Report and Accounts 2010/11

RepoRt and accounts JanuaRy 20111

RepoRt and accounts 2010/11

for the financial year ending 31 January 2011uK Sailing academy ltd

regiStered charity number: 299248regiStered company number: 02251024 (england and WaleS)


report from the chair of truSteeS and chief executive

report of the truSteeS

aimS and obJectiveS

SchoolS and youth groupS

maritime careerS

diSability

Sporting performance

financial revieW

future developmentS

Structure, governance and management

Statement of truSteeS reSponSibilitieS

independent auditorS’ report

Statement of financial activitieS

balance SheetS

caSh floW Statement

noteS to the financial StatementS

reference and adminiStrative detailS

03

040608101214161718

192021232534

contents

uKSa iS the charity dedicated to changing liveS through maritime activitieS

RepoRt and accounts JanuaRy 2011 3

RepoRt fRom the chaiR of tRustees and chief executive During the year to January 2011 we have worked with more challenging young people, delivered an improved standard of education and training, increased financial value for donors and improved our overall financial position. We have achieved this by effective communication, staff development, financial scrutiny and developing strong partnerships.

Over the last 25 years, UKSA has provided life-changing outcomes by applying innovative business principles to a unique charitable model. We have helped over 100,000 different individuals to challenge personal boundaries, develop employment skills, and enter fulfilling maritime careers through the catalyst of adventurous maritime activity and by providing high quality education, mentoring and support. As a result, we have had a significant and positive impact on the lives of individuals, families and communities.

As we enter our 25th year of operation, we continue to innovate and develop to meet the changing needs of young society. By providing a wide cross section of inspiring programmes, today’s UKSA addresses several of those needs, including social disadvantage, family challenge and educational disengagement, and supports young people into employment. Our focus is to provide inspirational and engaging routes towards positive long term outcomes for each individual. During the year, we have increased our capacity to provide personal mentoring, widened our programme offer and placed an increased emphasis on measuring outcomes and impact.

All young people are important and each is a source of massive untapped potential. Some need extra help to gain skills and qualifications and the encouragement to have the confidence to become positively involved in life. Maritime activities provide an exceptional catalyst to release this potential.

We find that children have a natural enthusiasm for learning, but sometimes the system does not fit their needs. By working with schools, providing vocational and non-standard education in an inspiring and motivational residential environment, and by providing personal mentoring we are able to help these individuals achieve and succeed. This year, we have focused particularly on meeting the specific needs of individual schools and school clusters, improving both outcomes and value for money.

Young people who become disengaged from education can become the young unemployed. Re-engagement programmes build the skills, confidence and self-belief to break this damaging cycle. We recognise that lasting impact is achieved by providing individuals with the mindset and skills that enables them to help themselves. Through the year we have increased our work with young people who are not in education, employment or training. By providing education, training, mentoring and support in to employment, these young people have been able to achieve significant improvement in their levels of confidence, happiness, motivation and self-esteem, while achieving new qualifications for work and employment.

Our charity does not focus exclusively on the troubled or disadvantaged. An increasing number of young people choose the maritime sector as a career choice above university or other employment. These young people are inspired by the demands and rewards of a career that provides global opportunities within a challenging, diverse and inspirational vocational environment. This mix of financially supported and fee-paying clients opens opportunity to all, improves outcomes for all, and delivers exceptional results.

We are committed to providing innovative solutions to meet all of these important youth issues. These achievements for young people and society are only possible with the unwavering support of our partners, ambassadors, advisory group, staff, volunteers, trustees and Patron.

Thank you for your continued and valued support.

david liSter: chair of truSteeS | Jon ely: chief executive

All young people are important and each is a source of massive untapped potential

“ “


aims and oBJectivesuKSa iS the charity dedicated to changing liveS through maritime activitieS

At UKSA we help individuals change their lives by giving them the opportunity to see their own potential, broaden their horizons and achieve outcomes that last for life.

report of the truSteeS

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of UK Sailing Academy Ltd (hereinafter ‘UKSA’) for the year ended 31 January 2011. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ issued in March 2005, and have had regard to the general guidance provided by the Charity Commission on public benefit in ensuring that its aims and objectives comply with section 4 of the Charities Act 2006 and are for the public benefit. The impact report for each section of the charity will highlight how the activities meet the principles of public benefit.

We achieve our aims and objectives by advancing personal development, and providing adventurous activities, maritime education, mentoring and an introduction to employment. Our goal is permanent positive change for each young life. We work to change lives in four core areas:-

i) Schools and Youth Groups – helping children and young people who would not otherwise have the opportunity to engage in challenging and rewarding residential watersports activities to increase their self-esteem, motivation and confidence.

ii) Maritime Careers – supporting and encouraging young people who have limited opportunity to succeed within their current social environments, to develop their self-respect, social skills and qualifications and help them to engage in meaningful maritime employment.

iii) Disability – the sense of achievement instilled from maritime experiences makes a significant contribution to increasing confidence and self-esteem.

iv) Sporting Performance – the healthy competition it creates inspires our students and gives them the determination to achieve their best.

Our objectives extend to advancing the education of the public in all aspects of maritime activities, education and training; to providing facilities for the leisure time occupation of the general public, and in particular facilities for water sports and outdoor activities in the interests of social welfare and with the object of improving their conditions in life; and to promote community participation in healthy recreation through the provision of sailing facilities.

Our main aims for the year are outlined below, together with a brief summary of how we achieved them.

“ “

activity Summary for the year to 31 January 2011

Throughout the year, 7,119 individuals have benefited from maritime education and personal development at UKSA. We have provided £497,883 of assisted funding to our beneficiaries. All students and visitors have been able to benefit from our community of employees, volunteers, partners and supporters.

number of individualS benefiting from charitable activity at uKSa in 2010/11

5,361 Schools and Groups

802 Maritime Careers

278 Disability

78 Sporting Performance

600 Leisure

94% of our beneficiaries are under 25


the main obJectiveS for the year Were:

// To expand our partnerships and work with other charities and like minded organisations to reach more beneficiaries. Existing partnerships such as the Ellen MacArthur Cancer Trust continue to go from strength to strength in providing more opportunities to young people. New partnerships with charities such as Toe in the Water which aims to inspire those who have sustained traumatic injuries and move beyond disability, enabled more individuals to participate and benefit from water based activities at UKSA. We continued our partnership with the Royal Yachting Association for sporting performance and expanded the reach to under 25s through the British Keelboat Academy. Our pilot project aimed at Island young people has forged strong relationships with local authorities and businesses.

// To widen schools participation and develop schools curriculum courses. We have continued to work with schools and colleges to provide curriculum courses, vocational education and outdoor activities. Our training course in NVQ2 Activity Leadership was hugely successful; an impressive 92% of students passed with several achieving outstanding results and winning awards.

