Report and Accounts 2009/10

RepoRt and accounts JanuaRy 20101

RepoRt and accounts 2009/10

for the financial year ending 31 January 2010uK Sailing academy ltdregiStered 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

yacht racing

financial revieW

future developmentS

Structure, governance and management

Statement of truSteeS’ reSponSibilitieS

independent auditor’S report

Statement of financial activitieS

balance Sheet

caSh floW Statement

noteS to the financial StatementS

reference and adminiStrative detailS

contents

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RepoRt and accounts JanuaRy 2010 3

RepoRt fRom the chaiR of tRustees and chief executive During the year to January 2010 we have increased access and opportunity to a wider section of society, and have made significant progress towards our key objective of improving the lasting benefit we make to each individual young person. We have achieved this by working with partner organisations to identify and support those most in need, by providing financial support, and by widening our offer of activity, education and support.

Driven by the need to grow lasting impact we are delighted with the progress of a new initiative, partnering with schools and colleges to offer academic qualifications, delivered through inspirational maritime activity. This has enabled a whole new section of young people to benefit from training at UKSA.

A particular focus has been to provide the best outcomes for young people within career training, and this has resulted in key improvements to industry guidance, enhanced relationships with employers, and our accreditation with the British Accreditation Council. Key partnerships with The Prince’s Trust, Trinity House and Nielson have strengthened and new beneficial partnerships have been agreed.

Our local provision for the young people of the Isle of Wight and Hampshire has increased with the development of “H2O” structured evening activity programmes for both able and disabled young people.

A significant partnership with the Royal Yachting Association, the British Keelboat Academy, has extended the reach of our racing programme.

We have had many significant successes in the year, although a tough economy has challenged the organisation, restricting our ability to achieve all of our strategic objectives. In particular, fundraising has performed below previous years and the number of young people able to access careers courses has reduced. However, robust remedial restructure during the year has enabled the core business area to remain financially stable. We have prudently taken steps to review the value of our fixed assets this year, which has resulted in the impairment of some assets, and a resultant negative impact of the Statement of Financial Activities.

We believe UKSA is now in a strong position to move forward in an improving market.

A significant development during the year was the appointment of three new acting trustees whose positions will be confirmed in 2010, and the formation of a powerful advisory group who will contribute to the development and success of our charity.

We are at the centre of a vibrant community that works with us to help young people overcome enormous challenge, and our goal remains permanent, positive change for each young life. This vision is only achievable with the dedication of our staff, partners, supporters, trustees, ambassadors and Patron.

Thank you.

david liSter: chair of truSteeS Jon ely: chief executive

david liSter: chair of truSteeSJon ely: chief executive

We have made significant progress towards our key objective of improving the lasting benefit we make to each individual young person.

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We achieve this 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) Yacht Racing - through the GBR Yacht Racing Academy and the British Keelboat Academy, we support young people aged between 18 and 25 in developing confidence, self-belief and team skills through the intense challenge of high performance yacht racing.

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 watersports 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.

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 2010. 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.

the main obJectiveS for the year Were:

// To expand our partnerships and work with other charities and like-minded organisations to reach more beneficiaries. We actively identified and fostered new partnerships with other organisations whose philosophy and level of competence complemented our own; this included working with the police and young offenders groups who focus on rehabilitation and crime prevention, and a partnership with the Royal Yachting Association for youth racing in the creation of the British Keelboat Academy. We expanded our work with existing partnerships such as the Prince’s Trust and local schools to provide training opportunities to more individuals.

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

We help young people to develop their self-esteem, confidence, motivation and teamwork skills - the essential attributes for a fulfilling engagement with society and meaningful future.“

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// To widen schools participation and develop schools curriculum courses. We delivered a new training course to NVQ students in Activity Leadership with the Isle of Wight College, and the students who attended this first course have enjoyed great success. The course will run until July 2010, and will be supplemented by BTEC and other educational and vocational engagement courses with local high schools. This is part of our key strategic partnership with schools and colleges in higher and further education.

// To expand our work with youth employment opportunities through educational funding, by dedicating key staff members to research and facilitate initiatives. Income from educational funding grew in the year for further and higher education and the work done in the year will benefit young people through training and employment. We invested in a full time equivalent role to resource youth and schools development projects, and this remains a targeted growth area for future years.

// To continue to improve our maritime careers courses by ongoing assessment of content, student mentoring, achievements, and employment opportunities. The student achievement from careers training has improved in the year and is at a high level. In November 2009 we received accreditation from the British Accreditation Council, further strengthening our commitment to the quality of training and student services. A major review of our provision of Industry Guidance to our students has resulted in improved support and job outcomes for students.

// To invest in dedicated fundraisers to increase funding for all four core areas of activity. We have had a challenging year in fundraising because of the impact of external economic pressures, but this has been punctuated by some inspirational developments. We have seen an improvement in trust donations; however the economic recession has led to a downturn in individual and corporate donations. We have had successful outcomes from our Achievement Awards evening and individual fundraising events, particularly with local community engagement.

// To ensure our buildings, facilities and fleet are maintained to a high quality. We invested additional funds in the year for the upkeep of the buildings and student feedback remains good with regard to the facilities provided.

