 9.377 9,373 CREDITORS Amounts falling due after more than one yeor 11,Jo) 11,3101 11,3161 ASSETS 7,788 279 8,067 8,057 FUNDS Unrestricted funds.. Designated tongible f ixed asset fund Inet of secured bank loonl Vnrestricted general funds 8.208 14201 7,788 7,595 296 7.891 Restricted funds.. Restricted bursory funds Restricted capital fund 162 117 279 166 166 TOTAL FUNDS 8,067 8,057 Th• surphts for fmancKJl y￿r 2024125 d•ot 7Mth in tha ￿Or￿%)I statements of the parent charrcy was £IOk12023124: £426kl. The finonciol stotements were opproved ond outhori8ed for issue by the Board of Trust99¥ on 27 Juntr 2025. And w8re ￿rt•d on rc hts￿ by: Richard Stokes CBE C1￿1T of Tr￿teeS Registered Company NLxnber'. 02251024 Th& notes on oooe$ 19 to 36 forni oart of t￿8¢ financial stotements. Page l 17 u K SAIUNG ACAD￿ly IUKSAI AW4UAL RÈPORY & ACCOUNTS2tYa4r26

UKSA Consolidated statement of cash flow for the year ended 31 January 2025 2024125 £OOO's 2023124 £(IOO's Notes CASH PROVIDED BY OPERATINQ ACTIVITIES 561 931 CASH FLOWS FROM INVESTING ACTIVITIES Interest received 50 Interest paid and fees Purchase of tangible fLxed assets Soles of tangible fLxed assets 177) 11,1141 1741 19161 {1.1361 19401 CASH FLOWS FROM FINANCING ACTIVITIES Secured bank loon repaid in year 1621 1611 MANAGEMENT OF LIQUID FUNDS Short term deposrc occount tronsfers 1401 (Decreaselllncrease in cash in the year 13531 NOTE A - RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES Net income io 426 Depreciotion chtsrges IProfttllLOSS on disposal of fixed assets Interest received 561 477 131 1501 1501 74 Interest paid and charges Decrease I Ilnereasel N stocks lsnereasel K Dtrcrtrase in debtors Increase I (Decrease) in credfcors Net cash provlded by operating c￿tIvitieS 151 36 11891 1271 931 NOTE B- RECONCILIATION OF CASH FLOW TO MOVEMwf IN NEF FUNDS IDe¢reos811ln¢reose in ¢osh in the yeor ID?creas8lllncreose in short term deposts S8cured bank loan repaid yeor Change in n¢t cosh Net ctssh at l Fébruary Net cash ot 31 January 13531 12841 40 61 15751 449 458 11261 449 ANALYSIS OF CHANGE IN CASH AND CASH EQUIVALENTS At ist Feb 24 coshflow At 31st Jan 25 £OOO's £OOO's £OOO's Cosh at bunk ond in hond S14 13531 12841 62 161 Short term deposffc occounts Loons I,￿0 1,026 11,3131 11,37SI Tot01 449 16751 11201 Page118 u K $￿uNG ACADEMY IUKSAI ANNVAL REPQRT & ACCOUNTS 2024125

UKSA Notes to the financial statements for the year ended 31 January 2025 UK Soiling Academy is an incorporoted chority (number 2992481 and company (number 02251024} with its registered office ot Arctic Rood, Cowes, Isle of Wight P031 7PQ ond is incorporated and domiciled in the UK. ACCOUNTING POLICIES Basis of preparotion The financiol statements hove been prepored in accordance wrth Accounting ond Reporting by Charities.. Stotement of Recommended Proctice applicable to charities preparing their occounts in occordance wTth the Finonciol Reporting Stondord opplicoble in the UK and Republic of Irelond IFRS 1021 (effective l Jonuory 20191- (Chorities SORP IFRS 10211, the Financial Reporting Standard applicoble in the UK ond Republic of Ireland IFRS 1021 ond the Componies Act 2006. UKSA meets the def infcion of o public benefit ent￿Y under FRS 102. Assets and liobilities ore initiolly recognised ot historical cost or tronsoction value unless otherwise stoted in the rolovant accounting policy notelsl. bl Going concern In their assessment of going concern. the trustees have considered the impact of the current economic climote on the charity. Supported by the monogement teom, they hove throughout the yeor considered the cash, reserves ond net o&set position of the chority (Stotement of financiol octivities, cashflow and bolance sheet forecosts and reviewed on a rolling basis). Based on these considerations the Trustees consider that the going concern bosis f or the chority is oppropriate. The trustees ore confident thot th8 management team will continue to mfcigat• financial risks effectivety by actrvely mnaging liquidTty ond by corefully controlling income and expenditure_ Group o¢eounts The aeeounts hove been consolidoted to include the resU￿S of the charity's trading subsidiory. which has the some year-end. No separate profit and loss account is presented for UK Soiling Academy as permttted by Section 408 of the Companies Act 2006. The parent Company's surplus for the year was £IOk12023124= £426kl- d) Income All income is included on the Stotement of Financial Activities when the charity is legolly entitled to the income, and the amount can be quantified w￿h reasonoble occurocy. Voluntary income is credited to the income ond expendtture occount on o received bosis, oport from income that covers a specific period of time ending after 31 January 2025, the deferred part of the income being shown within Cred￿Or$. Income from the choritoble octivities is recognised on on occruols basis, ond income reloting to courses which commence after thg bolonce sheet date is deferred to future accounting periods. Expenditure All expenditure is accounted for on on occruols bosis ond ollocoted to the appropriate heading in the occounts. Gronts offered subject to conditions which have not been met ot the year-end dote ore noted as o commitment but not accrued os expenditure. Support costs are allocated between the activities of the chority on o wrcentoge basis in line with the income ond octivity levg1¥ of those octivtties. Included within choritoble activity are governance costs. Governance costs ore those costs associated w￿h the governonce orrongements including external and internal audit ond legal odvice for Trustees, rother than the day-to-duy monagement of the chority. Poge119 u K SAIUNQ 14CADDIY ILIKSAI AJWAL RB>ORT & ACCOIThIts 2024ris