// To expand our work with ‘NEETs’ (Not in Education, Employment or Training), young offenders and those at risk or in rehabilitation. As part of an on-going programme, we are using our facilities and teaching expertise to help long-termed unemployed young people back into employment. A new 26 week training and work experience course for water sports apprentices was delivered to 35 young people with very pleasing results; successful apprentices have found employment in the UK and overseas and 4 were offered continued employment at UKSA. Our pilot project for Island children helped them break away from negative inter-generational patterns such as unemployment and crime and offered engagement with local clubs and activities. A restricted donation from the Henry Smith Charity has allowed us to appoint a full time Youth Development Co-ordinator whose primary role is to support and mentor our young students training for employment.

// To continue to improve our maritime careers courses by ongoing assessment of content, student mentoring, achievements and employment opportunities. With accreditation from the British Accreditation Council, our commitment to students has never been stronger. We made significant investment in staff training and development in the year to ensure the skills, knowledge and expertise of our instructors helps each student achieve at their best. The continued development and delivery of our Cadetship course provides a viable alternative to university and its sandwich course format means that Cadets spend time in paid work placements in the maritime sector, including some of the world’s largest super yachts.


schools and youth GRoups

Well-being in children

Children and young people believe that five outcomes are key to their well-being in the future – being healthy; staying safe; enjoying and achieving; making a positive contribution and achieving economic well-being. (Every Child Matters: Change for Children – Department for Children, Schools and Families)

A key focus of our work is to help young people enjoy their childhood through confidence and self-belief but also develop the resilience, skills and competencies needed to make a successful transition into adulthood.

‘During our visits to UKSA we get the opportunity to witness the less confident and introverted learner grow in self-confidence, experiencing both success and pride in their achievement.’ (Chris Marshall, Head Teacher, Ivy Lane Primary School)

youth engagement

‘Studies show that the most prolific offenders start early, between the ages of 10 and 13 and have longer criminal careers than other criminals.’ (Make Me a Criminal: Preventing Youth Crime – Institute for Public Policy Research 2008)

In partnership, we created and launched an inspirational pilot project for young people on the Isle of Wight. With volunteer mentors, our Partnership for Youth Engagement worked with young people to increase their personal development and skill sets through on-the-water challenge and adventure. By the end of the programme, each young person had the confidence to engage with local clubs and activities and build positive relationships with their schools and local services.

Projects such as this help individuals realise their potential whilst confronting negative inter-generational patterns such as violence, drugs and crime that can pose a threat to their future and the community.

educational partnerShipS

‘In one year 9,880 young people were permanently excluded from the education system. In the same year 344,510 young people were temporarily excluded from their school, with 201,780 of these pupils having been excluded more than once.’ (Department for Education)

Children have a natural enthusiasm for learning, but they can also become disengaged if their school day is rigid and routine. With the option to link the curriculum to water based activities, pupils who visit UKSA not only get the benefits of learning outside the classroom, but also personal development through teamwork, challenge and fun.

We work in partnership with local schools and colleges to deliver NVQ Activity Leadership and BTEC in Sport and Public Services in an outdoor learning environment. This helps not only those students who struggle in a classroom setting but also those who simply want a more practical and hands-on approach to learning.

Children have a natural enthusiasm for learning.“

“


// 5,361 individual young people have been inspired by residential activities at UKSA

// £132,271 of assisted funding has been provided through UKSA to support schools and youth groups

// This has enabled 870 deserving young people, who would not otherwise have had the opportunity, to access inspiring activities afloat

ACHIEVEMENT AND PERFORMANCE

public benefit

The following are examples of how our engagement framework enables us to meet public need:

pre courSe

// Youth orientated advertising through a range of media to enable the widest awareness

// Breaking down barriers by freely providing education and information

// Providing advice and guidance to group leaders and individuals in order to promote the best outcomes

// Working with partners to widen our reach

// Working with partners to identify young people who are hard to reach

financial incluSion

// Providing assisted funding to groups and individuals

// Working with partners to reduce cost to participants

// Seeking financial efficiencies to minimise delivery costs

// Fully inclusive courses reducing additional hidden costs

activity

// Offering a wide range of inclusive activity, course length and price options to increase opportunity and accessibility

// Providing mentoring and coaching to break down the barriers of participation and increase positive outcomes

// Working with partners to provide access, inclusion and support

progreSSion

// Promoting progressive opportunities to all

// Continued engagement with UKSA

// Adventurous activities and sport for lifetime health

// Taking part in leisure time occupation

// Gap year and travel opportunities to learn and engage with international society

// Career opportunities within the maritime sector


inveSting in young people

‘Young people from families where no-one works are significantly more likely to struggle to find a job themselves. Some grow up believing their own destiny lies in the dole queue.’ (Destined for the Dole? Breaking the cycle of worklessness in the UK – Prince’s Trust 2010)

With many young people labeled as NEET, we have created successful solutions to worklessness. In an ongoing programme, we retrain young people back into employment through a six month apprenticeship. Individuals gain a range of vocational qualifications and transferable skills to utilise in the future.

It’s vital that we invest in young people today; in the short term, youth unemployment costs the country £3.5m each day in Jobseekers Allowance.* In the long term if young people are not working and paying taxes today, there will be little or no funding to finance those people wanting to retire in the next 20 years. (*Office for National Statistics, Labour Market Statistics, January 2010)

‘The new skills I learnt through UKSA and the Prince’s Trust ‘Get into Maritime’ programme led me to being offered a full-time job as a watersports instructor. Everything feels different, I now have a long term plan and a future I can look forward to.’ Mark Robinson, ‘Get into Maritime’ student

maritime careerS

‘The maritime industry is of truly world-scale significance and the UK is a major player in the supply of capital, hardware and skilled employees into both UK and overseas companies operating in the sector.’ (The Maritime Skills Alliance)

For those on career training courses, the knowledge and experience of our staff ensures that every student achieves at their best. Students receive personal mentoring and industry guidance to help and support them onto the first step of the career ladder.

‘The Cadetship has given me a clear career path but without the student debt. The sandwich course structure of studying at UKSA and in paid work placements aboard super yachts, means that I get the most out of my training.’ Ed Collinge, UKSA Cadet

maRitime caReeRs

It’s vital that we invest in young people today.“

“


public benefit


pre courSe

// Advertising and promotion through a range of media to enable widest awareness and inclusive opportunity to participate

// Breaking down participation barriers by freely providing education and information

// Providing advice and guidance to individuals in order to promote the best outcomes



financial incluSion

// Providing assisted funding




activity

// Offering a wide range of training courses with a choice of course length, career destination and price options in order to increase opportunity for individuals and maximise accessibility

// Providing mentoring and coaching to break down the barriers to participation and increase positive outcomes


progreSSion







// UKSA has helped 802 students to gain qualifications for meaningful employment within the maritime sector

// This year £249,214 of assisted funding has been provided through UKSA to support training for maritime careers

// This has enabled 52 individuals to benefit as a result of assisted funding



disaBility

“ For everyone, spending time on the water is empowering.