// To continue to expand the involvement of volunteers within the charity, by offering more opportunities for involvement and targeting key projects. A key success in the year has been to develop a volunteer community across all functions of the organisation. This includes external individuals such as Jacey Abram, a local artist who helped transform the young people’s chill-out room; corporate organisations such as Salesforce.com and Liz Earle Skincare UK, whose employees contributed to projects and fundraising events; and our own staff at UKSA becoming involved in activities outside of their normal roles within the organisation and taking part in training activities, events, and maintenance projects.

activity Summary for the year to 31 January 2010

throughout the year, 7,247 individuals have benefited from maritime education and personal development at uKSa. We have provided £244,216 of assisted funding to these deserving people and groups.

93% OF OUR BENEFICIARIES ARE UNDER 25.

Schools & Youth Groups531

Maritime Careers and Training30

Disability311

Yacht Racing197

Schools & Youth Groups6,090

Maritime Careers and Training691

Disability311

Yacht Racing155

number of individualS benefiting from charitable activity at uKSa in 2009/10

number of individualS benefiting from aSSiSted funding at uKSa in 2009/10

uKsa values

// Responsible investment

// Restless quality

// Liberating potential

// Positive inclusivity

// Transparent professionalism

// Fun


It’s a joy to help so many young people discover the excitement of sailing, and observe their personal development

“ “schools and youth GRoups…changing livesWe have inspired positive and impactful outcomes for young people through adventurous activity, creative education, leadership and mentoring, and some of our key areas of impact are highlighted below.

a neW future

Ahoy, based in South London, focuses on working with young people with disadvantage or disability. Partnering with UKSA enables Ahoy to offer a much broader range of experience, with the personal development gained through activities having lasting and impactful outcomes.

laSting partnerShipS

A partnership lasting 11 years and totalling 33 residential trips has proved invaluable to the pupils of Dr. Challenor’s Grammar School. Most students visit several times, working towards advanced watersports and yachting certificates.

We try to enable every student to target what they want to achieve afloat, but the big picture is they are able to go away and reflect about who they are. It’s a joy to help so many young people discover the excitement of sailing, and observe their personal development.

Jeremy graham, teacher

academic SucceSS

Wye Valley School and UKSA partner to deliver a curriculum-enhancement programme for the benefit of GCSE and sixth-form students. Tackling the challenges presented by water-based activities stimulates increased confidence and helps students cope with new situations at school, and in their family and social lives.

The students have just received their exam results this summer; all grades are above their targets. We attribute this to our work with UKSA.

linda melton, head teacher

Starting early

Our on-water activities have very positive effects on the personal development of young people at an early age. The children aged 10-11 from Bangabandhu Primary School, in the heart of London’s East End, received financial assistance from UKSA.

We see a very positive change even at this early age. Pupils communicate better with each other and their teachers. Visiting UKSA also improves confidence in dealing with new situations, develops independence and their ability to organise themselves. Without UKSA’s support our students would not get this opportunity.

Katie miK, aSSiStant head teacher

laSting benefitFor our young people the whole

experience of being at UKSA has created a lasting impact in every area of their lives – working together as a team, feeling in control, being aware of other people’s needs, and achieving things they never thought they could.

ibby yuSef, principal ahoy centre

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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 progression 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

// 6,090 individual young people have been inspired by residential activities at UKSA

// £60,971 of assisted funding has been provided through UKSA to support schools and youth groups

// This has enabled 531 deserving young people, who would not otherwise have had the opportunity, to access inspiring activities afloat

2,459 School Groups

3,631 Youth Groups

ACHIEVEMENT AND PERFORMANCE

YOuNG PEOPlEBENEFICIARIES

It changed my life“

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breaKing neW ground

Increasing scope for positive change, a new NVQ programme has enabled young people from the age of 16 to benefit from vocational maritime training. This practical programme is ideal for young people who don’t naturally engage in mainstream education, helping personal development and supporting academic achievement.

I didn’t really enjoy school and found being in a classroom difficult. This gives me a whole new way to learn – it’s really practical. When I need to write anything I get support and I’m learning more than if I stayed in school. I love what I’m learning and eventually want to be a qualified watersports instructor.

danny peterSon, nvQ Student

Supporting achievement

Supporting ambition and self-belief at an early stage is essential to ensuring an individual realizes their true potential. For some, the goal is gaining a job, for others it is conquering the world. Supporting and encouraging ambition is core to our work. UKSA has an unrivalled track record in providing a platform for launching personal ambition, including record breakers Hilary Lister and Dee Caffari.

19-year old Rob Cumming aims to be the youngest person to race single-handed, non-stop around the world in the 2012 Vendée Globe. His approach and attitude are inspirational, despite his young age. He has already completed the Fastnet Race and worked tirelessly to successfully raise funds to start the 2009 OSTAR.

I have completed more than 10 courses at UKSA, receiving professional training and fantastic advice. UKSA has helped me keep on track towards achieving my lifetime goal.

rob cumming

inSpiring future leaderS

UKSA’s partnership with Trinity House aims to prepare the future leaders of the super yacht sector, and provides funding for talented and focused young people to study for a three-year Yachting Cadetship and Foundation Degree.