UKSA Notes to the financial statements for the year ended 31 January 2025 (continued) Debtors Trade ond othor d&btor$ ore recognised at the s&ttlem•nt omount due oftgr ony trode discount offerèd. Prepoymants are valued ot the amount prepaid net of any trade discourts due. Cash and cash •quvol•nts Cash is represented by cash in hand and sI￿rt terrn highly liquid investments wrth o short maturtty of 95 days or less from the d17te of ocquirtion or opening of the dsposit or •milor account. This has bgen spkt accordingty on th8 foce of the balcmce sheet. hl Creditws ond provi&on$ Credttors and prowsi¢ns ore recognised wher$ the chority hos o present obligation resU￿1n9 from a past event thot will probably ressjlt in the transfer of funds to a third party and the omount due to sèttle the obligotion con be meosured or estirncted reliobly. Creditors on(J provisions are normally recognised ot their sottlement amount crfter ullowing for any trade discount$ due. Intangible fixed oss•ts The comFXSny cap¢talises purchoses of intangible ossets where the value is over £lk and the useful economic lrfe is ot leost three yeors. Amortisation is provided on oll intangible fixed assets using the straight-line method designed to writ• off èoch asset over its expected useful economic lrfe. The expected useful Irfe of the company's intongible fixed assets 1$ 10 years. The compony rewews fcs intangible fixed ossets on on onnuol bosis ond will consider on impoirmant of those assets where the corrying omount Inet book voluel of the osset is higher thon fcs recoverable amount., the recovèroble amount bèing defined as the higher of the amount thot could be obtained by selling the asset (Net Realisuble Value). ond the amount thot could be obtain8d by using the asset (Volue In Usel. TangibS0 fixed ass8t$ The company capitalises purchoses of tangible assets wherethe value is over £lk ondtha useful èconomic Irf• 1$ ot leost three yÈar$. Depreciation is provided on oll tangible fixed assets usin9 the straight-line method designed to write off eoch ossèt ovèr expected useful economi¢ life. It is the compony's polscy to determine the expected useful lrfe of each asset indivduolly, ranging from 3 to 100 yeors. Thg company rewews its tangible ftxed ossets on an annuol bosis and ￿11 consK*r on impairment of those assets where the corying omount Inet book voluel of the osset is highèr thon it$ r•¢overoble amount," the Tecoverable omunt being defined as the higher of the omount that could be obtoined by selling th$ ¢$$et (Net Reolisoble voluel, ond the amount that could be obtained by using the asset (Value in Usel. Impalrm•nt of bulldings Buildings are held at historic cost. Thi$ ￿lu0 1$ subject to the requiroment to test ossets for impoiment in occordonce wth section 27 of FRSIO2. Th• ¢ompony will get a lond ond buildings voluation done ot least every 10 years to confimi no impoinnent is requirernent, with o direttors, ossessment in the interim. The last voluation wos performed by Jones Long Losaue in 2021 ond showed no impoirmènt was r8quir&d. stock8 stocks of bou9ht in goods ore stoted at the lower of cost and net reofisable volue. Stocks held include Provisions, Bar, Vending, Mer¢hondi$e, Clothing and Red Funnèl f•ry tickets. stocks olso include inventory i(ems held for fvee distribution to beneficiarias in furtherance of charitable activities le.g., boords, masts, sails, wetsufcs, paddles. buoyancy aids etc.). Inventory 1$ wrtien down limpuiredl te nil value over o three-year period. Pogg120 u x AcAD￿y IUKSAI AW4UAL REPORTI ACCOIMS 2024126

