Oxford Sail Training Trust Registered Charity No.: 900436
Final Accounts for the year ended 315t December 2023
Oxford Sail Training Trust Contents
Reference and Administrative Report Trustees’ Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Accounts
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Oxford Sail Training Trust
Reference and Administrative Report
Trustees:
David Eoin McCullagh Karen Gosford Simon Hotchin
Ben Simmons (Resigned 14 Jun 2023) George Edward Simmons Lord Stanley of Alderley J Pearson (Appointed 26 Sep 2023) J Winkley (Appointed 26 Noy 2023) E Thorne (Appointed 26 Nov 2023)
Registered Office:
Independent Examiner;
Bankers:
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Oxford Sail Training Trust Oxford Sailing Club Cumnor Road Farmoor Oxford OX2 SNS
Harrison Butler MAAT SYAN Accounting 1 Lady Place Abingdon OX14 4FB
CAF Bank Limited
25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
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Oxford Sail Training Trust
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for Trustees’ Report the year ended 315t December 2023
2023 presented different challenges to the previous reporting period as all Covid restrictions have now been lifted, however it appears to have resulted in a change in the overall course booking patterns. A fall in the number adult course bookings and increase in the summer courses together with a general reduction in the time between completing a booking compared to the course date (more last minute bookings) has made it difficult to compare year on year trends.
Bookings
Total bookings remained similar to last year, however bookings started more slowly than previous years but recovered despite our initial concerns over this change in booking pattern. The summer activities recovered and then started to exceed last year’s monthly levels. We can only assume families were booking at the last minute and staying in the UK over the summer for a third year running (given money and abroad.travel uncertainties) when people would normally book their summer holidays
Portacabin, Thames Water new Building
As per previous years, in order to help alleviate some of the pinch points that were experienced during the school summer holidays, we continued to operate an addition of temporary gazebo’s located around the site. This would not have been possible without the proactive actions of Paul Jamieson (our Centre Manager) and his band of instructors, organizing the courses and successfully running them. We are very grateful to them for their excellent watersports provision to all people. There have been further discussions with Thames Water regarding the redevelopment of the site over the next 5 years, with Thames Water insisting that our old portacabin was removed from the site before summer 2023. OSTT have now relocated into a new temporary building (and Storage facilities) located a few meters to the north of our previous location, which should satisfy OSTT’s requirements until the Thames Water Visitor Centre is developed.
It is still envisioned that the new TW Visitor Centre will integrate OSTT with the fisherman’s lodge and some parts of OSC & SUP. However, changes within Thames Water’s spending profile have delayed any further discussions with respect to the users’ requirements and potential development timescales.
Replacement of equipment
In addition to the new temporary building and Storage facilities, OSTT continues with our programme of replacing some of our older Sailing fleet. This year a total of 13 boats (1-Rib, 6-Fusions, 5-Rigiflex 360 and 1-5.8 Rib) have been replaced and although the total number of available boats remains similar, this has reduced the average age of the equipment to a more Sustainable level.
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Oxford Sail Training Trust
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for Trustees’ Report (continued) the year ended 31°t December 2023
Negotiations with OSC
Now that we are fully back to pre-covid operations our costs for using the OSC Clubhouseinflation. have increased, with a Slight uplift over last year to take into account
The present facilities agreement (which covers all our obligations & rights to OSC at Farmoor) remains unchanged, although a new lease will be required once the current building arrangements proposed by Thames Water are implemented.
Regattas
No regattas were held by OSTT during the year.
Accounts The financial report, Jan 2023-Dec 2023, from our auditors is ready to be submitted to the Charities Commission when approved by the AGM. S Leth. Chairman Simon Hotchin
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Oxford Sail Training Trust
Independent Examiner’s Report to the Trustees of Oxford Sail Training Trust | report to the charity trustees on my examination of the accounts of the Trust for the year ended 31%t December 2023, which comprise the statement of financial activities, the balance sheet and notes 1 to 9,
Responsibilities and basis of report
As the Charity's Trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). | report in respect of my examination of the charity's accounts Carried out under section 145 of the Act and in Carrying out my examination | have followed all the applicable Directions given by the Charity Commissioners under section 145(5)(b) of the Act.