Aiden Gerry is currently on a work placement on one the world’s most famous super yachts. This 72m vessel has broken records for its stunning design and technical features. This placement provides a fantastic learning environment at the cutting edge of yacht technology. Aiden will return to UKSA later this year for his next phase of training.

The Cadetship has opened up huge opportunities for me and the Trinity House support has enabled me to be here. I never thought I’d try so hard and do well at something – I didn’t get on at school, so for me this is the opportunity of a lifetime.

aiden gerry

maRitime caReeRs…changing livesWe have provided inspirational vocational pathways for young people, leading to meaningful employment. This has been achieved through personal guidance, challenge and mentoring. Some of our key areas of impact are highlighted below.

laSting benefit

A vehicle for dramatic change in young people’s lives, Josh came to UKSA through The Prince’s Trust, after supporting his mother from the age of 15. He was the household’s sole breadwinner, sometimes working in two or three jobs at once. A relentlessly positive approach saw him excel in his training. After qualifying he worked at UKSA, inspiring a variety of young people with his zest for life and learning.

This has massively broadened my horizons. I would never have thought half of this would be possible, but I know now what I want to do with my life.

JoSh SticKland

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We are working to develop pathways for young people through education and into employment. As part of our strategy to provide educational courses linked with curriculum, we have developed a new NVQ Level 2 in Activity Leadership in partnership with the Isle of Wight College.


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







When I need to write anything I get support and I’m learning more than if I stayed in school“

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// UKSA has helped 691 students to gain qualifications for meaningful employment within the maritime sector

// This year £71,119 of assisted funding has been provided through UKSA to support training for maritime careers

// This has enabled 30 individuals to benefit as a result of assisted funding

EMPlOYMENT OPPORTuNITIES

210 Waterports

343 Engineering

134 Captains / Skippers

82 Shore based

25 Couples

91 Deckhand

89 Mate

172 Delivery Crew

181 Steward / Stewardess

100 Others



community impactChildren with severe difficulties and complex needs from Medina House School visited weekly on a structured programme tailored to work within their school curriculum.

Our students benefit hugely from the realization that, because they can succeed at the activities provided by UKSA, they can achieve many things in their everyday lives that they previously might not have thought possible.

robin goodfelloW, head teacher

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poSitive outcomeS

Mary Rose School uses PE and sport to improve learning for young people with serious and complex physical and learning disabilities. Students embrace activities afloat with great enthusiasm which, in turn, boosts their confidence and ability to tackle the challenges they may face in life.

A visit to UKSA gave my son the opportunity to take part in activities we never thought he would be able to do. This gave him more independence and confidence.

Jim’S mother

overcoming neW obStacleS

Eight-year old Harriet Little recently became disabled and is now wheelchair bound. Overcoming the fear of doing something new made a huge difference, enabling her to break down the emotional barriers that disabilities can create in a supportive and enjoyable environment.

My wife and I encouraged Harriet to get involved with activities at UKSA, as her self-confidence in undertaking new challenges was very low. She found she could take part in and enjoy every aspect of the programme. Harriet loved her time at UKSA, and this has increased our confidence in the future that lies ahead for her.

chriS little, harriet’S father

opening doorS through partnerShip

Chris lost his leg above his knee through active service in Iraq. He was introduced to sailing through UKSA partner charity Toe in the Water. Chris had to reassess his career goals after his injury and started the three-year UKSA Cadetship programme in May 2009, with the ambition of becoming a captain on the largest super yachts.

disaBility… changing livesWe have helped to overcome the emotional barriers created by disability by building independence through confidence and using adventurous activities to challenge conventional barriers, and some our key areas of impact in 2009 are highlighted below.

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A visit to UKSA gave my son the opportunity to take part in activities we never thought he would be able to do. This gave him more independence and confidence

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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





// 311 people with disability have benefited from the facilities and expertise at UKSA

// £8,903 of assisted funding has been delivered to fund inspirational activities afloat



The scheme gives young people from all backgrounds a unique opportunity to learn and develop their racing and general life skills from the very best people“ “

driving progreSSion

Amy Prime progressed from racing small keelboats to the Farr 52 Chernikeeff 2. She was awarded the Royal Ocean Racing Club’s top youth trophy at the age of just 18.

Through UKSA I have gained a unique opportunity to race on a large performance yacht with a group of like-minded young people. The challenges faced have developed my determination and confidence and have acted as a stepping stone into the sailing community, allowing access to other opportunities, which would otherwise be hard to gain.

amy prime

at the top of the Sport

Chris Noble was selected for the Yacht Racing Academy at UKSA in 2008. This has given him access to the highest echelons of yacht racing, including the RC44 circuit, racing and Extreme 40 with America’s Cup legend Russell Coutts, and work with the BMW Oracle Racing America’s Cup Team.

The sailing skills I have learned through the Academy have seriously helped me progress. Without the Academy I would not have developed the skills, attitude and ability I need to achieve.

chriS noble

corporate benefitS

The personal skills of Race Academy squad members are developed through taking responsibility for charter guests on corporate charters. This benefits the companies involved and the young people.