“

maKing Sailing and WaterSportS acceSSible to all

‘We want to create a society where everybody is treated with dignity and respect and has the chance to fulfill their potential and unlock their talent. We need to ensure that disabled people are a full part of this agenda.’ (Independent Living Strategy – Office for Disability Issues)

By removing barriers to participation in sailing and watersports, we provide opportunities for people with disabilities to develop their skills and confidence through on the water activities. For some people we offer the chance to try new experiences and gain as much independence as possible. For others who want to pursue sailing as a career, we take steps to help them achieve this. For everyone, spending time on the water is empowering.

WorKing in partnerShip

This year, through schools, groups and assisted funding, 278 disabled individuals have spent time with us through day visits or residential trips. We work alongside charities and organisations such as RYA Sailability, Toe in the Water, Fishbourne Sailability and the British VI Sailing Team to help people participate and benefit from on the water activities.

‘During my time with UKSA, I’ve had new experiences with others who have similar needs to me. This includes fulfilling a life long dream to participate in Cowes Week. It has helped and encouraged me to make new friends and to never give up on something, no matter how challenging.’ (Craig Rose, Stroke Survivor)

providing tailored programmeS

Through our tailored programmes we offer fun, structured activities, which can help individuals take control, make choices and see that what they’ve achieved on the water with us can also be transferred into their daily lives. Positive outcomes such as this can go a long way in breaking down any emotional barriers and fear of doing something new that disability can cause.

‘Working with UKSA to enable our students with learning difficulties to access all that it has to offer has been fantastic; on a professional and personal level it is a fine example of innovative and inspiring partnership. My students and staff thoroughly enjoy working with the instructors; their commitment to our group is always exemplary.’ (Julie Golding-Clarke, Assistant Head Teacher, Heritage House)


public benefit


pre courSe

// Youth oriented advertising through a range of media to enable widest awareness


// Providing advice and guidance to group leaders and individuals in order to promote the best outcomes



financial incluSion

// Providing assisted funding to groups and individuals




activity

// Offering a wide range of inclusive activity, course length and price options to increase opportunity and accessibility



progreSSion





// 278 people with disability have directly benefited from the facilities and expertise at UKSA

// UKSA also provided a base for Fishbourne Sailability, to provide on water activities to disabled sailors together with expertise and support

// £14,499 of assisted funding has been delivered to fund inspirational activities afloat for people with disabilities



healthy competition

‘One of the lessons from the Active England programme is that simply activities and a logical argument about why it is a good thing is not enough’. (Active England Final Evaluation Report 2009 – Sport England)

We also believe that it takes more than just providing the boats, venue or instructors to encourage sporting performance. For people to get the most out of their experience, whether it is to learn new skills, gain qualifications or improve their fitness, we offer encouragement, support and mentoring.

h2o clubS

For Island youngsters aged 8-16, our H2O clubs offer different watersports activities throughout the year. Clubs are a great way to encourage children to improve their sporting performance by keeping fit, making friends and working towards qualifications in a fun and safe environment.

britiSh Keelboat academy (bKa)

Since 2009, we have worked in partnership with the RYA to give talented young people the chance to achieve sporting excellence through competitive yacht racing.

competitive racing

‘Winning on the international sporting stage is incredibly tough and the margins between success and failure become smaller with each passing year… we need to ensure that the UK’s most talented athletes have every chance of realising their potential.’ (World Class Performance Programme – UK Sport)

The BKA programme has been designed to coach the next generation of competitive sailors. Selected young people aged 18-24 are given the opportunity to train with like-minded people and develop the skills, attitude and ability needed to achieve.

The skills that our sailors gain through competitive yacht racing such as confidence, decision making and teamwork are also valuable life skills, that can be used in many different career paths, situations and opportunities.

spoRtinG peRfoRmance

“ To empower our sailors, training is combined with competitive racing.

“


public benefit


pre courSe

// Youth orientated promotion through a range of media to enable widest awareness and participation



financial incluSion

// Providing assisted places for all participants

activity



progreSSion







// 38 race squad members

// £101,899 of assisted funding including development of regional training bases

// 1st overall, RORC St Malo race

// 4th overall, Sevenstar Round Britain and Ireland race

// Winner of Peter Harrison Youth Trophy, RORC offshore series

// 4th J80 National Championships

// 1st Class Super Zero, RORC offshore series

ACHIEVEMENT AND PERFORMANCE (BKA)


expenditure 2010/11

income 2010/11

financial Review

financial reSultS for the year

// We had anticipated a challenging start to the year for course revenue, from both funded and non-funded activity, and set a cautious budget of £3,963k for incoming resources. We exceeded budget by 18.34% and delivered £4,690k in the year; and bettered our prior year income of £4,587k by 2.22%

// Total resources expended, including impairment of assets, were £4,585k. This was higher than budget of 3,983k to meet direct delivery costs, but was a reduction of 4.45% on prior year expenditure of £4,798k. This was mainly due to cost efficiencies from course restructures

// Net surplus from incoming resources is £105k, which has bettered our budget of £25k, and prior year of £206k deficit

// A key strategic change in the year was the formation of the trading subsidiary, which generated £273k income and contributed £57k profit, which will be gifted back to the charity

The principal funding sources, and expenditure incurred, are given below:

financial revieW

UKSA has had a good year and performed well in a difficult economic climate for charities. We have returned a net surplus of £105k following three years of deficit, which is a result of organisational and structural change. Our free reserves have grown in the year and we are making good progress in achieving our longer term aims to meet the targeted levels in our reserves policy.

Due to the uncertainties of the economy and impact of the recession from 2009 we set a cautious budget for the year ending January 2011, with anticipated income down by 14% across all areas of activity. However, we had taken robust action in reducing costs and restructuring the organisation from September 2009, and this allowed us to stabilise the core delivery costs and overheads in the early part of the financial year and budget and achieve a surplus of £105k.

Our main successes from new initiatives in the year were an increase in provision to schools and youth groups from supported activity (£132k of assisted funding in the year, £50k last year); the growth of curriculum courses delivered to local schools and colleges which was piloted in 2009 and delivered £81k of activity in the year to January 2011; and government funding of £154k for 35 young apprentices to retrain for work in the maritime sector.

Quality of delivery and standards of tuition and safety remain primary objectives and we have prioritised and invested in staff training during the year, as a catalyst for future growth and success. In developing our strategic plan for the next five years, we have a strong platform to target growth in all areas of core activity, while continuing to stabilise our finances and invest for the future.