UKSA Notes to the financial statements for the year ended 31 January 2025 (continued) Taxotion The chority is exempt from corporotion tax on its charitable octivities. Irrecoveroble V AT is recognised os on expense in the Stotement of Financial Activities within training and education expenditur&. The trodin9 subsidiory hos not incurred o tox ehorge as Tt grfts all proftts to the charity. Pension8 The chorfcy does not operote a defined benefit pension scheme. UKSA outo-enrolled eligible employees wfch the Notionol Employment Sovings Trust INESTI as the provider for its workploce pension. During 2024125 UK Soiling Acodemy contributions of £73k12023124: £69kl were recognised in the Statement of Financial Actwities (see Note 131- Leased assets Instolments on operoting leose contracts are chorged on a straight-line boss over the leose lffie. pl Fund accounting Unrestricted funds comprise designoted funds thot the tnjstees have eormarked for a particular purpose le.g. the fixed ossftt fund net of the secured bonk loon), ond general funds which can be used in furtherance of the genèral objectives of tho chority. Restricted funds ore subject to specific conditions loid down by donors as to how they moy be used, or which hove been raised by the char￿Y for partscular purposes. The aim and use of eoch restricted fund ore set out in the notes to the financial statements. Ftnonciol instruments The chority hos finonciol ossets and liabilities of a kind that quolty os basic financial instruments. Bosic finonciol instruments ore initialty recognised at transaction volue and subsequently measured ot their settlement volue. Note 20 provides more information in respect of this area. Key judgements and estimates lrn the application of the charity's occcyjnting policies, which ore described in note I, Trustees ore required to moke judgements, estimotes ond assumptions about the carrying volues of ossets ond liobiifci&s thot ore not reodily opporent f rom other sources. The estimates ond underlying ossumptions ore bosed on historicol experience and other f actors that are considered to be relevant. Actual results moy drffer from these estimotes. The estimates ond underlying ossumptions are reviewed on on on-90ing bosis. Revisions to occovnting estimotes ore recognised in the period in which the estimate is rovised rf th• revision affects only thot period or in the period of the revision ond future periods if the rèvision affects the current ond future periods. The Trustees consider thot there are no moteriol judgements in apptying occounting policies or key sources of estimotion uncertointy. Poge121 u K SAILING ACADEMY IUKSAI AMNiIAL R￿T S Accoupifs 2024126

UKSA Notes to the financial statements for the year ended 31 January 2025 (continued) DONATIONS AND LEGACIES 2024125 £oooi 1,158 346 2023124 £OOO's 1,004 110 1,120 Donations (Revenue) Donations (Copitall 1,504 INCOME FROM CHARITABLE ACTIVITIES 2024125 £oooi 2023124 £OOO's Youth Development programmes Schools and groups Careers courses for employment Professional training Recreational training Total income for training activities Student services and site income Lost deposits 1,228 3.227 1.929 314 6.698 342 95 7,13S 1,356 3,336 1,620 299 6,619 324 158 7,101 Income in respect of courses thot commence ofter the bolance sheet date is deferred and recognised over the period during which the course takes place. An analysis of deferred income is shown below.. 2024125 £oooi 7.439 2023124 £OOO's 6,926 Gross income from charitable activities Amounts deferred lost yeor thot have been releosed in the current year Amounts deferred to future periods 2.163 (2,467) 7,135 2,338 12,1631 7,101 Page122 u K SAIUNG ACADEMY ILIKSAI ANNVAL REPORT& ACCOUNTS 2024126

UKSA Notes to the financial statements for the year ended 31 January 2025 (continued) INVESTMENT IN TRADING COMPANY UK Sailing Academy holds 100% of the share copitol of UKSA Trading Limited (Registered office: Arctic Rood, Cowes, Isle of Wight, P031 7PG, Registered Company No. 062768351 v¥hich is r&sponsible for the provision of commerciol services on behalf of thg charity. The charity's invgstment in the tradin9 company was as follows: 2024126 2023124 UKSA Troding Limrted The subsidiary is rggistered in Englond and Woles and pays under gift old its entire profits os computed for ccrporation tox purposes to the char￿y. Its resu￿5 ond balance sheet are as follows.. Profrt ond Los8 Account 2024125 £OOO's 152 (1401 12 110 2023124 £OOO's 209 Income Cost of soles Gross prof Administrotion expenses 83 1721 Amount payable under gift aid to the chority 12} Retained in subsidiary Balance sheet Current assets Current liabilities Share Capitol (Totolshats Capitol= £1) A UKSA members, resolution wos 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 31 January, until further notice. The gift aid payment of £2k (2023124.. £llkl ond monagement charge of £IOk 12023124.. £72k) payable to UK Soiling Academy has been eliminoted upon consolidotion. Page123 u K SAILING ACADEMY IUKSAI NJ*4UAL REPOIIT & ACCOUNTS 2024r26