We are delighted to be able to support such a good cause. It is so important to help these young people reach their potential. These people are hugely inspirational and our involvement with the squad has been hugely motivating for me and my team.

chriS tatterSall, managing director of Smart uK

yacht RacinG…UKSA uses the intense challenge of high performance yacht racing to develop confidence, self-belief and team skills. In 2009, UKSA partnered with the Royal Yachting Association (RYA) and launched the British Keelboat Academy to extend the reach to more young people through racing.

changing lives

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Shirley robertSon, olympic gold medaliSt and uKSa ambaSSador

opportunity for allFor many young people the excitement of racing is the catalyst for positive focus and change.

UKSA’s vision is to provide a structured pathway for young people to access on-the-water activities that build their life skills and provide opportunities to get involved in a healthy level of competition.

luKe mccarthy, head coach, britiSh Keelboat academy

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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







// 31 race squad members

// 197 keelboat training sessions delivered to novice sailors

// 8 race events

// 19 days racing

// £96,498 of assisted funding

// 25 race squad training days delivered during season



overvieW and impact of the receSSion

The financial year to January 2010 was full of challenge, with an exceptionally busy summer season for schools and groups, against an underlying trend of reducing numbers on some maritime careers training courses. The impact of the economic recession affected the organisation in the latter part of the financial year. We started 2009 with healthy forward bookings across all areas of activity, but had planned for an overall reduction in income through the year in our budget. Students were finding it harder to access funds for training, and the lead time for booking on to the courses reduced. This presented immediate challenges in maintaining course contributions and gave us less certainty in forward bookings than we had previously experienced. As the impact from the recession followed our forecasts, we were able to take robust action in reducing costs and restructuring the business from September 2009. The results of these actions have stabilised the core delivery costs and overheads going forwards and the outlook for 2010 is one of improved financial controls with continuing quality of delivery. As we move in to the new financial year, our forward bookings have also shown improvement.

inveStment for groWth

During the year we made significant investment in our fundraising resource, having made the decision in September 2008 to appoint two fundraisers to grow our capability. 2009 was a tough year for many charities that rely on fundraised income; however the appointment of a dedicated Trust fundraiser brought good results for us in this new arena, with 20 new Trusts providing donations to support our charitable activities for 2009 and 2010. We plan to build on this further in 2010. However, fundraising from corporate organisations, individuals and grants shrank in the year, with £200,401 being raised in the year to January 2010 compared to £461,074 in the previous year.

We increased our investment in schools development in the year, with a full-time equivalent resource to drive schools sales and develop educational courses. We also retained the services of an experienced schools consultant to provide the appropriate level of expertise as we developed new products and targeted new schools business. While the costs of development have been incurred in this financial year, the results of this investment will not fully materialise until the academic year 2010/2011 and beyond. One very successful pilot curriculum course with the IW College began in 2009 and will run until June 2010, with another course planned for the following September.

fixed aSSetS

The majority of the charity’s fixed assets comprise the freehold land and buildings of the premises at Cowes, £2,272k, and the training fleet of yachts and watersports craft, £1,744k. The trustees took the prudent decision to impair the values of the motor yacht and some donated training equipment, where the respective carrying values were higher than their net realisable values, and the values in use. The total impairment amounted to £115,406 which has a significant impact in the Statement of Financial Activities, but ensures a fairer value of the tangible fixed assets on the balance sheet. 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.

financial RevieW

inveStmentS

UKSA has the power to invest in any way the trustees decide would further the objects 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 (SIBA’s), which attracted a variable rate throughout the year. Funds were also placed on Treasury deposit and fixed term Bonds 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 SIBA’s and fixed term bonds were deemed to be adequate to meet the short-term cash flow requirements of the business. The balance of cash funds were transferred to fixed asset investments. £533,000 of funds which had been deposited with the Whirlwind Charitable Trust were withdrawn and placed with Rensburg Sheppards to invest primarily in fixed interest securities with low to medium risk. Details of investments held are given in note 18 to the Financial Statements. The movement in cash funds held in the year has increased fixed assets held as investments and reduced net current assets on the balance sheet.


financial reSultS for the year

Total incoming resources from all sources of revenue for the year were £4,588k which just bettered our budget for the year of £4,559k, but was a reduction of 8.5% on prior year.

Total resources expended, excluding the investments in schools development and fundraising, and impairment of assets, were £4,552k. This was slightly under our budget of £4,554k, and was a reduction of 8.4% on prior year.

Net income from core activities is £36k, a similar return as 2009, achieved with lower turnover and some increased costs from inflationary rises. After investments in schools development and fundraising of £131k, and asset impairments of £115k, this gives a net deficit for the year of £206k, which compares to £31k for January 2009.

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

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, and for the Stephen Thomas Bursary, which was created in memory of Stephen Thomas, to provide sailing and seamanship experiences for young people between the ages of 16 and 20.