Maritime careers £2,863k (61%)

Schools and youth groups

£900k (19%)

Generated income through trading

£273k (6%)

Recreation training £234k (5%)

Student Services and site income

£163k (4%)

Voluntary £104k (2%)

Sporting Performance

£102k (2%)

Other income £31k (1%)

Disability £20k (0%)

Direct cost of training

£2,132k (46%)

Site accommodation

£827k (18%)

Marketing and fundraising

£523k

(11%)

Support costs £482k (11%)

Other direct delivery

£270k ( 6%)

Cost of trading £216k ( 5%)

Impairment of fixed assets

£ 50k (1%)

Student services £ 39k ( 1%)

Governance £35k ( 1%)

Generating funds £11k ( 0%)


fixed aSSetS

The majority of the charity’s fixed assets comprise the freehold land and buildings of the premises at Cowes, £2,277k, and the training fleet of yachts and watersports craft, £1,416k. At January 2011 the value of the catamaran was impaired by £50k as its carrying value was deemed to be higher than its net realisable value. In the opinion of the trustees, there is no material difference between the carrying value of the freehold property and swimming pool and their market value. Acquisitions and disposals of fixed assets during the year are recorded in the notes to the accounts.

inveStmentS

UKSA has the power to invest in any way the trustees decide would further the objectives of the charity while having due regard to investment risk, the liquidity requirements of operating the organisation, and to the reserves policy. Liquid funds have been held in special interest bearing accounts (SIBAs), which attracted a variable rate throughout the year. Funds were also placed in fixed term bonds and a liquidity manager account to attract a higher rate of interest for between three and six months. The trustees assessed the working capital requirements of the charity, and the liquid funds held in SIBAs and fixed term bonds were deemed to be adequate to meet the short term cashflow requirements of the charity. Cash in hand and at bank increased by £561k in the year, including £150k proceeds from the sale of Gipsy Moth IV. The trustees designated this for improvements to the buildings, replacement of the disabled lift and additional car parking.

The balance of funds is held as fixed asset investments with Rensburg Sheppards to invest primarily in fixed interest securities with low to medium risk. Details of investments held are given in note 20 to the Financial Statements. The value of fixed asset investments grew in the year by 2.64%.

reServeS policy

The reserves policy is monitored annually and reviewed each year at the board meeting when the budget is approved.

Restricted Reserves: UKSA has restricted reserves which are only available for expenditure in accordance with the donors’ directions. Where those reserves have been expended on fixed assets, the reserves financing the book value of those assets will continue to be accounted as restricted reserves, to reflect any continued obligations in respect of the use of those assets. A restricted reserve is held for the swimming pool. A restricted reserve is held for the maintenance and on-going provision of Gipsy Moth IV for the general public. Other restricted reserves held to support revenue expenditure are detailed in note 21 to the Financial Statements.

Unrestricted Reserves: UKSA invoices in advance to students who have booked for the subsequent year. This allows the charity to plan ahead in terms of capacity and provide them with assurance that there are sufficient funds to run the programmes. The amounts invoiced in advance, including deposits received, have been deferred in line with the requirements of SORP 2005. In addition, the charity owns the freehold property it operates from without any borrowings on the property, and holds investments funds for longer term financial planning. The trustees, therefore, are content to hold one month’s unrestricted reserves in addition to the amount deferred in the prevailing economic climate. At current levels, this would be equivalent to about £360,000. During the year, the charity generated sufficient free funds, described as general unrestricted funds on the balance sheet, to more than meet that amount at 31 January 2011. However, in the longer term and to align with the charity’s five year strategic plan, the target is to increase free reserves to around three months’ worth of unrestricted reserve. Transfers between reserves represent the application of restricted and designated funds to capital projects and transfers to maintain the committed value of restricted funds.


futuRe developments

Our ambition as we look ahead is to reach more young people who, with our help and encouragement, can change their life. The senior management team and trustees have formulated a five year rolling strategic plan to achieve key successes in each of the four core areas of activity, and measure the outcomes and impact for beneficiaries.

Our aims for next year are outlined for each of the four core areas of activity.

// Schools and Youth Groups – to build strong links with new schools and colleges to increase our offer of non-standard educational options; and to widen schools participation further by increasing communication about the programmes we offer, access and assisted funding available.

// Maritime Careers – to build on our links with the marine industry to ensure maximum employment opportunities around the world for our students; and to continue to provide long-term solutions to worklessness through training and employment opportunities by actively accessing funding and partnership provision.

// Disability – to actively build new partnerships with other organisations where mutual support will benefit more individuals, and to continue to fund raise to provided financial assistance for those in need.

// Sporting Performance – to build on our success with the British Keelboat Academy, increasing opportunities through sporting performance to change lives and develop skills.

The impact of UKSA doesn’t stop at the individual; it extends right into the heart of our local communities.

“ “UKSA Patron, HRH The Princess Royal


The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Four of the trustees are the only members.

organiSational Structure

UKSA is administered by a Board of seven unpaid trustees. The trustees are also directors for the purposes of the Companies Act 2006. The trustees appoint the Chief Executive.

The Board meets six times a year at UKSA with the senior management team, to discuss strategy and the major issues affecting UKSA, as well as assessing performance. Decisions made at these meetings are enacted by the senior management team, who are responsible for the day to day running of the company. The charity operates a comprehensive annual planning and budgeting process, in conjunction with its five year rolling strategic plan, which is approved by the Board. Reports are made to the Board with regard to financial performance, health and safety, legal and statutory compliance, key operational issues and monitoring strategic plans.

recruitment, appointment and induction of neW truSteeS

The Board of trustees has the power to appoint any other person as they shall think fit as a trustee of the Board, by way of addition to the Board. The composition of the trustee Board is regularly assessed as part of the strategic and business plan review. New trustees are recruited through national advertisements and are required to undergo a six month induction period with the charity before taking up full trusteeship. During the year, two new trustees were appointed following a six month induction period.

New trustees undergo an induction day to familiarise themselves with their legal obligations, the content of the Memorandum and Articles of Association, the financial performance of UKSA, and its strategic and business plans. They are provided with an induction pack with details of the constitution and activities of the charity, and an outline of the role of a trustee and code of conduct. They meet the senior management team and other trustees. All trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

related partieS

David Lister, Ben Cussons and Stephen Chipperfield, trustees of UKSA, are also trustees of the Whirlwind Charitable Trust (WCT) which gave some financial assistance to UKSA in the form of a £25,000 donation in the year.

Transactions between UKSA and its wholly owned subsidiary, UKSA Trading Limited, are fully disclosed in Note 4 to the Financial Statements. It has one share, which is owned by UKSA. The company commenced trading on 1 May 2010.

riSK aSSeSSment

The trustees have taken all appropriate steps to mitigate and manage risks and are thoroughly involved in the risk assessment and monitoring process at UKSA. The charity has risk management procedures through which risks arising from the existing operations and strategic developments are identified and evaluated. Senior managers report to the Board at each meeting on key areas of risk and additionally on an ad hoc basis with regard to health and safety.