UKSA Notes to the financial statements for the year ended 31 January 2025 (continued) INVESTMENT INCOME 2024125 £OOO's 50 2023124 £OOO's 50 Depos￿ account interest OTHER INCOME 2024125 £OOO's 2023124 £OOO's Sole of Assets EXPENDITURE ON RAISING FUNDS 2024125 £OOO's 183 35 218 2023124 £OOO's 184 50 234 Fundroising poy costs Fundroising non-poy costs EXPENDITURE ON CHARITABLE ACTIVITIES Trainin9 Costs Support Costs Admin, Sales ond Morketing Costs Total 2024125 £OOO's 86 617 1,619 654 203 3.079 2024125 £OOO's 716 746 1.762 983 173 3,780 2024125 £ooo' 50 319 754 420 74 1,617 2024125 £OOO's 252 1,582 4,135 2,057 450 8,476 Youth Development programmes Schools ond Groups Careers courses for employment Professional training Recreational training Training Costs Support Costs Admin, Sales and Morketing Costs 2023124 £OOO's Total 2023124 £OOO's 80 526 1,618 473 174 2,771 2023124 £OOO's 2023124 £OOO's 86 1,535 3,999 1,678 396 7,694 Youth Development progrommes Schools and Groups Coreers courses for employment Professionol training Recreational training 696 1,711 831 153 3.395 313 T/0 374 69 1,528 Page124 u K SAILINS ACADEMY IUKSAI ANP4UAL REPORT & ACCOVNTS2024125

UKSA Notes to the financial statements for the year ended 31 January 2025 (continued) SUPPORT, ADMINISTRATION & SALES AND MARKETING COSTS 2024125 £OOO's 207 657 741 808 425 385 252 305 3.780 2023124 £OOO's Delivery Teams Depreciotion & Write down Site cost$ Catering Operations ond Customer Support Yacht, Fleet and Vehicle Maintenonce VAT other Total Support Costs 565 699 675 363 387 247 296 3,396 Administretion Costs Soles and Marketing Costs Inter8st Poyoble Total Support Costs 838 746 801 693 33 1,617 1,528 6,397 4.923 10 GOVERNANCE COSTS 2024125 £OOO's 20 12 2023124 £ooo' Auditors, remunerotion Compony Secretary Travel ond Subsistence Legol and other professional fees 30 2024125 £OOO's 2023124 £OOO's 11 NET MOVEMENT IN FUNDS Net movement In funds is stated aftof charging: Auditors, remuneration for statutory work Operoting lecse rentcl for ￿ ond vehicles Interest paid ond ¢harges Depreciation - owned ossets {Profit}ILo88 on Disposal 20 65 19 61 74 477 561 131 12 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benef￿S for the yeor ended 31 Jonuory 2025 12023124.. £nill. Travelling expenses are reimbursed, if claimed, to trustees. In 2024125 this wos £2k 12023124.. £2kl. P¢9e125 u K S41LWq ACAD￿1¥ IUKSAI ANNUAL R￿RrI ACCOUNTr 2W24r25

UKSA Notes to the f inancial statements for the year ended 31 January 2025 (continued) 13 STAFF COSTS The averoge number of full-time equivalent staff employed by the chorty during the finonciol yeor omounted to: 2024126 2024125 2023124 2023124 Totol No. FTE No. Totol No. FTE No. 138 114 135 112 Dirgrtly involved in achieving charitablè objectives Managgment and financiol administration of the charity io 10 io 123 145 122 The a99re9ate poyroll costs of the abovg were= 2024125 £OOO'$ 3,794 324 73 4.191 2023124 £OOO's Wages and salaries Sociol securty Pènsion 285 69 3,805 Th• number of employees whose emoluments exceeded £60,000 was.. 2024125 2023124 No. No. £60,000 to £69,999 £70,000 to £79,999 £80.000 to £89,999 £90,000 to £99.999 £100,000 to £110,000 Employer Pension Contribut￿nS for the obove individuols were £9k12023124'. £13kl. During the year termination payments of £87k12023124.. £2kl were made. 14 EXECUTIVE REMUNERATION Thg total remunerotion, benefits ond pensions poid to the key monagement personnel in the yeor was £443k12023124-. £461kl- The k&y management personnel in th& year were the Chief Executive, Director ef Finonce ond Risk. Director of Sales and Morketing. Director of Troining and Operations. ond Director of Development ond Impact. Is STOCK 202412S £OOO's 2023124 £OOO's stock for resale Itradingl Inventeries Ichorityl Group stocks held 149 151 153 Pa9e126 v K S￿l*l& ACADB4Y IIXSAI ANNUAL IIWRT & ACCOLWTS 2024rJ6