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, do not feel it is necessary to hold more than one month’s unrestricted reserves in addition to the amount deferred. At current levels, this would be equivalent to about £360,000. The free funds, described as general unrestricted funds on the balance sheet, do not meet that amount at 31 January 2010 and the trustees are looking at ways to increase the current amount of free reserves to meet the target. Transfers between reserves represent the application of restricted and designated funds to capital projects and transfers to maintain the committed value of restricted funds.

£2,221k (47%) Direct cost of training

£257k (5%) Other direct delivery

£7k (0%) Generating funds

£548k (12%) Marketing and fundraising

£115k (2%) Impairment of fixed assets

£97k (2%) Consultancy and development

£882k (18%) Site accommodation

£204k (4%) Student services

£437k (9%) Support costs

£30k (1%) Governance

expenditure 2009/10

income 2009/10

£2,837k (62%) Maritime careers

£83k (2%) Yacht racing

£196k (4%) Recreation training

£361k (8%) Student services and site income

£9k (0%) Disability

£15k (0%) Other income

£993k (22%) Schools and youth groups

£94k (2%) Generated funds

£000

£000


futuRe developments

The trustees want to deliver even more potential fulfilment to young people at UKSA. Our aims for next year are outlined for each of the four core areas of activity.

// Schools and Youth Groups – to increase impact on young lives by developing schools curriculum and education into employment opportunities, and widening schools participation by opening accessibility

// Maritime Careers – to expand on our work with ‘NEETs’ (Not in Education, Employment or Training), young offenders and those at risk or in rehabilitation, who stand to gain huge benefit from the opportunities offered by maritime training. We will also continue to develop our training courses to increase suitable employment opportunities for all students

// Disability – to expand our provision and opportunity for those with disability through fundraising and supported activities at UKSA

// Racing – to extend our reach to more young people by building on the partnership with the Royal Yachting Association through the British Keelboat Academy and generate funds through increased corporate activity

UKSA has a wholly owned trading subsidiary, UKSA Trading Limited, and a key strategic development for 2010 will be to drive activity through the trading company to generate funds to support the work in the core areas of charitable activity.


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 hold regular meetings at UKSA, in conjunction 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, which is approved by the Board. Reports are made to the Board on a quarterly, and ad hoc, basis with regard to financial performance, health and safety, legal and statutory compliance, key operational issues, and monitoring strategic plans.

recruitment and appointment 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. There shall be at least three trustees. Three acting trustees were appointed in November 2009; the appointments will be confirmed in 2010.

induction and training of neW truSteeS

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 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. New trustees are required to undergo a six month induction period with the charity before taking up full trusteeship.

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 an £8,000 donation in the year.

UKSA has set up a wholly owned subsidiary - UKSA Trading Limited - to operate commercial facilities. It was dormant at 31 January 2010, and has one share, which is owned by UKSA. The company will become fully operational in 2010.

riSK aSSeSSment

The trustees 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 quarterly to the Board on operational and health and safety risks.

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 appointed Mentor Services in the year 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.

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.

on behalf of the board:

statement of tRustees ResponsiBilities in accoRdance With companies act 2006

D Lister -Trustee

Date

19 may 2010


independent auditoR’s RepoRt to the memBeRs of uK sailinG academyWe have audited the financial statements of UK Sailing Academy for the year ended 31 January 2010 which comprise the Statement of Financial Activities, the Balance Sheet, Cash Flow Statement and the related notes. The financial statements have been prepared under the accounting policies set out therein.

This report is made solely to the charitable company’s members, as a body, in accordance with Section 495 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.

reSpective reSponSibilitieS of truSteeS and auditorS

The responsibilities of the trustees, who are also the directors of the charity for the purposes of company law, for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and for being satisfied that the financial statements give a true and fair view, are set out in the Statement of Trustees’ Responsibilities.

Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland).

We report to you our opinion as to whether the financial statements give a true and fair view, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and have been prepared in accordance with the Companies Act 2006. We also report to you whether in our opinion the information given in the Trustees’ Report is consistent with those financial statements. In addition we report to you if, in our opinion, the charitable company has not kept adequate accounting records, if the charitable company’s financial statements are not in agreement with the accounting records and returns, if we have not received all the information and explanations we require for our audit, or if certain disclosures of trustees’ remuneration specified by law are not made.

We read the Trustees’ Report and consider the implications for our report if we become aware of any apparent misstatements within it.

baSiS of audit opinion

We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the trustees in the preparation of the financial statements, and of whether the accounting policies are appropriate to the charitable company’s circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of Information in the financial statements.

opinion

In our opinion

// The financial statements give a true and fair view of the state of the charitable company’s affairs as at 31 January 2010 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

// The financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

// The financial statements have been prepared in accordance with the Companies Act 2006; and

// The information given in the Trustees’ Report is consistent with the financial statements.

