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 Michc*l 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
Ch*f Exècutwè (appointed 6
Moy 20251
crtheryie Dixon
Briti8h Accreditotion Ccwjica Ifor independent fLrther
hgF*r *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
info@uksa.org
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 ocqui*rtion 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$. Depreciation is provided on oll tangible fixed assets usin9
the straight-line method designed to write off eoch ossèt ovèr expected useful economi¢
life. It is the compony's polscy to determine the expected useful lrfe of each asset indiv*duolly,
ranging from 3 to 100 yeors.
Thg company rewews its tangible ftxed ossets on an annuol bosis and ￿11 consK*r on
impairment of those assets where the corying omount Inet book voluel of the osset is highèr
thon it$ 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**