UKSA Notes to the financial statements for the year ended 31 January 2025 (continued) 16 DEBTORS Group 2024125 £OOO's 520 707 Group 2023124 £OOO's 514 $87 Charity 2024126 £OOO's 518 707 465 1321 1.648 Chority 2023124 £OOO's 511 587 Trade debtor$ for coursès Other debtors Prepayments and accrued income Bad debt provision for other debtors 132 1,652 1221 1,463 1221 1,460 Included within other debtors is o totol of £445k 12023124.. £387kl reloting to repayoble bursary omounts due over l yeor. Also included within other debtors o total of £nil12023124- £2kl relating to cycle to work scheme repoyable amounts due over l yeor. Included within bod debt provision for other debtors is o total of1£21kl 12023124.. 1£21kll reloting to repoyoble bursory amounts due over l yg0r. 17 CASH AND CASH EQUIVALENTS Group 2024126 £OOO's Group 2023124 £OOO's 507 1,310 Chority 2024126 £oooi Charty 2023124 £OOO's 605 1.310 Bank current accounts Bank deposit occounts Petty cash Pre-paid expense cards 1.020 1.026 1,187 1,824 1.187 1,822 18 CREDITORS: AMouMfs FALLING DUE WITHIN ONE YEAR Group 2024125 £OOO's 347 Group 2023124 £OOO's 489 Charity 2024125 £OOO's 340 Chority 2023124 £OOO's 484 Trade creditors Due to subsidiory undertoking Sociol security ond other toxes Secured bonk loan Other crèditors Accruols ond deforred income 79 63 79 62 si 2,350 3,030 63 62 51 2.356 3,037 2.589 3.134 2.587 3,128 Included wfchin trode creditors is a total of £nil 12023124: £93kl relating to retentions of the moin build copital project. Included within o¢¢ruals ond defgrred income is a totol of £2.157k 12023124- £1,975) relating to amounts invoiced in odvonee of the commencement of training courses. Po9e127 u K &1i*16 ACADWY IUKSAI AF•IVAL A&￿RTI ACCOLTrITS 2024r46

UKSA Notes to the financial statements for the year ended 31 January 2025 (continued) 19 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR: Group 2024125 £OOO'$ 1,250 60 1.310 Group 2023124 £OOO's 1,313 Charity 2024125 £OOO's 1,260 60 1,310 Chority 2023124 £OOO's 1,313 Secured bank l¢X5n Accruals and deferred income 1.316 1.316 The omounts held within occnJoL8 and deferred income relates to amounts invoiced in odvonce of the commencement of troining courses of £60k12023124: £3kl. The group hos a bank loen with Natwest which is secured by a fued and f kjating charge over the property ond assets of the group. The bo1once of the l¢)on ot 31 Jonuory 2025 is £7,313k. The loon has interest charged at 2.44% for a fixed period 160 months until February 20261 thereafter ot 2.09% over Base Rote for the remoining period. The loan is due for finol repayment in Jonuory 2042. The moturity of the bank loan hos been anolysed as follows.. Net Net Repayments Repayments 2024125 2023124 £000 £000 62 Wtthin one yeor 1-2 yeors 2-5 yeors Greoter thon 5 years 201 985 1,313 196 1,054 1,375 In addition, deferred income hos been anolysed os follows.. Group 2024125 £OOO's 2.163 12.163) 2.467 2.467 Group 2023124 £OOO's 2.338 12.3381 2.163 2.163 Charlty 2024125 £OOO's 2.167 12.1571 2,467 2.467 Chority 2023124 £OOO's 2.338 12.3381 2,IS7 2.151 Deferred income ot l Februory Applied during the year Released durin9 the yeor Deferred incom& ot 31 Jonuory Pogg128 u X ACADEMY ILIKSAI AP#4VAL IiWRT & ACCOUNT$2024125