The predominant risk for the charity is the health and safety of students afloat, and stringent operating procedures exist to minimise risk in this area. The company continues to engage Natwest Mentor Services to provide a comprehensive health and safety system. This, together with the high level of monitoring from numerous National Governing Bodies and Statutory Authorities, helps to ensure the very best working practice for UKSA.

The main financial risk is an unexpected downturn in income. Business risks are regularly evaluated and a strategy is in place, which is reviewed annually along with the reserves policies and financial forecasts. Other operational, environmental and external risks are regularly reviewed, and the charity is producing a comprehensive risk register.

stRuctuRe, GoveRnance and manaGement


The 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 Board and of the surplus or deficit of the Board 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

// Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the company will continue in operation

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

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

In so far as we are aware:

// There is no relevant audit information of which the charitable company’s auditor is unaware; and

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

auditorS

The auditors, haysmacintyre, will be proposed for re-appointment in accordance with the Companies Act 2006 at the AGM of the Board.

statement of tRustees’ ResponsiBilities in accoRdance with companies act 2006

D Lister -Trustee

Date

david liSter

13th July 2011

on behalf of the board:


We have audited the financial statements of UK Sailing Academy for the year ended 31 January 2011 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 auditors’ 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 its members, as a body, for our audit work, for this report, or for the opinion we have formed.

reSpective reSponSibilitieS of truSteeS and auditor

As explained more fully in the Statement of Trustees’ Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

Scope of the audit of the financial StatementS

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of whether the accounting policies are appropriate to the charitable company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Trustees’ Report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

opinion on financial StatementS

In our opinion the financial statements:

// give a true and fair view of the state of affairs of the charitable company and the group as at 31 January 2011 and of the incoming resources and application of resources, including the income and expenditure, of the group for the year then ended;

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

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

opinion on other matter preScribed by the companieS act 2006

In our opinion the information given in the Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

matterS on Which We are required to report by exception

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

// adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us: or

// the financial statements are not in agreement with the accounting records and returns; or

// certain disclosures of trustees’ remuneration specified by law are not made; or

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

independent auditoRs’ RepoRt to the memBeRs of uK sailinG academy

Murtaza Jessa: Senior Statutory Auditor for and on behalf of haysmacintyre Statutory Auditors and Chartered Accountants

Date

Fairfax House, 15 Fulwood Place, London, WC1V 6AY


notes unrestrictedfunds

£

Restrictedfunds

£

total2011

£

total2010

£

incominG ResouRcesincoming resources from generated funds:

Voluntary income 2 42,362 61,700 104,062 21,484Activities for generating funds

General 3 20,998 0 20,998 18,500Trading Activities 4 273,151 0 273,151 0

Investment income 5 25,642 501 26,143 53,810

incoming resources from charitable activities: 6

Training and education 4,065,699 35,000 4,100,699 4,117,854Student services 160,496 0 160.496 361,430

other incoming resources:Gain on disposal of tangible fixed assets 4,307 0 4,307 14,717

total incoming resources 4,592,655 97,201 4,689,856 4,587,795

ResouRces expendedcost of generating funds:Fundraising trading: cost of goods sold

and other costs7 16,188 0 16,188 6,218

Trading Activities 4 216,520 0 216,520 0Costs of Managing investments for income 2,173 0 2,173 1,365

cost of charitable activities: 8

Training and education 3,306,597 38,887 3,345,484 3,564,841Student services 966,754 2,500 969,254 1,195,839

Governance costs 10 34,928 0 34,928 29,587

total resources expended 4,543,160 41,387 4,584,547 4,797,850

net incominG/(outGoinG) ResouRces BefoRe tRansfeRs

49,495 55,814 105,309 (210,055)gross transfers between funds 21 6,596 (6,596) 0 0

net incominG/(outGoinG) ResouRces BefoRe otheR RecoGnised Gains

56,091 49,218 105,309 (210,055)unrealised gains on investment assets 295 0 295 3,872

net movement in funds 56,386 49,218 105,604 (206,183)total funds brought forward 4,421,464 33,626 4,455,090 4,661,273

total fundS carried forWard 4,477,850 82,844 4,560,694 4,455,090

continuing operationS

All of the charity’s activities are continuing. There were no gains or losses other than those shown above.

consolidated statement of financial activitiesfor the year ended 31 January 2011 (incorporating income and expenditure account)


consolidated Balance sheetaS at 31 January 2011

notes unrestricted funds Restricted total totalGeneral

£trading

£funds

£2011

£2010

£

fixed assetsProperty, equipment and training fleet

19 3,876,605 0 7,500 3,884,105 4,216,264

Investments 20 593,719 0 0 593,719 578,457

4,470,324 0 7,500 4,477,824 4,794,721

cuRRent assetsStocks 14 159,130 4,116 0 163,246 186,654Debtors 15 1,126,830 7,902 0 1,134,732 818,131Cash at bank and in hand 16 1,351,470 80 75,345 1,426,895 814,410

2,637,430 12,098 75,345 2,724,873 1,819,195

cReditoRsAmounts falling due within one year 17 (2,459,421) 0 0 (2,459,421) (2,093,638)

net current aSSetS 178,009 12,098 75,345 265,452 (274,443)

total aSSetS leSS current liabilitieS

4,648,333 12,098 82,845 4,743,276 4,520,278

cReditoRsAmounts falling due after more than one year

18 (182,582) 0 0 (182,582) (65,188)

net aSSetS 4,465,751 12,098 82,845 4,560,694 4,455,090

funds 21

unrestricted fundsDesignated tangible fixed asset fund 3,876,605 4,206,264Unrestricted general funds 544,614 215,200Unrestricted trading funds 56,631 0

4,477,850 4,421,464

Restricted funds 82,844 33,626

total fundS 4,560,694 4,455,090

The financial statements were approved and authorised for issue by the Board of Trustees on and were signed on its behalf by:

D Lister -Trustee

david liSter

13th July 2011


chaRity Balance sheetaS at 31 January 2011

notes unrestrictedGeneral

£

Restrictedfunds

£

total2011

£

total2010

£

fixed assetsProperty, equipment and training fleet 19 3,876,605 7,500 3,884,105 4,216,264Investments 20 593,720 0 593,720 578,457

4,470,325 7,500 4,477,825 4,794,721

cuRRent assetsStocks 14 159,130 0 159,130 186,654Debtors 15 1,183,461 0 1,183,461 818,131Cash at bank and in hand 16 1,351,471 75,344 1,426,815 814,410

2,694,062 75,344 2,769,406 1,819,195

cReditoRsAmounts falling due within one year 17 (2,503,955) 0 (2,503,955) (2,093,638)

net current aSSetS 190,107 75,344 265,451 (274,443)

total aSSetS leSS current liabilitieS

4,660,432 82,844 4,743,276 4,520,278

cReditoRsAmounts falling due after more than one year 18 (182,582) 0 (182,582) (65,188)

net aSSetS 4,477,850 82,844 4,560,694 4,455,090

funds 21

unrestricted fundsDesignated tangible fixed asset fund 3,876,605 4,206,264Unrestricted general funds 601,245 215,200