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

Fairfax House15 Fulwood PlaceLondonWC1V 6AY

……………………..


statement of financial activities

notes unrestrictedfunds

£

Restrictedfunds

£

total2010

£

total2009

£

incominG ResouRcesincoming resources from generated funds:

Voluntary income 2 21,484 0 21,484 1,445Activities for generating funds 3 18,500 0 18,500 109,314Investment income 4 53,580 230 53,810 76,105

incoming resources from charitable activities: 5

Training and education 4,052,854 65,000 4,117,854 4,418,533Student services 361,430 0 361,430 386,921

other incoming resources:Gain on disposal of tangible fixed assets 14,717 0 14,717 20,709

total incoming resources 4,522,565 65,230 4,587,795 5,013,027

ResouRces expendedcost of generating funds:

Fundraising trading: cost of goods sold and other costs

6 6,218 0 6,218 46,220

Costs of managing investments for income 1,365 0 1,365 0

cost of charitable activities: 7

Training and education 3,499,841 65,000 3,564,841 3,899,680Student services 1,193,339 2,500 1,195,839 1,064,445

Governance costs 9 29,587 0 29,587 33,222

total resources expended 4,730,350 67,500 4,797,850 5,043,567

net outGoinG ResouRces BefoRe tRansfeRs

(207,785) (2,270) (210,055) (30,540)gross transfers between funds 19 2,000 (2,000) 0 0

net outGoinG ResouRces BefoRe otheR RecoGnised Gains

(205,785) (4,270) (210,055) (30,540)unrealised gains on investment assets 3,872 0 3,872 0

net movement in funds (201,913) (4,270) (206,183) (30,540)

total funds brought forward 4,623,377 37,896 4,661,273 4,691,813

total fundS carried forWard 4,421,464 33,626 4,455,090 4,661,273

continuing operationS

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

for the year ended 31 January 2010 (incorporating income and expenditure account)


Balance sheet

notes unrestrictedfunds

£

Restrictedfunds

£

total2010

£

total(Restated)

2009£

fixed assetsProperty, equipment and training fleet Investments

17 18

4,206,264 10,000 4,216,264 4,633,776

578,457 0 578,457 0

4,784,721 10,000 4,794,721 4,633,776

cuRRent assetsStocks 13 186,654 0 186,654 201,211Debtors 14 818,131 0 818,131 1,037,172Cash at bank and in hand 790,784 23,626 814,410 1,585,731

1,795,569 23,626 1,819,195 2,824,114

cReditoRsAmounts falling due within one year 15 (2,093,638) 0 (2,093,638) (2,661,254)

net current aSSetS (298,069) 23,626 (274,443) 162,860

total aSSetS leSS current liabilitieS

4,486,652 33,626 4,520,278 4,796,636

cReditoRsAmounts falling due after more than one year 16 (65,188) (65,188) (135,363)

net aSSetS 4,421,464 33,626 4,455,090 4,661,273

funds 19

unrestricted fundsDesignated tangible fixed asset fund 4,206,264 4,621,276Unrestricted general funds 215,200 2,101

4,421,464 4,623,377

Restricted funds 33,626 37,896

total fundS 4,455,090 4,661,273

aS at 31 January 2010

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

19 may 2010


cash floW statement

notes 2010£

2009£

net cash infloW fRom opeRatinG activities 1 (191,884) 494,623

RetuRns on investments and seRvicinG of finance

Dividends Received 7,239 0Interest Received 46,571 76,105Interest Paid and fees (21,516) (33,223)

32,294 42,882

capital expendituRe and financial investmentPurchase of investment assets (578,456) 0Purchase of tangible fixed assets (50,955) (314,799)Sale of tangible fixed assets 17,680 79,220

(611,731) (235,579)

cash inflow before use of liquid resources and financing (771,321) 301,926

manaGement of liQuid fundsIncrease in short term deposits 548,236 (40,891)

financinGRepayment of loan 0 (169,075)

decrease in cash in the year 2 (223,085) 91,960

for the year ended 31 January 2010


cash floW statementfor the year ended 31 January 2010

continued

2010£

2009£

note 1Reconciliation of net outGoinG ResouRces to net cash outfloW fRom opeRatinG activities

Net outgoing resources (210,055) (30,540)Depreciation charges 350,098 392,558Profit on disposal of fixed assets (14,717) (20,709)Dividends received (7,239) 0Interest received (46,571) (76,105)Interest paid and charges 21,516 33,223Unrealised gains on investment assets 3,872 0Impairment of tangible fixed assets 115,406 0Decrease in stocks 14,557 6,801Decrease in debtors 219,041 405,445(Decrease) in creditors (637,792) (216,050)

net cash inflow from operating activities (191,884) 494,623

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

Decrease in cash in the year (223,085) 91,960Decrease in short term deposits (548,236) 40,891Cash outflow from decrease in financing 0 169,075

Movement in net funds in the year (771,321) 301,926Net debt at 1 February 1,585,731 1,283,805

Net debt at 31 January 814,410 1,585,731

analysis of chanGes in net deBt at 1.2.08 £

cash flow £

at 31.1.09 £

Cash at bank and in hand 532,981 (223,085) 309,896Short term deposits 1,052,750 (548,236) 504,514

total 1,585,731 (771,321) 814,410


notes to the financial statementsfor the year ended 31 January 2010

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) 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.

c) 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.

d) tangible fixed aSSetS

Tangible fixed assets costing more than £1000 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).

e) 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.

f) 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 use 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.

g) StocKS

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

h) 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.

i) 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.