UKSA Notes to the financial statements for the year ended 31 January 2025 (continued) 20 FINANCIAL INSTRUMENTS financial ossets held ot omortised cost ore trode debtors, other debtors. accrued income, amount owed by group componies and cosh held at bonk. Note this excludes stock ond prepoyments. Finonciol liobilities held ot omortised Cost ore trode creditors. oeeruols, bank loan ond amounts owed by group componies. This excludes deferred income and sociol security and other toxes. Group 2024126 £OOO's 2.686 1,899 2023124 £OOO's 3,067 12,113 Financiol ossets meosured at amortised cost Finonciol liabilities measured at grnortised Cost 2024125 £OOO's 50 2023124 £OOO's 50 Total interest income for finonciol ossets held ot amortised cost Charity 2024126 £OOO's 2.584 11,896 2023124 £OOO's 3,062 12,110 Inoncial assets meosured ot omortised cost Financiol liabilities measured ot amortised cost 2024125 £OOO's 50 2023124 £OOO's 60 Total interest income for finan¢ial assets held at omortised cost Poge129 v K SAILING ACADEMY IUKSAI AM4UAL REPORT & ACCOVNTS202412S

UKSA Notes to the financial statements for the year ended 31 January 2025 (continued) 21 FIXED AssErs Assets under course of construction Freehold lond ond buildings Equlpment and Training Aids Leasehold buildings Swimming pool COST As at l February 2024 Additions Disposols As at 31 Januory 2020 £OOO's £OOO's 7,914 457 £OOO's 316 £000'8 200 £OOO's 1,492 112 269 303 8.371 316 200 1.604 DEPRECIATION As at l February 2024 Chorge for year Eliminoted on disp0801 As at 31 Jonuary 2025 670 183 200 955 109 14 82 200 1.064 NET BOOK VALUE As at 31 January 2025 As at 31 January 2024 303 7.518 7,244 234 540 34 537 Motor vehicles Yachts ond training fleet Intangible Assets Totals COST As ot l Februory2024 Additions Disposols AS at 81 Jonuory 2025 £OOO's 19 £ooo' 2.311 273 £000'8 107 £OOO's 12,393 1.114 iioi 13,497 iioi 12 2,584 107 DEPRECIATION As at l Fgbruary 2024 Chorge for year Eliminated on disposal A8 at 31 Jonuory 2025 16 1,496 244 18 3.423 561 181 3,976 io 181 1.740 BOOK VALUE A5 at 31 January 2026 As at 31 January 2024 9.521 8,970 815 e9 Poge130 u X SA￿4& ACAD￿ ILIKSAI *NNVAL li￿RT & ACCOU14TS202412S

UKSA Notes to the financial statements for the year ended 31 January 2025 (continued) MOVEMENT IN FUNDS Net Movement in funds £OOQ's Transfers between Funds £OOO's Asrt IFeb24 £OOQ's 31 Jan 25 £OOO's Unrestricted funds Fixed assets fund Generol fund Trading octivities 7,595 296 15621 78 1,175 17941 121 379 8,208 14201 7,891 1482} 7,788 Restricted funds Restricted capitol fund Stephen Thomas Bursary Noel Lister Memorial Fund Milo Hanlon Fund Will Block Fund Seufargr's stelios Fund Trinity House Fund 346 50 12291 1711 16 1121 117 29 55 23 14 50 36 34 36 1261 30 60 492 30 1601 (3791 166 279 TOTAL FUNDS 8.057 10 8.067 Net movement in funds, included in the obove ore os follows.. Incoming resources R080urces expended £OOO's Movement in funds £OOO's £OOO's Unrestricted funds Fixed asset fund General fund Troding octwities 15621 18.1221 150 8,834} 15621 78 8.200 152 8,352 482 Restricted funds Restricted capital fund Stephen Thomas Bursary Noel Lister Memoriol Fund Miio Honlon Fund Will Block Fund Seoforer's Stelios Fund Trinity House Fund 50 50 30 60 492 30 60 492 TOTAL FUNDS 8,844 8,834 10 Page131 u K ACADEMY IUKSAI AWIUAL REPORT & ACCOUNTS2￿2412&