4,477,850 4,421,464

Restricted funds 82,844 33,626

total fundS 4,560,694 4,455,090

The financial statements were approved and authorised for issue by the Board of Trustees on and were signed on its behalf by:

D Lister -Trustee

david liSter

13th July 2011


consolidated cash flow statementfor the year ended 31 January 2011

notes 2011£

2010£

net cash inflow/(outflow) fRom opeRatinG activities

1 625,217 (195,756)

RetuRns on investments and seRvicinG of finance

Dividends received 19,386 7,239Interest received 6,757 46,571Interest paid and fees (18,871) (21,516)

7,272 32,294

capital expendituRe and financial investmentPurchase of investment assets (222,176) (574,584)Purchase of tangible fixed assets (247,088) (50,955)Sale of tangible fixed assets 237,744 17,680Sale of investment assets 211,516 0

(20,004) (607,859)

cash inflow/(outflow) before use of liquid resources and financing

612,485 (771,321)

manaGement of liQuid funds(Decrease)/increase in short term deposits (316,732) 548,236

increase/(decrease) in cash in the year 2 295,753 (223,085)


consolidated cash flow statement continued

for the year ended 31 January 2011

2011£

2010£

note 1Reconciliation of net incominG ResouRces to net cash outflow fRom opeRatinG activities

Net incoming/(outgoing) resources 105,309 (210,055)Depreciation charges 291,758 350,098Profit on disposal of fixed assets (4,307) (14,717)Dividends received (19,386) (7,239)Interest received (6,757) (46,571)Interest paid and charges 18,871 21,516Impairment of tangible fixed assets 49,745 115,406Decrease in stocks 23,408 14,557(Increase)/decrease in debtors (316,601) 219,041Increase/(decrease) in creditors 483,177 (637,792)

net cash inflow/(outflow) from operating activities 625,217 (195,756)

note 2Reconciliation of net cash outflow to movement in net funds

Increase in cash in the year 295,753 (223,085)Increase in short term deposits 316,732 (548,236)

Movement in net funds in the year 612,485 (771,321)Net debt at 1 February 814,410 1,585,731

Net debt at 31 January 1,426,895 814,410

analysis of chanGes in net funds at 1.2.10 £

cash flow £

at 31.1.11 £

Cash at bank and in hand 309,896 295,753 605,649Short term deposits 504,514 316,732 821,246

total 814,410 612,485 1,426,895


notes to the financial statementsfor the year ended 31 January 2011

1. accounting policieSa) baSiS of accounting

The accounts have been prepared under the historical cost convention, on a going concern basis, with the exception of investments stated at market value, and in accordance with applicable accounting standards and with the Statement of Recommended Practice “Accounting and Reporting by Charities” (SORP 2005) and the Companies Act 2006.

b) group accountS

The accounts have been consolidated to include the results of the charity’s trading subsidiary, which has the same year end. No separate profit and loss account is presented for UK Sailing Academy as permitted by Section 408 of the Companies Act 2006.

c) incoming reSourceS

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Voluntary income is credited to the income and expenditure account on a received basis, and if it is for a specific time frame it is allocated evenly over the period of the grant. Income from charitable activities is recognised on an accruals basis, and income relating to courses which commence after the balance sheet date is deferred to future accounting periods.

d) reSourceS expended

All expenditure is accounted for on an accruals basis and allocated to the appropriate heading in the accounts. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Support costs are allocated between the activities of the charity on a percentage basis in line with the direct costs of those activities. An element of support costs is also allocated to governance costs on the same basis. Governance costs are those costs associated with the governance arrangements including external and internal audit and legal advice for trustees, rather than the day to day management of the charity.

e) tangible fixed aSSetS

Tangible fixed assets costing more than £1,000 are capitalised and included at cost. Freehold property and land is not depreciated, with the exception of the swimming pool and leasehold on Lister House. Depreciation is provided on all other tangible fixed assets using the straight line method designed to write off each asset over its expected useful economic life. It is the company’s policy to determine the expected useful life of each asset individually, ranging from 4 to 20 years. The company reviews its tangible fixed assets (with the exception of buildings) on an annual basis and will consider an impairment of those assets where the carrying amount of the asset is higher than its recoverable amount; the recoverable amount being defined as the higher of the amount that could be obtained by selling the asset (Net Realisable Value), and the amount that could be obtained by using the asset (Value in Use).

f) valuation of buildingS

In accordance with FRS15, the trustees have considered the various options for the valuation policy on the building. It has been decided to continue to hold the property at cost. This value is subject to the requirement to test assets for impairment in accordance with FRS11.

g) inveStmentS

Investments listed on a recognised stock exchange are included in the balance sheet at market value. Investments sold are revalued at market value at the date of sale. The Statement of Financial Activities includes all movements in the value of the investment portfolio, including realised and unrealised gains and losses. The company uses investment managers with specialist knowledge of charity portfolios, and who are authorised and regulated by the Financial Services Authority. The charity has an ethical policy of no hedge funds, and no investments which may harm the marine environment.

h) StocKS

Stocks of bought in goods are stated at the lower of cost and net realisable value.

i) taxation

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

J) penSionS

the charity does not operate a defined benefit pension scheme. a stakeholder pension scheme is operated for employees. the charity does not make employer contributions to the scheme.

K) leaSed aSSetS

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

l) fund accounting

general funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. the trustees have designated a fixed asset fund which represents the amount invested in tangible fixed assets to enable the charity to carry out its charitable purposes. restricted funds are subject to specific conditions laid down by donors as to how they may be used or which have been raised by the charity for particular purposes. the aim and use of each restricted fund is set out in the notes to the financial statements.


2 voluntaRy income 2011 £

2010 £

Donations 95,005 13,120Grant funding 9,057 8,364

104,062 21,484

3 activities foR GeneRatinG funds 2011£

2010 £

Events 2,298 0Gipsy Moth IV 0 5,104Yacht Racing Academies 18,700 13,396

20,998 18,500

4 investment in tRadinG company

UK Sailing Academy holds 100% of the share capital of UKSA Trading Limited which is responsible for the provision of commercial services on behalf of the charity.