J) leaSed aSSetS

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

K) 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 2010£

2009 £

Donations 13,120 1,445Grant funding 8,364 0

21,484 1,445

3 activities foR GeneRatinG funds 2009£

2009 £

Gipsy Moth IV 5,104 51,106GBR Yacht Racing Academy 13,396 58,208

18,500 109,314

4 investment income 2009£

2009 £

Dividends received 7,239 0Deposit account interest 46,571 76,105

53,810 76,105

5 incominG ResouRces fRom chaRitaBle activities 2009£

2009 £

Funded places for schools/careers training 127,495 174,718Gipsy Moth IV 0 3,414Race Academies 83,102 191,119Schools and groups 945,065 908,859Watersports recreation training 84,079 82,960Watersports careers training 301,649 315,781Yachting recreation training 112,030 113,117Yachting careers training 2,464,434 2,628,565

training and education 4,117,854 4,418,533

Student services and site income 145,896 147,335Ancillary site income - student shop and bar 215,534 239,586

Student services and site income 361,430 386,921

4,479,284 4,805,454

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:

2010£

2009 £

Gross incoming resources from charitable activities 4,003,147 4,622,259Amounts deferred last year that have been released in the current year 2,426,219 2,609,414Amounts deferred to future periods (1,950,082) (2,426,219)

4,479,284 4,805,454

continued


6 fundRaisinG tRadinG: cost of Goods sold and otheR costs 2010£

2009 £

Gipsy Moth IV 813 26,413GBR Yacht Racing Academy 5,405 19,807

6,218 46,220

7 costs of chaRitaBle activities 2010£

2009 £

Direct costs 3,237,891 3,640,555Grant funding of activities 0 0Support costs 326,950 259,125

training and education 3,564,841 3,899,680

Direct costs 1,086,139 993,714Support costs 109,700 70,731

Student services 1,195,839 1,064,445

4,760,680 4,964,125


8 suppoRt costs training andeducation

£

student services

£

totals

£General and administration salaries 211,262 70,892 282,154General office costs 45,066 15,117 60,183Information technology costs 38,732 12,992 51,724Other costs 31,891 10,698 42,589

Totals 326,950 109,700 436,650

9 GoveRnance costs 2010£

2009 £

Legal and other professional fees 2,587 4,722Finance office 12,000 12,000Support costs 2,000 2,000Auditors’ remuneration 13,000 14,500

29,587 33,222

continued

10 net incominG/(outGoinG) ResouRces 2010 2009Net resources are stated after charging/(crediting): £ £

Auditors’ remuneration 13,000 14,500Auditors’ remuneration for non-audit work 3,280 0Operating lease rental for office equipment 6,219 4,533Interest payable 21,516 33,233Depreciation - owned assets 350,098 392,558Surplus on disposal of fixed assets (14,717) (20,709)Impairment losses 115,406 0

2010 impairment losses relate to the write down of the carrying value of the motorboat and donated assets.

11 tRustees’ RemuneRation and BenefitsThere were no trustees’ remuneration or other benefits for the year ended 31 January 2010 nor for the year ended 2009. Travelling expenses are reimbursed, if claimed, to trustees. In total £1,535 (2009: £872) was reimbursed to 3 trustees.



notes to the financial statements continued

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

2010no.

2009no.

Directly involved in achieving charitable objectives 122 112Management and financial administration of the charity 10 9

132 121

The aggregate payroll costs of the above were: 2010£

2009 £

Wages and salaries 1,774,680 1,741,771Social security 152,225 149,403

1,926,905 1,891,174

The number of employees whose emoluments exceeded £60,000 was: 2010no.

2009no.

£60,000 to £69,999 1 1

13 stocKs 2010£

2009(Restated)

no.Stocks for resale 53,520 60,822Inventories 133,134 140,389

186,654 201,211

14 deBtoRs 2010£

2009 £

Trade debtors for courses 722,506 886,186Other debtors 832 0Prepayments and accrued income 94,793 150,986

818,131 1,037,172

15 cReditoRs: amounts fallinG due Within one yeaR 2010£

2009 £

Trade creditors 85,131 118,836Social security and other taxes 41,281 42,080Other creditors 17,877 101,984Accruals and deferred income 1,949,349 2,398,354

2,093,638 2,661,254

Included within accruals and deferred income is a total of £1,884,895 (2009: £2,325,855) relating to amounts invoiced in advance of the commencement of training courses.

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

2010£

2009 £

35,000 83,604

16 cReditoRs: amounts fallinG due afteR moRe than one yeaR: 2010£

2009 £

Accruals and deferred income 65,188 135,363

The £65,188 held within accruals and deferred income relates to amounts invoiced in advance of the commencement of training courses, the equivalent figure for 2009 was £100,364..