UKSA Notes to the financial statements for the year ended 31 January 2025 (continued) 22 MOVEMENT IN FUNDS {PRIOR YEAR COMPARATIVES) Net Movement in funds £OOO's Transfers between Funds £OOO's Asat IFeb23 £OOO's Asat 31 Jan 24 £OOO's Unrestricted funds Fixed ossets f und General fund Troding octivities 7,095 358 14761 653 976 17151 7.595 296 7,453 250 7,891 Restricted funds Restricted capital fund stephen Thomas Bursary Noel Lister Memoriol Fund Milo Hanlon Fund Will Black Fund Seafarer's Trinity House Fund 116 63 11161 1361 1261 151 151 171 1551 12501 23 59 39 16 41 50 36 34 11 35 55 238 178 166 TOTAL FUNDS 7.031 426 8.057 Net movement in funds, included in the above are as follows-. Incoming resources Resources expended £OOO's Movement in funds £OOO's £ooo' Unrestricted funds rixed osset fund Generol f und Troding activities 14761 17.3801 11981 18.0541 14761 653 11 188 8,033 209 8,242 Restricted funds Restricted capitol fund Stephen Thomas Bursary Noel Lister Memoriol Fun Seafarer's Trinity House Fund 116 63 116 63 55 238 55 238 TOTAL FUNDS 8,480 18,0541 426 Page132 u K SAILING ACADWY IUKSAI ANNUAL REPORT& ACCOUNTS 202412S

UKSA Notes to the financial statements for the year ended 31 January 2025 (continued) Unrestricted f unds Al The fixed osset fund sl)ows the net book volue of unrestricted fixed assets Inet of Secured bank loan). Net movement in funds are represented by the net of prof rfclllossl on disposol. impairment and depreciotion £561k12023124: £476kl. Transfers are represented by net copitol expenditurè of £1,114k plus the in-y&ar reduction Of secure bonk l¢Xn £62k. The unrestricted general fund represents funds which ore freely ovoilable for use by the chorrty. including those generated from trading octivities. Net movements in funds ure represented by oll Income and Expenditure movements not already represented by movements on other reserves of £78k12023124.. £653kl. Transfers ore the sum of net working capital movements excluding transfers on other reserves of1£794kl12023124.' i£n5kll- ci The troding actwitieg fijnd is represented by the wholty owned subsidiory UKSA TrodTrng Ltd profitlllossl. For the yeor 2024125 UKSA Troding Ltd returned a profit of £2k12023124.. £llkl which was tronsferred to the UK Soilin9 Acodemy's unrestricted 9enerol fund in the some year. Restricted funds Al A restricted cap￿01 Fund wos set up in 2015n6 to hold donotions that ore to fund specif¢ capitol works required. In 2024125 £346k net income wos received12023124.' £116kl less1£229kl copital expenditure in the year12023124.'1£116kll. 81 The Stephen Thomos Bursory wos set up in memory of Stephen Thomas to provide sailing and seamanship experiences for y¢)ung people betsveen the Oges of 16 ond 20. ci The Noel Lister Memoriol Fund wos set up in memory of Noel (the founder of UKSAI to provide sailing and seamanship experiences for young people. DI The Milo Honlon Fund was set up in memory of Milo who wos a student at UKSA in 2012. The fund provides assistonce ro youn9 people wishing to undertoke professionol troining for employment. El The William Block Fund was set up in 2016 in memory of Will. The fund provides finonciol support to individuals with o desire to enter the maritime sector. Fl The Seaforer's fund was set up in 2017118. The fund prowdes ossistonce to young people vmshing to undertoke professionol troining for employment. Gl The Trinicy fund wos set up in 2011. The fund provides ossistance.to young people wishing to vndertake professional troining for employment. HI The Stelios fund was set up in 2024. The fiJnd provides assistance to young people wishing to undertoke professionol training for employment. Page133 u K SAIUNG AcAD￿y IUKSAI REPORT & A¢eouNfs 2024126

UKSA Notes to the financial statements for the year ended 31 January 2025 (continued) 23 ANALYSIS OF NET ASSETS BETWEEN FUNDS - GROUP Unrgstricted Funds General £OOO's Unrestricted Funds Designoted £OOO's 9,521 Total funds osat 31 Jan 26 £OOO's 9,521 2,990 13,0711 1601 1631 Group Restricted Funds £OOO's Fixed ossets Current ossets Creditors due in less thorn one year Creditors due in more than one yeor Secured Bank Loon due in less than one year Secured Bonk Loon due in more than one year 2,711 13,071 1601 279 1631 11,2501 8,208 (1,2501 8,067 420 279 ANALYSIS OF NET ASSETS 8EfwEEN FUNDS- GROUP (PRIOR YEAR COMPARATIVES) Unrestricted Unrestricted Funds Funds Generol Designated £OOO's 8,970 Totol furnds as ot 31 Jon 24 £OOO's 8,970 3,440 12,9761 131 1621 Group Restricted Funds £OOO's £OOO's Fixed ossets Current ossets Creditors due in less than onè year Creditors due in more thon one year Secured Bank Loun due in less than one yeor Secured Bank Loan due in more than one yeor 3,274 12.9751 131 166 1621 11,3131 7,595 11,3131 8,057 296 166 ANALYSIS OF NET ASSETS BETWEEN FUNDS - CHARITY Unrestricted Unrestricted Funds Funds Generol Designated £OOO's 9,521 Totol funds osot 31 Jon 25 £OOO's 9.521 2,984 13,0651 1601 1631 11.2501 Charity Restricted Funds £ooo' £OOO's Fixed assets Current ossets Creditors due in less thon one year Creditors due in more than one year Secured Bank Loon due in less thon one year Secured Bonk Loan due in more thon one year 2,705 13,0651 1601 279 1631 11,2501 1420) 8,208 279 8,067 Poge134 u K SMLWS ACADEMY IUKSAI ANNUAL REPORT & ACCOLINTS 2024r26