The charity’s investment in the trading company was as follows: 2011 £

2010£

UKSA Trading Limited £1 £1

The subsidiary is registered in England and Wales and pays under gift aid its entire profits as computed for corporation tax purposes to the charity. Its results and balance sheet for the year ended 31 January 2011 are as follows. It did not trade in 2009/10.

profit and loss account 2011£

Turnover 273,151Cost of Sales (199,131)

Gross Profit 74,020Administration expenses (17,389)

56,631Amount payable under gift aid to the charity (56,631)

Retained in subsidiary £-

Balance sheet

Current assets 58,580Current liabilities (58,579)

£1

Share capital 1Reserves -

£1

noteS to the financial StatementS continued



5 investment income 2011£

2010 £

Dividends received 19,404 7,239Deposit account interest 6,739 46,571

26,143 53,810

6 incominG ResouRces fRom chaRitaBle activities 2011£

2010 £

Funded places for schools/careers training 353,305 127,495Race Academies 83,199 83,102Schools and groups 807,428 945,065Recreation training 234,042 196,109Watersports careers training 269,093 301,649Yachting careers training 2,353,632 2,464,434

Training and Education 4,100,699 4,117,854

Student services and site income 98,875 145,896Ancillary site income - student shop and bar 61,621 215,534

Student services and site income 160,496 361,430

4,261,195 4,479,284

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

2011£

2010 £

Gross incoming resources from charitable activities 4,711,373 4,003,147Amounts deferred last year that have been released in the current year 1,950,082 2,426,219Amounts deferred to future periods (2,400,260) (1,950,082)

4,261,195 4,479,284

7 fundRaisinG tRadinG: cost of Goods sold and otheR costs 2011£

2010 £

Events 11,138 0Gipsy Moth IV 0 813Race Academies 5,050 5,405

16,188 6,218

8 costs of chaRitaBle activities 2011£

2010 £

Direct costs 2,974,891 3,237,891Support costs 370,593 326,950

Training and education 3,345,484 3,564,841

Direct costs 877,348 1,086,139Support costs 109,295 109,700

Student services 986,643 1,195,839

Total 4,332,127 4,760,680






9 suppoRt costs training andeducation

£

student services

£

totals

£General and administration salaries 263,701 77,770 341,471General office costs 50,796 14,981 65,777Information technology costs 19,913 5,873 25,786Other costs 36,183 10,671 46,854

Totals 370,593 109,295 479,888

10 GoveRnance costs 2011£

2010 £

Legal and other professional fees 8,429 2,587Finance office 11,999 12,000Support costs 2,000 2,000Auditors’ remuneration 12,500 13,000

34,928 29,587

11 net incominG ResouRces 2011 2010Net resources are stated after charging/(crediting): £ £

Auditors’ remuneration 12,500 13,000Auditors’ remuneration for non-audit work 0 3,280Operating lease rental for office equipment/vending machines 7,707 6,219Interest payable 18,871 21,416Depreciation - owned assets 291,758 350,098Surplus on disposal of fixed asset (4,307) (14,717)Impairment losses 49,745 115,406

2011 impairment losses relate to the write down of the carrying value of the catamaran.

12 tRustees’ RemuneRation and BenefitsThere were no trustees’ remuneration or other benefits for the year ended 31 January 2011 nor for the year ended 2010. Travelling expenses are reimbursed, if claimed, to trustees. In total £1,662 (2010: £1,535) was reimbursed to 5 trustees.

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

2011 no. 2010 no.Directly involved in achieving charitable objectives 130 122Management and financial administration of the charity 11 10

141 132

The aggregate payroll costs of the above were: 2011£

2010 £

Wages and salaries 1,893,445 1,774,680Social security 156,967 152,225

2,050,412 1,926,905

The number of employees whose emoluments exceeded £60,000 was: 2011 no. 2010 no.£60,000 to £69,999 1 1




14 stocKs Group 2011 £

charity 2011 £

charity 2010 £

Stocks for resale (trading) 4,116 0 53,520Inventories 159,130 159,130 133,134

163,246 159,130 186,654

15 deBtoRs Group 2011 £

charity 2011 £

charity 2010 £

Trade debtors for courses 904,479 896,577 722,506Due from subsidiary undertaking 0 56,631 0Other debtors 1,246 1,246 832Prepayments and accrued income 229,007 229,007 94,793

1,134,732 1,183,461 818,131

16 cash at BanK and in hand Group 2011 £

charity 2011 £

charity 2010 £

Petty Cash 8,230 8,230 11,791Bank Current Accounts 597,419 597,339 298,105Bank Deposit Accounts 296,246 296,246 254,514Cash held on fixed term bonds < 12 months 525,000 525,000 250,000

1,426,895 1,426,815 814,410

17 cReditoRs: amounts fallinG due within one yeaR

Group 2011 £

charity 2011 £

charity 2010 £

Trade creditors 105,495 103,547 85,131Due to subsidiary undertaking 0 46,482 0Social security and other taxes 66,895 66,895 41,281Other creditors 28,282 28,282 17,877Accruals and deferred income 2,258,749 2,258,749 1,949,349

2,459,421 2,503,955 2,093,638

Included within accruals and deferred income is a total of £2,217,677 (2010: £1,884,895) relating to amounts invoiced in advance of the commencement of training courses.

The following liabilities disclosed under other creditors falling due within one year were secured on tangible fixed assets:

2011 £

2010 £

0 35,000

18 cReditoRs: amounts fallinG due afteR moRe than one yeaR:

Group 2011 £

charity 2011 £

charity 2010 £

Accruals and deferred income 182,582 182,582 65,188

The £182,582 held within accruals and deferred income relates to amounts invoiced in advance of the commencement of training courses.




19 tanGiBle fixed assets freehold land and buildings

£

long leasehold buildings

£

swimming pool

£

equipment and training aids

£cost

At 1 February 2010 2,331,625 47,295 200,180 666,160Additions 30,033 0 0 24,205Elimination of fully depreciated assets 0 0 0 (424,938)Disposals 0 0 0 (9,459)

As at 31 January 2011 2,361,658 47,295 200,180 255,968

depReciationAt 1 February 2010 73,625 3,106 161,814 548,952Charge for year 10,979 478 10,009 45,746Elimination of fully depreciated assets 0 0 0 (424,938)Eliminated on disposal 0 (9,200)

As at 31 January 2011 84,604 3,584 171,823 160,560

net BooK valueas at 31 January 2011 2,277,054 43,711 28,357 95,408

As at 31 January 2010 2,258,000 44,189 38,366 117,208

motorvehicles

£

yachts & training

fleet£

totals £

costAt 1 February 2010 46,637 3,037,328 6,329,225Additions 22,879 169,971 247,088Elimination of fully depreciated assets 0 0 (424,938)Disposals (14,914) (301,956) (326,329)Impairments 0 (139,618) (139,618)

As at 31 January 2011 54,602 2,765,725 5,685,428

depReciationAt 1 February 2010 32,319 1,293,145 2,112,961Charge for year 12,287 212,259 291,758Elimination of fully depreciated assets 0 0 (424,938)Eliminated on disposal (13,760) (65,625) (88,585)Impairments 0 (89,873) (89,873)

As at 31 January 2011 30,846 1,349,906 1,801,323

net BooK valueas at 31 January 2011 23,756 1,415,819 3,884,105

As at 31 January 2010 14,318 1,744,183 4,216,264

Impairments in 2011 relate to the catamaran in yachts and training fleet, where the carrying value was higher than both net realisable value and value in use.