Independent Examiners Statement
| have completed my examination. | confirm that no material matters have come to my attentionmaterial respect:in connection with the examination giving me cause to believe that in any
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e accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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e the accounts do not accord with those records; or e the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairexamination.view' which is not a matter considered as part of an independent
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Harrison Butler MAAT SYAN Accounting Abingdon OX14 4FB
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Charity number: 900436
Oxford Sail Training Trust for Statement of Financial Activities the year ended 315t December 2023
|
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| Total | Total | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income | |||
| Donations and legacies | |||
| Charitable activities | 24 | 2 000 | 2.000 |
| Investments | 2b | 395.733 | 403.579 |
| Total Income | 2 | 5.694 | 415 |
| 403.428 | 405.994 | ||
| Expenditure | |||
| Charitable activities | |||
| 2 | 402.672 | 344.066 | |
| Net movement in funds | |||
| 755 | 61.928 | ||
| Reconciliation offunds | |||
| Totalfunds broughtforward at 1stJanuary2022 Total funds carried forward at31stDecember2022 |
445.050 | 383.122 | |
| 445.805 | 445.050 |
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Charity number: 900436
Oxford Sail Training Trust
Balance Sheet
for the year ended 315t December 2023
2023 2022
Note £ £ = =
Fixed assets
Tangible fixed assets 5 122.459 99.425
Current assets
Debtors 6 20.362 1.902
Cash at bank and in hand 311.404 347.517
Liabilities: Amounts falling due Z (8.420) (3.794)
within one year
Net current assets 323.346 345.625
Net Assets 445.805 445.050
Funds
Unrestricted 445 805 445.050
445 805 445 050
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1 Accounting policies
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Oxford Sail Training Trust
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for Notes to the Accounts the year ended 315t December 2023
1.1 Basis of Preparation
The accounts have been Prepared on an accruals basis and include income and expenditure as they are earned or incurred, rather than as cash is received or paid. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of freland (FRS 102) and the Charities Act 2011.The charity constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
1.2 Income
Income is recognised in the accounts when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
entitiesIncome from donations and legacies consists of donations from exogenous Income from charitable activities consists of funds raised through the provision of sail training and boats for hire.
Income from investment consists of interest on savings.
1.3 Expenditure
Expenditure is accounted for on an accruals basis and is recognised where there is a legal or constructive obligation to make payments to third parties. It is probable that the settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is included with the relevant expense.
Costs of expenditure on charitable activities include those costs incurred in the provision of sail training.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity.
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Oxford Sail Training Trust
Notes to the Accounts (continued) for the year ended 31%t December 2023
1.4 Depreciation
Tangible fixed assets are stated at cost net of depreciation.
Depreciation is calculated to write off the cost of tangible assets over their expected useful life.
Boat equipment is depreciated at 20% on the straight-line basis.
Storage container assets are depreciated at 10% on the straight-line basis
1.5 Trade debtors
Trade debtors are amounts due from customers for merchandise sold or Services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price. A provision for the impairment of debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of receivables.
1.6 Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operation from suppliers. Accounts payable are Classified as current liabilities if the charity does not have an unconditional right at the end of the reporting period, to defer settlement of the creditor for at least 12 months after the reporting date. If there is an unconditional right to defer settlement for at least 12 months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
1.7 Funds
Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the charitable objective.
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Oxford Sail Training Trust
Notes to the Accounts (continued) for the year ended 31° December 2023
2a Donations and legacies
| 2a Donations and legaciesDonations and legaciesand legacieslegacies | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Donations | 2,000 | 2,000 |
| 2bIncomefromcharitableactivities | ||
| 2023 | 2022 | |
| £ | £ | |
| Trainingandfeeincome Boattureincome |
395,051 G82 395,733 |
403,116 463 403,579 |
| 2cInvestmentIncome | ||
| Depositaccount interest | 5,604 | 415 |
| 3aCostofCharitableActivities | ||
| 2023 | 2022 | |
| £ | £ | |
| Facility fee Trasningandevents Advertisingandmarketing Boatandequipmaint. Office costs Rent andrates ingurance Deprectation Governancecosts (note3b) Staffcosts(mote4) |
19,215 76,670 12,536 36,497 17,534 2,580 8,937 41,709 7,904 179,000 402,672 |
17,805 61,086 9,825 21,663 21,677 3,772 8,664 33,793 §,155 160,506 344066 |
3b Governance Costs
Legal and profeasional fees independent examiners fees
| 2023 | 2022 |
|---|---|
| £ | £ |
| 6,904 1,000 7,904 |
4,155 1,000 5,158 |
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Oxford Sail Training Trust
Notes to the Accounts (continued) for the year ended 31t December 2023
4. Staff Costs
Salanes and wages - gross Social secunty coats Penaion
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|---|---|
|2023|2022|
|£|£|
|173,610|156,415|
|3,470|2.409|
|2,009|1,782|
|179.090|160,506|
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5. Tangible Fixed Assets
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|---|---|---|---|---|
|Storage|Boat|
|Containers|Equipment|Summary|
|Cost|£|£|£|
|As at|ist January 2023|4,828|226,002|230,830|
|Additions|in the year|8,508|$6,235|64,743|
|Aa at 31st December 2023|13,336|282,237|295,573|
|Depreciation|
|As at|tet January 2023|483|130,922|134,405|
|Charge for the year|1,334|40,375|41,709|
|As at 31st December 2023|1,817|171,297|173,114|
|Net book value|
|As at 31st December 2023|11,519|110,940|122,459|
|As at 3191 December 2022|4,345|95,080|99.425|
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6. Debtors
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Trade debtors
Prepayments
Other debtors
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|||
|---|---|
|2023|2022|
|&|£|
|8,879|1,295|
|11,311|-|
|472|607|
|20,362|1,902|
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Oxford Sail Training Trust
Notes to the Accounts (continued) for the year ended 31*t December 2023
7. Liabilities: amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Tradecreditors Accruals WagesPayable Taxationand socialsecunty |
§,648 1,000 1,773 - 8,420 |
493 1,000 - 2.301 3 794 |
8. Trustees’ remuneration
dutiesTrusteesas receivedTrustees. no emoluments or expenses in the year for performing
9. Related party transactions
There were no related party transactions to disclose for the year.
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