17 tanGiBle fixed assets Property, Equipment and Training Fleet

freehold land and buildings

£

long leasehold buildings

£

swimming

pool £

furniture and

equipment £

costAt 1 February 2009 2,328,861 47,295 200,180 763,187Additions 2,764 0 0 25,476Disposals 0 0 0 (122,503)

As at 31 January 2010 2,331,625 47,295 200,180 666,160

depReciationAt 1 February 2009 62,646 2,628 151,805 551,503Charge for year 10,979 478 10,009 60,923Impairments 0 0 0 (63,474)

As at 31 January 2010 73,625 3,106 161,814 548,952

net BooK valueAs at 31 January 2010 2,258,000 44,189 38,366 117,208

As at 31 January 2009 2,266,215 44,667 48,375 211,684

motorvehicles

£

yachts and

training fleet

(Restated) £

totals £

costAt 1 February 2009 43,137 3,222,626 6,605,286Additions 3,500 19,215 50,955Disposals 0 (32,367) (32,367)Impairments 0 (172,146) (294,649)

As at 31 January 2010 46,637 3,037,328 6,329,225

depReciationAt 1 February 2009 22,139 1,180,789 1,971,510Charge for year 10,180 257,529 350,098Eliminated on disposal 0 (29,404) (29,404)Impairments 0 (115,769) (179,243)

As at 31 January 2010 32,319 1,293,145 2,112,961

net BooK valueas at 31 January 2010 14,318 1,744,183 4,216,264

as at 31 January 2009 20,998 2,041,837 4,633,776

Impairments in 2010 relate to the motorboat in yachts and training fleet, and donated technical equipment in equipment and training aids, where the respective carrying values were higher than both net realisable value and value in use.




18 fixed asset investmentsmarket value

listed investments

£

cash and money market

£

totals

£At 1 February 2009 0 0 0Additions 252,883 1,121,958 1,374,841Net withrawal of cash investments 0 (800,256) (800,256)Net unrealised gain on investment assets 3,872 0 3,872

At 31 Janaury 2010 256,755 321,702 578,457

2010 £

Cost of listed investments as at 31 January 2010 252,883

investments consist of: totals £

Listed in the UK 256,755Overseas money market 300,000Cash held for investment 21,702

578,457

listed investments consist of: totals £

Henderson Global Strategic Bond 78,537M&G Securities Corporate Bond 74,070Tesco Corporate Bond 5% 2014 52,528Vodafone Corporate Bond 4.625% 2014 51,620

256,755



19 movement in funds

at 1 feb 09 £

net movement in funds

£

transfers between

funds £

at 31 Jan 10 £

unrestricted fundsFixed assets fund 4,621,276 (415,012) 0 4,206,264General funds 2,101 211,099 2,000 215,200

4,623,377 (203,913) 2,000 4,421,464

restricted fundsSwimming pool fund 12,500 (2,500) 0 10,000S Thomas bursary 25,396 230 (2,000) 23,626

37,896 (2,270) (2,000) 33,626

total funds 4,661,273 (206,183) 0 4,455,090

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

incomingresources

£

Resources expended

£

movement in funds

£unrestricted funds

General fund 4,526,437 (4,730,350) (203,913)

restricted fundsSwimming pool fund 0 (2,500) (2,500)S Thomas bursary 230 0 230GBR Yacht Racing Academy 65,000 (65,000) 0

65,230 (67,500) (2,270)

total funds 4,591,667 (4,797,850) (206,183)



19 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.

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 bank interest credited to the fund, and £2,000 was transferred to the general fund in the year to provide for a sailing activity for four young people.

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

20 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 £8,000 in the year to UKSA for youth training activities. UKSA had deposited funds of £533,000 with WCT to attract a better rate of interest for those funds until May 2009, when the funds were withdrawn and placed with an investment management company.

21 operating leaSeS

The company has an annual commitment of £6,219 (2009: £4,533) for lease of office equipment.



RefeRence and administRative details

for uK Sailing academy ltd (uKSa)

Arctic Road, Cowes, Isle of Wight, PO31 7PQ

patron

HRH The Princess Royal

ambaSSadorS

Dame Ellen MacArthur MBEHilary ListerShirley Robertson OBE

truSteeS

David Lister (Chairman)Stephen ChipperfieldBen CussonsMrs Penelope HorneMichael KoppsteinNoel ListerMrs Sylvia Lister

acting truSteeS (appointed dec 09)

Christopher AllenDavid KingMrs Linda Melton

adviSory group

Bob BradfieldMike BryanChris FisherRichard PalmerRob SauvenDavid Wake

company Secretary

Erica Howard

Senior Strategic managerS

Jon Ely Chief ExecutiveNiamh Cullen Director of MarketingErica Howard Director of Finance and HRBen Willows Director of Operations

www.uksa.orgregiStered company number02251024 (England and Wales)

regiStered officeArctic Road Cowes Isle of Wight PO31 7PQ

regiStered charity number299248

auditorS

haysmacintyre Fairfax House15 Fulwood PlaceLondonWC1V 6AY

banKerS

NatWest plcHigh StreetCowesIsle of WightPO31 7AU

SolicitorS

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

Michelmores LLP Woodwater House Pynes Hill ExeterEX2 5WR

Bell Pope SolicitorsAshley House5 Grosvenor HouseSouthamptonSO15 2BE

inveStment managerS

Rensburg Sheppards Investment Management Ltd 2 Gresham StreetLondon EC2V 7QN

Documents

Report and Accounts 2009/10