20 fixed asset investmentsMarket Value

listed investments

£

cash and money market

£

total £

At 1 February 2010 256,755 321,702 578,457Additions 172,176 50,000 222,176Net withdrawal of cash investments 0 (207,209) (207,209)Net unrealised gain on investment assets 295 0 295

At 31 January 2011 429,226 164,493 593,719

Investment in UKSA Trading Limited 1

593,720

2011£

Cost of listed investments as at 31 January 2011 428,931

Group investments consist of:Listed in the UK 429,226Overseas money market 150,000Cash held for investment 14,493

593,719

listed investments consist of:Henderson Global Strategic Bond 77,104Legal & General UT Dynamic Bond Trust 78,804M&G Securities Corporate Bond 75,240Tesco Corporate Bond 5% 2014 53,243BP Capital Markets 4% 2014 20,735Rabobank Nederland 4% 2015 51,355Aviva 5.9021% 20,125Vodafone Corporate Bond 4.625% 2014 52,620

429,226


21 movement in funds

at 1 feb 10 £

net movement in funds

£

transfers between

funds £

at 31 Jan 11 £

unrestricted fundsFixed assets fund 4,206,264 (329,659) 0 3,876,605General funds 215,200 322,818 6,596 544,614Trading 0 56,631 0 56,631

4,421,464 49,790 6,596 4,477,850

restricted fundsSwimming pool fund 10,000 (2,500) 0 7,500S Thomas bursary 23,626 3,001 (6,596) 20,031Baily Thomas CF 0 3,000 0 3,000Henry Smith Charity 0 14,025 0 14,025Gipsy Moth 0 38,288 0 38,288

33,626 55,814 (6,596) 82,844

total funds 4,455,090 105,604 0 4,560,694

net movement in funds, included in the above are as follows:

incomingresources

£

Resources expended

£

movement in funds

£unrestricted funds

Fixed asset fund 4,307 (333,966) (329,659)General funds 4,315,492 (3,992,674) 322,818Trading activities 273,151 (216,520) 56,631

4,592,950 (4,543,160) 49,790

restricted fundsSwimming pool fund 0 (2,500) (2,500)S Thomas bursary 3,001 0 3,001Baily Thomas CF 3,000 0 3,000Henry Smith Charity 16,200 (2,175) 14,025Gipsy Moth 40,000 (1,712) 38,288GBR Yacht Racing Academy 35,000 (35,000) 0

97,201 (41,387) 55,814

total funds 4,690,151 (4,584,547) 105,604




21 movement in fundS continued

unreStricted fundS

a) The fixed asset fund shows the level of funds held as unrestricted fixed assets.

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

reStricted fundS

a) The swimming pool fund represents a donation by the Maurice Laing Foundation towards the cost of the under-cover swimming pool. This has been included in fixed assets. The expenditure represents the proportion of depreciation on the pool in the year that has been covered by this donation.

b) The Stephen Thomas Bursary was set up in memory of Stephen Thomas to provide sailing and seamanship experiences for young people between the ages of 16 and 20. The income for the year represents donations and bank interest credited to the fund. £6,596 was transferred to the general fund in the year to provide training for employment for two young people.

c) The Henry Smith Charity has provided £16,200 in the year to support the employment costs of a Youth Development Co-ordinator, responsible for mentoring young people training for employment at UKSA, in order to maximise opportunities for disadvantaged and disabled young people from across the UK. There is a contingency to provide a further £47,700 in 2011, subject to satisfactory achievement of performance targets. £2,175 was spent up to January 2011 on the new appointment.

d) Gipsy Moth IV was sold to private individuals in 2010, who have chartered the vessel back to the charity for a nominal sum each year. A donation of £40,000 has been made to UKSA to preserve Gipsy Moth IV and to enhance her profile, and to make her available where practical to the British public. It is also intended that the yacht be used to raise awareness of the activities of UKSA with disadvantaged and disabled children and young adults. An amount of £1,712 was spent in the year on maintenance.

e) The Baily Thomas Charitable Fund granted £3,000 in the year for a residential sailing and watersports course in 2011 for the learning of disabled children from Mary Rose School, Portsmouth.

Sufficient resources are held in an appropriate form to enable each fund to be applied in accordance with the restrictions for their use.

22 related party diScloSureS

The company was under the ultimate control of the trustees. David Lister, Stephen Chipperfield and Ben Cussons are also trustees of the Whirlwind Charitable Trust (WCT), which made donations of £25,000 in the year to UKSA for youth training activities.

23 operating leaSeS

The company has an annual commitment of £7,706 (2009: £6,219) for lease of office equipment and vending machines.

24 capital commitmentS

The company has a capital commitment at 31 January 2011 of £30,041 for a new disabled lift.



RefeRence and administRative details

for uK Sailing academy ltd (uKSa)arctic road, coWeS, iSle of Wight, po31 7pq

patron

HRH The Princess Royal

founder

Noel Lister

ambaSSadorS

Dame Ellen MacArthur MBEHilary ListerShirley Robertson OBE

truSteeS

David Lister MBE (Chairman) Christopher Allen (appointed July 2010)Stephen ChipperfieldBen CussonsMrs Penelope Horne (retired July 2010)David King (appointed July 2010)Michael KoppsteinNoel Lister (retired July 2010)Mrs Sylvia Lister

adviSory group

Richard BeardsallJohn Berry Bob Bradfield Mike Bryan Edward Dolling Roger Edwardson Chris Fisher Jonathan Hadley-PigginRon Holland Penny Horne Linda Melton Richard Palmer Rob Sauven Mark SutcliffeDavid Wake Hamish Wilson

company Secretary

Erica Howard

www.uksa.org

Senior Strategic managerS

Jon Ely Chief Executive Niamh Cullen Director of Marketing (to May 2010)Erica Howard Director of Finance and Human Resources Daryl Pride Director of Sales & Marketing (from Apr 2010)Ben Willows Director of Operations

auditorS

haysmacintyre Fairfax House15 Fulwood PlaceLondonWC1V 6AY

banKerS

NatWest plcHigh StreetCowesIsle of WightPO31 7AU

SolicitorS

Bates, Wells & Braithwaite London 2-6 Cannon StreetLondon EC4M 6YH

Michelmores LLP Woodwater House Pynes HillExeter

inveStment managerS

Rensburg Sheppards InvestmentManagement Ltd2 Gresham StreetLondonEC2V 7QN

regiStered office

Arctic Road Cowes Isle of Wight PO31 7PQ

regiStered company number

02251024 (England and Wales)

regiStered charity number

299248

Documents

Report and Accounts 2010/11