UKSA Notes to the financial statements for the year ended 31 January 2025 (continued) ANALYSIS OF NET ASSETS BETWEEN FUNDS - CHARITY (PRIOR YEAR COMPARATIVES) Unrestricted Unrestricted Funds Funds General Designated £OOO's £OOO's 8,970 Total fvnds at 31 Jan 24 £OOO's 8,970 3,433 12,9681 131 1621 Char Restricted Funds £OOO's Fixed assets Current ossets Creditors due in less thon one year Creditors due in rnore than one yeor Secured Bank Loon due in less than one yeor Secured Bank Loon due in more than one year 3,267 12,9681 131 166 1621 11,3131 11,3131 8.057 296 166 24 RELATED PARTY DISCLOSURES The company wos under the ultimote control of the trvstees. Sir Anthony Greener. trustee of UKSA until 22 September 2023, is also Choirman of Minton Chority Trust which gove fincnciol ossistonce to UKSA in the form of donotions in the 2023124 ygar of £30k. David Lister, trustee of UKSA, is also a trustee of the Whirlwind Charitoble Trust which gove f inoncial ossistar)ce to UKSA in the form of donatior)s of £7k in the year12023124.' £nill. Cloire Locke, trustee of UKSA until 20 September 2024, is olso o trustee of Daisie Rich Trust who gove financial assistance to UKSA in the form of donations of £f)k in the year12023124.. £5kl. Cloire Locke poid UKSA £3k for o mooring12023124= £3kl. Donotions were received from four trustè6s totalling £8k12023124: threè trustees £lkl. 25 OPERATING LEASES At the yeor end, the Group were committed to the following future minimum lease payments in respeet of operoting leases.. Vehicles ond equipment 2024125 2023124 £OOO's £OOO's Less thon one year Greater thon one yeor ond less than fwe yeor8 Loter thon five years 81 81 135 In oddition to the above, the charity has entèred into on agreement with the Is18 of Wight Council for a 100-ygar lease of £32k per annum, with the f irst 4.5 years rent free, on Victorio Borrocks, Eost Cowes. Handover of the premises is expected in 2025126. Tenant-only brgaks Gan b6 exercised at any time subj@ct to the required 12 month$, written notice. Page135 u K sA￿lIA ACADtrIY IiXSA} AP4WVAL RWAT & AccoiNfs 2024tt5

UKSA Notes to the financial statements for the year ended 31 January 2025 ( continued)

26 CAPITAL COMMITMENTS

The charity has a capital commitment of £99k relating to UKSA's contribution to the Levelling Up Fund for the Victoria Barracks, East Cowes development as at 31 January 2025 (31 January 2024: none).

27 COMPARATIVE SOFA FOR THE YEAR ENDED 31ST JANUARY 2024

COMPARATIVE SOFA FOR THE YEAR ENDED 31ST JANUARY 2024	COMPARATIVE SOFA FOR THE YEAR ENDED 31ST JANUARY 2024	, ·
	Unrestricted	Restricted	TOTAL
	Funds	Funds	2023/24
	£000's	£000's	£000's
INCOME FROM:
Donations, Legacies and Grants	882	238	1,120
Charitable Activities	7,101		7,101
Other Trading Activities	209		209
Investments	50		50
Total income	8,242	238	8,480
EXPENDITURE ON:
Raising funds:
Trading Activities	126		126
Expenditure on raising funds	234		234
Charitable Activities	7,694		7,694
Total expenditure	8,054		8,054
Net income/(expenditure)	188	238	426
Transfers between funds	250	(250)
Net movement in funds	438	(12)	426
RECONCILIATION OF FUNDS:
Total funds brought forward	7,453	178	7,631
TOTAL FUNDS CARRIED FORWARD	7,891	166	8,057

Page I 36 U K SAILING ACADEMY (UKSA) ANNUAL REPORT & ACCOUNTS 2024/25